Document:

mpr8k20100116bexbb.htm

    Exhibit
(10)(bb)

     

    SECOND
AMENDMENT TO THE

    MET-PRO
CORPORATION RETIREMENT SAVINGS PLAN

     

    This Second 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 set forth below.

     

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

     

    1.           Section
3.01(d) is rewritten effective January 1, 2008 to clarify the administrative
procedures adopted by the Plan administrator regarding changes in elective
deferral contributions, as follows:

     

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

     

    A Participant may, on a quarterly
basis, elect to change the amount of his Before-Tax Contributions or resume
contributions which have been suspended, or a Participant may elect to
discontinue Before-Tax Contributions as soon as administratively possible, 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.

     

    2.           Section
3.02(a) is rewritten to clarify and accurately reflect the resolutions of the
Board of Directors which established the Employer Contributions under
such

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

     Section,
and to reflect that effective February 1, 2008, collectively bargained employees
hired prior to April 15, 2006 are eligible for Employer Contributions, as
follows:

     

    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 (including, effective February 1, 2008,
Employees covered by a collective bargaining agreement who were hired prior to
April 15, 2006) 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.

            

    

     

    The percentage applicable to each
eligible Participant will be fixed based on the Participant’s age and Years of
Service as of the later of December 31, 2006 (February 1, 2006 for collectively
bargained employees hired prior to April 15, 2006), or the Participant’s date of
hire and will not change during the Participant’s course of employment with the
Employer.

     

    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 

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    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.

     

    3.           Section
8.04(d)(1) is rewritten, effective October 1, 2008, to read as
follows:

     

    (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 as of the last day of the Plan Year following 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 following the last
day of the Plan Year in accordance with procedures established by the Plan
Administrator.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    4.           The
existing Section 9.01(c) is renumbered as Section 9.01(d), and is amended by
replacing “(a) and (b) above” with “(a), (b) and (c) above” where the term
appears in such Section.

     

    5.           A
new Section 9.01(c) is added to the Plan effective August 1, 2008 as
follows:

     

    (c)           Withdrawals From Rollover
Account.

     

    (1)           Procedures and Funds
Available

     

    Effective August 1, 2008, a
Participant may elect to withdraw all or a portion of his Rollover Account at
any time for any reason in accordance with procedures established by the Plan
Administrator.

     

    (2)           Funding of
Withdrawals

     

    In the event a withdrawal is less than
the total amount credited to a Participant’s Rollover Account, and if such
Rollover Account is invested under more than one Investment Fund, then the
amount withdrawn from such Rollover 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 Rollover Account then the subject
of withdrawal bears to the combined credit balance in all his Investment Funds
in which such Rollover Account is invested.

     

    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 Second Amendment may be incorporated into
the most recent restatement of the Plan.

     

     

     

     

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, the
Company has caused this Second Amendment to be executed by its duly authorized
officer this  24th  day of  September             
, 2008.

     

    

     

    
      	
              ATTEST:

            	 
      	
              Met
      Pro Corporation

            
	 	 	 	 	 	 
	 	 	 	 	 	 
	 
      	 
      	 
      	 
      	 
      	 
      
	
              By

            	
              /s/
      Amy Covely

            	 
      	
              By

            	
              /s/
      Gary J. Morgan

            	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
              Title:

            	
              Benefits
      Administrator

            	 
      	
              Title:

            	
              V/P
      of Finance

            	 
      

    

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        -5-mpr8k20101116cexbc.htm

    Exhibit
(10)(bc)

    

    THIRD
(GOOD FAITH) AMENDMENT TO THE

    MET-PRO
CORPORATION RETIREMENT SAVINGS PLAN

    

    This
Third (Good Faith) 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 to incorporate changes required by the Pension Protection Act of
2006.

    

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

    

    1.         Effective
January 1, 2009, Section 4.01(b) is amended by adding the following to the end
thereof:

    

    Effective
for Plan Years beginning on and after January 1, 2009, gap period income (i.e.,
income between the end of the plan year and the date of distribution) is no
longer paid on excess contributions, however, gap period income is included with
excess contributions for all prior Plan Years.

    

    2.         Effective
January 1, 2009, the last sentence of Section 4.05(d) is rewritten as
follows:

    

    Gap
period income (i.e., income between the end of the Plan Years and the date of
distribution) is not paid on any such excess contributions.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.         Effective
January 1, 2008, Section 8.07(a)(2) of the Plan is amended to add the following
language to the end thereof:

    

    Effective
for distributions made after December 31, 2007, an “Eligible Retirement Plan”
shall also mean an Roth individual retirement account described in Section 408A
of the Code to the extent that the applicable requirements of Code Section 408A
are satisfied with respect to any direct rollover to such Roth individual
retirement account.

    

    4.         Effective
January 1, 2007, Section 8.07(a)(3) of the Plan is amended by adding the
following to the end thereof:

    

    Any
after-tax employee contributions may be rolled over not only to a defined
contribution plan, but also to any qualified plan that agrees to separately
account for them, and to a 403(b) plan that agrees to separately account for
them.

    

    5.         Effective
January 1, 2010, Section 8.07(d) is added to the Plan as follows:

    

    Notwithstanding
any provision of the Plan to the contrary that would otherwise limit a Nonspouse
Beneficiary’s election under this Section, a Nonspouse Beneficiary may elect to
have any portion of a Plan distribution (that is payable to such Nonspouse
Beneficiary due to a Participant’s death) paid in a direct trustee-to-trustee
transfer to an individual retirement account described in Code Section 408(a) or
to an individual retirement annuity described in Section 408(b) (other than an
endowment contract) that has been established for the purposes of receiving the
distribution on behalf of such Nonspouse Beneficiary.  For these
purposes, a “Nonspouse Beneficiary” is an individual who is a designated
beneficiary (as defined by Section 401(a)(9)(E) of the Internal Revenue Code) of
a Participant and who is not the surviving spouse of such
Participant.

    

    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 Third (Good Faith) Amendment may be
incorporated into the most recent restatement of the Plan.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN WITNESS WHEREOF, the
Company has caused this Third (Good Faith) Amendment to be executed by its duly
authorized officer this  11th   day of December      
,  2009 .

     

    

    
      	
              ATTEST:

            	 
      	
              Met-Pro
      Corporation

            
	 	 	 	 	 	 
	 	 	 	 	 	 
	 
      	 
      	 
      	 
      	 
      	 
      
	
              By

            	/s/ Amy Covely	 
      	
              By

            	/s/ Gary J. Morgan	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
              Title:

            	HR Manager	 
      	
              Title:

            	V/P of Finance

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