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                                                                   EXHIBIT 10.15

                                PALL CORPORATION

                       2004 EXECUTIVE INCENTIVE BONUS PLAN

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1. PURPOSE

         This document sets forth the Pall Corporation 2004 Executive Incentive
Bonus Plan as adopted by the Compensation Committee of the Board of Directors on
October 16, 2003 effective for the fiscal year beginning August 3, 2003 and
subsequent fiscal years, approved by shareholders at the Annual Meeting on
November 19, 2003 and amended by the Board of Directors, acting by its
Compensation Committee, on July 19, 2005 and January 18, 2006.

         The purpose of the Plan is to encourage greater focus on performance
among the key executives of the Corporation by relating a significant portion of
their total compensation to the achievement of annual financial objectives.

2. CERTAIN DEFINITIONS

         As used herein with initial capital letters, the following terms shall
have the following meanings:

         "AVERAGE EQUITY" shall mean, for any Fiscal Year, the average of
stockholders' equity as shown on the fiscal year-end consolidated balance sheet
of the Corporation and its subsidiaries as of the end of such Fiscal Year and as
of the end of the immediately preceding Fiscal Year except that the amounts
shown on said balance sheets as "Accumulated other comprehensive" income or
loss, as the case may be, shall be disregarded.

         "BASE SALARY" shall mean, with respect to any Executive and for any
Fiscal Year, the annual rate of base salary in effect for the Executive as of
the first day of such year or, if later, as of the first day of the Executive's
Term of Employment, as determined under the Executive's Employment Agreement.

         "BOARD OF DIRECTORS" shall mean the Board of Directors of the
Corporation.

         "BONUS" shall mean the bonus payable to an Executive under this Plan
for any Fiscal Year.

         "CEO" shall mean the Chief Executive Officer of the Corporation.

         "CHANGE IN CONTROL" means the occurrence of any of the following:

         (a)      the "Distribution Date" as defined in Section 3 of the Rights
                  Agreement dated as of November 17, 1989 between the
                  Corporation and United States Trust Company of New York as
                  Rights Agent, as amended by Amendment No. 1 thereto dated
                  April 20, 1999, and as the same may have been further amended
                  or extended to the time in question or in any successor
                  agreement (the "Rights Agreement"); or
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         (b)      any event described in Section 11(a)(ii)(B) of the Rights
                  Agreement; or

         (c)      any event described in Section 13 of the Rights Agreement; or

         (d)      the date on which the number of duly elected and qualified
                  directors of the Corporation who were not either elected by
                  the Board of Directors or nominated by the Board of Directors
                  or its Nominating 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 no Change in Control shall be deemed to have occurred,
and no rights arising upon a Change in Control as provided in Section 6 shall
exist, to the extent that the Board of Directors so determines by resolution
adopted prior to the Change in Control.

         "CODE" shall mean the Internal Revenue Code of 1986, as amended.

         "COMMITTEE" shall mean the Compensation Committee of the Board of
Directors.

         "CORPORATION" shall mean Pall Corporation.

         "COVERED EXECUTIVE" shall mean, with respect to any Fiscal Year, each
individual who is a "Covered Employee" of the Corporation for such year for the
purpose of section 162(m) of the Code.

         "EMPLOYMENT AGREEMENT" shall mean, with respect to any executive
employee of the Corporation, an employment agreement between the Corporation and
such employee which provides that the employee shall be eligible to receive
annual bonuses under this Plan.

         "EXECUTIVE" shall mean an executive employee of the Corporation with
whom the Corporation has entered into an Employment Agreement.

         "FISCAL YEAR" shall mean the fiscal year of the Corporation ending on
July 31, 2004, and each subsequent fiscal year of the Corporation.

         "MAXIMUM R.O.E. TARGET" shall mean, for any Fiscal Year, the Return on
Equity that must be achieved or exceeded in order for the Performance Percentage
for the year to equal 100%, as determined by the Committee prior to the first
day of such year or within such period of time thereafter as may be permitted
under the regulations issued under ss.162(m) of the Code.

         "MINIMUM R.O.E. TARGET" shall mean, for any Fiscal Year, the Return on
Equity that must be exceeded in order for any Bonus to be paid to any Executive
for the year, as determined by the Committee prior to the first day of such year
or within such period of time thereafter as may be permitted under the
regulations issued under ss.162(m) of the Code.

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         "NET EARNINGS" shall mean, for any Fiscal Year, the after-tax
consolidated net earnings of the Corporation and its subsidiaries, either (i) as
certified by the Corporation's independent auditors for inclusion in the annual
report to shareholders ("Annual Report") for such year or (ii) as reported to
such auditors by the chief financial officer of the Corporation at a meeting of
the Corporation's Audit Committee, held prior to the date on which the
Corporation's annual report on Form 10-K for such year is filed with the U.S.
Securities and Exchange Commission, and accepted by the auditors at such meeting
(including any adjournment thereof) subject only to events occurring after that
meeting and prior to the auditors' written certification of the financial
statements for the year, but in either case adjusted so as to eliminate the
effects of (I) any decreases in or charges to earnings for (a) the translational
effect of foreign currency exchange rates, (b) any acquisitions, divestitures,
discontinuance of business operations, restructuring or any other special
charges, (c) the cumulative effect of any accounting changes, and (d) any
"extraordinary items" as determined under generally accepted accounting
principles, to the extent such decreases or charges referred to in clauses (a)
through (d) are separately disclosed in the Corporation's Annual Report for the
year and (II) any increase in earnings for the translational effect of foreign
currency exchange rates.

         "PLAN" shall mean the Pall Corporation Executive Incentive Bonus Plan,
as set forth herein and as amended from time to time.

         "RETURN ON EQUITY" shall mean, for any Fiscal Year, the percentage
determined by dividing the Net Earnings for the year by the Average Equity for
the year.

         "TARGET BONUS PERCENTAGE" shall mean, with respect to any Executive,
the target bonus percentage specified for such Executive in his or her
Employment Agreement.

3. DETERMINATION OF BONUS AMOUNTS

         For each Fiscal Year falling in whole or in part within an Executive's
Term of Employment, as defined in his or her Employment Agreement, the Executive
shall be entitled to receive a Bonus in an amount determined in accordance with
the provisions of this Section 3, subject, however, to the provisions of Section
4.

         (a) The amount of the Bonus payable to an Executive for each such
Fiscal Year shall be equal to (i) the Target Bonus Percentage of the Executive's
Base Salary for such year, multiplied by (ii) the Performance Percentage for
such year, as determined under (b) below.

         (b) The Performance Percentage for any Fiscal Year shall be determined
in accordance with the following provisions:

              (i) If the Return on Equity equals or exceeds the Maximum R.O.E.
         Target for the year, the Performance Percentage for the year shall be
         100%.

              (ii) If the Return on Equity equals or is less than the Minimum
         R.O.E. Target for the year, the Performance Percentage for the year
         shall be zero, and no Bonus shall be payable under the Plan for such
         year to any Executive.

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              (iii) Except as other provided in (iv) below, if the Return on
         Equity is less than the Maximum R.O.E. Target for the year but exceeds
         the Minimum R.O.E. Target for the year, the Performance Percentage for
         the year shall be equal to the quotient resulting from dividing (A) the
         excess of the Return on Equity for the year over the Minimum R.O.E.
         Target for the year, by (B) the excess of the Maximum R.O.E. Target for
         the year over the Minimum R.O.E. Target for the year.

              (iv) At the time it establishes the Minimum and Maximum R.O.E.
         Targets for any Fiscal Year beginning on or after August 3, 2003, the
         Committee may also (A) establish one or more R.O.E. targets (each, an
         "Intermediate R.O.E. Target") for such year that are greater than the
         Minimum R.O.E. Target but less than the Maximum R.O.E. Target for such
         year, and (B) determine the Performance Percentage that will apply if
         the Return on Equity exceeds the Minimum R.O.E. Target, or equals any
         of the Intermediate R.O.E. Targets established for such year. If one or
         more Intermediate R.O.E. Targets are established for any such Fiscal
         Year and the Return on Equity for such year exceeds the Minimum R.O.E
         Target or any Intermediate R.O.E Target established for the year (the
         "Achieved Target") but is less than the next highest Intermediate R.O.E
         Target established for the year (the "Next Highest Target"), the
         Performance Percentage for such year shall be equal to the Performance
         Percentage that would apply if the Return on Equity were equal to the
         Achieved Target, plus the percentage resulting from multiplying (1) the
         excess of the Performance Percentage that would apply if the Return on
         Equity were equal to the Next Highest Target, over the Performance
         Percentage that would apply if the Return on Equity were equal to the
         Achieved Target , by (2) the percentage resulting from dividing (x) the
         excess of the Return on Equity over the Achieved Target, by (y) the
         excess of the Next Highest Target over the Achieved Target. If the
         Return on Equity for the year exceeds the highest Intermediate R.O.E.
         Target for the year but is less than the Maximum R.O.E. Target for the
         year, the Performance Percentage for the year shall be determined in
         the manner described in the preceding sentence but for this purpose,
         the Maximum R.O.E. Target for the year shall be treated as the Next
         Highest Target for the year.

         (c) If an Executive's Term of Employment commences after the start of a
Fiscal Year, or ends prior to the close of a Fiscal Year, the amount of the
Bonus payable to the Executive for the Fiscal Year in which the Executive's Term
of Employment commences, or for the Fiscal Year in which the Executive's Term of
Employment ends, as determined in accordance with the other applicable
provisions of the Plan, shall be prorated on the basis of the number of days of
such Fiscal Year that fall within the Executive's Term of Employment; provided,
however, that (i) if an Executive's Term of Employment ends within 5 days prior
to the close of a Fiscal Year, there shall be no proration and the Executive
shall be entitled to receive the entire amount of the Bonus payable to the
Executive for such year, as determined in accordance with such other provisions,
and (ii) if the Executive's Term of Employment ends within 5 days following the
start of a Fiscal Year, the Executive shall not be entitled to receive any Bonus
with respect to such Fiscal Year.

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4. ADJUSTMENT OF AND LIMITATION ON BONUS AMOUNTS

         The amount of the Bonus otherwise payable to an Executive for any
Fiscal Year in accordance with Section 3 shall be subject to the following
adjustments and limitation:

         (a) The Committee may, in its discretion, reduce the amount of the
Bonus otherwise payable to any Executive in accordance with Section 3, (i) to
reflect any decreases in or charges to earnings that were not taken into account
in determining Net Earnings for the year pursuant to clause (a), (b), (c) or (d)
contained in the definition of such term in Section 2, (ii) to reflect any
credits to earnings for extraordinary items of income or gain that were taken
into account in determining Net Earnings for the year, (iii) to reflect the
Committee's evaluation of the Executive's individual performance, or (iv) to
reflect any other events, circumstances or factors which the Committee believes
to be appropriate in determining the amount of the Bonus to be paid to the
Executive for the year.

         (b) The Committee may, in its discretion, increase the amount of the
Bonus otherwise payable to any Executive who is not a Covered Executive, as
determined under Section 3, to reflect the Committee's evaluation of the
Executive's individual performance, or to reflect such other circumstances or
factors as the Committee believes to be appropriate in determining the amount of
the Bonus to be paid to the Executive for the year. The Committee shall not have
any discretion to increase the amount of the Bonus payable to any Covered
Executive for the year, as determined under Section 3.

         (c) Notwithstanding any other provision herein to the contrary, the
amount of the Bonus otherwise payable to any Executive for any Fiscal Year
beginning on or after August 3, 2003, shall not exceed the lesser of (i) $2.0
million and (ii) 150% of the Executive's Base Salary for such Fiscal Year.

5. PAYMENT OF BONUSES

         The Bonus payable to an Executive for any Fiscal Year shall be paid in
accordance with the following provisions:

         (a) Except as otherwise provided in (b) or (c) below,

              (i) if the Executive is not a Covered Executive for such year, not
         less than 50% of the amount of the Executive's Bonus shall be paid to
         the Executive on such date following the close of such year, not later
         than the date on which the Corporation files its Form 10-K Annual
         Report with the Securities and Exchange Commission, as the Committee in
         its discretion shall determine (the first "Bonus Payment Date"), and
         any remaining amount of the Executive's Bonus shall be paid to the
         Executive by no later than January 15 next following the close of such
         year;

              (ii) if the Executive is a Covered Executive for such year, not
         less than 50% of the amount of the Executive's Bonus shall be paid to
         the Executive on the later of (x) the first Bonus Payment Date fixed by
         the Committee in accordance with ss.5(a)(i) above or (y) on the first
         business day following the date on which the Committee has certified in
         writing that all conditions for the payment of such Bonus to the
         Executive for such year have been satisfied, and any remaining amount
         of the Executive's Bonus shall be paid to the Executive by no later
         than January 15 next following the close of such year;

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              (iii) each amount payable to an Executive under (i) and (ii)
         above, reduced by the amount of all federal, state and local taxes
         required by law to be withheld therefrom, shall be paid to the
         Executive in the form of a single lump sum cash payment.

         (b) To the extent that an Executive has elected under the applicable
provisions of the Pall Corporation Management Stock Purchase Plan (the "MSPP")
to have any part of the Bonus payable to the Executive for any Fiscal Year paid
in the form of Restricted Units to be credited to the Executive's account under
the MSPP, no cash payments shall be made to the Executive pursuant to (a) above
with respect to the part of the Executive Bonus that is subject to such
election, and the obligation of the Corporation under this Plan with respect to
payment of such part of the Executive's Bonus shall be fully discharged upon the
crediting of Restricted Units to the Executive's account under the MSPP in
accordance with the applicable provisions of such Plan.

         (c) To the extent that an Executive has elected under the applicable
provisions of the Pall Corporation Profit-Sharing Plan (the "Profit-Sharing
Plan") to have any part of the Bonus payable to the Executive for any Fiscal
Year reduced, and to have an amount equal to such part of the Executive's Bonus
contributed to the Profit-Sharing Plan as a 401(k) Contribution on the
Executive's behalf, an amount equal to such part of the Executive's Bonus shall
be contributed to the Profit-Sharing Plan on behalf of the Executive, and
thereupon, the obligation of the Corporation under this Plan with respect to
payment of such part of the Executive's Bonus shall be fully discharged.
However, no such contribution shall be made to the extent it would cause any
limitation applicable under the 401(k) Plan to be exceeded.

6. CHANGE IN CONTROL

         Notwithstanding any other provision in the Plan to the contrary (but
subject to the "provided, however" clause contained in the definition of "Change
in Control" in Section 2), upon the occurrence of a Change in Control, the
following provisions shall apply.

         (a) The amount of the Bonus payable to any Executive for the Fiscal
Year in which a Change in Control occurs shall be at least equal to the Target
Bonus Percentage of the Executive's Base Salary for such year or, in the case of
any Executive whose Term of Employment commences after the start of such year or
ends prior to the close of such year, a pro rata portion thereof determined on
the basis of the number of days of such Fiscal Year that fall within the
Executive's Term of Employment.

         (b) Each Executive whose Term of Employment has not ended prior to the
occurrence of a Change in Control shall be entitled to receive a Bonus for each
Contract Year (as defined in the Executive's Employment Agreement) that falls in
whole or in part within the Executive's Term of Employment and that ends after
the Fiscal Year in which the Change in Control occurs. The amount of the Bonus
payable to the Executive for each such Contract Year shall be at least equal to
the Target Bonus Percentage of the Executive's Base Salary for such Contract
Year or, in the case of any Executive whose Term of Employment ends after the
start of such Contract Year but prior to the close of such year, a pro rata
portion thereof determined on the basis of the number of days of such Contract
Year that fall within the Executive's Term of Employment.

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         (c) The entire amount of the Bonus payable to an Executive for any
Fiscal Year or Contract Year pursuant to (a) or (b) above, reduced by the amount
of all federal, state and local taxes required to be withheld therefrom, shall
be paid to the Executive in a single cash lump sum as soon as practicable after
the close of such Fiscal Year or Contract Year, but in no event later than 2 1/2
months after the close of such Fiscal Year or Contract Year.

7. RIGHTS OF EXECUTIVES

         An Executive's rights and interests under the Plan shall be subject to
the following provisions:

         (a) An Executive's rights to payments under the Plan shall not be
subject in any manner to anticipation, alienation, sale, transfer, assignment,
pledge, encumbrance, attachment, or garnishment by creditors of the Executive.

         (b) Neither the Plan nor any action taken hereunder shall be construed
as giving any Executive any right to be retained in the employment of the
Corporation or any of its subsidiaries.

8. ADMINISTRATION

         The Plan shall be administered by the Committee. A majority of the
members of the Committee shall constitute a quorum. The Committee may act at a
meeting, including a telephone meeting, by action of a majority of the members
present, or without a meeting by unanimous written consent. In addition to the
responsibilities and powers assigned to the Committee elsewhere in the Plan, the
Committee shall have the authority, in its discretion, to establish from time to
time guidelines or regulations for the administration of the Plan, interpret the
Plan, and make all determinations considered necessary or advisable for the
administration of the Plan.

         The Committee may delegate any ministerial or nondiscretionary function
pertaining to the administration of the Plan to any one or more officers of the
Corporation.

         All decisions, actions or interpretations of the Committee under the
Plan shall be final, conclusive and binding upon all parties. Notwithstanding
the foregoing, any determination made by the Committee after the occurrence of a
Change in Control that denies in whole or in part any claim made by any
individual for benefits under the Plan shall be subject to judicial review,
under a "de novo", rather than a deferential standard.

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9. AMENDMENT OR TERMINATION

         The Board of Directors may, (acting by the Committee if the by-laws of
the Corporation so provide), with prospective or retroactive effect, amend,
suspend or terminate the Plan or any portion thereof at any time; provided,
however, that (a) no amendment, suspension or termination of the Plan shall
adversely affect the rights of any Executive with respect to any Bonus that has
become payable to the Executive under the Plan, without his or her written
consent, and (b) following a Change in Control, no amendment to Section 6, and
no termination of the Plan, shall be effective if such amendment or termination
adversely affects the rights of any Executive under the Plan.

10. SUCCESSOR CORPORATION

         The obligations of the Corporation under the Plan shall be binding upon
any successor corporation or organization resulting from the merger,
consolidation or other reorganization of the Corporation, or upon any successor
corporation or organization succeeding to substantially all of the assets and
business of the Corporation. The Corporation agrees that it will make
appropriate provision for the preservation of Executives' rights under the Plan
in any agreement or plan which it may enter into or adopt to effect any such
merger, consolidation, reorganization or transfer of assets.

11. GOVERNING LAW

         The Plan shall be governed by and construed in accordance with the laws
of the State of New York.

12. EFFECTIVE DATE

         The Plan was adopted by the Committee on October 16, 2003 effective for
the Fiscal Year beginning August 3, 2003, subject, however, to approval by the
shareholders of the Corporation at the 2003 annual meeting of the shareholders,
including any adjournment thereof.

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                                                                  EXHIBIT 10.28

                        AMENDMENT TO EMPLOYMENT AGREEMENT

         The AMENDED AND RESTATEDEMPLOYMENT AGREEMENT dated July 20, 2005
between PALL CORPORATION, a New York corporation (the "Company") and Eric
Krasnoff ("Executive"), (said Employment Agreement as the same may have been so
amended being hereinafter called "the Employment Agreement"), is hereby amended
as follows:

         WHEREAS, Section 3(b) of the Employment Agreement provides for a bonus
to Executive computed under the 2004 Executive Incentive Bonus Plan adopted by
the Company in 2003, a copy of which is annexed to and incorporated by reference
into the Agreement (the "Original 2004 Bonus Plan"), and

         WHEREAS, by action of the Compensation Committee of the Board of
Directors on January 18, 2006 the Original 2004 Bonus Plan was amended in
certain respects so that the amended Bonus Plan should be substituted for the
Original 2004 Bonus Plan as the attachment to the Employment Agreement, and

         WHEREAS, none of said amendments will decrease or diminish the amount
of the bonus which Executive is entitled to receive under the Employment
Agreement and accordingly this Amendment may be made by the Company without
execution by Executive,

         NOW, THEREFORE, the Employment Agreement is hereby amended, effective
for the Company's fiscal year ending July 31, 2006 and subsequent fiscal years,
by substituting the 2004 Executive Incentive Bonus Plan in the form annexed
hereto for the Original 2004 Bonus Plan for all purposes of the Employment
Agreement.

                                          PALL CORPORATION

Dated: May 3, 2006
                                          By: /s/ MARCUS WILSON
                                                  ---------------------------
                                                  Marcus Wilson
                                                  President

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