Document:

mpr8k20100115ex10az.htm

    Exhibit
(10)(az)

    

    

    

    

    

    

    

    

    

    

    MET-PRO
CORPORATION

    RETIREMENT
SAVINGS PLAN

    

    (Effective
as of January 1, 2007)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    MET-PRO CORPORATION

    RETIREMENT
SAVINGS PLAN

    

    TABLE OF
CONTENTS

     

    
      	 	 	Page
	 	 	 
	INTRODUCTION	  	1

    

     

    
      
        	ARTICLE
      1 	DEFINITIONS	2

      

       

    

    
      	
              1.01

            	 
      	
              Account

            	
              2

            
	
              1.02

            	 
      	
              Account Balance

            	
              2

            
	
              1.03

            	 
      	
              Affiliated Company

            	
              2

            
	
              1.04

            	 
      	
              Before-Tax Contributions

            	
              2

            
	
              1.05

            	 
      	
              Before-Tax Contributions Account

            	
              2

            
	
              1.06

            	 
      	
              Beneficiary

            	
              2

            
	
              1.07

            	 
      	
              Board of Directors

            	
              2

            
	
              1.08

            	 
      	
              Break in Service

            	
              2

            
	
              1.09

            	 
      	
              Catch-Up Contributions

            	
              3

            
	
              1.10

            	 
      	
              Code

            	
              3

            
	
              1.11

            	 
      	
              Company

            	
              3

            
	
              1.12

            	 
      	
              Compensation

            	
              3

            
	
              1.13

            	 
      	
              Covered Employee

            	
              4

            
	
              1.14

            	 
      	
              Disabled or Total and Permanent Disability or
      Disability

            	
              4

            
	
              1.15

            	 
      	
              Early Retirement Age

            	
              4

            
	
              1.16

            	 
      	
              Effective Date

            	
              4

            
	
              1.17

            	 
      	
              Employee

            	
              4

            
	
              1.18

            	 
      	
              Employer

            	
              5

            
	
              1.19

            	 
      	
              Employer Contributions

            	
              5

            
	
              1.20

            	 
      	
              Employer Contributions Account

            	
              5

            
	
              1.21

            	 
      	
              Entry Date

            	
              5

            

    

    

    
      
        
        

      

      
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              1.22

            	 
      	
              ERISA

            	
              5

            
	
              1.23

            	 
      	
              Highly Compensated Employee

            	
              6

            
	
              1.24

            	 
      	
              Hour of Service

            	
              6

            
	
              1.25

            	 
      	
              Investment Fund

            	
              6

            
	
              1.26

            	 
      	
              Matching Contributions

            	
              6

            
	
              1.27

            	 
      	
              Matching Contributions Account

            	
              6

            
	
              1.28

            	 
      	
              Normal Retirement Age

            	
              7

            
	
              1.29

            	 
      	
              Non-Highly Compensated Employee

            	
              7

            
	
              1.30

            	 
      	
              Participant

            	
              7

            
	
              1.31

            	 
      	
              Plan

            	
              7

            
	
              1.32

            	 
      	
              Plan Administrator

            	
              7

            
	
              1.33

            	 
      	
              Plan Year

            	
              7

            
	
              1.34

            	 
      	
              Rollover Account

            	
              7

            
	
              1.35

            	 
      	
              Rollover Amount

            	
              7

            
	
              1.36

            	 
      	
              Spouse

            	
              7

            
	
              1.37

            	 
      	
              Transferred Account

            	
              8

            
	
              1.38

            	 
      	
              Trust Agreement

            	
              8

            
	
              1.39

            	 
      	
              Trustee

            	
              8

            
	
              1.40

            	 
      	
              Trust Fund

            	
              8

            
	
              1.41

            	 
      	
              Valuation Date

            	
              8

            
	
              1.42

            	 
      	
              Year of Service

            	
              8

            

    

    

    
      	ARTICLE 2	PARTICIPATION	9

    

    

    
      	
              2.01

            	 
      	
              Eligibility

            	
              9

            
	
              2.02

            	 
      	
              New Participants

            	
              9

            
	
              2.03

            	 
      	
              Effect of Break in Service

            	
              10

            
	
              2.04

            	 
      	
              Designation of Beneficiary

            	
              10

            

    

    

    
      
        
        

      

      
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      	ARTICLE 3	CONTRIBUTIONS AND
      VESTING	12

    

    

    
      	
              3.01

            	 
      	
              Before-Tax Contributions

            	
              12

            
	
              3.02

            	 
      	
              Employer Contributions

            	
              14

            
	
              3.03

            	 
      	
              Matching Contributions

            	
              16

            
	
              3.04

            	 
      	
              Allocation of Matching Contributions

            	
              16

            
	
              3.05

            	 
      	
              Rollover Amount

            	
              17

            
	
              3.06

            	 
      	
              Vesting of Account

            	
              17

            
	
              3.07

            	 
      	
              Forfeitures

            	
              17

            

    

    

    
      	ARTICLE 4	LIMITATIONS ON
      CONTRIBUTIONS	20

    

    

    
      	
              4.01

            	 
      	
              Maximum Amount of Before-Tax
Contributions

            	
              20

            
	
              4.02

            	 
      	
              Deductibility

            	
              20

            
	
              4.03

            	 
      	
              Limitation on Annual Additions

            	
              21

            
	
              4.04

            	 
      	
              Actual Deferral Percentage Test

            	
              22

            
	
              4.05

            	 
      	
              Actual Contribution Percentage Test

            	
              25

            

    

    

    
      	ARTICLE 5	INVESTMENT OF
      ACCOUNTS	27

    
      	
              5.01

            	 
      	
              Investment Elections

            	
              27

            
	
              5.02

            	 
      	
              Responsibility for Investment Elections

            	
              28

            
	
              5.03

            	 
      	
              Limitations on Investments

            	
              28

            
	
              5.04

            	 
      	
              Interim Investments

            	
              28

            
	
              5.05

            	 
      	
              Limitation on Duties

            	
              29

            

    

    

    
      	ARTICLE 6	VALUATION OF
      ACCOUNTS	30

    
      	
              6.01

            	 
      	
              Valuation of Investment Funds

            	
              30

            
	
              6.02

            	 
      	
              Valuation of Participants’ Accounts

            	
              30

            

    

     

    
    

    
      
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      	ARTICLE 7	LOANS	31

    

    

    
      	
              7.01

            	 
      	
              Authority to Make Loans

            	
              31

            
	
              7.02

            	 
      	
              Maximum Principal Amount

            	
              31

            
	
              7.03

            	 
      	
              Interest Rate

            	
              32

            
	
              7.04

            	 
      	
              Repayment Period

            	
              32

            
	
              7.05

            	 
      	
              Method of Repayment

            	
              32

            
	
              7.06

            	 
      	
              Security

            	
              32

            
	
              7.07

            	 
      	
              Default

            	
              33

            
	
              7.08

            	 
      	
              Termination of Employment

            	
              33

            
	
              7.09

            	 
      	
              Funding of Loans

            	
              33

            

    

    

    
      	ARTICLE 8	DISTRIBUTION OF
      BENEFITS	34

    

    

    
      	
              8.01

            	 
      	
              Time of Distribution

            	
              34

            
	
              8.02

            	 
      	
              Minimum Distributions

            	
              34

            
	
              8.03

            	 
      	
              Latest Commencement of Benefits

            	
              41

            
	
              8.04

            	 
      	
              Method of Payment

            	
              41

            
	
              8.05

            	 
      	
              Payment to Minors or Incompetents

            	
              44

            
	
              8.06

            	 
      	
              Distribution Under Qualified Domestic Relations
      Orders

            	
              44

            
	
              8.07

            	 
      	
              Direct Rollover Provisions

            	
              44

            

    

    

    
      	ARTICLE 9	IN-SERVICE
      WITHDRAWALS	47

    

    

    
      	
              9.01

            	 
      	
              Hardship Withdrawals

            	
              47

            

    

     

     

     

     

    
 

    
      
        
        

      

      
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      	ARTICLE 10	TRUST
      FUND 	50

    

     

    
      	
              10.01

            	 
      	
              Trust Agreement

            	
              50

            
	
              10.02

            	 
      	
              Trustee

            	
              50

            
	
              10.03

            	 
      	
              Separate Funds

            	
              50

            
	
              10.04

            	 
      	
              Investment Managers

            	
              50

            

    

    

    
      	ARTICLE 11	ADMINISTRATION	52

    

    

    
      	
              11.01

            	 
      	
              Plan Administrator

            	
              52

            
	
              11.02

            	 
      	
              Duties and Powers

            	
              52

            
	
              11.03

            	 
      	
              Standard of Conduct

            	
              53

            
	
              11.04

            	 
      	
              Delegation

            	
              53

            
	
              11.05

            	 
      	
              Rules and Decisions

            	
              53

            
	
              11.06

            	 
      	
              Compensation

            	
              54

            
	
              11.07

            	 
      	
              Insurance

            	
              54

            
	
              11.08

            	 
      	
              Change of Plan Administrator

            	
              54

            
	
              11.09

            	 
      	
              Disqualification

            	
              55

            
	
              11.10

            	 
      	
              Rights of Those Administering the Plan

            	
              55

            
	
              11.11

            	 
      	
              Administrative Expenses

            	
              55

            
	
              11.12

            	 
      	
              Non-Discrimination

            	
              56

            
	
              11.13

            	 
      	
              Correction of Errors

            	
              56

            

    

    

    
      	ARTICLE 12	CLAIMS
      PROCEDURE	57

    

    

    
      	
              12.01

            	 
      	
              Claim for Benefits

            	
              57

            
	
              12.02

            	 
      	
              Timing of Notification of Benefit
      Determination

            	
              57

            
	
              12.03

            	 
      	
              Manner and Content of Benefit
    Determinations

            	
              57

            
	
              12.04

            	 
      	
              Appeal of Adverse Benefit Determinations

            	
              58

            
	
              12.05

            	 
      	
              Timing of Notification of Benefit Determination on
      Review

            	
              59

            
	
              12.06

            	 
      	
              Manner and Content of Notification of Benefit Determination
      on Review

            	
              60

            
	
              12.07

            	 
      	
              Failure to Follow Claims Procedures

            	
              61

            

    

    
      
        
        

      

      
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      	ARTICLE 13	AMENDMENT,
      WITHDRAWAL, TERMINATION AND MERGER	62

    

    

    
      	
              13.01

            	 
      	
              Amendment

            	
              62

            
	
              13.02

            	 
      	
              Application of Amendments to Benefits Previously
      Determined

            	
              62

            
	
              13.03

            	 
      	
              Right to Terminate

            	
              63

            
	
              13.04

            	 
      	
              Withdrawal of an Employer

            	
              63

            
	
              13.05

            	 
      	
              Merger, Consolidation or Transfer

            	
              63

            

    

    

    
      	ARTICLE 14	MISCELLANEOUS	65

    

     

    
      	
              14.01

            	 
      	
              Benefits Payable from the Trust Fund

            	
              65

            
	
              14.02

            	 
      	
              Elections

            	
              65

            
	
              14.03

            	 
      	
              No Right to Continued Employment

            	
              65

            
	
              14.04

            	 
      	
              Inalienability of Benefits and Interest

            	
              66

            
	
              14.05

            	 
      	
              Exclusive Benefit

            	
              66

            
	
              14.06

            	 
      	
              Address of Record

            	
              67

            
	
              14.07

            	 
      	
              Headings

            	
              67

            
	
              14.08

            	 
      	
              Use of Masculine/Feminine;
Singular/Plural

            	
              67

            
	
              14.09

            	 
      	
              Payment of Expenses

            	
              68

            
	
              14.10

            	 
      	
              Tax Status of the Plan

            	
              68

            
	
              14.11

            	 
      	
              Governing Law

            	
              68

            
	
              14.12

            	 
      	
              Personal Right

            	
              68

            
	
              14.13

            	 
      	
              Determination of Payee

            	
              68

            
	
              14.14

            	 
      	
              Interpretation

            	
              69

            
	
              14.15

            	 
      	
              USERRA and Code Section 414(u) Compliance

            	
              69

            

    

    

    
      	ARTICLE 15	TOP HEAVY
      PROVISIONS	70

    

    

    
      	
              15.01

            	 
      	
              Definition of Terms Used in This Article
    15

            	
              70

            
	
              15.02

            	 
      	
              Consequences of Top Heavy Status

            	
              72

            

    

     

    
      
        
        

      

      
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    MET-PRO CORPORATION

    RETIREMENT
SAVINGS PLAN

    

    INTRODUCTION

    

    Met-Pro Corporation (the “Company”)
sponsors this Met-Pro Corporation Retirement Savings Plan (the
“Plan”).  The Plan was originally adopted effective January 1, 1999,
and has been previously amended and restated.  This amendment and
restatement is effective January 1, 2007.

    

     

     

     

    
 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    

     

    
      
        
        

      

      
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    ARTICLE
1

    DEFINITIONS

    

    1.01           “Account” means a
Participant’s Before-Tax Contributions Account, Matching Contributions Account,
Rollover Account, Employer Contribution Account, and to the extent applicable,
the Transferred Accounts.

    

    1.02           “Account Balance”
means the entire amount allocated to a Participant’s Accounts in the Trust
Fund.

    

    1.03           “Affiliated Company”
means each trade or business (whether or not incorporated) which together with
the Employer is treated as a controlled group of corporations, as under common
control or as an affiliated service group, within the meaning of Section 414(b),
(c), (m) or (o) of the Code, except that the modification provided for in
Section 415(h) of the Code shall be taken into account where
applicable.

    

    1.04           “Before-Tax
Contributions” means the contributions made on behalf of a Participant by
the Employer pursuant to Section 3.01.

    

    1.05           “Before Tax Contributions
Account” means the account used to record a Participant’s interest in the
Plan attributable to his Before-Tax Contributions.  The Before-Tax
Contribution Account shall include a Participant’s interest in Catch-Up
Contributions.

    

    1.06           “Beneficiary” means
any person or persons last designated by a Participant under Section 2.03 of the
Plan.

    

    1.07           “Board of Directors”
means the Board of Directors of the Company.

    

    1.08           “Break in Service”
means a 12-consecutive-month period in which a Participant fails to complete at
least 500 Hours of Service.  In the case of an Employee who is absent
from work solely for maternity or paternity reasons, the 12-consecutive-month
period beginning on the first 

     

    
      
        
        

      

      
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    anniversary
of the first date of such absence shall not constitute a Break in
Service.  An absence from work for maternity or paternity reasons
means an absence (i) by reason of pregnancy of the individual, (ii) by reason of
the birth of a child of the individual, (iii) by reason of the placement of a
child with the individual in connection with the adoption of such child by such
individual or (iv) for purposes of caring for such child for a period beginning
immediately following such birth or placement.  The service credited
under this paragraph shall be credited (x) in the Plan Year in which the absence
begins if the crediting is necessary to prevent a Break in Service in that
period or (y) in all other situations in the following Plan Year.

    

    1.09           “Catch-Up
Contributions” means those contributions made pursuant to Section 3.01(e)
of the Plan and held in a Participant’s Before-Tax Contribution
Account.

    

    1.10           “Code” means the
Internal Revenue Code of 1986, as amended.

    

    1.11           “Company” means
Met-Pro Corporation and its successors.

    

    1.12           “Compensation” means
all remuneration received by an Employee from the Employer for services
performed for the Employer which are subject to Federal income tax withholding
at the source, excluding disability pay paid under the Employer’s short-term
disability plan.  In addition, Compensation shall include amounts not
currently included in income by reason of the application of Code Sections 125,
132(f)(4) or 402(e)(3), or 403(g)(3).

    

    The annual Compensation of each
Participant taken into account under the Plan for any Plan Year shall not exceed
the Code Section 401(a)(17) limit, as adjusted by the Adjustment
Factor.  Compensation of each Employee that may be taken into account
under the Plan shall not exceed the first $200,000 of an Employee’s Compensation
(as adjusted by the Secretary of the Treasury under Code section
415(d)).

    

    Compensation shall include payments of
regular Compensation received by the Employee in his or her final paycheck(s),
including commissions and/or a payout of unused 

    
      
        
        

      

      
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    vacation,
if such amounts are paid by the later of 21⁄2 months following the Employee’s
severance from employment or the end of the Plan Year.

    

    1.13           “Covered Employee”
means any Employee of the Employer, except: (i) an Employee who is a nonresident
alien (within the meaning of Code § 7701(b)(1)(B)) who receives no earned income
(within the meaning of Code § 911(d)(2)) from the Employer which constitutes
income from sources within the United States (within the meaning of Code §
861(a)(3)); (ii) an Employee who is a member of a collective bargaining unit
covered under a collective bargaining agreement which was the subject of good
faith bargaining between the Employer and a collective bargaining representative
except that the Plan shall include Employees designated as Met-Pro Corporation
Fybroc Union employees; and (iii) any majority owner of the Employer or a family
member of such owner.

    

    1.14           “Disabled” or “Total and Permanent
Disability” or “Disability” means
having a disability which qualifies the Participant for the Employer-sponsored
long-term disability benefits (“LTD benefits”), if any.  A Participant
shall be Disabled only so long as he or she continues to qualify for LTD
benefits.  To be Totally and Permanently Disabled, the disability must
arise while the Participant is employed by an Employer or an
Affiliate.

    

    1.15           “Early Retirement Age”
means for Employees in the Air and Water Technologies Corporation (Flex Kleen
Division) covered under the prior plans applicable to such employees as set
forth in Appendix A, age 55 and 7 Years of Vesting Service.

    

    1.16           “Effective Date” means
January 1, 2007.

    

    1.17           “Employee” means any
person who is paid a common law employee of the Employer but does not include
any individual hired and classified by the Employer as an independent contractor
or subcontractor, or individuals hired for a specified temporary period of time,
or the duration of a special project, with no expectation of long-term
employment (unless and until said individual is specifically notified by the
Employer that he is being reclassified as a regular employee).

    
      
        
        

      

      
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      In
addition, the term “Employee” shall not include a “leased employee” of an
Employer.  A “leased employee” is any person who is not an employee
and who provides services to the Employer (A) under an agreement between the
Employer and the leasing organization, (B) such services have been performed by
the person for the recipient (or for the recipient and related persons as
defined in Code Section 414(n)) on a substantially full time basis for at least
one year, and (C) such services are performed under the primary direction and
control of the Employer.  Notwithstanding, a “leased employee” shall
be treated as an employee of the Employer solely to the extent required under
Code Section 414(n) (but shall in no event be eligible to participate in the
Plan). However, “leased employees” shall not be treated as employees of the
Employer to the extent permitted under Code Section 414(n) if the leased
employees constitute no more than 20% of the Employer’s “non-highly compensated”
work force, and the leasing organization maintains a qualified nonintegrated
money purchase pension plan in which: (a) at least 10% of compensation is
contributed for each participant, (b) participants are immediately fully vested
in all contributions, and (c) each leasing organization employee immediately
participates.

    

    

    1.18           “Employer” means the
Company and each other Affiliated Company that adopts this Plan with the
approval of the Board of Directors and subject to such conditions as the Board
of Directors may impose.

    

    1.19           “Employer
Contributions” means the contributions made on behalf of a Participant by
the Employer pursuant to Section 3.02.

    

    1.20           “Employer Contributions
Account” means the account used to record a Participant’s interest in the
Plan attributable to Employer Contributions.

    

    1.21           “Entry Date” means the
earlier of the first day of the Plan Year, or the first day of the fourth,
seventh or tenth month of the Plan Year coinciding with or next following the
date on which an Employee meets the eligibility requirements.

    

    1.22           “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended.

    
      
        
        

      

      
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    1.23           “Highly Compensated
Employee” means for a particular Plan Year, any Employee who (i) performs
services for the Company and any Affiliated Company during the Plan Year or the
immediately preceding Plan Year and who was, or is, a “5 percent owner” (as
defined in Section 416 of the Code), or (ii) for the preceding Plan Year
received “compensation” (as defined in Section 415 of the Code) from the Company
and any Affiliated Company in excess of $100,000 (as adjusted).

    

    A Highly Compensated Employee includes
any Employee who separated from service (or was deemed to have separated) prior
to the determination year, performed no service for the Employer during the
determination year, and was a highly compensated active employee for either the
separation year or any determination year ending on or after the Employee’s 55th
birthday.

    

    1.24           “Hour of Service”
means, in accordance with Department of Labor Regulation Section 2530.200b-2,
each hour for which an Employee is directly or indirectly paid, or entitled to
be paid by an Employer, regardless of whether employment duties are performed,
and each hour for which back pay, irrespective of mitigation of damages, has
been either awarded or agreed to by an Employer.  These hours shall be
credited to an Employee for the computation period during which his employment
duties were performed, but in the event a payment is made or due for a reason
other than the performance of duties, hours shall be credited for the
computation period during which the absence from work occurred.

    

    1.25           “Investment Fund”
means any of the funds in which a Participant may direct the investment of his
or her Account.  The Plan Administrator shall have complete and
exclusive discretion (i) to designate the type and number of funds and (ii) to
change the type and number of funds.

    

    1.26           “Matching
Contributions” means the contributions made on behalf of a Participant by
the Employer pursuant to Section 3.03.

    

    1.27           “Matching Contributions
Account” means the account used to record a Participant’s interest in the
Plan attributable to his or her Matching Contributions.

     

    
      
        
        

      

      
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    1.28           “Normal Retirement
Age” means the attainment of age 65.

    

    1.29           “Non-Highly Compensated
Employee” means each Covered Employee who is eligible to make Before-Tax
Contributions to the Plan and who is not a Highly Compensated
Employee.

    

    1.30           “Participant” means a
Covered Employee who has met the eligibility requirements of Article 2 or an
Employee and, where applicable, includes a former Employee who has a balance in
his Account.

    

    1.31           “Plan” means this
Met-Pro Corporation Retirement Savings Plan, as amended from time to
time.

    

    1.32           “Plan Administrator”
means the Company.

    

    1.33           “Plan Year” means the
calendar year.

    

    1.34           “Rollover Account”
means the account used to record a Participant’s interest in the Plan
attributable to any Rollover Amount.

    

    1.35           “Rollover Amount”
means a Participant contribution of an eligible rollover distribution from a
qualified plan described in Section 401(a), 403(a), 403(b) or 457(b) of the
Code, excluding a rollover that includes after-tax employee
contributions.  The Plan will accept a Participant rollover
contribution of a distribution from an individual retirement account or annuity
described in Section 408(a) or 408(b) of the Code (“Eligible IRA”) that is
eligible to be rolled over and would otherwise be includible in gross income but
will not accept a rollover contribution from the portion of a distribution from
an Eligible IRA that is eligible to be rolled over and otherwise includible in
gross income.

    

    1.36           “Spouse” means the
person to whom a Participant is legally married (as determined under the laws of
the state in which he was a resident at the time or marriage).

    

    
      
        
        

      

      
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    1.37           “Transferred Account”
means the account used to record a Participant’s interest in the Plan
attributable to amounts described in Appendix A.

    

    1.38           “Trust Agreement”
means the trust agreement between the Company and the Trustee, and any
amendments or supplements thereto or any successor trust agreement or
agreements, under which one or more trusts are established and maintained to
hold all or a portion of the Trust Fund and includes any agreement establishing
a custodian account or annuity contract.

    

    1.39           “Trustee” means the
person or entity appointed under Article 10, or any successor Trustee as named
by the Company, and includes any custodian under a custodian account or any
insurer with respect to an annuity contract.

    

    1.40           “Trust Fund” means all
money or other property transferred by the Employer to the Trustee in accordance
with the Plan and held by the Trustee under the Trust Agreement.

    

    1.41           “Valuation Date” means
each business day for which securities are traded on a nationally recognized
securities market and any other date determined by the Plan
Administrator.

    

    1.42           “Year of Service”
means each Plan Year in which an Employee earns 1,000 or more Hours of
Service.  Solely for purposes of determining eligibility to
participate under Article 2, Year of Service means the 12-month period
commencing on the date of employment, and each anniversary thereafter, during
which the Employee completes 1,000 or more Hours of Service.

     

     

     

     

     

     

    
 

    
      
        
        

      

      
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    ARTICLE
2

    PARTICIPATION

    

    2.01           Eligibility

    

    Each
Covered Employee shall become a Participant on the earlier of (a) or (b)
below.

    

    (a)           Each
Covered Employee shall become a Participant as of the first Entry Date that
coincides with or next follows the later of the date a Covered Employee (i)
attains age 21 or (ii) completes 500 Hours of Service with the Employer
measured only by service performed during each six (6) month period preceding
each Entry Date.

    

    (b)           Each
Covered Employee shall become a Participant as of the first Entry Date that
coincides with or next follows the later of the date a Covered Employee (i)
attains age 21 or (ii) completes a Year of Service with the Employer in the
twelve (12) month period beginning on the Participant’s date of employment and
each anniversary thereafter.

    

    For purposes of this subsection (b),
service earned with the following predecessor organizations will be recognized
for eligibility purposes: (i) the Flex Kleen Division of Met-Pro Corporation;
(ii) Strobic Air Corporation, a subsidiary of Met-Pro Corporation; and (iii)
Pristine Water Solutions, Inc. (with respect to former employees of Pristine
Hydrochemical, Inc.).

    

    2.02           New
Participants

    

    Except as provided in Section 3.01,
each Covered Employee who first becomes a Participant on or after January 1,
2007 shall be automatically enrolled and participate in the Plan as of the Entry
Date following the date the Employee meets the requirements of Section 2.01 in
accordance with Section 3.01.

     

    
      
        
        

      

      
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    2.03           Effect of Break in
Service

    

    Participation in this Plan shall
continue unless and until a Participant incurs a Break in Service.  If
such Participant is re-employed following a Break in Service, he shall resume
participation in the Plan effective as of his date of
re-employment.  If a Participant is rehired after incurring 5 one-year
Breaks in Service, his prior Years of Service shall be counted for purposes of
2.01(b), except for a Participant who first became a Participant on or after
January 1, 2007 and who was 0% vested at the time the Break in Service
commenced.

    

    2.04           Designation of
Beneficiary

    

    (a)           Procedures for
Designating

    

    Each Participant shall have the right
to designate a Beneficiary to receive the interest of such Participant in the
Trust Fund upon the death of the Participant.  A Beneficiary
designation under the Plan must be made in the form prescribed by the Plan
Administrator.  A Beneficiary designation shall be held on file by the
Plan Administrator and shall remain binding until effectively changed by the
Participant in accordance with procedures established by the Plan
Administrator.

    

    A Participant who wishes to designate,
or who previous to marriage has designated, a primary Beneficiary other than his
Spouse, shall furnish to the Plan Administrator the written and notarized
consent of his Spouse.  Unless otherwise specified by law or
regulation, the designation of a non-Spouse Beneficiary shall be ineffective
absent the Spouse’s consent.  Subject to the required Spouse’s
consent, a Participant shall have the right to change or revoke any Beneficiary
designation, at any time and from time to time, by filing a new designation or
notice of revocation with the Plan Administrator.  A Spouse’s consent
applies only to the signatory Spouse and does not bind any future
Spouse.  In the event the Participant remarries, the new Spouse will
be deemed to be the Beneficiary, unless the procedures set forth above to
designate another Beneficiary are followed with respect to the new
Spouse.

     

    
      
        
        

      

      
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    (b)           Death of Participant Prior
to or while Receiving Payments

    

    If a Participant dies while entitled to
receive any payment under the Plan, the payment shall be made to his
Beneficiary.  If a Participant dies without having an effective
designation in effect, or if no designated Beneficiary survives such
Participant, any payments becoming payable under this Plan by reason of his
death shall be paid, in accordance with procedures established by the Plan
Administrator and on direction of the Plan Administrator, to the Participant’s
estate.

    

    (c)           Death of Beneficiary while
Receiving Payments

    

    If a Beneficiary dies at any time when
any amount remains to be paid to him under this Plan, and if the Participant has
not named a successor or contingent Beneficiary, the remaining benefits shall be
paid, in accordance with procedures established by the Plan Administrator and on
the direction of the Plan Administrator, to the Participant’s
estate.

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

     

    
      
        
        

      

      
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    ARTICLE
3

    CONTRIBUTIONS AND
VESTING

    

    3.01           Before-Tax
Contributions

    

    (a)           Automatic Before-Tax
Contributions

    

    For each Covered Employee who first
becomes a Participant on or after January 1, 2007 (excluding rehires), the
Employer shall automatically contribute, on behalf of such Employee beginning
with the first payroll period after such Employee becomes a Participant, four
(4) percent of the Participant’s Compensation as a Before-Tax
Contribution.  The Employer shall provide at least 30 days advance
notification of such automatic contribution to the Employee, and such
notification shall provide the Employee the ability to opt-out of such automatic
contribution or to increase or decrease his Before-Tax Contribution in
accordance with the provisions of Section 3.01(b).

    

    (b)           Amount of Before-Tax
Contributions

    

    For each calendar month, the Employer
shall contribute to the Plan for each Participant (other than a Participant
described in (a) above, an amount equal to the percentage of the Participant’s
Compensation designated by the Participant on the form provided by the Plan
Administrator (“Election Form”) and filed by the Participant with the Plan
Administrator in accordance with its procedures.  For Participants
covered by (a) above who file an Election Form, the Employer shall contribute
such percentage of Compensation as designated on the Election Form which
modifies the automatic Before-Tax Contribution set forth in
3.01(a).  Such percentage may be between one and twenty-five (25)
percent.  Notwithstanding, the Plan Administrator may establish an
administrative limit on the percentage of Before-Tax Contributions that may be
contributed on behalf of a Highly Compensated Employee during any Plan Year as
may be necessary or desirable to ensure compliance with the nondiscrimination
tests applicable to the Plan.

    

    
      
        
        

      

      
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    (c)           Payroll
Deductions

    

    Before-Tax Contributions made on behalf
of Participants shall be collected by the Employer through deductions from the
Participant’s Compensation.  Before-Tax Contributions shall be paid by
the Employer to the Trustee as soon as administratively possible, but in no
event later than the fifteenth (15th) business day of the month following the
month in which the contribution is withheld by the Employer from the employee’s
wages or the amount is received by the Employer.

    

    (d)           Change in or Discontinuance
of Before-Tax Contributions

    

    A Participant may elect to change the
amount of his Before-Tax Contributions, or discontinue or resume Before-Tax
Contributions, in accordance with procedures established by the Plan
Administrator.  The Plan Administrator shall have the right to limit
the number of changes in a Plan Year.

    

    If the Employer at any time prior to
the end of the Plan Year determines that the then current rate of Before-Tax
Contributions for a Participant will violate the limitations described in
Article 4, the Employer may, in its sole discretion and upon notice to each
affected Participant:  (i) unilaterally reduce, on a prospective
basis, the maximum percentage of Compensation with respect to which Before-Tax
Contributions will be made for Participants in the group of Highly Compensated
Employees; and (ii) automatically amend the Election Form of each affected
Participant as of the date specified in such notice, without any further action
on the part of such Participant or the Employer, to the extent necessary to
conform the Election Form to the new limitation determined by the
Employer.  The Employer may at any time, in its sole discretion,
remove or revise any limitation determined by it, in which event and upon
written notice from the Employer to each affected Participant, the Participant’s
Election Form shall be appropriately modified.

     

     

    
      
        
        

      

      
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    (e)           Catch-up
Contributions

    

    Effective January 1, 2002, all
Participants who are eligible to make elective deferrals under this Plan and who
have attained age 50 before the close of the Plan Year shall be eligible to make
Catch-up Contributions in accordance with, and subject to the limitations of,
section 414(v) of the Code.  Such Catch-up Contributions shall not be
taken into account for purposes of the provisions of the Plan implementing the
required limitations of sections 402(g) and 415 of the Code.  The Plan
shall not be treated as failing to satisfy the provisions of the Plan
implementing the requirements of section 401(k)(3), 401(k)(11), 401(k)(12),
410(b), or 416 of the Code, as applicable, by reason of the making of such
Catch-up Contributions.  Matching Contributions will not be made on
account of amounts designated as catch-up contributions, unless required by
applicable law.  Catch-up Contributions shall be held in a
Participant’s Before-Tax Contribution Account.

    

    3.02           Employer
Contributions

    

    (a)           Amount of Employer
Contributions

    

    The Company may, in its sole
discretion, declare Employer Contributions to be made by the Employer on behalf
of actively employed Participants (other than those covered by a collective
bargaining agreement who were hired prior to April 15, 2006 and who continue to
accrue a benefit under the Met-Pro Corporation Hourly Pension Plan) in the
following amounts:

    

    
      	
               
      

            	
              (1)

            	
              two
      percent (2%) of Compensation for Participants under the age of 45 or with
      less than 5 Years of Service;

            

    

    
      	
               
      

            	
              (2)

            	
              three
      percent (3%) of Compensation for Participants 45 years or older with 5 to
      9 Years of Service;

            

    

    
      	
               
      

            	
              (3)

            	
              four
      percent (4%) of Compensation for Participants 45 years of older with 10 of
      more Years of Service.

            

    

    

    
      
        
        

      

      
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    For purposes of this Section 3.02(b)
only, Years of Service shall be determined under Section 3.06 but shall be
modified to exclude Years of Service prior to the date that Credited Service was
earned under the Met-Pro Corporation Hourly or Salaried Pension Plan, as
follows:

    

    
      	
               
      

            	
              (a)  employees
      of Strobic Air Corporation, a subsidiary of Met-Pro Corporation will
      receive service from February 1,
1997;

            

    

    
      	
               
      

            	
              (b)  employees
      of the Flex Kleen division of Met-Pro Corporation will receive service
      from November 1, 1998; and

            

    

    
      	
               
      

            	
              (c)  employees
      of Pristine Water Solutions Inc. (who were former employees of Pristine
      Hydrochemical, Inc.) will receive service from June 1,
    2002.

            

    

    

    Notwithstanding the above, an Employer
Contribution shall not be made under this Section 3.02(a) to any Participant who
retired on an unreduced pension under the terms of the Met-Pro Corporation
Hourly or Salaried Pension Plan prior to the December 31, 2006 freeze date
applicable under such plans and is subsequently rehired by an
Employer.

    

    (b)           Allocation of Employer
Contributions

    

    Employer Contributions shall be
allocated each payroll period to the Employer Contributions Accounts of eligible
Participants who have Compensation paid during the payroll period.

    

    (c)           Additional Employer
Contributions

    

    A Company may, in its sole discretion,
declare additional Employer Contributions to be made by the Employer on behalf
of all Participants.  Such contributions shall be allocated to the
Accounts of eligible Participants who are employed by the Employer on the last
day of the Plan Year based on the proportion that the Compensation of each
Participant during the entire Plan Year bears to the total Compensation of all
Participants.  Employer Contributions shall be paid by the Employer to
the Trustee prior to the last day for filing (with extensions) the Employer’s
federal income tax return for the fiscal year with respect to which Employer
Contributions are made.

    

    
      
        
        

      

      
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    3.03           Matching
Contributions

    

    (a)           Amount of Matching
Contributions

    

    The Company may in its discretion
require the Employer to contribute to the Plan for each Participant, an amount
equal to a percentage of a Participant’s Before-Tax Contributions during each
payroll period of a Plan Year as set forth in subsection (b)
below.  The Company shall determine prior to the beginning of each
Plan Year whether Matching Contributions shall be made for such Plan
Year.  Matching Contributions shall be made in qualifying employer
securities and shall be allocated to each Participant’s Before-Tax Contribution
made during a payroll period and, paid by the Employer to the Trustee as soon as
practicable after the payroll period with respect to which such Matching
Contributions are made.  Matching contributions will not be made on
Before-Tax Contributions withdrawn prior to the end of the payroll contribution
period.

    

    Subject to the requirements of the U.S.
Securities and Exchange Commission (SEC), a Participant is permitted to
diversify Matching Contributions made in Employer securities by directing the
investment of such amounts into other Plan Investment Funds in accordance with
Article 5.

    

    (b)           Matching
Contributions, if any, shall equal fifty percent (50%) of each Participant’s
Before-Tax Contribution for a payroll period, up to a maximum of four percent
(4%) of the Participant’s Compensation for such payroll period.

    

    3.04           Allocation of Matching
Contributions

    

    Matching Contributions made pursuant to
Section 3.04 will be allocated to the Matching Contributions Account of the
Participant on whose behalf they are made each payroll period.

     

    
      
        
        

      

      
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    3.05           Rollover
Amount

     

    The Plan Administrator, in its sole
discretion, may permit a Covered Employee to contribute a Rollover Amount to the
Trust, in accordance with procedures established by the Plan
Administrator.  Any Rollover Amount will be credited to a Rollover
Account established for the Participant.

     

    3.06           Vesting of
Account

     

    A Participant shall at all times be
100% vested in his Before-Tax Contributions, Catch-Up Contributions and Rollover
Amounts and in his Transferred Accounts.  The interest of a
Participant in the remainder of his Account shall become nonforfeitable in the
following manner:

    
       

      
        	Years of
      Service	Vesting
      Percentage
	Less Than
3	0
	Three or
    more	100

      

       

    

    Notwithstanding the above vesting
schedule, any Participant hired prior to January 1, 2007 shall become vested in
accordance with the applicable vesting schedule in effect under the Plan on the
Participants’ initial date of participation until such Participant has attained
three (3) Years of Service, at which time the Participant shall become 100%
vested.  In addition, the non-vested portion of the Account shall
become nonforfeitable upon attainment of Early Retirement Age (Flex Kleen
Division only), Normal Retirement Age, death or retirement due to
Disability.

    

    Years of Service for applicable
employees earned with the following employers will be recognized for vesting
purposes: (i) the Flex Kleen Division of Met-Pro Corporation; (ii) Strobic Air
Corporation, a subsidiary of Met-Pro Corporation; and (iii) former employees of
Pristine Hydrochemical, Inc. (current Pristine Water Solutions,
Inc.).

    

    3.07           Forfeitures

     

    (a)           If
a Participant terminates employment and the vested portion of his Account (as
determined under Plan Article IX) is paid to him in a lump sum distribution
pursuant

    
      
        
        

      

      
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     to
Article VIII, the nonvested portion shall be forfeited on the day on which the
distribution occurred.  If a Participant terminates employment with no
vested interest in the Plan, he shall be deemed to have received a cash-out
distribution of his entire Plan benefit.

     

     

    (b)           If
a Participant receives a distribution which is less than the value of the
Participant’s Account and is reemployed by an Employer prior to incurring five
consecutive Breaks in Service, the portion of such Account forfeited pursuant to
subsections (a) will be restored if the Participant repays to the Plan the full
amount of the distribution.  Such repayment must be made prior to the
fifth anniversary of the first date on which the Participant is subsequently
reemployed by the Employer.

    

    (c)           If
a Participant does not receive a distribution of the vested portion of his
Account pursuant to Article VIII, the vested portion of his Account shall
continue to be maintained and adjusted until such portion is distributed under
the applicable provisions of the Plan.  The portion of his or her
Account which is not vested will be forfeited as soon as practicable after the
day on which the Participant incurs five consecutive one-year Breaks in
Service.

    

    (d)           If
a Participant incurs five consecutive Breaks in Service, or if subsection (b) is
applicable to the Participant but he or she fails to make the repayment
described in such subsection, he or she shall permanently forfeit the portion of
his or her Account which was not vested.  Any Years of Service earned
prior to the five consecutive Breaks in Service will continue to be counted
toward vesting in contributions made after reemployment, unless the Participant
was 0% vested in his or her Account at the time the consecutive Break in Service
period began and first became a Participant on or after January 1,
2007.

    

    (e)           Any
forfeitures arising as a result of this Section 3.07 shall be applied in the
following manner:

    

    
      	
               
      

            	
              (1)

            	
              First
      forfeitures shall be used to restore returning Participant’s Accounts in
      accordance with the rules described in this
  Section;

            

    

     

    
      
        
        

      

      
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              (2)

            	
              Next,
      if the Company elects, forfeitures will be used to pay reasonable costs of
      administering the Plan; and

            

    

    

    
      	
               
      

            	
              (3)

            	
              Then,
      forfeitures will be used to reduce Employer Contributions and Matching
      Contributions under the Plan for the Plan Year in which the forfeitures
      arise, and remaining forfeitures shall be used to reduce such
      contributions or for the next succeeding Plan
  Year.

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    

     

    
      
        
        

      

      
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    ARTICLE
4

    LIMITATIONS ON
CONTRIBUTIONS

    

    4.01           Maximum Amount of Before-Tax
Contributions

    

    (a)           Elective Deferral
Limit

    

    A Participant’s Before-Tax
Contributions for a calendar year when considering this Plan and all other
plans, contracts or arrangements of the Employer and any Affiliated Company may
not in the aggregate exceed the limitation in effect for such calendar year
under Code Section 402(g)(1), except to the permitted under Code Section 414(v),
if applicable.

    

    (b)           Mandatory Distribution of
Excess Deferrals

    

    If, for a calendar year, a
Participant’s Before-Tax Contributions exceed the limit in Section 4.01(a)
above, such excess deferrals and income allocable thereto will be distributed to
the Participant on or before April 15 of the following calendar
year.  The income allocable to the excess deferrals will be determined
in accordance with this Section.

    

    The income allocable to excess
deferrals for a calendar year is equal to allocable gain or loss for the
calendar year, which is determined by multiplying the net income (or loss) for
the calendar year allocable to Before-Tax Contributions by a fraction, the
numerator of which is the excess deferrals by the Employee for the taxable year,
and the denominator of which is the sum of (i) the Account Balance of the
Employee attributable to Before-Tax Contributions as of the beginning of the
calendar year and (ii) the Employee’s Before-Tax Contributions for the calendar
year.

    

    4.02           Deductibility

    

    The aggregate contributions made to the
Plan shall not be in excess of the maximum amount allowable as a deduction for
federal income tax purposes under Section 404 of the Code.

     

    
      
        
        

      

      
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    4.03           Limitation on Annual
Additions

    

    (a)           Amount of
Limitation

    

    Notwithstanding any other provision of
this Plan, the total “annual additions” (as defined under Code Section 415 and
regulations thereunder) to the Account of any Participant under this Plan and
any other defined contribution plan or plans maintained by the Employer or any
Affiliated Company for any Plan Year shall not exceed the lesser of (i) 100
percent of the Participant’s “compensation” (as defined in Code Section
415(c)(3), which shall include any elective deferral, as defined in Code Section
402(g)(3), or any amount which is contributed or deferred by the Employer at the
election of the Employee and which is not includible in the Employee’s gross
income by reason of Code Sections 125, 132(f)(4) or 457) for any Plan Year or
(ii) $40,000 (as adjusted for increases in the cost-of-living under Code Section
415(d)).

    

    (b)           Elimination of Excess
Amount

    

    In the event that the limit in Section
4.03(a) above is exceeded with respect to any Participant for the Plan Year due
to an erroneous estimation of compensation or an allocation of forfeitures, the
excess amount shall be held in a suspense account and applied to reduce future
Employer Contributions or Matching Contributions for Participants whose
allocation resulted in such excess amount.  To the extent any excess
amount remains unallocated upon a Participant’s termination of service, such
excess amount shall be reallocated among other eligible
Participants.  Effective for Plan Years beginning on and after July 1,
2007, the Plan shall apply any correction methodology permitted under Treasury
Regulations issued under Code Section 415 and guidance issued
thereunder.

     

     

     

     

    
      
        
        

      

      
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    4.04           Actual Deferral Percentage
Test

    

    (a)           Definition of Actual
Deferral Percentage

    

    “Actual Deferral
Percentage” means the average of the percentages (calculated separately
for each Covered Employee who is eligible to make Before-Tax Contributions to
the Plan) determined by dividing (i) by (ii) where (i) is the total of the
Before-Tax Contributions made for the Plan Year on behalf of each such Covered
Employee and (ii) is such Covered Employee’s Compensation paid by the Employer
for such Plan Year.

    

    If the Plan and any other plan that
includes a cash or deferred arrangement are considered as one plan for purposes
of Sections 401(a)(4) or 410(b), the cash or deferred arrangements in such plans
shall be treated as one plan for purposes of calculating the Actual Deferral
Percentage.

    

    If any Highly Compensated Employee who
is a Participant in this Plan also participates in any other cash or deferred
arrangement of the Employer with the same Plan Year, for purposes of determining
the Actual Deferral Percentage for such Employee, all such cash or deferred
arrangements shall be treated as one cash or deferred arrangement.  If
the Employer’s cash or deferred arrangements have different Plan Years, the
aggregation rules of the Treasury Regulation under Code Section 401(k) shall
apply.

    

    (b)           Maximum Deferral
Percentage

    

    For any Plan Year, the Actual Deferral
Percentage for the group of Highly Compensated Employees for the Plan Year may
not exceed the greater of:  (i) 125 percent of the Actual Deferral
Percentage of the group of Non-Highly Compensated Employees for the Plan Year or
(ii) 200 percent of the Actual Deferral Percentage for the group of Non-Highly
Compensated Employees for the Plan Year; provided, however, that the Actual
Deferral Percentage for the group of Highly Compensated Employees for the Plan
Year may not exceed the Actual Deferral Percentage for the group of Non-Highly
Compensated Employees by more than two percentage points.

     

    
      
        
        

      

      
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    This Actual Deferral Percentage test
will be performed using the Prior Year testing method in accordance with Code
Section 401(k)(3) and Treasury Regulation Section 1.401(k)-2.

    

    (c)           Correction of Actual
Deferral Percentage Test

    

    If the Actual Deferral Percentage test
is projected or determined to be failed for any Plan Year, the Plan
Administrator shall correct such failure no later than 12 months after the end
of the Plan Year.  The Plan Administrator may correct any such failure
by using any one or combination of correction procedures described in (1) and
(2) of this Section 4.04(c).  The decision to use one or more
correction procedures shall be made in the sole discretion of the Plan
Administrator.

    

    (1)           Distribution of Excess
Contributions

    

    The Plan Administrator may correct a
failure of the Actual Deferral Percentage test for a Plan Year by distributing
excess contributions and income allocated thereto to Highly Compensated
Employee.  In the event that there exists an excess deferral
percentage, then the amount of such excess shall be eliminated by a leveling
process under which the Actual Deferral Percentage of the Highly Compensated
Employee with the highest actual deferral ratio is reduced to the extent
required to cause such Highly Compensated Employee’s Actual Deferral Percentage
to equal the Actual Deferral Percentage of the Highly Compensated Employee with
the next highest Actual Deferral Percentage.  This process shall be
repeated until the excess deferral percentage is completely
eliminated.  Once the dollar amount of the excess contributions has
been determined, it must be allocated to the appropriate highly compensated
employees.  The Plan reduces excess contributions to be distributed by
excess deferrals previously distributed in accordance with Treasury Regulation
Section 1.401(k)-1(f)(5)(i).  In order to make this allocation, the
following steps are to be taken:

    

    (A)           The
elective contributions of the Highly Compensated Employee with the highest
dollar amount of elective contributions are reduced by the amount required to

     

    
      
        
        

      

      
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    cause
that Highly Compensated Employee’s elective contributions to equal the dollar
amount of the elective contributions of the Highly Compensated Employee with the
next highest dollar amount of elective contributions.  This amount is
then distributed to the Highly Compensated Employee with the highest dollar
amount.  However, if a lesser reduction would equal the total excess
contributions, the lesser reduction amount is distributed.

    

    (B)           If
the total amount distributed is less than the total excess contributions, step
(A) is repeated.

    

    (2)           Qualified Matching
Contributions and Qualified Nonelective Contributions

    

    The Plan Administrator may correct a
failure of the Actual Deferral Percentage test for a Plan Year by (i)
designating some or all of the Matching Contributions for the Plan Year, if any,
as qualified matching contributions and/or (ii) designating some or all of the
Employer Contributions for the Plan Year, if any, as qualified nonelective
contributions.  Qualified matching contributions (QMAC) and qualified
nonelective contributions (QNEC) are immediately vested without regard to a
Participant’s age and service and are to be distributed only under the
distribution rules applicable for Before-Tax Contributions.  The QMAC
and QNEC are treated as elective contributions only if the conditions described
in applicable Treasury Regulations are satisfied.

    

    If the Company elects that the Employer
make a Qualified Nonelective Contribution for a Plan Year, such contribution
will be allocated to the Account of each Participant.  At the
discretion of the Company, such allocation shall be made to Participants that
are employed on the last day of the Plan Year in the ratio that the Compensation
of each such Participant for the Plan Year bears to the total Compensation of
all such Participants for the Plan Year

     

     

     

     

     

    
      
        
        

      

      
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    4.05           Actual Contribution
Percentage Test

    

    (a)           Definition of Actual
Contribution Percentage

    

    “Actual Contribution
Percentage” means the average of the percentages (calculated separately
for each Covered Employee who is eligible to make Before-Tax Contributions to
the Plan determined by dividing (i) by (ii) where (i) is the total of the
Matching Contributions made for the Plan Year on behalf of each such Covered
Employee and (ii) is such Covered Employee’s Compensation paid by the Employer
for such Plan Year.

    

    At the election of the Plan
Administrator, the Actual Contribution Percentage shall be calculated after
taking into account any Before-Tax Contributions made on behalf of a Covered
Employee for the Plan Year; provided, however that:  (i) Before-Tax
Contributions, including those treated as Matching Contributions pursuant to
this paragraph, do not exceed the maximum deferral percentage; (ii) Before-Tax
Contributions, excluding those treated as Matching Contributions pursuant to
this paragraph, do not exceed the maximum deferral percentage; and (iii) except
as provided in (i) above, the Before-Tax Contributions treated as Matching
Contributions pursuant to this paragraph are not taken into account in
determining whether Before-Tax Contributions exceed the maximum deferral
percentage for the Plan Year.

    

    (b)           Maximum Contribution
Percentage

    

    For any Plan Year, the Actual
Contribution Percentage for the group of Highly Compensated Employees for the
Plan Year may not exceed the greater of:  (i) 1.25 percent of the
Actual Contribution Percentage for the group of Non-Highly Compensated Employees
for the Plan Year or (ii) 200 percent of the Actual Contribution Percentage for
the group of Non-Highly Compensated Employees for the Plan Year; provided,
however, that the Actual Contribution Percentage for the group of Highly
Compensated Employees for the Plan Year may not exceed the Actual Contribution
Percentage for the group of Non-Highly Compensated Employees for the Plan Year
by more than two percentage points.

     

    
      
        
        

      

      
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    This Actual Contribution Percentage
test will be performed using the Prior Year testing method in accordance with
Code Section 401(m) and Treasury Regulation Section 1.401(m)-2.

    

    (c)           Elimination of the Excess
Aggregate Contributions

    

    If the Actual Contribution Percentage
for the group of Highly Compensated Employees exceeds the maximum contribution
percentage described above for a particular Plan Year, the amount of such excess
aggregate contributions shall be eliminated in the same manner as described in
Section 4.04(c) above.

    

    (d)           Determination of Income
Allocable to Excess Contributions and Excess Aggregate
Contributions

    

    The income allocable to excess
contributions and aggregate contributions for a calendar year is equal to
allocable gain or loss for the calendar year which is determined by multiplying
the net income (or loss) for the calendar year allocable to the Before-Tax
Contributions or Matching Contributions, as applicable, by a fraction, the
numerator of which is the excess aggregate contributions for the taxable year,
and the denominator of which is the sum of (i) the Account Balance of the
Employee attributable to such contributions as of the end of the Plan Year,
without regard to any income or loss during such Plan Year.  Income
shall also be determined under any reasonable method provided for under the Code
for the “gap period” (i.e., the period between the end of the Plan Year and the
date of distribution), only as and to the extent and for such Plan Years that
gap period income is required to be included under the Code.

     

     

     

     

     

     

    
      
        
        

      

      
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    ARTICLE
5

    INVESTMENT OF
ACCOUNTS

    

    5.01           Investment
Elections

    

    A Participant’s Accounts (other than
Matching Contribution Account) shall be invested at the direction of the
Participant in one or more of the Investment Funds.  Each Participant
shall by following the appropriate election procedures the percentage of his or
her Account to be invested in each of the Investment Funds in accordance with
rules established by the Plan Administrator.  In the event that a
Participant does not make such a designation, the Participant shall be deemed to
have elected such default Investment Fund as the Plan Administrator may
designate from time to time.  Such elections shall remain in effect
and apply to all subsequent Plan contributions and earnings until the election
is changed as provided below.  Participants shall be entitled to
diversity Matching Contributions made in employer securities by following the
Plan Administrator’s procedures for changing investment elections after the
Matching Contribution in employer securities are contributed to the
Participant’s account.

    

    In the event that a Participant is
automatically enrolled into the Plan in accordance with the provisions of
Section 2.02 and 3.01(a), unless the Participant makes an affirmative investment
election, the Plan Administrator shall invest the Participant’s Before-Tax
Contributions and Employer Contributions in a safe harbor default investment
option consistent with regulations promulgated by the United States Department
of Labor and shall comply with the requirements of such
regulations.  Matching Contributions shall be invested in employer
securities unless the Participant elects to diversify such
investment.

    

    A Participant may elect to change his
investment elections by following the appropriate election change procedures
established by the Plan Administrator.

     

    
 

    
      
        
        

      

      
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    5.02           Responsibility for
Investment Elections

    

    The selection of investment choices
among the Investment Funds shall be the sole responsibility of each
Participant.  The fact that an Investment Fund is available to
Participants for investment under the Plan shall not be construed as a
recommendation for the investment in any particular Investment Fund, nor shall
the establishment of any Investment Fund impose any liability on any Employer,
its directors, officers or employees, the Trustee, or the Plan
Administrator.

    

    Each Participant assumes all risk
connected with any decrease in the market value of any Plan assets held by the
Trustee.  Neither the Trustee, the Plan Administrator, the Company,
nor any Employer in any way guarantees the Trust Fund against loss, depreciation
or the payment of any amount which may be or become due to any person from the
Trust Fund, nor shall the Trustee, the Plan Administrator, the Company or any
Employer incur any liability therefor except to the extent required by
ERISA.

    

    5.03           Limitations on
Investments

    

    Notwithstanding anything contained in
this Plan or in the Trust Agreement, no investment shall be selected, nor shall
any investment in any fund be permitted if such selection or investment would
constitute a prohibited transaction within the meaning of Section 4975 of the
Code or if it would violate any provision of the Trust Agreement or other
agreement entered into by an Employer or Trustee with respect to the
Plan.

    

    5.04           Interim
Investments

    

    If immediate investment in the proper
Investment Fund or immediate payment from the Plan, as the case may be, is not
possible, Participant’s Accounts may be (i) held by the Trustee uninvested
without obligation to credit interest thereon, (ii) invested by the Trustee
temporarily in demand or short-term notes, United States treasury bills, other
short-term government obligations and/or commercial paper or (iii) invested by
the Trustee principally in securities and other property of the kind set forth
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    investment
of funds of plans which are qualified under Code Section 401(a) and exempt under
Code Section 501(a).

    

    5.05           Limitation on
Duties

    

    To the extent provided under Section
404(c) of ERISA, the Company, the Plan Administrator, the Trustee, the Employer,
and any other person or entity (other than each Participant with respect to his
individual Accounts) shall be relieved of any fiduciary duty or responsibility
with respect to investment of Participants’ Accounts hereunder.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
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    ARTICLE
6

    VALUATION OF
ACCOUNTS

    

    6.01           Valuation of Investment
Funds

    

    The Trustee shall determine separately,
as of each Valuation Date, the value of each of the Investment
Funds.  The method of determining the value of the assets in each
investment fund other than a custodial account shall be that method adopted by
the Trustee in the valuation of its other trust accounts.  The
valuation submitted to the Plan Administrator shall be relied upon conclusively,
and the Plan Administrator shall not be subject to any liability with regard to
such valuation.  The values so submitted to the Plan Administrator
shall be used for all purposes under this Plan.

    

    6.02           Valuation of Participants’
Accounts

    

    As of each Valuation Date, the value of
a Participant’s Accounts is determined to be the total of the value of each
portion of such Participant’s Accounts in each Investment Fund as of the
preceding Valuation Date adjusted as follows:  (i) transfers by the
Participant from another Investment Fund since the preceding Valuation Date will
be added and transfers by the Participant to another Investment Fund since the
preceding Valuation Date will be deducted; (ii) withdrawals or distributions
from such Accounts since the preceding Valuation Date will be deducted; (iii)
any gains or losses of the Investment Funds in which such Accounts are invested
and proper expenses of the Plan paid from the Trust Fund in accordance with
Section 10.13 will be allocated in proportion to the balance in such
Participants’ Accounts; and (iv) Before-Tax Contributions, Employer
Contributions, Catch-Up Contributions, Matching Contributions, Rollover
Contributions and any other applicable contributions permitted under the Plan
will be allocated to the appropriate Plan Account(s).

     

     

     

    
 

    
      
        
        

      

      
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    ARTICLE
7

    LOANS

    

    7.01           Authority to Make
Loans

    

    The Plan Administrator may make loans
from the Trust to Participants who are active Employees and who will be able to
repay the loan through payroll deduction.  Loans are available from a
Participant’s Before-Tax Contribution Account, Rollover Account and Transferred
Accounts.  Any request for a loan must be made in accordance with
procedures established by the Plan Administrator.  Loans will be
approved by the Plan Administrator in a uniform and non-discriminatory manner in
accordance with the criteria set forth in this Article 7, the Code and
ERISA.  Loans must be available to all borrowers on a reasonably
equivalent basis.  Thus, in granting loans, the Plan Administrator may
only consider factors that would be considered by a commercial lender in a
normal commercial setting.  The minimum amount of any loan shall be
$1,000, and only one loan may be outstanding at any
time.  Notwithstanding the Plan Administrator shall permit loan
refinancing in accordance with uniform procedures.

    

    7.02           Maximum Principal
Amount

    

    The principal amount of any loan, plus
the total outstanding balance of all previous loans to the Participant from the
Plan and any other qualified plan maintained by the Employer or an Affiliated
Company, cannot be greater than the lesser of:  (i) $50,000, reduced
by the excess (if any) of the highest outstanding balance of loans from the Plan
during the one-year period ending on the date the loan is made, over the
outstanding balance of loans from the Plan on the date on which the loan is
made; (ii) 50 percent of the present value of the Participant’s Account; or
(iii) the value of the Participant’s Before-Tax Contribution Account, Rollover
Account and Transferred Accounts.

     

     

     

     

     

    
      
        
        

      

      
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    7.03           Interest
Rate

    

    The Plan Administrator will use a rate
comparable to the rate currently charged by institutional lenders in the area of
the Employer’s principle place of business.  The rate of interest
throughout the life of the loan will be the rate set on the date the loan is
approved and processed by the Plan Administrator.

    

    7.04           Repayment
Period

    

    In no event will the repayment period
extend beyond five years, except in the case of a loan used to acquire the
principal residence of the Participant, in which case a reasonable repayment
period determined by the Plan Administrator and uniformly applied shall apply to
such loans.

    

    7.05           Method of
Repayment

    

    Loans shall be required to be paid in
substantially equal payments consisting of principal and
interest.  Unless otherwise specified by the Plan Administrator,
repayment of loans shall be made by regular payroll deduction.  Loan
repayments may be suspended for a period of leave of absence for up to one year
or as permitted under Code Section 414(u) in compliance with the Uniformed
Services Employment and Reemployment Rights Act of 1994 in accordance with
procedures established by the Plan Administrator.  In no event will
such suspension cause the repayment period to extend beyond the repayment limits
established by the Plan or imposed by applicable law.

    

    7.06           Security

    

    Plan loans shall be secured by the
Participant’s Account.  If for any reason, payroll deduction is not
available or is insufficient to cover any required payment, the Participant
shall be required to make the payment, which shall be equal to all or any
portion of the installment due which is not covered by the payroll deduction, by
check or money order payable to the Trustee, within 30 days of the due date of
the installment.  Notwithstanding, this Section 7.06 shall not
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    construed
to permit continuing payments by check or money order following the
Participant’s termination of employment.

    

    7.07           Default

    

    If a Participant shall fail to make any
installment payment on the loan within 60 days after the due date, the Plan
Administrator shall have the discretion to accelerate repayment of the loan and
demand immediate repayment of the principal and interest on the
loan.  If a Participant fails to comply with such demand within 30
days of receipt thereof, the Plan Administrator shall have the discretion to
reduce the Participant’s Account by the amount of the unpaid principal and
interest to the extent permitted by law.  The Plan Administrator also
may execute on any additional security posted by such Participant to the extent
permitted by law.

    

    In the event of default, the
outstanding balance of a loan shall be considered a “deemed distribution” and
shall be taxable to the Participant.  Interest shall continue to
accrue until the balance is offset from the Participant’s Account at the later
of age 591⁄2 or termination of employment.

    

    7.08           Termination of
Employment

    

    The outstanding balance of any loan
granted to a Participant who terminates employment with the Employer for any
reason shall be immediately repayable to the Plan together with interest then
due.  If not repaid, the outstanding balance of the loan plus interest
will be deducted from the Participant’s Account at termination of employment
prior to distribution.

    

    7.09           Funding of
Loans

    

    Loans will be made from the Before-Tax
Contributions Account, Rollover Account or Transferred Accounts.  The
amount of the loan shall be deducted pro rata from each Investment Fund in which
the Participant’s Account is invested.

    

     

    
      
        
        

      

      
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    ARTICLE
8

    DISTRIBUTION OF
BENEFITS

    

    8.01           Time of
Distribution

    

    (a)           Upon
a Participant’s severance from employment, or in the event of the Participant’s
attainment of Normal Retirement Age, death or retirement due to Disability, the
Participant shall be entitled to a distribution of the Participant’s Account
Balance as soon as may be administratively possible after receipt of the
Participant’s application for benefits on a form provided by the Plan
Administrator and filed in accordance with procedures established by the Plan
Administrator.

    

    A Participant will not be considered to
have severed employment under this Plan unless the Participant severs employment
with the Employer and all Affiliated Companies.

    

    (b)           A
Participant’s Before-Tax Contributions, Qualified Nonelective Contributions,
Qualified Matching Contributions, Catch-Up Contributions and earnings
attributable to these contributions shall be subject to the other provisions of
the Plan regarding distributions.

    

    8.02           Minimum
Distributions

    

    The provisions of this Section 8.02
will apply for purposes of determining required minimum distributions for
calendar years beginning on and after January 1, 2002.

    

    (a)           With
respect to a Participant who attains age 701⁄2 while actively employed by the
Employer, distribution must commence as follows:

    (1)           For
a Participant who is a “5-percent owner” (as defined in Section 416(i)(1)(B)(i)
of the Code), not later than April 1 of the calendar year following the

     

    
      
        
        

      

      
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    calendar
year in which the 5-percent owner attains age 701⁄2, regardless of whether or not
the Participant has retired;

    (2)           For
a Participant who is not a 5-percent owner or for a terminated Participant, not
later than April 1 of the calendar year following the calendar year in which the
later of retirement or attainment of age 701⁄2 occurs.

    (b)           Precedence.  The
requirements of this Section 8.02 will take precedence over any inconsistent
provisions of the Plan.

    (c)           Requirements of Treasury
Regulations Incorporated.  All distributions required under
this subsection will be determined and made in accordance with the Treasury
regulations under Section 401(a)(9) of the Internal Revenue Code.

    (d)           TEFRA Section 242(b)(2)
Elections.  Notwithstanding the other provisions of this
Section 8.02, distributions may be made under a designation made before January
1, 1984, in accordance with section 242(b)(2) of the Tax Equity and Fiscal
Responsibility Act (TEFRA) and the provisions of the plan that relate to section
242(b)(2) of TEFRA.

    (e)           Required Beginning
Date.  The Participant’s entire interest will be distributed,
or begin to be distributed, to the Participant no later than the Participant’s
required beginning date.

    (f)           Death of Participant Before
Distributions Begin.  If the Participant dies before
distributions begin, the Participant’s entire interest will be distributed, or
begin to be distributed, no later than as follows:

    (i)           If
the Participant’s surviving spouse is the Participant’s sole designated
beneficiary, then, distributions to the surviving spouse will begin by December
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    the
calendar year immediately following the calendar year in which the Participant
died, or by December 31 of the calendar year in which the Participant would have
attained age 701⁄2, if later.

    (ii)           If
the Participant’s surviving spouse is not the Participant’s sole designated
beneficiary, then, distributions to the designated beneficiary will begin by
December 31 of the calendar year immediately following the calendar year in
which the Participant died.

    (iii)           If
there is no designated beneficiary as of September 30 of the year following the
year of the Participant’s death, the Participant’s entire interest will be
distributed by December 31 of the calendar year containing the fifth anniversary
of the Participant’s death.

    (iv)           If
the Participant’s surviving spouse is the Participant’s sole designated
beneficiary and the surviving spouse dies after the Participant but before
distributions to the surviving spouse begin, this subsection (f), other than
subsection (f)(i), will apply as if the surviving spouse were the
Participant.

    For purposes of this subsection (f) and
for purposes of required minimum distributions made after a Participant’s death
(subsections (j) and (k) below), unless subsection (f)(iv) applies,
distributions are considered to begin on the Participant’s required beginning
date.  If subsection (f)(iv) applies, distributions are considered to
begin on the date distributions are required to begin to the surviving spouse
under subsection (f)(i).  If distributions under an annuity purchased
from an insurance company irrevocably commence to the Participant before the
Participant’s required beginning date (or to the Participant’s surviving spouse
before the date distributions are required to begin to the surviving spouse
under section subsection (f)(i)), the date distributions are considered to begin
is the date distributions actually commence.

    
      
        
        

      

      
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    (g)           Forms of
Distribution.  Unless the Participant’s interest is distributed
in the form of an annuity purchased from an insurance company or in a single sum
on or before the required beginning date, as of the first distribution calendar
year distributions will be made in accordance with subsections (h) (i) (j) and
(k) of this Section 8.02.  If the Participant’s interest is
distributed in the form of an annuity purchased from an insurance company,
distributions thereunder will be made in accordance with the requirements of
Section 401(a)(9) of the Code and the Treasury regulations.

    (h)           Amount of Required Minimum
Distribution For Each Distribution Calendar Year.  During the
Participant’s lifetime, the minimum amount that will be distributed for each
distribution calendar year is the lesser of:

    (i)           The
quotient obtained by dividing the Participant’s account balance by the
distribution period in the Uniform Lifetime Table set forth in Section
1.401(a)(9)-9 of the Treasury regulations, using the Participant’s age as of the
Participant’s birthday in the distribution calendar year; or

    (ii)           If
the Participant’s sole designated beneficiary for the distribution calendar year
is the Participant’s spouse, the quotient obtained by dividing the Participant’s
account balance by the number in the Joint and Last Survivor Table set forth in
Section 1.401(a)(9)-9 of the Treasury regulations, using the Participant’s and
spouse’s attained ages as of the Participant’s and spouse’s birthdays in the
distribution calendar year.

    (i)           Lifetime Required Minimum
Distributions Continue Through Year of Participant’s
Death.  Required minimum distributions will be determined under
subsections (h) and (i) beginning with the first distribution calendar year and
up to and including the distribution calendar year that includes the
Participant’s date of death.

    
      
        
        

      

      
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    (j)           Death On or After Date
Distributions Begin.

    (i)           Participant
Survived by Designated Beneficiary.  If the Participant dies on or
after the date distributions begin and there is a designated beneficiary, the
minimum amount that will be distributed for each distribution calendar year
after the year of the Participant’s death is the quotient obtained by dividing
the Participant’s account balance by the longer of the remaining life expectancy
of the Participant or the remaining life expectancy of the Participant’s
designated beneficiary, determined as follows:

    (A)           The
Participant’s remaining life expectancy is calculated using the age of the
Participant in the year of death, reduced by one for each subsequent
year.

    (B)           If
the Participant’s surviving spouse is the Participant’s sole designated
beneficiary, the remaining life expectancy of the surviving spouse is calculated
for each distribution calendar year after the year of the Participant’s death
using the surviving spouse’s age as of the spouse’s birthday in that
year.  For distribution calendar years after the year of the surviving
spouse’s death, the remaining life expectancy of the surviving spouse is
calculated using the age of the surviving spouse as of the spouse’s birthday in
the calendar year of the spouse’s death, reduced by one for each subsequent
calendar year.

    (C)           If
the Participant’s surviving spouse is not the Participant’s sole designated
beneficiary, the designated beneficiary’s remaining life expectancy is
calculated using the age of the beneficiary in the year following the year of
the Participant’s death, reduced by one for each subsequent year.

    (D)           No Designated
Beneficiary.  If the Participant dies on or after the date
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    the
year after the year of the Participant’s death, the minimum amount that will be
distributed for each distribution calendar year after the year of the
Participant’s death is the quotient obtained by dividing the Participant’s
account balance by the Participant’s remaining life expectancy calculated using
the age of the Participant in the year of death, reduced by one for each
subsequent year.

    (k)           Death Before Date
Distributions Begin.

    (i)           Participant Survived by
Designated Beneficiary.  If the Participant dies before the
date distributions begin and there is a designated beneficiary, the minimum
amount that will be distributed for each distribution calendar year after the
year of the Participant’s death is the quotient obtained by dividing the
Participant’s account balance by the remaining life expectancy of the
Participant’s designated beneficiary, determined as provided in subsection
(j).

    (ii)           No Designated
Beneficiary.  If the Participant dies before the date
distributions begin and there is no designated beneficiary as of September 30 of
the year following the year of the Participant’s death, distribution of the
Participant’s entire interest will be completed by December 31 of the calendar
year containing the fifth anniversary of the Participant’s death.

    (iii)           Death of Surviving Spouse
Before Distributions to Surviving Spouse Are Required to
Begin.  If the Participant dies before the date distributions
begin, the Participant’s surviving spouse is the Participant’s sole designated
beneficiary, and the surviving spouse dies before distributions are required to
begin to the surviving spouse under section (f)(i), this subsection (k) will
apply as if the surviving spouse were the Participant.

    
      
        
        

      

      
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    (l)           Designated
Beneficiary.  The individual who is designated as the
beneficiary under Section 2.04 of the Plan and is the designated beneficiary
under Section 401(a)(9) of the Internal Revenue Code and Section 1.401(a)(9)-1,
Q&A-4, of the Treasury regulations.

    (m)           Distribution Calendar
Year.  A calendar year for which a minimum distribution is
required.  For distributions beginning before the Participant’s death,
the first distribution calendar year is the calendar year immediately preceding
the calendar year which contains the Participant’s required beginning
date.  For distributions beginning after the Participant’s death, the
first distribution calendar year is the calendar year in which distributions are
required to begin under subsection (f).  The required minimum
distribution for the Participant’s first distribution calendar year will be made
on or before the Participant’s required beginning date.  The required
minimum distribution for other distribution calendar years, including the
required minimum distribution for the distribution calendar year in which the
Participant’s required beginning date occurs, will be made on or before December
31 of that distribution calendar year.

    (n)           Life
Expectancy.  Life expectancy as computed by use of the Single
Life Table in Section 1.401(a)(9)-9 of the Treasury regulations.

    (o)           Participant’s Account
Balance.  The Account Balance as of the last valuation date in
the calendar year immediately preceding the distribution calendar year
(valuation calendar year) increased by the amount of any contributions made and
allocated or forfeitures allocated to the Account Balance as of dates in the
valuation calendar year after the valuation date and decreased by distributions
made in the valuation calendar year after the valuation date.  The
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    rolled
over or transferred to the plan either in the valuation calendar year or in the
distribution calendar year if distributed or transferred in the valuation
calendar year.

    (p)           Required Beginning
Date.  The date specified in subsection (a) of this Section
8.02.

    (q)           The
above Section 8.02 applies for purposes of determining required minimum
distributions for distribution calendar years beginning with the 2003 calendar
year.

    

    8.03           Latest Commencement of
Benefits

    

    Notwithstanding any other provision of
this Plan, unless a Participant elects otherwise, distribution of a
Participant’s Account must commence no later than 60 days after the close of the
Plan Year in which occurs the later of (i) the date the Participant attains age
65, (ii) the tenth anniversary of the year in which the Participant commenced
participating in the Plan or (iii) the date on which the Participant terminates
employment.

    

    8.04           Method of
Payment

    

    (a)           Lump Sum

    

    A Participant’s Account Balance may be
paid in a lump sum payment.

    

    (b)           Installment
Payments

    

    A Participant’s Account Balance may be
paid in installment payments.  Installment payments need not be equal
or substantially equal until such time as the individual reaches his or her
Required Beginning Date.  Installment payments which are intended to
be equal or substantially equal can be made monthly, quarterly, semi-annually or
annually based on any period not extending beyond the joint and survivor life
expectancy of the Participant and his or her Beneficiary.

    

    
      
        
        

      

      
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      When
determining installment payments in satisfying the minimum distribution
requirements under the Plan, and life expectancy is being recalculated, both the
Participant’s and Spouse’s life expectancy shall be
recalculated.

    

    

    Notwithstanding any other provision of
the Plan, effective for distributions made on or after January 1, 2007, the
annuity form of payment available under the Plan as in effect prior to such date
is not available to Employees of the Flex Kleen Division of the
Employer.

    

    (c)           Death
Benefits

    

    If a married Participant dies before
the commencement of benefits under this Plan, then unless the Participant elects
otherwise, the entire amount of the Participant’s Account will be paid the to
the Participant’s spousal beneficiary in the form of a single lump sum payment
of cash or property.  If an unmarried Participant dies before the
commencement of benefits under this Plan and has selected a Beneficiary, the
entire amount of the Participant’s Account will be paid to the Participant’s
Beneficiary in the form of a single lump sum payment of cash or
property.  If an unmarried Participant dies before the commencement of
benefits under this Plan without selecting a Beneficiary, the entire amount of
the Participant’s account will be paid in a lump-sum payment of cash or property
to the Beneficiary determined under Section 2.04 of this Plan.

    

    A married Participant may elect to have
the death benefits described in paragraph (a) paid to a named Beneficiary which
is not the Participant’s spouse.  Such election must be made in
writing, the Participant’s spouse must consent in writing, and such consent must
be witnessed by a notary public.

    

    If the Participant dies after
commencing benefits but prior to the distribution of his entire interest under
the Plan, the remaining portion of such interest will be distributed to the
beneficiary determined under Section 2.04 at least as rapidly as under the
method of distribution being used as of the date of death, as and to the extent
required under Code Section 401(a)(9) and regulations thereunder.

    

    
      
        
        

      

      
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    (d)           Cashout

    

    (1)           General
Rule

    

    Notwithstanding any other provision of
the Plan and subject to (2) and (3) below, if a Participant’s vested Account
Balance does not exceed $5,000 upon the Participant’s termination of employment,
the Participant’s Account Balance shall be paid to the Participant, without the
Participant’s consent or election, in a single sum payment as soon as
administratively practicable.

    

    (2)           Automatic Rollover
Provisions

    

    In the event of a mandatory
distribution that is greater than $1,000 in accordance with the provisions of
the Plan, if the Participant does not elect to have such distribution paid
directly to an Eligible Retirement Plan specified by the Participant in a Direct
Rollover or to receive the distribution directly in accordance with this Article
8, then the Plan Administrator will pay the distribution in a Direct Rollover to
an individual retirement account designated by the Plan
Administrator.

    

    (3)           Rollovers disregarded in
determining value of account balance for involuntary
distributions.

    

    Solely for purposes of section
8.04(c)(1) of the Plan, the value of a Participant’s nonforfeitable Account
Balance shall be determined without regard to that portion of the Account
Balance that is attributable to Rollover Contributions (and earnings allocable
thereto) within the meaning of sections 402(c), 403(a)(4), 403(b)(8),
408(d)(3)(A)(ii), and 457(e)(16) of the Code.

     

    
      
        
        

      

      
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    8.05           Payment to Minors or
Incompetents

    

    If any payment due under the terms of
the Plan is to be made to a minor or incompetent person, such payment may be
made to or for the benefit of such minor or incompetent person in full
satisfaction thereof in any of the following ways as the Plan Administrator
shall determine without responsibility to follow application of amounts so
paid:  (i) directly to such minor or incompetent person if permitted
by law, (ii) to the legally appointed guardian of such minor or incompetent
person or (iii) to any person or institution maintaining such minor or
incompetent person to be used for the benefit of the minor or incompetent
person.  Any such payment shall constitute a full discharge of the
Plan, the Employer, the Plan Administrator and the Trustee with respect
thereto.

    

    8.06           Distributions Under
Qualified Domestic Relations Orders

    

    Nothing contained in this Plan prevents
the Trustee, in accordance with the direction of the Plan Administrator, from
complying with the provisions of a qualified domestic relations order as defined
in Code Section 414(p) (“QDRO”).  This Plan specifically permits
distribution to an alternate payee under such a QDRO at any time, irrespective
of whether the Participant has attained his earliest retirement age (as defined
in Code Section 414(p)) under the Plan if the QDRO so
provides.  Nothing in this Section 8.06 gives a Participant a right to
receive distribution at a time otherwise not permitted under the Plan, nor does
it permit the alternate payee to receive a form of payment not otherwise
permitted under the Plan.

    

    8.07           Direct Rollover
Provisions

    

    (a)           Definition of Terms Used in
This Section 8.07

    

    The following words or phrases as used
herein shall have the following meanings, unless a different meaning clearly is
required by the context.  Otherwise, capitalized terms used in this
Section 8.07 have the meanings assigned them in Article I.

     

    
      
        
        

      

      
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    (1)           “Distributee” means a
Participant or former Participant, the Participant’s or former Participant’s
surviving spouse, and the Participant’s or former Participant’s spouse or former
spouse who is the alternate payee under a qualified domestic relations order, as
defined in Code Section 414(p), are Distributees with regard to the interest of
the spouse or former spouse.

    

    (2)           “Eligible Retirement
Plan” is: (i) an individual retirement account described in Code Section
408(a); (ii) an individual retirement annuity described in Code Section 408(b);
(iii) an annuity plan described in Code Section 403(a); (iv) an annuity contract
described in Code Section 403(b); (v) a qualified trust described in Code
Section 401(a); (vi) or an eligible plan under Code Section 457(b) which is
maintained by a state, political subdivision of a state, or any agency or
instrumentality of a state or political subdivision of a state and which agrees
to separately account for amounts transferred into such plan from this
Plan.  The definition of Eligible Retirement Plan shall also apply in
the case of a distribution to a surviving spouse, or to a spouse or former
spouse who is the alternate payee under a qualified domestic relations order, as
defined in Code Section 414(p).

    

    (3)           “Eligible Rollover
Distribution” is any distribution of all or any portion of the balance to
the credit of the Distributee, except that an Eligible Rollover Distribution
does not include:  any distribution that is one of a series of
substantially equal periodic payments (not less frequently than annually) made
for the life (or life expectancy) of the Distributee or the joint lives (or
joint life expectancies) of the Distributee and the Distributee’s Beneficiary,
or for a specific period of ten years or more; any distribution to the extent
such distribution is required under Code Section 401(a)(9); returns of
Before-Tax Contributions as a result of Code Section 415 limitations; corrective
distributions of excess deferrals and excess contributions (as defined in
Treasury Regulation Sections 1.402(g)-1(e)(3) and 1.401(k)-(f)(4), respectively,
together with any income allocable to these corrective distributions; loans
treated as distributions under Code Section 72(p); loans in default that are
deemed distributions; any amount that is distributed on account of hardship
including a hardship distribution made under Section 9.01.

     

    
      
        
        

      

      
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    Effective
January 1, 2002, an Eligible Rollover Distribution includes the portion of a
distribution not includible in gross income, but only to the extent the
requirements of Code Section 402(c)(2)(A) or (B) are met, as such sections may
be amended from time to time.

    

    (b)           Distributee’s
Election

    

    A Distributee may elect to have all or
a designated portion of an Eligible Rollover Distribution paid by the Trustee
directly to an Eligible Retirement Plan in a trustee-to-trustee rollover in lieu
of receiving a lump sum payment from the Plan.  In order for the
direct rollover option to apply, the election must be made in accordance with
procedures established by the Plan Administrator or its delegate, the Eligible
Retirement Plan must be clearly specified, and the specified plan must be
willing to accept the rollover.

    

    (c)           Waiver of 30-Day Notice
Requirement

    

    A distribution from the Plan may
commence less than 30 days after the notice required under Treasury Regulation
Section 1.411(a)-11(c) is given, provided that:  (i) the notice
informs the Participant of the right to a period of at least 30 days after
receiving the notice to consider the decision of whether to elect a lump sum or
a direct rollover; and (ii) the Participant, after receiving the notice,
affirmatively elects a distribution, which will constitute a waiver of the
30-day period.

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
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    ARTICLE
9

    IN-SERVICE
WITHDRAWALS

    

    9.01           (a)           Hardship
Withdrawals

    

    (1)           Procedures and Funds
Available

    

    Upon application of a Participant in
accordance with procedures established by the Plan Administrator, in the event
of hardship, a Participant may request a distribution of the vested portion of
his Account Balance which is attributed to Before-Tax Contributions (excluding
earnings) unless grandfathered under a prior version of the Plan, Catch-Up
Contributions (excluding earnings), Rollover Contributions, and Transferred
Accounts, plus their earnings.

    

    A distribution is made on account of
hardship only if the distribution is both on account of an immediate and heavy
financial need of the Participant and is necessary to satisfy the financial
need.

    

    (2)           Events that Constitute
Immediate and Heavy Financial Need

    

    The
following are the only financial needs considered immediate and
heavy:  (i) expenses for medical
care (described in Section 213(d) of the Code) previously incurred by the
Participant, the Participant’s Spouse, or any dependent of the Participant (as
defined in Code Section 152) or amounts necessary for these persons to obtain
such medical care; (ii) costs directly related to the purchase of a principal
residence for the Participant (excluding mortgage payments); (iii) payment of
tuition, related educational fees and room and board expenses for the next 12
months of post-secondary education for the Participant, the Participant’s
Spouse, children or dependents (as defined in Code Section 152); (iv) payments
necessary to prevent the eviction of the Participant from, or a foreclosure on
the mortgage of, the Participant’s principal residence; (v) effective January 1,
2007, funeral or burial expenses for the Participant’s deceased parent, spouse,
child or dependents (as defined in Treasury Regulation
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    (vi)
any other financial need considered immediate and heavy under IRS regulations,
rulings, notices or other documents of general applicability.

    

    (3)           Circumstances That
Illustrate a Lack of Alternative Resources

    

    A
distribution will be considered as necessary to satisfy an immediate and heavy
financial need of the Participant only if:  (i) the Participant has
obtained all distributions, other than hardship distributions, and all
nontaxable loans currently available under all plans maintained by the Employer;
(ii) the distribution is not in excess of the amount of the immediate and heavy
financial need (including amounts necessary to pay any federal, state or local
income taxes or penalties reasonably anticipated to result from the
distribution); and (iii) the Participant is prohibited, under the terms of the
Plan or an otherwise legally enforceable agreement, from making elective
contributions and employee contributions to the Plan and all other plans
maintained by the Employer for at least 6 months after receipt of the hardship
distribution.

    

    For
this purpose the phrase “all other plans maintained by the Employer” means all
qualified and non-qualified plans of deferred compensation maintained by the
Employer.  The phrase includes a stock option, stock purchase, or
similar plan, or a cash or deferred arrangement that is part of a cafeteria plan
within the meaning of Section 125.  However, it does not include the
mandatory employee contribution portion of a defined benefit plan.  It
also does not include a health or welfare benefit plan, including one that is
part of a cafeteria plan within the meaning of Code Section 125.

    

    (b)           Withdrawals After Age
591⁄2

    

    (1)           Procedures and Funds
Available

    

    In accordance with procedures
established by the Plan Administrator, a Participant who has attained age 591⁄2
may elect to withdraw all or a portion of his vested Account at any time for any
reason.

     

    
      
        
        

      

      
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    (2)           Funding of
Withdrawals

    

    In
the event a withdrawal is less than the total amount credited to a Participant’s
Account, and if such Account is invested under more than one Investment Fund,
then the amount withdrawn from such Account shall be charged to each Investment
Fund (other than any Investment Fund that holds Employer securities) in the same
proportion that the net credit balance in the Account then the subject of
withdrawal bears to the combined credit balance in all his Investment Funds in
which such Account is invested.

    

    (c)           Limit on In-Service
Distributions

    

    A Participant shall be permitted to
make in-service distributions under (a) and (b) above in a Plan Year in
accordance with rules and limitations established by the Plan
Administrator.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    

    
      
        
        

      

      
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    ARTICLE
10

    TRUST
FUND

    

    10.01         Trust
Agreement

    

    The Company shall enter into a Trust
Agreement (or more than one Trust Agreement) pursuant to which the Trustee
thereunder shall receive contributions made under the Plan, invest and reinvest
such contributions and distribute the Trust Fund all in accordance with the
provisions of the Plan and Trust Agreement.  In lieu of a Trust
Agreement, the Company may enter into an agreement to establish one or more
custodian accounts or annuity contracts provided such accounts or contracts
qualify as a “qualified trust” within the meaning of Section 501 of the
Code.

    

    10.02         Trustee

    

    Any Trustee under a Trust Agreement
will be a trustee appointed by the Board of Directors.  The removal or
resignation of a Trustee shall occur pursuant to the terms of the applicable
Trust Agreement.

    

    10.03         Separate
Funds

    

    At the direction of the Plan
Administrator, the Trustee will maintain separate types of Investment Funds
within the Trust Fund providing a broad range of investment
alternatives.  Earnings or gains derived from the assets of any
Investment Fund will be reinvested in that Fund.  All assets in each
of the Investment Funds shall be held in the name of the Trustee or its
nominee.  Appropriate separate accounts for each Investment Fund shall
be established and maintained by the Trustee.

    

    10.04         Investment
Managers

    

    The Company, upon advice of the Plan
Administrator, may enter into a written agreement with or direct the Trustee to
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    managers”
(as defined in ERISA Section 3(38)) to manage the investments of the Investment
Funds.  Such investment managers may include one or more legal reserve
life insurance companies that enter into group annuity contracts with the
Trustee.  The Company may, from time to time, remove any such
investment manager or any successor Investment Manager, or direct the Trustee to
do so, and any such investment manager may resign.  The Company may,
upon removal or resignation of an investment manager, provide for the
appointment of a successor investment manager.

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
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    ARTICLE
11

    ADMINISTRATION

    

    11.01         Plan
Administrator

    

    The general administration of the Plan
and the responsibility for carrying out the provisions of the Plan shall be
placed in the Company, unless delegated to a committee determined and selected
by the Board of Directors, in which case the committee shall be the “Plan
Administrator”.

    

    11.02         Duties and
Powers

    

    The Plan Administrator, or its
delegate, shall maintain and keep such records as are necessary for the
efficient operation of the Plan or as may be required by applicable law,
regulation or ruling and shall provide for the preparation and filing of such
forms or reports as may be required to be filed with any governmental agency or
department and with the Participants and/or other persons entitled to benefits
under the Plan.  The Plan Administrator shall have all powers
necessary to carry out the provisions of the Plan and to satisfy the
requirements of any applicable law.

    

    These powers and discretionary
authority shall include by way of illustration and not limitation, the power
to:  (i) construe and interpret the Plan and determine any questions
of fact arising under the Plan, including all questions of eligibility for and
the determination of the amount, time, and manner of payment of any benefits
hereunder; the Plan Administrator’s construction hereof and any actions and
decisions taken thereon in good faith shall be final and conclusive; (ii)
correct any defect, resolve any ambiguity, supply any omission or reconcile any
inconsistency herein in such manner and to such extent as shall be deemed
expedient by the Plan Administrator in its sole discretion to carry the Plan
into effect; (iii) prescribe procedures to be followed by Participants and/or
other persons in filing applications or elections; (iv) prepare and distribute,
in such manner as may be required by law or the Plan Administrator deems
appropriate, information explaining the Plan; (v) require from the Employer and
Participants such information as shall be necessary for the proper
administration of the Plan; and (vi) appoint and retain individuals to
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    in
the administration of the Plan, including such legal, clerical, accounting and
actuarial services as it may require or as may be required by any applicable law
or laws.

    

    11.03         Standard of
Conduct

    

    The Plan Administrator and its
delegates shall discharge their duties with respect to the Plan solely in the
interest of the Participants and other persons entitled to benefits under the
Plan and shall do so with the care, skill, prudence and diligence under the
circumstances then prevailing that a prudent man acting in a like capacity and
familiar with such matters would use in the conduct of an enterprise of like
character and with like aims.  The Plan Administrator shall at all
times act in accordance with the terms and conditions of the Plan, any
applicable law, and any authoritative rules, regulations or judicial decisions
which govern the operation and administration of the Plan.

    

    11.04         Delegation

    

    The Plan Administrator may appoint such
individuals, entities or committees with such powers as it shall determine and
may authorize one or more of them or an agent to execute and/or deliver any
instrument or make any payment on its behalf with respect to the
Plan.  Where appropriate, any reference in this Plan to the Plan
Administrator shall refer to a properly authorized delegate of the Plan
Administrator with regard to matters within the responsibility of such
delegate.  The Plan Administrator may by written notice of appointment
delivered to any person or persons, corporate or individual, who accept the
same, delegate or allocate any fiduciary responsibility (other than that of
named fiduciary) to one or more person or persons, corporate or individual, any
or all of whom may serve in more than one fiduciary capacity.

    

    11.05         Rules and
Decisions

    

    The Plan Administrator shall endeavor
to act by general rules so as not to discriminate in favor of any person and may
from time to time adopt such rules and regulations for the administration of the
Plan and the transaction of its business as the Plan Administrator shall
determine to be necessary to fulfill its duties and obligations or as may be
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    to
the provisions of this Plan relating to the appeal procedure described in
Section 11.04, the decisions and records of the Plan Administrator shall be
conclusive and binding upon the Employer, the Participants and all other persons
having an interest under the Plan.

    

    11.06         Compensation

    

    The Plan Administrator and each
delegate shall serve without compensation from the Plan but shall be reimbursed
by the Employer for any expenses incurred in the performance of its duties
hereunder.

    

    11.07         Insurance

    

    The Employer shall indemnify or provide
and maintain appropriate insurance coverage for the Plan Administrator, its
delegates and appointees (others than persons who are independent of the
Employer and are rendering services to the Plan for a fee) to protect the same
from any and all claims, losses, damages, liabilities, costs and expenses
arising by reason of their action or failure to act in connection with the
performance of their duties, responsibilities and obligations under the Plan,
and under ERISA or other applicable law, excepting any willful misconduct or
gross negligence.  Notwithstanding the foregoing, indemnification
shall not extend to any persons or entities, or apply in respect of any action
or failure to act, if such indemnification would give rise to a claim of
subrogation against the Employer.

    

    11.08         Change of Plan
Administrator

    

    If at any time, the Company determines,
by action of the Board of Directors, that a person, committee or entity other
than the Company should be the Plan Administrator, such other person, committee
or entity shall become the Plan Administrator automatically, and all references
in the Plan to Plan Administrator shall mean such other person, committee or
entity.  Any previous Plan Administrator would be protected by
indemnification or insurance under Section 10.07 in respect of any action or
failure to act by such former Plan Administrator during the time that he was the
Plan Administrator.

     

    
      
        
        

      

      
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    11.09         Disqualification

    

    Neither the Plan Administrator nor any
delegate shall participate in the consideration of any matter or question under
the Plan which specifically relates to him or them or any other persons entitled
to benefit payments because of such Plan Administrator’s or delegate’s
participation under the Plan.

    

    11.10         Rights of Those
Administering the Plan

    

    To the extent permitted by law, the
members of the Board of Directors and the members of any committee or any person
to whom it may delegate any duty or power in connection with administering the
Plan, the Employer, and its officers and employees shall be entitled to rely
conclusively upon, and shall be fully protected in any action taken or suffered
by them in good faith in the reliance upon any actuary, counsel, accountant,
other specialist or other person selected as provided herein or in reliance upon
any tables, valuations, certificates, opinions or reports which shall be
furnished by any of them or by the Trustee.  Further, to the extent
permitted by law, no member of the Board of Directors or member of any such
committee, nor the Employer, nor the officers nor employees shall be liable for
any neglect, omission or wrongdoing of the Trustee nor any other member of the
Board of Directors or any other member of any such committee.

    

    11.11         Administrative
Expenses

    

    All reasonable expenses incurred prior
to termination of the Plan that shall arise in connection with the
administration of the Plan, including but not limited to the compensation of the
Trustee, taxes, administrative expenses and other proper charges and
disbursements of the Trustee and compensation and other expenses and charges of
any counsel, accountant, actuary, specialist or other person who shall be
employed in connection with the administration thereof, may be paid by and
charged to the Trust Fund to the extent not paid by the Employer.

     

    
      
        
        

      

      
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    11.12         Non-Discrimination

    

    Any discretionary actions to be taken
under the Plan by the Plan Administrator, each delegate and the Employer shall
be uniform and non-discriminatory in nature and applicable to all persons
similarly situated.

    

    11.13         Correction of
Errors

    

    Notwithstanding anything to the
contrary contained in the Plan, the Plan Administrator is expressly empowered to
correct any errors made in calculating the amount of a Participant’s Account
Balance or the determination and allocation of Before-Tax Contributions,
Employer Contributions and Matching Contributions and/or gains and losses with
respect to a particular Plan Year or Plan Years.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    

    
      
        
        

      

      
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    ARTICLE
12

    CLAIMS
PROCEDURE

    

    12.01         Claim for
Benefits

    

    Any claim for benefits under the Plan
shall be filed in writing with the Plan Administrator.

    

    12.02         Timing of Notification of
Benefit Determination

    

    The
Plan Administrator (or Committee, if appointed) shall notify the claimant of an
adverse benefit determination within a reasonable period of time, but not later
than 90 days after receipt of the claim by the Plan, unless it determines that
special circumstances require an extension of time for processing the
claim.  If the Plan Administrator (or Committee, if applicable)
determines that an extension of time for processing is required, written notice
of the extension shall be furnished to the claimant within the initial 90-day
period.  In no event shall such extension exceed a period of 90 days
from the end of such initial period.  The extension notice shall
indicate the special circumstances requiring an extension of time and the date
by which the Plan expects to render the benefit determination.

    

    12.03         Manner and Content of
Benefit Determinations

    

    The
Plan Administrator (or Committee, if applicable) shall provide a claimant with
written or electronic notification of any adverse benefit
determination.  Any electronic notification shall comply with the
standards imposed by 29 CFR 2520-104b-1(c)(1)(i), (iii) and (iv).  The
notification shall set forth, in a manner calculated to be understood by the
claimant:

    

    (i)            
The specific reason or reasons for the adverse determination.

    

    (ii)           
Reference to the specific Plan provisions on which the determination is
based.

    

    
      
        
        

      

      
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      (iii)          
A description of any additional material or information necessary for the
claimant to perfect the claim and an explanation of why such material or
information is necessary.

    

    

    (iv)          
A description of the Plan’s review procedures and the time limits applicable to
such procedures, including a statement of the claimant’s right to bring a civil
action under section 502(a) of the Act following an adverse benefit
determination on review.

    

    12.04         Appeal of Adverse Benefit
Determination

    

    In
order to provide a claimant with the opportunity for a full and fair review of a
claim and adverse benefit determination:

    

    (i)            
A claimant has at least 60 days following receipt of a notification of an
adverse benefit determination within which to appeal the
determination.

    

    (ii)           
A claimant may submit written comments, documents, records and other information
relating to the claim for benefits

    

    (iii)          
A claimant shall be provided, upon request and free of charge, reasonable access
to, and copies of, all documents, records and other information relevant to the
claimant’s claim for benefits.  A document, record or other
information shall be considered “relevant” to a claimant’s claim if such
document, record or other information:

     

    (A)          was
relied upon in making the benefit determination;

     

    (B)          was
submitted, considered or generated in the course of making the benefit
determination, without regard to whether such document or record was relied upon
in making the benefit determination; or

    
      
        
        

      

      
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    (C)          demonstrates
compliance with the administrative processes and safeguards required by the
Department of Labor’s regulations in making the benefit
determination.

    

    (iv)          
The review will take into account all comments, documents, records and other
information submitted by the claimant relating to the claim, without regard to
whether such information was submitted or considered in the initial benefit
determination.

    

    12.05         Timing of Notification of
Benefit Determination on Review

    

    The
Plan Administrator (or Committee, as applicable) shall notify a claimant of the
Plan’s benefit determination on review within a reasonable period of time, but
not later than 60 days after receipt of the claimant’s request for review by the
Plan, unless it determines that special circumstances (such as the need to hold
a hearing) require an extension of time for processing the claim.  If
an extension of time for processing is required, written notice of the extension
shall be furnished to the claimant prior to the termination of the initial
60-day period.  In no event shall such extension exceed a period of 60
days from the end of the initial period.  The extension notice shall
indicate the special circumstances requiring an extension of time and the date
by which the Plan expects to render the determination on review.

    

    When
the Committee is making the determination on review, if it holds regularly
scheduled meetings at least quarterly, the paragraph above shall not apply, and
the Committee shall instead make a benefit determination no later than the date
of the meeting of the Committee that immediately follows the Plan’s receipt of a
request for review, unless the request for review is filed within 30 days
preceding the date of such meeting.  In such case, a benefit
determination may be made by no later than the date of the second meeting
following the Plan’s receipt of the request for review.  If special
circumstances require a further extension of time for processing, a benefit
determination shall be rendered not later than the third meeting of the
Committee following the Plan’s receipt of the request for review.  If
such an extension of time for review is required because of special
circumstances, the Committee shall provide the claimant with written notice of
the extension, describing the special circumstances and the date as of which the
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    determination
will be made, prior to the commencement of the extension.  The
Committee shall notify the claimant of the benefit determination as soon as
possible, but not later than 5 days after the benefit determination is
made.

    

    The
period of time within which a benefit determination on review is required to be
made shall begin at the time an appeal is filed in accordance with the Plan
procedures, without regard to whether all the information necessary to make a
benefit determination on review accompanies the filing.  In the event
that a period of time is extended due to a claimant’s failure to submit
information necessary to decide a claim, the period for making the benefit
determination on review shall be tolled from the date on which the notification
of the extension is sent to the claimant until the date on which the claimant
responds to the request for additional information.

    

    12.06         Manner and Content of
Notification of Benefit Determination on Review

    

    The
Plan Administrator (or Committee as applicable) shall provide a claimant with
written or electronic notification of a plan’s benefit determination on
review.  Any electronic notification shall comply with the standards
imposed by 29 CFR 2520.104b-1(c)(1)(i) , (iii), and (iv).  In the case
of an adverse benefit determination, the notification shall set forth, in a
manner calculated to be understood by the claimant:

    

    (i)           
 The specific reason or reasons for the adverse determination.

    

    (ii)           
Reference to the specific Plan provisions on which the benefit determination is
based.

    

    (iii)         
 A statement that the claimant is entitled to receive, upon request and
free of charge, reasonable access to, and copies of, all documents, records, and
other information relevant to the claimant’s claim for benefits.

     

    
      
        
        

      

      
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    (iv)          
A statement describing any voluntary appeal procedures offered by the Plan and
the claimant’s right to obtain the information about such procedures described
in paragraph (c)(3)(iv) of this section, and a statement of the claimant’s right
to bring an action under section 502(a) of ERISA.

    

    In
the case of an adverse benefit determination on review, the Plan Administrator
(or Committee, as applicable) shall provide such access to, and copies of,
documents, records, and other information described above, as
appropriate.

    

    12.07         Failure to Follow Claims
Procedures

    

    In
the case of the failure of the Plan to follow the claims procedures, the
claimant shall be deemed to have exhausted the administrative remedies under the
Plan and shall be entitled to pursue any available remedies under section 502(a)
of ERISA.

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
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    ARTICLE
13

    AMENDMENT, WITHDRAWAL,
TERMINATION AND MERGER

    

    13.01         Amendment

    

    The Company reserves the right at any
time and from time to time, and retroactively if deemed necessary or appropriate
and not otherwise prohibited by applicable law, to modify or amend in whole or
in part, any or all of the provisions of the Plan by action of the Board of
Directors or any other duly authorized delegate of the Board of Directors, no
such modification or amendment shall make it possible, however, for any part of
the corpus or income of the Trust Fund (other than such part as is required to
pay taxes or administrative expenses) to be used for, or diverted to, purposes
other than for the exclusive benefit of Participants and Beneficiaries (except
as otherwise provided in the Plan), and that no modification or amendment shall
be made which has the effect of reducing the Participant’s vested interest in
his Accrued Benefit below the vested percentage thereof computed under the Plan
as in effect on the later of the date on which the amendment is adopted or
becomes effective.

    

    Notwithstanding the foregoing,
modifications or amendments to the Plan may be made by the Company by action of
the Board of Directors or any other authorized delegate of the Board of
Directors as required to obtain or maintain qualification of the Plan and Trust
Fund under Sections 401(a), 401(k) and 501(a) of the Code.

    

    13.02         Application of Amendments to
Benefits Previously Determined

    

    All benefits payable under the Plan to
or on behalf of a Participant shall be determined in accordance with the
provisions of the Plan as in effect on the date of such Participant’s
termination of employment unless expressly provided otherwise in the Plan,
unless such benefits are specifically referred to in or interpreted by the Plan
Administrator as included by, subsequent amendments or unless applicable law
requires otherwise.

     

    
      
        
        

      

      
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    13.03         Right to
Terminate

    

    While the Company intends to continue
the Plan indefinitely, it assumes no contractual obligation as to its
continuance, and the Company, by action of the Board of Directors or any other
authorized delegate of the Board of Directors, may terminate the Plan in whole
or in part as to any group of Participants or as to any Employer or cause
Employer contributions to be discontinued at any time.  If there is a
permanent discontinuance of Employer contributions, or if the Plan is terminated
partially and it is judicially determined or the Internal Revenue Service
determines that a partial termination within the meaning of the Code has
occurred, or if there is a complete termination of the Plan in its entirety,
Participants affected by the discontinuance of contributions or partial or
complete termination shall be fully vested in their Accrued Benefits to the date
of such discontinuance or termination.  Except as required by law, the
Employer shall have no liability to make any further contributions to the Plan
following termination or discontinuance and Participants shall rely solely upon
the assets in the Trust Fund for payment of any benefits due under the
Plan.

    

    13.04         Withdrawal of an
Employer

    

    If an Employer shall cease to be a
participating Employer in the Plan, the Plan Administrator shall then direct the
Trustee either to retain or distribute the Accounts of the Participants of the
withdrawing Employer as of the date of such withdrawal on the same basis as if
the Plan had been terminated pursuant to Section 12.04, or to deposit in a trust
established by the withdrawing Employer pursuant to a plan substantially similar
to the Plan, assets equal in value to the assets of the Trust Fund allocable to
the Accounts of Participants of the withdrawing Employer.

    

    13.05         Merger, Consolidation or
Transfer

    

    No merger or consolidation with, or
transfer of assets or liabilities to, any other plan will be permitted unless
each Participant shall be entitled to receive a benefit immediately after the
merger, consolidation or transfer (determined as if the Plan then terminated)
which is equal to or greater than the benefit he would have been entitled to
receive immediately before the merger, consolidation or transfer (determined as
if the Plan had then terminated).  Similarly, in the event
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    any
merger or consolidation with or transfer of assets or liabilities from any other
plan to the Plan, each Participant in the other plan who becomes a Participant
in the Plan shall be entitled to receive a benefit under the Plan immediately
after the merger, consolidation or transfer (determined as if the Plan had then
terminated) which is equal to or greater than the benefit he would have been
entitled to receive immediately before the merger, consolidation or transfer
(determined as if the other plan had then terminated).

    

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    

    
      
        
        

      

      
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    ARTICLE
14

    MISCELLANEOUS

    

    14.01         Benefits Payable from the
Trust Fund

    

    The Trust Fund shall be the sole source
of benefits under the Plan, and each Participant and Beneficiary or any other
person who shall claim the right to any payment or benefit under the Plan shall
be entitled to look only to the Trust Fund for payment of
benefits.  Except as may be otherwise provided by ERISA or other
applicable law, the Employer shall have no liability to make or continue from
its own funds the payment of any benefit under the Plan.

    

    14.02         Elections

    

    Elections hereunder shall be made in
writing or electronically, as determined by the Plan Administrator or its
delegate, by the completion and delivery to the Plan Administrator or its
delegate of such written or electronic forms prescribed by the Plan
Administrator for such purposes, within the limits set forth hereunder with
respect to each such election, or, if no time limit is set forth, such limit as
may be established by the Plan Administrator.

    

    14.03         No Right to Continued
Employment

    

    Neither the establishment of the Plan,
the payment of any benefits thereunder nor any action of any Employer, the Board
of Directors, the Plan Administrator or the Trustee shall be held or construed
to confer upon any person any legal right to be continued in the employ of any
Employer.  The Plan shall not be deemed to constitute a contract
between the Employer and any Employee or other person whether or not in the
employ of the Employer, nor shall anything contained in the Plan be deemed to
give any Employee or other person whether or not in the employ of the Employer,
any right to interfere with the right of the Employer to discharge any Employee
at any time and to treat him without regard to the effect which such treatment
might have upon him as a Participant of the Plan.

    

    
      
        
        

      

      
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    14.04         Inalienability of Benefits
and Interest

    

    No benefit payable under the Plan or
interest in the Trust Fund shall be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, attachment, garnishment,
execution, encumbrance or charge, whether voluntary or involuntary, and any such
attempted action shall be void, and no such benefit or interest shall be in any
manner liable for or subject to the debts, contracts, liabilities, engagements
or torts of any Participant or Beneficiary.  If any Participant or
Beneficiary shall become bankrupt or shall attempt to anticipate, alienate,
sell, transfer, assign, pledge, encumber or charge any benefit payable under the
Plan or interest in the Trust Fund, voluntarily or involuntarily, then to the
extent permitted by law, the Plan Administrator in its discretion may hold or
apply such benefit or interest or any part thereof to or for the benefit of such
Participant, or his Beneficiary, his spouse, children, blood relatives, or other
dependents, or any of them, in such manner and in such proportions as the Plan
Administrator may consider proper and such application shall be a complete
discharge of all liability with respect to such benefit payment.

    

    Notwithstanding the foregoing, payment
of benefits hereunder shall be made in such a way as to comply with and be in
accordance with the applicable requirements of any “qualified domestic relations
order” (as defined in ERISA Section 208(d) or Code Section 414(p)) and such
payment shall be a complete discharge of liability with respect
thereto.  The Plan Administrator shall follow the procedures set forth
in such Sections for purposes of determining the qualified status of any
domestic relations order and will establish such practices, procedures and rules
as it deems administratively necessary to comply with the order and said
Sections.

    

    14.05         Exclusive
Benefit

    

    The Trust Fund shall be held for the
exclusive benefit of Participants and Beneficiaries, as applicable, and for
defraying the reasonable expenses of administering the Plan and as otherwise
provided in the Plan.  Notwithstanding the foregoing, nothing herein
contained shall be construed to prohibit the return to the Employer of
contributions which are:  (i) made by the Employer by reason of a
mistake of fact if such return is made to the Employer within one year after
payment of such contributions; (ii) conditioned upon initial qualification of
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    of
the Code if such return is made within one year after the date of final denial
of such qualification; or (iii) conditioned upon the deductibility of the
contributions under Section 404 of the Code to the extent such deduction is
finally disallowed if such return is made within one year of such
disallowance.

    

    14.06         Address of
Record

    

    Each individual or entity with an
actual or potential interest in the Plan shall file and maintain a current
record address with the Plan Administrator.  Communications mailed by
the Employer, Trustee, or Plan Administrator to such record address fulfills all
obligations to provide required information to Participants, including former
employees and Beneficiaries, in regard to the Plan.  If no record
address is filed, it may be presumed that the address used to forward statements
of a Participants’ Accounts is the record address.

    

    Notwithstanding the above, the Plan
Administrator shall employ any method approved by the Department of Labor for
locating missing participants and paying benefits on behalf of such participants
upon Plan termination.

    

    14.07           Headings

    

    Headings of Articles and Sections of
the Plan are inserted for convenience of reference only.  They
constitute no part of the Plan and shall not be considered in the construction
of the Plan.

    

    14.08           Use of Masculine/Feminine;
Singular/Plural

    

    For purposes of the Plan, words or
phrases herein in the masculine shall be construed to include the feminine or
neuter, and vice versa, and words or phrases in the singular shall be construed
to include the plural, and vice versa, wherever necessary for a fair and
reasonable understanding.

     

    
      
        
        

      

      
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    14.09         Payment of
Expenses

    

    Direct
charges and expenses arising out of the purchase or sale of securities, and
taxes levied on or measured by such transactions shall be charged against the
Investment Fund or Funds with respect to which the transaction took
place.  The payment of administrative expenses other than those
charged to the Trust Fund above shall be governed by the provisions of Section
10.13.

    

    14.10         Tax Status of the
Plan

    

    The
Employer intends that the Plan (including the Trust Agreement forming a part
thereof) shall be a qualified profit sharing plan under Section 401(a) of the
Code containing a cash or deferred arrangement under Section 401(k) of the Code,
that the Trust Fund shall be a qualified trust and exempt from taxation under
Section 501(a) of the Code or as may be provided for in any similar provisions
of subsequent revenue laws and that a Participant’s election to make Before-Tax
Contributions to the Plan shall constitute an election under Section
401(k)(2)(A) of the Code.

    

    14.11         Governing
Law

    

    The
Plan and Trust Agreement and all amendments thereto shall be construed, whenever
possible, to be in conformity with the requirements of the Code and ERISA, an
according to the laws of the Commonwealth of Pennsylvania to the extent not
preempted by federal law.

    

    14.12         Personal
Right

    

    Entitlement
to receive a benefit under the Plan is a personal right of the person so
entitled.  No other person shall inure to any right therein except as
provided in the Plan.

    

    14.13         Determination of
Payee

    

    To
the extent not disputed under the Plan’s claim and appeal procedure described in
Article 11, the determination of the Plan Administrator as to the identity of
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    any
benefit under the Plan and the amount, form and time of payment shall be
conclusive, and payment in accordance with such determination shall constitute a
complete discharge of all obligations on account of such benefit.

    

    14.14         Interpretation

    

    If any provision of the Plan is subject
to more than one interpretation, such ambiguity shall be resolved in favor of
the interpretation that is consistent with the Plan meeting the requirements of
said Code sections.

    

    14.15         USERRA and Code Section
414(u) Compliance

    

    Notwithstanding any provision of this
Plan to the contrary, contributions, benefits and service credit with respect to
qualified military service will be provided in accordance with Code Section
414(u).  In addition, loan repayments will be suspended under this
Plan as permitted under Code Section 414(u)(4).

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    

     

    
      
        
        

      

      
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    ARTICLE
15

    TOP HEAVY
PROVISIONS

    

    15.01         Definition of Terms Used in
This Article 15

    

    The following words or phrases as used
herein shall have the following meanings, unless a different meaning clearly is
required by the context.  Otherwise, capitalized terms used in this
Article 15 have the meanings assigned to them in Article 1.  The
following applies to Plan Years beginning on and after January 1,
2002.

    

    (a)           “Top Heavy Plan” means
the Plan only if it is part of an Aggregation Group (as defined in (e) below)
under which as of the Determination Date (as defined in (c) below), the
aggregate of the Accounts for Key Employees (as defined in (b) below) exceeds 60
percent of the aggregate Present Value of Benefits (as defined in (g) below) for
all Key Employees and Non-Key Employees (as defined in (h) below).

    

    (b)           “Key Employee” means
any Employee or former Employee (including any deceased Employee) who at any
time during the Plan Year that includes the Determination Date (as defined in
(c) below) was any one or more of the following:

    

    (1)           An
officer of the Company or an Affiliated Company whose Annual Compensation (as
defined in (f) below) for the Plan Year exceeds $130,000 (as adjusted under
Section 416(i)(1) of the Code for plan years beginning after December 31,
2002);

    

    (2)           Any
person owning (or considered as owning within the meaning of Section 318 of the
Code as modified by Section 416(i)(1)(B)(iii) of the Code) more than five
percent of the outstanding stock of the Employer (or stock having more than five
percent of the total combined voting power of all stock of the
Employer).  If two or more Employees (as defined in (d) below) or
former Employees have the same percentage of ownership, the Employee or former
Employee with the higher Annual Compensation (as defined in (f) below) for the
Plan Year will be considered to have the greater share of interest;
or

     

    
      
        
        

      

      
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    (3)           Any
person who has Annual Compensation (as defined in (f) below) of more than
$150,000 and would be described in subsection (3) above, if “one percent” were
substituted for “five percent.”

    

    Notwithstanding the foregoing, the
determination of who is a Key Employee will be made in accordance with Section
416(i)(1) of the Code and the applicable regulations and other guidance of
general applicability issued thereunder.

    

    (c)           “Determination Date”
means the last day of the immediately preceding Plan Year or, in the case of the
first Plan Year, the last day of such Plan Year.

    

    (d)           “Employee” means an
Employee as defined in Article 1, any former Employee, and any Beneficiary of
such Employee or former Employee.

    

    (e)           “Aggregation Group”
means a group of plans (including the Plan) maintained by the Employer (or an
Affiliated Company) in which a Key Employee is a participant or which is
combined with the Plan in order to meet the coverage and non-discrimination
requirements of Sections 410 or 401(a)(4) of the Code, or a terminated plan in
which a Key Employee was a participant during the five-year period ending on the
Determination Date.  The Aggregation Group shall also include those
plans other than the Plan which need not be aggregated with the Plan to meet
said Code requirements, but which are selected by the Company to be part of a
permissive Aggregation Group which includes the Plan, as long as such permissive
Aggregation Group continues to meet the requirements of Sections 401(a)(4)
and 410 of the Code.

    

    (f)           “Annual Compensation”
means compensation within the meaning of Code Section 415(c)(3).

    

    (g)           “Present Value of
Benefits” means the Account Balances determined as of the most recent
Valuation Date which falls within the 12-month period prior to, or coincident
with, the Determination Date under all defined contribution plans in the
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    benefits
determined as of such Valuation Date under defined benefit plans which are part
of the Aggregation Group determined in accordance with Section 416 of the Code
and the regulations thereunder.  The present values of accrued
benefits and the amounts of Account Balances of an Employee as of the
Determination Date shall be increased by the distributions made with respect to
the Employee under the Plan under Section 416(g)(2) of the Code during the
1-year period ending on the Determination Date.  The preceding
sentence shall also apply to distributions under a terminated plan which, had it
not been terminated, would have been aggregated with the Plan under Section
416(g)(2)(A)(i) of the Code.  In the case of a distribution made for a
reason other than separation of service, death or Disability, this provision
shall be applied by substituting “5-year period” for “1-year
period.”  The accrued benefits and Account of any individual who has
not performed services for the Employer during the 1-year period ending on the
Determination Date shall not be taken into account.  The accrued
benefits under defined benefit plans that are part of the Aggregation Group
shall be determined in accordance with the provisions in such plans concerning
top-heavy status.

    

    (h)           “Non-Key Employee”
means any Employee (as defined in (d) above) who is not a Key
Employee.

    

    15.02         Consequences of Top Heavy
Status

    

    In the event that the Plan is or
becomes a Top Heavy Plan with respect to a particular Plan Year, a minimum
contribution shall be made to the Plan by the Employer for each Covered Employee
who is eligible to become a Participant, is a Covered Employee on the last day
of the Plan Year and is a Non-Key Employee, unless otherwise provided
below.  The minimum contribution shall be in an amount equal to the
lesser of three percent of the Non-Key Employee’s Annual Compensation for the
Plan Year or the highest percentage of Annual Compensation for the Plan Year
contributed by the Employer on behalf of a Key Employee, such minimum
contribution to be determined after taking into account the Before-Tax
Contributions made on behalf of Key Employees, and Matching Contributions made
on behalf of all Covered Employees under the Plan and other company
contributions made on behalf of Covered Employees under any other defined
contribution plan included in the Aggregation Group for such Plan
Year.

     

    
      
        
        

      

      
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    Notwithstanding
the foregoing, no such minimum contribution will be made under the Plan if a
qualified defined benefit plan which is part of the Aggregation Group provides
such Covered Employee with a least the minimum benefit required to be provided
to such Covered Employee by a top-heavy defined benefit plan under Section 416
of the Code.  The minimum contribution required hereunder shall be
implemented without taking into account contributions or benefits under Chapter
2 of the Code (relating to tax on self-employment income), Chapter 21 of the
Code (relating to Federal Insurance Contributions Act), and Title II of the
Social Security Act or other federal or state law.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
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    IN WITNESS WHEREOF, Met-Pro Corporation
has caused the Plan to be executed by its duly authorized officers and attested
to on this   25th 
 day of          September       
, 2007.

    

    

    
       

      
        	 	MET-PRO
      CORPORATION
	 	 
	 	 
	 	 
	 	By  /s/ Gary J.
      Morgan                          
	 	 
	 	 
	 	Title: V.P.
      Finance                     

      

       

    

    
 

    

     

     

     

     

     

     

     

     

     

     

     

    

                                              

    

     

     

    
      
        
        

      

      
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    APPENDIX A

    

    Transferred Accounts for
Flex Kleen Division

    

    A.           Transferred
Accounts

    

    There shall be subaccounts held under
the Plan as part of a Participant’s Account Balance for employees of the Flex
Kleen Division of the Met-Pro Corporation that consists of the following
interests from the Aqua Alliance Inc. (Fidelity Plan #35338) and Air & Water
Technologies plans:  (i) prior plan profit-sharing contributions; (ii)
prior plan after-tax contributions; (iii) prior plan matching contributions; and
(iv) prior plan rollover contributions (collectively, the “Transferred
Accounts”).  A Participant’s Transferred Accounts shall be available
for loans in accordance with the procedures of Article 7, and may be withdrawn
in-service at any time in accordance with the procedures established by the Plan
Administrator.

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        -75-mpr8k20100116exba.htm

    Exhibit
(10)(ba)

     

    FIRST
(QUALIFICATION) AMENDMENT TO THE

    MET-PRO
CORPORATION RETIREMENT SAVINGS PLAN

     

    This
First (Qualification) Amendment to the Met-Pro Corporation Retirement Savings
Plan (the “Plan”) is made by Met Pro Corporation (the “Company”).

     

    W
I T N E S S E T H:

     

    WHEREAS, the Company
established the Plan for its eligible employees effective as of January 1, 1999,
and amended and restated as of January 1, 2007;

    

    WHEREAS, the Company reserved
the right in Section 13.01 of the Plan to amend the Plan at any time;
and

     

    WHEREAS, the Company wishes to
amend the Plan as requested by the Internal Revenue Service in connection with
the application for a favorable determination letter.

    

    NOW, THEREFORE, the Plan is
hereby amended as set forth below.

     

    1.           Section
1.23 of the Plan is amended to replace the phrase “compensation” (as defined in
Section 415 of the Code)” contained in subsection (ii) with “compensation” (as
defined in Section 4.03(a) of the Plan).

     

     

     

     

     

    
      
        
        

      

      
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    2.           Section
3.01(e) of the Plan is amended to replace “Plan Year” with “taxable year” where
such term appears on the second line of the Section.

     

    3.           The
following sentence is added to the end of Section 4.04(c) as
follows:

     

    Notwithstanding
the above, if the Plan Administrator fails to correct the Plan’s Actual Deferral
Percentage test within two and one-half (2-1/2) months following the end of the
Plan Year, the Employer may be liable for any excise tax assessed under Code §
4979 and the Treasury regulations promulgated thereunder.

     

    4.           Section
15.01(g) is amended to replace “separation of service” with “severance from
employment” where such phrase appears in the Section.

     

    5.           The
model “125 deemed compensation” amendment to the prior prototype plan document
which was adopted on October 23, 2003 and effective January 1, 2002 was not
applicable to the Plan and is deleted in its entirety effective as of January 1,
2002.

     

    

    IN ALL OTHER RESPECTS, this
Plan is continued in full force and effect. In order to maintain the terms of
the Plan in a single document, this First (Qualification) Amendment may be
incorporated into the most recent restatement of the Plan.

    

     

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

     

    IN WITNESS WHEREOF, the
Company has caused this First (Qualification) Amendment
to be executed by its duly authorized officer this  11    day
of November                 ,
2008.

     

    

    
      	
              ATTEST:

            	 
      	
              Met
      Pro Corporation

            
	 
      	 
      	 
      	 
      	 
      	 
      
	 	 	 	 	 	 
	 	 	 	 	 	 
	
              By

            	 /s/ Amy
Covely	 
      	
              By

            	 /s/ Gary J.
      Morgan	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
              Title:

            	  Benefits
      Administrator	 
      	
              Title:

            	 V/P of
Finance	 
      

    

    

    
 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        -3-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]