DEFERRED COMPENSATION AGREEMENT
THIS DEFERRED COMPENSATION AGREEMENT, (the "Agreement") is made and entered into on January
10, 2000 by and between LEUCADIA NATIONAL CORPORATION, a New York corporation (the
"Company"), and Mark Hornstein (the "Executive"), collectively the parties ("Parties").
WHEREAS, Executive is employed by the Company as Vice President ; and
WHEREAS, in connection with the provisions of services to the Company in his capacity as Vice President the
Executive desires to defer the receipt of certain compensation from the Company to which in the future he may
become entitled, and the Company agrees to do so, in accordance with the terms and provisions herein
NOW, THEREFORE, in consideration of the premises and the mutual convenants and agreements herein
contained, the Parties hereby agree as follows:
1. Deferral of Payments.
The Company shall defer the payment of 50% of bonus compensation that may be awarded to the Executive by
the Company from and after the date of this Agreement through the end of the calendar year 2000. The
Executive acknowledges that the Company is under no obligation to award any bonus to the Executive and that
the award of any bonus, as well as the amount of any bonus that may be awarded, remains fully discretionary
with the Company.
Each deferred payment shall accrue simple interest (on the basis of a 360-day year), from the first day of the
month immediately following the date on which payment otherwise would have been made if no deferral had
existed (the "First New Month Date") until the date of actual payment, at a rate of interest equal to the 1-year
Treasury bill rate in effect at each First New Month Date, and the rate of interest shall be reset on the first day of
each subsequent quarter. For purposes hereof, the quarters shall begin January 1, April 1, July 1, and October 1.
All amounts deferred pursuant to this Agreement shall be paid to the Executive in two equal installments, plus