Document:

Exhibit 10.8 

AMENDED AND RESTATED CONSULTING
AGREEMENT 

     This
Consulting Agreement ("Agreement"), dated as of February 2,
2011 is between Pall Corporation, a New York corporation having its principal
place of business at 25 Harbor Park Drive, Port Washington, NY 11050
("Pall")
and Robert G. Kuhbach ("Executive"). 

     WHEREAS, Pall desires to engage
Executive to perform certain services and Executive desires to perform such
services for Pall; and 

     NOW, THEREFORE, in consideration of
the foregoing and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:

	1.	Description of
      Services.
	 
		During the term of this
      Agreement, Executive shall serve as Senior Vice President, General Counsel
      and Corporate Secretary of Pall and shall have the responsibilities and
      authority consistent with those afforded a person holding such titles and
      positions on a permanent basis. Executive shall devote the necessary time
      and attention to oversee and manage the legal affairs of Pall, including
      at least 160 hours per month. Executive will report directly to the Chief
      Executive Officer of Pall and shall also have a reporting relationship
      with the Lead Director of the Board of Directors of Pall, or the
      Nonexecutive Chair of the Board of Directors of Pall in the event of the
      appointment of such a Nonexecutive Chair.
	 
	2.	Term.
	 
		The term of this Agreement will
      commence on January 28, 2011 and end on June 30, 2012 (the
      “Term”); provided that either party may elect to terminate this
      Agreement at any time after April 30, 2012, provided 30 days’ prior
      written notice is given. This Agreement may only be terminated by Pall
      with the approval the Board of Directors of Pall. Sections 6, 7, 8, 9 and
      15 of this Agreement shall survive any termination or expiration of this
      Agreement.
	 
		After June 30, 2012, Executive
      shall be willing to consider doing limited part time consulting services
      on a project basis, such work to be paid for on an hourly rate basis of
      not less then $750.00 per hour and otherwise on such terms and conditions
      as the parties may agree upon at the time.
	 
	3.         	Location.
	 
		Executive’s normal work place
      will be at Pall’s corporate headquarters in Port Washington, New York;
      provided that, while Executive will devote significant energy to this
      assignment, Executive will not be required to be physically present at
      Pall’s corporate headquarters more than three (3) to four (4) days per
      week.
	 

Exhibit 10.8 

	4.	Executive Time Commitments to
      Other Activities.
	 
		Executive joined the board of
      directors of CF Industries Holdings, Inc. on February 1, 2011. Executive’s
      commitment to that board of directors’ meeting schedule, already set, will
      take priority over Executive’s commitment to Pall, provided that Executive
      will make reasonable efforts to minimize any such time conflict, and will
      continue to devote the necessary time to Pall to manage its legal affairs.
      Executive also has longstanding plans to take two weeks of vacation in
      Europe during the spring of 2011, and will be entitled to vacation time
      not to exceed five (5) weeks per calendar year on a pro rata basis. Pall
      understands and accepts these other commitments.
	 
	5.	Compensation.
	 
		Pall will pay Executive $120,000
      per month, payable in accordance with Pall’s normal executive payroll
      practices. No withholding will apply as Executive will have full
      responsibility as an independent contractor for all taxes. In addition,
      based on Executive’s willingness to execute this extended Amended and
      Restated Agreement and his significant responsibilities in connection with
      the sale of a significant Company business asset expected to be completed
      by June 30, 2012, the Company will pay Executive a cash bonus of $250,000
      within sixty (60) days of the closing of such transaction whenever it
      shall occur; provided such transaction closes on substantially the terms
      outlined in a certain Offer Letter dated January 6, 2012, as such Letter
      may be amended from time to time, and otherwise on such final terms and
      conditions as the Company’s Board of Directors shall formally
      approve.
	 
	6.	Reimbursement of
      Expenses.
	 
		Executive shall be eligible to be
      reimbursed for any necessary travel and other expenses incurred by
      Executive in connection with his services under this Agreement in
      accordance with Pall’s normal practice for other executives at Executive's
      level. Executive shall also be entitled to customary reimbursement for his
      commutation expenses and, if necessary, car service expenses, incurred by
      Executive in connection with his services under this
  Agreement.
	 
	7.         	Status.
	 
		Executive will furnish his
      services as an independent contractor and Executive will not be considered
      an employee of Pall or of any company affiliated with Pall. Nothing
      contained or implied in this Agreement shall be construed so as to create
      the relationship of employer and employee between Pall and Executive.
      Executive will be considered an “executive officer” of Pall, entitled to
      all the corporate indemnification, insurance coverage and other similar
      protections afforded other Pall directors and officers. Executive shall
      specifically be an “Insured Person” or “Insured” under any applicable
      insurance policies owned by Pall, including but not limited to D&O and
      general liabilities policies. Executive will not be entitled to
      participate in any employee benefit plans or benefits of
  Pall.

2

Exhibit 10.8 

	8.	Compliance.
	 
		Executive agrees and acknowledges
      that, notwithstanding his engagement as an independent contractor, as an
      executive officer of Pall, he owes the same fiduciary duties that would be
      owed by an employee in such position. Executive further agrees and
      acknowledges that, as the chief legal officer of Pall, he is responsible
      for the overall legal and compliance function of Pall. In such capacity
      and among other responsibilities assigned to him, Executive shall monitor
      and direct the investigation (as appropriate) into any matters of
      non-compliance by Pall or its employees with law or regulation of which he
      becomes aware and report thereon (as appropriate) to the Chief Executive
      Officer and Board of Directors or the applicable Committee thereof, all in
      accordance with Pall’s policies and procedures for such purposes, as they
      may be amended from time to time.
	 
	9.	Confidential
      Information.
	 
		The parties hereby acknowledge
      the execution by them of the Confidentiality Agreement dated February 2,
      2011, and agree that such agreement shall be incorporated herein by
      reference.
	 
	10.       	Notices.
	 
		All notices permitted or required
      in connection with this Agreement shall be in writing and shall be deemed
      given (i) if mailed by certified mail, return receipt requested, five
      business days after dispatch; (ii) if delivered to a recognized overnight
      express mail service or carrier for next day delivery, on the first
      business day after dispatch; (iii) if delivered on a business day by
      personal delivery or electronic or facsimile transmission, with “hardcopy”
      original to follow as provided in clause (i), (ii) or (iii) above, on the
      same day as delivered, otherwise on the next business day; in each case,
      addressed as follows (or to such other address as either Party may notify
      the other Party in writing):
	 

	if to Pall, to:	       	Linda Villa
			Chief Human Resources Officers
			Pall Corporation
			25 Harbor Park Drive
			Port Washington, NY 11050
			Facsimile: (516) 801-9780
	   
	with a copy to:		Lawrence D. Kingsley
			Chief Executive Officer
			Pall Corporation
			25 Harbor Park Drive
			Port Washington, NY 11050
			Facsimile: (516) 801-9780
	 		
	and:		Ronald Hoffman
			Chair of the Board of Directors
			Pall Corporation
			25 Harbor Park Drive
			Port Washington, NY 11050
			Facsimile: (516) 801-9780

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Exhibit 10.8 

	11.	Non-Waiver.
	 
		No course of dealing or failure
      to enforce strictly any term, right or condition of this Agreement shall
      be construed as a waiver of that term, right or condition.
	 
	12.	Modification.
	 
		Any amendments or modifications
      to this Agreement, including any waivers, must be in writing and signed by
      both Executive and for the Company, the Lead Director, Chief Executive
      Officer, Nonexecutive Chair, or Chair of the Compensation Committee of
      Pall’s Board of Directors.
	 
	13.	Severability.
	 
		The provisions of this Agreement
      are severable, and if any clause or provision shall be held invalid or
      unenforceable shall affect only such clause or provision, or part thereof,
      in such jurisdiction and shall not in any manner affect such clause or
      provision in any other jurisdiction, or any other clause or provision of
      this Agreement in any jurisdiction.
	 
	14.	Entire
  Agreement.
	 
		This Agreement constitutes the
      entire agreement of the parties and supersedes any prior written or oral
      agreements between Pall and Executive governing the subject of this
      Agreement other than the Confidentiality Agreement incorporated herein by
      reference.
	 
	15.       	Governing Law and
      Venue.
	 
		This Agreement shall be construed
      under the laws of the State of New York, regardless of conflict of laws
      principles, and the Parties hereby unconditionally and irrevocably submit
      to (and waive any objection on the grounds of inconvenient forum or
      otherwise) the jurisdiction of the Supreme Court of the State of New York,
      County of New York or the United States District Court for the Southern
      District of New York, which courts shall have exclusive jurisdiction to
      adjudicate and determine any suit, action or proceeding regarding or
      relating to this Agreement. For the avoidance of doubt, nothing in this
      paragraph shall be construed to restrict the right of Pall or Executive to
      appeal a determination of the trial courts referred to
  above.

4

Exhibit 10.8 

	16.	Binding Agreement;
      Assignment.
	 
		This Agreement shall be binding
      upon and for the benefit of the parties and their successors and assigns.
      Executive shall not assign any rights or obligations under this Agreement
      without the prior written consent of Pall.
	 
	17.       	Counterparts.
	 
		This Agreement may be executed in
      one or more counterparts, each of which will be deemed an original, but
      all of which together will constitute one and the same
    instrument.

     IN WITNESS
WHEREOF, the parties hereto have executed this Amended and Restated Agreement on
the dates set forth below. 

	PALL CORPORATION	       	EXECUTIVE
	 
	By:	/s/ Lawrence D.
      Kingsley		/s/ Robert G.
      Kuhbach
		Lawrence D. Kingsley	 	Robert G.
      Kuhbach
		President and Chief Executive Officer	 	
	  
	  
	Date:     	March 21, 2012		Date:     March 22,
  2012

5Exhibit 10.9 

PALL CORPORATION 

SUPPLEMENTARY PENSION PLAN

(As Amended and Restated effective as of
January 1, 2011) 

 

 

 

 

 

 

 

 

 

 

Exhibit 10.9 

PALL CORPORATION 

SUPPLEMENTARY PENSION PLAN

     Pall Corporation,
a New York corporation (hereinafter called the “Corporation”), recognizes the
contributions to its growth and success which have been made by certain key
officers employed by the Corporation and desires to retain the services of such
individuals and to assure the Corporation of the continued benefit of their
experience and advice. Accordingly, the Corporation has decided to provide such
individuals with deferred compensation payable to or for their benefit which,
together with the other retirement benefits payable to such individuals from the
Corporation and under Title II of the Social Security Act, will assure such
individuals of sufficient funds during retirement. 

ARTICLE I 

DEFINITIONS 

    
As used in this Pall Corporation Supplementary Pension Plan (hereinafter
called the “Plan”), the following terms shall have the meanings described in
this Article I: 

    
Section 1.1 “Affiliated Corporation” means a member of a controlled group of corporations of
which the Corporation is a member. For purposes hereof, a “controlled group of
corporations” means a controlled group of corporations as defined in section
1563(a) of the Code, determined without regard to Section 1563(b)(2)(C).

    
Section 1.2 “Board of Directors” means the board of directors of the Corporation. 

    
Section 1.3 “Cause” means a Member’s (i) conviction of, or the entry of a plea of guilty or
no contest to, a felony or any other crime that causes the Corporation or any
Affiliated Corporation public disgrace or disrepute, or materially and adversely
affects the Corporation’s or any Affiliated Corporation’s operations or
financial performance or the relationship the Corporation or any Affiliated
Corporation has with its customers, or (ii) gross negligence or willful
misconduct with respect to the Corporation or any Affiliated Corporation,
including, without limitation fraud, embezzlement, theft or dishonesty in the
course of his or her employment. 

    
Section 1.4 “Change in Control” means the occurrence of any of the following: 

    
(a) any “Person”, within the meaning of Section 13(d) or 14(d) under the
Securities Exchange Act of 1934 (the “Exchange Act”), including any group
(within the meaning of Section 13(d)(3) under the Exchange Act), becomes the
“Beneficial Owner”, as such term is defined in Rule 13d-3 promulgated under the
Exchange Act, of 30% or more of the combined voting power of the Corporation’s
outstanding shares, other than beneficial ownership by (i) the Corporation or
any subsidiary of the Corporation, (ii) any employee benefit plan of the
Corporation or any subsidiary of the Company or (iii) any entity of the
Corporation for or pursuant to the terms of any such plan. Notwithstanding the
foregoing, a Change in Control shall not occur as the result of an acquisition
of outstanding shares of the Corporation by the Corporation which, by reducing
the number of shares outstanding, increases the proportionate number of shares
beneficially owned by a Person to 30% or more of the shares of the Corporation
then outstanding; provided, however, that if a Person becomes the Beneficial
Owner of 30% or more of the shares of the Corporation then outstanding by reason
of share purchases by the Corporation and shall, after such share purchases by
the Corporation, become the Beneficial Owner of any additional shares of the
Corporation, then a Change in Control shall be deemed to have
occurred;

    
(b) the Corporation shall merge with or consolidate with another entity,
or engage in a reorganization with or a statutory share exchange or an exchange
offer for the Corporation’s outstanding voting stock of any class with another
entity or acquire another entity by means of a statutory share exchange or an
exchange offer, or engage in a similar transaction; provided that no Change in
Control shall have occurred by reason of this paragraph unless either:

     i. the stockholders of the Corporation
immediately prior to the consummation of the transaction would not, immediately
after such consummation, as a result of their beneficial ownership of voting
stock of the Corporation immediately prior to such consummation (I) be the
Beneficial Owners, directly or indirectly, of securities of the resulting or
acquiring entity entitled to elect a majority of the members of the Board of
Directors or other governing body of the resulting or acquiring entity and (II)
be Beneficial Owners of the resulting or acquiring entity in substantially the
same proportion as their beneficial ownership of the voting stock of the
Corporation immediately prior to such transaction; or

     ii. those persons who were directors of
the Corporation immediately prior to the consummation of the proposed
transaction would not, immediately after such consummation, constitute a
majority of the directors of the resulting entity. 

    
(c) the sale or disposition, in one or a series of related transactions,
of all or substantially all of the assets of the Corporation to any Person (as
defined in paragraph (a) above) other than an Affiliated Corporation; or

    
(d) the number of duly elected and qualified directors of the Corporation
who were not either elected by the Corporation’s Board of Directors or nominated
by the Board of Directors or its Nominating/Governance Committee for election by
the shareholders shall equal or exceed one-third of the total number of
directors of the Corporation as fixed by its by-laws; 

    
provided, however, that for purposes
of Section 2.1(b)(ii) of the Plan and for purposes of Section 2.1(b)(i) of the
Plan solely with respect to any person who becomes a Member on or after October
1, 2011, in each instance no Change in Control shall be deemed to have occurred,
and no rights arising upon a Change in Control as provided in Section 2.1(b)
hereof shall exist, to the extent that the Board of Directors so determines by
resolution adopted and not rescinded prior to the Change in Control. 

3 

    
Section 1.5 “Code” means the Internal Revenue Code of 1986, as amended. 

    
Section 1.6 “Committee” means the Committee appointed and acting for the time being pursuant to
Article VI. 

    
Section 1.7 “Compensation” means, for any Plan Year, the total of (a) all salary paid
during such Plan Year to the Member from all Affiliated Corporations, (b)
incentive compensation and other bonus amounts payable with respect to such Plan
Year to the Member from all Affiliated Corporations, and (c) amounts which would
have been payable for such Plan Year to the Member from Affiliated Corporations
but for the Member’s election to contribute such amounts to any employee benefit
plan or program (including but not limited to the Pall Corporation 401(k) Plan,
any “cafeteria plan” and the Management Stock Purchase Plan and Employee Stock
Purchase Plan adopted in 1999) pursuant to a salary reduction or deduction
agreement. The term “Compensation” does not include any fringe benefits such as,
but not limited to the provision of an automobile or cash in lieu thereof, stock
options, stock appreciation rights, initial award or matching restricted stock
units under the Management Stock Purchase Plan, or other employer contributions
by the Affiliated Corporations to all or any employee retirement or benefit
plans or programs, including but not limited to the Pall Corporation 401(k) Plan
and Supplementary Profit-Sharing Plan.

    
Section 1.8 “Consumer Price Index” means the “Consumer Price Index for all Urban Consumers for
New York – Northern New Jersey – Long Island, NY-NJ-CT” compiled and published
by the Bureau of Labor Statistics of the United States Department of Labor or
any successor index thereto. 

    
Section 1.9 “Disabled” or “Disability” means that the Member is, by reason of physical or mental
disability, incapable of performing the Member’s principal duties for an
aggregate of 130 working days out of any period of twelve consecutive months.

    
Section 1.10 “Early Retirement Date” means the last day of the month coinciding with or
immediately following the later of (a) the date on which the Member attains age
60 and (b) the date on which the Member’s pension under the Plan vests in
accordance with Section 2.1. 

    
Section 1.11 “Effective Date” means August 1, 1978. 

    
Section 1.12 Except as otherwise provided for specified Members in Appendix A hereto,
“Final Average Compensation” means one-third of the aggregate of the Member’s
Compensation for the three (3) Plan Years in which his or her Compensation was
highest out of the last five (5) or fewer Plan Years in which he or she was a
Member. If a person has been a Member for only one full Plan Year, then his or
her Final Average Compensation means his or her Compensation for that Plan Year.
If he or she was a Member for two, but less than three full Plan Years, then his
or her Final Average Compensation means the average of his or her Compensation
for those two Plan Years. In determining Compensation for a Plan Year for the
purpose of the two preceding sentences, the Member’s Compensation for the entire
Plan Year shall be taken into account even if he or she was not a Member for the
entire Plan Year. 

    
Section 1.13 “Former Member” means a person who at the time he or she ceased to be a
Member was entitled to benefits under Article II or Article III. 

4 

    
Section 1.14 “Involuntary Termination of
Employment” means the involuntary discharge
of a Member’s employment (other than for Cause, death or Disability) upon or
following a Change in Control such that he or she is no longer in the employ of
the Corporation or any Affiliated Corporation (or any successor of the
Corporation or any Affiliated Corporation). A Member’s termination of employment
shall be deemed to be due to involuntary discharge if he or she resigns from
employment for “Good Reason”. A Member may resign for “Good Reason” due to any
one or more of the following events, unless the Member has consented to such
action in writing:

     (i) a material diminution of the
responsibilities, position and/or title of the Member compared with the
responsibilities, position and title, respectively, of the Member prior to the
Change in Control;

     (ii) a relocation of the Member’s
principal business location to an area outside a 25 mile radius of its location
preceding the Change in Control; or

     (iii) a reduction in the Member’s base
salary or bonus opportunities compared with the Member’s base salary or bonus
opportunities prior to the Change in Control; 

    
provided, however, that (i) Good
Reason shall not be deemed to exist unless written notice of termination on
account thereof is given by the Member to the Corporation no later than sixty
(60) days after the time at which the event or condition purportedly giving rise
to Good Reason first occurs or arises; and (ii) if there exists (without regard
to this clause (ii)) an event or condition that constitutes Good Reason, the
Corporation shall have thirty (30) days from the date notice of such a
termination is given to cure such event or condition and, if the Corporation
does so, such event or condition shall not constitute Good Reason hereunder. The
Member’s right to resign from employment for a Good Reason event or condition
shall be waived if the Member fails to resign within sixty (60) days following
the last day of the Corporation’s cure period. Notwithstanding the foregoing, if
a Member and the Corporation (or any Affiliated Corporation) have entered into
an employment agreement or other similar agreement that specifically defines
“Good Reason,” then with respect to such Member, “Good Reason” shall have the
meaning defined in that employment agreement or other agreement. 

    
Section 1.15 “Member” means: 

    
(a) each
person who on the Effective Date (i) had a written contract in effect with the
Corporation concerning his or her performance of services for the Corporation,
(ii) was an officer of the Corporation and (iii) was a member of the Qualified
Pension Plan; 

    
(b) each
person who on February 10, 1982 or on any subsequent date prior to January 1,
1997 meets all of the following three conditions: (i) has a written contract in
effect with the Corporation concerning his or her performance of services for
the Corporation which contract does not provide that membership in the Plan is
waived, (ii) is an officer of the Corporation (either a corporate officer
elected by the Board of Directors or a divisional or non-corporate officer
appointed by the President or the chief executive officer of the Corporation
pursuant to the by-laws), and (iii) is a member of the Qualified Pension Plan;

5 

    
(c) Each
person who on January 1, 1997 or on any date thereafter meets all of the
following three conditions: (i) is an officer of the Corporation residing in the
United States (either a corporate officer elected by the Board of Directors or a
divisional or non-corporate officer appointed by the chief executive officer
pursuant to the by-laws), (ii) is a member of the Qualified Pension Plan; and
(iii) has been approved in writing by the chief executive officer for membership
in the Plan; and 

    
(d) Each
other person specified in Appendix B hereto. 

    
A person who is ineligible to Retire under Article III shall cease to be
a Member on the day his or her employment with the Corporation and all other
Affiliated Corporations terminates. A person shall also cease to be a Member on
the date he or she Retires under Article III or dies. 

    
Notwithstanding anything contained herein to the contrary, no
person shall become a Member of the Plan on or after October 1, 2011 unless his
or her membership in the Plan is approved by the Compensation Committee of the
Board of Directors. 

    
Section 1.16 “Normal Retirement Date” means the last day of the month coinciding with or
immediately following the date a Member attains age 65. 

    
Section 1.17 “Other Retirement
Program” means (i) the Qualified Pension
Plan; (ii) the Pall (UK) Pension Fund (as amended from time to time); (iii) in
the case of a person who becomes a Member or after August 1, 2003, the Pall
Supplementary Pension Scheme and the Pall Executive Pension Scheme (each as
amended from time to time); (iv) the Pall Corporation Additional Pension
Benefits Plan (as amended from time to time), and (v) in the case of a person
who becomes a Member after July 11, 2000 and who is subsequently transferred to
an Affiliated Corporation outside the United States, any pension or retirement
benefit, plan or program (including government sponsored pension programs)
covering employees of such Affiliated Corporation in which such Member accrues a
vested benefit. 

    
Section 1.18 “Plan Year” means the twelve consecutive month period beginning on August 1 and
ending on July 31 of the following year. 

    
Section 1.19 “Primary Social Security
Benefit” means the following: 

    
(a) in the
case of a Member entitled to a pension under Section 3.1 or Section 3.4, the
annual old-age insurance benefit payable to the Member on his or her Normal
Retirement Date, as computed under the provisions of Title II of the Social
Security Act in effect on his or her Normal Retirement Date and, in the case of
a person who becomes a Member on or after August 1, 2003, as computed under the
provisions of any similar governmental old-age insurance benefit program of any
country other than the United States (including but not limited to the UK State
Pension Scheme) if and to the extent applicable to such Member;

    
(b) in the
case of a Member entitled to a pension under Section 2.2 or Section 3.2, the
annual old-age insurance benefit payable to the Member on his or her Normal
Retirement Date, as computed under the provisions of Title II of the Social
Security Act in effect on the date his or her pension commences under Section
2.2 or Section 3.2 and, in the case of a person who becomes a Member on or after
August 1, 2003, as computed under the provisions of any similar governmental
old-age insurance benefit program of any country other than the United States
(including but not limited to the UK State Pension Scheme) if and to the extent
applicable to such Member; in making such computation in the case of a Member
entitled to a pension under Section 2.2, it will be assumed that the Member will
continue to receive “wages” as defined in Title II of the Social Security Act in each Plan Year
until his or her Normal Retirement Date in the same amount as the Compensation
he or she received in the last Plan Year during which he or she was a Member for
the entire Plan Year; and

6 

    
(c) in the
case of a Member entitled to a pension under Section 3.3, the annual disability
benefit payable to the Member under the provisions of Title II of the Social
Security Act in effect on the date his or her pension commences under Section
3.3 and, in the case of a person who becomes a Member on or after August 1,
2003, as computed under the provisions of any similar governmental old-age
insurance benefit program of any country other than the United States (including
but not limited to the UK State Pension Scheme) if and to the extent applicable
to such Member. 

    
The Committee may adopt rules governing the computation of the Primary
Social Security Benefit which shall be uniformly applicable to all persons
similar situated. The non-receipt by a Former Member of his or her Primary
Social Security Benefit because of failure to apply for the same, continued
employment, or for any other reason, shall be disregarded. 

    
Section 1.20 “Qualified Domestic
Trust” means a trust described in section
2056A of the Code. 

    
Section 1.21 “Qualified Pension Plan” means the plan qualified under Section 401(a) of the Code
which was originally known as the Pall Corporation Retirement Plan, subsequently
known as the Pall Corporation Pension Plan and, effective November 1, 1999,
became known as the Pall Corporation Cash Balance Pension Plan. 

    
Section 1.22 “Retirement” (including references to “Retired” or “Retires”) shall mean the (i) the
cessation of a Member’s employment with the Corporation and all of its
Affiliated Corporations irrespective of the reason therefor and irrespective of
whether initiated by the Corporation, an Affiliated Corporation, the Member or
otherwise, and (ii) for Members subject to taxation in the United States, a
“separation from service,” as defined in Section 409A. 

    
Section 1.23 “Section 409A” shall mean Section 409A of the Code, the regulations
promulgated thereunder, and any successor legislation or regulations.

7 

ARTICLE II 

VESTING 

    
Section 2.1 (a) Normal Vesting. Each Member who Retires for any reason (other than his or
her death) under circumstances in which he or she is not entitled to retirement
benefits under any of the provisions of Article III shall, subject to the
provisions of Section 4.3, be entitled to a vested pension in the amount, and
payable at such time, as provided in this Article II, provided, however, that, notwithstanding the
foregoing, a person who becomes a Member on or after February 10, 1982 shall not
be entitled to a vested pension under this Article unless he or she is an
employee of an Affiliated Corporation on either

     (i)
his or her 60th birthday or, if later, the fifth
anniversary of becoming a Member of the Plan, or

     (ii)
the date on which he or she has been employed by
an Affiliated Corporation or Corporations for a period of 25 years. 

    
In addition, any Member who has held the position of Executive Vice
President of the Corporation at any time after February 10, 1982 shall be
entitled to a vested pension under this Article.

    
(b) Upon
Change in Control. In addition to the vesting
provided for in Section 2.1(a), the following vesting rules shall apply:

     (i)
each Member who (A) Retires for any reason (other
than his or her death) upon or following the occurrence of a Change in Control
under circumstances in which he or she is not entitled to retirement benefits
under any of the provisions of Article III, and (B) who was a member of the
Executive Management Team of the Corporation at any time during the thirty (30)
day period immediately preceding the occurrence of such Change in Control shall,
subject to the provisions of Section 4.3, be entitled to a vested pension in the
amount, and payable at such time, as provided in this Article; and

     (ii)
each other Member who incurs an Involuntary
Termination of Employment within twenty-four (24) months following a Change in
Control shall, subject to the provisions of Section 4.3, be entitled to a vested
pension in the amount, and payable at such time, as provided in this Article.

    
Section 2.2 Amount and Payment of Vested Pension.
The vested pension shall be a monthly pension commencing on the first day of the
month after such Former Member has attained his or her Early Retirement Date.
The monthly pension under this Section shall be equal to the amount computed
under Section 3.1, without any reduction if the pension of such Former Member
commences prior to his or her Normal Retirement Date. 

    
Section 2.3 Death Benefit to Spouse. If a Member
dies after becoming entitled to a vested pension but prior to becoming entitled
to retirement benefits under any of the provisions of Article III, and prior to
the commencement of the payment of his or her pension under this Article, and if
such Member is survived by a spouse to whom he or she has been lawfully married
for at least one year prior to his or her death, then such spouse shall be
entitled to receive a monthly pension for life, commencing on the first day of
the month following the date of the Member’s death or, if later, the date that
would have been the Member’s Early Retirement Date if he or she had not died.
The monthly pension under this Section shall be equal to fifty percent (50%) of
the pension, computed in accordance with Section 3.1, the Member would have been
entitled to receive if he or she had retired on the later of his or her Early
Retirement Date or the date of his or her death. 

8 

    
Notwithstanding the foregoing, if a federal estate tax marital deduction
is available for amounts passing to a Member’s spouse only if such amounts pass
in a Qualified Domestic Trust, then the amounts otherwise payable to such spouse
pursuant to this Section 2.3 upon the Member’s death shall not be paid to such
spouse but shall be paid, instead, to a Qualified Domestic Trust, if the Member
has so directed either (x) in a written instrument executed by the Member and
filed with the Committee (and not revoked by him prior to his or her death) or
(y) in the Member’s last will and testament. Any payments to be made to a
Qualified Domestic Trust pursuant to the preceding sentence shall be made in the
same amounts, and at the same times, as such payments would have been made if
payable directly to the Member’s spouse in the absence of such direction.

ARTICLE III 

BENEFITS 

    
Section 3.1 Normal Retirement Pension. Each Member
who Retires on his or her Normal Retirement Date shall be entitled to receive a
monthly pension commencing on the first day of the month following his or her
Normal Retirement Date. The monthly pension payable under this Section shall be
equal to one-twelfth (1/12) of the amount determined as follows: 

    
(a) fifty
percent (50%) of the Member’s Final Average Compensation (seventy percent (70%)
as to a Member who on March 16, 1987 held the office of Executive Vice President
of the Corporation), reduced by 

    
(b) the sum
of 

     (i)
the total annual pension payable to the Member
under all Other Retirement Programs (excluding any portion thereof attributable
to contributions to such Other Retirement Programs by such Member),
and

     (ii)
the Member’s Primary Social Security Benefit.

    
For purposes of this Section, the amount of the pension payable to the
Member under any Other Retirement Program shall be deemed to be the amount
payable thereunder to the Member in the form of a single life annuity for the
Member’s life beginning on the date the monthly pension under this Plan
commences (the “Commencement Date”), whether or not the Member receives payment
of such pension in such form or at such time. If the Other Retirement Program
does not provide for a single life annuity, the benefit under such Other
Retirement Program shall be converted to a single life annuity for purposes of
this Plan using the actuarial factors used in determining actuarial equivalence
by the Other Retirement Program and if the Other Retirement Program does not
have such actuarial factors, then by using the applicable actuarial factors set
forth under the Qualified Pension Plan. In the case of a reduction in a monthly
pension by virtue of clause (b)(i) next above, any foreign currency in which the
annual pension under any Other Retirement Program is payable shall be translated
into U.S. dollars initially at the exchange rate reported by the Wall Street
Journal in its issue published on the Commencement Date (or the immediately
preceding date on which an exchange rate is reported by the Wall Street Journal
if there is no issue published on the Commencement Date) and such exchange rate
shall remain in effect until the first anniversary of the Commencement Date. On
such first and each subsequent anniversary of the Commencement Date, the monthly
pension payable hereunder during the preceding 12 months shall be recalculated
based on the exchange rate in the Wall Street Journal in its issue published on
each date on which a monthly pension payment hereunder is payable (or the
immediately preceding date on which an exchange rate is reported by the Wall
Street Journal if there is no issue published on the date on which a monthly
pension payment hereunder is payable) and the difference between the amount
deducted during the preceding 12 months and the recalculated amount, if in favor
of the Member, shall be paid to him or her (or surviving spouse if a surviving
spouse is the payee) with the next monthly payment or, if in favor of the
Corporation, shall be deducted from the next monthly payment or payments due to
the Member (or surviving spouse) hereunder. On each anniversary date of the
Commencement Date, the amount of the reduction in the monthly pension hereunder
pursuant to clause (b)(i) next above shall be recalculated based on the exchange
rate reported by the Wall Street Journal in its issue published on such
anniversary date (or the immediately preceding date on which an exchange rate is
reported by the Wall Street Journal if there is no issue published on such
anniversary date) and that rate shall be used in determining the amount of the
monthly pension payable hereunder for the ensuing 12 months, until the next
annual recalculation provided for above.

9 

    
Section 3.2 Early Retirement Pension. A Member who
has attained his or her Early Retirement Date may retire on the last day of any
month which is not less than thirty (30) days after he or she has filed a
written request for Retirement on such day with the Committee. In such event, a
Member shall be entitled to receive a monthly pension commencing on the first
day of the month after his or her or her Retirement. The monthly pension under
this Section shall be equal to the amount computed under Section 3.1, without
any reduction because payment commences prior to his or her Normal Retirement
Date. 

    
Section 3.3 Disability Retirement Pension. A
Member who Retires as a result of becoming Disabled shall be entitled to receive
a monthly pension commencing on the first day of the month after such disability
has continued for six months and continuing only during such period during which
such Member is Disabled. Notwithstanding the foregoing, the pension of any
Member who ceases to be Disabled after he or she has attained his or her Normal
Retirement Date shall continue during his or her lifetime. The monthly pension
under this Section shall be equal to the amount computed under Section 3.1
without any reduction because payment commences prior to his or her Normal
Retirement Date. 

    
Section 3.4 Delayed Retirement Pension. Each
Member who Retires after his or her Normal Retirement Date shall be entitled to
receive a monthly pension commencing on the first day of the month after his or
her Retirement. The monthly pension under this Section shall be equal to the
greater of (a) the amount computed under Section 3.1 or (b) the amount computed
under Section 3.1 after first determining “Final Average Compensation” on the
basis of the Plan Year in which the Member’s Normal Retirement Date occurred and
the immediately preceding four Plan Years (the immediately preceding nine Plan
Years in the case of the persons who were Chairman of the Board, Vice Chairman
of the Board and President of the Corporation on March 16, 1987) and then
multiplying the pension amount thus computed by the percentage increase, if any,
of the Consumer Price Index for the month immediately preceding the month in
which the Member’s pension under this Section is to commence over the Consumer
Price Index for the month in which the Member’s Normal Retirement Date occurred.

10 

    
Section 3.5 Death Benefit to Spouse. If a Member
who is eligible to retire and thereupon receive a pension under this Article
dies prior to the commencement of payment of his or her pension and the Member
is survived by a spouse to whom he or she has been lawfully married for at least
one year prior to his or her death, such spouse shall be entitled to receive a
monthly pension for life, commencing on the first day of the month following the
date of the Member’s death. The monthly pension under this Section shall be
equal to fifty percent (50%) of the pension the Member would have been entitled
to receive under this Article had he or she retired on the date of his or her
death under the Plan and all Other Retirement Programs in which he or she was a
participant. 

    
Notwithstanding the foregoing, if a federal estate tax marital deduction
is available for amounts passing to a Member’s spouse only if such amounts pass
in a Qualified Domestic Trust, then the amounts otherwise payable to such spouse
pursuant to this Section 3.5 upon the Member’s death shall not be paid to such
spouse but shall be paid, instead, to a Qualified Domestic Trust, if the Member
has so directed either (x) in a written instrument executed by the Member and
filed with the Committee (and not revoked by him prior to his or her death) or
(y) in the Member’s last will and testament. Any payments to be made to a
qualified Domestic Trust pursuant to the preceding sentence shall be made in the
same amounts, and at the same times, as such payments would have been made if
payable directly to the Member’s spouse in the absence of such direction.

    
Section 3.6 Restoration of Former Members to Employment. If any Former Member who is entitled to a pension under Article II or
this Article again becomes an employee of any Affiliated Corporation, his or her
pension (if any was being paid) shall continue, including upon his or her
subsequent Retirement.

    
Section 3.7 Delay of Payment to Key Employees.
Notwithstanding any provision in this Article III or in Section 4.1 to the
contrary, in the case of any Member (i) who Retires on or at any time after
January 1, 2005 and (ii) who immediately prior to Retirement was a “specified
employee” of the Corporation within the meaning of Section 409A, the payments
otherwise required to be made hereunder to such Member shall be subject to the
following provisions: 

    
(a) Except
as provided in (c) below, no amount otherwise required to be paid to such Member
under any Section of this Article III on or after the Member’s Retirement that
would be considered to be deferred compensation (within the meaning of Treasury
Regulation Section 1.409A-1(b)(1)) shall be paid to the Member before the date
(the Member’s Delayed Payment Date”) which is six months after his or her
Retirement. On the Member’s Delayed Payment Date, there shall be paid to the
Member, in a single cash lump sum, an amount equal to the aggregate amount of
the monthly pension payments he or she would have received by such date in the
absence of the provisions of the preceding sentence (the Member’s “Delayed
Pension Payments”), plus interest thereon at the Delayed Payment Interest Rate
(as defined in (d) below) computed from the date on which each such payment
otherwise would have been made to the Member until the Member’s Delayed Payment
Date. 

    
(b) If any
such Member whose monthly pension payments are delayed pursuant to (a) above
should die before his or her Delayed Payment Date, his or her Delayed Pension
Payments, plus interest thereon at the Delayed Payment Interest Rate computed
from the date on which each such payment otherwise would have been made to the
Member until the day before the date of payment, shall be paid, in a single lump
sum, to the Member’s surviving spouse if the Member is survived by a spouse to
whom the Member had been lawfully married for at least one year prior to the
Member’s death or, if the Member is not survived by such a spouse, to the
Member’s estate. Such payment shall be deemed paid into a constructive trust for
the benefit of the spouse or estate as applicable upon the Participant’s death,
and distributed by no later than seven business days after the Corporation
receives written notice of the Member’s death.

11 

    
(c) In the
case of any such Member whose Retirement occurs at any time during 2005, the
monthly pension payments scheduled to be made to such Member during 2005 shall
not be subject to delay in accordance with the provisions of (a) above, to the
extent such payments are in fact made on or prior to December 31, 2005. The
payments so made shall be treated as having been made to such Member upon his or
her partial termination of participation in this Plan, for purposes of Q & A
20 of IRS Notice 2005-1. 

    
(d) For
purposes of (a) and (b) above, the “Delayed Payment Interest Rate” shall mean,
with respect to any Member any of whose monthly pension payments are delayed
pursuant to (a) above, the national average annual rate of interest payable on
jumbo six month bank certificates of deposit, as quoted in the business section
of the most recently published Sunday edition of the New York Times preceding the Member’s
Retirement. 

    
(e) Notwithstanding any delay in the payment of a Member’s pension pursuant
to this Section 3.7, payment of such Member’s pension shall be treated as having
commenced on the first day of the month following the Member’s Retirement for
purposes of Sections 3.5 and 4.2 and for all other purposes of the Plan.

ARTICLE IV 

PAYMENT AND FORM OF PENSIONS

     Section
4.1 Payment of
Pensions. All pensions payable pursuant to
Article II or Article III shall, upon approval thereof by the Committee, be paid
by the Corporation, acting on the direction of the Committee, provided, however, that the
Corporation shall be obligated to pay a pension to which a Member, Former
Member, spouse or beneficiary is entitled by the terms of this Plan
notwithstanding the failure or refusal of the Committee to approve or direct
payment of such pension unless the Committee has a valid basis for such failure
or refusal by the terms of this Plan. Payment of pensions shall begin on the
first day of the month as provided in Article II or Article III and shall cease
after the first day of the month coinciding with or immediately preceding the
death of the Former Member, spouse or beneficiary. 

    
Section 4.2 Form of Pensions. The pension payable
to a Member or Former Member under Article II or Article III shall be paid in
such form as the Member or Former Member has elected, other than a single lump
sum distribution form, and provided that, on the day on which the Member or
Former Member makes such election, his or her elected form of payment is an
authorized form of payment under any Other Retirement Program in which the
Member or Former Member is a participant. If the pension the Member or Former
Member receives under this Plan is to be paid in a form other than a monthly
pension payable only during the lifetime of the Member or Former Member, such
pension shall be adjusted so that it is the actuarial equivalent of such
lifetime only pension. The actuarial factors used in determining such actuarial
equivalent shall be the same actuarial factors which are in use, on the day on
which the pension hereunder commences, by the Other Retirement Program to
determine actuarial equivalence for the same form of payment in which the
Member’s or Former Member’s pension hereunder is to be paid.

12 

    
An election as to the form of payment for the pension payable to a Member
or Former Member under Article II or Article III shall be made in writing, shall
specify the form of payment selected, and shall be filed with the Committee no
later than 30 days after such individual has become a Member pursuant to Section
1.12 or, in the case of any individual who was a Member or Former Member on May
1, 1989, by no later than June 30, 1989.

    
At the time such election is made, the Member or Former Member may also
elect an alternative form of payment for his or her pension hereunder, provided
that the alternate form so selected does not result in a delay in the date of
the commencement of payment, and have payment of his or her pension made
automatically in such alternative form in the event that (a) in the case of a
Member or Former Member who is single at the time of his or her election, the
Member or Former Member is married at the time payment of his or her pension is
to commence or (b) in the case of a Member or Former Member who is married at
the time of his or her election, such Member or Former Member is not married or
is legally separated at the time payment of his or her pension is to commence,
or, if at such time, the Member or Former Member’s spouse has a terminal
illness. The spouse of a Member or Former Member shall be treated as having a
“terminal illness” if the spouse has incurred any illness or injury that, in the
judgment of the Committee, has been determined by competent medical evidence to
be likely to result in the death of such spouse within a period of three years
from the date on which the terminal nature of such illness or injury was first
determined.

    
A Member or Former Member may elect, as an alternative form of payment,
any form, other than a single lump sum distribution form, that, on the day on
which such election is made, is an authorized form of payment under any Other
Retirement Program in which the Member or Former Member is a participant. Any
individual who was a Member or Former Member on June 30, 1989, may elect an
alternative form of payment pursuant to the preceding paragraph by specifying in
writing the alternative form selected and filing same with the Committee no
later than 30 days after December 19, 1989. 

    
Any election made by a Member or Former Member as to the form of payment,
or alternative form of payment, of his or her pension hereunder shall be
irrevocable. 

    
Notwithstanding any other provision herein to the contrary, if under the
form of payment that a Member or Former Member has elected under this Section
4.2 any amounts are otherwise payable to the Member’s or Former Member’s spouse
upon the death of the Member or Former Member, and if at the time of the
Member’s or Former Member’s death a federal estate tax marital deduction is
available for amounts passing to such Member’s or Former Member’s spouse only if
such amounts pass in a Qualified Domestic Trust, then the amounts so payable
shall not be paid to such spouse but shall be paid, instead, to a Qualified
Domestic Trust, if the Member or Former Member has so directed, either (x) in a
written instrument executed by the Member or Former Member and filed with the
Committee (and not revoked by him prior to his or her death) or (y) in the
Member or Former Member’s last will and testament. Any payments to be made to a
Qualified Domestic Trust pursuant to the preceding sentence shall be made in the
same amounts, and at the same times, as such payments would have been made if
payable directly to the Member’s or Former Member’s spouse in the absence of
such direction.

13 

    
Notwithstanding anything contained herein to the contrary, effective for
pensions payable on and after September 23, 2010, a Member or Former Member who
has elected to have his or her pension benefit paid in the form of a “life
annuity” (as defined below) may elect, in writing and in such form and manner as
the Committee requires, at any time prior to the date that payment of such
pension commences, to change the form of such payment to another type of “life
annuity” otherwise permitted to be elected by the Member or Former Member under
the Plan; provided that the scheduled date for the first annuity payment shall
remain the same as if no change in election had been made and the annuities are
actuarially equivalent applying the same actuarial factors, methods and
assumptions as are set forth in the first paragraph of this Section. 

    
For purposes of the foregoing, the term “life annuity” means, in
accordance with Treasury Regulation Section 1.409A-2(b)(2)(ii)(A), a series of
substantially equal periodic payments, payable not less frequently than
annually, for the life (or life expectancy) of the Member or Former Member, or a
series of substantially equal periodic payments, payable not less frequently
than annually, for the life (or life expectancy) of the Member or Former Member,
followed upon the death or end of the life expectancy of the Member or Former
Member by a series of substantially equal periodic payments, payable not less
frequently than annually, for the life (or life expectancy) of the Member or
Former Member designated beneficiary (if any), disregarding any of the features
set forth in Treasury Regulation Section 1.409A-2(b)(2)(ii)(B). 

    
Section 4.3 Conditions of Payment of Pensions. The
payment of any pension under this Plan to a Former Member, spouse or beneficiary
is contingent on the following: 

    
(a) that at
no time either prior to or subsequent to Retirement or other termination of
employment shall such Member or Former Member engage in any business or other
activity which, in the reasonable judgment of the Committee, is competitive with
any activity of an Affiliated Corporation, except that it shall not be deemed a
violation of this Section 4.3(a) or of Section 4.3(b) for a Member or Former
Member to engage in any such competitive activity after the Corporation has
terminated an employment agreement in effect with such Member or Former Member
if by the terms of such employment agreement the Member or Former Member is not
prohibited from engaging in such competitive activity immediately following such
termination by the Corporation; 

    
(b) that at
no time either prior to or subsequent to his or her Retirement or other
termination of employment shall such Member or Former Member violate the
provisions of his or her secrecy or invention agreements with the Corporation
(if the Member or Former Member is or was a party to the “Pall Corporation
Employee Agreement” substantially in the form annexed as Exhibit A to the Plan
as amended in October 1987, then said Employee Agreement shall be deemed a
“secrecy or invention agreement” referred to in this Section 4.3(B)), and

14 

    
(c) that
such Member or Former Member shall not have been discharged by the Corporation
or another Affiliated Corporation as a result of gross negligence or willful
misconduct, and he or she shall not, while a Member, have engaged in conduct
which, had it been known at the time, would have resulted, on the grounds of
gross negligence or willful misconduct, in his or her discharge by the
Corporation or another Affiliated Corporation. 

    
If the Committee determines that such Member or Former Member has
violated any of the conditions of this Section it shall notify such Member or
Former Member and the obligation of the Corporation to make any payments to such
Member or Former Member or his or her spouse or beneficiary shall forthwith
terminate, provided that no amount paid prior to the date of such determination
by the Committee shall be required to be repaid. Any action by the Committee under this Section must be taken within one year
from the date by which the facts which constitute a violation of any of the
conditions of this Section have been brought to the attention of the Committee.

ARTICLE V 

CERTAIN RIGHTS AND LIMITATIONS

    
Section 5.1 Prohibition Against Alienation of Benefits. No benefit under the Plan shall be subject in any manner to
anticipation, sale, transfer, assignment, pledge, encumbrance or charge, and any
attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber or
charge the same shall be void; nor shall any such benefit be in any manner
liable for or subject to garnishment, attachment, execution or levy, or liable
for or subject to the debts, contracts, liabilities, engagements or torts of the
person entitled to such benefits; and in the event that the Committee shall find
that any Member, Former Member or his or her spouse or beneficiary has become
bankrupt or has attempted to anticipate, alienate, sell, transfer, assign,
pledge, encumber or charge any benefits under the Plan, then payment of such
benefit shall, in the discretion of the Committee, cease and terminate, and in
that event the Committee shall hold or apply the same to or for the benefit of
such Member, Former Member or spouse or the children or other dependents of the
same, or beneficiary in such manner and in such proportions as the Committee may
deem proper, and any such application shall be a complete discharge of all
liabilities of the Corporation therefor. 

    
Section 5.2 Incompetency. In the event that the
Committee shall find that a Member, Former Member or other person entitled to a
benefit under the Plan is unable to care for his or her affairs because of
illness or accident or because he or she is a minor, the Committee may direct
that any benefit payment due him, unless claim shall have been made therefor by
a duly appointed guardian, committee or other legal representative, be paid to a
spouse, child, parent or other blood relative of such person or to anyone found
by the Committee to have incurred expense for the support and maintenance of
such person, and any such payment so made shall be a complete discharge of all
liabilities of the Corporation therefor. 

    
Section 5.3 No Right to Continued Employment. The
establishment and continuation of the Plan by the Corporation shall not confer
any legal rights upon any Member or any person to continued employment, nor
shall such establishment or continuation interfere with the rights of the
Corporation to discharge any Member and to otherwise treat him without regard to
the effect which such discharge might have upon him as a Member.

15 

    
Section 5.4 Payment of Taxes. The Corporation
shall have the right to deduct and withhold from any amount which it is
otherwise obligated to pay under the Plan any amount which it may be required to
deduct or withhold pursuant to any applicable statute, law, regulation or order
of any jurisdiction whatsoever. The Corporation shall not be required to pay any
amount to the spouse or beneficiary of any deceased Member pursuant to Article
III until such spouse, beneficiary or the legal representatives of the deceased
Member shall have furnished the Committee with evidence satisfactory to the
Corporation of the payment or the provision for the payment of any estate,
transfer, inheritance or death taxes which may be payable with respect thereto.
Without limitation of the foregoing, the Corporation may make arrangements with
any Member, Former Member or beneficiary prior to any payments from the Plan for
payment of all such federal, state or local taxes (including FICA taxes) that
are required to be withheld. 

    
Section 5.5 Section 409A. This Plan is intended to
comply with the requirements of Section 409A. To the extent that any provision
in this Plan is ambiguous as to its compliance with Section 409A, the provision
shall be interpreted in a manner so that no amount payable hereunder shall be
subject to an “additional tax” within the meaning of Section 409A(a)(1)(B) of
the Code. Notwithstanding anything contained herein to the contrary, in no event
shall the Corporation or any officer, director, employee or agent of the
Corporation be liable to any Member, Former Member or beneficiary for any tax or
penalty imposed on such Member, Former Member or beneficiary under Section 409A
or otherwise. For purposes of Section 409A, each payment made under this Plan
shall be treated as a separate payment. In no event may a Member, Former Member
or beneficiary, directly or indirectly, designate the calendar year of any
payment. 

ARTICLE VI 

ADMINISTRATION OF THE PLAN

    
Section 6.1 Appointment of Committee. The Board of
Directors shall appoint a Committee of not less than three nor more than five
persons who shall serve at the pleasure of said Board. Any vacancy in the
Committee arising by death, resignation or otherwise shall be filled by the
Board of Directors. 

    
Section 6.2 Duties and Powers of the Committee.
The Committee shall be responsible for the control and management of the
operation and administration of the Plan and the proper execution of its
provisions. It shall also be responsible for the construction of the Plan and
the determination of all questions arising hereunder. It shall maintain all
necessary books of accounts and records. In furtherance of the foregoing, the
Committee shall have the sole power and responsibility (i) to establish,
interpret, enforce, amend and revoke from time to time such rules and
regulations for the administration of the Plan and the conduct of its business
as it deems appropriate, provided such rules and regulations are uniformly
applicable to all persons similarly situated, (ii) to receive and approve or
disapprove (where approval is required) elections of Members and Former Members
to receive benefits, to otherwise determine the entitlement of Members, Former
Members and their spouses and beneficiaries to benefits under the Plan and to
decide any disputes which may arise relative to the rights of the Members,
Former Members and their spouses and beneficiaries with respect to such
benefits, and (iii) to keep all appropriate records and data pertaining to the
interests of the Members, Former Members and their spouses and beneficiaries in
the Plan. Any action which the Committee is required or authorized to take
shall, to the extent permitted by applicable law, be final and binding upon each
and every person who is or may become interested in the Plan, provided, however, that nothing in
this Section 6.2 is intended to or shall be deemed or construed to empower the
Committee to deny to any person a pension to which such person is entitled by
the terms of this Plan other than this Section 6.2 or to deprive any person of
the right to a determination by a court of competent jurisdiction of whether
such person is entitled to a pension pursuant to this Plan and of the amount and
other terms of such pension.

16 

    
Section 6.3 Conduct of Affairs of Committee. The
Committee shall hold such meetings upon such notice at such place or places and
at such times as it may from time to time deem appropriate. The Committee may
act by a majority of its members in office from time to time. The action of such
majority may be taken at a meeting of the Committee or pursuant to written
consent of such majority without a meeting. It shall elect from time to time one
of its own members to act as Chairman and a different person, who may but need
not be a member of the Committee, to act as Secretary. It may authorize any one
or more of its members to execute and deliver any documents on behalf of the
Committee. 

    
Section 6.4 Expenses and Liability. The expenses
of administering the Plan shall be paid by the Corporation. The members of the
Committee shall serve without compensation for their services as such, but shall
be reimbursed by the Corporation for any expenses they may individually or
collectively incur in the performance of their duties hereunder. No member of
the Committee shall be personally liable for anything done or omitted to be done
by him unless it shall have been judicially determined that the member failed to
perform his or her duties under the Plan in good faith and in a prudent manner.

    
Section 6.5 Indemnification of Committee Members.
The Corporation shall, to the maximum extent permitted under applicable law,
indemnify each member of the Committee from and against any and all claims,
actions, demands, losses, damages, expenses and liabilities arising from any act
or omission of the member in connection with the performance of his or her
duties hereunder and for which the member is not reimbursed or otherwise made
whole under any contract or contracts of insurance maintained by the Corporation
for the purpose of indemnifying the member from and against any and all such
claims, actions, demands, losses, damages, expenses and liabilities which may
arise therefrom. Such indemnification shall include attorneys’ fees and all
other costs and expenses reasonably incurred by the member in defense of any
claim or action brought or asserted against him arising from such act or
omission. Notwithstanding the foregoing, the
Corporation shall not indemnify any member of the Committee with respect to any
claims, actions, demands, losses, damages, expenses and liabilities arising from
any act or omission of the member with respect to the performance of his or her
duties hereunder if such act or omission is deemed by the Corporation to
constitute gross negligence, willful misconduct, criminal conduct or dealing
with the Plan for his or her own benefit or for his or her own account.

17 

     Section
6.6 Claims
Procedure. A Member, Former Member, spouse or
beneficiary may claim any benefits under the Plan which such person believes is
properly payable pursuant to the provisions of the Plan by filing an application
therefor. Such claim shall be filed with the Committee on a form approved by it.
The claim shall be approved or denied by the Committee within ninety (90) days
after the claim was filed. If the Committee in its sole discretion determines
that special circumstances exist which require an extension of time to process
the claim, the Committee shall (i) give the claimant written notice, within
ninety (90) days after the claim was filed, specifying the special circumstances
and the expected date of a decision on the claim and (ii) approve or deny the
claim within 180 days after the claim was filed. 

    
If the claim is denied in full or in part, the claimant shall be given
written notice setting forth, in a manner calculated to be understood by the
claimant, (i) the specific reason or reasons for such denial, (ii) specific
reference to the pertinent provision or provisions of the Plan upon which such
denial was based, (iii) a description of any additional information,
documentation or other material necessary for the claimant to perfect his or her
claim and an explanation of why such information, documentation or other
material is necessary, and (iv) an explanation of the procedure for obtaining a
review of the denial of the claim. The claimant or his or her duly authorized
representative may request a review of the denial of the claim by filing with
the secretary of the Committee a written request for review within, and only
within, the period of sixty (60) days commencing with the date the denial of the
claim was posted by registered or certified mail to the claimant. The claimant
and his or her duly authorized representative shall be given a reasonable
opportunity to review the documents of the Plan and to submit their written
issues and comments to the Committee at any time prior to the expiration of the
aforesaid 60-day period. 

    
Within the period of sixty (60) days of the date a request for review of
a denial of claim is received by the Committee, the Committee shall consider the
request and post its final decision to the claimant by registered or certified
mail. In the event that the Committee in its sole discretion determines that a
hearing is warranted, and a hearing is held before the Committee (at which
hearing the claimant and his or her duly authorized representative shall be
given a reasonable opportunity to present their views), or in the event that the
Committee determines that the case otherwise presents special circumstances
requiring an extension of time for processing the request for review, the
Committee shall (i) give the claimant written notice of the extension within
sixty (60) days after receiving the request for review and (ii) post its final
decision to the claimant by registered or certified mail not later than 120 days
after the date the request for review was received by the Committee. Such
decision shall be written in a manner calculated to be understood by the
claimant, and shall fully set forth the reason or reasons for the decision, with
specific references to the pertinent provision or provisions of the Plan upon
which the decision was based. 

ARTICLE VII 

CONTRACTUAL OBLIGATION

    
The obligation of the Corporation under this Plan to make payments of
pensions when due is merely contractual, and all such pensions shall be paid
from the general revenues of the Corporation. Nothing contained in this Plan
shall require the Corporation to segregate or earmark any cash or other property
for any Member, Former Member, spouse or beneficiary.

18 

ARTICLE VIII 

AMENDMENT AND TERMINATION

    
Section 8.1 Amendment and Termination. The Plan
may not be amended or terminated, in whole or in part, without the written
consent of (a) each Member, (b) each Former Member and (c) any spouse or
beneficiary of a Member or Former Member who at the time of the proposed
amendment or termination is receiving benefits under the Plan subsequent to the
death of the Member or Former Member. Notwithstanding the foregoing, no such
consent shall be required from a Member, Former Member, spouse or beneficiary as
to whom the proposed amendment to, or termination of, the Plan would not under
any circumstances or at any time reduce the benefits payable under the Plan to
such Member, Former Member, spouse or beneficiary. 

    
Section 8.2 Successors and Assigns. The Plan shall
be binding upon and inure to the benefit of the Corporation and its successors
and assigns, but no assignment shall relieve the Corporation of any of its
obligations or liabilities hereunder to a Member, Former Member, spouse or
beneficiary without the written consent of such person. 

ARTICLE IX 

CONSTRUCTION 

    
Section 9.1 Governing Law. This Plan shall be
governed by and construed in accordance with the laws of the State of New York.

    
Section 9.2 Words and Headings. As used herein,
the masculine gender shall be deemed to refer to the feminine, and the singular
person shall be deemed to refer to the plural, wherever appropriate. The
headings of Articles and Sections are inserted for convenience and reference
only, and in the event of any conflict between the text of any provision of the
Plan and the heading thereof, the text shall control. 

19 

Exhibit 10.9 

SUPPLEMENTARY PENSION PLAN

APPENDIX A (as amended on March 28,
2003) 

    
Anything in Section 1.8 to the contrary notwithstanding: (a) in the case
of each Member who on March 16, 1987 held the office of Chairman of the Board
(David B. Pall), Vice Chairman of the Board (Abraham Krasnoff) or President
(Maurice G. Hardy) of the Corporation, the term “Final Average Compensation”
means one-half of the aggregate of such Member’s Compensation for the two (2)
Plan Years in which his Compensation was highest out of the last ten (10) Plan
Years in which he or she was a Member; (b) in the case of Henry Petronis, who on
March 16, 1987 held the office of Executive Vice President of the Corporation,
the term “Final Average Compensation” means one-half of the aggregate of such
Member’s Compensation for the two (2) Plan Years in which his Compensation was
highest out of the last five (5) Plan Years in which he or she was a Member; (c)
in the case of Stanley Wernick, who on April 28, 1992 held the office of Senior
Vice President and Treasurer and Chief Financial Officer of the Corporation, the
term “Final Average Compensation” means one-half of the aggregate of such
Member’s Compensation for the two (2) Plan Years in which his Compensation was
highest out of the last five (5) Plan Years in which he or she was a Member; (d)
in the case of Arnold Weiner, who on October 6, 1997 was a Group Vice President
of the Corporation, the term “Final Average Compensation” means one-third of the
aggregate of his Compensation for the three (3) Plan Years in which his
Compensation was highest out of the last seven (7) Plan Years in which he or she
was a Member; and (e) in the case of Charles Grimm, for the purpose of
determining his Final Average Compensation under § 1.8, his compensation for the
Plan Year ending July 31, 2003 shall be deemed to include a bonus of the greater
of (i) 70% of the Base Salary payable to him for said Plan Year under his
Employment Agreement dated November 15, 2001 as amended by Amendment dated July
16, 2002, or (ii) the Bonus Compensation in fact payable to him for said Plan
Year under said Employment Agreement as so amended. 

Exhibit 10.9 

SUPPLEMENTARY PENSION
PLAN 

APPENDIX B 

    
Supplementing Section 1.12,
“Member”
means, in addition to the persons identified therein, the following :

    
(e) each person who on October 20, 1980 held the office of President of
either of the following Affiliated Corporations: 

    
Mectron Industries Inc. 

    
Pallflex, Inc.; 

    
(f) the person who, on July 6, 1986, held the office of President of Pall
Pneumatic Products Corporation (an Affiliated Corporation); and 

    
(g) Roy Sheaff, who on May 1, 1990 was an appointed vice president of the
Corporation.

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