Document:

Long-Term Performance Incentive Plan

 Exhibit 10.48 
  
 KEWAUNEE SCIENTIFIC CORPORATION 
  
 LONG-TERM PERFORMANCE INCENTIVE PLAN 
  
 For the Period FY 2005 – FY 2007 
  
 The Long-Term Performance Incentive Plan (“Plan”) of the Company provides selected participants an opportunity to receive a special bonus based on the
attainment of financial goals over a three-year period, meeting the expectations of the Board as determined by the Board at the beginning of the performance period. The payment of benefits under the Plan will be based upon the Company achieving the
prescribed earnings per share (EPS) and the performance of the Company’s stock over the three-year period. The provisions of the Plan are as follows: 
  
 Awards 
  
 At the Board’s discretion, each participant selected by the Board shall receive an award grant under the Plan of a specified number of performance stock appreciation rights (PSARs) as of May 1, 2004, the
beginning of the three-year performance period. The PSAR bonus opportunity provided to participants shall be calculated as follows: 
  
 Number of PSARs granted at beginning of period x (Company stock price at the end of the performance period minus the Company stock price at the
beginning of the three-year performance period) 
  
 “Stock price”
shall mean the average closing price of the Company’s stock for the five (5) business days immediately preceding the award grant date and the end of the performance period. 
  
 Performance Levels 
  
 The performance metric for vesting under the Plan will be based on the Company achieving a specified EPS, as prescribed by the Board, over a three-year performance
period. A specified return on equity (ROE) for each of the three years of the performance period will be used as a guide in the establishment of the EPS goals. The performance goal for the first performance period will be based on a percentage ROE
established by the Board for the period beginning May 1, 2004, and ending on April 30, 2007, with a projected target EPS for each year. Any future performance periods and award grants under the Plan shall be made at the Board’s discretion, with
such ROE, performance periods and goals as the Board determines. 
  
 Annual
expenses, accrued or paid, associated with vesting under the Plan and bonuses accrued or paid under other plans, will be included in the computation of each year’s EPS. Positive or negative financial adjustments outside the control of
management (such as, but not limited to, proceeds from insurance claims, settlement or judgment payments from claims arising prior to 

  

 1 

 
the performance period, gains or losses from the sale of capital assets, adoption of generally accepted accounting pronouncements, etc.) will be assessed by
the Board of Directors, and the EPS under the Plan may be adjusted for these items. 
  
 Vesting and Payout 
  
 Vesting of an award shall accrue one-third
annually over the duration of the performance period based upon attainment of each year’s EPS target. Attainment of an EPS target in one year has no effect on attainment of an EPS target in subsequent years and, once vested, PSARs cannot be
forfeited. However, if there is a shortfall in EPS in a given year, one-third of the PSARs will either be immediately forfeited or subject to recoupment based on the full three-year performance results. A forfeiture of one-third of an award shall
occur in any year in which actual EPS results are lower than targeted EPS by more than 15 percent. If in any single year during the performance period actual EPS results are lower than targeted EPS by 15 percent or less, then forfeiture of one-third
of an award shall not occur but, rather, an EPS shortfall recoupment opportunity is triggered. 
  
 The shortfall recoupment opportunity allows participants a second opportunity to vest in the PSARs if the cumulative EPS target for the three-year period is met. For example, a full vesting of the award will occur
where the targets are met annually during the performance period or where EPS results achieve the full award through the recoupment opportunity by meeting the cumulative target. In the latter case, the recoupment of PSARs will vest only at the end
of the period. 
  
 Payout of awards shall be in the form of cash and occur at the
end of the performance period, upon a participant’s death or disability, or earlier at the Board’s discretion. Such payments shall be made within 45 calendar days of the end of the performance period, a participant’s death or
disability, or as soon thereafter as practical. 
  
 Change in Control

  
 Upon the occurrence of a Change in Control, as such term is defined in
the Company’s 2000 Key Employee Stock Option Plan, at least one full year after the beginning of the performance period, the full performance period shall be deemed completed and participants will vest in unvested PSARs based on EPS performance
through the most recently completed fiscal quarter. The Board will determine whether EPS performance is on target through the end of the quarter, based on a straight linear projection commencing on the first day of the performance period and
continuing through the end of such quarter. 
  
 The date of the Change in Control
shall be deemed to be the last day of the performance period for purposes of measuring the difference between the Company stock price at the end of the performance period and the stock price as of the PSAR award grant date. Vested PSARs will be paid
out in a single cash lump-sum payment within 45 days of the Change in Control or as soon thereafter as practical. 
  

 2 

 Employment Terminations 
  

Death or Disability 
  
 In the event of a participant’s death or disability, the participant shall be entitled to a pro rata PSAR benefit, determined as follows: 
  
 Number of PSARs granted at beginning of the performance period x (number
of days completed in the performance period prior to death or disability ÷ [1,095 days]) 
  
 The last day of the most recently completed fiscal quarter preceding the date of death or disability shall be deemed to be the last day of the performance period for purposes of measuring the difference between the
Company stock price at the end of the performance period and the stock price as of the PSAR award grant date. The right to payment will depend on whether EPS performance is on target on a straight linear basis from the first day of the performance
period through the end of the most recently completed fiscal quarter. 
  
 Retirement and Other Terminations 
  
 Forfeiture of any awards not yet vested (no pro rata benefit). 
  
 Amendment of Plan 
  
 The Board may amend the Plan at any time.
However, no amendment shall change or impair any participant’s previously granted PSAR without the consent of the participant. 
  
 Date Approved: April 27, 2004 
  

 3Monthly Payment Date Statements distributed to holders of series 2004-1.

 Exhibit 10.1 
  

							
	 JPMorgan Chase Bank – Structured Finance Services
	  	 
	 4 New York Plaza, 6th Floor
	  	 Distribution Date:    6/25/04

	 New York, NY 10004-2477
	  	 
	 Officer:
	 	    Taoheed A. Agbabiaka	  	 ph:  212-623-4481
	  	 
	 	 	 	  	 fax: 212-623-5858
	  	 

  
 GreenPoint Mortgage
Securities LLC 
  
 GreenPoint Home Equity Loan Trust 2004-1

  
 Home Equity Loan Asset-Backed Notes 
 Series 2004-1 
  
 Distribution In Dollars 
  

																	
	 Class

	  	Original Face
Value

	  	Beginning
Principal Balance

	  	Principal

	  	Interest

	  	Total

	  	Realized
Loses

	  	Deferred
Interest

	  	Ending Principal
Balance

	 A1
	  	202,045,000.00	  	159,018,244.98	  	12,568,295.06	  	182,120.06	  	12,750,415.12	  	0.00	  	0.00	  	146,449,949.92
	 TOTALS
	  	202,045,000.00	  	159,018,244.98	  	12,568,295.06	  	182,120.06	  	12,750,415.12	  	0.00	  	0.00	  	146,449,949.92

  
 Factor Information
Per $1000 Of Original Face 
  

													
	 Class

	  	Cusip

	  	Beginning
Principal

	  	Principal

	  	Interest

	  	Total

	  	Ending
Principal

	 A1
	  	395385AQ0	  	787.04370304	  	62.20542483	  	0.90138365	  	63.10680848	  	724.83827821
	 TOTALS
	  	 	  	787.04370304	  	62.20542483	  	0.90138365	  	63.10680848	  	724.83827821

  
 Pass-Through Rates

  

										
	 Class

	  	Previous

	 	 	Current

	 	 	Next

	 
	 A1
	  	1.330000	%	 	1.330000	%	 	0.000000	%AGREEMENT

        
AGREEMENT made as of the 24th day of November, 2003, by and between:

	
Chris Penner, with an address at 6540 E. Hastings St.#615, Burnaby, British Columbia V5B 4Z5("SELLER");

and

	
Dr. Marvin Palmer  with  an  address  at  2427 West Falls Avenue,
Kennewick, Washington 99336("PURCHASER").

R E C I T A L S:

	 	
FIRST, SELLER is the owner of 100,000 shares of common stock of
Labonte, Inc., a Delaware corporation ("Labonte").

	 	
         SECOND, SELLER desires to sell 16,667 of his issued and
outstanding shares in Labonte to PURCHASER in consideration of the following.

        
          
        
NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements hereinafter set forth, the parties hereto agree as
follows:

	 	1.0	Transfer of Shares.

        
          
        SELLER hereby
transfers and delivers 16,667 of his issued and outstanding shares in Labonte to
PURCHASER in consideration for $4,333. Upon receipt of the consideration by
wire transfer to the Anslow & Jaclin, LLP Attorney Trust Account (instructions attached
hereto), SELLER will immediately forward 16,667 Labonte shares to
PURCHASER.

	 	2.0	Representations and Warranties of SELLER.

        
          
        
SELLER hereby represents and warrants to PURCHASER that:

        
          
        
2.1   Authority. SELLER has the power and authority to execute and
deliver this Agreement, to perform its obligations hereunder and to consummate
the transactions contemplated hereby. This Agreement has been duly executed and
delivered by constitutes a valid and binding instrument, enforceable in
accordance with its terms.

        
          
        
2.2    Resignation. SELLER represents that he is the sole shareholder of
Labonte and that PURCHASER is purchasing all of the outstanding shares of
Labonte. SELLER hereby agrees that upon receipt of the consideration set forth
above, he is relinquishing all interest in any of Labonte's assets, stock and
any and all other interest relating to Labonte. In addition, upon execution of
this agreement, SELLER shall resign as the sole officer and director of Labonte.

        
          
        
2.3    Compliance with Other Instruments. The execution, delivery and
performance of this Agreement is in compliance with and does not conflict with
or result in a breach of or in violation of the terms, conditions or provisions
of any agreement, mortgage, lease or other instrument or indenture to which
SELLER is a party or by which SELLER is bound.

        
          
        
2.4   Title to SELLER'S shares in LABONTE. SELLER is the legal and
beneficial owner of its shares in LABONTE and has good and marketable title
thereto, free and clear of any liens, claims, rights and encumbrances.

        
          
        
3.0    Representations and Warranties of PURCHASER.
PURCHASER   hereby
unconditionally represents and warrants to SELLER that:

        
          
        
3.1    Authority. PURCHASER has the power and authority to
execute and deliver this Agreement, to perform his obligations hereunder and to
consummate the transactions contemplated hereby. This Agreement has been duly
executed and delivered by PURCHASER and constitutes a valid and binding
instrument, enforceable in accordance with its terms.

        
          
        
3.2    Compliance with Other Instruments. The execution, delivery
and performance of this Agreement is in compliance with and does not conflict
with or result in a breach of or in violation of the terms, conditions or
provisions of any agreement, mortgage, lease or other instrument or indenture to
which PURCHASER is a party or by which PURCHASER is bound.

        
          
        
3.3    Rule 144 Restriction. PURCHASER hereby agrees that such shares are
restricted pursuant to Rule 144 and therefore subject to Rule 144 resale
requirements.

        
          
        
4.0   Notices. Notice shall be given by certified mail, return receipt
requested, the date of notice being deemed the date of postmarking. Notice,
unless either party has notified the other of an alternative address as provided
hereunder, shall be sent to the address as set forth herein.

        
          
        
5.0   Governing Law.  This Agreement shall be interpreted and governed in accordance with the
laws of the State of New Jersey.

        
          
        
6.0    Severability. In the event that any term, covenant, condition, or
other provision contained herein is held to be invalid, void or otherwise
unenforceable by any court of competent jurisdiction, the invalidity of any such
term, covenant, condition, provision or Agreement shall in no way affect any
other term, covenant, condition or provision or Agreement contained herein,
which shall remain in full force and effect.

        
          
        
7.0   Entire Agreement. This Agreement contains all of the terms agreed
upon by the parties with respect to the subject matter hereof. This Agreement
has been entered into after full investigation.

        
          
        
8.0   Invalidity. If any paragraph of this Agreement shall be held or
declared to be void, invalid or illegal, for any reason, by any court of
competent jurisdiction, such provision shall be ineffective but shall not in any
way invalidate or affect any other clause, Paragraph, section or part of this
Agreement.

        
          
        
9.0   Gender and Number. Words importing a particular gender mean and
include the other gender and words importing a singular number mean and include
the plural number and vice versa, unless the context clearly indicated to the
contrary.

        
          
        
10.0    Amendments. No amendments or additions to this Agreement shall be
binding unless in writing, signed by both parties, except as herein otherwise
provided.

        
          
        
11.0    No Assignments. Neither party may assign nor delegate any of its
rights or obligations hereunder without first obtaining the written consent of
the other party.

        
          
        IN WITNESS WHEREOF, and intending to be legally bound, the parties
hereto have signed this Agreement by their duly authorized officers the day and
year first above written.

	WITNESS

	
By:   /s/ Christopher Penner

CHRISTOPHER PENNER
	 	 
	ATTEST

	Marvin Palmer

By:   /s/ Dr. Marvin Palmer

DR. MARVIN PALMER

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