EXHIBIT 10(m)


                     THE BLACK & DECKER EXECUTIVE LONG-TERM
                           PERFORMANCE/RETENTION PLAN

Section 1.        Purpose

         The   purpose   of   The   Black   &   Decker    Executive    Long-Term
Performance/Retention  Plan is to attract and retain key executives of The Black
& Decker  Corporation (the  "Corporation")  and its Subsidiaries and to motivate
those  executives to put forth maximum efforts for the long-term  success of the
Corporation's business.

Section 2.        Participation

         Each executive listed on the attached Schedule A automatically  becomes
a  participant  in this  Plan  upon  written  surrender,  prior to the  close of
business on Monday,  December 31, 2001 of the Performance  Shares granted to him
or her under The Black & Decker  Performance  Equity Plan for those  Performance
Periods ending December 31 in each of the years 2001, 2002, and 2003. Additional
participants  may be added from time to time by resolution  of the  Organization
Committee of the Board. A participant in this Plan is automatically disqualified
to participate in The Black & Decker  Long-Term  Performance/Retention  Plan for
key employees.

Section 3.        Awards

         Each  participant  in this Plan is eligible to receive a cash award not
to exceed the amount  established by the Organization  Committee.  (Participants
added  hereafter by action of the  Organization  Committee  shall be eligible to
receive  awards as set forth in the  resolution  of the  Organization  Committee
making  them  participants,  but in no event may the award to a  participant  so
added  exceed  twice the  participant's  aggregate  salary  during the period of
participation.)  Awards will be paid in full if the  Corporation's  earnings per
share for fiscal  year 2003,  adjusted  to exclude  the effect of  extraordinary
gains and losses from the sale of assets,  restructuring  charges, and the like,
equal or exceed a goal designated by the Organization Committee (the "Goal"). To
the extent that the Corporation's earnings per share (as so adjusted) for fiscal
year 2003 are less than the Goal, awards will be reduced proportionately. To the
extent  earned,  awards will be paid on or before March 1, 2004,  subject to all
withholding and employment  taxes required by law. A participant may not assign,
encumber,  or transfer any right or interest  under this Plan before  payment is
made. For all purposes with respect to all benefit plans or programs provided by
or  programs  of the  Corporation  or any of its  subsidiaries  or any  contract
between the participant and the Corporation or any of its subsidiaries, payments
under  this  Plan  shall be  deemed  to be  payments  under  The  Black & Decker
Performance Equity Plan.


Section 4.        Mergers, Sales and Change of Control

         In the event of a Change of  Control of the  Corporation  as defined in
Section 10 (b) of the Black & Decker Performance Equity Plan before December 31,
2003,  the  Corporation  shall pay promptly the awards shown on Schedule A as if
fiscal year 2003 had ended and the  adjusted  earnings per share Goal for fiscal
year 2003 had been  achieved  immediately  prior to the  Change of  Control.  In
addition,  the  Corporation  shall pay the  difference  between the payment made
under this Plan and the amount that the participant  would have received had the
participant not  surrendered  his or her  Performance  Shares under Section 2 of
this Plan.

Section 5.        Termination of Employment

         A participant who voluntarily  leaves the employment of the Corporation
or its  subsidiaries  or is  terminated  for cause  (i.e.,  willful and repeated
failure  substantially to perform the participant's  duties after written notice
specifying the failure;  fraud,  misappropriation or intentional material damage
to the property or business of the Corporation or a subsidiary; or commission of
a felony)  before the payment date  forfeits all right to receive  payment of an
award.  A  participant  who  (a)  is  terminated   prior  to  the  payment  date
involuntarily  and other  than for  cause,  (b)  retires,  (c)  dies,  or (d) is
determined by the Organization Committee to be disabled, will receive a pro rata
share of the award that otherwise  would have been paid if the  participant  had
continued in the employment of the Corporation or its  subsidiaries  through the
payment  date plus the  difference  between the payment  received and the amount
that  would  have been paid to the  participant  under any  existing  employment
contract with the Corporation in respect of the Performance  Shares  surrendered
under Section 2 of this Plan.

Section 6.        Administration

         This Plan shall be  administered  by the  Organization  Committee.  All
actions taken and decisions made by the Committee  pursuant to the provisions of
this Plan shall be binding  and  conclusive  on all  persons  for all  purposes,
including but not limited to participants  and their legal  representatives  and
beneficiaries.