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<SEC-DOCUMENT>0000950152-06-008620.txt : 20061031
<SEC-HEADER>0000950152-06-008620.hdr.sgml : 20061031
<ACCEPTANCE-DATETIME>20061031150630
ACCESSION NUMBER:		0000950152-06-008620
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20061205
FILED AS OF DATE:		20061031
DATE AS OF CHANGE:		20061031
EFFECTIVENESS DATE:		20061031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			THOR INDUSTRIES INC
		CENTRAL INDEX KEY:			0000730263
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR HOMES [3716]
		IRS NUMBER:				930768752
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09235
		FILM NUMBER:		061175274

	BUSINESS ADDRESS:	
		STREET 1:		419 W PIKE ST
		CITY:			JACKSON CENTER
		STATE:			OH
		ZIP:			45334
		BUSINESS PHONE:		9375966849

	MAIL ADDRESS:	
		STREET 1:		419 W PIKE STREET
		CITY:			JACKSON CENTER
		STATE:			OH
		ZIP:			45334
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>l22990adef14a.htm
<DESCRIPTION>THOR INDUSTRIES, INC.  DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>Thor Industries, Inc.   DEF 14A</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">UNITED STATES</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SECURITIES AND EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">WASHINGTON, D.C. 20549</FONT></B>
</DIV>

<P align="center">
<B><FONT size="4">SCHEDULE 14A</FONT></B>
<P align="center">
<B><FONT size="2">(RULE 14a-101)</FONT></B>
<P align="center">
<B><FONT size="2">SCHEDULE 14A INFORMATION</FONT></B>


<P align="center">
<FONT size="2">Proxy Statement Pursuant to Section 14(a) of the
Securities
</FONT>

<DIV align="center">
<FONT size="2">Exchange Act of 1934 (Amendment
No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Filed by the
Registrant&nbsp;<FONT face="wingdings">&#254;</FONT>
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Filed by a Party other than the
Registrant&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Check the appropriate box:
</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;Preliminary
    Proxy Statement
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;<B>Confidential,
    for Use of the Commission Only (as permitted by
    Rule&nbsp;14a-6(e)(2))</B>
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2"><FONT face="wingdings">&#254;</FONT>&nbsp;&nbsp;</FONT></B><FONT size="2">Definitive
    Proxy Statement
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;Definitive
    Additional Materials
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;Soliciting
    Material Pursuant to &#167;240.14a-12
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT style="font-size: 14pt"><B>Thor Industries, Inc.</B></FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="center">
<FONT size="2">(Name of Registrant as Specified In Its Charter)
</FONT>
</DIV>

<P align="center">


<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="center">
<FONT size="2">(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)
</FONT>
</DIV>

<P align="left">
<FONT size="2">Payment of Filing Fee (Check the appropriate box):
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#254;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">No fee required.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">Fee computed on table below per Exchange Act
    Rules&nbsp;14a-6(i)(1) and 0-11.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</FONT></TD>
    <TD align="left">
    <FONT size="2">Title of each class of securities to which
    transaction applies:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</FONT></TD>
    <TD align="left">
    <FONT size="2">Aggregate number of securities to which
    transaction applies:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)</FONT></TD>
    <TD align="left">
    <FONT size="2">Per unit price or other underlying value of
    transaction computed pursuant to Exchange Act Rule&nbsp;0-11
    (set forth the amount on which the filing fee is calculated and
    state how it was determined):
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)</FONT></TD>
    <TD align="left">
    <FONT size="2">Proposed maximum aggregate value of transaction:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)</FONT></TD>
    <TD align="left">
    <FONT size="2">Total fee paid:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">Fee paid previously with preliminary materials.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">Check box if any part of the fee is offset as
    provided by Exchange Act Rule 0-11(a)(2) and identify the filing
    for which the offsetting fee was paid previously. Identify the
    previous filing by registration statement number, or the Form or
    Schedule and the date of its filing.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</FONT></TD>
    <TD align="left">
    <FONT size="2">Amount Previously Paid:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</FONT></TD>
    <TD align="left">
    <FONT size="2">Form, Schedule or Registration Statement No.:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)</FONT></TD>
    <TD align="left">
    <FONT size="2">Filing Party:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)</FONT></TD>
    <TD align="left">
    <FONT size="2">Date Filed:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<!-- PAGEBREAK -->
<P><HR noshade><P>

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


<!-- TOC -->
<A name="toc"><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="#000">Summary Compensation Table</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Option Grants in the Last Fiscal Year</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">Aggregated Option Exercises in the Last Fiscal Year and Option Values at July&nbsp;31, 2006</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">Performance Graph</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">Thor Industries, Inc. 2006 Equity Incentive Plan</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">419 West Pike Street <B>&#149;</B> Jackson Center, Ohio 45334-0629

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS<BR>
December&nbsp;5, 2006</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2006 Annual Meeting of Stockholders of Thor Industries, Inc. (the &#147;Company&#148;) will be held
at 230 Park Avenue, Suite&nbsp;618, New York, N.Y., on December&nbsp;5, 2006, at 1:00 p.m., local time,
for the purpose of considering and voting upon the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="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="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the election of three 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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the 2006 Equity Incentive 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such other business as may properly come before the meeting or any adjournment
of the meeting.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Stockholders of record at the close of business on October&nbsp;18, 2006 will be entitled to notice and
to vote at the meeting. A list of such stockholders will be available for examination by any
stockholder for any purpose germane to the meeting, during normal business hours, at the office of
the Company for a period of ten days prior to the meeting.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING, PLEASE COMPLETE, DATE, SIGN AND RETURN YOUR
PROXY CARD AS SOON AS POSSIBLE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">By Order of the Board of Directors,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Walter L. Bennett

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Secretary

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">October&nbsp;30, 2006

</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"><A HREF="#toc">Table of Contents</A></H5><P>

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

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>THOR INDUSTRIES, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">419 West Pike Street <B>&#149;</B> Jackson Center, Ohio 45334-0629</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Proxy Statement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This proxy statement is furnished in connection with the solicitation of proxies by the Board
of Directors of Thor Industries, Inc. (the &#147;Company&#148;) for use at the 2006 Annual Meeting of
Stockholders to be held at 230 Park Avenue, Suite&nbsp;618, New York City, on December&nbsp;5, 2006, at 1:00
p.m., local time (the &#147;Meeting&#148;), and any adjournment thereof. The cost of such solicitation is
being borne by the Company. This proxy statement and the accompanying form of proxy are being sent
to stockholders on November&nbsp;1, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Representatives of Deloitte &#038; Touche, LLP, the Company&#146;s principal independent accountants, will be
present at the Meeting, will have the opportunity to make a statement if they desire to do so, and
will be available to respond to any stockholder questions that may be asked.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting by Stockholders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A proxy in the form accompanying this proxy statement that is properly executed, duly returned
to the Company and not revoked prior to the Meeting will be voted in accordance with the
instructions contained therein. If no instructions are given with respect to the proposals to be
voted upon, proxies will be voted in favor of such proposals. Each proxy may be revoked by a
stockholder at any time until exercised by giving written notice to the Secretary of the Company,
by voting in person at the Meeting, or by submitting a later-dated proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Common Stock of the Company constitutes its only outstanding security entitled to vote on the
matters to be voted upon at this meeting. Each share of Common Stock entitles the holder to one
vote. Only stockholders of record at the close of business on October&nbsp;18, 2006 are entitled to
notice of and to vote at the Meeting or any adjournment thereof. As of that date, 55,708,686 shares
of Common Stock were outstanding. The presence, in person or by proxy, of the holders of a majority
of all the issued and outstanding Common Stock is necessary to constitute a quorum at the Meeting.
Abstentions and broker non-votes (i.e., shares held by a broker for its customers that are not
voted because the broker does not receive instructions from the customer or because the broker does
not have discretionary voting power with respect to the item under consideration) will be counted
as present for purposes of determining the presence or absence of a quorum for the transaction of
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with the By-laws of the Company and the Delaware General Corporation Law, a plurality
of the votes duly cast is required for the election of directors. The approval of the 2006 Equity
Incentive Plan will require the affirmative vote of the majority of the outstanding shares of
common stock entitled to vote thereon. Under the Delaware General Corporation Law, although
abstentions and broker non-votes are deemed to be present for the purpose of determining whether a
quorum is present at a meeting, abstentions and broker non-votes are not deemed to be votes duly
cast. As a result, abstentions and broker non-votes will not be included in the tabulation of
voting results with respect to Proposal #1, and therefore will have no impact on the voting on such
proposal. With respect to Proposal #2, however, abstentions and broker non-votes have the effect of
votes in opposition.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the Company&#146;s Annual Report for the fiscal year ended July&nbsp;31, 2006 (&#147;fiscal 2006&#148;) is
being sent to each stockholder of record. The Annual Report is not to be considered a part of this
proxy soliciting material.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Proposal #1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Election of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s By-laws provide that the Board of Directors may set the number of directors at
no less than one (1)&nbsp;and no more than fifteen (15). The Board of Directors of the Company currently
consists of eight directors who are divided into three classes. H. Coleman Davis III, Peter B.
Orthwein and William C. Tomson currently serve as Class&nbsp;B directors; their terms expire in 2007.
Wade F. B. Thompson and Jan H. Suwinski currently serve as Class&nbsp;A Directors; their terms expire in
2008. Neil D. Chrisman, Alan Siegel and Geoffrey A. Thompson currently serve as Class&nbsp;C directors;
their terms expire in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with the Certificate of Incorporation of the Company, as amended, Neil D. Chrisman,
Alan Siegel and Geoffrey A. Thompson, have been nominated to stand for election as Class&nbsp;C
directors. The Company&#146;s Nominating and Corporate Governance Committee, has proposed these
nominations. If elected, Messrs.&nbsp;Chrisman, Siegel and Thompson will serve on the board until the
annual meeting in 2009 and until their successors are duly elected and qualified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The persons named in the enclosed proxy intend to vote FOR the election of the nominees listed
below. In the event that a nominee becomes unavailable for election (a situation the Company&#146;s
management does not now anticipate), the shares represented by proxies will be voted, unless
authority is withheld, for such other persons as may be designated by the Nominating Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The nominees, as set forth below, are now directors of the Company and have continuously served in
such capacity since their first election or appointment to the Board.
</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="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>First Year</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Nominee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Principal Occupation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>as Director</B></TD>
</TR>

<!-- End Table Head -->
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<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Neil D. Chrisman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">69</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Retired, Managing Director of J. P. Morgan &#038; Co.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1999</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alan Siegel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">71</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partner, Akin Gump Strauss Hauer &#038; Feld LLP
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1983</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Geoffrey A. Thompson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">66</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partner, Palisades Advisors, LLC
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2003</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE &#147;FOR&#148; THE ABOVE NOMINEES.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Business Experience of Directors and Executive Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Wade F. B. Thompson</I>, age 66, has been the President and Chief Executive Officer and a Director
of the Company since its founding in 1980. He currently serves as Chairman, President, Chief
Executive Officer and Director of the Company. Mr.&nbsp;Thompson is not related to Geoffrey A. Thompson.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Peter B. Orthwein</I>, age 61, has served as Treasurer and a Director of the Company since its founding
in 1980. He currently serves as Vice Chairman, Treasurer and Director of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Walter L. Bennett</I>, age 60, has been with the Company and its predecessor since July&nbsp;1977. He became
Vice President, Finance, of Airstream, Inc., in September&nbsp;1980; Vice President, Finance, of the
Company in September&nbsp;1983; Chief Administrative Officer/Secretary of the Company in November&nbsp;1985;
Senior
</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">Vice President of the Company in February, 1989; Chief Financial Officer of the Company in March
1999 and Executive Vice President of the Company in January&nbsp;2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Ted J. Bartus</I>, age 39, has been with the Company since May&nbsp;1999 and was appointed as Vice
President, Purchasing, of the Company in August&nbsp;2003. From May&nbsp;1999 to July&nbsp;2003, Mr.&nbsp;Bartus served
as purchasing director of the Company and, from April&nbsp;1998 to April&nbsp;1999, he was employed as a
purchasing agent for Valeo, a tier 1 supplier to the automotive industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Richard E. Riegel, III</I>, age 40, has been with the Company since May, 1998. Mr.&nbsp;Riegel was appointed
Group President on August&nbsp;1, 2005. From 1998 through April, 2002, Mr.&nbsp;Riegel served as Vice
President, Corporate Development of the Company, and from April, 2002 through July, 2005, he served
as President and CEO of Airstream, Inc. Mr.&nbsp;Riegel is the son-in-law of Wade F. B. Thompson.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>H. Coleman Davis, III, </I>age 57, who was appointed as a Director in January&nbsp;2004, is the founder of
Keystone RV Company and served as its Chief Executive Officer and Chairman during its five year
history prior to Thor&#146;s acquisition in November&nbsp;2001. Mr.&nbsp;Davis continues to serve as Chairman of
Keystone RV Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Neil D. Chrisman</I>, age 69, who was appointed as a Director in July&nbsp;1999, is a retired Managing
Director of J. P. Morgan &#038; Co. Mr.&nbsp;Chrisman retired from J. P. Morgan in 1993.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Alan Siegel</I>, age 71, who became a Director in September&nbsp;1983, has been a partner of the law firm of
Akin Gump Strauss Hauer &#038; Feld LLP since August&nbsp;1995. Mr.&nbsp;Siegel is also a Director of The Wet
Seal, Inc. and Ermenegildo Zegna Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Jan H. Suwinski</I>, age 65, who was appointed as a Director in July&nbsp;1999, has been a Professor of
Business Operations at the Samuel Curtis Johnson Graduate School of Management, Cornell University
since 1997. From 1990 to 1996, Mr.&nbsp;Suwinski was Executive Vice President, Opto Electronics Group at
Corning, Incorporated and Chairman of Siecor, a Siemens/Corning joint venture. Mr.&nbsp;Suwinski is a
Director of Tellabs, Inc. and Ohio Casualty Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Geoffrey A. Thompson</I>, age 66, who was appointed as a Director in September&nbsp;2003, has been a partner
at Palisades Advisors, LLC, a private equity firm, since January&nbsp;2004. From 1998 to 2004 Mr.
Thompson served as an independent business consultant. From 1995 to 1998, he served as a principal
at Kohlberg &#038; Company. He retired as Chief Executive Officer of Marine Midland Banks, Inc. in 1992.
Mr.&nbsp;Thompson is a Director of Guardian Trust Company. Mr.&nbsp;Thompson is not related to Wade F. B.
Thompson.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>William C. Tomson</I>, age 70, who became a Director in June&nbsp;1988, is the Vice Chairman of Board
Member, Inc. Mr.&nbsp;Tomson has been with the firm for the past ten years. Board Member, Inc.
publishes Bank Director and Corporate Board Member magazines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Executive officers serve at the discretion of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Proposal #2</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Thor Industries, Inc. 2006 Equity Incentive Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors (the &#147;Board&#148;) has approved and recommends that stockholders approve the
adoption of the Thor Industries, Inc. 2006 Equity Incentive Plan (the &#147;Equity Incentive Plan&#148; or
the &#147;Plan&#148;). The Equity Incentive Plan is designed to enable the Company and its affiliates to
obtain and retain the services of the types of employees, consultants and directors who will
contribute to the Company&#146;s long range success and to provide incentives that are linked directly
to increases in share
</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">value which will inure to the benefit of all stockholders of the Company. The Board approved the
Equity Incentive Plan on October&nbsp;16, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Equity Incentive Plan is designed, among other things, to replace the Company&#146;s 1999 Stock
Option Plan (the &#147;1999 Plan&#148;) and the Company&#146;s 1997 Restricted Stock Plan (the &#147;1997 Plan&#148;). When
the Board approved the Equity Incentive Plan, it also approved the termination of the 1999 Plan and
the 1997 Plan, each effective upon the approval of the Equity Incentive Plan by the stockholders of
the Company. As a result, if the Equity Incentive Plan is approved by stockholders, there will be
no further grants of options, restricted stock or other equity-based awards pursuant to either the
1999 Plan or the 1997 Plan. The maximum number of shares issuable under the Equity Incentive Plan,
1,100,000 (subject to adjustment), is approximately the same number of shares that remain available
for issuance under the 1999 Plan and the 1997 Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon the adoption of the Equity Incentive Plan by the stockholders, Mr.&nbsp;Alan Siegel, a director of
the Company and currently a member of the Compensation Committee, will not participate in the
approval of any awards under the Equity Incentive Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the Equity Incentive Plan is attached to this Proxy Statement as <U>Appendix&nbsp;A</U>. The
description of the Plan that follows is qualified in its entirety by reference to the Plan that is
attached.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Equity Incentive Plan will be administered by the Board or a committee designated by the Board
(the &#147;Committee&#148;). While the Company is a publicly traded company, the Committee may consist
solely of two or more members of the Board who qualify as &#147;outside directors&#148; within the meaning of
Section 162(m) of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and as &#147;non-employee
directors&#148; under Rule&nbsp;16b-3 as promulgated under Section&nbsp;16 of the Securities Exchange Act of 1934.
The Board or the Committee (the &#147;Administrator&#148;) will have the power and authority to select
Participants (as defined below) in the Plan and grant Awards (as defined below) to such
Participants pursuant to the terms of the Plan. In addition, the Administrator will have the
authority to (a)&nbsp;construe and interpret the Plan and apply its provisions, (b)&nbsp;promulgate, amend
and rescind the rules and regulations relating to the administration of the Plan, (c)&nbsp;delegate its
authority to one or more officers of the Company with respect to Awards that do not involve certain
executive officers of the Company, (d)&nbsp;determine when Awards are to be granted under the Plan and
the applicable date of grant, (e)&nbsp;select those Participants to whom Awards shall be granted, (f)
determine the number of shares of common stock to be made subject to each Award, (g)&nbsp;determine
whether each option is or is not intended to qualify as an incentive stock option, (h)&nbsp;prescribe
the terms and conditions of each Award, (i)&nbsp;amend any outstanding Awards subject to certain
limitations, (j)&nbsp;make decisions with respect to outstanding Awards that may become necessary upon a
change in corporate control or an event that triggers anti-dilution adjustments, and (k)&nbsp;exercise
discretion to make any and all other determinations which it determines to be necessary or
advisable for administration of the Plan. All decisions made by the Administrator pursuant to the
provisions of the Plan shall be final and binding on the Company and the Participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to adjustment, the total number of shares of the Company&#146;s common stock, par value $0.10
per share, that will be available for the grant of Awards under the Plan may not exceed 1,100,000
shares; provided, that, for purposes of this limitation, any stock subject to an Award that is
canceled, forfeited or expires prior to exercise or realization will again become available for
issuance under the Plan. Subject to adjustment, no Participant will be granted, during any one
year period, options to purchase common stock or Awards with respect to more than 1,100,000 shares
of common stock. Stock available for distribution under the Plan will be authorized and unissued
shares, treasury shares or shares reacquired by the Company in any manner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Awards may be granted to employees, directors and, in some cases, consultants and those individuals
whom the Administrator determines are reasonably expected to become employees, directors or
consultants following the date of the grant of the Award (&#147;Participants&#148;), provided that incentive
stock options may be granted only to employees. Awards may be in the form of options (incentive
stock options
</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">and nonstatutory stock options), restricted stock, restricted stock units, performance compensation
awards and stock appreciation rights (collectively, &#147;Awards&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Options</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Options may be granted as incentive stock options (stock options intended to meet the requirements
of Section&nbsp;422 of the Code) or nonstatutory stock options (stock options not intended to meet such
requirements) and will be granted in such form and will contain such terms and conditions as the
Administrator deems appropriate. The term of each option will be fixed by the Administrator but no
incentive stock option may be exercisable after the expiration of ten years from the grant date;
provided, that, in the case of incentive stock options granted to a 10% stockholder, the term of
such option may not exceed five years from the grant date. The exercise price of each incentive
stock option may not be less than 100% of the fair market value of the common stock subject to the
option on the date of grant; provided, that, in the case of incentive stock options granted to a
10% stockholder, the exercise price may not be less than 110% of the fair market value on the date
of grant. The exercise price of each nonstatutory stock option may not be less than 100% of the
fair market value of the common stock subject to the option on the date of grant unless such
nonstatutory stock option satisfies the additional conditions applicable to nonqualified deferred
compensation under Section&nbsp;409A of the Code. The Administrator will determine the time or times at
which, or other conditions upon which, an option will vest or become exercisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Restricted Stock and Restricted Stock Units</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Administrator may award actual shares of common stock (&#147;Restricted Stock&#148;) or hypothetical
common stock units having a value equal to the fair market value of an identical number of shares
of common stock (&#147;Restricted Stock Units&#148;), which award may, but need not, provide that such
Restricted Stock or Restricted Stock Units may not be sold, assigned, transferred or otherwise
disposed of, pledged or hypothecated as collateral for a loan or as security for the performance of
an obligation or for any other purpose for such period (the &#147;Restricted Period&#148;) as the
Administrator shall determine. Subject to the restrictions set forth in the Award, Participants who
are granted Restricted Stock generally will have the rights and privileges of a stockholder as to
such restricted stock, including the right to vote such restricted stock. At the discretion of the
Administrator, cash dividends and stock dividends with respect to Restricted Stock may be either
currently paid to the Participant or withheld by the Company for the Participant&#146;s account, and
interest may be credited on the amount of the cash dividends withheld at a rate and subject to such
terms as determined by the Administrator. The cash dividends or stock dividends so withheld by the
Administrator and attributable to any particular share of Restricted Stock will be distributed to
the Participant in cash or, at the discretion of the Administrator, in shares of common stock
having a fair market value equal to the amount of such dividends, if applicable, upon the release
of restrictions on such shares. The Restricted Period shall commence on the date of the grant and
end at the time or times set forth on a schedule established by the Administrator in the applicable
Award agreement. At the discretion of the Administrator, cash dividends and stock dividends also
may be paid with respect to Restricted Stock Units, either currently or withheld for the
Participant&#146;s account and distributed upon the settlement of the Restricted Stock Unit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Performance Compensation Awards</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan provides the Administrator with the authority, at the time of grant of any Award (other
than options and stock appreciation rights granted with an exercise price or grant price equal to
or greater than the fair market value per share of stock on the date of the grant), to designate
such Award as a performance compensation award in order to qualify such Award as &#147;performance-based
compensation&#148; under Section 162(m) of the Code. In addition, the Plan provides the Administrator
with the authority to make an Award of a cash bonus to any Participant and designate such Award as
a performance compensation award in order to qualify such Award as &#147;performance-based compensation&#148;
under Section 162(m) of the Code.
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the first 90&nbsp;days of a performance period (or, if longer or shorter, within the maximum
period allowed under Section 162(m) of the Code), which period may not be less than one year (the
&#147;Performance Period&#148;), the Administrator may, in its sole discretion, select which Participants
will be eligible to receive performance compensation awards in respect of such Performance Period.
The Plan provides that, with regard to a particular performance compensation award, the
Administrator has full discretion to select the length of the Performance Period, the performance
criteria that will be used to establish the performance goal, the kind(s) and/or level(s) of the
performance goal(s) that is (are)&nbsp;to apply to the Company and the performance formula to be applied
against the relevant performance goal to determine, with regard to the performance compensation
award of a particular Participant, whether all, some portion or none of the performance
compensation award has been earned for the Performance Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The maximum performance compensation award payable to any one Participant under the Plan for a
Performance Period is 1,100,000 shares of common stock or, in the event such performance
compensation award is paid in cash, the equivalent cash value thereof, as determined by the
Administrator. The maximum amount that can be paid in any calendar year to any Participant pursuant
to a Performance Compensation Award in the form of a cash bonus is $10,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Stock Appreciation Rights</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Stock appreciation rights may be granted either alone (&#147;Free Standing Rights&#148;) or, provided the
requirements of the Plan are satisfied, in tandem with all or part of any option granted under the
Plan (&#147;Related Rights&#148;). Upon exercise thereof, the holder of a stock appreciation right would be
entitled to receive from the Company an amount equal to the product of (i)&nbsp;the excess of the fair
market value of the Company&#146;s common stock on the date of exercise over the exercise price per
share specified in such stock appreciation right or its related option, multiplied by (ii)&nbsp;the
number of shares for which such stock appreciation right is exercised. The exercise price of a Free
Standing Right shall be determined by the Administrator, but shall not be less than 100% of the
fair market value of the Company&#146;s common stock on the date of grant of such Free Standing Right. A
Related Right granted simultaneously with or subsequent to the grant of an option shall have the
same exercise price as the related option, shall be transferable only upon the same terms and
conditions as the related option, and shall be exercisable only to the same extent as the related
option. A stock appreciation right may be settled, at the sole discretion of the Administrator, in
cash, shares of the Company&#146;s common stock or a combination thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Change in Control</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of a change in control (as defined in the Plan) of the Company, unless otherwise
provided in an Award agreement, all options and stock appreciation rights will become immediately
exercisable with respect to 100&nbsp;percent of the shares subject to such option or stock appreciation
rights, and the restrictions will expire immediately with respect to 100&nbsp;percent of such shares of
Restricted Stock or Restricted Stock Units subject to such Award (including a waiver of any
applicable Performance Goals). In addition, unless otherwise provided in an Award agreement, all
incomplete Performance Periods in respect of a performance compensation award will end upon a
change in control, and the Administrator will (a)&nbsp;determine the extent to which performance goals
with respect to each such Performance Period have been met, and (b)&nbsp;cause to be paid to the
applicable Participant partial or full performance compensation awards with respect to performance
goals for each such Performance Period based upon the Administrator&#146;s determination of the degree
of attainment of performance goals. Further, in the event of a change in control, the
Administrator may in its discretion and upon advance notice to the affected persons, cancel any
outstanding Awards and pay to the holders thereof, in cash or stock, or any combination thereof,
the value of such Awards based upon the price per share of the Company&#146;s common stock received or
to be received by other shareholders of the Company in the event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Amendment and Termination</I>
</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">The Board at any time, and from time to time, may amend or terminate the Plan. However, except as
provided otherwise in the Plan, no amendment shall be effective unless approved by the stockholders
of the Company to the extent stockholder approval is necessary to satisfy any applicable law of
securities exchange listing requirements. The Administrator at any time, and from time to time, may
amend the terms of any one or more Awards; provided, however, that the Administrator may not effect
any amendment which would otherwise constitute an impairment of the rights under any Award unless
the Company requests the consent of the Participant and the Participant consents in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Plan Benefits to be Received</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Benefits and amounts to be awarded under the Equity Incentive Plan are not currently determinable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Federal Income Tax Consequences Involving Options</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the material federal income tax consequences of receiving incentive
stock options or nonstatutory stock options (collectively, &#147;Options&#148;) under the Equity Incentive
Plan and is based upon an analysis of the present provisions of the Code and the regulations
promulgated thereunder, all of which is subject to change. An individual may also be subject to
state and local taxes, the consequences of which are not discussed herein, in the jurisdiction in
which he or she works and/or resides. This summary is for general information and does not
constitute tax advice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Nonstatutory Stock Options</I>. An individual receiving nonstatutory stock options should not
recognize taxable income at the time of grant. An individual should generally recognize ordinary
compensation income in an amount equal to the excess, if any, of the fair market value of the
Option shares on exercise of the nonstatutory stock options over the exercise price thereof. In
general, subject to the limitations set forth in Section 162(m) and discussed below, the Company is
entitled to deduct from its taxable income the amount that the individual is required to include in
ordinary income at the time of such inclusion. Additional special rules apply if an individual
exercises a nonstatutory stock option by paying the exercise price, in whole or in part, by the
transfer of shares of common stock to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Incentive Stock Options</I>. An individual granted an incentive stock option will not generally
recognize taxable income at the time of grant or, subject to certain conditions, at the time of
exercise, although he or she may be subject to alternative minimum tax. If the individual holds the
shares acquired upon exercise of an incentive stock option for at least two years after the date of
grant and for at least one year after the date of exercise, upon disposition of the shares by the
individual, the difference, if any, between the sales price of the shares and the exercise price of
the option will be treated as long-term capital gain or loss. In general, if a disqualifying
disposition should occur (i.e., the shares acquired upon exercise of the Option are disposed of
within the later of two years from the date of grant or one year from the date of exercise), an
individual will generally recognize ordinary compensation income in the year of disposition in an
amount equal to the excess, if any, of the fair market value of the Option shares at the time of
exercise (or, if less, the amount realized on disposition), over the exercise price thereof. The
Company is not entitled to any deduction on account of the grant of incentive stock options or the
individual&#146;s exercise of the option to acquire common stock. However, in the event of a subsequent
disqualifying disposition of such shares of common stock acquired pursuant to the exercise of an
incentive stock option under circumstances resulting in taxable compensation to the individual,
subject to the limitations set forth in Section 162(m) and discussed below, in general, the Company
should be entitled to a tax deduction equal to the amount treated as taxable compensation to the
individual. Additional special rules apply if an individual exercises an incentive stock option by
paying the exercise price, in whole or in part, by the transfer of shares of common stock to the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Section&nbsp;162(m) Limitation</I>. Subject to a limited number of exceptions, Section 162(m) of the Code
denies a deduction to a publicly held corporation for payments of remuneration to certain employees
to the extent the employee&#146;s remuneration for the taxable year exceeds $1,000,000. For this
purpose,
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">remuneration attributable to Options is included within the $1,000,000 limitation. However, to the
extent that certain procedural requirements are met (e.g., the Plan is approved by the Company&#146;s
stockholders, grants are made by the Committee, the exercise price is equal to or greater than the
fair market value of the underlying shares upon grant, etc.), gain from the exercise of Options
should not be subject to the $1,000,000 limitation. The Company has attempted to structure the Plan
in such a manner that the remuneration attributable to the Options will not be subject to the
$1,000,000 limitation. The Company has not, however, requested a ruling from the Internal Revenue
Service or an opinion of counsel regarding this issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Section&nbsp;280G of the Code</I>. Under certain circumstances, the accelerated vesting or exercise of
Options in connection with a Change in Control (as defined in the Plan) might be deemed an &#147;excess
parachute payment&#148; for purposes of the golden parachute tax provisions of Section&nbsp;280G of the Code.
To the extent it is so considered, the grantee may be subject to a 20% excise tax and the Company
may be denied a federal income tax deduction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE &#147;FOR&#148; APPROVAL OF THE EQUITY INCENTIVE PLAN.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board of Directors, Committees and Attendance at Meetings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors has the responsibility for establishing broad corporate policies and
for the overall management of the business of the Company. Members of the Board are kept informed
of the Company&#146;s performance by various reports sent to them at regular intervals by management, as
well as by operating and financial reports presented by management at Board meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is the Company&#146;s policy that directors attend all Board meetings and the annual meeting of
stockholders, unless excused by the Chairman. All elected directors were in attendance at the 2005
Annual Meeting of Stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board has three committees with the principal functions described below. The Charters of each
of these committees are posted on our website at www.thorindustries.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Audit Committee</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The principal functions of the Audit Committee are to recommend engagement of the Company&#146;s
independent public accountants and to maintain communications among the Board of Directors, such
independent public accountants and the Company&#146;s internal accounting staff with respect to
accounting and auditing procedures, the implementation of recommendations by such independent
accountants, the adequacy of the Company&#146;s internal controls and related matters. During fiscal
2006, the Audit Committee had private meetings with the Chief Financial Officer, the Internal Audit
Director and the outside audit partners. The Board of Directors has determined that Geoffrey A.
Thompson, a member of the committee, is an &#147;audit committee financial expert&#148; as defined in Section
407 of the Sarbanes-Oxley Act of 2002. A copy of the Audit Committee Charter as revised on October
11, 2005 by the Board of Directors, is available on the Company&#146;s website at www.thorindustries.com
and is available in print to any stockholder who requests it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Compensation Committee</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The principal functions of the Compensation Committee are to establish executive compensation
policies and guiding principles; establish the compensation of the Chief Executive Officer and
review and approve the compensation of the other executive officers; evaluate the design of
compensation and benefit programs; and review all components of compensation for independent
directors. The Compensation Committee also acts as administrator under the Company&#146;s 1999 Stock
Option Plan, the Company&#146;s Restricted Stock Plan, the Company&#146;s Management Incentive Plan and the
Company&#146;s Select Executive Incentive Plan. In its capacity as administrator of the 1999 Stock
Option Plan and the Restricted Stock
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Plan, the Compensation Committee grants options and restricted stock, determines which employees
and other individuals performing substantial service for the Company may be granted options and/or
restricted stock, and determines the rights and limitations attendant to options and restricted
stock granted under these plans. In its capacity as administrator under the Select Executive
Incentive Plan, the Compensation Committee awards supplemental deferred compensation to eligible
employees in amounts determined by the Committee. A copy of the Compensation Committee Charter is
available on the Company&#146;s website and is available in print to any stockholder who requests it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Nominating and Corporate Governance Committee</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The principal functions of the Nominating and Corporate Governance Committee are to address all
matters of corporate governance; evaluate qualifications and candidates for positions on the Board
of Directors; evaluate the performance of the Chief Executive Officer and the Board of Directors;
review succession plans and senior management performance; establish criteria for selecting new
directors, nominees for Board membership and the positions of Chairman and Chief Executive Officer,
and whether a director should be invited to stand for re-election. The nominating Committee
evaluates candidates on, among other things, possession of such knowledge, experience, skills,
expertise and diversity as may enhance the Board&#146;s ability to manage and direct the affairs and
business of the Company, and as applicable, the satisfaction of any independence requirements
imposed by law, regulation, the NYSE and the Company&#146;s Corporate Governance Guidelines. Copies of
the Charter of the Nominating and Corporate Governance Committee and the Company&#146;s Corporate
Governance Guidelines are available on the Company&#146;s website and are available in print to any
stockholder who requests them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board does not consider stockholder nominations of director candidates, because it believes
that this is not an efficient or effective means of identifying qualified individuals. In addition,
the Board has a long history of being able to attract and maintain a membership with the variety of
skills necessary to properly oversee the affairs of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Membership of Committees</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the current membership of the Board of Directors and each of its
committees.
</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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Nominating and</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Corporate</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Governance</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Board</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Audit Committee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Committee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Committee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Wade F. B. Thompson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chairman</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Peter B. Orthwein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vice&nbsp;Chairman</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">H. Coleman Davis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Neil D. Chrisman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alan Siegel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chair</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jan H. Suwinski
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chair</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Geoffrey A. Thompson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William C. Tomson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chair
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors has affirmatively determined, by resolution of the Board of Directors
as a whole, that the following directors have no direct or indirect material relationship with the
Company and satisfy the requirements to be considered &#147;independent&#148; in accordance with the rules of
the New York Stock Exchange and the Company&#146;s Director Independence Standards which are set forth
on <U>Appendix&nbsp;B</U> to the Proxy Statement: Messrs.&nbsp;Neil D. Chrisman, Alan Siegel, Jan H.
Suwinski, Geoffrey A. Thompson and William C. Tomson. As a result, each of the Audit Committee, the
Compensation Committee and the Nominating and Corporate Governance Committee is comprised entirely
of independent directors, as determined by the Board.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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"><I>Board and Committee Meetings</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors as a whole met in person, by telephone or took action by unanimous written
consent nine times during fiscal 2006. The Audit Committee met in person or by tele-
phone fourteen times during fiscal 2006. The Compensation Committee met in person or
by tele-phone two times during fiscal 2006. The Nominating and Corporate Governance Committee
met once in fiscal 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each of the directors attended all meetings of the Board of Directors and the respective Board
committees on which they served during fiscal 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, regularly scheduled meetings of the non-management directors are held four times each
year. A non-management director is chosen to preside at each of these meetings on a rotating basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Stockholder Communications</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although the Company has not to date developed formal processes by which stockholders may
communicate directly to directors, it believes that the informal process, in which any
communication sent to the Board of Directors in care of the Company is forwarded to the Board, has
served the Board&#146;s and its stockholders&#146; needs. Until any other procedures are developed, any
communications to the Board should be sent to it in care of the Secretary of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any communications from interested parties directed toward non-management directors specifically
may be sent to Alan Siegel, one of the Company&#146;s non-management directors, who forwards any such
communications to each of the other non-management directors that, in the opinion of Mr.&nbsp;Siegel,
deal with the functions of the Board of Directors or the committees thereof or that he otherwise
determines require their attention. Mr.&nbsp;Siegel&#146;s address for this purpose is c/o the Company, 419
W. Pike St., Jackson Center, OH 45334.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Code of Ethics</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has adopted a written code of ethics, the &#147;Thor Industries, Inc. Business Ethics
Policy,&#148; which is applicable to all directors, officers and employees of the Company, including the
Company&#146;s principal executive officer, principal financial officer, principal accounting officer or
controller and other executive officers identified in this proxy statement who perform similar
functions (collectively, the &#147;Selected Officers&#148;). A copy of the code of ethics has been posted on
the Company&#146;s website and is available in print to any stockholder who requests it. The Company
intends to disclose any changes in or waivers from its code of ethics applicable to any Selected
Officer on its website or by filing a Form 8-K with the Securities and Exchange Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ownership of Common Stock</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth information as of September&nbsp;29, 2006 with respect to the
beneficial ownership, as defined in Rule 13(d) under the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;), of the Company&#146;s Common Stock by (i)&nbsp;each person known by the Company
to beneficially own, as defined in Rule&nbsp;13d-3 under the Exchange Act, 5% or more of the outstanding
Common Stock; (ii)&nbsp;each director of the Company; (iii)&nbsp;each executive officer of the Company named
in the Summary Compensation Table below; and (iv)&nbsp;all of such executive officers and directors of
the Company as a group. As of September&nbsp;29, 2006, there were 55,715,986 shares of Common Stock
issued and outstanding.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficial Ownership (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Address of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wade F. B. Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,546,470</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<br>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Peter B. Orthwein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,570,450</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<br>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Walter L. Bennett</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">51,833</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<br>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Ted Bartus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7,087</TD>
    <TD nowrap>(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<br>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Richard E. Riegel, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">546,457</TD>
    <TD nowrap>(5)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<br>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">H. Coleman Davis, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">847,784</TD>
    <TD nowrap>(6)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<br>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Neil D. Chrisman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28,334</TD>
    <TD nowrap>(7)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<br>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Alan Siegel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">596,068</TD>
    <TD nowrap>(8)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street <BR>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Jan H. Suwinski</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">46,334</TD>
    <TD nowrap>(9)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<br>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Geoffrey A. Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10,734</TD>
    <TD nowrap>(10)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<br>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">William C. Tomson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">57,334</TD>
    <TD nowrap>(11)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">419 West Pike Street<br>
Jackson Center, Ohio 45334-0629</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Royce &#038; Associates, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4,180,310</TD>
    <TD nowrap>(12)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">82 Devonshire Street<br>
Boston, MA 02109</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">All directors and executive officers as a group (eleven persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21,308,885</TD>
    <TD nowrap>(13)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">38.2</TD>
    <TD nowrap>%</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>less than 1%.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Except as otherwise indicated, the persons in the table have sole voting and investment
power with respect to all shares of Common Stock shown as beneficially owned by them.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 60,050 shares owned by Mr.&nbsp;Orthwein&#146;s wife, 124,000 shares owned of record by
a trust for the benefit of Mr.&nbsp;Orthwein&#146;s children, of which Mr.&nbsp;Orthwein is a trustee,
30,000</TD>
</TR>

</TABLE>


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

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

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





<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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>shares owned of record by a trust for the benefit of Mr.&nbsp;Orthwein&#146;s half brother, of which
Mr.&nbsp;Orthwein is a trustee, 153,150 shares of record owned by Mr.&nbsp;Orthwein&#146;s minor children
for which Mrs.&nbsp;Orthwein acts as custodian, 320,000 shares owned of record by the Orthwein
Investment Group D, L.P., in which Mr.&nbsp;Orthwein has a 0.51% economic interest but a 51%
general partnership interest and 130,500 shares held by a charitable annuity trust of which
Mr. and Mrs.&nbsp;Orthwein are the sole trustees.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 12,000 non-vested restricted shares and options to acquire 13,333 shares under
the 1999 Stock Option Plan.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to acquire 2,667 shares under the 1999 Stock Option 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>Includes 5,200 non-vested restricted shares and options to acquire 23,333 shares under
the 1999 Stock Option Plan. Also includes 510,212 shares owned by Mr.&nbsp;Riegel&#146;s wife, and
3,000 shares of record owned by Mr Riegel&#146;s minor children for which Mr.&nbsp;Riegel acts as
custodian.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 301,118 shares owned of record by a trust of which Mr.&nbsp;Davis is a trustee.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to acquire 24,334 shares under the 1999 Stock Option Plan.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 594,400 shares owned of record by a trust for the benefit of Mr.&nbsp;Orthwein&#146;s
adult children, of which Mr.&nbsp;Siegel is co-trustee and as to which Mr.&nbsp;Siegel has shared
voting power with Mr.&nbsp;Orthwein&#146;s brother. Mr.&nbsp;Siegel disclaims beneficial ownership of such
shares. Also includes options to acquire 1,668 shares under the 1999 Stock Option Plan.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to acquire 36,334 shares under the 1999 Stock Option Plan.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to acquire 8,334 shares under the 1999 Stock Option Plan.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes options to acquire 38,334 shares under the 1999 Stock Option Plan.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>The number of shares shown for Royce &#038; Associates is based on a Schedule&nbsp;13G filed on
February&nbsp;1, 2006.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 148,337 shares issuable under stock options which are currently exercisable or
will become exercisable within 60&nbsp;days from September&nbsp;29, 2006.</TD>
</TR>

</TABLE>


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

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

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






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Executive Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information is furnished below concerning the compensation of the Chief Executive Officer and
the four highest paid executive officers of the Company other than the Chief Executive Officer
serving as executive officers at the end of the last fiscal year (collectively, the &#147;Named
Executive Officers&#148;).
</DIV>

<!-- link1 "Summary Compensation Table " -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Summary Compensation Table</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="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000"><B>Long-term</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>All Other</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" nowrap align="center" style="border-bottom: 0px solid #000000"><B>Annual</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center" style="border-bottom: 0px solid #000000"><B>Compensation</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" nowrap align="center" style="border-bottom: 1px solid #000000"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Securities</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000" colspan="3"><B>(4)</B></TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Incentive</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Restricted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Principal Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Salary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Bonus (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options (#)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Stock ($)(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wade F. B. Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">273,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">632,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">271,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chairman, President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">271,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">730,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px; background: #cceeff">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter B. Orthwein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">101,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">632,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vice Chairman, Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">101,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">101,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Walter L. Bennett</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">101,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23,155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Executive Vice President, Chief</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">101,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">900,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial Officer, Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">96,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">53,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27,864</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px; background: #cceeff">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard E. Riegel, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">955,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,479</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Group President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">94,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">653,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">72,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">483,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ted Bartus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">80,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">175,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vice President, Purchasing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">80,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">118,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">80,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px; background: #cceeff">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; 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>Messrs.&nbsp;Thompson&#146;s, Orthwein&#146;s, Bennett&#146;s, Bartus&#146;s and Riegel&#146;s bonuses are
discretionary and depend on the Company&#146;s profits.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>All option grants have been adjusted to reflect the Company&#146;s 2 for 1 stock split
effective January&nbsp;26, 2004.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>The numbers in this column represent the value of restricted stock grants during fiscal
years 2006, 2005 and 2004 calculated by multiplying the number of shares of restricted
stock granted by the share price on the date of grant. As of July&nbsp;31, 2006, Mr.&nbsp;Bennett and
Mr.&nbsp;Riegel hold 17,000 and 7,400 shares, respectively, of restricted stock which were
granted under the Thor Industries, Inc. Restricted Stock Plan. The value of said shares was
$728,280 and $317,016, respectively, at July&nbsp;31, 2006. Mr.&nbsp;Bennett and Mr.&nbsp;Riegel, as
holders of restricted stock shares, are entitled to receive dividends and other
distributions paid with respect to such shares while they are so restricted. All shares and
share prices have been adjusted to reflect the Company&#146;s 2 for 1 stock split effective
January&nbsp;26, 2004.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Bennett and Mr.&nbsp;Riegel were credited with supplemental deferred compensation earned
under the Company&#146;s Select Executive Incentive Plan. The amount credited shall vest and be</TD>
</TR>

</TABLE>


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

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

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





<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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>payable six years after the effective date of such eligible executive&#146;s participation,
provided, however, that the amount shall vest immediately upon death or age 65. The
amounts shown in this column for each year represent the amount credited to each
executive plus or minus the change in the value of such executive&#146;s account in the
Select Executive Incentive Plan during that year.</TD>
</TR>

</TABLE>


<!-- link1 "Option Grants in the Last Fiscal Year " -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Option Grants in the Last Fiscal Year</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There were no options granted to any of the Named Executive Officers of the Company during
fiscal year 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth information regarding the exercise of options by the Named Executive
Officers during fiscal year 2006. The table also shows the number and value of unexercised options
held by these officers as of July&nbsp;31, 2006.
</DIV>

<!-- link1 "Aggregated Option Exercises in the Last Fiscal Year and Option Values at July&nbsp;31, 2006" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Aggregated Option Exercises in the Last Fiscal Year<BR>
and Option Values at July&nbsp;31, 2006</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="82%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">Number of Securities Underlying</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">Value of Unexercised In-the-</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">Unexercised Options at</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">Money Options at</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">acquired on</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Value</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">Fiscal Year End</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">Fiscal Year End</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">exercise</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Realized</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">Exercisable/Unexercisable</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">Exercisable/Unexercisable (1)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wade F. B. Thompson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3">&#151;</TD>

    <TD>&nbsp;</TD>
    <TD align="right">/</TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3">$</TD>
    <TD align="right">&#151;</TD>

    <TD>&nbsp;</TD>
    <TD align="right">/</TD>
    <TD>&nbsp;</TD>

    <TD align="left" colspan="2">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter B. Orthwein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3">&#151;</TD>

    <TD>&nbsp;</TD>
    <TD align="right">/</TD>
    <TD>&nbsp;</TD>

    <TD align="right" colspan="3">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>

    <TD align="right">/</TD>
    <TD>&nbsp;</TD>
    <TD align="left" colspan="2">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Walter L. Bennett</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">209,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3">28,333</TD>

    <TD>&nbsp;</TD>
    <TD align="right">/</TD>
    <TD>&nbsp;</TD>

    <TD align="right" colspan="3">6,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3">$</TD>
    <TD align="right">662,095</TD>

    <TD>&nbsp;</TD>
    <TD align="right">/</TD>
    <TD>&nbsp;</TD>
    <TD align="left" colspan="2">$</TD>
    <TD align="right">106,205</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ted Bartus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">128,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3">2,667</TD>
    <TD>&nbsp;</TD>
    <TD align="right">/</TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3">1,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3">$</TD>
    <TD align="right">42,485</TD>

    <TD>&nbsp;</TD>
    <TD align="right">/</TD>
    <TD>&nbsp;</TD>
    <TD align="left" colspan="2">$</TD>
    <TD align="right">21,235</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard Riegel, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3">23,333</TD>
    <TD>&nbsp;</TD>
    <TD align="right">/</TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3">4,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" colspan="3">$</TD>
    <TD align="right">568,395</TD>

    <TD>&nbsp;</TD>
    <TD align="right">/</TD>
    <TD>&nbsp;</TD>

    <TD align="left" colspan="2">$</TD>
    <TD align="right">74,345</TD>
    <TD>&nbsp;</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">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the market value of shares underlying &#147;in-the-money&#148; options on July&nbsp;31,
2006 less the option exercise price. Options are &#147;in-the-money&#148; at the fiscal year end if
the fair market value of the underlying securities on such date exceeds the exercise or
base price of the option.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Director Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Directors who are not employees of the Company are paid an annual retainer of $65,000, payable
quarterly, plus expenses. Audit Committee members are paid an annual retainer of $20,000, plus
expenses, except for the chair of the Audit Committee, who is paid an annual retainer of $35,000,
plus expenses. Members of the Compensation Committee and the Nominating and Corporate Governance
Committee are each paid an annual retainer of $20,000, plus expenses. All such committee retainers
are paid quarterly. It is anticipated that non-employee directors will receive grants of restricted
stock under the 2006 Equity Compensation Plan based upon the recommendation of the Compensation
Committee and as approved by the Board of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compensation Committee Report on Executive Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company consists of a corporate parent, Thor Industries, Inc., and several operating
subsidiaries, including, Airstream, Inc., Crossroads RV, Damon Corporation, Dutchmen Manufacturing,
Inc., Four Winds International, Inc., Keystone RV Company, Komfort Corp., Citair, Inc., Thor
California, Inc., Champion Bus, Inc., ElDorado National California, Inc., ElDorado National Kansas,
Inc., and Goshen Coach, Inc. The Compensation Committee believes that the Company has been
successful in attracting and retaining management of its operating subsidiaries because of its
policy of compensating management personnel based upon the profitability of such operating
subsidiaries. The management of each operating subsidiary is provided with incentive based
compensation consisting generally of 13% to
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /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">20% of their operating subsidiary&#146;s pre-tax profits in excess of targets established by the
Company&#146;s President and Chief Executive Officer. The executive officers of the corporate parent,
Thor Industries, Inc., Messrs.&nbsp;Thompson, Orthwein, Bennett, Bartus, and Riegel receive low fixed
salaries in addition to bonuses relating to profitability of the Company as a whole, which are
reviewed and approved by the Compensation Committee. The Compensation Committee has reconsidered
these arrangements and has concluded that it is in the best interest of the Company and its
shareholders that such arrangements continue without any substantial change.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%"><I>The Compensation Committee</I><BR>
Alan Siegel<BR>
William C. Tomson

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compensation Committee Interlocks and Insider Participation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Compensation Committee consists of Messrs.&nbsp;Siegel and Tomson, neither of whom is, or has
been, an officer or employee of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Certain Relationships and Transactions with Management</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Messrs.&nbsp;Thompson and Orthwein own all the stock of Cash Flow Management, Inc. The Company pays
Cash Flow Management a fee of $192,000 per annum, which is used to defray expenses, including the
rent of offices used by Messrs.&nbsp;Thompson and Orthwein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Alan Siegel, a director of the Company, is a Partner of Akin Gump Strauss Hauer &#038; Feld LLP, one of
the law firms regularly employed by the Company. In addition, Mr.&nbsp;Siegel, in his capacity as
director, has been issued exercisable options to acquire 1,668 shares under the 1999 Stock Option
Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Securities Authorized for Issuance Under Equity Compensation Plans</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table provides information as of July&nbsp;31, 2006 about the Company&#146;s Common Stock
that may be issued upon the exercise of options, warrants and rights granted to employees or
members of the Board of Directors under all the Company&#146;s existing equity compensation plans,
including the 1999 Stock Option Plan and the Thor Industries, Inc. Restricted Stock Plan.
</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="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Number of securities</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Number of securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">remaining available for</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">to be issued</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Weighted-average</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">future issuance under</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">upon exercise of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">exercise price of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">equity compensation plans</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">outstanding options,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">outstanding options,</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(excluding securities</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Plan category</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">warrants and rights</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">warrants and rights</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">reflected in column (a))</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(a)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(b)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(c)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity compensation plans
approved by security holders
1999 Stock Option Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">533,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">21.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">666,003</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity compensation plans
not approved by security holders
1997 Restricted Stock Plan (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">NA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">398,013</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">533,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">21.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,064,016</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</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">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Constitutes shares remaining available for issuance under the Thor Industries, Inc.
Restricted Stock Plan (the &#147;Stock Plan&#148;). The Stock Plan, which was adopted in 1997, is
intended to advance the interests of the Company, its stockholders, its subsidiaries and its
affiliates by encouraging and enabling inside directors, officers and other employees to
acquire and retain a proprietary interest in the Company by ownership of its stock. The
Compensation Committee of the Board of Directors, which administers the Stock Plan, may, at
any time and from time to time,</TD>
</TR>

</TABLE>


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

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





<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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>make grants to plan participants in such amounts as it shall determine. Each grant vests as
determined by the Compensation Committee but, in any event, each grant automatically vests
upon the earliest of (x)&nbsp;the termination by the Company of the recipient other than for
cause and (y)&nbsp;the recipient&#146;s death, disability or retirement.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1999 Stock Option Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Thor Industries, Inc. 1999 Stock Option Plan (the &#147;1999 Plan&#148;) was adopted by the
Company&#146;s Board of Directors in July&nbsp;1999 and by the Company&#146;s shareholders in September&nbsp;1999. The
purpose of the Plan is to enhance the ability of the Company and its subsidiaries to attract and
retain employees and directors of outstanding ability and to provide employees and directors with
an interest in the Company parallel to that of the Company&#146;s stockholders. The 1999 Plan is
administered and managed by the Compensation Committee of the Board of Directors (the &#147;Committee&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Common Stock subject to the options granted under the 1999 Plan will be authorized from
unissued shares of Common Stock of the Company, $0.10 value, or shares reacquired by the Company in
any manner. The aggregate number of shares of Common Stock which may be acquired upon the grant of
options under the 1999 Plan will not exceed 2,000,000, subject to adjustment in certain
circumstances. If any option granted under the 1999 Plan expires or terminates for any reason
without having been exercised in full or ceases for any reason to be exercisable in whole or in
part, the unpurchased shares subject to such option shall again be available for grant under the
1999 Plan. Subject to adjustment, no employee may be granted an option to acquire more that 500,000
shares of Common Stock in any one year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees and directors of the Company and its subsidiaries are eligible to receive grants of
options under the 1999 Plan. Eligible participants may be granted both nonqualified stock options
(&#147;Nonqualified Stock Options&#148;) and &#147;incentive stock options&#148; (&#147;ISOs&#148;) and, together with
Nonqualified Stock Options, (&#147;Options&#148;), provided that only employees of the Company and its
subsidiaries may receive ISOs. The exercise price per share of the shares of Common Stock to be
purchased pursuant to any Option shall be fixed by the Committee at the time such Option is
granted. In no event shall the exercise price for ISOs be less than the fair market value of a
share on the day on which the ISO is granted (110% of the fair market value in the case of an ISO
granted to an employee owning stock with more that 10% of the total combined voting power of all
classes of stock of the Company or its subsidiaries (a &#147;10% Shareholder&#148;)). Subject to termination,
the duration of each Option will be determined by the Committee, but may not exceed 10&nbsp;years from
the date of grant; provided, however, that in the case of ISOs granted to 10% Shareholders, the
term of such Option shall not exceed 5&nbsp;years from the date of grant. An Option will be exercisable
by the Option holder at such rate and times as may be determined by the Committee at or subsequent
to the time of grant. Each Option may be exercised in whole or in part by giving written notice of
exercise to the Company. Payment in full of the Option exercise price will be made upon delivery of
such notice in cash or through additional methods, if any, prescribed by the Committee. Options are
assignable or transferable only in limited circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon the occurrence of a Change in Control (as defined in the 1999 Plan), all Options will
automatically become vested and exercisable in full and all restrictions or conditions, if any, on
any Options will automatically lapse.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under certain circumstances, in the event option holders engage in certain prohibitive behavior,
options can be forfeited at the discretion of the Committee. In addition, any gains realized by
option holders may have to be repaid under certain circumstances.
</DIV>


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

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restricted Stock Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has adopted the Thor Industries, Inc. Restricted Stock Plan (the &#147;Stock Plan&#148;)
effective September&nbsp;29, 1997. The Stock Plan is administered by the Compensation Committee. The
Stock Plan is intended to advance the interests of the Company, its stockholders, its subsidiaries
and its affiliates by encouraging and enabling inside directors, officers and other employees to
acquire and retain a proprietary interest in the Company by ownership of its stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total number of shares available for grants under the Stock Plan may not exceed 600,000 subject
to adjustment in certain circumstances and subject to increase by the Board of Directors. Subject
to adjustment, no more than 100,000 shares may be granted in any one calendar year. If a grant, or
any portion thereof, is forfeited, the forfeited shares will be made available again for grants
under the Stock Plan. The Compensation Committee may, at any time and from time to time, make
grants to such participants and in such amounts as it shall determine. Each grant shall be made
pursuant to a written instrument which must be executed by the grantee in order to be effective.
The Board of Directors may at any time suspend or terminate the Stock Plan or any portion thereof
or may amend it from time to time in such respects as the Board may deem to be in the best
interests of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No shares granted under the Stock Plan may be transferred by the recipient thereof until such
shares have vested; such shares shall vest on the date specified by the Compensation Committee in
the underlying written agreement pursuant to which the grant was made. Notwithstanding the
foregoing, the shares of a recipient who has not previously forfeited any nonvested shares granted
to him under the Stock Plan shall automatically vest upon the earliest of (x)&nbsp;the termination by
the Company of the recipient other than for cause and (y)&nbsp;the recipient&#146;s death, disability or
retirement. The Stock Plan contains non-competition and non-solicitation provisions which restrict
recipients from competing with the Company. Non-compliance with such provisions will result in the
forfeiture of non vested benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the applicable period of restriction, the recipient of shares under the Stock Plan is the
record owner thereof and is entitled to vote such shares and to receive all dividends and other
distributions paid with respect to such shares. However, if any such dividends or distributions are
paid in shares of Company stock during an applicable period of restriction, the shares received
shall be subject to the same restrictions as the shares with respect to which they were issued.
Moreover, the Compensation Committee may provide in any written agreement pursuant to which the
grant was made such other restrictions, terms and conditions as it may deem advisable with respect
to the treatment and holding of any stock, cash or property that is received in exchange for the
restricted shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Select Executive Incentive Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has adopted the Thor Industries, Inc. Select Executive Incentive Plan (the
&#147;Incentive Plan&#148;) effective September&nbsp;29, 1997. The Incentive Plan is administered by an
Administrative Committee chosen by the Board of Directors, which is currently the Compensation
Committee. The purpose of the Incentive Plan is to provide its eligible executives with
supplemental deferred compensation in addition to their current compensation. It is intended that
the Incentive Plan shall constitute an unfunded deferred compensation arrangement for the benefit
of a select group of management or highly compensated employees of the Company and its designated
subsidiaries and affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Compensation Committee will designate those employees of the Company (which may include
employees of any subsidiary or affiliate thereof) who will be eligible executives under the
Incentive Plan. For each year of participation, each eligible executive shall be credited with the
amount(s), if any, determined by the Compensation Committee in its sole discretion. The amount(s)
will be credited to an account maintained for each eligible executive, which will also be credited
with earnings and losses as if the amounts were invested in specific investment funds selected by
the Compensation Committee (or by the eligible executive if the Compensation Committee establishes
a procedure permitting the eligible executive to credit his or her account with respect to the
results of one or more of the index funds selected
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /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">by the Compensation Committee). The Compensation Committee is not obligated to comply with the
investment request of an eligible executive, and retains the sole discretion regarding the decision
to credit earnings with regard to the results of the index funds selected by any eligible
executive. The amount(s) credited to the account of an eligible executive shall vest and be payable
six years after the effective date of such eligible executive&#146;s participation; provided, however,
that the amounts vest immediately upon death or age 65. The Incentive Plan contains non-competition
and non-solicitation provisions which prohibit eligible executives from competing with the Company
within the United States or Canada during the term of such eligible executive&#146;s participation and
for a period of eighteen months after termination of employment with the Company for any reason.
Non-compliance with such provisions will result in a total forfeiture of vested benefits. The
Company may establish a trust for payment of benefits under the Incentive Plan; such trust shall be
a grantor trust for tax purposes. Payment of benefits will generally be made following termination
of employment in one of the following forms: (a)&nbsp;lump sum; (b)&nbsp;substantially equal annual
installments for five years; (c)&nbsp;substantially equal installments for ten years; or (d)&nbsp;any other
actuarially equivalent form approved by the Compensation Committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Annual Incentive Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has adopted the Thor Industries, Inc. Annual Incentive Plan (the &#147;Annual Incentive
Plan&#148;) effective October&nbsp;2, 2003. The Annual Incentive Plan is administered by a committee (the
&#147;Committee&#148;) comprised of at least two members of the Board of Directors of the Company who qualify
as &#147;outside directors&#148; within the meaning of Section 162(m) of the Internal Revenue Code of 1986,
as amended, and regulations promulgated thereunder (the &#147;Code&#148;). The purposes of the Plan are to
provide an incentive to executive officers and other key employees of the Company and its
subsidiaries to contribute to the growth, profitability and increased shareholder value of the
Company, to retain such executives and key employees and endeavor to qualify the compensation paid
under the Annual Incentive Plan for tax deductibility under Section 162(m) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The committee designates those executive officers of the Company and its subsidiaries, and such
other key employees of the Company and it subsidiaries, who are eligible to receive awards
(&#147;Performance Awards&#148;) under the Annual Incentive Plan (&#147;Eligible Executives&#148;). The Committee
determines which Eligible Executives, if any, will become participants in the Annual Incentive Plan
(the &#147;Participants&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Performance Award represents the conditional right of a Participant to receive a cash award
following the completion of a Performance Period (as defined below) based upon performance in
respect of one or more of the Performance Goals (as defined below) during the Performance Period.
For purposes of the Annual Incentive Plan, &#147;Performance Period&#148; means the fiscal year, or such
other shorter or longer period designated by the Committee, during which performance is measured in
order to determine a Participant&#146;s entitlement to receive payment of a Performance Award.
Performance goals (&#147;Performance Goals&#148;) include any of the following business criteria: revenue,
earnings before taxes, funds from operations, funds from operations per share, operating income,
pre or after tax income, cash available for distribution, cash available for distribution per
share, cash and/or cash equivalents available for operations, net earnings, earnings per share,
return on equity, return on assets, return on invested capital, share price performance,
improvements in the Company&#146;s attainment of expense levels, implementing or completion of critical
projects, including, without limitation, implementation of strategic plan(s), improvement in
investor relations, marketing and manufacturing of key products, improvement in cash-flow (before
or after tax), development of critical projects or product development, or progress relating to
research and development. A performance goal may be measured over a Performance Period on a
periodic, annual, cumulative or average basis and may be established on a corporate-wide basis or
established with respect to one or more operating units, divisions, subsidiaries, acquired
businesses, minority investments, partnerships or joint ventures. The level or levels of
performance specified with respect to a Performance Goal may be established in absolute terms, as
objectives relative to performance in prior periods, as an objective compared to the performance of
one or more comparable companies or an index covering multiple companies, or otherwise as the
Committee may determine.
</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">The Committee may establish performance objectives (&#147;Performance Objective&#148;) for each Performance
Award, consisting of one or more business criteria permitted as Performance Goals, one or more
levels of performance with respect to each such criteria, and the amount or amounts payable upon
achievement of such levels of performance. Performance Objectives are established by the Committee
prior to, or reasonably promptly following the inception of, a Performance Period but, to the
extent required by Section 162(m) of the Code, by no later than the earlier of the date that is
ninety (90)&nbsp;day after the commencement of the Performance Period or the day prior to the date on
which twenty-five percent (25%) of the Performance Period has elapsed. The amount of compensation
payable upon the attainment of a Performance Objective may not be increased at the discretion of
the Committee. The Committee may, however, at its discretion, reduce or eliminate the amount of
compensation payable upon the attainment of a Performance Objective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Performance Awards are subject to such conditions, including risks of forfeiture, restrictions on
transferability and other terms and conditions as specified by the Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Participant may not be granted Performance Awards for all of the Performance Periods commencing
in a fiscal year that permit the Participant in the aggregate to earn a cash payment in any fiscal
year in excess of $3,000,000.
</DIV>


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

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stock Price Performance Graph</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The performance graph set forth below compares the cumulative total stockholder returns on the
Company&#146;s Common Stock (assumes $100 invested on July&nbsp;31, 2001 and that all dividends are
reinvested) against the cumulative total returns of the Standard and Poor Corporation&#146;s S&#038;P 500
composites stock price index (S&#038;P 500) and a &#147;Peer Group&#148; of companies selected by the Company
whose primary business is recreation vehicles or mid-size buses for the five year period ended July
31, 2006. The peer group consists of the following companies: Coachmen Industries, Inc.; Fleetwood
Enterprises, Inc.; Winnebago Industries, Inc.; Monaco Coach, Inc.; and Supreme Industries, Inc. The
Company cautions that stock price performance noted below should not be considered indicative of
potential future stock price performance. The Company changed its peer group in fiscal 2003 to
include Monaco Coach, Inc. and remove Collins Industries, Inc.
</DIV>

<!-- link1 "Performance Graph " -->
<DIV align="left"><A NAME="003"></A></DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Thor Industries, Inc. Common Stock</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="l22990al2299005.gif" alt="(PERFORMANCE&nbsp;GRAPH)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Report of the Audit Committee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Working under the guidance of a written charter approved by the Board of Directors, the Audit
Committee, which is comprised of Messrs.&nbsp;Neil D. Chrisman, Jan H. Suwinski and Geoffrey A.
Thompson, is primarily responsible for assisting the Board in overseeing the Company&#146;s financial
reporting process as well as the internal controls that management and the Board have established.
The Board of Directors adopted a revised charter for the Audit Committee on October&nbsp;11, 2005, a
copy of which is available on the Company&#146;s website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Management is responsible for the financial reporting process, including the system of internal
control, and for the preparation of consolidated financial statements in accordance with accounting
principles generally accepted in the United States of America. The Company&#146;s independent auditors
are responsible for auditing those financial statements. The Audit Committee&#146;s responsibility is to
monitor and review these processes, acting in an oversight capacity. The Audit Committee relies,
without independent
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /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">verification, on the information provided to it and on the representations made
by management and the independent auditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the past fiscal year, the Audit Committee met in person or by telephone and met in separate
executive sessions with the Company&#146;s Chief Financial Officer, the Company&#146;s senior internal
auditing executive and the independent auditing partner for the Company. The Audit Committee also
met privately on a quarterly basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In carrying out its duties, the Audit Committee has reviewed and discussed the Company&#146;s audited
consolidated financial statements for the fiscal year ended July&nbsp;31, 2006 with the Company&#146;s
management and Deloitte &#038; Touche, LLP (&#147;Deloitte&#148;), the Company&#146;s independent auditors. The Audit
Committee has also discussed with Deloitte the matters required to be discussed by Statement on
Auditing Standards No.&nbsp;61, &#147;Communication with Audit Committees&#148;, as amended. In addition, the
Audit Committee has received the written disclosures and the letter from Deloitte required by
Independence Standards Board Standard No.&nbsp;1, &#147;Independence Discussions with Audit Committees&#148; and
has discussed with Deloitte its independence from the Company and its management. Based on the
foregoing reports and discussions and subject to the limitations on the role and responsibilities
of the Audit Committee referred to above and in the Charter of the Audit Committee, the Audit
Committee recommended to the
Board of Directors, and the Board of Directors has approved, that the audited consolidated
financial statements be included in the Company&#146;s Annual Report on Form 10-K for the fiscal year
ended July&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors has affirmatively determined that each of the members of the Audit Committee
is &#147;independent&#148; as defined under the rules of the New York Stock Exchange.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%"><I>The Audit Committee</I><BR>
Neil D. Chrisman<BR>
Jan H. Suwinski<BR>
Geoffrey A. Thompson

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing report of the Audit Committee shall not be deemed to be incorporated by reference in
any previous or future documents filed by the Company with the Securities and Exchange Commission
under the Security Act or the Exchange Act, except to the extent that the Company incorporates the
report by reference in any such document.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Independent Auditor Fees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table represents aggregate fees billed to the Company for fiscal 2006 and 2005
by Deloitte, the Company&#146;s principal accounting firm.
</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Fiscal 2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Fiscal 2005</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit Fees </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,047,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,369,785</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit-Related Fees </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subtotal </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,089,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,547,435</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax Fees </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,057,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">828,237</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All Other Fees </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,985</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Fees </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,162,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,396,657</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Audit Fees</I>. Represents fees for professional services provided for the audit of the Company&#146;s
annual financial statements and review of the Company&#146;s quarterly financial statements, and audit
services
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /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">provided in connection with other statutory or regulatory filings. Included in audit fees
is $1,214,875 and $1,563,950 for Sarbanes-Oxley Section&nbsp;404 attestation for fiscal 2006 and 2005
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Audit-Related Fees</I>. Represents fees for assurance services related to the audit of the Company&#146;s
financial statements. The amount shown consists of fees for benefit plan audits, and the audit of
the closing balance sheets of CrossRoads and agreed upon procedure for Goshen Coach in fiscal 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Tax Fees</I>. Represents fees for professional services related to taxes including the preparation of
domestic and international returns, tax examinations assistance and tax planning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Fees</I>. Represents fees for products and services provided to the Company not otherwise
included in the categories above. The amounts shown consist of fees for benefit plan tax
consultation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Audit Committee has considered whether performance of services other than audit services is
compatible with maintaining the independence of Deloitte.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2003, the Audit Committee adopted a formal policy concerning the approval of audit and non-audit
services to be provided by the independent auditor to the Company. The policy requires that all
services Deloitte, the Company&#146;s independent auditor, may provide to the Company, including audit
services and permitted audit-related and non-audit services, be pre-approved by the Audit
Committee. The Audit Committee approved all audit and non-audit services provided by Deloitte
during fiscal 2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The federal securities laws require the filing of certain reports by officers, directors and
beneficial owners of more than ten percent (10%) of the Company&#146;s securities with the Securities
and Exchange Commission and the New York Stock Exchange. Specific due dates have been established
and the Company is required to disclose in this Proxy Statement any failure to file by these dates.
Based solely on a review of copies of the filings furnished to the Company, or written
representations that no such filings were required, the Company believes that all filing
requirements were satisfied by each of the Company&#146;s officers, directors and ten percent (10%)
stockholders for fiscal 2006, except that (i)&nbsp;Mr.&nbsp;Riegel, an executive officer, failed to file on a
timely basis a Form&nbsp;3 and a Form&nbsp;4 upon becoming an executive officer of the Company and (ii)&nbsp;Mr.
Bartus, an executive officer, failed to file on a timely basis a Form&nbsp;4 to report one transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stockholder Proposals</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Proposals by stockholders that are intended to be presented at the 2007 annual meeting must be
received by the Company on or before July&nbsp;2, 2007 to be included in the proxy statement and form of
proxy for the 2007 annual meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notice of a shareholder proposal submitted outside the processes of Rule&nbsp;14a-8 of the Securities
Exchange Act of 1934, as amended, which is not received on or before September&nbsp;15, 2007 will be
considered untimely. The Company reserves the right to reject, rule out of order or take other
appropriate action with respect to any proposal that does not comply with applicable requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Matters</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Management knows of no other matters that will be presented for consideration at the meeting.
However, if any other matters are properly brought before the meeting, it is the intention of the
persons named in the proxy to vote the proxy in accordance with their best judgment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">By Order of the Board of Directors,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">WALTER L. BENNETT

</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /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>Exhibit&nbsp;A</B>
</DIV>

<!-- link1 "Thor Industries, Inc. 2006 Equity Incentive Plan" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Thor Industries, Inc.<BR>
2006 Equity Incentive Plan</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="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Purpose; 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>General Purpose.</U> The name of this plan is the Thor Industries, Inc. 2006
Equity Incentive Plan (the &#147;<B><I>Plan</I></B>&#148;). The purpose of the Plan is to enable Thor Industries,
Inc., a Delaware corporation (the &#147;<B><I>Company</I></B>&#148;), and any Affiliate to obtain and retain the
services of the types of Employees, Consultants and Directors who will contribute to the
Company&#146;s long range success and to provide incentives that are linked directly to
increases in share value which will inure to the benefit of all stockholders of 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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Eligible Award Recipients.</U> The persons eligible to receive Awards are the
Employees, Consultants and Directors of the Company and its Affiliates and any such parties
who are reasonably expected to become Employees, Consultants and Directors after the
receipt of Awards.</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="2%" nowrap align="left">1.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Available Awards.</U> The purpose of the Plan is to provide a means by which
eligible recipients of Awards may be given an opportunity to benefit from increases in
value of the Common Stock through the granting of one or more of the following Awards: (a)
Incentive Stock Options, (b)&nbsp;Nonstatutory Stock Options, (c)&nbsp;Restricted Awards, (d)
Performance Compensation Awards, (e)&nbsp;Stock Appreciation Rights and (f)&nbsp;409A Awards.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Definitions.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;409A Award&#148; </I></B>means an Award that is considered &#147;nonqualified deferred compensation&#148;
within the meaning of Section&nbsp;409A of the Code and Section&nbsp;8 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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Administrator&#148; </I></B>means the Board or the Committee appointed by the Board in accordance
with Section&nbsp;3.5.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Affiliate&#148; </I></B>means any parent corporation or subsidiary corporation of the Company,
whether now or hereafter existing, as those terms are defined in Sections 424(e) and (f),
respectively, 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="2%" nowrap align="left">2.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Award&#148; </I></B>means any right granted under the Plan, including an Incentive Stock Option, a
Nonstatutory Stock Option, a Restricted Award, a Performance Compensation Award, a Stock
Appreciation Right and a 409A Award.</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="2%" nowrap align="left">2.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Award Agreement&#148; </I></B>means a written agreement between the Company and a holder of an
Award evidencing the terms and conditions of an individual Award grant. Each Award
Agreement shall be subject to the terms and conditions 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Beneficial Owner&#148; </I></B>has the meaning assigned to such term in Rule&nbsp;13d-3 and Rule&nbsp;13d-5
under the Exchange Act, except that in calculating the beneficial ownership of any
particular &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act), such
&#147;person&#148; shall be deemed to have beneficial ownership of all securities that such &#147;person&#148;
has the right to acquire by conversion or exercise of other securities, whether such right
is currently exercisable or is exercisable only after the passage of time. The terms
&#147;Beneficially Owns&#148; and &#147;Beneficially Owned&#148; have a corresponding meaning.</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="2%" nowrap align="left">2.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Board&#148; </I></B>means the Board of Directors of 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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Cause&#148; </I></B>means (a)&nbsp;with respect to any Participant who is a party to an employment or
service agreement or employment policy manual with the Company or its Affiliates and such</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agreement or policy manual provides for a definition of Cause, as defined therein and (b)
with respect to all other Participants (i)&nbsp;the commission of, or plea of guilty or no
contest to, a felony or a crime involving moral turpitude or the commission of any other
act involving willful malfeasance or material fiduciary breach with respect to the Company
or an Affiliate, (ii)&nbsp;conduct tending to bring the Company into substantial public
disgrace, or disrepute, (iii)&nbsp;gross negligence or willful misconduct with respect to the
Company or an Affiliate or (iv)&nbsp;material violation of state or federal securities laws. The
Administrator, in its absolute discretion, shall determine the effect of all matters and
questions relating to whether a Participant has been discharged for Cause.</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="2%" nowrap align="left">2.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Change in Control&#148; </I></B>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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The direct or indirect sale, transfer, conveyance or other disposition
(other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the properties or assets of the Company
to any &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act <B><I>(a
&#147;Person&#148;</I></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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Incumbent Directors cease for any reason to constitute at least a
majority of the Board;</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The adoption of a plan relating to the liquidation or dissolution of the
Company; 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="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The acquisition by any Person of beneficial ownership (within the meaning
or Rule&nbsp;13d 3 promulgated under the Exchange Act) of 50% or more (on a fully diluted
basis) of either (A)&nbsp;the then outstanding shares of Common Stock of the Company,
taking into account as outstanding for this purpose such Common Stock issuable upon
the exercise of options or warrants, the conversion of convertible stock or debt, and
the exercise of any similar right to acquire such Common Stock (the <B><I>&#147;Outstanding
Company Common Stock&#148;</I></B>) or (B)&nbsp;the combined voting power of then outstanding voting
securities of the Company entitled to vote generally in the election of directors
(the <B><I>&#147;Outstanding Company Voting Securities&#148;</I></B>); <I>provided, however, </I>that for purposes
of this Plan, the following acquisitions shall not constitute a Change in Control:
(i)&nbsp;any acquisition by the Company or any Affiliate, (ii)&nbsp;any acquisition by any
employee benefit plan sponsored or maintained by the Company or any Affiliate, (iii)
any acquisition which complies with clauses, (i), (ii)&nbsp;and (iii)&nbsp;of subsection (e)&nbsp;of
this <U>Section&nbsp;2.9</U> or (iv)&nbsp;in respect of an Award held by a particular
Participant, any acquisition by the Participant or any group of persons including the
Participant (or any entity controlled by the Participant or any group of persons
including the Participant); 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="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consummation of a reorganization, merger, consolidation, statutory
share exchange or similar form of corporate transaction involving the Company that
requires the approval of the Company&#146;s stockholders, whether for such transaction or
the issuance of securities in the transaction (a <B><I>&#147;Business
Combination&#148;</I></B>), unless
immediately following such Business Combination: (i)&nbsp;more than 50% of the total
voting power of (x)&nbsp;the entity resulting from such Business Combination (the
<B><I>&#147;Surviving Company&#148;</I></B>), or (y)&nbsp;if applicable, the ultimate parent entity that directly
or indirectly has beneficial ownership of sufficient voting securities eligible to
elect a majority of the members of the board of directors (or the analogous governing
body) of the Surviving Company (the <B><I>&#147;Parent Company&#148;</I></B>), is represented by the
Outstanding Company Voting Securities that were outstanding immediately prior to such
Business Combination (or, if applicable, is represented by shares into which the
Outstanding Company Voting Securities were converted pursuant to such Business
Combination), and such voting power among the holders thereof is in substantially the
same proportion as the voting power of the Outstanding Company Voting Securities
among the holders thereof immediately prior to the Business Combination, (ii)&nbsp;no
Person (other than any employee benefit plan sponsored or maintained by the Surviving
Company or the Parent Company) is or becomes the beneficial owner, directly 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>indirectly, of 50% or more of the total voting power of the outstanding voting
securities eligible to elect members of the board of directors of the Parent Company
(or the analogous governing body) (or, it there is no Parent Company, the Surviving
Company) and (iii)&nbsp;at least a majority of the members of the board of directors (or
the analogous governing body) of the Parent Company (or, if there is no Parent
Company, the Surviving Company) following the consummation of the Business
Combination were Board members at the time of the Board&#146;s approval of the execution
of the initial agreement providing for such Business Combination.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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="2%" nowrap align="left">2.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Code&#148; </I></B>means the Internal Revenue Code of 1986, as amended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Committee&#148; </I></B>means a committee of one or more members of the Board appointed by the
Board to administer the Plan in accordance with <U>Section&nbsp;3.5</U>.</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="2%" nowrap align="left">2.12</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Common Stock&#148; </I></B>means the common stock, $0.10 par value per share, of 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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.13</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Company&#148; </I></B>means Thor Industries, Inc. a Delaware 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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.14</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Consultant&#148; </I></B>means any person, including an advisor (a)&nbsp;engaged by the Company or an
Affiliate to render consulting or advisory services and who is compensated for such
services or who provides bona fide services to the Company or an Affiliate pursuant to a
written agreement
or (b)&nbsp;who is a member of the Board of Directors of an Affiliate; <I>provided that, </I>except as
otherwise permitted in <U>Section&nbsp;3.5</U> hereof, such person is a natural person and
such services are not in connection with the offer or sale of securities in a capital
raising transaction and do not directly or indirectly promote or maintain a market for the
Company&#146;s securities.</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="2%" nowrap align="left">2.15</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Continuous Service&#148; </I></B>means that the Participant&#146;s service with the Company or an
Affiliate, whether as an Employee, Director or Consultant, is not interrupted or
terminated. The Participant&#146;s Continuous Service shall not be deemed to have terminated
merely because of a change in the capacity in which the Participant renders service to the
Company or an Affiliate as an Employee, Consultant or Director or a change in the entity
for which the Participant renders such service, provided that there is no interruption or
termination of the Participant&#146;s Continuous Service. For example, a change in status from
an Employee of the Company to a Consultant of an Affiliate or a Director will not
constitute an interruption of Continuous Service. The Administrator or its delegate, in its
sole discretion, may determine whether Continuous Service shall be considered interrupted
in the case of any leave of absence approved by that party, including sick leave, military
leave or any other personal or family leave of absence.</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="2%" nowrap align="left">2.16</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Covered Employee&#148; </I></B>means the chief executive officer and the four other highest
compensated officers of the Company for whom total compensation is or would be required to
be reported to stockholders under the Exchange Act, as determined for purposes of Section
162(m) 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="2%" nowrap align="left">2.17</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Date of Grant&#148; </I></B>means the date on which the Administrator adopts a resolution, or takes
other appropriate action, expressly granting an Award to a Participant that specifies the
key terms and conditions of the Award and from which the Participant begins to benefit from
or be adversely affected by subsequent changes in the Fair Market Value of the Company
Common Stock or, if a later date is set forth in such resolution, or determined by the
Administrator, as the Date of Grant, then such date as is set forth in such resolution.</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="2%" nowrap align="left">2.18</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Detrimental Activity&#148; </I></B>means: (a)&nbsp;violation of the terms of any agreement with the
Company concerning non-disclosure, confidentiality, intellectual property, privacy or
exclusivity; (b)&nbsp;disclosure of the Company&#146;s confidential information to anyone outside the
Company, without prior written authorization from the Company, or in conflict with the
interests of the Company,</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the confidential information was acquired or disclosed by
the Participant during or after employment by the Company; (c)&nbsp;failure or refusal to
disclose promptly or assign to the Company all right, title and interest in any invention,
work product or idea, patentable or not, made or conceived by the Participant during
employment by the Company, relating in any manner to the interests of the Company or the
failure or refusal to do anything reasonably necessary to enable the Company to secure a
patent where appropriate in the United States and in other countries; (d)&nbsp;activity that is
discovered to be grounds for or results in termination of the Participant&#146;s employment for
Cause; (e)&nbsp;any breach of a restrictive covenant contained in any employment agreement,
Award Agreement or other agreement between the Participant and the Company, during any
period for which a restrictive covenant prohibiting Detrimental Activity, or other similar
conduct or act, is applicable to the Participant during or after employment by the Company;
(f)&nbsp;any attempt directly or indirectly to induce any Employee of the Company to be employed
or perform services or acts in conflict with the interests of the Company; (g)&nbsp;any attempt,
in conflict with the interests of the Company, directly or indirectly, to solicit the trade
or business of any current or prospective customer, client, supplier or partner of the
Company; (h)&nbsp;the conviction of, or guilty plea entered by, the Participant for any felony
or a crime involving moral turpitude whether or not connected with the Company; or (i)&nbsp;the
commission of any other act involving willful malfeasance or material fiduciary breach with
respect to 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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.19</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Director&#148; </I></B>means a member of the Board.</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="2%" nowrap align="left">2.20</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Disability&#148; </I></B>means that the Participant is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment; <I>provided,
however, </I>for purposes of determining the term of an Incentive Stock Option pursuant to
<U>Section&nbsp;6.10</U> hereof, the term Disability shall have the meaning ascribed to it
under Code Section&nbsp;22(e)(3). The determination of whether an individual has a Disability
shall be determined under procedures established by the Administrator. Except in situations
where the Administrator is determining Disability for purposes of the term of an Incentive
Stock Option pursuant to <U>Section&nbsp;6.10</U> hereof within the meaning of Code Section
22(e)(3), the Administrator may rely on any determination that a Participant is disabled
for purposes of benefits under any long-term disability plan maintained by the Company or
any Affiliate in which a Participant participates.</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="2%" nowrap align="left">2.21</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Effective Date&#148; </I></B>shall mean October 16, 2006, the date the Board adopted 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.22</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Employee&#148; </I></B>means any person employed by the Company or an Affiliate. Mere service as a
Director or payment of a director&#146;s fee by the Company or an Affiliate shall not be
sufficient to constitute &#147;employment&#148; by the Company or an Affiliate.</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="2%" nowrap align="left">2.23</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Exchange Act&#148; </I></B>means the Securities Exchange Act of 1934, as amended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.24</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Fair Market Value&#148; </I></B>means, as of any date, the value of the Common Stock as determined
below. The Fair Market Value on any date on which the Company&#146;s shares of Common Stock are
registered under Section&nbsp;12 of the Exchange Act and listed on the New York Stock Exchange
shall be the closing price of a share of Common Stock on the New York Stock Exchange on
such date, and thereafter (a)&nbsp;if the Common Stock is admitted to quotation on the over the
counter market or any interdealer quotation system, the Fair Market Value on any given date
shall not be less than the average of the highest bid and lowest asked prices of the Common
Stock reported for such date or, if no bid and asked prices were reported for such date,
for the last day preceding such date for which such prices were reported, or (b)&nbsp;in the
absence of an established market for the Common Stock, the Fair Market Value determined in
good faith by the Administrator and such determination shall be conclusive and binding on
all persons.</TD>
</TR>

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

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.25</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Form&nbsp;S-8&#148; </I></B>has the meaning set forth in <U>Section&nbsp;5.3</U>.</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="2%" nowrap align="left">2.26</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Free Standing Rights&#148; </I></B>has the meaning set forth in <U>Section&nbsp;7.3(a)</U>.</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="2%" nowrap align="left">2.27</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Incentive Stock Option&#148; </I></B>means an Option intended to qualify as an incentive stock
option within the meaning of Section&nbsp;422 of the Code and the regulations promulgated
thereunder.</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="2%" nowrap align="left">2.28</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Incumbent Directors&#148; </I></B>means individuals who, on the Effective Date, constitute the
Board, provided that any individual becoming a Director subsequent to the Effective Date
whose election or nomination for election to the Board was approved by a vote of at least
two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by
approval of the proxy statement of the Company in which such person is named as a nominee
for Director without objection to such nomination) shall be an Incumbent Director. No
individual initially elected or nominated as a director of the Company as a result of an
actual or threatened election contest with respect to Directors or as a result of any other
actual or threatened solicitation of proxies by or on behalf of any person other than the
Board shall be an Incumbent Director.</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="2%" nowrap align="left">2.29</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Negative Discretion&#148; </I></B>means the discretion authorized by the Plan to be applied by the
Administrator to eliminate or reduce the size of a Performance Compensation Award in
accordance with Section&nbsp;7.2(d)(iv) of the Plan; <I>provided, that</I>, the exercise of such
discretion would not cause the Performance Compensation Award to fail to qualify as
&#147;performance-based compensation&#148; under Section 162(m) 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="2%" nowrap align="left">2.30</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Non-Employee Director&#148; </I></B>means a Director who is a &#147;non-employee director&#148; within the
meaning of Rule&nbsp;16b-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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.31</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Nonstatutory Stock Option&#148; </I></B>means an Option not intended to qualify as an Incentive
Stock Option.</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="2%" nowrap align="left">2.32</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Officer&#148; </I></B>means a person who is an officer of the Company within the meaning of Section
16 of the Exchange Act and the rules and regulations promulgated thereunder.</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="2%" nowrap align="left">2.33</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Option&#148; </I></B>means an Incentive Stock Option or a Nonstatutory Stock Option granted
pursuant 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.34</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Option Agreement&#148; </I></B>means a written agreement between the Company and an Optionholder
evidencing the terms and conditions of an individual Option grant. Each Option Agreement
shall be subject to the terms and conditions of the Plan and need not be identical.</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="2%" nowrap align="left">2.35</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Optionholder&#148; </I></B>means a person to whom an Option is granted pursuant to the Plan or, if
applicable, such other person who holds an outstanding Option.</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="2%" nowrap align="left">2.36</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Outside Director&#148; </I></B>means a Director who is an &#147;outside director&#148; within the meaning of
Section 162(m) of the Code and Treasury Regulations Section&nbsp;1.162-27(e)(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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.37</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Participant&#148; </I></B>means a person to whom an Award is granted pursuant to the Plan or, if
applicable, such other person who holds an outstanding Award.</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="2%" nowrap align="left">2.38</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Performance Compensation Award&#148; </I></B>means any Award designated by the Administrator as a
Performance Compensation Award pursuant to Section&nbsp;7.2 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.39</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Performance Criteria&#148; </I></B>means the criterion or criteria that the Administrator shall
select for purposes of establishing the Performance Goal(s) for a Performance Period with
respect to any Performance Compensation Award under the Plan. The Performance Criteria
that will be used to establish the Performance Goal(s) shall be based on the attainment of
specific levels of performance of the Company (or Affiliate, division or operational unit
of the Company) and shall be limited 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>net earnings or net income (before or after taxes);</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>basic or diluted earnings per share (before or after 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>net revenue or net revenue growth;</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>gross revenue;</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>gross profit or gross profit growth;</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>net operating profit (before or after 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>return measures (including, but not limited to, return on assets, capital,
invested capital, equity, or sales);</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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cash flow (including, but not limited to, operating cash flow, free cash
flow, and cash flow return on capital);</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>earnings before or after taxes, interest, depreciation and/or amortization;</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">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>gross or operating margins;</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">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>productivity ratios;</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">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>share price (including, but not limited to, growth measures and total
stockholders return);</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">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expense targets;</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">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>margins;</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">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating efficiency;</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">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>objective measures of customer satisfaction;</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">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>working capital targets;</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">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>measures of economic value added;</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">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>inventory control; 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">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enterprise value.</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>Any one or more of the Performance Criteria may be used on an absolute or relative
basis to measure the performance of the Company and/or an Affiliate as a whole or any
business unit of the Company and/or an Affiliate or any combination thereof, as the
Administrator may deem appropriate, or any of the above Performance Criteria as
compared to the performance of a group of comparable companies, or published or
special index that the Administrator, in its sole discretion, deems appropriate, or
the Company may select Performance Criterion (k)&nbsp;above as compared to various stock
market indices. The Administrator also has the authority to provide for accelerated
vesting of any Award based on the achievement of Performance Goals pursuant to the
Performance Criteria specified in this paragraph. To the extent required under
Section 162(m) of the Code, the Administrator shall, within the first 90&nbsp;days of a
Performance Period (or, if longer or shorter, within the maximum period allowed under
Section 162(m) of the Code), define in an objective fashion the manner of calculating
the Performance Criteria it selects to use for such Performance Period. In the event
that applicable tax and/or securities laws change to permit Administrator discretion
to alter the governing Performance Criteria without obtaining stockholder approval of
such changes, the Administrator shall have sole discretion to make such changes
without obtaining stockholder approval.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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="2%" nowrap align="left">2.40</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Performance Formula&#148; </I></B>means, for a Performance Period, the one or more objective
formulas applied against the relevant Performance Goal to determine, with regard to the
Performance
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compensation Award of a particular Participant, whether all, some portion but
less than all, or none of the Performance Compensation Award has been earned for the
Performance 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.41</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Performance Goals&#148; </I></B>means, for a Performance Period, the one or more goals established
by the Administrator for the Performance Period based upon the Performance Criteria. The
Administrator is authorized at any time during the first 90&nbsp;days of a Performance Period
(or, if longer or shorter, within the maximum period allowed under Section 162(m) of the
Code), or at any time thereafter (but only to the extent the exercise of such authority
after such period would not cause the Performance Compensation Awards granted to any
Participant for the Performance Period to fail to qualify as &#147;performance-based
compensation&#148; under Section 162(m) of the Code), in its sole and absolute discretion, to
adjust or modify the calculation of a Performance Goal for such Performance Period to the
extent permitted under Section 162(m) of the Code in order to prevent the dilution or
enlargement of the rights of Participants based on the following events:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>asset write-downs;</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>litigation or claim judgments or settlements;</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the effect of changes in tax laws, accounting principles, or other laws or
regulatory rules affecting reported results;</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any reorganization and restructuring programs;</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extraordinary nonrecurring items as described in Accounting Principles
Board Opinion No.&nbsp;30 (or any successor or pronouncement thereto) 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 stockholders for the applicable 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acquisitions or divestitures;</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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other specific unusual or nonrecurring events, or objectively
determinable category 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>foreign exchange gains and losses; 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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a change in the Company&#146;s fiscal 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="2%" nowrap align="left">2.42</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Performance Period&#148; </I></B>means the one or more periods of time not less than one (1)&nbsp;year
in duration, as the Administrator may select, over which the attainment of one or more
Performance Goals will be measured for the purpose of determining a Participant&#146;s right to
and the payment of a Performance Compensation Award.</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="2%" nowrap align="left">2.43</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Permitted Transferee&#148; </I></B>means (a)&nbsp;any spouse, parents, siblings (by blood, marriage or
adoption) or lineal descendants (by blood, marriage or adoption) of a Participant; (b)&nbsp;any
trust or other similar entity for the benefit of a Participant or the Participant&#146;s spouse,
parents, siblings or lineal descendants; <I>provided, however, </I>that any transfer made by a
Participant to a Permitted Transferee may only be made if the Permitted Transferee, prior
to the time of transfer of stock, agrees in writing to be bound by the terms of this Plan
and provides written notice to the Company of such transfer.</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="2%" nowrap align="left">2.44</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Plan&#148; </I></B>means this Thor Industries, Inc. 2006 Equity Incentive Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.45</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Related Rights&#148; </I></B>has the meaning set forth in <u>Section&nbsp;7.3(a)</u>.</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="2%" nowrap align="left">2.46</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Restricted Award&#148; </I></B>means any Award granted pursuant to <u>Section&nbsp;7.1(a)</u>.</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="2%" nowrap align="left">2.47</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Restricted Period&#148; </I></B>has the meaning set forth in <u>Section&nbsp;7.1(a)</u>.</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.48</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Rule&nbsp;16b-3&#148; </I></B>means Rule&nbsp;16b-3 promulgated under the Exchange Act or any successor to
Rule&nbsp;16b-3, as in effect from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.49</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;SAR Amount&#148; </I></B>has the meaning set forth in <u>Section&nbsp;7.3(h)</u>.</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="2%" nowrap align="left">2.50</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;SAR exercise price&#148; </I></B>has the meaning set forth in <u>Section&nbsp;7.3(b)</u>.</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="2%" nowrap align="left">2.51</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Securities Act&#148; </I></B>means the Securities Act of 1933, as amended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.52</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Stock Appreciation Right&#148; </I></B>means the right pursuant to an award granted under
<U>Section&nbsp;7.3(b)</U> to receive an amount equal to the excess, if any, of (A)&nbsp;the Fair
Market Value, as of the date such Stock Appreciation Right or portion thereof is
surrendered, of the shares of stock covered by such right or such portion thereof, over (B)
the aggregate SAR exercise price of such right or such portion 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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.53</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Stock for Stock Exchange&#148; </I></B>has the meaning set forth in <U>Section&nbsp;6.4</U>.</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="2%" nowrap align="left">2.54</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Ten Percent Stockholder&#148; </I></B>means a person who owns (or is deemed to own pursuant to
Section 424(d) of the Code) stock possessing more than 10% of the total combined voting
power of all classes of stock of the Company or of any of its Affiliates.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>3.</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Administration by Board.</U> The Plan shall be administered by the Board unless
and until the Board delegates administration to a Committee, as provided in Section&nbsp;3.5.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Powers of Administrator.</U> The Administrator shall have the power and authority
to select and grant to Participants Awards pursuant to the terms 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Specific Powers.</U> In particular, the Administrator shall have the authority:
(a)&nbsp;to construe and interpret the Plan and apply its provisions; (b)&nbsp;to promulgate, amend,
and rescind rules and regulations relating to the administration of the Plan; (c)&nbsp;to
authorize any person to execute, on behalf of the Company, any instrument required to carry
out the purposes of the Plan; (d)&nbsp;to delegate its authority to one or more Officers of the
Company with respect to awards that do not involve Covered Employees or &#147;insiders&#148; within
the meaning of Section&nbsp;16 of the Exchange Act; (e)&nbsp;to determine when Awards are to be
granted under the Plan and the applicable Date of Grant; (f)&nbsp;from time to time to select,
subject to the limitations set forth in this Plan, those Participants to whom Awards shall
be granted; (g)&nbsp;to determine the number of shares of Common Stock to be made subject to
each Award; (h)&nbsp;to determine whether each Option is to be an Incentive Stock Option or a
Nonstatutory Stock Option; (i)&nbsp;to prescribe the terms and conditions of each Award,
including, without limitation, the exercise price and medium of payment, vesting provisions
and Right of Repurchase provisions, and to specify the provisions of the Award Agreement
relating to such grant or sale; (j)&nbsp;to amend any outstanding Awards, including for the
purpose of modifying the time or manner of vesting, or the term of any outstanding Award;
<I>provided, however</I>, that if any such amendment impairs a Participant&#146;s rights or increases a
Participant&#146;s obligations under his or her Award or creates or increases a Participant&#146;s
federal income tax liability with respect to an Award, such amendment shall also be subject
to the Participant&#146;s consent; (k)&nbsp;to determine the duration and purpose of leaves of
absences which may be granted to a Participant without constituting termination of their
employment for purposes of the Plan, which periods shall be no shorter than the periods
generally applicable to Employees under the Company&#146;s employment policies; (l)&nbsp;to make
decisions with respect to outstanding Awards that may become necessary upon a change in
corporate control or an event that triggers anti-dilution adjustments; and (m)&nbsp;to exercise
discretion to make any and all other determinations which it determines to be necessary or
advisable for administration of the Plan. The Administrator also may modify the purchase
price</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or the exercise price of any outstanding Award, provided that if the modification
effects a repricing, stockholder approval shall be required before the repricing is
effective.</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="2%" nowrap align="left">3.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Decisions Final.</U> All decisions made by the Administrator pursuant to the
provisions of the Plan shall be final and binding on the Company and the Participants,
unless such decisions are determined by a court having jurisdiction to be arbitrary and
capricious.</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="2%" nowrap align="left">3.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>The Committee.</U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>General.</U> The Board may delegate administration of the Plan to a
Committee or Committees of one or more members of the Board, and the term <B><I>&#147;Committee&#148;</I></B>
shall apply to any person or persons to whom such authority has been delegated. If
administration is delegated to a Committee, the Committee shall have, in connection
with the administration of the Plan, the powers theretofore possessed by the Board,
including the power to delegate to a subcommittee any of the administrative powers
the Committee is authorized to exercise (and references in this Plan to the Board or
the Administrator shall thereafter be to the Committee or subcommittee), subject,
however, to such resolutions, not inconsistent with the provisions of the Plan, as
may be adopted from time to time by the Board. The Board may abolish the Committee at
any time and revest in the Board the administration of the Plan. The members of the
Committee shall be appointed by and serve at the pleasure of the Board. From time to
time, the Board may increase or decrease the size of the Committee, add additional
members to, remove members (with or without cause) from, appoint new members in
substitution therefor, and fill vacancies, however caused, in the Committee. The
Committee shall act pursuant to a vote of the majority of its members or, in the case
of
a committee comprised of only two members, the unanimous consent of its members,
whether present or not, or by the written consent of the majority of its members and
minutes shall be kept of all of its meetings and copies thereof shall be provided to
the Board. Subject to the limitations prescribed by the Plan and the Board, the
Committee may establish and follow such rules and regulations for the conduct of its
business as it may determine to be advisable.</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Committee Composition when Common Stock is Registered.</U> At such time
as the Common Stock is required to be registered under Section&nbsp;12 of the Exchange
Act, in the discretion of the Board, a Committee may consist solely of two or more
Non-Employee Directors who are also Outside Directors. The Board shall have
discretion to determine whether or not it intends to comply with the exemption
requirements of Rule&nbsp;16b-3 and/or Section 162(m) of the Code. However, if the Board
intends to satisfy such exemption requirements, with respect to Awards to any Covered
Employee and with respect to any insider subject to Section&nbsp;16 of the Exchange Act,
the Committee shall be a compensation committee of the Board that at all times
consists solely of two or more Non-Employee Directors who are also Outside Directors.
Within the scope of such authority, the Board or the Committee may (i)&nbsp;delegate to a
committee of one or more members of the Board who are not Outside Directors the
authority to grant Awards to eligible persons who are either (A)&nbsp;not then Covered
Employees and are not expected to be Covered Employees at the time of recognition of
income resulting from such Award or (B)&nbsp;not persons with respect to whom the Company
wishes to comply with Section 162(m) of the Code or (ii)&nbsp;delegate to a committee of
one or more members of the Board who are not Non-Employee Directors the authority to
grant Awards to eligible persons who are not then subject to Section&nbsp;16 of the
Exchange Act. Nothing herein shall create an inference that an option is not validly
granted under the Plan in the event Awards are granted under the Plan by a
compensation committee of the Board that does not at all times consist solely of two
or more Non-Employee Directors who are also Outside Directors.</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Indemnification.</U> In addition to such other rights of indemnification as they
may have as Directors or members of the Committee, and to the extent allowed by applicable
law, the Administrator shall be indemnified by the Company against the reasonable expenses,
including attorney&#146;s fees, actually incurred in connection with any action, suit or
proceeding or in connection with any appeal therein, to which the Administrator may be
party by reason of any action taken or failure to act under or in connection with the Plan
or any option granted under the Plan, and against all amounts paid by the Administrator in
settlement thereof (<I>provided, however, </I>that the settlement has been approved by the
Company, which approval shall not be unreasonably withheld) or paid by the Administrator in
satisfaction of a judgment in any such action, suit or proceeding, except in relation to
matters as to which it shall be adjudged in such action, suit or proceeding that such
Administrator did not act in good faith and in a manner which such person reasonably
believed to be in the best interests of the Company, and in the case of a criminal
proceeding, had no reason to believe that the conduct complained of was unlawful; <I>provided,
however, </I>that within 60&nbsp;days after institution of any such action, suit or proceeding, such
Administrator shall, in writing, offer the Company the opportunity at its own expense to
handle and defend such action, suit or proceeding.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Shares Subject to the Plan.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Subject to adjustment in accordance with <U>Section&nbsp;12</U>, the total number of shares of
Common Stock that shall be available for the grant of Awards under the Plan shall not
exceed 1,100,000; <I>provided, that</I>, for purposes of this limitation, any Common Stock
subject to an Option or Award that is canceled, forfeited or expires prior to exercise or
realization shall again become available for issuance under the Plan. Subject to
adjustment in accordance with <U>Section&nbsp;12</U>, no
Participant shall be granted, during any one (1)&nbsp;year period, Options to purchase Common
Stock or any other Awards with respect to more than 1,100,000 shares of Common Stock.
Stock available for distribution under the Plan shall be authorized and unissued shares,
treasury shares or shares reacquired by the Company in any manner. Notwithstanding
anything to the contrary contained herein: (i)&nbsp;shares tendered in payment of an Option
shall not be added to the aggregate plan limit described above; (ii)&nbsp;shares withheld by
the Company to satisfy any tax withholding obligation shall not be added to the aggregate
plan limit described above; and (iii)&nbsp;all shares covered by a Stock Appreciation Right or
other Awards, whether or not shares of Common Stock are actually issued to the Participant
upon exercise or settlement of the Award, shall be considered issued or transferred
pursuant to the Plan. All shares reserved for issuance under the Plan may be used for
Incentive Stock Options. No fractional shares of Common Stock may be issued.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>5.</B></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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Eligibility for Specific Awards.</U> Incentive Stock Options may be granted only
to Employees. Awards other than Incentive Stock Options may be granted to Employees,
Directors and Consultants and those individuals whom the Administrator determines may
become Employees, Directors and Consultants following the Date of Grant.</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="2%" nowrap align="left">5.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Ten Percent Stockholders.</U> A Ten Percent Stockholder shall not be granted an
Incentive Stock Option unless the exercise price of such Option is at least 110% of the
Fair Market Value of the Common Stock at the Date of Grant and the Option is not
exercisable after the expiration of five years from the Date of Grant.</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="2%" nowrap align="left">5.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Consultants.</U> Consultant shall not be eligible for the grant of an Award if, at
the time of grant, a Form S-8 Registration Statement under the Securities Act <B><I>(&#147;Form&nbsp;S-8&#148;)</I></B>
is not available to register either the offer or the sale of the Company&#146;s securities to
such Consultant because of</TD>
</TR>

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the nature of the services that the Consultant is providing to
the Company (<I>i.e., </I>capital raising), or because the Consultant is not a natural person, or
as otherwise provided by the rules governing the use of Form S-8, unless the Company
determines both (i)&nbsp;that such grant (A)&nbsp;shall be registered in another manner under the
Securities Act (<I>e.g., </I>on a Form S-3 Registration Statement) or (B)&nbsp;does not require
registration under the Securities Act in order to comply with the requirements of the
Securities Act, if applicable, and (ii)&nbsp;that such grant complies with the securities laws
of all other relevant jurisdictions.</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="2%" nowrap align="left">5.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Directors.</U> Each Director of the Company shall be eligible to receive
discretionary grants of Awards 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="1%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Option Provisions.</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Option shall be in such form and shall contain such terms and conditions as the
Administrator shall deem appropriate. All Options shall be separately designated Incentive Stock
Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a
separate certificate or certificates will be issued for shares of Common Stock purchased on
exercise of each type of Option. Notwithstanding the foregoing, the Company shall have no
liability to any Participant or any other person if an Option designated as an Incentive Stock
Option fails to qualify as such at any time or if an Option is determined to constitute
&#147;nonqualified deferred compensation&#148; within the meaning of Section&nbsp;409A of the Code and the
terms of such Option do not satisfy the additional conditions applicable to nonqualified
deferred compensation under Section&nbsp;409A of the Code and <U>Section&nbsp;8</U> of the Plan. The
provisions of separate Options need not be identical, but each Option shall include (through
incorporation of provisions hereof by reference in the Option or otherwise) the substance of
each of 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Term.</U> Subject to the provisions of <U>Section&nbsp;5.2</U> regarding Ten Percent
Stockholders, no Incentive Stock Option shall be exercisable after the expiration of 10
years from the date it was granted.</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="2%" nowrap align="left">6.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exercise Price of an Incentive Stock Option.</U> Subject to the provisions of
<U>Section&nbsp;5.2</U> regarding Ten Percent Stockholders, the exercise price of each
Incentive Stock Option shall be not less than 100% of the Fair Market Value of the Common
Stock subject to the Option on the date the Option is granted. Notwithstanding the
foregoing, an Incentive Stock Option may be granted with an exercise price lower than that
set forth in the preceding sentence if such Option is granted pursuant to an assumption or
substitution for another option in a manner satisfying the provisions of Section 424(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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exercise Price of a Nonstatutory Stock Option.</U> The exercise price of each
Nonstatutory Stock Option shall be not less than 100% of the Fair Market Value of the
Common Stock subject to the Option on the date the Option is granted; <I>provided, however</I>,
any Nonstatutory Stock Option may be granted with an exercise price less than 100% of the
Fair Market Value of the Common Stock subject to the Option on the date the Option is
granted if such Option satisfies the additional conditions applicable to nonqualified
deferred compensation under Section&nbsp;409A of the Code, in accordance with <U>Section
6.13</U> and <U>Section&nbsp;8</U> hereof. Notwithstanding the foregoing, a Nonstatutory Stock
Option may be granted with an exercise price lower than that set forth in the preceding
sentence if such Option is granted pursuant to an assumption or substitution for another
option in a manner satisfying the provisions of Section 424(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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Consideration.</U> The exercise price of Common Stock acquired pursuant to an
Option shall be paid, to the extent permitted by applicable statutes and regulations,
either (a)&nbsp;in cash or by certified or bank check at the time the Option is exercised or (b)
in the discretion of the Administrator, upon such terms as the Administrator shall approve,
the exercise price may be</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>paid: (i)&nbsp;by delivery to the Company of other Common Stock, duly
endorsed for transfer to the Company, with a Fair Market Value on the date of delivery
equal to the exercise price (or portion thereof) due for the number of shares being
acquired, or by means of attestation whereby the Participant identifies for delivery
specific shares of Common Stock that have a Fair Market Value on the date of attestation
equal to the exercise price (or portion thereof) and receives a number of shares of Common
Stock equal to the difference between the number of shares thereby purchased and the number
of identified attestation shares of Common Stock (a <B><I>&#147;Stock
for Stock Exchange&#148;</I></B>); (ii)
a &#147;cashless&#148; exercise program established with a broker; (iii)&nbsp;by reduction in the number
of shares of Common Stock otherwise deliverable upon exercise of such Option with a Fair
Market Value equal to the aggregate exercise price at the time of exercise, or (iv)&nbsp;in any
other form of legal consideration that may be acceptable to the Administrator. Unless
otherwise specifically provided in the Option, the purchase price of Common Stock acquired
pursuant to an Option that is paid by delivery (or attestation) to the Company of other
Common Stock acquired, directly or indirectly from the Company, shall be paid only by
shares of the Common Stock of the Company that have been held for more than six months (or
such longer or shorter period of time required to avoid a charge to earnings for financial
accounting purposes). Notwithstanding the foregoing, during any period for which the Common
Stock is publicly traded (<I>i.e., </I>the Common Stock is listed on any established stock
exchange or a national market system) an exercise by a Director or executive officer that
involves or may involve a direct or indirect extension of credit or arrangement of an
extension of credit by the Company, or an Affiliate in violation of Section 402(a) of the
Sarbanes-Oxley Act (codified as Section 13(k) of the Exchange Act) shall be prohibited with
respect to any Award 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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Transferability of an Incentive Stock Option.</U> An Incentive Stock Option shall
not be transferable except by will or by the laws of descent and distribution and shall be
exercisable during the lifetime of the Optionholder only by the Optionholder.
Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the
Company, in a form satisfactory to the Company, designate a third party who, in the event
of the death of the Optionholder, shall thereafter be entitled to exercise the Option.</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="2%" nowrap align="left">6.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Transferability of a Nonstatutory Stock Option.</U> A Nonstatutory Stock Option
may, in the sole discretion of the Administrator, be transferable to a Permitted Transferee
upon written approval by the Administrator to the extent provided in the Option Agreement.
A Permitted Transferee includes: (a)&nbsp;a transfer by gift or domestic relations order to a
member of the Optionholder&#146;s immediate family (child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including
adoptive relationships), any person sharing the Optionholder&#146;s household (other than a
tenant or employee), a trust in which these persons have more than 50% of the beneficial
interest, a foundation in which these persons (or the Optionholder) control the management
of assets, and any other entity in which these persons (or the Optionholder) own more than
50% of the voting interests; (b)&nbsp;third parties designated by the Administrator in
connection with a program established and approved by the Administrator pursuant to which
Participants may receive a cash payment or other consideration in consideration for the
transfer of such Nonstatutory Stock Option; and (c)&nbsp;such other transferees as may be
permitted by the Administrator in its sole discretion. If the Nonstatutory Stock Option
does not provide for transferability, then the Nonstatutory Stock Option shall not be
transferable except by will or by the laws of descent and distribution and shall be
exercisable during the lifetime of the Optionholder only by the Optionholder.
Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the
Company, in a form satisfactory to the Company, designate a third party who, in the event
of the death of the Optionholder, shall thereafter be entitled to exercise the Option.</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Vesting Generally.</U> The Option may, but need not, vest and therefore become
exercisable in periodic installments that may, but need not, be equal. The Option may be
subject to such other terms and conditions on the time or times when it may be exercised
(which may be based on performance or other criteria) as the Administrator may deem
appropriate. The vesting provisions of individual Options may vary. No Option may be
exercised for a fraction of a share of Common Stock. The Administrator may, but shall not
be required to, provide for an acceleration of vesting and exercisability in the terms of
any Option Agreement upon the occurrence of a specified event.</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="2%" nowrap align="left">6.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Termination of Continuous Service.</U> Unless otherwise provided in an Option
Agreement or in an employment agreement the terms of which have been approved by the
Administrator, in the event an Optionholder&#146;s Continuous Service terminates (other than
upon the Optionholder&#146;s death or Disability or termination by the Company for Cause), the
Optionholder may exercise his or her Option (to the extent that the Optionholder was
entitled to exercise such Option as of the date of termination) but only within such period
of time ending on the earlier of (a)&nbsp;the date three months following the termination of the
Optionholder&#146;s Continuous Service, or (b)&nbsp;the expiration of the term of the Option as set
forth in the Option Agreement. If, after termination, the Optionholder does not exercise
his or her Option within the time specified in the Option Agreement, the Option shall
terminate. Unless otherwise provided in an Option Agreement or in an employment agreement
the terms of which have been approved by the Administrator, or as otherwise provided in
<U>Section&nbsp;6.10</U> and <U>6.11</U> of this Plan, outstanding Options that are not
exercisable at the time an Optionholder&#146;s Continuous Service terminates for any reason
other than for Cause (including an Optionholder&#146;s death or Disability) shall be forfeited
and expire at
the close of business on the date of such termination. Unless otherwise provided in an
Option Agreement or in an employment agreement the terms of which have been approved by
the Administrator, if the Optionholder&#146;s Continuous Service terminates for Cause, all
outstanding Options shall be forfeited (whether or not vested) and expire as of the
beginning of business on the date of such termination for Cause.</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="2%" nowrap align="left">6.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Extension of Termination Date.</U> An Optionholder&#146;s Option Agreement may also
provide that if the exercise of the Option following the termination of the Optionholder&#146;s
Continuous Service for any reason would be prohibited at any time because the issuance of
shares of Common Stock would violate the registration requirements under the Securities Act
or any other state or federal securities law or the rules of any securities exchange or
interdealer quotation system, then the Option shall terminate on the earlier of (a)&nbsp;the
expiration of the term of the Option in accordance with <U>Section&nbsp;6.1</U> or (b)&nbsp;the
expiration of a period after termination of the Participant&#146;s Continuous Service that is
three months after the end of the period during which the exercise of the Option would be
in violation of such registration or other securities law requirements.</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="2%" nowrap align="left">6.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Disability of Optionholder.</U> Unless otherwise provided in an Option Agreement,
in the event that an Optionholder&#146;s Continuous Service terminates as a result of the
Optionholder&#146;s Disability, the Optionholder may exercise his or her Option (to the extent
that the Optionholder was entitled to exercise such Option as of the date of termination),
but only within such period of time ending on the earlier of (a)&nbsp;the date 12&nbsp;months
following such termination or (b)&nbsp;the expiration of the term of the Option as set forth in
the Option Agreement. If, after termination, the Optionholder does not exercise his or her
Option within the time specified herein, the Option shall terminate.</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="2%" nowrap align="left">6.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Death of Optionholder.</U> Unless otherwise provided in an Option Agreement, in
the event an Optionholder&#146;s Continuous Service terminates as a result of the Optionholder&#146;s
death, then the Option may be exercised (to the extent the Optionholder was entitled to
exercise such Option as of the date of death) by the Optionholder&#146;s estate, by a person who
acquired the right 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise the Option by bequest or inheritance or by a person
designated to exercise the Option upon the Optionholder&#146;s death, but only within the period
ending on the earlier of (a)&nbsp;the date 12&nbsp;months following the date of death or (b)&nbsp;the
expiration of the term of such Option as set forth in the Option Agreement. If, after
death, the Option is not exercised within the time specified herein, the Option shall
terminate.</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="2%" nowrap align="left">6.12</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Incentive Stock Option $100,000 Limitation.</U> To the extent that the aggregate
Fair Market Value (determined at the time of grant) of Common Stock with respect to which
Incentive Stock Options are exercisable for the first time by any Optionholder during any
calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, the
Options or portions thereof which exceed such limit (according to the order in which they
were granted) shall be treated as Nonstatutory Stock Options.</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="2%" nowrap align="left">6.13</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Additional Requirements Under Section&nbsp;409A.</U> Each Option Agreement shall
include a provision whereby, notwithstanding any provision of the Plan or the Option
Agreement to the contrary, the Option shall satisfy the additional conditions applicable to
nonqualified deferred compensation under Section&nbsp;409A of the Code, in accordance with
<U>Section&nbsp;8</U> hereof, in the event any Option under this Plan is granted with an
exercise price less than Fair Market Value of the Common Stock subject to the Option on the
date the Option is granted (regardless of whether or not such exercise price is
intentionally or unintentionally priced at less than Fair Market Value, or is materially
modified at a time when the Fair Market Value exceeds the exercise price), or is otherwise
determined to constitute &#147;nonqualified deferred compensation&#148; within the meaning of Section
409A 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"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Provisions of Awards Other Than Options.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">7.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Restricted Awards</U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>General.</U></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">A
Restricted Award is an Award of actual shares of Common Stock
<B><I>(&#147;Restricted Stock&#148;</I></B>) or
hypothetical Common Stock units <B><I>(&#147;Restricted Stock
Units&#148;</I></B><I>) </I>having a value equal to the Fair
Market Value of an identical number of shares of Common Stock, which may, but need not, provide
that such Restricted Award may not be sold, assigned, transferred or otherwise disposed of,
pledged or hypothecated as collateral for a loan or as security for the performance of any
obligation or for any other purpose for such period <B><I>(the &#147;Restricted Period&#148;) </I></B>as the
Administrator shall determine.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restricted Stock and Restricted Stock Units.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Participant granted Restricted Stock shall execute and deliver
to the Company an Award agreement with respect to the Restricted Stock setting
forth the restrictions and other terms and conditions applicable to such
Restricted Stock. If the Administrator determines that the Restricted Stock shall
be held by the Company or in escrow rather than delivered to the Participant
pending the release of the applicable restrictions, the Administrator may require
the Participant to additionally execute and deliver to the Company (a)&nbsp;an escrow
agreement satisfactory to the Administrator, if applicable and (b)&nbsp;the
appropriate blank stock power with respect to the Restricted Stock covered by
such agreement. If a Participant shall fail to execute an agreement evidencing an
Award of Restricted Stock and, if applicable, an escrow agreement and stock
power, the Award shall be null and void. Subject to the restrictions set forth in
the Award, the Participant generally shall have the rights and privileges of a
stockholder as to such Restricted Stock, including the right to vote such
Restricted Stock. At the discretion of the Administrator, cash dividends and
stock dividends with respect to the Restricted Stock may be either currently paid
to the Participant or withheld by the Company for the Participant&#146;s account, and
interest may be credited on the amount of the cash</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: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>dividends withheld at a rate
and subject to such terms as determined by the Administrator. The cash dividends
or stock dividends so withheld by the Administrator and attributable to any
particular share of Restricted Stock (and earnings thereon, if applicable) shall
be distributed to the Participant in case or, at the discretion of the
Administrator, in share of Common Stock having a Fair Market Value equal to the
amount of such dividends and earnings, if applicable, upon the release of
restrictions on such share and, if such share is forfeited, the Participant shall
have no right to such cash dividends, stock dividends or earnings. Upon the
grant of Restricted Stock, the Administrator shall cause a stock certificate
registered in the name of the Participant to be issued and, if it so determines,
deposited together with the stock powers with an escrow agent designated by the
Administrator. If an escrow arrangement is used, the Administrator may cause the
escrow agent to issue to the Participant a receipt evidencing any stock
certificate held by it, registered in the name of the Participant.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The terms and conditions of a grant of Restricted Stock Units shall
be reflected in a written Award Agreement. No shares of Common Stock shall be
issued at the time a Restricted Stock Unit is granted, and the Company will not
be required to set aside a fund for the payment of any such Award. At the
discretion of the Administrator, each Restricted Stock Unit (representing one
share of Common Stock) may be credited with cash and stock dividends paid by the
Company in respect of one share of Common Stock (<B><I>&#147;Dividend
Equivalents&#148;</I></B>). At the
discretion of the Administrator, Dividend Equivalents may be either currently
paid to the Participant or withheld by the Company for the Participant&#146;s account,
and interest may be credited on the amount of cash
Dividend Equivalents withheld at a rate and subject to such terms as determined by
the Administrator. Dividend Equivalents credited to a Participant&#146;s account and
attributable to any particular Restricted Stock Unit (and earnings thereon, if
applicable) shall be distributed in cash or, at the discretion of the
Administrator, in shares of Stock having a Fair Market Value equal to the amount
of such Dividend Equivalents and earnings, if applicable, to the Participant upon
settlement of such Restricted Stock Unit and, if such Restricted Stock Unit is
forfeited, the Participant shall have no right to such Dividends Equivalents.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restrictions.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restricted Stock awarded to a Participant shall be subject to the
following restrictions until the expiration of the Restricted Period, and to such
other terms and conditions as may be set forth in the applicable Award Agreement:
(A)&nbsp;if an escrow arrangement is used, the Participant shall not be entitled to
delivery of the stock certificate; (B)&nbsp;the shares shall be subject to the
restrictions on transferability set forth in the Award Agreement; (C)&nbsp;the shares
shall be subject to forfeiture to the extent provided in the applicable Award
Agreement; and (D)&nbsp;to the extent such shares are forfeited, the stock
certificates shall be returned to the Company, and all rights of the Participant
to such shares and as a shareholder with respect to such shares shall terminate
without further obligation on the part of 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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restricted Stock Units awarded to any Participant shall be subject
to (A)&nbsp;forfeiture until the expiration of the Restricted Period, and satisfaction
of any applicable Performance Goals during such period, to the extent provided in
the applicable Award Agreement, and to the extent such Restricted Stock Units are
forfeited, all rights of the Participant to such Restricted Stock Units shall
terminate without further obligation on the part of the Company and (B)&nbsp;such
other terms and conditions as may be set forth in the applicable Award Agreement.</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: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Administrator shall have the authority to remove any or all of
the restrictions on the Restricted Stock and Restricted Stock Units whenever it
may determine that, by reason of changes in applicable laws or other changes in
circumstances arising after the date of the Restricted Stock or Restricted Stock
Units are granted, such action is 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Restricted Period.</U> With respect to Restricted Stock and Restricted
Stock Units, the Restricted Period shall commence on the Date of Grant and end at the
time or times set forth on a schedule established by the Administrator in the
applicable Award agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Delivery of Restricted Stock and Settlement of Restricted Stock
Units.</U> Upon the expiration of the Restricted Period with respect to any shares
of Restricted Stock, the restrictions set forth in <U>Section&nbsp;7.1(c)</U> and the
applicable Award Agreement shall be of no further force or effect with respect to
such shares, except as set forth in the applicable Award Agreement. If an escrow
arrangement is used, upon such expiration, the Company shall deliver to the
Participant, or his beneficiary, without charge, the stock certificate evidencing the
shares of Restricted Stock which have not then been forfeited and with respect to
which the Restricted Period has expired (to the nearest full share) and any cash
dividends or stock dividends credited to the Participant&#146;s account with respect to
such Restricted Stock and the interest thereon, if any. Upon the expiration of the
Restricted Period with respect to any outstanding Restricted Stock Units, the Company
shall deliver to the Participant, or his beneficiary, without charge, one share of
Common Stock for each such outstanding Restricted Stock Unit (<B><I>&#147;Vested Unit&#148;) </I></B>and cash
equal to any Dividend Equivalents credited with respect to each such Vested Unit in
accordance with Section&nbsp;7.1(b)(ii) hereof and the
interest thereon or, at the discretion of the Administrator, in shares of Common Stock
having a Fair Market Value equal to such Dividend Equivalents interest thereon, if
any; <I>provided, however, </I>that, if explicitly provided in the applicable Award
Agreement, the Administrator may, in its sole discretion, elect to pay cash or part
cash and part Common Stock in lieu of delivering only shares of Common Stock for
Vested Units. If a cash payment is made in lieu of delivering shares of Common Stock,
the amount of such payment shall be equal to the Fair Market Value of the Common Stock
as of the date on which the Restricted Period lapsed with respect to such Vested Unit.</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Stock Restrictions.</U> Each certificate representing Restricted Stock
awarded under the Plan shall bear a legend in the form of the Company deems
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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">7.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Performance Compensation Awards.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>General.</U> The Administrator shall have the authority, at the time of
grant of any Award described in this Plan (other than Options and Stock Appreciation
Rights granted with an exercise price or grant price, as the case may be, equal to or
greater than the Fair Market Value per share of Stock on the date of grant), to
designate such Award as a Performance Compensation Award in order to qualify such
Award as &#147;performance-based compensation&#148; under Section 162(m) of the Code. In
addition, the Administrator shall have the authority to make an award of a cash bonus
to any Participant and designate such Award as a Performance Compensation Award in
order to qualify such Award as &#147;performance-based compensation&#148; under Section&nbsp;162(m).</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Eligibility.</U> The Administrator will, in its sole discretion,
designate within the first 90&nbsp;days of a Performance Period (or, if longer or shorter,
within the maximum period allowed under Section 162(m) of the Code) which
Participants will be eligible to receive Performance Compensation Awards in respect
of such Performance Period. However, designation of a Participant eligible to receive
an Award hereunder for a Performance Period shall not in</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: #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>any manner entitle the
Participant to receive payment in respect of any Performance Compensation Award for
such Performance Period. The determination as to whether or not such Participant
becomes entitled to payment in respect of any Performance Compensation Award shall be
decided solely in accordance with the provisions of this <U>Section&nbsp;7.2</U>.
Moreover, designation of a Participant eligible to receive an Award hereunder for a
particular Performance Period shall not require designation of such Participant
eligible to receive an Award hereunder in any subsequent Performance Period and
designation of one person as a Participant eligible to receive an Award hereunder
shall not require designation of any other person as a Participant eligible to
receive an Award hereunder in such period or in any other 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discretion of Administrator with Respect to Performance Compensation
Awards. With regard to a particular Performance Period, the Administrator shall have
full discretion to select the length of such Performance Period (provided any such
Performance Period shall be not less than one (1)&nbsp;year in duration), the type(s) of
Performance Compensation Awards to be issued, the Performance Criteria that will be
used to establish the Performance Goal(s), the kind(s) and/or level(s) of the
Performance Goals(s) that is (are)&nbsp;to apply to the Company and the Performance
Formula. Within the first 90&nbsp;days of a Performance Period (or, if longer or shorter,
within the maximum period allowed under Section 162(m) of the Code), the
Administrator shall, with regard to the Performance Compensation Awards to be issued
for such Performance Period, exercise its discretion with respect to each of the
matters enumerated in the immediately preceding sentence of this Section&nbsp;7.2(c) and
record the same in writing.</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Payment of Performance Compensation Awards.</U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Condition to Receipt of Payment.</U> Unless otherwise provided
in the applicable Award Agreement, a Participant must be employed by the Company
on the last day of a Performance Period to be eligible for payment in respect of
a Performance Compensation Award for such Performance 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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Limitation.</U> A Participant shall be eligible to receive
payment in respect of a Performance Compensation Award only to the extent that:
(A)&nbsp;the Performance Goals for such period are achieved; and (B)&nbsp;the Performance
Formula as applied against such Performance Goals determines that all or some
portion of such Participant&#146;s Performance Compensation Award has been earned for
the Performance 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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Certification.</U> Following the completion of a Performance
Period, the Administrator shall review and certify in writing whether, and to
what extent, the Performance Goals for the Performance Period have been achieved
and, if so, calculate and certify in writing that amount of the Performance
Compensation Awards earned for the period based upon the Performance Formula. The
Administrator shall then determine the actual size of each Participant&#146;s
Performance Compensation Award for the Performance Period and, in so doing, may
apply Negative Discretion in accordance with <U>Section&nbsp;7.1(d)(iv)</U> hereof,
if and when it 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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Use of Discretion.</U> In determining the actual size of an
individual Performance Compensation Award for a Performance Period, the
Administrator may reduce or eliminate the amount of the Performance Compensation
Award earned under the Performance Formula in the Performance Period through the
use of Negative Discretion if, in its sole judgment, such reduction or
elimination is appropriate. The Administrator shall not have the discretion to
(a)&nbsp;grant or provide payment in respect of Performance Compensation Awards for a
Performance Period if the Performance Goals for such Performance Period have not
been attained; or (b)&nbsp;increase a Performance</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: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compensation Award above the maximum
amount payable under <U>Section&nbsp;7.2(d)(vi)</U> 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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Timing of Award Payments.</U> Performance Compensation Awards
granted for a Performance Period shall be paid to Participants as soon as
administratively practicable following completion of the certifications required
by this <U>Section&nbsp;7.2</U>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Maximum Award Payable.</U> Notwithstanding any provision
contained in this Plan to the contrary, the maximum Performance Compensation
Award payable to any one Participant under the Plan for a Performance Period is
1,100,000 shares of Common Stock or, in the event such Performance Compensation
Award is paid in cash, the equivalent cash value thereof on the first or last day
of the Performance Period to which such Award relates, as determined by the
Administrator. The maximum amount that can be paid in any calendar year to any
Participant pursuant to a cash bonus Award described in the last sentence of
Section&nbsp;7.1(a) shall be $10,000,000. Furthermore, any Performance Compensation
Award that has been deferred shall not (between the date as of which the Award is
deferred and the payment date) increase (A)&nbsp;with respect to Performance
Compensation Award that is payable in cash, by a measuring factor for each fiscal
year greater than a reasonable rate of interest set by the Administrator or (B)
with respect to a Performance Compensation Award that is payable in shares of
Common Stock, by an amount greater than the appreciation of a share of Common
Stock from the date such Award is deferred to the payment 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">7.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Stock Appreciation Rights.</U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General. Stock Appreciation Rights may be granted either alone <B><I>(&#147;Free
Standing Rights&#148;</I></B>) or, provided the requirements of Section&nbsp;7.3(b) are satisfied, in
tandem with all or part of any Option granted under the Plan
<B><I>(&#147;Related Rights&#148;</I></B>). In
the case of a Nonstatutory Stock Option, Related Rights may be granted either at or
after the time of the grant of such Option. In the case of an Incentive Stock Option,
Related Rights may be granted only at the time of the grant of the Incentive Stock
Option.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Grant Requirements. A Stock Appreciation Right may only be granted if the
Stock Appreciation Right: (i)&nbsp;does not provide for the deferral of compensation
within the meaning of Section&nbsp;409A of the Code; or (ii)&nbsp;satisfies the requirements of
<U>Section&nbsp;7.3(h)</U> and <U>Section&nbsp;8</U> hereof. A Stock Appreciation Right does
not provide for a deferral of compensation if: (A)&nbsp;the value of the Common Stock the
excess over which the right provides for payment upon exercise (the <B><I>&#147;SAR exercise
price&#148;</I></B>) may never be less than the Fair Market Value of the underlying Common Stock
on the date the right is granted, (B)&nbsp;the compensation payable under the Stock
Appreciation Right can never be greater than the difference between the SAR exercise
price and the Fair Market Value of the Common Stock on the date the Stock
Appreciation Right is exercised, (C)&nbsp;the number of shares of Common Stock subject to
the Stock Appreciation Right must be fixed on the date of grant of the Stock
Appreciation Right, and (D)&nbsp;the right does not include any feature for the deferral
of compensation other than the deferral of recognition of income until the exercise
of the right.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exercise and Payment. </U>Upon exercise thereof, the holder of a Stock
Appreciation Right shall be entitled to receive from the Company, an amount equal to
the product of (i)&nbsp;the excess of the Fair Market Value, on the date of such written
request, of one share of Common Stock over the SAR exercise price per share specified
in such Stock Appreciation Right or its related Option, multiplied by (ii)&nbsp;the number
of shares for which such Stock Appreciation Right shall be exercised. Payment with
respect to the exercise of a Stock Appreciation Right that satisfies the requirements
of <U>Section&nbsp;7.3(b)(i)</U> shall be paid on the</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>date of exercise and made in shares
of Common Stock (with or without restrictions as to substantial risk of forfeiture
and transferability, as determined by the Administrator in its sole discretion),
valued at Fair Market Value on the date of exercise. Payment with respect to the
exercise of a Stock Appreciation Right that does not satisfy the requirements of
<U>Section&nbsp;7.3(b)(i)</U> shall be paid at the time specified in the Award in
accordance with the provisions of <U>Section&nbsp;7.3(h)</U> and <U>Section&nbsp;8</U>.
Payment may be made in the form of shares of Common Stock (with or without
restrictions as to substantial risk of forfeiture and transferability, as determined
by the Administrator in its sole discretion), cash or a combination thereof, as
determined by the 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exercise Price.</U> The exercise price of a Free Standing Stock
Appreciation Right shall be determined by the Administrator, but shall not be less
than 100% of the Fair Market Value of one share of Common Stock on the Date of Grant
of such Stock Appreciation Right. A Related Right granted simultaneously with or
subsequent to the grant of an Option and in conjunction therewith or in the
alternative thereto shall have the same exercise price as the related Option, shall
be transferable only upon the same terms and conditions as the related Option, and
shall be exercisable only to the same extent as the related Option; <I>provided,
however, </I>that a Stock Appreciation Right, by its terms, shall be exercisable only
when the Fair Market Value per share of Common Stock subject to the Stock
Appreciation Right and related Option exceeds the exercise price per share thereof
and no Stock Appreciation Rights may be granted in tandem with an Option unless the
Administrator determines that the requirements of Section&nbsp;7.3(b)(i) are satisfied.</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Reduction in the Underlying Option Shares.</U> Upon any exercise of a
Stock Appreciation Right, the number of shares of Common Stock for which any related
Option shall be exercisable shall be reduced by the number of shares for which the
Stock Appreciation Right shall have been exercised. The number of shares of Common
Stock for which a Stock Appreciation Right shall be exercisable shall be reduced upon
any exercise of any related Option by the number of shares of Common Stock for which
such Option shall have been exercised.</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Written Request.</U> Unless otherwise determined by the Administrator
in its sole discretion and only if permitted in the Stock Appreciation Right&#146;s Award
Agreement, any exercise of a Stock Appreciation Right for cash, may be made only by a
written request filed with the Corporate Secretary of the Company. Within 30&nbsp;days of
the receipt by the Company of a written request to receive cash in full or partial
settlement of a Stock Appreciation Right or to exercise such Stock Appreciation Right
for cash, the Administrator shall, in its sole discretion, either consent to or
disapprove, in whole or in part, such written request. A written request to receive
cash in full or partial settlement of a Stock Appreciation Right or to exercise a
Stock Appreciation Right for cash may provide that, in the event the Administrator
shall disapprove such written request, such written request shall be deemed to be an
exercise of such Stock Appreciation Right for shares of Common 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Disapproval by Administrator.</U> If the Administrator disapproves in
whole or in part any election by a Participant to receive cash in full or partial
settlement of a Stock Appreciation Right or to exercise such Stock Appreciation Right
for cash, such disapproval shall not affect such Participant&#146;s right to exercise such
Stock Appreciation Right at a later date, to the extent that such Stock Appreciation
Right shall be otherwise exercisable, or to elect the form of payment at a later
date, provided that an election to receive cash upon such later exercise shall be
subject to the approval of the Administrator. Additionally, such disapproval shall
not affect such Participant&#146;s right to exercise any related Option.</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">


<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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Additional Requirements under Section&nbsp;409A.</U> A Stock Appreciation
Right that is not intended to or fails to satisfy the requirements of <U>Section
7.3(b)(i)</U> shall satisfy the requirements of this <U>Section&nbsp;7.3(h)</U> and the
additional conditions applicable to nonqualified deferred compensation under Section
409A of the Code, in accordance with <U>Section&nbsp;8</U> hereof. The requirements
herein shall apply in the event any Stock Appreciation Right under this Plan is
granted with an SAR exercise price less than Fair Market Value of the Common Stock
underlying the Award on the date the Stock Appreciation Right is granted (regardless
of whether or not such SAR exercise price is intentionally or unintentionally priced
at less than Fair Market Value, or is materially modified at a time when the Fair
Market Value exceeds the SAR exercise price), provides that it is settled in cash, or
is otherwise determined to constitute &#147;nonqualified deferred compensation&#148; within the
meaning of Section&nbsp;409A of the Code. Any such Stock Appreciation Right may provide
that it is exercisable at any time permitted under the governing written instrument,
but such exercise shall be limited to fixing the measurement of the amount, if any,
by which the Fair Market Value of a share of Common Stock on the date of exercise
exceeds the SAR exercise price (the <B><I>&#147;SAR Amount&#148;</I></B>). However, once the Stock
Appreciation Right is exercised, the SAR Amount may only be paid on the fixed time,
payment schedule or other event specified in the governing written instrument or in
<U>Section&nbsp;8.1</U> hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Additional Conditions Applicable to Nonqualified Deferred Compensation Under Section&nbsp;409A of
the Code.</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event any Award under this Plan is granted with an exercise price less than Fair Market
Value of the Common Stock subject to the Award on the Date of Grant (regardless of whether or
not such
exercise price is intentionally or unintentionally priced at less than Fair Market Value, or
such Award is materially modified and deemed a new Award at a time when the Fair Market Value
exceeds the exercise price), or is otherwise determined to constitute a 409A Award, the
following additional conditions shall apply and shall supersede any contrary provisions of this
Plan or the terms of any 409A Award agreement.</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="2%" nowrap align="left">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exercise and Distribution.</U> No 409A Award shall be exercisable or distributable
earlier than upon one 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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Specified Time.</U> A specified time or a fixed schedule set forth in
the written instrument evidencing the 409A Award, but not later than after the
expiration of 10&nbsp;years from the Date of Grant. If the written grant instrument does
not specify a fixed time or schedule, such time shall be the date that is the fifth
anniversary of the Date of Grant.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Separation from Service.</U> Separation from service (within the
meaning of Section&nbsp;409A of the Code) by the 409A Award recipient; provided, however,
if the 409A Award recipient is a &#147;key employee&#148; (as defined in Section 416(i) of the
Code without regard to paragraph (5)&nbsp;thereof) and any of the Company&#146;s stock is
publicly traded on an established securities market or otherwise, exercise or
distribution under this Section&nbsp;8.1(b) may not be made before the date which is six
months after the date of separation from service.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Death.</U> The date of death of the 409A Award recipient.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Disability.</U> The date the 409A Award recipient becomes disabled
(within the meaning of <U>Section&nbsp;8.4(b)</U> hereof).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Unforeseeable Emergency.</U> The occurrence of an unforeseeable
emergency (within the meaning of <U>Section&nbsp;8.4(c)</U> hereof), but only if the net
value (after payment of the exercise price) of the number of shares of Common Stock
that become issuable does not exceed the amounts necessary to satisfy such emergency
plus amounts necessary to pay taxes reasonably anticipated as a result of the
exercise, after taking into account the extent to</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">


<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>which the emergency is or may be
relieved through reimbursement or compensation by insurance or otherwise or by
liquidation of the Participant&#146;s other assets (to the extent such liquidation would
not itself cause severe financial hardship).</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Change in Control Event.</U> The occurrence of a Change in Control
Event (within the meaning of <U>Section&nbsp;8.4(a)</U> hereof), including the Company&#146;s
discretionary exercise of the right to accelerate vesting of such Award upon a Change
in Control Event or to terminate the Plan or any 409A Award granted hereunder within
12&nbsp;months of the Change in Control Event.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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="2%" nowrap align="left">8.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Term.</U> Notwithstanding anything to the contrary in this Plan or the terms of
any 409A Award agreement, the term of any 409A Award shall expire and such Award shall no
longer be exercisable on the date that is the later of: (a)&nbsp;2-1/2&nbsp;months after the end of
the Company&#146;s taxable year in which the 409A Award first becomes exercisable or
distributable pursuant to this Section&nbsp;8 and is not subject to a substantial risk of
forfeiture; or (b)&nbsp;2-1/2&nbsp;months after the end of the 409A Award recipient&#146;s taxable year in
which the 409A Award first becomes exercisable or distributable pursuant to this Section&nbsp;8
and is not subject to a substantial risk of forfeiture, but not later than the earlier of
(i)&nbsp;the expiration of 10&nbsp;years from the date the 409A Award was granted, or (ii)&nbsp;the term
specified in the 409A Award agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">8.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Acceleration.</U> A 409A Award may not be accelerated or exercised prior to the
time specified in this Section&nbsp;8, except in the case of one of the following events:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Domestic Relations Order.</U> The 409A Award may permit the
acceleration of the exercise or distribution time or schedule to an individual other
than the Participant as may be necessary
to comply with the terms of a domestic relations order (as defined in Section
414(p)(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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Conflicts of Interest.</U> The 409A Award may permit the acceleration
of the exercise or distribution time or schedule as may be necessary to comply with
the terms of a certificate of divestiture (as defined in Section&nbsp;1043(b)(2) 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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Change in Control Event.</U> The Administrator may exercise the
discretionary right to accelerate the vesting of such 409A Award upon a Change in
Control Event or to terminate the Plan or any 409A Award granted thereunder within 12
months of the Change in Control Event and cancel the 409A Award for compensation. In
addition, the Administrator may exercise the discretionary right to accelerate the
vesting of such 409A Award provided that such acceleration does not change the time
or schedule of payment of such Award and otherwise satisfies the requirements of this
<U>Section&nbsp;8</U> and the requirements of Section&nbsp;409A 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="2%" nowrap align="left">8.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Definitions.</U> Solely for purposes of this <U>Section&nbsp;8</U> and not for other
purposes of the Plan, the following terms shall be defined as 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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Change in Control Event&#148; </I></B>means the occurrence of a change in the ownership
of the Company, a change in effective control of the Company, or a change in the
ownership of a substantial portion of the assets of the Company (as defined in
Proposed Regulations &#167; 1.409A-3(g)(5) and any subsequent guidance interpreting Code
Section&nbsp;409A).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Disabled&#148; </I></B>means a Participant (i)&nbsp;is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12&nbsp;months, or (ii)&nbsp;is, by reason of any medically
determinable physical or mental impairment which can be expected to result in death
or can be expected to last for a</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continuous period of not less than 12&nbsp;months,
receiving income replacement benefits for a period of not less than three months
under an accident and health plan covering 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>&#147;Unforeseeable Emergency&#148; </I></B>means a severe financial hardship to the
Participant resulting from an illness or accident of the Participant, the
Participant&#146;s spouse, or a dependent (as defined in Section 152(a) of the Code) of
the Participant, loss of the Participant&#146;s property due to casualty, or similar
extraordinary and unforeseeable circumstances arising as a result of events beyond
the control of the Participant.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Covenants of the Company</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">9.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Availability of Shares.</U> During the terms of the Awards, the Company shall keep
available at all times the number of shares of Common Stock required to satisfy such
Awards.</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="2%" nowrap align="left">9.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Securities Law Compliance.</U> Each Option Agreement and Award Agreement shall
provide that no shares of Common Stock shall be purchased or sold thereunder unless and
until (a)&nbsp;any then applicable requirements of state or federal laws and regulatory agencies
shall have been fully complied with to the satisfaction of the Company and its counsel and
(b)&nbsp;if required to do so by the Company, the Participant shall have executed and delivered
to the Company a letter of investment intent in such form and containing such provisions as
the Administrator may require. The Company shall use reasonable efforts to seek to obtain
from each regulatory commission or agency having jurisdiction over the Plan such authority
as may be required to grant Awards and to issue and sell shares of Common Stock upon
exercise of the Awards; <I>provided, however, </I>that this undertaking shall not require the
Company to register under the Securities Act the Plan, any Award or any Common Stock issued
or issuable pursuant to any such Award. If, after reasonable efforts, the Company is unable
to obtain from any such regulatory commission or agency the authority which counsel for the Company deems
necessary for the lawful issuance and sale of Common Stock under the Plan, the Company
shall be relieved from any liability for failure to issue and sell Common Stock upon
exercise of such Awards unless and until such authority is obtained.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Use of Proceeds from Stock.</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proceeds from the sale of Common Stock pursuant to Awards shall constitute general funds of 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="1%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Miscellaneous.</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">11.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Acceleration of Exercisability and Vesting.</U> The Administrator shall have the
power to accelerate the time at which an Award may first be exercised or the time during
which an Award or any part thereof will vest in accordance with the Plan, notwithstanding
the provisions in the Award stating the time at which it may first be exercised or the time
during which it will vest.</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">11.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Stockholder Rights.</U> No Participant shall be deemed to be the holder of, or to
have any of the rights of a holder with respect to, any shares of Common Stock subject to
such Award unless and until such Participant has satisfied all requirements for exercise of
the Award pursuant to its terms and no adjustment shall be made for dividends (ordinary or
extraordinary, whether in cash, securities or other property) or distributions of other
rights for which the record date is prior to the date such Common Stock certificate is
issued, except as provided in <U>Section&nbsp;12</U> hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">11.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Employment or Other Service Rights.</U> Nothing in the Plan or any instrument
executed or Award granted pursuant thereto shall confer upon any Participant any right to
continue to serve the Company or an Affiliate in the capacity in effect at the time the
Award was granted or shall affect the right of the Company or an Affiliate to terminate (a)
the employment of an Employee</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with or without notice and with or without Cause, (b)&nbsp;the
service of a Consultant pursuant to the terms of such Consultant&#146;s agreement with the
Company or an Affiliate or (c)&nbsp;the service of a Director pursuant to the Bylaws of the
Company or an Affiliate, and any applicable provisions of the corporate law of the state in
which the Company or the Affiliate is incorporated, as the case may be.</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">11.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Transfer, Approved Leave of Absence.</U> For purposes of the Plan, no termination
of employment by an Employee shall be deemed to result from either (a)&nbsp;a transfer to the
employment of the Company from an Affiliate or from the Company to an Affiliate, or from
one Affiliate to another; or (b)&nbsp;an approved leave of absence for military service or
sickness, or for any other purpose approved by the Company, if the Employee&#146;s right to
re-employment is guaranteed either by a statute or by contract or under the policy pursuant
to which the leave of absence was granted or if the Administrator otherwise so provides in
writing.</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">11.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Investment Assurances.</U> The Company may require a Participant, as a condition
of exercising or acquiring Common Stock under any Award (a)&nbsp;to give written assurances
satisfactory to the Company as to the Participant&#146;s knowledge and experience in financial
and business matters and/or to employ a purchaser representative reasonably satisfactory to
the Company who is knowledgeable and experienced in financial and business matters and that
he or she is capable of evaluating, alone or together with the purchaser representative,
the merits and risks of exercising the Award; and (b)&nbsp;to give written assurances
satisfactory to the Company stating that the Participant is acquiring Common Stock subject
to the Award for the Participant&#146;s own account and not with any present intention of
selling or otherwise distributing the Common Stock. The foregoing requirements, and any
assurances given pursuant to such requirements, shall be inoperative if (i)&nbsp;the issuance of
the shares of Common Stock upon the exercise or
acquisition of Common Stock under the Award has been registered under a then currently
effective registration statement under the Securities Act or (ii)&nbsp;as to any particular
requirement, a determination is made by counsel for the Company that such requirement need
not be met in the circumstances under the then applicable securities laws. The Company
may, upon advice of counsel to the Company, place legends on stock certificates issued
under the Plan as such counsel deems necessary or appropriate in order to comply with
applicable securities laws, including, but not limited to, legends restricting the
transfer of the Common 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">11.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Withholding Obligations.</U> To the extent provided by the terms of an Award
Agreement and subject to the discretion of the Administrator, the Participant may satisfy
any federal, state or local tax withholding obligation relating to the exercise or
acquisition of Common Stock under an Award by any of the following means (in addition to
the Company&#146;s right to withhold from any compensation paid to the Participant by the
Company) or by a combination of such means: (a)&nbsp;tendering a cash payment; (b)&nbsp;authorizing
the Company to withhold shares of Common Stock from the shares of Common Stock otherwise
issuable to the Participant as a result of the exercise or acquisition of Common Stock
under the Award, <I>provided, however, </I>that no shares of Common Stock are withheld with a
value exceeding the minimum amount of tax required to be withheld by law; or (c)&nbsp;delivering
to the Company previously owned and unencumbered shares of Common Stock 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="1%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Adjustments Upon Changes in Stock.</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Awards granted under the Plan and any agreements evidencing such Awards, the maximum number of
shares of Common Stock subject to all Awards stated in <U>Section&nbsp;4</U> and the maximum number
of shares of Common Stock with respect to which any one person may be granted Awards during any
period stated in Section&nbsp;7.2(d)(vi) shall be subject to adjustment or substitution, as to the
number, price or kind of a share of Common Stock or other consideration subject to such Awards
or as otherwise determined by the Administrator to be equitable (a)&nbsp;in the event of changes in
the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>outstanding Common Stock or in the capital structure of the Company by reason of stock or
extraordinary cash dividends, stock splits, reverse stock splits, recapitalization,
reorganizations, mergers, consolidations, combinations, exchanges, or other relevant changes in
capitalization occurring after the Date of Grant of any such Award or (b)&nbsp;in the event of any
change in applicable laws or any change in circumstances which results in or would result in any
substantial dilution or enlargement of the rights granted to, or available for, Participants, or
which otherwise warrants equitable adjustment because it interferes with the intended operation
of the Plan. Any adjustment in Incentive Stock Options under this Section&nbsp;12 shall be made only
to the extent not constituting a &#147;modification&#148; within the meaning of Section&nbsp;424(h)(3) of the
Code, and any adjustments under this Section&nbsp;12 shall be made in a manner which does not
adversely affect the exemption provided pursuant to Rule&nbsp;16b-3 under the Exchange Act or
otherwise result in a violation of Section&nbsp;409A of the Code. Further, with respect to Awards
intended to qualify as &#147;performance-based compensation&#148; under Section 162(m) of the Code, such
adjustments or substitutions shall be made only to the extent that the Administrator determines
that such adjustments or substitutions may be made without causing the Company to be denied a
tax deduction on account of Section 162(m) of the Code. The Company shall give each Participant
notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and
binding for all purposes. Notwithstanding the above, in the event of any of the following: (i)
the Company is merged or consolidated with another corporation or entity and, in connection
therewith, consideration is received by shareholders of the Company in a form other than stock
or other equity interests of the surviving entity or outstanding Awards are not to be assumed
upon consummation of the proposed transaction; (ii)&nbsp;all or substantially all of the assets of
the Company are acquired by another person; (iii)&nbsp;the reorganization or liquidation of the
Company; or (iv)&nbsp;the Company shall enter into a written agreement to undergo an event described
in clause (i), (ii)&nbsp;or (iii)&nbsp;above, then the Administrator may, in its discretion and upon at
least 10&nbsp;days&#146; advance
notice to the affected persons, cancel any outstanding Awards and cause the holders thereof to
be paid, in cash or stock, or any combination thereof, the value of such Awards based upon the
price per share of Common Stock received or to be received by other shareholders of the Company
in the event. The terms of this Section&nbsp;12 may be varied by the Administrator in any particular
Award agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Effect of Change in Control</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">13.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Administrator may, but is not required to, provide in any particular Award
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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of a Change in Control, notwithstanding any provision of the
Plan or any applicable Award Agreement to the contrary, and either in or not in
combination with another event such as a termination of the applicable Participant&#146;s
Continuous Service by the Company without Cause, all Options and Stock Appreciation
Rights subject to such Award shall become immediately exercisable with respect to 100
percent of the shares subject to such Option or Stock Appreciation Rights, and/or
that the Restricted Period shall expire immediately with respect to 100&nbsp;percent of
such shares of Restricted Stock or Restricted Stock Units subject to such Award
(including a waiver of any applicable Performance Goals) and, to the extent
practicable, such acceleration of exercisability and expiration of the Restricted
Period (as applicable) shall occur in a manner and at a time which allows affected
Participants the ability to participate in the Change in Control transaction with
respect to the Common Stock subject to their Awards.</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of a Change in Control, all incomplete Performance Periods in
respect of such Award in effect on the date the Change in Control occurs shall end on
the date of such change, and the Administrator shall (A)&nbsp;determine the extent to
which Performance Goals with respect to each such Award Period have been met based
upon such audited or unaudited financial information then available as it deems
relevant, (B)&nbsp;cause to be paid to the applicable Participant partial or full Awards
with respect to Performance Goals for each</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Award Period based upon the
Administrator&#146;s determination of the degree of attainment of Performance Goals, and
(C)&nbsp;cause the Award, if previously deferred, to be settled in full as soon as
possible.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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">13.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, in the event of a Change in Control, the Administrator may in its
discretion and upon at least 10&nbsp;days&#146; advance notice to the affected persons, cancel any
outstanding Awards and pay to the holders thereof, in cash or stock, or any combination
thereof, the value of such Awards based upon the price per share of Common Stock received
or to be received by other shareholders of the Company in the event.</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">13.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The obligations of the Company under the Plan shall be binding upon any successor
corporation or organization resulting from the merger, consolidation or other
reorganization of the Company, or upon any successor corporation or organization succeeding
to substantially all of the assets and business 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="1%" nowrap align="left"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amendment of the Plan and Awards.</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">14.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendment of Plan.</U> The Board at any time, and from time to time, may amend or
terminate the Plan. However, except as provided in <U>Section&nbsp;12</U> relating to
adjustments upon changes in Common Stock, no amendment shall be effective unless approved
by the stockholders of the Company to the extent stockholder approval is necessary to
satisfy any applicable law or securities exchange listing requirements. At the time of such
amendment, the Board shall determine, upon advice from counsel, whether such amendment will
be contingent on stockholder approval.</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">14.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Stockholder Approval.</U> The Board may, in its sole discretion, submit any other
amendment to the Plan for stockholder approval, including, but not limited to, amendments
to the Plan intended to satisfy the requirements of Section 162(m) of the Code and the
regulations thereunder regarding the exclusion of performance-based compensation from the
limit on corporate deductibility of compensation paid to certain executive officers.</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">14.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Contemplated Amendments.</U> It is expressly contemplated that the Board may amend
the Plan in any respect the Board deems necessary or advisable to provide eligible
Employees with the maximum benefits provided or to be provided under the provisions of the
Code and the regulations promulgated thereunder relating to Incentive Stock Options or to
the nonqualified deferred compensation provisions of Section&nbsp;409A of the Code and/or to
bring the Plan and/or Awards granted under it into compliance therewith.</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">14.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>No Impairment of Rights.</U> Rights under any Award granted before amendment of
the Plan shall not be impaired by any amendment of the Plan unless (a)&nbsp;the Company requests
the consent of the Participant and (b)&nbsp;the Participant consents in writing.</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">14.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Amendment of Awards.</U> The Administrator at any time, and from time to time, may
amend the terms of any one or more Awards; <I>provided, however, </I>that the Administrator may
not effect any amendment which would otherwise constitute an impairment of the rights under
any Award unless (a)&nbsp;the Company requests the consent of the Participant and (b)&nbsp;the
Participant consents in writing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General Provisions</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">15.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Other Compensation Arrangements.</U> Nothing contained in this Plan shall prevent
the Board from adopting other or additional compensation arrangements, subject to
stockholder approval if such approval is required; and such arrangements may be either
generally applicable or applicable only in specific cases. The Plan is intended to
constitute an &#147;unfunded&#148; plan for incentive compensation and nothing contained in the Plan
shall give any Participant any rights that are greater than those of a general unsecured
creditor of the Company.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">15.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Recapitalizations.</U> Each Option Agreement and Award Agreement shall contain
provisions required to reflect the provisions of <U>Section&nbsp;12</U>.</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">15.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Delivery.</U> Upon exercise of a right granted under this Plan, the Company shall
issue Common Stock or pay any amounts due within a reasonable period of time thereafter.
Subject to any statutory or regulatory obligations the Company may otherwise have, for
purposes of this Plan, 30&nbsp;days shall be considered a reasonable period of 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">15.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Other Provisions.</U> The Option Agreements and Award Agreements authorized under
the Plan may contain such other provisions not inconsistent with this Plan, including,
without limitation, restrictions upon the exercise of the Awards, as the Administrator may
deem advisable.</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">15.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Cancellation and Rescission of Awards for Detrimental Activity.</U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon exercise, payment or delivery pursuant to an Award, the Participant
shall certify in a manner acceptable to the Company that the Participant has not
engaged in any Detrimental Activity described in <U>Section&nbsp;2.18</U>.</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless the Award Agreement specifies otherwise, the Administrator may
cancel, rescind, suspend, withhold or otherwise limit or restrict any unexpired,
unpaid or deferred Awards at any time if the Participant engages in any Detrimental
Activity described in <U>Section&nbsp;2.18</U>.</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event a Participant engages in Detrimental Activity described in
<U>Section&nbsp;2.18</U> after any exercise, payment or delivery pursuant to an Award,
during any period for which any restrictive covenant prohibiting such activity is
applicable to the Participant, such exercise,
payment or delivery may be rescinded within one year thereafter. In the event of any
such rescission, the Participant shall pay to the Company the amount of any gain
realized or payment received as a result of the exercise, payment or delivery, in such
manner and on such terms and conditions as may be required by the Company. The Company
shall be entitled to set-off against the amount of any such gain any amount owed to
the Participant by 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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">15.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Disqualifying Dispositions.</U> Any Participant who shall make a &#147;disposition&#148; (as
defined in Section&nbsp;424 of the Code) of all or any portion of shares of Common Stock
acquired upon exercise of an Incentive Stock Option within two years from the Date of Grant
of such Incentive Stock Option or within one year after the issuance of the shares of
Common Stock acquired upon exercise of such Incentive Stock Option shall be required to
immediately advise the Company in writing as to the occurrence of the sale and the price
realized upon the sale of such shares of Common 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">15.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Section&nbsp;16.</U> It is the intent of the Company that the Plan satisfy, and be
interpreted in a manner that satisfies, the applicable requirements of Rule&nbsp;16b-3 as
promulgated under Section&nbsp;16 of the Exchange Act so that Participants will be entitled to
the benefit of Rule&nbsp;16b-3, or any other rule promulgated under Section&nbsp;16 of the Exchange
Act, and will not be subject to short-swing liability under Section&nbsp;16 of the Exchange Act.
Accordingly, if the operation of any provision of the Plan would conflict with the intent
expressed in this <U>Section&nbsp;15.7</U>, such provision to the extent possible shall be
interpreted and/or deemed amended so as to avoid such conflict.</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">15.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Section&nbsp;162(m).</U> To the extent the Administrator issues any Award that is
intended to be exempt from the application of Section 162(m) of the Code, the Administrator
may, without shareholder or grantee approval, amend the Plan or the relevant Award
agreement retroactively or prospectively to the extent it determines necessary in order to
comply with any subsequent clarification of Section 162(m) of the Code required to preserve
the Company&#146;s Federal income tax deduction for compensation paid pursuant to any such
Award.</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"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Effective Date of Plan.</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan shall become effective as of the Effective Date, but no Award shall be exercised (or,
in the case of a stock Award, shall be granted) unless and until the Plan has been approved by
the stockholders of the Company, which approval shall be within twelve (12)&nbsp;months before or
after the date the Plan is adopted by the Board.</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"><B>17.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Termination or Suspension of the Plan.</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan shall terminate automatically on the day before the 10th anniversary of the Effective
Date. No Award shall be granted pursuant to the Plan after such date, but Awards theretofore
granted may extend beyond that date. The Board may suspend or terminate the Plan at any earlier
date pursuant to <U>Section&nbsp;14.1</U> hereof. No Awards may be granted under the Plan while the
Plan is suspended or after it is terminated. Unless the Company determines to submit Section&nbsp;7.2
of the Plan and the definition of &#147;Performance Goal&#148; and &#147;Performance Criteria&#148; to the Company&#146;s
stockholders at the first stockholder meeting that occurs in the fifth year following the year
in which the Plan was last approved by stockholders (or any earlier meeting designated by the
Board), in accordance with the requirements of Section 162(m) of the Code, and such stockholder
approval is obtained, then no further Performance Compensation Awards shall be made to Covered
Employees under <U>Section&nbsp;7.2</U> after the date of such annual meeting, but the Plan may
continue in effect for Awards to Participants not in accordance with Section 162(m) 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="1%" nowrap align="left"><B>18.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Choice of Law.</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The law of the State of Delaware shall govern all questions concerning the construction,
validity and interpretation of this Plan, without regard to such state&#146;s conflict of law rules.</TD>
</TR>

</TABLE>
</DIV>

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


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

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>As adopted by the Board of Directors of Thor Industries, Inc.</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A director will not be considered independent if, within the preceding three years:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="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="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The director is an employee, or whose immediate family member is an executive officer,
of 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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The director receives, or whose immediate family member receives, more than $100,000
per year in direct compensation from the Company, other than director and committee fees
and pension or other forms of deferred compensation for prior service (provided such
compensation is not contingent in any way on continued service).</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="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The director is affiliated with or employed by, or whose immediate family member is
affiliated</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with or employed in a professional capacity by, a present or former internal or
external auditor of 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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The director is employed, or whose immediate family member is employed, as an executive
officer of another company where any of the Company&#146;s present executives serve on that
company&#146;s compensation 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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The director is an executive officer or an employee, or whose immediate family member
is an executive officer, of another company that makes payments to, or receives payments
from, the Company for property or services in an amount which, in any single fiscal year,
exceeds the greater of $1&nbsp;million or 2% of such other company&#146;s consolidated gross
revenues.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For relationships not covered by the guidelines above, or for relationships that are covered, but
as to which the Board believes a director may nonetheless be independent, the determination of
independence shall be made by the directors who satisfy the NYSE independence rules and the
guidelines set forth above. However, any determination of independence for a director who does not
meet these standards must be specifically explained in the Company&#146;s proxy statement for a meeting
of shareholders at which directors are to be elected.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="l22990al2299000.gif" alt="(THOR&nbsp;INDUSTRIES, INC.&nbsp;LOGO)">
</DIV>

<DIV align="center" style="font-size: 10pt">419 West Pike Street <B>&#149;</B> Jackson Center, Ohio 45334-0629 <B>&#149;</B> (937)&nbsp;596-6849</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /Folio -->
</DIV>

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


<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" bordER="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1pt">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>

<TR valign="bottom">
    <TD>&nbsp;</TD>

<TD valign="top" colspan="2"><IMG src="l22990al2299003.gif" alt="(BAR CODE)"></TD>
    <TD valign="middle" align="right" style="font-size: 18pt"><B>+</B>
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" bordER="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px; font-size: 10pt"><IMG src="l22990al2299000.gif" alt="(THOR INDUSTRIES, INC. LOGO)"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>



<TR valign="bottom">

<TD valign="top" style="font-size: 15pt"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<br>&nbsp;<br><IMG src="l22990al2299001.gif" alt="(BAR CODE)">
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="font-size: 7pt"><font color="#ef047e">&nbsp;<br>&nbsp;<br>&nbsp;<br>&nbsp;<BR>MR A SAMPLE<br>DESIGNATION (IF ANY)<br>ADD 1<br>ADD 2<br>ADD 3<br>ADD 4 <br>ADD 5<br>ADD 6<br></font>
<BR><IMG src="l22990al2299002.gif" alt="(SCALE)">

</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="font-size: 8pt"><BR><BR><font color="#ef047e">000004</font><BR>
<BR><BR><font color="#ef047e"> <font style="font-size: 12pt"><B>Least Address Line</B></font></font>

</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="font-size: 8pt"><font color="#ef047e">000000000.000
ext<br>000000000.000 ext<br>000000000.000 ext<br>000000000.000 ext<br>000000000.000 ext<br>000000000.000 ext<br>000000000.000 ext<br>
<BR><BR><BR><DIV style="font-size: 12pt">C
1234567890&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J
N T<BR><BR style="margin-top: 6pt"><IMG src="l22990al2299004.gif" alt="(BAR CODE)"></DIV></FONT>
</TD>
</TR>

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

<DIV align="center" style="margin-top: 15pt">
<TABLE style="font-size: 10pt" cellspacing="0" bordER="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom" style="border-top: 1pt">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><FONT style="font-size: 7pt">Mark this box with an X if you have made
changes to your name or address details above.</FONT></TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>



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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" bordER="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 0pt">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px" bgcolor="#efe3ef">
    <TD colspan="9" valign="bottom" align="left" style="border-top: 3px solid #923075">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#efe3ef">
    <TD valign="middle" style="font-size: 12pt"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;<B>Annual Meeting Proxy Card</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="middle" style="font-size: 10pt">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>

<TD align="right" valign="middle" style="border-top: 0px solid #000000; border-left: 0px solid #000000; border-right: 0px solid #000000; border-bottom: 0px solid #000000"><font color="#ef047e">&nbsp;</FONT></TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR style="font-size: 1px" bgcolor="#F3E5EF">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" valign="bottom" align="left" style="border-top: 3px solid #923075">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="margin-top: 12pt">
<TABLE style="font-size: 10pt" cellspacing="0" bordER="0" cellpadding="0" width="96%">


<TR valign="bottom">
    <TD align="center" style="background:#000000;  width=2%"><font color="#FFFFFF">&nbsp;<B>A</B>&nbsp;</FONT></TD>
    <TD width="98%" nowrap style="font-size: 10pt">&nbsp;<B>Election
of Directors (Class C term expires 2009)</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 10pt">&nbsp;&nbsp;1. The Board of Directors recommends a vote FOR the listed nominees.</DIV>



<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" bordER="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Withhold</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">01 - Neil D. Chrisman</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02 - Alan Siegel</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">03 - Geoffrey A. Thompson</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>






<DIV align="center" style="margin-top: 12pt">
<TABLE style="font-size: 10pt" cellspacing="0" bordER="0" cellpadding="0" width="96%">
<TR valign="bottom">
    <TD align="center" style="background:#000000;  width=2%"><font color="#FFFFFF">&nbsp;<B>B</B>&nbsp;</FONT></TD>
    <TD width="98%">&nbsp;<B>2006 Equity Incentive Plan</B>
</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 13pt; margin-right: 10pt">The Board of Directors recommends a vote FOR the following proposal.
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" bordER="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>For</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Against</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Abstain</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">2.</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
The approval of the Thor Industries, Inc. 2006 Equity Incentive Plan.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 16pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 24pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top" colspan="7"><DIV style="margin-left:0px; text-indent:-0px">In their discretion, upon the transaction of such other business as may come before the meeting.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size=5pt"><!-- Blank Space -->
    <TD>&nbsp;</TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="center" style="margin-top: 40pt">
<TABLE style="font-size: 10pt" cellspacing="0" bordER="0" cellpadding="0" width="96%">
<TR valign="bottom">
    <TD align="center" style="background:#000000;  width=2%"><font color="#FFFFFF">&nbsp;<B>C</B>&nbsp;</FONT></TD>
    <TD width="98%" nowrap>&nbsp;<B>Authorized Signatures - Sign Here - This section must be completed for your instructions to be executed.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 2pt; margin-left: 15pt; margin-right: 10pt">(Stockholder(s) should sign here exactly as name appears hereon.)
</DIV>


<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" bordER="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 18pt">
    <TD width="30">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="left" valign="top">Date (mm/dd/yyyy)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature 1 - Please keep signature within the box
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">Signature 2 - Please keep signature within the box
</TD>


</TR>

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

<TR valign="bottom" style="font-size: 20pt">
    <TD align="left" valign="top"><DIV style="border: 2px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#047;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#047;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 2px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="border: 2px solid #000000">&nbsp;</DIV></TD>


</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" bordER="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size:1pt">
    <TD width="2%">&nbsp;</TD>
    <TD width="08%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" style="font-size: 18pt" rowspan="2"><B>+</B>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD style="background:#000000;  width=2%"><font color="#FFFFFF">&nbsp;<B></B>&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top">&nbsp;0&nbsp;&nbsp;1&nbsp;&nbsp;1&nbsp;&nbsp;1&nbsp;&nbsp;2&nbsp;&nbsp;5&nbsp;&nbsp;1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1&nbsp;U&nbsp;P&nbsp;X
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><font color="#ef047e">C&nbsp;O&nbsp;Y</FONT>
</TD>
    <TD>&nbsp;</TD>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 15pt; margin-right: 10pt">
001CD40001 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;00MYBB
</DIV>



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






<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 0pt">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px" bgcolor="#efe3ef">
    <TD valign="bottom" align="left" style="border-top: 3px solid #923075">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#efe3ef">
    <TD valign="middle" style="font-size: 12pt"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;<B>Proxy - Thor Industries, Inc.</B>
</DIV></TD>
</TR>

<TR style="font-size: 1px" bgcolor="#F3E5EF">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV>
</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" valign="bottom" align="left" style="border-top: 3px solid #923075">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-right: 10pt; margin-left: 25pt"><B>ANNUAL MEETING OF STOCKHOLDERS, DECEMBER 5, 2006</B>

</DIV>



<DIV align="justify" style="font-size: 8pt; margin-top: 12pt; margin-left: 25pt; margin-right: 10pt"> The undersigned
stockholder of Thor Industries, Inc. hereby appoints WADE F. B. THOMPSON and PETER B. ORTHWEIN or each of them,
with power of substitution and revocation to each, as proxies to appear and vote all shares of the Company which
the undersigned would be entitled to vote if personally present at the Annual Meeting of Stockholders to be
held on December 5, 2006 and any adjournments thereof, hereby revoking any proxy heretofore given, notice of
which meeting and related proxy statement have been received by the undersigned.<BR><BR>

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS AND SHALL BE VOTED AS SPECIFIED HEREIN. IF NO SPECIFICATION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSAL #1 AND PROPOSAL #2.
</DIV>



<DIV align="center" style="font-size: 8pt; margin-top: 6pt; margin-left: 0pt; margin-right: 0pt">PLEASE MARK, SIGN, DATE AND MAIL THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE.
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 6pt; margin-left: 0pt; margin-right: 0pt">(Continued and to be signed on reverse side.)
</DIV>

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