Deferred Compensation Plan

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This Plan is an investment vehicle designed to help certain employees meet financial goals for retirement by allowing savings on a tax-deferred basis above the IRS pre-tax limit.  This plan is a non-qualified savings plan, and as such, represents an unsecured, unfunded obligation of the Company.  The plan is administered by Vanguard, and offers a variety of notional investment options to provide for diversified investment opportunity.

 Plan Summary

 The enrollment period is in June and allows eligible employees to elect to defer up to 100% of their current year MIP and Performance Units which are paid the following year.

Participants may designate a calendar quarter and year for the date they wish to commence their distribution of their deferrals and may elect to receive either a lump sum or 2 to 10 annual installments.  If a participant terminates prior to the distribution election period, the distribution will begin as soon as administratively feasible.  

 An enrollment kit will be sent to eligible participants.  Beneficiary forms are available at www.vanguard.com.

(Employees eligible for the White Mountains Inc. plan are also able to defer up to 100% of their base salary; that enrollment window takes place in December.)