Document:

mpr101pex10aw.htm

    Exhibit
(10)(aw)

    

    

    

    

    

    

    

    

    

    MET-PRO
CORPORATION

    SALARIED
PENSION PLAN

    

    AMENDED
AND RESTATED

    EFFECTIVE
SEPTEMBER 1, 2007

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MET-PRO CORPORATION

    SALARIED
PENSION PLAN

    AMENDED
AND RESTATED

    EFFECTIVE
JANUARY 1, 2008

    

    TABLE OF
CONTENTS

     

    
      
        	Article	 	Page
	 	 	 	 
	
                I.

              	
                Definitions

              	
                1

              	 
	
                II.

              	
                Transition and Eligibility to
      Participate

              	
                9

              	 
	
                III.

              	
                Service and Credited Service,
Transfers

              	
                11

              	 
	
                IV.

              	
                Eligibility for
Benefits

              	
                15

              	 
	
                V.

              	
                Calculation of Benefits

              	
                16

              	 
	
                VI.

              	
                Vesting

              	
                21

              	 
	
                VII.

              	
                Pre-Retirement Death Benefits

              	
                22

              	 
	
                VIII.

              	
                Distribution

              	
                24

              	 
	
                IX.

              	
                Limitation on Benefits

              	
                36

              	 
	
                X.

              	
                Funding

              	
                45

              	 
	
                XI.

              	
                Administration

              	
                46

              	 
	
                XII.

              	
                Management of Trust Fund

              	
                48

              	 
	
                XIII.

              	
                Benefit Claims Procedure

              	
                49

              	 
	
                XIV.

              	
                Non-Alienation of Benefits

              	
                53

              	 
	
                XV.

              	
                Designation of Beneficiary

              	
                54

              	 
	
                XVI.

              	
                Amendment and Termination

              	
                55

              	 
	
                XVII.

              	
                Top-Heavy Provisions

              	
                58

              	 
	
                XVIII.

              	
                General Provisions

              	
                62

              	 
	
                XIX.

              	
                Freezing of Plan

              	
                64

              	 
	 
      	
                Appendix A

              	
                65

              	 
	 
      	
                Appendix B

              	
                67

              	 

      

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
        
        

        
          

        

      

      
        Table of Contents

      

    

    

    MET-PRO
CORPORATION

    

    SALARIED
PENSION PLAN

    

    

    

    WHEREAS,
MET-PRO CORPORATION (“Company”) adopted the Met-Pro Corporation Salaried Pension
Plan (“Plan”), effective September 1, 1968 for certain of its employees;
and

    

    WHEREAS,
under the terms of the Plan, the Company has the ability to amend the Plan;
and

    

    WHEREAS,
the Company amended and restated the Plan in its entirety to incorporate
amendments adopted since the previous restatement effective September 1, 1989,
and to comply with, inter alia, the Uniformed Services Employment and
Reemployment Rights Act of 1994, the Small Business Job Protection Act of 1996,
and the Taxpayer Relief Act of 1997;

    

    WHEREAS,
the Company desires at this time to amend and restate the Plan in its entirety
to incorporate amendments adopted since the previous restatement effective
September 1, 2000, to make certain technical changes to comply with law as
required by the Internal Revenue Service, to comply with, inter alia, the
Economic Growth and Tax Relief Reconciliation Act of 2001, to reflect the
Company’s desire to amend the Plan to freeze benefit accruals effective as of
December 31, 2006, to change the plan year to the calendar year effective
January 1, 2008, and to make other clarifying and conforming
changes;

    

    NOW,
THEREFORE, effective January 1, 2008, unless otherwise provided, the Met-Pro
Corporation Salaried Pension Plan is continued, amended, and restated, as
hereinafter set forth:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    

    
      
         

      

      
        
        

        
          

        

      

      
        Table of Contents

      

    

     

    ARTICLE I

    

    DEFINITIONS

    

    

    

    Except
where otherwise clearly indicated by context, the masculine shall include the
feminine, the singular shall include the plural, and vice-versa.

    

    
      	
              1.1

            	
              “Actuarial Equivalent”
      of a given benefit shall mean a benefit payable in a different form from
      such given benefit but having the same actuarial present value of such
      benefit taking into account, where applicable, the probability of
      surviving to receive such benefit (“Mortality”) and the time value of
      money (“Interest”).  The calculation of actuarial present values
      shall be based on the actuarial assumptions as set forth in Appendix A to
      this Plan.

            

    

    

    
      	
              1.2

            	
              “Actuary” shall mean
      the firm employing an “enrolled actuary” as defined in Section 7701(a)(35)
      of the Code appointed by the
Administrator.

            

    

    

    
      	
              1.3

            	
              “Administrator” shall
      mean the Company acting through its officers or a Committee appointed by
      the Company under Article XI.

            

    

    

    
      	
              1.4

            	
              “Annuity Starting Date”
      shall mean the first date as of which distribution of Retirement Benefits
      to a Participant is to begin under Section 8.3 or the first date as of
      which distribution of Pre-Retirement Death Benefits to a Spouse is to
      begin under Section 7.3.

            

    

    

    
      	
              1.5

            	
              “Average Monthly
      Compensation” shall mean the monthly Compensation of a Participant
      averaged over the five consecutive calendar years which produce the
      highest monthly average within the last ten completed calendar years of
      employment.  If a Participant has less than five completed
      consecutive calendar years of service, his Average Monthly Compensation
      will be based on his monthly Compensation during his months of service
      from his date of employment to the earlier of the date he terminates and
      the date he has completed 60 months of
service.

            

    

    

    
      	
              1.6

            	
              “Board of Directors”
      shall mean the Board of Directors of the
  Company.

            

    

    

    
      	
              1.7

            	
              “Break in Service”
      shall mean any Plan Year during which an employee suffers a Break in
      Service described in Article III.

            

    

    

    
      	
              1.8

            	
              “Code” shall mean the
      Internal Revenue Code of 1986, as it may from time to time be amended or
      supplemented.  References to any section of the Code shall be to
      that section as it may be renumbered, amended, supplemented or
      reenacted.

            

    

    
 

    
      
         

      

      
        -1-

        
          

        

      

      
        Table of Contents

      

       

    

    
      	
              1.9

            	
              “Committee” shall mean
      the persons who may be appointed by the Board of Directors to act on
      behalf of the Company to supervise the administration of the Plan, as
      hereinafter provided.

            

    

    

    
      	
              1.10

            	
              “Compensation” shall
      mean with respect to any Participant, total Compensation paid by the
      Company for the calendar year excluding reimbursement or other expense
      allowances, fringe benefits (cash and non-cash), moving expenses, deferred
      compensation, and welfare benefits but including any Employee deferrals
      pursuant to Code Sections 125 or 401(k).  Compensation shall not
      exceed the maximum amount that may be taken into account under Code
      Section 401(a)(17), adjusted as provided under Code Section 415(d) to
      reflect increases in the cost of
living.

            

    

    

    Effective
for limitation years ending after December 31, 2001, the annual compensation of
each Participant taken into account in determining benefit accruals in any Plan
Year beginning after December 31, 2001, shall not exceed
$200,000.  Annual compensation means compensation during the Plan Year
or such other consecutive 12-month period over which compensation is otherwise
determined under the Plan (the determination period).  For purposes of
determining benefit accruals in a Plan Year beginning after December 31, 2001,
the $200,000 limitation on compensation shall also apply for any prior
determination period.

    

    The
$200,000 limit on annual compensation shall be adjusted for cost-of-living
increases in accordance with section 401(a)(17)(B) of the Code.  The
cost-of-living adjustment in effect for a calendar year applies to annual
compensation for the determination period that begins with or within such
calendar year.

    

    
      	
              1.11

            	
              “Company” shall mean
      Met-Pro Corporation, including its several Divisions, and its
      successors.

            

    

    

    
      	
              1.12

            	
              “Corporation Division”
      shall mean the corporate headquarters unit of the
  Company.

            

    

    

    
      	
              1.13

            	
              “Dean Pump Division”
      shall mean the Dean Pump Division of Met-Pro
  Corporation.

            

    

    

    
      	
              1.14

            	
              “Defined Benefit Plan”
      shall mean an employee benefit plan, as defined in Section (3)(3) of ERISA
      that (a) is maintained by the Company, (b) is qualified under Sections 401
      and 501 of the Code, and (c) is not a Defined Contribution
      Plan.

            

    

    

    
      	
              1.15

            	
              “Defined Contribution
      Plan” shall mean an employee benefit plan, as defined in Section
      (3)(3) of ERISA that (a) is maintained by the Company, (b) is qualified
      under Sections 401 and 501 of the Code, and (c) provides for an individual
      account for each Participant and for benefits based solely on the amounts
      credited to those accounts.

            

    

    

    
      	
              1.16     
      

            	
              “Divisions” shall mean
      those divisions of the Company who are participating in the Plan and shall
      include the Corporation Division, Dean Pump Division, Fybroc Division,
      Keystone Filter Division, Sethco Division, Stiles-Kem Division, Systems
      Division (Non- 

            

    

     

    
      
         

      

      
        -2-

        
          

        

      

      
        Table of Contents

      

       

      
        	
                            
      

              	
                Oxy)
      and Systems Division (Oxy).  Effective November 1, 1989,
      “Divisions” shall also mean Duall Division.  Effective July 1,
      1993, “Divisions” shall also mean Mefiag Division, and effective November
      1, 1998, shall also mean the Flex Kleen
  Division.

              

      

       

    

    
      	
              1.17

            	
              “Duall Division” shall
      mean, effective November 1, 1989, the Duall Division of Met-Pro
      Corporation.

            

    

    

    
      	
              1.18

            	
              “Early Retirement Date”
      shall mean the first day of the calendar month coincident with or next
      following the day on which a Participant (a) attains age 55, and (b) is
      credited with three Years of
Service.

            

    

    

    
      	
              1.19

            	
              “Effective Date” shall
      mean September 1, 2007.

            

    

    

    
      	
              1.20

            	
              “Eligible Employee”
      shall mean any salaried Employee of the Company employed in a Division or
      by a Subsidiary who is not a Leased Employee and who is not covered by a
      collective bargaining agreement, unless the same provides for
      participation hereunder.  Notwithstanding the foregoing, an
      Employee hired on or after April 15, 2006 shall not be eligible to
      participate in the Plan.

            

    

    

    
      	
              1.21

            	
              “Employee” shall mean
      anyone who is employed by the Company or by a Subsidiary of the
      Company.  Solely for the requirements prescribed in Code Section
      414(n)(3), Employee shall include Leased Employees within the meaning of
      Code Sections 414(n)(2) and 414(o)(2) unless such Leased Employees are
      covered by a plan described in Code Section 414(n)(5) and such Leased
      Employees do not constitute more than 20 percent of the recipient’s
      non-highly compensated work force.

            

    

    

    
      	
               
      

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

            

    

    

    The
following shall not be considered an Employee:  (i) any individual who
is classified by the Company or a Subsidiary as an independent contractor or
self-employed individual, whether or not such individual is subsequently
determined to have been a 

     

    
      
         

      

      
        -3-

        
          

        

      

      
        Table of Contents

      

    

     

    common-law
employee, or (ii) any individual employed by the Company for a specified limited
period of time, or for the duration of a specified project, with no expectation
of long-term employment (until and unless such individual is specifically
notified by the Company in writing that he is being reclassified as a regular
Employee).

    

    
      	
              1.22

            	
              “ERISA” shall mean the
      Employee Retirement Income Security Act of 1974, as it may from time to
      time be amended or supplemented.  References to any section of
      ERISA shall be to that section as it may be renumbered, amended,
      supplemented or reenacted.

            

    

    

    
      	
              1.23  

            	
              “Five Percent Owner”
      shall mean an Employee who owns more than five percent of the Company
      (within the meaning of Section 416(i)(1)(B)(i) of the
    Code).

            

    

    

    
      	
              1.24  

            	
              “Flex Kleen” shall
      mean, effective November 1, 1998, the Flex Kleen Division of Met-Pro
      Corporation.

            

    

    

    
      	
              1.25

            	
              “Fund” shall mean the
      trust fund established for this Plan, administered under the Trust
      Agreement, out of which benefits payable under this Plan shall be
      paid.

            

    

    
 

    
      	
              1.26

            	
              “Fybroc Division” shall mean Fybroc Division
      of Met-Pro
Corporation.

            

 

    
      	
              1.27

            	
              “Hour of Service” shall mean an hour for
      which:

            

    

    
 

    
      	
               
      

            	
              (a)

            	
              an
      Employee is directly or indirectly paid or entitled to payment by the
      Company for the performance of employment duties,
  or

            

    

    

    
      	
            	
              (b)

            	
              back
      pay, irrespective of mitigation of damages, is either awarded or agreed
      to, or

            

    

     

    
      	
               
      

            	
              (c)

            	
              an
      Employee is directly or indirectly paid or entitled to payment by the
      Company on account of a period of time during which no duties are
      performed due to vacation, holiday, illness, incapacity (including
      disability), jury duty, lay-off, leave of absence, or military
      duty.

            

    

    

    There
shall be excluded from the foregoing those periods during which payments are
made or due under a plan maintained solely for the purpose of complying with
applicable workers’ compensation, unemployment compensation, or disability
insurance laws.  An Hour of Service shall not be credited where an
employee is being reimbursed solely for medical or medically related
expenses.

    

    Hours
of Service shall not be credited twice.  Hours of Service shall be
credited in accordance with the rules set forth in U.S. Department of Labor
Regulations 2530.200b-2(b) and (c).

    

    Hours
of Service shall be credited for any individual considered a Leased Employee for
purposes of this Plan under Section 414(n) of the Code.

     

    
      
         

      

      
        -4-

        
          

        

      

      
        Table of Contents

      

    

     

    Notwithstanding
the foregoing, the Committee may, in accordance with uniform rules
nondiscriminatorily applied, elect to credit Hours of Service using one or more
of the following equivalencies:

     

    
      
        	
                Basis
      Upon Which Records

              	
                Credit
      Granted to Individual

              
	
                Are Maintained

              	
                For Period

              
	
                Shift

              	
                Actual
      Hours for Full Shift

              
	
                Day

              	
                10
      Hours of Service

              
	
                Week

              	
                45
      Hours of Service

              
	
                Semi-Monthly
      Period

              	
                95
      Hours of Service

              
	
                Month

              	
                190
      Hours of Service

              

      

       

    

    
      	
              1.28

            	
              “Initial Anniversary
      Date” shall mean September 1, 1968 for Employees of the Corporation
      and Systems Division (Non-Oxy), September 1, 1975 for Employees of Fybroc
      Division and Keystone Filter Division, September 1, 1977 for Employees of
      Sethco Division and Stiles-Kem Division, and September 1, 1979 for
      Employees of Systems Division
(Oxy).

            

    

    

    
      	
              1.29

            	
              “Keystone Division”
      shall mean Keystone Division of Met-Pro
  Corporation.

            

    

    

    
      	
              1.30

            	
              “Late Retirement Date”
      shall mean the first day of the calendar month coincident with or next
      following the day on which a Participant’s employment with the Company has
      ceased after the Participant’s Normal Retirement
  Date.

            

    

    

    
      	
              1.31

            	
              “Mefiag Division” shall
      include, effective July 1, 1993, only those Employees of the Mefiag
      Division of Met-Pro Corporation who are employed in the United
      States.

            

    

    

    
      	
              1.32

            	
              “Normal Retirement Age”
      shall mean exact age 65.

            

    

    

    
      	
              1.33

            	
              “Normal Retirement
      Date” shall mean the first day of the calendar month coincident
      with or next following the day on which a Participant attains age
      65.

            

    

    

    
      	
              1.34

            	
              “Participant” shall
      mean a participant in this Plan as determined under Article
    2.

            

    

    

    
      	
              1.35

            	
              “Past Service Date”
      shall mean September 1, 1975 for Employees of the Corporation, Systems
      (Non-Oxy) Division, Fybroc Division and Keystone Filter Division;
      September 1, 1977 for Employees of Sethco Division and Stiles-Kem
      Division; September 1, 1979 for Employees of Systems Division (Oxy);
      September 1, 1986 for Employees of Dean Pump Division; effective November
      1, 1989, shall mean September 1, 1990 for Employees of Duall
      Division; effective July 1, 1993, shall mean September 1, 1993 for
      Employees of the Mefiag Division; and shall also mean February 1,
      1997 for Employees of the Strobic Air Subsidiary.  “Past Service
      Date” shall mean September 12, 1996 for former Employees of the Strobic
      Air Corporation (see also Article VI), and shall mean November 1, 1998 for
      former Employees of the Flex Kleen Division.  “Past Service Date”
      shall mean June 1, 2002 for Employees of Pristine Water Solutions,
      Inc.

            

    

     

    
    

    
      
        -5-

      

    

     

    
    

    
      	
              1.36

            	
              “Plan” shall mean the
      retirement plan set forth in this document as it may from time to time be
      amended or supplemented.

            

    

    

    
      	
              1.37

            	
              “Plan Year” shall mean
      a twelve-month period which shall commence each September 1 and end on the
      next following August 31.  Effective January 31, 2008, the Plan
      Year shall commence each February 1 and end on the next following January
      31.  There shall be a short Plan Year beginning September 1,
      2007 and ending January 31, 2008.

            

    

    

    
      	
              1.38

            	
              “Pre-Retirement Death
      Benefit” shall mean the death benefit payable under Article VII to
      the beneficiary of a Participant who dies before his Annuity Starting
      Date.

            

    

    

    
      	
              1.39

            	
              “Prior Plan” shall
      include the Fybroc, Inc. Salaried Pension Plan, the Keystone Filter
      Salaried Pension Plan, and the Stiles-Kem Corporation Defined Benefit Plan
      as in effect on April 14, 1978 immediately prior to their amendment and
      replacement in entirety by this Plan on April 15, 1978.  “Prior
      Plan” shall also include the Oxy-Catalyst, Inc. Employees’ Pension Plan as
      in effect June 30, 1980 immediately prior to its amendment and replacement
      in entirety by this Plan on July 1,
1980.

            

    

    

    
      	
              1.40

            	
              “Pristine Water Solutions, Inc.
      (formerly Pristine Hydrochemical)” shall mean Pristine Water
      Solutions, Inc., a subsidiary of Met-Pro
  Corporation.

            

    

    

    
      	
              1.41

            	
              “Qualified Domestic Relations
      Order” is a domestic relations order that meets the requirements as
      defined in Section 414(p) of the
Code.

            

    

    

    
      	
              1.42

            	
              “Qualified Joint and Survivor
      Annuity” shall mean an annuity for the life of a Participant with a
      survivor annuity for the life of the Participant’s Spouse where the
      survivor annuity is 50 percent of the amount of the annuity payable during
      the joint lives of the Participant and the Participant’s Spouse and the
      joint and survivor annuity is at least the Actuarial Equivalent of the
      most valuable form of benefit under the Plan payable on his Annuity
      Starting Date.

            

    

    

    
      	
              1.43

            	
              “Qualified Pre-Retirement
      Survivor Annuity” shall mean a survivor annuity for the life of the
      Participant’s Spouse.  Each payment under the survivor annuity
      shall be equal to:

            

    

    

    
      	
               
      

            	
              (a)

            	
              in
      the case of a Participant who dies after his Early Retirement Date and has
      not had a Separation from Service, the survivor annuity the Participant’s
      Spouse would have received if the Participant had a Retirement on the day
      before his death and received distribution of benefits in the form of an
      immediate Qualified Joint and Survivor Annuity,
  or

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      the case of a Participant who dies on or before his Early Retirement Date
      or has had a Separation from Service, the survivor annuity the
      Participant’s Spouse

            

    

     

    
      
         

      

      
        -6-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
               
      

            	
               

            	
              would
      have received if the Participant had a Separation from Service on the
      earlier of his actual Separation from Service and the day of his death,
      survived to the later of his Early Retirement Date and his date of death,
      received distribution of benefits in the form of a Qualified Joint and
      Survivor Annuity and died on the day after the later of his Early
      Retirement Date and his date of
death.

            

    

    

    
      	
              1.44

            	
              “Regulations” shall
      mean the Income Tax Regulation as promulgated by the Secretary of the
      Treasury or his delegate, and amended from time to
  time.

            

    

    

    
      	
              1.45

            	
              “Rehired Employee”
      shall mean an Employee who is re-employed by the Company after Separation
      from Service.

            

    

    

    
      	
              1.46

            	
              “Retirement” shall mean
      a Participant’s termination of employment on or after his Normal or Early
      Retirement Date.

            

    

    

    
      	
              1.47

            	
              “Retirement Benefit”
      shall mean the monthly benefit that accrues to a Participant under Article
      V.

            

    

    

    
      	
              1.48

            	
              “Separation From
      Service” of an Employee shall mean the time when the
      employer-employee relationship with the Company is terminated for any
      reason, including but not limited to, a termination by resignation,
      discharge, death, total disability, or
  retirement.

            

    

    

    
      	
              1.49

            	
              “Sethco Division” shall
      mean Sethco Division of Met-Pro
Corporation.

            

    

    

    
      	
              1.50

            	
              “Six Months of Service”
      shall mean the first consecutive six-month period after the Employee’s
      date of hire with the Company or an acquired company or return to service
      in which the Employee completes at least 500 Hours of
    Service.

            

    

    

    
      	
              1.51

            	
              “Spouse” shall mean the
      person to whom a Participant is married on the applicable
      date.

            

    

    

    
      	
              1.52

            	
              “Stiles-Kem Division”
      shall mean the former Stiles-Kem Division of Met-Pro Corporation which has
      been merged into Pristine Water Solutions,
Inc.

            

    

    

    
      	
              1.53

            	
              “Strobic Air
      Subsidiary” shall mean, effective February 1, 1997, the Strobic Air
      Corporation, a subsidiary of the Met-Pro
  Corporation.

            

    

    

    
      	
              1.54

            	
              “Subsidiary” shall mean
      those subsidiaries of the Company who are participating in the Plan and
      shall include the Strobic Air Subsidiary and effective June 1, 2002,
      Pristine Water Solutions, Inc.

            

    

    

    
      	
              1.55

            	
              “Systems Division
      (Non-Oxy)” shall include only those Employees of the Systems
      Division of Met-Pro Corporation who were not employees of Oxy-Catalyst,
      Inc. on the date of its acquisition by the
  Company.

            

    

     

    
      
         

      

      
        -7-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
              1.56

            	
              “Systems Division
      (Oxy)” shall include only those Employees of Systems Division of
      Met-Pro Corporation who were employees of Oxy-Catalyst, Inc. on the date
      of its
      acquisition by the Company.

            

    

    

    
      	
              1.57

            	
              “Trust” shall mean the
      trust established or maintained under the Trust
  Agreement.

            

    

    

    
      	
              1.58

            	
              “Trust Agreement” shall
      mean the agreement between the Company and the Trustee which provides for
      the establishment or continuation of the Trust in accordance with Article
      XII.

            

    

    

    
      	
              1.59

            	
              “Trustee” shall mean
      the Bank, Trust Company or Insurance Company designated as provided under
      Article XI.

            

    

    

    
      	
              1.60

            	
              “Vested Interest” shall
      mean the nonforfeitable portion of a Participant’s Normal Retirement
      Benefit.

            

    

    

    
      	
              1.61

            	
              “Years of Credited Service”
      shall mean the number of full and partial Plan Years counted with
      respect to determining a Participant’s Accrued Benefit under the Plan, as
      further described in Article III.

            

    

    

    
      	
              1.62

            	
              “Years of Service”
      shall mean the number of Plan Years counted with respect to
      determining a Participant’s eligibility for benefits and vested status
      under the Plan, as further described in Article III and Article
      VI.

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
        -8-

        
          

        

      

      
        Table of Contents

      

    

    ARTICLE II

    

    TRANSITION AND ELIGIBILITY
TO PARTICIPATE

    

    

    

    
      	
              2.1

            	
              Rights
      Affected.  Unless specified to the contrary, each
      Participant who has retired or has terminated service with the Company
      before the Effective Date shall receive no additional rights as a result
      of this amended and restated Plan, but shall have his rights and benefits
      determined solely under the Plan as in effect before the Effective
      Date.  Any former Employee who has terminated employment before
      the Effective Date and who is reemployed as an Employee on or after the
      Effective Date shall have the rights and benefits provided
      hereunder.

            

    

    

    
      	
              2.2

            	
              Preservation of Plan
      Benefits.  Subject to the maximum benefit limitations, in
      no event shall the Accrued Benefit of a Participant at any time after the
      Effective Date be less than the amount of the Participant’s Accrued
      Benefit on the day preceding the Effective
Date.

            

    

    

    
      	
              2.3

            	
              Eligibility to
      Participate.  Each Employee who was a Participant in the
      Plan immediately prior to the Effective Date and who remains an Eligible
      Employee of the Company on the Effective Date shall be a Participant
      hereunder as of such date.  Effective as of September 1, 2000,
      an Eligible Employee shall become a Participant on the later of his date
      of hire or the date such employee qualifies as an Eligible
      Employee.  Notwithstanding the foregoing, an Employee hired on
      or after April 15, 2006 shall not be eligible to participate in the
      Plan.

            

    

    

    
      	
              2.4

            	
              Cessation of
      Participant.  A Participant shall cease to be a
      Participant on the earliest of the following three
  dates:

            

    

    

    
      	
               
      

            	
              (a)

            	
              his
      date of death,

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      date all distributions to the Participant have been
  made,

            

    

    

    
      	
               
      

            	
              (c)

            	
              the
      date he incurs a Break in Service provided that at that time he has no
      entitlement to non-forfeitable benefits under the
  Plan.

            

    

    

    
      	
              2.5

            	
              Participation Upon
      Reemployment.  If a Rehired Employee who is not a
      Participant before he is rehired is an Eligible Employee as of the date he
      is reemployed, and his Break in Service caused prior service to be
      disregarded, then the Employee shall be treated as a new
      Employee.  If a Rehired Employee who was not a Participant
      before he is rehired or who was a Participant before rehire is an Eligible
      Employee as of the date he is reemployed and his Break in Service did not
      cause prior service to be disregarded, then the employee shall again
      become a Participant on the date he was
rehired.

            

    

    

    
      	
              2.6

            	
              Plant
      Shutdown.  Effective December 31, 1996 the Systems
      Division was shut down.  Each Participant in the Met-Pro
      Corporation Negotiated Pension Plan is a Participant
  in

            

    

     

    
      
         

      

      
        -9-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
                       
      

            	
              this
      Plan effective June 1, 1997.  All benefit provisions applicable
      to such Participants will be determined under the Met-Pro Corporation
      Negotiated Pension Plan.

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    

    
      
         

      

      
        -10-

        
          

        

      

      
        Table of Contents

      

    

    ARTICLE III

    

    SERVICE AND CREDITED
SERVICE, TRANSFERS

    

    

    

    The
following provisions are subject to Article XIX:

    

    
      	
              3.1

            	
              Past Service
      shall mean full calendar years and full calendar months of service on an
      elapsed time basis (with a full month equal to 1/12 of a year) completed
      by an Eligible Employee after his date of employment with the Company or,
      if applicable, his earlier date of employment with a company that has been
      acquired by the Company, and before his Past Service
  Date.

            

    

    

    
      	
              3.2

            	
              Future Service for
      Purposes of Meeting Eligibility Requirements for Benefits and
      Vesting.  An Employee shall accrue a Year of Service for
      each Plan Year commencing on or after his Past Service Date during which
      he is credited with 1,000 or more Hours of
  Service.

            

    

    

    
      	
              3.3

            	
              Full Years of Future
      Credited Service for Benefit Accrual.  Except as provided
      otherwise in this Article, an Employee shall accrue a full year of Future
      Credited Service for each Plan Year commencing on or after his Past
      Service Date in which he is an Eligible Employee for the full Plan Year
      and is credited with 1,000 or more Hours of
  Service.

            

    

    

    
      	
              3.4

            	
              Partial Years of
      Future Credited Service for Benefit Accrual.  With
      respect to any Plan Year commencing on or after an Employee’s Past Service
      Date and during which the Employee is an Eligible Employee for less than
      the full Plan Year, the Employee shall accrue 1/12 of a year of Future
      Credited Service for each month during which he is an Eligible Employee
      for the full month and completes at least 83-1/3 Hours of
      Service.  Notwithstanding the above, a Participant who transfers
      out of the Plan after the 15th day of a month shall accrue 1/12 of a year
      of Future Credited Service for the month that he transfers out of the Plan
      as long as he is an Employee for the full month and completes at least
      83-1/3 Hours of Service, and a Participant who transfers into the Plan
      before the 16th day of the month shall accrue 1/12 of a year of Future
      Credited Service for the month that he transfers into the Plan, provided
      that he is an Employee for the full month and completes at least 83-1/3
      Hours of Service.

            

    

    

    
      	
              3.5

            	
              Credited
      Service shall mean the total of an Employee’s Past Service and his
      full and partial years of Future Credited Service, subject to the
      following adjustments for Employees of the Corporation Division (former
      Strobic Air Corporation employees), Dean Pump Division, Duall Division,
      Mefiag Division, Sethco Division, Stiles-Kem Division, and Systems
      Division (Oxy), the Strobic Air Subsidiary and the Flex Kleen
      Division:

            

    

    

    
      	
               
      

            	
              (a)

            	
              Dean Pump Division –
      All Past Service accumulated before October 1, 1985 shall not be taken
      into account in determining the amount of Credited
  Service.

            

    

     

    
      
         

      

      
        -11-

        
          

        

      

      
        Table of Contents

      

       

    

    
      	
               
      

            	
              (b)

            	
              Duall Division -
      Effective November 1, 1989, all Past Service accumulated before July 1,
      1988 shall not be taken into account in determining the amount of Credited
      Service.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Mefiag Division -
      Effective July 1, 1993, all Past Service accumulated before July 1, 1993
      shall not be taken into account in determining the amount of Credited
      Service.

            

    

    

    
      	
               
      

            	
              (d)

            	
              Sethco Division - All
      Past Service accumulated before July 1, 1977 shall not be taken into
      account in determining the amount of Credited
  Service.

            

    

    

    
      	
               
      

            	
              (e)

            	
              Stiles-Kem Division -
      All Past Service accumulated before August 1, 1970 shall not be taken into
      account in determining the amount of Credited
  Service.

            

    

    

    
      	
               
      

            	
              (f)

            	
              Systems Division (Oxy)
      - All Past Service accumulated before January 1, 1970 shall not be taken
      into account in determining the amount of Credited
  Service.

            

    

    

    
      	
               
      

            	
              (g)

            	
              Corporation Division
      (former Strobic Air
      Corporation employees) - All Past Service accumulated before
      October 1, 1996 by former employees of Strobic Air Corporation shall not
      be taken into account in determining the amount of Credited
      Service.

            

    

    

    
      	
               
      

            	
              (h)

            	
              Strobic Air Subsidiary
      – All Past Service accumulated before February 1, 1997 shall not be taken
      into account in determining the amount of Credited
  Service.

            

    

     

    
      	
               
      

            	
              (i)

            	
              
                Flex Kleen Division -
      All Past Service accumulated before
      November 1, 1998 shall not be taken into account in determining the amount
      of Credited Service.

              

            

    

    

    
      	
               
      

            	
              (j)

            	
              Pristine Water Solutions,
      Inc. – All Past Service accumulated before June 1, 2002 shall not
      be taken into account in determining the amount of Credited
      Service.

            

    

    

    
      	
              3.6

            	
              Years of
      Service shall mean the total of an Employee’s Past Service and his
      Future Service for Eligibility for Benefits and Vesting, plus any period
      of eligibility and vesting service accumulated by the Employee under the
      provisions of another of the Company’s pension plans or Prior Plans,
      provided that, for Employees of Sethco Division, any Past Service
      accumulated before August 1, 1971 shall not be taken into account in
      determining Years of Service.

            

    

    

    
      	
              3.7

            	
              Transfers.  When
      a Participant transfers to another pension plan of the Company, his
      continuity of service for eligibility and vesting shall not be affected in
      any way whatsoever.  His Years of Service, as calculated for
      purposes of this Plan, shall include Years of Service as calculated to
      date of transfer, plus all Years of Service subsequently earned in the
      plan to which his is transferred.  Similarly, his Years of
      Service for purposes of the plan to which he is transferred shall include
      all Years of Service earned under this
Plan.

            

    

     

    
      
         

      

      
        -12-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
              3.8

            	
              Breaks in
      Service.

            

    

    

    
      	
               
      

            	
              (a)

            	
              Any
      Plan Year in which a Participant is not credited with more than 500 Hours
      of Service shall constitute a one-year Break in Service; provided,
      however, that if an Employee is absent for the following reasons, he shall
      be credited with an Hour of Service, for purposes of this Section only,
      for each Hour of Service he would have received if he had continued in the
      active employ of the Company during the following periods of
      absence:

            

    

    

    
      	
               
      

            	
              (i)

            	
              layoff
      for a period not in excess of one
year;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              leave
      of absence with the approval of the Committee for a period not in excess
      of one year, unless extended by the
Committee;

            

    

    

    
      	
               
      

            	
              (iii)

            	
              military
      service under leave granted by the Company or required by law, provided
      the absent Participant returns to service with the Company within 90 days
      of his release from active military duty or any longer period during which
      his right to reemployment is protected by
law.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Service
      credited under this Section shall not be credited for any other purpose
      under the Plan unless such service is comprised of Hours of
      Service.

            

    

    

    
      	
               
      

            	
              (c)

            	
              If
      a Participant is absent from work by reason of pregnancy, childbirth,
      adoption, or for purposes of the care of such Participant’s child
      immediately after birth or adoption, such Participant shall be credited
      solely for purposes of this Section with sufficient Hours of Service to
      avoid a Break in Service in the Plan Year in which the absence commences
      or, if the Participant already has more than 500 Hours of Service in such
      Plan Year, the immediately following Plan Year.  Hours of
      Service during such absence shall be credited in an amount equal to the
      Hours of Service the Participant would have had but for such absence or,
      if such hours cannot be determined, at the rate of eight hours per normal
      workday.

            

    

    

    
      	
              3.9

            	
              Restoration of
      Service.

            

    

    

    
      	
               
      

            	
              (a)

            	
              A
      Participant who had a Vested Interest under Article VI and who incurs a
      Break in Service shall have his pre-break and post-break service with the
      Company aggregated for purposes of Sections 3.5 and 3.6 on his
      reemployment by the Company.

            

    

    

    
      	
               
      

            	
              (b)

            	
              A
      Participant who does not have a Vested Interest under Article VI and who
      incurs a Break in Service shall have his pre-break and post-break service
      with the Company aggregated for purposes of Sections 3.5 and 3.6 on his
      reemployment within a period of less than five consecutive Breaks in
      Service.  If the consecutive Breaks in Service are equal to or
      in excess of five, he shall receive no credit for his pre-break service
      for purposes of Sections 3.5 and
3.6.

            

    

     

    
      
         

      

      
        -13-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
              3.10

            	
              Credit for Military
      Service.  Effective as of December 12, 1994,
      notwithstanding any provision of this Plan to the contrary, contributions,
      benefits and service credit with respect to qualified military service
      will be provided in accordance with Section 414(u) of the Internal Revenue
      Code.

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
        -14-

        
          

        

      

      
        Table of Contents

      

    

    
      ARTICLE IV

    

    

    
      ELIGIBILITY FOR
BENEFITS

    

    

    

    

    
      	
              4.1

            	
              Normal Retirement
      Benefit.  A Participant shall be eligible for normal
      retirement benefits on his Normal Retirement
  Date.

            

    

    

    
      	
              4.2

            	
              Early Retirement
      Benefit.  A Participant shall be eligible for early
      retirement benefits as of his Early Retirement
  Date.

            

    

    

    
      	
              4.3

            	
              Late Retirement
      Benefit.  A Participant shall be eligible for late
      retirement benefits on his Late Retirement
Date.

            

    

    

    
      	
              4.4

            	
              Deferred Vested
      Benefit.  A Participant who has completed three or more
      Years of Service and who, at the time of Separation from Service, is not
      eligible for a benefit under Sections 4.1, 4.2 or 4.3 of this Plan, shall
      be eligible for deferred vested retirement
  benefits.

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

     

    
      
         

      

      
        -15-

        
          

        

      

      
        Table of Contents

      

    

     

    
      ARTICLE V

    

    

    
      CALCULATION OF
BENEFITS

    

    

    

    

    
      	
              5.1

            	
              General.  The
      retirement benefits for a Participant that are payable under the single
      life form of payment shall be determined under this Article V subject to
      the limitations set forth in Article IX.  Each Participant shall
      be entitled to the non-forfeitable portion, as determined under Article VI
      of his retirement benefit and shall have no right to any portion of his
      retirement benefit which is not nonforfeitable under Article
      VI.  Adjustments for forms of payment other than the single life
      form shall be made in accordance with the provisions of Article
      VIII.

            

    

    

    
      	
              5.2

            	
              Accrued Monthly
      Pension.  Subject to Article XIX, on any given date, the
      Accrued Monthly Pension for a Participant shall be determined as
      follows:

            

    

    

    For
a Participant whose date of hire with the Company or an acquired Company (or
whose date of rehire in the case of a Participant who terminates and forfeits
service in accordance with Section 3.9 and is subsequently rehired) is on or
before December 15, 1982 and whose Past Service Date is prior to September 1,
1986, such benefit shall be equal to the greater of 1/12 of [(a) + (b)], or (c)
or (d) as set forth below in this Section 5.2.

    

    For
a Participant whose date of hire with the Company or an acquired company (or
whose date of hire in the case of a Participant who terminates and forfeits
service in accordance with Section 3.10 and is subsequently rehired) is after
December 15, 1982, or whose Past Service Date is on or after September 1, 1986,
such benefit shall be equal to the greater of (c) or (d) as set forth below in
this Section 5.2.

    

    
      	
               
      

            	
              (a)

            	
              0.75
      percent of the Participant’s base wage or salary on his Initial
      Anniversary Date up to $7,800 and 1.20 percent of such base wage or salary
      in excess of $7,800, multiplied by Credited Service prior to his Initial
      Anniversary Date, plus

            

    

    

    
      	
               
      

            	
              (b)

            	
              For
      each Plan Year beginning with the Plan Year commencing on the
      Participant’s Initial Anniversary Date, and ending with the Plan Year
      beginning September 1, 1988, 0.75 percent of base wage or salary up to
      $7,800 and 1.75 percent of base wage or salary in excess of $7,800,
      multiplied by the fraction of a year of Credited Service completed by the
      Participant in the Plan Year in question, plus 1.65 percent of base wage
      or salary earned in each Plan Year beginning on or after September 1,
      1989.

            

    

     

    
      
         

      

      
        -16-

        
          

        

      

      
        Table of Contents

      

    

     

    Annual
base wage or salary for Plan Years beginning before September 1, 1989 means the
annual base wage or salary in effect on the September 1, beginning the Plan Year
in question, except that when necessary, a Participant’s annual base wage or
salary on the September 1 following his date of hire shall be used in
determining the amount of Accrued Benefit attributable to his first partial year
of Credited Service.  For the period beginning September 1, 1989,
Compensation, as defined in Section 1.10 is used in lieu of annual base wage or
salary.

    

    
      	
               
      

            	
              (c)

            	
              Credited
      Service multiplied by the rate in effect on the last day that the
      Participant accrued Credited Service under the
      Plan.  Notwithstanding the above, effective February 27, 1995,
      if the Participant transfers out of the Plan and into another of the
      Company’s defined benefit pension plans, the rate used to calculate the
      monthly pension will be the rate in effect on the last day that the
      Participant accrued credited service under any of the Company’s defined
      benefit pension plans.

            

    

    

    The
rates in effect are as follows:

     

    
      
        	
                Rate

              	 
      	
                Effective Date

              
	 
      	 
      	 
      
	
                9.00

              	 
      	
                September
      1, 1984 - June 14, 1987

              
	
                12.00

              	 
      	
                June
      15, 1987 - June 14, 1988

              
	
                14.00

              	 
      	
                June
      15, 1988 - June 14, 1989

              
	
                16.00

              	 
      	
                June
      15, 1989 - June 14, 1990

              
	
                18.00

              	 
      	
                June
      15, 1990 - June 30, 1994

              
	
                20.00

              	 
      	
                July
      1, 1994 - April 30, 1995

              
	
                21.00

              	 
      	
                May
      1, 1995 - September 30, 1996

              
	
                22.00

              	 
      	
                October
      1, 1996 and thereafter

              

      

       

    

    
      	
               
      

            	
              (d)

            	
              One
      percent of the Participant’s Average Monthly Compensation multiplied by
      Credited Service or, in the case of an individual who is or becomes a
      Participant on or after September 1, 2000, if greater, a monthly benefit
      of $62.50, payable commencing on the Participant’s Normal Retirement
      Date.

            

    

    

    
      	
               
      

            	
              (e)

            	
              For
      Participant’s with Compensation for a Plan Year prior to September 1, 1994
      in excess of $150,000, in no event will such Participant’s benefit
      determined according to (a) and (b) and (d) of this Section 5.2 be less
      than the sum of:

            

    

    

    
      	
               
      

            	
              (i)

            	
              the
      Participant’s Accrued Benefit on August 31, 1994 frozen in accordance with
      Section 1.401(a)(4)-13 of the Regulations
and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              the
      Participant’s Accrued Benefit determined using the benefit formula
      applicable on or after September 1, 1994 with respect to Credited Service
      earned on or after September 1,
1994.

            

    

     

    
      
         

      

      
        -17-

        
          

        

      

      
        Table of Contents

      

       

    

    
      	
              5.3

            	
              Normal Retirement
      Benefit.  A Participant who is eligible for normal
      retirement benefits shall receive a monthly pension equal to his Accrued
      Monthly Pension benefit on such retirement
date.

            

    

    

    
      	
              5.4

            	
              Early Retirement
      Benefit.  A Participant who is eligible for early
      retirement benefits, upon retirement, shall receive either of the
      following:

            

    

    

    
      	
               
      

            	
              (a)

            	
              A
      monthly pension equal to the product of (i) his Accrued Monthly Pension as
      of his date of Separation from Service, and (ii) his vesting percentage as
      of his date of Separation of Service with such product, reduced by 5/9
      percent for each of the first 60 fall calendar months, and 5/18 percent
      for each of the next 60 full calendar months by which the commencement of
      his benefits precedes his Normal Retirement
  Date.

            

    

    

    
      	
               
      

            	
              (b)

            	
              A
      deferred monthly pension equal to the product of (a) his Accrued Monthly
      Pension as of the date of his Separation from Service, and (b) his vesting
      percentage as of the date of his Separation from Service with payment
      commencing at his Normal Retirement
Date.

            

    

    

    
      	
              5.5

            	
              Deferred Vested
      Benefit.  A Participant who is eligible for deferred
      vested retirement benefits shall receive either of the
      following:

            

    

    

    
      	
               
      

            	
              (a)

            	
              A
      deferred monthly pension with payments commencing any time on or after his
      Early Retirement Date equal to the product of (i) his Accrued Monthly
      Pension as of the date of his Separation of Service, and (ii) his vesting
      percentage as of the date of his Separation of Service with such product,
      reduced by 5/9 percent for each of the first 60 full calendar months, and
      5/18 percent for each of the next 60 full calendar months by which the
      commencement of his benefits precedes his Normal Retirement Date,
      and

            

    

    

    
      	
               
      

            	
              (b)

            	
              A
      deferred monthly pension equal to the product of (i) his Accrued Monthly
      Pension as of the date of his Separation of Service, and (ii) his vesting
      percentage as of the date of his Separation of Service with payment
      commencing on his Normal Retirement
Date.

            

    

    

    
      	
              5.6

            	
              Late Retirement
      Benefit.  A Participant who is eligible for late
      retirement benefits shall receive a monthly pension equal to the greater
      of (a) his Accrued Monthly Pension benefit on his Normal Retirement Date
      or (b) the Actuarial Equivalent of his Normal Retirement Benefit except
      that the benefit provided under Appendix B is not subject to any actuarial
      increase that would otherwise result due to the benefit commencing after
      his Normal Retirement Date, except to the extent required by
      law.

            

    

     

    
      
         

      

      
        -18-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
              5.7

            	
              Suspension of
      Benefits

            

    

    

    
      	               
            	
              
                (a)       
      

              

            	
              
                (i)         
      

              

            	
              In
      the event that a Participant is employed in qualified reemployment or
      qualified employment, the benefits otherwise payable to the Participant
      shall be suspended for each calendar month in which he continues his
      qualified reemployment or qualified employment.  The rules
      relating to such a suspension of benefits and their subsequent resumption
      are described in this Section.

            

    

    

    
      	
               
      

            	
              (ii)

            	
              The
      Committee shall notify the Participant by personal delivery or first class
      mail of the suspension of his benefits during the first month in which
      such suspension of benefits occurs if required in accordance with the
      notification requirements of Department of Labor Regulations Section
      2530.203-3(b)(4).

            

    

    

    
      	
               
      

            	
              (iii)

            	
              Each
      Participant receiving benefits under the Plan shall be required to give
      notice to the Committee of any employment relationship which such
      Participant has with the Company.  The Committee shall have the
      right to use all reasonable efforts to determine whether such employment
      constitutes qualified reemployment or qualified employment.  The
      Committee shall also have the right to require the Participant to provide
      information sufficient to prove that such employment does not constitute
      qualified reemployment or qualified
employment.

            

    

    

    
      	
               
      

            	
              (iv)

            	
              A
      Participant may, by written request, ask the Committee to make a
      determination as to whether specific contemplated employment constitutes
      qualified reemployment or qualified employment.  The Committee
      shall respond to such request in writing within 60 days of the Committee’s
      receipt of the request.

            

    

    

    
      	
               
      

            	
              (v)

            	
              Subject
      to Sections 8.3 and 8.8, benefit payments to the Participant will resume
      (or commence) no later than the first day of the third calendar month
      following the month in which his qualified reemployment or qualified
      employment ceases or, if later, the first day of the calendar month
      following receipt by the Committee of the Participant’s notice that his
      qualified reemployment or qualified employment has ceased.  The
      initial resumption payment shall include payment for the current month and
      for all previous calendar months since the cessation of the Participant’s
      qualified employment or
reemployment.

            

    

    

    
      	
               
      

            	
              (vi)

            	
              The
      Committee shall offset resumed benefits by an amount equal to any benefits
      which were paid to the Participant with respect to a calendar month in
      which the Participant was engaged in qualified reemployment or qualified
      employment.  However, the offset to any monthly benefit, other
      than the initial resumption payment, shall not exceed twenty-five percent
      (25%) of such monthly benefit.  Any remaining offset shall be
      applied to benefits payable in subsequent
  months.

            

    

     

    
      
         

      

      
        -19-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
               
      

            	
              (b)

            	
              In
      the event that a Participant is employed or reemployed by the Company
      under any circumstances other than as described in Subsection (a), the
      benefits otherwise payable to the Participant shall be continued during
      such period of employment or
reemployment.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Qualified
      reemployment shall mean the reemployment of a Participant by the Company
      after his Normal Retirement Date in such a capacity that (and provided
      that) the Participant receives or is entitled to be paid for at least 40
      Hours of Service (not including Hours of Service credited as a result of
      back pay) during a calendar month.  Notwithstanding the above,
      for Participants that attain age 701⁄2 in calendar years before January 1,
      2003, qualified reemployment shall not include employment on or after the
      April 1st following the calendar year in which the Participant attains age
      701⁄2.  In addition, effective January 1, 2002, qualified
      reemployment shall not include employment with respect to a Participant
      that makes an election to commence benefits under Section
      8.3(b).

            

    

    

    
      	
               
      

            	
              (d)

            	
              Qualified
      employment shall mean the continued employment of a Participant after his
      Normal Retirement Date in such a capacity that (and provided that) the
      Participant receives or is entitled to be paid for at least 40 Hours of
      Service (not including Hours of Service credited as a result of back pay)
      during a calendar month.  Notwithstanding the above, for
      Participants that attain age 701⁄2 in calendar years before January 1, 2003,
      qualified employment shall not include employment on or after the April
      1st following the calendar year in which the Participant attains age
      701⁄2.  In addition, effective January 1, 2002, qualified
      employment shall not include employment with respect to a Participant that
      makes an election to commence benefits under Section
    8.3(b).

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
         

      

      
        -20-

        
          

        

      

      
        Table of Contents

      

    

     

    
      ARTICLE VI

       

    

    
      VESTING

    

    

    

    

    If
a Participant has been credited with three or more Years of Service, a portion
of the Participant’s Accrued Benefit shall be nonforfeitable.  The
nonforfeitable portion shall be an amount equal to a Participant’s Accrued
Benefit multiplied by a percentage based upon the number of Years of Service, as
follows:

    

    
      	
              Number of Years of Service

            	
              Vesting Percentage

            
	 
      	 
      
	
              0

            	
              0

            
	
              1

            	
              0

            
	
              2

            	
              0

            
	
              3

            	
              20

            
	
              4

            	
              40

            
	
              5

            	
              60

            
	
              6

            	
              80

            
	
              7
      or more

            	
              100

            

    

    

    

    Notwithstanding
the above, the Vesting Percentage of a Participant who has attained his Normal
Retirement Age shall be 100 percent.

    

    Also
notwithstanding the above, each individual who was an employee of Strobic Air
Corporation on the date of acquisition by the Company and who continued his
employment with the Company and became a Participant in the Plan shall have his
Vesting Percentage equal to 100% if he had attained age 55 on or before the
September 12, 1996 date of acquisition.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    

    
      
         

      

      
        -21-

        
          

        

      

      
        Table of Contents

      

    

    
      ARTICLE VII

    

    

    
      PRE-RETIREMENT DEATH
BENEFITS

    

    

    

    

    
      	
              7.1

            	
              Pre-Retirement
      Survivor Death Benefit

            

    

    

    In
the event of a death of a Participant who (a) has a Vested Interest, and (b) has
not yet had an Annuity Starting Date, the Participant’s designated beneficiary
shall receive a Pre-Retirement Survivor Death Benefit.  For purposes
of this Article, a married Participant’s designated beneficiary shall be the
Participant’s Spouse.  For Employees who are hired by the Company or a
Subsidiary on or after September 1, 2001, the provisions of this Section 7.1
will apply only if the Participant is married on his or her date of
death.

    

    
      	
              7.2

            	
              Amount and Form of
      Pre-Retirement Survivor Death
Benefit

            

    

    

    Subject
to the following, the Participant’s Pre-Retirement Survivor Death Benefit shall
be paid to the Participant’s Spouse or designated beneficiary in the form of an
annuity for the Spouse’s or designated beneficiary’s life.  The amount
of the monthly annuity shall be such that the present value of the
Pre-Retirement Survivor Death Benefit shall be equal to the present value of the
deceased Participant’s vested Accrued Benefit on his date of
death.  Notwithstanding the above, if the Participant is married, the
present value of the monthly annuity shall not be less than the present value of
a Qualified Pre-Retirement Survivor Annuity.  If the Actuarial
Equivalent present value of a Participant’s Pre-Retirement Survivor Death
Benefit as of the Annuity Starting Date does not exceed $5,000, the method of
distribution to the Participant’s Spouse or designated beneficiary shall be as a
single cash distribution which is the Actuarial Equivalent of the Qualified
Pre-Retirement Survivor Annuity.

    

    
      	
              7.3

            	
              Timing of
      Distribution

            

    

    

    Distribution
of a Participant’s Pre-Retirement Survivor Death Benefit shall commence as of
the Annuity Starting Date of the Participant’s Spouse or designated
beneficiary.  The Annuity Starting Date of the Participant’s Spouse or
designated beneficiary shall be the earliest date which the Participant could
have begun to receive benefits if he had survived (the first day of the month
following the Participant’s death if the Participant had been eligible at the
time of his death to begin receiving benefits).  Notwithstanding the
above, (1) if the Participant’s Pre-Retirement Survivor Death Benefit is not
payable in the form of a Qualified Pre-Retirement Death Benefit, then the
Annuity Starting Date of the Participant’s designated beneficiary shall be the
first day of the month coincident with or next following the Participant’s date
of death, and (2) if the Actuarial Equivalent present value of his
Pre-Retirement Survivor Death Benefit does not exceed $5,000, the Annuity
Starting Date of the Participant’s designated beneficiary shall be the first day
of the month coincident with or next following the Participant’s
death.

     

    
      
         

      

      
        -22-

        
          

        

      

      
        Table of Contents

      

    

    

    
      	
              7.4

            	
              Required
      Distribution

            

    

    

    If
a Participant’s Pre-Retirement Survivor Death Benefit is paid in the form of a
single cash payment, the Participant’s entire Pre-Retirement Survivor Death
Benefit shall be distributed to his designated beneficiary within five years of
the Participant’s death.  If a Participant’s Pre-Retirement Survivor
Death Benefit is distributed in the form of an annuity, distribution shall
commence by the December 31 of the year after the year of the Participant’s
death or, if later, in the case of a married Participant, the December 31 of the
year the Participant would have attained age 701⁄2.  Such Pre-Retirement
Survivor Death Benefit must be distributed over a period not extending beyond
the life expectancy of the Spouse or designated beneficiary.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
        -23-

        
          

        

      

      
        Table of Contents

      

    

    
      ARTICLE VIII

    

    

    
      DISTRIBUTION

    

    

    

    

    
      	
              8.1

            	
              Optional Forms of
      Benefits.  The Participant may elect, subject to Section
      8.7, to receive distribution of his Retirement Benefit by one of the
      following methods:

            

    

    

    
      	
               
      

            	
              (a)

            	
              a
      Single Life Annuity - an annuity payable in equal monthly installments to
      the retired Participant for his life; the Single Life Annuity shall be the
      normal form of payment for a single (unmarried) Participant;
      or

            

    

    

    
      	
               
      

            	
              (b)

            	
              a
      Qualified Joint and Survivor Annuity - an annuity payable in monthly
      installments to the Participant for his life and with fifty percent (50%)
      of the amount of such monthly installment payable after his death of the
      Participant to the Spouse of such Participant, if then living, for the
      life of such Spouse.  The benefit payable to the Participant and
      co-pensioner under this form of payment shall be the Actuarial Equivalent
      of the Single Life form of payment;
or

            

    

    

    
      	
               
      

            	
              (c)

            	
              a
      Single Life Annuity with a 60, 120, or 180 month period certain feature -
      an annuity payable in equal monthly installments to the retired
      Participant for his life, with 60, 120, or 180 monthly payments
      guaranteed.  The benefits payable shall be the Actuarial
      Equivalent of the Single Life form of payment;
  or

            

    

    

    
      	
               
      

            	
              (d)

            	
              a
      Joint and Survivor Annuity for the life of the Participant with a survivor
      annuity for the life of the Participant’s named co-pensioner equal to 50
      percent or 100 percent of the amount payable to the
      Participant.  The benefit payable to the Participant and
      co-pensioner under this form of payment shall be the Actuarial Equivalent
      of the Single Life form of payment;
or

            

    

    

    
      	
               
      

            	
              (e)

            	
              effective
      January 1, 2008, a Qualified Optional Survivor Annuity - an annuity
      payable in monthly installments to the Participant for his life and with
      seventy-five percent (75%) of the amount of such monthly installment
      payable after his death of the Participant to the Spouse of such
      Participant, if then living, for the life of such Spouse.  The
      benefit payable to the Participant and co-pensioner under this form of
      payment shall be the Actuarial Equivalent of the Single Life form of
      payment.

            

    

    

    
      	
              8.2

            	
              [RESERVED]

            

    

     

     

     

     

     

     

    
      
         

      

      
        -24-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
              8.3

            	
              Timing of
      Distribution; Annuity Starting
Date.

            

    

    

    
      	
               
      

            	
              (a)

            	
              Distribution
      of a Participant’s Retirement Benefit shall commence as of his Annuity
      Starting Date.  A Participant’s Annuity Starting Date shall be
      the earliest of (a) the first day of the month coincident with or next
      following the day of the Participant’s Retirement, (b) the first day of
      the month coincident with or next following the Participant’s Normal
      Retirement Date if the Participant has a Separation from Service prior to
      that time, unless the Participant elects under Section 8.4 to commence to
      receive distribution prior to his Normal Retirement Date, and (c)
      effective for all Participants (except Participants that attained age 701⁄2
      after January 1, 1988 and before January 1, 2003, or Participants that are
      Five Percent Owners during the Plan Year ending with or within the
      calendar year in which they attain age 701⁄2 or any subsequent Plan Year),
      the first day of April immediately following the calendar year in which
      the Participant retires or attains age 701⁄2, whichever occurs
      later.  For Participants that attained age 701⁄2 after January 1,
      1988 and prior to January 1, 2003, and for Five Percent Owners as
      described above, the required beginning date of Plan benefits is April 1
      of the calendar year following the calendar year in which the Participant
      attains age 701⁄2.  In no event, unless the Participant elects
      otherwise, shall distribution of a Participant’s Vested Interest commence
      later than 60 days after the latest of the last day of the Plan Year in
      which occurs (i) the Participant’s Retirement, and (ii) the Participant’s
      attainment of age 65.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Notwithstanding
      the above, effective January 1, 2002, a Participant that has completed
      twenty years of Credited Service and attained age 70 who is an active
      Employee may elect (subject to the minimum distribution requirements of
      Sections 8.3(a) and 8.8) to commence benefits as of the first day of the
      month following attainment of age 70 or as of the first day of any month
      thereafter while an active Employee.  The calculation of the
      benefit payable to such a Participant that makes an election under this
      subsection shall be made in accordance with Section 5.6.  The
      first date for which benefits are payable due to an election under this
      subsection shall be considered the Participant’s Annuity Starting
      Date.

            

    

    

    
      	
              8.4

            	
              Election to Receive
      Distribution Before Normal Retirement Date.  A
      Participant who has a Separation from Service before his Normal Retirement
      Date may elect to have distribution of his Retirement Benefit commence
      before his Normal Retirement Date.  In that event, distribution
      shall commence as of the first day of any month following the election,
      but not prior to a Participant’s Early Retirement
  Date.

            

    

    

    
      	
              8.5

            	
              Qualified Joint and
      Survivor Annuity for Married
Participants

            

    

    

    
      	
               
      

            	
              (a)

            	
              Subject
      to subsection (b), a Participant who is married on his Annuity Starting
      Date shall receive distribution of his Retirement Benefit in the form of a
      Qualified Joint and Survivor Annuity, unless the Participant has
      previously waived his right to receive benefits in this
      form.  The waiver must be executed and consented to
      by

            

    

     

    
      
         

      

      
        -25-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
               
      

            	
               

            	
              the
      Participant’s Spouse in accordance with Section 8.7.  Both the
      Participant’s waiver and the Spouse’s consent must state the particular
      optional form of benefit to be distributed.  Alternatively, the
      Spouse’s consent may permit the Participant to elect any optional form of
      benefit available under the Plan.  Such a general consent must
      acknowledge that the Spouse has voluntarily relinquished rights to limit
      consent to a specific form of benefit.  A Participant’s waiver
      of a Qualified Joint and Survivor Annuity under this Section 8.5 may be
      revoked at any time before the Participant’s Annuity Starting Date and,
      once revoked, may be made again before that date.  A Spouse’s
      consent to the waiver once given may be revoked before the Annuity
      Starting Date.

            

    

     

    
      	
               
      

            	
              (b)

            	
              In
      the case of a Participant (i) who is married for less than one year on his
      Annuity Starting Date, (ii) receives distribution of his Retirement
      Benefit in the form of a Qualified Joint and Survivor Annuity and (iii)
      does not remain married to his Spouse for at least one year, such Spouse
      shall lose all survivor rights.  In such event the Participant
      shall be entitled to receive distribution of his Retirement Benefit in any
      other form under Section 8.1.

            

    

    

    
      	
              8.6

            	
              Notification of Right
      to Waive Qualified Joint and Survivor Annuity.  Within
      the period beginning no earlier than 90 days, and no later than 30 days
      before the Participant’s Annuity Starting Date the Administrative
      Committee shall provide each Participant with a notice of the
      Participant’s right to elect to waive his right to receive distribution of
      his Retirement Benefit in the form of a Qualified Joint and Survivor
      Annuity.  The notice shall contain an explanation, in
      nontechnical language, of (a) the terms and conditions of the election and
      its effect upon the Participant’s Retirement Benefit (in terms of dollars
      per annuity payment), (b) the requirement that the Participant’s Spouse
      must consent to the election in accordance with Section 8.7, (c) the
      Participant’s right to revoke the election in the manner prescribed in
      regulations promulgated by the Secretary of the Treasury and (d) a general
      description of the eligibility conditions and other features of the
      optional forms of benefit under the Plan and sufficient information to
      explain the relative values of these optional forms of
      benefits.

            

    

    

    The
Annuity Starting Date may not occur before the expiration of the 30 day period
beginning on the date a written explanation describing the terms of the
Qualified Joint and Survivor Annuity is provided to the Participant; provided
however that the Annuity Starting Date may be less than 30 days after receipt by
the Participant of the written explanation provided: (a) the Participant has
been provided with information that clearly indicates that the Participant has
at least 30 days to consider whether to waive the Qualified Joint and Survivor
Annuity; (b) the Participant is permitted to revoke any affirmative distribution
election at least until the Annuity Starting Date or , if later, at any time
prior to the expiration of the 7-day period that begins the day after the
explanation of the Qualified Joint and Survivor Annuity is provided to the
Participant; and (c) the Annuity Starting Date is a date after the date that the
written explanation was provided to the Participant.

    

    
      
         

      

      
        -26-

        
          

        

      

      
        Table of Contents

      

       

    

    
      	
              8.7

            	
              Spousal
      Consent.  A Participant’s waiver of a Qualified Joint and
      Survivor Annuity described in Section 8.6 shall be valid only if the
      Participant’s Spouse executes a written consent to that election
      acknowledging the effect of the election and the consent is witnessed by a
      notary public or Plan Administrator.  The Spouse’s consent is
      not required if (a) the Participant’s Spouse cannot be located or for such
      other circumstances as may be provided in regulations promulgated by the
      Secretary of the Treasury, (b) the Participant is legally separated from
      the Spouse or (c) the Participant has been abandoned by his or her Spouse
      (within the meaning of local law) and the Participant has a court order to
      that effect.  A Participant’s waiver of a Qualified Joint and
      Survivor Annuity shall be effective only with respect to the Spouse who
      consents to it as provided in this Section
8.7.

            

    

    

    
      	
              8.8

            	
              Minimum Distribution
      Requirements.

            

    

    

    
      	
               
      

            	
              (a)

            	
              Notwithstanding
      any provision of this Plan to the contrary, all distributions under the
      Plan shall be made in accordance with Section 401(a)(9) of the Code and
      the regulations promulgated by the Secretary of the Treasury
      thereunder.

            

    

    

    
      	
               
      

            	
              (b)

            	
              In
      the case of a Participant who is a Five Percent Owner, or a Participant
      that attains age 701⁄2 prior to January 1, 2003, or a Participant that makes
      an election to commence benefits under Section 8.3(b), if such a
      Participant remains an Employee after attainment of age 701⁄2 (or age 70 for
      a Participant electing under Section 8.3(b)) and has commenced to receive
      Retirement Benefits from the Plan, such Participant shall have such
      benefits increased as of the first day of each calendar year to reflect
      any additional Credited Service accrued during the Plan Year ending
      immediately before the first day of that calendar year.  If a
      Participant who is not a Five Percent Owner attains age 701⁄2 after January
      1, 2003, the Participant’s accrued benefit shall be actuarially increased
      in accordance with Appendix A to take into account the period after age
      701⁄2 in which the Participant is not receiving any benefits from the
      Plan.  The actuarial increase shall be provided for the period
      starting on April 1 following the calendar year in which the employee
      attains age 701⁄2.  The actuarial increase described above will be
      provided even during the period when a valid benefit suspension is in
      place under ERISA Section
203(a)(3)(B).

            

    

    

    
      	
               
      

            	
              (c)

            	
              If
      a Participant dies after the date his Retirement Benefit has commenced,
      the remaining portion, if any, of the Participant’s benefit shall be
      distributed to the Participant’s beneficiary at least as rapidly as it
      would have been distributed under the method of distribution in effect on
      the day of the Participant’s death.

            

    

     

    
      	
               
      

            	
              (d)

            	
              
                If
      a Participant’s Retirement Benefit is distributed in the form of an
      annuity other than an annuity for the life of the Participant or an
      annuity for the joint lives of the Participant and the Participant’s
      Spouse or in installments and the Participant’s Beneficiary is other than
      the Participant’s Spouse, the distribution must satisfy the minimum
      distribution incidental benefit requirements under Section 1.401(a)(9)-2
      of the Income Tax
Regulations.

              

            

    

     

    
      
         

      

      
        -27-

        
          

        

      

      
        Table of Contents

      

    

    

    
      	
               
      

            	
              (e)

            	
              
                With
      respect to distributions under the Plan made in calendar years beginning
      on or after January 1, 2001, the Plan will apply the minimum distribution
      requirements of section 401(a)(9) of the Internal Revenue Code in
      accordance with the regulations under section 401(a)(9) that were proposed
      in January 2001, notwithstanding any provision of the Plan to the
      contrary.  This amendment shall continue in effect until the end
      of the last calendar year beginning before the effective date of final
      regulations under Code section 409(a)(9) or such other date specified in
      guidance published by the Internal Revenue Service.  This also
      applies to required distributions made under Article
      VII.

              

            

    

    
    

     

    
      	
               
      

            	
              (f)

            	
              
                Minimum
      Distribution Rules Effective January 1,
  2003.

              

            

    

     

    
      	
               
      

            	
              (i)

            	
              Effective
      Date. The provisions of this Section 8.8(f) will apply for purposes of
      determining required minimum distributions for calendar years beginning
      with the 2003 calendar year.

            

    

    

    
      	
               
      

            	
              (1)

            	
              Precedence.  The
      requirements of this article will take precedence over any inconsistent
      provisions of the plan.

            

    

    

    
      	
               
      

            	
              (2)

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

            

    

    

    
      	
               
      

            	
              (3)

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

            

    

    

    
      	
               
      

            	
              (ii)

            	
              Timing
      and Manner of Distribution

            

    

    

    
      	
               
      

            	
              (1)

            	
              Required Beginning
      Date. The participant's entire interest will be distributed, or
      begin to be distributed, to the participant no later than the
      participant's required beginning
date.

            

    

    

    
      	
               
      

            	
              (2)

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

            

    

     

    
      
         

      

      
        -28-

        
          

        

      

      
        Table of Contents

      

       

    

    
      	
               
      

            	
              (A)

            	
              If
      the participant's surviving spouse is the participant's sole designated
      beneficiary, then, except as provided in the adoption agreement,
      distributions to the surviving spouse will begin by December 31 of the
      calendar year immediately following the calendar year in which the
      participant died, or by December 31 of the calendar year in which the
      participant would have attained age 70 1/2, if
  later.

            

    

    

    
      	
               
      

            	
              (B)

            	
              If
      the participant's surviving spouse is not the participant's sole
      designated beneficiary, then, except as provided in the adoption
      agreement, distributions to the designated beneficiary will begin by
      December 31 of the calendar year immediately following the calendar year
      in which the participant died.

            

    

    

    
      	
               
      

            	
              (C)

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

            

    

    

    
      	
               
      

            	
              (D)

            	
              If
      the participant's surviving spouse is the participant's sole designated
      beneficiary and the surviving spouse dies after the participant but before
      distributions to the surviving spouse begin, this section (f)(ii)(2),
      other than section (f)(ii)(2)(A), will apply as if the surviving spouse
      were the participant.

            

    

    

    For
purposes of this section (f)(ii)(2) and section (f)(v), distributions are
considered to begin on the participant's required beginning date (or, if section
(f)(ii)(2)(D) applies, the date distributions are required to begin to the
surviving spouse under section (f)(ii)(2)(A)). If annuity payments irrevocably
commence to the participant before the participant's required beginning date (or
to the participant's surviving spouse before the date distributions are required
to begin to the surviving spouse under section (f)(ii)(2)(A), the date
distributions are considered to begin is the date distributions actually
commence.

    

    
      	
               
      

            	
              (3)

            	
              Form of
      Distribution. Unless the participant's interest is distributed in
      the form of an annuity purchased from an insurance company or in a single
      sum on or before the required beginning date, as of the first distribution
      calendar year distributions will be made in accordance with subsections
      f(iii), (iv) and (v). If the participant's interest is distributed in the
      form of an annuity purchased from an insurance company, distributions
      thereunder will be made in accordance with the requirements of section
      401(a)(9) of the Code 

            

    

     

    
      
         

      

      
        -29-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
               
      

            	
               

            	
              and
      the Treasury regulations. Any part of the participant's interest which is
      in the form of an individual account described in section 414(k) of the
      Code will be distributed in a manner satisfying the requirements of
      section 401(a)(9) of the Code and the Treasury regulations that apply to
      individual accounts.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Determination
      of Amount to be Distributed Each
Year.

            

    

    

    
      	
               
      

            	
              (1)

            	
              General Annuity
      Requirements. If the participant's interest is paid in the form of
      annuity distributions under the plan, payments under the annuity will
      satisfy the following requirements:

            

    

    

    
      	
               
      

            	
              (A)

            	
              the
      annuity distributions will be paid in periodic payments made at intervals
      not longer than one year;

            

    

    

    
      	
               
      

            	
              (B)

            	
              the
      distribution period will be over a life (or lives) or over a period
      certain not longer than the period described in section (f)(iv) or
      (f)(v);

            

    

    

    
      	
               
      

            	
              (C)

            	
              once
      payments have begun over a period certain, the period certain will not be
      changed even if the period certain is shorter than the maximum
      permitted;

            

    

    

    
      	
               
      

            	
              (D)

            	
              payments
      will either be nonincreasing or increase only as
  follows:

            

    

    

    
      	
               
      

            	
              (i)

            	
              by
      an annual percentage increase that does not exceed the annual percentage
      increase in a cost-of-living index that is based on prices of all items
      and issued by the Bureau of Labor
Statistics;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              to
      the extent of the reduction in the amount of the participant's payments to
      provide for a survivor benefit upon death, but only if the beneficiary
      whose life was being used to determine the distribution period described
      in subsection (f)(iv) dies or is no longer the participant's beneficiary
      pursuant to a qualified domestic relations order within the meaning of
      section 414(p);

            

    

    

    
      	
               
      

            	
              (iii)

            	
              to
      provide cash refunds of employee contributions upon the participant's
      death; or

            

    

    

    
      	
               
      

            	
              (iv)

            	
              to
      pay increased benefits that result from a plan
  amendment.

            

    

     

    
      
         

      

      
        -30-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
               
      

            	
              (2)

            	
              Amount Required to be
      Distributed by Required Beginning Date. The amount that must be
      distributed on or before the participant's required beginning date (or, if
      the participant dies before distributions begin, the date distributions
      are required to begin under section (f)(ii)(2)(A) or (B)) is the payment
      that is required for one payment interval. The second payment need not be
      made until the end of the next payment interval even if that payment
      interval ends in the next calendar year. Payment intervals are the periods
      for which payments are received, e.g., bi-monthly, monthly, semi-annually,
      or annually. All of the participant's benefit accruals as of the last day
      of the first distribution calendar year will be included in the
      calculation of the amount of the annuity payments for payment intervals
      ending on or after the participant's required beginning
    date.

            

    

    

    
      	
               
      

            	
              (3)

            	
              Additional Accruals
      After First Distribution Calendar Year. Any additional benefits
      accruing to the participant in a calendar year after the first
      distribution calendar year will be distributed beginning with the first
      payment interval ending in the calendar year immediately following the
      calendar year in which such amount
accrues.

            

    

    

    
      	
               
      

            	
              (iv)

            	
              Requirements
      For Annuity Distributions That Commence During Participant's
      Lifetime.

            

    

    

    
      	
               
      

            	
              (1)

            	
              Joint Life Annuities
      Where the Beneficiary Is Not the Participant's Spouse. If the
      participant's interest is being distributed in the form of a joint and
      survivor annuity for the joint lives of the participant and a nonspouse
      beneficiary, annuity payments to be made on or after the participant's
      required beginning date to the designated beneficiary after the
      participant's death must not at any time exceed the applicable percentage
      of the annuity payment for such period that would have been payable to the
      participant using the table set forth in Q&A-2 of section
      1.401(a)(9)-6T of the Treasury regulations. If the form of distribution
      combines a joint and survivor annuity for the joint lives of the
      participant and a nonspouse beneficiary and a period certain annuity, the
      requirement in the preceding sentence will apply to annuity payments to be
      made to the designated beneficiary after the expiration of the period
      certain.

            

    

     

    
      	
               
      

            	
              (2)

            	
              Period Certain
      Annuities. Unless the participant's spouse is the sole designated
      beneficiary and the form of distribution is a period certain and no life
      annuity, the period certain for an annuity

            

    

     

    
      
         

      

      
        -31-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
               
      

            	
               

            	
              distribution
      commencing during the participant's lifetime may not exceed the applicable
      distribution period for the participant under the Uniform Lifetime Table
      set forth in section 1.401(a)(9)-9 of the Treasury regulations for the
      calendar year that contains the annuity starting date. If the annuity
      starting date precedes the year in which the participant reaches age 70,
      the applicable distribution period for the participant is the distribution
      period for age 70 under the Uniform Lifetime Table set forth in section
      1.401(a)(9)-9 of the Treasury regulations plus the excess of 70 over the
      age of the participant as of the participant's birthday in the year that
      contains the annuity starting date. If the participant's spouse is the
      participant's sole designated beneficiary and the form of distribution is
      a period certain and no life annuity, the period certain may not exceed
      the longer of the participant's applicable distribution period, as
      determined under this section (f)(iv)(2), or the joint life and last
      survivor expectancy of the participant and the participant's spouse as
      determined under the Joint and Last Survivor Table set forth in section
      1.401(a)(9)-9 of the Treasury regulations, using the participant's and
      spouse's attained ages as of the participant's and spouse's birthdays in
      the calendar year that contains the annuity starting
  date.

            

    

    

    
      	
               
      

            	
              (v)

            	
              Requirements
      For Minimum Distributions Where Participant Dies Before Date Distributions
      Begin.

            

    

    

    
      	
               
      

            	
              (1)

            	
              Participant Survived
      by Designated Beneficiary. Except as provided in the adoption
      agreement, if the participant dies before the date distribution of his or
      her interest begins and there is a designated beneficiary, the
      participant's entire interest will be distributed, beginning no later than
      the time described in section (f)(ii)(2)(A) or (B), over the life of the
      designated beneficiary or over a period certain not
    exceeding:

            

    

    

    
      	
               
      

            	
              (A)

            	
              unless
      the annuity starting date is before the first distribution calendar year,
      the life expectancy of the designated beneficiary determined using the
      beneficiary's age as of the beneficiary's birthday in the calendar year
      immediately following the calendar year of the participant's death;
      or

            

    

    

    
      	
               
      

            	
              (B)

            	
              if
      the annuity starting date is before the first distribution calendar year,
      the life expectancy of the designated beneficiary determined using the
      beneficiary's age as of the beneficiary's birthday in the calendar year
      that contains the annuity starting
date.

            

    

     

    
      
         

      

      
        -32-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
               
      

            	
              (2)

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

            

    

    

    
      	
               
      

            	
              (3)

            	
              Death of Surviving
      Spouse Before Distributions to Surviving Spouse Begin. If the
      participant dies before the date distribution of his or her interest
      begins, the participant's surviving spouse is the participant's sole
      designated beneficiary, and the surviving spouse dies before distributions
      to the surviving spouse begin, this section (f)(v) will apply as if the
      surviving spouse were the participant, except that the time by which
      distributions must begin will be determined without regard to section
      (f)(ii)(2)(A).

            

    

    

    
      	
               
      

            	
              (vi)

            	
              Definitions.

            

    

    

    
      	
               
      

            	
              (1)

            	
              Designated beneficiary.
      The individual who is designated as the beneficiary under section 15.1 of
      the plan and is the designated beneficiary under section 401(a)(9) of the
      Internal Revenue Code and section 1.401(a)(9)-1, Q&A-4, of the
      Treasury regulations.

            

    

    

    
      	
               
      

            	
              (2)

            	
              Distribution calendar
      year. A calendar year for which a minimum distribution is required.
      For distributions beginning before the participant's death, the first
      distribution calendar year is the calendar year immediately preceding the
      calendar year which contains the participant's required beginning date.
      For distributions beginning after the participant's death, the first
      distribution calendar year is the calendar year in which distributions are
      required to begin pursuant to section
  (f)(ii)(2).

            

    

    

    
      	
               
      

            	
              (3)

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

            

    

    

    
      	
               
      

            	
              (4)

            	
              Required beginning
      date. The date specified in section 8.3 of the
  plan.

            

    

    

    
      	
              8.9

            	
              Direct
      Rollover

            

    

    

    
      	
               
      

            	
              (a)

            	
              This
      Section applies to distributions made on or after January 1,
      1993.  Notwithstanding any provision of the Plan to the contrary
      that would otherwise limit a distributee’s election under this Section, a
      distributee may elect, at the time and in the manner prescribed by the
      Plan Administrator, to have any portion of an eligible rollover
      distribution paid directly to an eligible retirement plan specified by the
      distributee in a direct rollover.

            

    

    

    
      
         

      

      
        -33-

        
          

        

      

      
        Table of Contents

      

       

    

    
      	
               
      

            	
              (b)

            	
              For
      purposes of this Section the following definitions shall
      apply:

            

    

    

    
      	
               
      

            	
              (i)

            	
              An
      eligible rollover distribution is any distribution of all or any portion
      of the balance to the credit of the distributee, except that an eligible
      rollover distribution does not include: any distribution that is one of a
      series of substantially equal periodic payments (not less frequently than
      annually) made for the life (or life expectancy) of the distributee or the
      joint lives (or joint life expectancies) of the distributee and the
      distributee’s designated beneficiary, or for a specified period of ten
      years or more; any distribution to the extent such distribution is
      required under Code Section 401(a)(9); and, except as provided under Code
      Sections 402(c)(2)(A) or (B) for distributions made after December 31,
      2001, the portion of any distribution that is not includible in gross
      income (determined without regard to the exclusion for net unrealized
      appreciation with respect to employer
  securities).

            

    

    

    
      	
               
      

            	
              (ii)

            	
              An
      eligible retirement plan is an individual retirement account described in
      Code Section 408(a), an individual retirement annuity described in Code
      Section 408(b), an annuity plan described in Code Section 403(a), or a
      qualified trust described in Code Section 401(a), that accepts the
      distributee’s eligible rollover
distribution.

            

    

    

    
      	
               
      

            	
              Effective
      for distributions made after December 31, 2001, an eligible retirement
      plan shall also mean an annuity contract described in section 403(b) of
      the Code and an eligible plan under section 457(b) of the Code which is
      maintained by a state, political subdivision of a state, or any agency or
      instrumentality of a state or political subdivision of a state and which
      agrees to separately account for amounts transferred into such plan from
      this Plan.  The definition of eligible retirement plan shall
      also apply in the case of a distribution to a surviving spouse, or to a
      spouse or former spouse who is the alternate payee under a qualified
      domestic relation order, as defined in section 414(p) of the
      Code.

            

    

    

    
      	
               
      

            	
              Effective
      January 1, 2008, “eligible retirement plan” shall include a Roth IRA to
      the extent permitted under the Pension Protection Act of 2006 and any
      guidance issued thereunder.

            

    

    

    
      	
               
      

            	
              (iii)

            	
              A
      distributee includes an Employee or former Employee.  In
      addition, the Employee’s or former Employee’s surviving Spouse and the
      Employee’s or former Employee’s Spouse or former Spouse who is the
      alternate payee under a qualified domestic relations order, as defined in
      Code Section 414(p), are distributees with regard to the interest of the
      Spouse or former Spouse.

            

    

     

    
      
         

      

      
        -34-

        
          

        

      

      
        Table of Contents

      

       

    

    
      	
               
      

            	
              (iv)

            	
              A
      direct rollover is a payment by the plan to the eligible retirement plan
      specified by the distributee.

            

    

    

    
      	
              8.10

            	
              Payments To
      Incompetents

            

    

    

    If
the Committee shall find that any person to whom a benefit is payable from the
Trust Fund is unable to care for his affairs because of illness or accident, or
is a minor, any payment due (unless a prior claim therefore shall have been made
by a duly appointed guardian, committee or other legal representative) may be
paid to the Spouse, a child, a parent, or a brother or sister, or to any person
deemed by the Committee to have incurred expense for such person otherwise
entitled to payment.  Any such payment shall be a complete discharge
of any liability of the Company, the Administrator, the Committee, the Trustee,
and the Fund therefore.

    

    
      	
              8.11

            	
              Lost
      Participant.  Neither the Administrator nor the Trustee
      shall be obligated to search for or ascertain the whereabouts of any
      Participant or Beneficiary (other than to write to the Participant at his
      last mailing address shown in the Plan Administrator’s
      records).  If a Participant or Beneficiary cannot be located,
      the Participant’s Retirement Benefit or Pre-Retirement Death Benefit shall
      be forfeited, but shall be reinstated (without interest) upon the
      Participant’s or Beneficiary’s claim for the
  benefit.

            

    

    

    
      	
              8.12

            	
              Deemed
      Cashouts

            

    

    

    Notwithstanding
any other provision contained herein, if a Participant separates from service
and the Actuarial Equivalent present value of his vested Accrued Monthly Pension
is zero, the Participant shall be deemed to have received a distribution of his
vested Accrued Monthly Pension.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
         

      

      
        -35-

        
          

        

      

      
        Table of Contents

      

    

    
      ARTICLE IX

    

    

    
      LIMITATION ON
BENEFITS

    

    

    

    

    
      	
              9.1

            	
              Definitions.  The
      following definitions apply for purposes of Section
  9.2:

            

    

    

    
      	
               
      

            	
              (a)

            	
              Annual Benefit - shall
      mean a benefit which is payable annually in the form of a straight life
      annuity with no ancillary benefits.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Compensation - shall
      mean annual compensation, as defined in Regulation 1.415(2)(d)(l) of the
      Code, and effective for limitation years beginning on or after January 1,
      1998, shall include (i) any elective deferral as defined in Code Section
      402(g)(3) and (ii) any amount which is contributed or deferred by the
      Company at the election of an Employee which is not includible in gross
      income by reason of Code Section 125, or effective January 1, 2001, Code
      Section 132(f).

            

    

    

    
      	
               
      

            	
              (c)

            	
              Defined Benefit Dollar
      Limitation - effective for limitation years ending after December
      31, 2001, shall mean $160,000, as adjusted, effective January 1 of each
      year, under section 415(d) of the Code in such manner as the Secretary
      shall prescribe, and payable in the form of a straight life
      annuity.  A limitation as adjusted under section 415(d) will
      apply to limitation years ending with or within the calendar year for
      which the adjustment applies.

            

    

    

    
      	
               
      

            	
              (d)

            	
              Maximum Permissible
      Benefit - effective for limitation years ending after December 31,
      2001, shall mean the lesser of the
      defined benefit dollar limitation or the defined benefit compensation
      limitation (both adjusted where required, as provided in (i) and, if
      applicable, in (ii) or (iii)
below).

            

    

    

    
      	
               
      

            	
              (i)

            	
              If
      the Participant has fewer than 10 years of participation in the Plan, the
      defined benefit dollar limitation shall be multiplied by a fraction, (a)
      the numerator of which is the number of years (or part thereof) of
      participation in the Plan and (b) the denominator of which is
      10.  In the case of a Participant who has fewer than 10 years of
      service with the employer, the defined benefit compensation limitation
      shall be multiplied by a fraction, (a) the numerator of which is the
      number of years (or part thereof) of service with the employer and (b) the
      denominator of which is 10.

            

    

    

    
      	
               
      

            	
              (ii)

            	
              If
      the benefit of a Participant begins prior to age 62, the defined benefit
      dollar limitation applicable to the Participant at such earlier age is an
      annual benefit payable in the form of a straight life annuity beginning at
      the earlier age that is the actuarial equivalent of the defined benefit
      dollar limitation applicable to the Participant at age 62 (adjusted under
      (i) above, if required).  The defined benefit dollar limitation
      applicable 

            

    

     

    
      
         

      

      
        -36-

        
          

        

      

      
        Table of Contents

      

       

      
        	
                 
      

              	
                 

              	
                at
      an age prior to age 62 is determined as the lesser of (a) the actuarial
      equivalent (at such age) of the defined benefit dollar limitation computed
      using the interest rate and mortality table specified in the Plan for
      early retirement and (b) the actuarial equivalent (at such age) of the
      defined benefit dollar limitation computed using a 5 percent interest rate
      and the applicable mortality table as defined in Appendix A of the
      Plan.  Any decrease in the defined benefit dollar limitation
      determined in accordance with this paragraph (ii) shall not reflect a
      mortality decrement if benefits are not forfeited upon the death of the
      Participant.  If any benefits are forfeited upon death, the full
      mortality decrement is taken into
account.

              

      

       

    

    
      	
               
      

            	
              (iii)

            	
              If
      the benefit of a Participant begins after the Participant attains age 65,
      the defined benefit dollar limitation applicable to the Participant at the
      later age is the annual benefit payable in the form of a straight life
      annuity beginning at the later age that is actuarially equivalent to the
      defined benefit dollar limitation applicable to the Participant at age 65
      (adjusted under (i) above, if required). The actuarial equivalent of the
      defined benefit dollar limitation applicable at an age after age 65 is
      determined as (a) the lesser of the actuarial equivalent (at such age) of
      the defined benefit dollar limitation computed the interest rate and
      mortality table specified in the Plan for late retirement and (b) the
      actuarial equivalent (at such age) of the defined benefit dollar
      limitation computed using a 5 percent interest rate assumption and the
      applicable mortality table as defined in Appendix A of the
      Plan.  For these purposes, mortality between age 65 and the age
      at which benefits commence shall be
ignored.

            

    

    

    
      	
               
      

            	
              (e)

            	
              Projected Annual
      Benefit - shall mean the annual benefit to which a Participant
      would be entitled under the terms of all Defined Benefit Plans if he had
      continued employment until his normal retirement date under such plans and
      if his compensation for the purpose of such plans had continued at the
      same rate.

            

    

    

    
      	
              9.2

            	
              Maximum Retirement
      Benefit Before December 31, 2001.  Notwithstanding any
      other provisions of this Plan, for limitation years ending before December
      31, 2001, the Maximum Retirement Benefit shall
  be:

            

    

    

    
      	
               
      

            	
              (a)

            	
              Subject
      to Sections 9.2(b), (c), and (d), the Retirement Benefit of a Participant
      shall be reduced to the extent that it (plus, if applicable, the aggregate
      retirement benefit to which the Participant is entitled under all other
      Defined Benefit Plans in which he or she was a participant) exceeds the
      lesser of (1) $90,000 (or such higher amount as may be permitted under
      Section 415 (d) of the Code to reflect increases in the cost of living,
      and (2) 100 percent of the Participant’s average annual compensation
      during the three consecutive Plan Years in which the Participant received
      the greatest aggregate amount of annual compensation.  No
      reduction shall be required under this Section 9.2(a) in the case of a
      Participant who never participated in a defined contribution plan if the
      Participant’s

            

    

     

    
      
         

      

      
        -37-

        
          

        

      

      
        Table of Contents

      

       

      
        	
                 
      

              	
                 

              	
                Retirement
      Benefit (plus, if applicable, the Participant’s retirement benefit under
      all other Defined Benefit Plans) does not exceed
  $10,000.

              

      

       

    

    
      	
               
      

            	
              (b)

            	
              The
      following adjustments shall be made in applying the limitations of
      Sections 9.2(a) and 9.4.

            

    

    

    
      	
               
      

            	
              (i)

            	
              If
      a Participant’s Retirement Benefit (or a retirement benefit to which the
      Participant is entitled under any other Defined Benefit Plan) is payable
      in a form other than an Annual Benefit, the Retirement Benefit shall be
      adjusted so that it is the Actuarial Equivalent of an Annual Benefit,
      except that the following shall not be taken into account: (A) any
      ancillary benefit that is not related to retirement income benefits and
      (B) the survivor annuity provided under the portion of any annuity that
      constitutes a Qualified Joint and Survivor Annuity (as defined in Section
      417(b) of the Code).

            

    

    

    Effective
September 1, 1995, for purposes of adjusting any benefit for any form of payment
subject to Code Section 417(e)(3), the interest rate assumption shall not be
less than the greater of the
applicable interest rate described in Appendix A(2)(b) or the rate described in
Appendix A(1)(a).

    

    
      	
               
      

            	
              (ii)

            	
              The
      dollar limitation set forth in Section 9.2(a)(i) shall be adjusted as
      follows:

            

    

    

    
      	
               
      

            	
              (1)

            	
              If
      distribution of a Participant’s Retirement Benefit begins before the
      Participant’s Social Security retirement age as defined in Section
      415(b)(8) of the Internal Revenue Code but on or after the Participant’s
      attainment of age 62 then the limitation shall be reduced by 5/9 of one
      percent for each of the first 36 months and 5/12 of one percent for each
      of the additional months (up to 24 months), if any, by which the benefits
      commenced before the month in which the Participant attains his or her
      Social Security retirement age.

            

    

    

    
      	
               
      

            	
              (2)

            	
              If
      the distribution of a Participant’s Retirement Benefit begins before his
      or her attainment of age 62 then the limitation shall be reduced by (A)
      reducing the limitation to the applicable limit for benefits payable at
      age 62 in accordance with paragraph (i); and (B) then determining the
      Actuarial Equivalent of that amount at the Participant’s age at the time
      that the benefit commences.

            

    

    

    
      	
               
      

            	
              (3)

            	
              If
      distribution of a Participant’s Retirement Benefit begins after the
      Participant’s Social Security retirement age, the limitation shall be
      increased (in accordance with regulations promulgated by the Secretary of
      the Treasury) so that it equals the amount of an Annual Benefit beginning
      at the time distribution of the 

            

    

     

    
      
         

      

      
        -38-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
               
      

            	
               

            	
              Participant’s
      Retirement Benefit begins, which is the Actuarial Equivalent of an Annual
      Benefit equal to the dollar limitation set forth in Section 9.2(a)(1)
      beginning at the Participant’s Social Security retirement
    age.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              In
      the case of a Participant with less than ten years of participation in the
      Plan or less than ten (10) years of Credited
  Service:

            

    

    

    
      	
               
      

            	
              (1)

            	
              the
      dollar limitation set forth in Section 9.2(a)(i) shall be multiplied by a
      fraction the numerator of which is the aggregate number of the
      Participant’s years of participation in the Plan at the time the
      determination is made and the denominator of which is ten,
    and

            

    

    

    
      	
               
      

            	
              (2)

            	
              the
      percentage limitation set forth in Section 9.2(a)(2) and the $10,000
      minimum benefit referred to in the last sentence of Section 9.2(a) shall
      be multiplied by a fraction the numerator of which is the aggregate number
      of the years of the Participant’s Years of Service at the time the
      determination is made and the denominator of which is
  ten.

            

    

    

    
      	
               
      

            	
              (iv)

            	
              For
      purposes of adjusting the Participant’s retirement benefit under Section
      9.2(b)(i) or the dollar limitation under Section 9.2(b)(ii), the interest
      rate assumption shall be that set forth in the Appendix to this Plan
      subject to the limitations on interest rates of Section 415(b)(2)(E) of
      the Code, and the mortality decrement shall be ignored to the extent that
      a forfeiture does not occur at
death.

            

    

    

    
      	
               
      

            	
              (c)

            	
              The
      Retirement Benefit of a Participant who was a Participant before January
      1, 1987 shall not be reduced under any other provisions of this Section
      9.2 to the extent that it does not exceed the Participant’s Retirement
      Benefit accrued as of that date and determined in accordance with the
      requirements of Section 415 of the Code in effect on that date and without
      regard to amendments to the Plan after May 5, 1986.  The
      Retirement Benefit of a Participant who was a Participant before January
      1, 1983 shall be similarly
protected.

            

    

    

    
      	
               
      

            	
              (d)

            	
              If
      a Participant is a participant in any Defined Contribution Plan for
      limitation years ending before the 2000 limitation year, the Participant’s
      Retirement Benefit shall be reduced to the extent that it causes the sum
      of the Participant’s Defined Benefit Plan Fraction and the Participant’s
      Defined Contribution Plan Fraction to exceed 1.0 for any Plan
      Year.

            

    

     

    
      	
               
      

            	
              (e)

            	
              If
      Section 415 of the Code is amended, or if new regulations are promulgated
      by the Secretary of Treasury, the restrictions under this Section 9.2
      shall be correspondingly modified without formal amendment to this
      Plan.

            

    

     

    
      
         

      

      
        -39-

        
          

        

      

      
        Table of Contents

      

       

    

    
      	
               
      

            	
              Incorporation by
      Reference

            

    

    

    Notwithstanding
anything contained in Section 9.1 and 9.2 to the contrary, the limitations,
adjustments and other requirements prescribed in Section 9.1 and 9.2 shall at
all times comply with the provisions of Code Section 415 and the Regulations
thereunder.

    

    
      	
              9.3

            	
              Maximum Benefits After
      December 31, 2001.  The following shall apply for
      limitation years ending after December 31,
2001.

            

    

    

    
      	
               
      

            	
              (a)

            	
              Notwithstanding
      any provision of the Plan to the contrary, the maximum annual benefit
      payable to a Participant under the Plan in the form of a single life
      annuity, when added to any pension attributable to contributions of the
      Employer or a Participating Company provided to the Participant under any
      other qualified plan, shall be equal to the lesser of (1) $90,000 or any
      successor limitation ($160,000 effective for limitation years ending after
      December 31, 2001) in effect under Code Section 415(b)(1)(A), as adjusted
      from time to time under Code Section 415(d) (the ‘Defined Benefit Dollar
      Limitation’); or (2) 100% of the Participant’s (Employee’s for Plan Years
      commencing after December 31, 2005) high three years of average
      compensation as defined in Code Section 415(b)(3) and the regulations
      thereunder during the three consecutive calendar years of his service with
      the Employer or Participating Company affording the highest such average,
      or during all of the years of such service if less than three years (the
      ‘Compensation Limit’).

            

    

     

    
      	
               
      

            	
              (b)

            	
              
                In
      the case of a Participant who has not been a Participant of the Plan for
      at least ten years, the Defined Benefit Dollar Limitation will be reduced
      by multiplying it by a fraction, the numerator of which is such
      Participant’s number of years (or part thereof) of Plan participation and
      the denominator of which is ten.  In the case of a Participant
      who has less than ten Years of Vesting Service, the Compensation Limit
      will be reduced by multiplying it by a fraction, the numerator of which is
      such Participant’s Years of Vesting Service (or part thereof) and the
      denominator of which is ten.

              

            

    

     

    
      	
               
      

            	
              (c)

            	
              For
      purposes of applying Code Section 415(b) to a benefit that is not payable
      in the form of an annual straight life annuity within the meaning of Code
      Section 415(b)(2)(A) and that is not subject to Code Section 417(e)(3),
      the determination as to whether such a benefit satisfies the Code Section
      415(b) limitations is made by comparing the equivalent annual benefit
      determined in Step 1 below
      with the lesser of the age-adjusted dollar limit determined in Step 2 below
      and the Code Section 415(b) compensation limitation described in Step 3
      below.

            

    

     

    
      
         

      

      
        -40-

        
          

        

      

      
        Table of Contents

      

    

     

    Step
1:  Under Code Section 415(b)(2)(B), determine the annual
benefit in the form of a straight life annuity commencing at the same age that
is the Actuarial Equivalent to the Plan benefit.  In general, Code
Sections 415(b)(2)(E)(i) and (v) require that the equivalent annual benefit be
the greater of the equivalent annual benefit computed using the interest rate
and mortality table, or tabular factor, specified in the Plan for actuarial
equivalence for the particular form of benefit payable (plan rate and plan
mortality table, or plan tabular factor, respectively) and the equivalent annual
benefit computed using a five percent interest rate assumption and the
applicable mortality table.  This step does not apply to a benefit
that is not required to be converted to a straight life annuity pursuant to Code
Section 415(b)(2)(B) (for example, a qualified joint and survivor
annuity).

    

    Step
2:  Under Code Section 415(b)(2)(C) or (D), determine the
Defined Benefit Dollar Limitation that applies at the age the benefit is payable
(age-adjusted dollar limit).  The age-adjusted dollar limit is the
annual benefit that is the Actuarial Equivalent to an annual benefit equal to
the Defined Benefit Dollar Limitation payable between age 62 and age
65.

    

    If
the benefit of a Participant begins prior to age 62, the Defined Benefit Dollar
Limitation applicable to the Participant as such earlier age is an annual
benefit payable in the form of a straight life annuity beginning at the earlier
age that is the Actuarial Equivalent of the Defined Benefit Dollar Limitation to
the Participant at age 62 (adjusted under (b) above, if
required).  The Defined Benefit Dollar Limitation applicable at an age
prior to age 62 is determined as the Actuarial Equivalent (at such age) of the
Defined Benefit Dollar Limitation computed using a five percent interest rate
and the applicable mortality table as defined in Appendix A of the
Plan.  Any decrease in the Defined Benefit Dollar Limitation
determined in accordance with this paragraph (c) shall not reflect a mortality
decrement if benefits are not forfeited upon the death of the
Participant.  If any benefits are forfeited upon the death, the full
mortality decrement is taken into account.

    

    If
the benefit of a Participant begins after the Participant attains age 65, the
Defined Benefit Dollar Limitation applicable to the Participant at the later age
is the annual benefit payable in the form of a straight life annuity beginning
at the later age that is the Actuarial Equivalent to the Defined Benefit Dollar
Limitation applicable to the Participant at age 65 (adjusted under (b) above, if
required).  The Actuarial Equivalent (at such age) of the Defined
Benefit Dollar Limitation computed using a five percent interest rate assumption
and the applicable mortality table as defined in Appendix A of the
Plan.  For these purposes, mortality between age 65 and the age at
which benefits commence shall be ignored.

    

    Step
3:  Determine the Participant’s Code Section 415(b)
Compensation Limit, as provided in Code Section 415(b)(3).

    

    
      
         

      

      
        -41-

        
          

        

      

      
        Table of Contents

      

    

     

    The
plan does not satisfy the Code Section 415(b) limitations unless the equivalent
annual benefit determined in Step 1 is no greater
than the lesser of the age-adjusted dollar limit determined in Step 2 and the Code
Section 415(b) Compensation Limit determined in Step 3.

    

    
      	
               
      

            	
              (d)

            	
              For
      purposes of applying Code Section 415(b)(2)(B) to a benefit that is
      payable in a form subject to Code Section 417(e)(3), the determination of
      the equivalent annual benefit is the same as in Step 1 of
      subsection (c) above, except that, under Code Section
      415(b)(2)(E)(ii):

            

    

    

    
      	
               
      

            	
              (i)

            	
              For
      the 2001, 2002 and 2003 Plan Years, the applicable interest rate under
      Code Section 417(e)(3) is substituted for the 5% interest rate under Code
      Section 415(b)(2)(E)(ii).

            

    

    

    
      	
               
      

            	
              (ii)

            	
              For
      the 2004 and 2005 Plan Years, five and one-half percent (5.5%) is
      substituted for the five percent interest rate under Code Section
      415(b)(2)(E)(ii).

            

    

    

    
      	
               
      

            	
              (iii)

            	
              For
      all Plan Years commencing after December 31, 2005, the interest rate is
      the greater of (A) 5.5% or (B) an interest rate that provides a benefit of
      not more than 105% of the benefit that would be provided if the Plan used
      the applicable interest rate under Code Section
  417(e)(3).

            

    

    

    Thus,
the equivalent annual benefit must be the greater of the equivalent annual
benefit computed using the plan rate and plan mortality table (or plan tabular
factor) and the equivalent annual benefit computed using the interest rate
assumptions set forth above and the applicable mortality table.

    

    Notwithstanding
anything to the contrary in the Plan, the Plan shall comply with the final
regulations issued under Code Section 415 effective as of the first limitation
year beginning after January 1, 2008.

    

    
      	
              9.4

            	
              Restrictions on 25
      Highest Paid Employees

            

    

    

    
      	
               
      

            	
              (a)

            	
              Benefits
      distributed to any of the twenty-five (25) most highly compensated active
      and highly compensated former employees with the greatest compensation in
      the current or prior year are restricted such that the monthly payments
      are no greater than an amount equal to the monthly payment that would be
      made on behalf of such individual under a straight life annuity that is
      the Actuarial Equivalent of the sum of the individual’s Accrued Monthly
      Pension, the individual’s other benefits under the Plan (other than a
      social security supplement within the meaning of Regulation
      1.411(a)-7(c)(4)(ii)), and the amount the individual is entitled to
      receive under a social security supplement.  However, the
      limitation of this Section 9.4 shall not apply
  if:

            

    

     

    
      
         

      

      
        -42-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
               
      

            	
              (i)

            	
              after
      payment of the benefit to an individual described above, the value of Plan
      assets equals or exceeds 110 percent of the value of current liabilities,
      as defined in Code Section
412(1)(7);

            

    

    

    
      	
               
      

            	
              (ii)

            	
              the
      value of the benefits payable under the Plan to an individual described
      above is not less than 1 percent of the value of current liabilities
      before distribution; or

            

    

    

    
      	
               
      

            	
              (iii)

            	
              the
      value of the benefits payable under the Plan to an individual described
      above does not exceed $5,000.

            

    

    

    
      	
               
      

            	
              (b)

            	
              For
      purposes of this Section, benefit includes any periodic income, any
      withdrawal values payable to a living Participant, and any death benefits
      not provided for by insurance on the individual’s
  life.

            

    

    

    
      	
               
      

            	
              (c)

            	
              An
      individual’s otherwise restricted benefit may be distributed in full to
      the affected individual if, prior to receipt of the restricted amount, the
      individual enters into a written agreement with the Administrator to
      secure repayment to the Plan of the restricted amount.  The
      restricted amount is the excess of the amounts distributed to the
      individual (accumulated with reasonable interest) over the amounts that
      could have been distributed to the individual under the straight life
      annuity described above (accumulated with reasonable
      interest).  The individual may secure repayment of the
      restricted amount upon distribution
by:

            

    

    

    
      	
               
      

            	
              (i)

            	
              entering
      into an agreement for promptly depositing into escrow with an acceptable
      depositary, property having a fair market value equal to at least 125
      percent of the restricted amount;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              providing
      a bank letter of credit in an amount equal to at least 100 percent of the
      restricted amount; or

            

    

    

    
      	
               
      

            	
              (iii)

            	
              posting
      a bond equal to at least 100 percent of the restricted
      amount.  The bond must be furnished by an insurance company,
      bonding company or other surety for federal
  bonds.

            

    

    

    
      	
               
      

            	
              (d)

            	
              The
      escrow agreement may permit an individual to withdraw from escrow amounts
      in excess of 125 percent of the restricted amount.  If the
      market value of the property in an escrow account falls below 110 percent
      of the remaining restricted amount, the individual must deposit additional
      property to bring the value of the property held by the depositary up to
      125 percent of the restricted amount.  The escrow arrangement
      may provide that the individual has the right to receive any income from
      the property placed in escrow, subject to the individual’s obligation to
      deposit additional property, as set forth in the preceding
      sentence.

            

    

     

    
      
         

      

      
        -43-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
               
      

            	
              (e)

            	
              A
      surety or bank may release any liability on a bond or letter of credit in
      excess of 100 percent of the restricted
amount.

            

    

    

    
      	
               
      

            	
              (f)

            	
              If
      the Administrator certifies to the depositary, surety or bank that the
      individual (or the individual’s estate) is no longer obligated to repay
      any restricted amount, a depositary may deliver to the individual any
      property held under an escrow arrangement, and a surety or bank may
      release any liability or an individual’s bond or letter of
      credit.

            

    

    

    
      	
               
      

            	
              (g)

            	
              Notwithstanding
      the foregoing, with respect to Plan Years beginning prior to January 1,
      1989, compliance with the Plan and Regulations then in effect shall be
      deemed compliance with this Section
9.4.

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
        -44-

        
          

        

      

      
        Table of Contents

      

    

    
      ARTICLE X

    

    

    
      FUNDING

    

    

    

    

    
      	
              10.1

            	
              Contributions to the
      Fund.  The benefits provided under the Plan shall be
      financed exclusively by contributions made from time to time to the
      Trustees by the Company and by the Fund created
      thereby.  Subject to the provisions of applicable law, the
      liability of the Company under the Plan shall be limited to the
      contributions determined by the Company from time to time in accordance
      with the advice and counsel of the Actuary.  The Company’s
      liability for Plan payments shall be limited to making contributions into
      the Fund in order to maintain the funding standard account set forth in
      Section 412 of the Internal Revenue Code.  The funding policy
      applicable to the Fund shall be established by the Committee and reviewed
      from time to time.

            

    

    

    
      	
              10.2

            	
              Use of Contributions
      to the Fund.  The contributions deposited under the terms
      of this Plan shall constitute the Fund held for the benefit of
      Participants, former Employees, and their eligible survivors under and in
      accordance with this Plan.  No part of the corpus or income of
      the Fund shall be used for or diverted to purposes other than exclusively
      for the benefit of such Participants, former Employees, and their eligible
      survivors and for necessary administrative costs; provided, however, that,
      in the event of the termination of the Plan and after all fixed and
      contingent liability, as defined under the Code and ERISA, shall have been
      satisfied and, upon receipt of the necessary approvals from the Pension
      Benefit Guaranty Corporation, any remaining funds attributable to
      contributions by the Company shall revert to the Company; and further
      provided that, in the case of a contribution (a) made by the Company as a
      mistake of fact, or (b) for which a tax deduction is disallowed, in whole
      or in part, by the Internal Revenue Service, the Company shall be entitled
      to a refund of said contributions (i) within one year after payment of a
      contribution is made as a mistake of fact, or (ii) within one year after
      disallowance, to the extent of such disallowance, as the case may
      be.

            

    

    

    
      	
              10.3

            	
              Forfeitures.  Forfeitures
      and other actuarial gains shall not be applied to increase the benefits of
      any Participant, but shall reduce the contributions of the Participating
      Company hereunder.

            

    

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
        -45-

        
          

        

      

      
        Table of Contents

      

    

    
      ARTICLE XI

    

    

    
      ADMINISTRATION

    

    

    

    
      	
              11.1

            	
              Committee.  The
      Company is plan administrator with full discretionary authority to
      interpret the Plan, find facts relating to the Plan, and apply the Plan as
      such to the facts.  The Board of Directors of the Company may
      appoint a Committee consisting of not less than two persons to act on
      behalf of the Company with full discretionary authority to control and
      manage the operation of, and administer, the Plan.  The
      Committee members may, but need not be, employees of the Company and shall
      serve at the pleasure of the Board of Directors of the
      Company.  They shall be entitled to reimbursement of expenses,
      but those members of the Committee who are also employees of the Company
      shall be entitled to no compensation for their service on the
      Committee.  Any reimbursement of expenses of the Committee
      members shall be paid directly by the Company.  Vacancies on the
      Committee shall be filled by the Board of Directors of the
      Company.  Such Committee shall be responsible for the general
      administration of the Plan under the policy guidance of the
      Company.

            

    

    

    
      	
              11.2

            	
              Duties and Powers of
      the Committee.  In addition to the duties and powers
      described elsewhere hereunder, the Committee shall have the following
      specific duties and powers:

            

    

    

    
      	
               
      

            	
              (a)

            	
              to
      retain such consultants, accountants, attorneys, and Actuaries as deemed
      necessary or desirable to render statements, reports, and advice with
      respect to the Plan and to assist the Committee in complying with all
      applicable rules and regulations affecting the Plan; any consultants,
      accountants, attorneys, and Actuaries may be the same as those retained by
      the Company;

            

    

    

    
      	
               
      

            	
              (b)

            	
              to
      decide appeals under Article XIII;

            

    

    

    
      	
               
      

            	
              (c)

            	
              to
      establish a funding policy consistent with the objectives of the
      Plan;

            

    

    

    
      	
               
      

            	
              (d)

            	
              to
      enact uniform and nondiscriminatory rules and regulations to carry out the
      provisions of the Plan;

            

    

    

    
      	
               
      

            	
              (e)

            	
              to
      resolve questions or disputes relating to eligibility for benefits or the
      amount of benefits under the Plan;

            

    

    

    
      	
               
      

            	
              (f)

            	
              to
      interpret the provisions of the
Plan;

            

    

    

    
      	
               
      

            	
              (g)

            	
              to
      determine whether any domestic relations order received by the Plan is a
      qualified domestic relations order, as provided in Section 414(p) of the
      Code;

            

    

    

    
      	
               
      

            	
              (h)

            	
              to
      evaluate administrative procedures;
and

            

    

     

     

    
      
         

      

      
        -46-

        
          

        

      

      
        Table of Contents

      

    

    
      	
               
      

            	
              (i)

            	
              to
      delegate such duties and powers as the Committee shall determine from time
      to time to any person or persons, including the
    Administrator.

            

    

    

    
      	
              11.3

            	
              Functioning of
      Committee.  The Committee and those persons or entities
      to whom the Committee has delegated responsibilities shall keep accurate
      records and minutes of meetings, interpretations and
      decisions.  Any Employee may examine records pertaining directly
      to him.  The Committee shall elect a chairman and a secretary
      from its membership.  The Committee shall act by majority vote
      of the members, and such action shall be evidenced by a written
      document.

            

    

    

    
      	
              11.4

            	
              Indemnification.  Each
      member of the Committee, and any other person who is an employee or
      director of the Company, shall be indemnified by the Company against
      expenses (other than amounts paid in settlement to which the Company does
      not consent) reasonably incurred by him in connection with any action to
      which he may be a party by reason of his performance of administrative
      functions and duties under the Plan, except in relation to matters as to
      which he shall be adjudged in such action to be personally guilty of
      negligence or willful misconduct in the performance of his
      duties.  The foregoing right to indemnification shall be in
      addition to such other rights as the Committee member, or other person may
      enjoy as a matter of law or by reason of insurance coverage of any
      kind.  Rights granted hereunder shall be in addition to and not
      in lieu of any rights to indemnification to which the Committee member, or
      other person may be entitled pursuant to the by-laws of the
      Company.

            

    

    

    
      	
              11.5

            	
              The
      Trustee.  The Trustee shall be the named fiduciary with
      respect to the management and control of Plan assets held by it, and shall
      have exclusive authority to hold, manage and administer the Trust Fund in
      accordance with the terms of the Trust Agreement entered into between the
      Company and the Trustee except to the extent that authority to manage
      certain assets held by the Trust is delegated by the Administrative
      Committee to an Investment Manager pursuant to the terms of the Trust
      Agreement.  The Trustee may designate agents or others to carry
      out certain of the administrative responsibilities in connection with the
      management of the Trust.

            

    

    

    
      	
              11.6

            	
              The Trust
      Fund.  The Trust Fund shall be used to pay benefits as
      provided in the Plan and for the payment of expenses relating to the Plan
      except to the extent that such expenses are paid by the
      Employers.  For all other purposes, including investment
      management and custodial functions, the Trust Fund held under this Plan
      may be commingled with the Trust Fund or Funds held under any other
      pensions plan or plans of the Company.  Prior to the
      satisfaction of all rights of Participants and Beneficiaries under the
      Plan, no part of the principal or income of the Trust Fund shall be used
      or diverted to purposes other than those provided in the Plan, and no part
      thereof shall revert to the Employers except after satisfaction of all
      liabilities of the Plan.

            

    

     

     

    
      
         

      

      
        -47-

        
          

        

      

      
        Table of Contents

      

    

    
      ARTICLE XII

    

    

    
      MANAGEMENT OF TRUST
FUND

    

    

    

    

    
      	
              12.1

            	
              The Trust
      Fund.  The Trust Fund shall be held in trust by the
      Trustee appointed from time to time (before or after termination of the
      Plan) by the Administrative Committee and shall he evidenced by a Trust
      Agreement between the Company and the Trustee, a copy of which shall be
      filed with the Administrative
Committee.

            

    

    

    
      	
              12.2

            	
              Exclusive
      Benefit.  The Trust Agreement must contain a provision
      that it shall be impossible at any time prior to the satisfaction of all
      liabilities with respect to Participants or Beneficiaries thereof under
      the Trust, for any part of the corpus or income to be used for purposes
      other than for the exclusive benefit of Participants or Beneficiaries and
      paying the reasonable expenses of the Plan and of the Trust, provided that
      nothing herein shall be deemed to prevent the return of any employer
      contribution (1) resulting from a mistake of fact, or (2) conditioned upon
      deductibility under Section 404 of the Code, within one year after the
      date of (i) payment of the contribution, or (ii) the disallowance of the
      contribution, respectively.

            

    

    

    
      	
              12.3

            	
              Trustee’s
      Reports.  As soon as practicable after each Plan Year,
      the Trustee shall submit to the Administrative Committee an appropriate
      report stating the net value of the Trust Fund as of the end of the Plan
      Year and containing such other information relating to the Trust Fund as
      the Administrative Committee from time to time may
  request.

            

    

    

    
      	
              12.4

            	
              Trust
      Agreement.  The Trust Agreement shall be a part of this
      Plan and any rights or benefits under this Plan shall be subject to all
      the terms and provisions of the Trust
Agreement.

            

    

    

    
      	
              12.5

            	
              Expenses.  All
      expenses incurred in the administration of the Plan shall be paid for by
      the Trust Fund to the extent not paid by the Company.  Such
      expenses include any expenses incident to the administration of the Plan
      including, but not limited to, fees of accountants, counsel and other
      specialist.

            

    

    

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
        -48-

        
          

        

      

      
        Table of Contents

      

    

    
      ARTICLE XIII

    

    

    
      BENEFIT CLAIMS
PROCEDURE

    

    

    

    
      	
              13.1

            	
              Claims
      Procedures. Effective January 1, 2002, the following
      claims procedures will be in
effect:

            

    

    

    (a)       Timing of Notification of Benefit
Determination

    

    A
claim for benefits shall be made in writing to the Administrator or Committee,
as applicable.

    

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

    

    (b)       Manner and Content of Benefit
Determinations

    

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

     

    
      	
               
      

            	
              (i)

            	
              The
      specific reason or reasons for the adverse
  determination.

            

    

     

    
      	
               
      

            	
              (ii)

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

            

    

     

    
      	
               
      

            	
              (iii)

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

            

    

    

    
      	
               
      

            	
              (iv)

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

            

    

     

    
      
         

      

      
        -49-

        
          

        

      

      
        Table of Contents

      

    

     

    (c)       Appeal of Adverse Benefit
Determination

    

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

    

    
      	
               
      

            	
              (i)

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

            

    

    

    
      	
               
      

            	
              (ii)

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

            

    

    

    
      	
               
      

            	
              (iii)

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

            

    

     

    
      	
               
      

            	
              (A)

            	
              was
      relied upon in making the benefit
determination;

            

    

    

    
      	
               
      

            	
              (B)

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

            

    

    

    
      	
               
      

            	
              (C)

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

            

    

    

    
      	
               
      

            	
              (iv)

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

            

    

    

    (d)       Timing of Notification of Benefit
Determination on Review

    

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

     

    
      
         

      

      
        -50-

        
          

        

      

      
        Table of Contents

      

    

     

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

    

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

    

    (e)       Manner and Content of Notification of
Benefit Determination on Review

    

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

     

    
      	
               
      

            	
              (i)

            	
              The
      specific reason or reasons for the adverse
  determination.

            

    

    

    
      	
               
      

            	
              (ii)

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

            

    

    

    
      	
               
      

            	
              (iii)

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

            

    

    

    
      	
               
      

            	
              (iv)

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

            

    

     

    
      
         

      

      
        -51-

        
          

        

      

      
        Table of Contents

      

    

     

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

    

    (f)        Failure to Follow Claims
Procedures

    

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

    

    
      	
              13.2

            	
              Committee
      Determination Binding.  The Administrator (or Committee,
      if applicable) shall have the right to decide, in their sole and exclusive
      discretion, all questions respecting the interpretation, application, or
      administration of the rules of eligibility for the benefits or services
      furnished by the Plan and such decisions shall be conclusive and binding
      upon all Participants, dependents and
  beneficiaries.

            

    

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
        -52-

        
          

        

      

      
        Table of Contents

      

    

    
      ARTICLE XIV

    

    

    
      NON-ALIENATION OF
BENEFITS

    

    

    

    
      	
              14.1

            	
              Non-Alienation.  Subject
      to Section 14.2, any benefits under or interests in this Plan shall not be
      assignable or subject to alienation, hypothecation, garnishment,
      attachment, execution or levy of any kind.  Any action in
      violation of this provision shall be
void.

            

    

    

    
      	
              14.2

            	
              Qualified Domestic
      Relations Orders.  Section 13.1 shall not apply to the
      creation, assignment or recognition of a right to the Retirement Benefit
      of a Participant pursuant to a Qualified Domestic Relations
      Order.  The Administrative Committee shall establish reasonable
      procedures for determining whether a domestic relations order is a
      Qualified Domestic Relations Order and for administering distributions
      under such order.

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
         

      

      
        -53-

        
          

        

      

      
        Table of Contents

      

    

     

    
      ARTICLE XV

    

    

    
      DESIGNATION OF
BENEFICIARY

    

    

    

    
      	
              15.1

            	
              Beneficiary
      Designation.

            

    

    

    
      	
               
      

            	
              (a)

            	
              The
      designation of a beneficiary under a joint and survivor annuity shall be
      fixed and may not be changed on or after benefit payments
      commence.

            

    

    

    
      	
               
      

            	
              (b)

            	
              The
      designation of a beneficiary to receive any remainder of a guaranteed
      number of payments may be made or changed until the date on which the
      guaranteed period has expired.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Subject
      to Subsections (a) and (b) and to the provisions set forth above relating
      to the rights of Spouses to survivor benefit payments, each Participant
      shall have the right at any time to designate or to change the previous
      designation of the beneficiary or beneficiaries who shall receive
      benefits, if any, after his death by executing and filing with the
      Committee a form prescribed by the Committee.  No designation,
      revocation, or change of beneficiaries shall be valid and effective unless
      and until filed with the Committee.  If no designation is made,
      or if all of the beneficiaries named in such designation predeceases the
      Participant or cannot be located by the Committee, the interest, if any,
      of the deceased Participant shall be paid to the surviving relatives of
      the Participant in the first surviving class in the schedule set forth as
      follows: (i) Spouse, (ii) lineal descendants (including stepchildren and
      adopted persons), (iii) parents equally, and (iv) the Participant’s
      estate.

            

    

    

    
      	
              15.2

            	
              Effective Date of
      Designation.  Any designation or revocation of a
      designation of a Beneficiary shall become effective when actually received
      by the Administrative Committee but shall not affect any distribution
      previously made pursuant to a prior
designation.

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
        -54-

        
          

        

      

      
        Table of Contents

      

    

    
      ARTICLE XVI

    

    

    
      AMENDMENT AND
TERMINATION

    

    

    

    

    
      	
              16.1

            	
              Power of Amendment and
      Termination.  It is the intention of the Company that
      this Plan will be permanent.  However, the Company reserves the
      right to terminate its participation in this Plan at any time by action of
      its board of directors or other governing body.  Furthermore,
      the Company reserves the power to amend or terminate the Plan at any time
      by action of the Board of Directors.  Each amendment to the Plan
      will be binding on the Company.

            

    

    

    
      	
              16.2

            	
              Limitation on
      Amendment.

            

    

    

    
      	
               
      

            	
              (a)

            	
              Except
      as expressly provided elsewhere in the Plan, prior to the satisfaction of
      all liabilities with respect to the benefits provided under this Plan, no
      such amendment or termination shall cause any part of the monies
      contributed hereunder to revert to the Company or to be diverted to any
      purpose other than for the exclusive benefit of Participants and their
      beneficiaries.  No amendment shall have the effect of
      retroactively depriving Participants of benefits already accrued under the
      Plan.  Any amendment shall become effective as of the date
      designated by the Board of
Directors.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Except
      as permitted by Regulations, no Plan amendment or transaction having the
      effect of a Plan amendment (such as a merger, plan transfer or similar
      transaction) shall be effective to the extent it eliminates or reduces any
      “Section 411(d) (6) protected benefit” or adds or modifies conditions
      relating to “Section 411(d) (6) protected benefits” the result of which is
      a further restriction on such benefit unless such protected benefits are
      preserved with respect to benefits accrued as of the later of the adoption
      date or effective date of the amendment.  “Section 411(d) (6)
      protected benefits” are benefits described in Code Section 411(d)(6)(A),
      early retirement benefits and retirement-type subsidies, and optional
      forms of benefits.

            

    

    

    
      	
               
      

            	
              (c)

            	
              If
      this Plan is amended and an effect of such amendment is to increase
      current liability (as defined in Code Section 401(a) (29) (E)) under the
      Plan for a Plan Year, and the funded current liability percentage of the
      Plan for the plan Year in which the amendment takes effect is less than
      sixty percent (60%), including the amount of the unfunded current
      liability under the Plan attributable to the amendment, the amendment
      shall not take effect until the Employer (or any member of a controlled
      group which includes the Employer) provides security to the
      Plan.  The form and amount of such security shall satisfy the
      requirements of Code Section 401(a) (29) (B) and (C).  Such
      security may be released provided the requirements of Code Section 401(a)
      (29) (D) are satisfied.

            

    

     

    
      
         

      

      
        -55-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
              16.3

            	
              Amendment to Vesting
      Provision.  If the vesting provisions set forth in
      Article VI are amended, any Participant who, as of the effective day of
      the amendment had been credited with three or more years of Vesting
      Service may irrevocably elect to have his nonforfeitable interest computed
      without regard to the amendment.  Notice of the amendment and
      the availability of the election shall be given to each such Participant,
      and the election may be exercised by the Participant by notice to the
      Administrative Committee within 60 days after the later of (a) the
      Participant’s receipt of the notice, (b) the day the amendment is adopted
      or (c) the effective date of the
amendment.

            

    

    

    
      	
              16.4

            	
              Amendment to Maintain
      Qualified Status.  Notwithstanding anything to the
      contrary in Section 16.2, the Board, in its discretion, may make any
      modifications or amendments to the Plan, retroactively or prospectively,
      which it deems appropriate to establish or maintain the Plan and the Trust
      Agreement as a qualified employees’ plan and trust under Section 401 and
      501 of the Code.

            

    

    

    
      	
              16.5

            	
              Disposition on
      Termination.  In the event of the termination or partial
      termination of the Plan, as defined in the Code, the interest of each
      affected Participant who would not have a non-forfeitable right to one
      hundred percent (100%) of his Accrued Benefit if his employment terminated
      on the date of the termination or partial termination of the Plan shall
      become non-forfeitable; however, in the event of such a termination, each
      Participant and beneficiary shall have recourse toward satisfaction of his
      non-forfeitable rights to his pension only from Plan assets or from the
      Pension Benefit Guaranty Corporation to the extent that it guarantees
      benefits.

            

    

    

    The
amount of the Fund shall be determined and, after providing for expenses
incident to termination and liquidation, the remaining assets of such Fund shall
be allocated in accordance with Section 4044 of ERISA for the purpose of paying
benefits proportionately among each of the priority groups described below in
the following order of precedence:

    

    
      	
               
      

            	
              (a)

            	
              to
      provide benefits to retired Participants and beneficiaries who began
      receiving benefits at least three years before the Plan termination
      (including those benefits which would have been received for at least
      three years if the Participant had retired that long ago), based on Plan
      provisions in effect five years prior to termination during which period
      such benefit would be the least; provided that the lowest benefit in pay
      status during a three-year period shall be considered the benefit in pay
      status for such period;

            

    

    

    
      	
               
      

            	
              (b)

            	
              to
      provide all other Accrued Benefits guaranteed by Federal
    law;

            

    

    

    
      	
               
      

            	
              (c)

            	
              to
      provide all other vested Accrued
Benefits;

            

    

    

    
      	
               
      

            	
              (d)

            	
              to
      provide all remaining non-vested Accrued
  Benefits.

            

    

     

    
      
         

      

      
        -56-

        
          

        

      

      
        Table of Contents

      

    

     

    If
the assets available for allocation under any priority group (other than as
provided in priority groups (c) and (d)) are insufficient to satisfy in full the
Accrued Benefits of all Participants and beneficiaries, the assets shall be
allocated pro rata among such Participants and beneficiaries on the basis of the
present value of their respective benefits (as of the termination
date).  The foregoing payments and payments in the event assets are
insufficient to pay the Accrued Benefits provided in priority groups (c) and (d)
will be paid in accordance with regulations prescribed by the Pension Benefit
Guaranty Corporation.  The procedure for allocation of assets upon
termination of the Plan will be carried out in an appropriate manner as to
prevent the Plan from being deemed disqualified by the Internal Revenue
Service.

    

    In
the event all Accrued Benefits described above have been fully funded, any
remaining funds will revert to the Company.

    

    Notwithstanding
any other provision in this Section, if any of the provisions of this Section
conflicts with ERISA and regulations thereunder, then ERISA and its regulations
shall control.

    

    
      	
              16.6

            	
              Merger, Consolidation,
      or Transfer.  In case of any merger or consolidation
      with, or transfer of assets or liabilities to any other plan, as provided
      in the Code, the benefit of any Participant or beneficiary immediately
      after such merger, consolidation, or transfer (if the Plan had then
      terminated) shall be at least equal to the benefit such Participant or
      beneficiary would have received immediately before such merger,
      consolidation, or transfer (if the Plan had then
    terminated).

            

    

    

    Plant
Shutdown.  Effective December 31, 1996 the Systems Division was
shut down.  Certain employees were covered by the Met-Pro Corporation
Negotiated Pension Plan.  The Met-Pro Corporation Negotiated Pension
Plan is merged into this Plan effective June 1, 1997.  In the event of
a termination or partial termination or spin-off of this Plan occurring on or
prior to May 31, 2002, the allocation of assets of the Plan pursuant to this
Article XVI shall be made in such a manner as to give effect to any special
schedule of benefits which is required, pursuant to regulations issued under
Section 414(l) of the Internal Revenue Code, to be created as a result of the
merger of the Met-Pro Corporation Negotiated Pension Plan into this Plan which
merger was effective as of June 1, 1997.

     

     

     

     

     

     

     

     

     

     

    
 

    
 

    
      
         

      

      
        -57-

        
          

        

      

      
        Table of Contents

      

    

    
       

      ARTICLE XVII

    

    

    
      TOP-HEAVY
PROVISIONS

    

    

    

    

    
      	
              17.1

            	
              The
      following definitions apply for purposes of this Article
    XVII:

            

    

    

    
      	
               
      

            	
              (a)

            	
              Average Compensation -
      a Participant’s average annual compensation (as defined in Regulation
      1.415-2(d)(1) of the Code) during the five consecutive Plan Years in which
      the Participant received the greatest compensation, taking into account
      only Plan Years (1) during which he was a Participant, (2) with respect to
      which the Participant was credited with a year of Vesting Service and (3)
      ending no later than the last day of the last Plan Year in which the Plan
      was a Top Heavy Plan.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Determination Date -
      with respect to any plan year of the Plan, a Defined Benefit Plan or a
      Defined Contribution Plan, the last day of the preceding plan year (or in
      the case of the first plan year of a plan the last day of that plan
      year).

            

    

    

    
      	
               
      

            	
              (c)

            	
              Key Employee -
      effective for Plan Years beginning after December 31, 2001, means any
      employee or former employee (including any deceased employee) who at any
      time during the Plan Year that includes the determination date was an
      officer of the employer having annual compensation greater than $130,000
      (as adjusted under section 416(i)(1) of the Code for Plan Years beginning
      after December 31, 2002), a 5-percent owner of the employer, or a
      1-percent owner of the employer having annual compensation of more than
      $150,000.  For this purpose, annual compensation means
      compensation within the meaning of section 415(c)(3) of the
      Code.  The determination of who is a key employee will be made
      in accordance with section 416(i)(1) of the Code and the applicable
      regulations and other guidance of general applicability issued
      thereunder.

            

    

    

    
      	
               
      

            	
              (d)

            	
              Permissive Aggregation Group
      of Plans - a group of employee benefit plans including a Required
      Aggregation Group of Plans and any other Defined Benefit Plans or Defined
      Contribution Plans which when considered as a group meets the requirements
      of Sections 401(a)(4) and 410 of the
Code.

            

    

    

    
      	
               
      

            	
              (e)

            	
              Required Aggregation Group of
      Plans - a group of employee benefit plans including each Defined
      Benefit Plan and Defined Contribution Plan (a) in which any Key Employee
      is or was a Participant or (b) which enables a plan described in clause
      (a) to meet the requirements of Section 401(a)(4) or Section 410 of the
      Code.  Plans that have terminated within the last five (5) years
      of the determination date shall be included in the definition of Required
      Aggregation Group of Plans.

            

    

    

    
      
         

      

      
        -58-

        
          

        

      

      
        Table of Contents

      

       

    

    
      	
               
      

            	
              (f)

            	
              Top Heavy Fraction
      means (a) with respect to the Plan, a fraction for a Plan Year the
      numerator of which is the aggregate of the present values of the accrued
      benefits as of a Determination Date of all Participants who are Key
      Employees and the denominator of which is the aggregate of the present
      values of the accrued benefits as of a Determination Date of all
      Participants or (b) with respect to a Required Aggregation Group of Plans
      or a Permissive Aggregation Group of Plans a fraction (A) the numerator of
      which is the sum of (i) the aggregate of the present values of the accrued
      benefits as of the applicable Determination Date of all Participants who
      are Key Employees under all defined benefit plans included in that group
      and (ii) the aggregate credit balances as of the applicable Determination
      Date in the accounts of all Participants who are Key Employees under all
      defined contribution plans included in the group and (B) the denominator
      of which is the sum of (i) the aggregate of the present values of the
      accrued benefits as of the applicable Determination Date of all
      Participants under all defined benefit plans included in the Group and
      (ii) the aggregate credit balances as of the applicable Determination Date
      in the accounts of all Participants under all defined contribution plans
      included in the group.

            

    

    

    In
computing a Top Heavy Fraction for a Plan Year, the following rules shall apply:
(a) the present value of accrued benefits as of a Determination Date under each
defined benefit plan and the aggregate account balances as of a Determination
Date under each defined contribution plan shall be increased by the aggregate
distributions made from that plan to Participants during the five year period
ending on the Determination Date, (b) the accrued benefit under any defined
benefit plan and the account balance under any defined contribution plan of a
Participant who has not performed services for an Employer at any time during
the five-year period ending on the Determination Date shall be disregarded, (c)
the present value of accrued benefits under a defined benefit plan as of a
Determination Date and the credit balance under a defined contribution plan
shall be determined as of that plan’s valuation date which occurs during the
12-month period ending on the Determination Date, (d) in the case of a Required
Aggregation Group or a Permissive Aggregation Group, the Determination Date of
each Plan included in the group shall be the Determination Date that occurs in
the same calendar year as the Determination Date of the Plan, (e) in the case of
a Required Aggregation Group or a Permissive Aggregation Group, in determining
the present value of accrued benefits the actuarial assumptions set forth for
this Plan shall be used for all defined benefit plans, and (f) in the case of a
Required Aggregation Group or Permissive Aggregation Group the present value of
the accrued benefits under all defined benefit plans of Participants other than
Key Employees shall he determined based upon the method used uniformly for
accrual purposes for all defined benefit plans but if there is no uniform
method, based upon the benefit accrual rate which does not exceed the slowest
accrual rate permitted under the fractional accrual rule of Section 411(b)(l)(C)
of the Internal Revenue Code.

    

    
      
         

      

      
        -59-

        
          

        

      

      
        Table of Contents

      

    

     

    Notwithstanding
the above, effective for Plan Years beginning after December 31, 2001, the
following shall apply:

    

    
      	
               
      

            	
              (1)

            	
              Distributions during
      year ending on the determination date.  The present
      values of accrued benefits and the amounts of account balances of an
      employee as of the determination date shall be increased by the
      distributions made with respect to the employee under the Plan and any
      plan aggregated with the Plan under section 416(g)(2) of the Code during
      the 1-year period ending on the determination date.  The
      preceding sentence shall also apply to distributions under a terminated
      plan which, had it not been terminated, would have been aggregated with
      the Plan under section 416(g)(2)(A)(i) of the Code.  In the case
      of a distribution made for a reason other than separation from service,
      death, or disability, this provision shall be applied by substituting
      “5-year period” for “1-year
period.”

            

    

    

    
      	
               
      

            	
              (2)

            	
              Employees not
      performing services during year ending on the determination
      date.  The accrued benefits and accounts of any
      individual who has not performed services for the employer during the
      1-year period ending on the determination date shall not be taken into
      account.

            

    

    

    
      	
               
      

            	
              (g)

            	
              Top Heavy Plan - the
      Plan for any Plan Year if the Top Heavy Fraction for that Plan Year
      exceeds 60 percent (a) for the Plan, if the Plan is not part of a Required
      Aggregation Group of Plans, (b) for the Required Aggregation Group of
      Plans, if the Plan is part of a Required Aggregation Group of Plans, or
      (c) for the Permissive Aggregation Group of Plans, if the Plan is part of
      a Permissive Aggregation Group of Plans and a Required Aggregation Group
      of Plans.

            

    

    

    
      	
              17.2

            	
              When Top Heavy
      Provisions Apply.  Notwithstanding any other provision of
      this Plan, the provisions of this Article XVII shall apply with respect to
      any Plan Year for which the Plan is a Top Heavy
  Plan.

            

    

    

    
      	
              17.3

            	
              Minimum
      Benefit.  Subject to Article IX, upon the retirement or
      termination of employment of a Participant who is not a Key Employee, the
      Participant’s retirement benefit shall be equal to the greater of (a) the
      Retirement Benefit that otherwise would be determined for the Participant
      under Article V if no effect were given to this Article XVII and (b) the
      product of 2 percent of the Participant’s Average Compensation and the
      number of years of his or her Years of Service (not in excess of 10)
      credited with respect to Plan Years in which the Plan is a Top Heavy Plan
      and he or she is a Participant.  For purposes of determining a
      Participant’s Retirement Benefit under this Section 17.3, it shall be
      assumed that payment of the Retirement Benefit shall be in the form of a
      straight life annuity without ancillary benefits, commencing on the
      Participant’s Normal Retirement Date.  If a Participant who is
      not a Key Employee participates in both a defined benefit and defined
      contribution Plan, the Company is not required to
  provide

            

    

     

    
      
         

      

      
        -60-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
               

            	
              such
      Participant both the minimum benefit and the minimum
      contribution.  In such event, the Participant shall receive the
      benefit described in this Section.

            

    

     

    The
retirement benefit determined under this Section 17.3 shall apply even though as
a result of other Plan provisions a Participant who is not a Key Employee would
not otherwise have been entitled to have received a benefit or would have
received a lesser benefit because (i) he or she failed to make mandatory
employee contributions under the Plan; (ii) his or her Compensation is less than
the stated amount; (iii) he or she is not employed on the last day of the
accrual computation period or (iv) the Plan is integrated with Social
Security.

    

    Effective
for Plan Years beginning after December 31, 2001, for purposes of satisfying the
minimum benefit requirements of section 416(c)(1) of the Code and the Plan, in
determining Years of Service with the employer, any service with the employer
shall be disregarded to the extent that such service occurs during a Plan Year
when the Plan benefits (within the meaning of section 410(b) of the Code) no key
employee or former key employee.

    

    
      	
              17.4

            	
              Vesting.  For
      any Plan Year the Plan is a Top Heavy Plan, the nonforfeitable portion of
      the Retirement Benefit of a Participant who is credited with at least one
      Hour of Service during that Plan Year under Section 1.24 shall be the
      greater of the percentage determined under Article VI and a percentage
      based on the Participant’s Years of Service as
  follows:

            

    

    

    
      	
              Number of Years of Service

            	
              Vesting Percentage

            
	 
      	 
      
	
              0

            	
              0

            
	
              1

            	
              0

            
	
              2

            	
              20

            
	
              3

            	
              40

            
	
              4

            	
              60

            
	
              5

            	
              80

            
	
              6
      or more

            	
              100

            

    

    

    
      	
              17.5

            	
              Change From Top Heavy
      Vesting.  If the Plan is a Top Heavy Plan for a Plan Year
      and ceases to be a Top Heavy Plan for the subsequent Plan Year, the change
      in the vesting provision under this Section 17.5 to the vesting provision
      under Article VI shall for purposes of Section 16.3 be treated as an
      amendment of the vesting provisions of the
Plan.

            

    

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
        -61-

        
          

        

      

      
        Table of Contents

      

    

    
      ARTICLE XVIII

    

    

    
      GENERAL
PROVISIONS

    

    

    

    
      	
              18.1

            	
              No Employment
      Rights.  Neither the action of the Company in
      establishing the Plan, nor any provisions of the Plan, nor any action
      taken by it or by the Committee shall be construed as giving to any
      employee of the Company the right to be retained in its employ, or any
      right to payment except to the extent of the benefits provided in the Plan
      to be paid from the Fund.

            

    

    

    
      	
              18.2

            	
              Governing
      Law.  Except to the extent superseded by ERISA, all
      questions pertaining to the validity, construction, and operation of the
      Plan shall be determined in accordance with the laws of the state in which
      the principal place of business of the Company is
  located.

            

    

    

    
      	
              18.3

            	
              Severability of
      Provisions.  If any provision of this plan is determined
      to be void by any court of competent jurisdiction, the Plan shall continue
      to operate and, for the purposes of the jurisdiction of that court only,
      shall be deemed not to include the provisions determined to be
      void.

            

    

    

    
      	
              18.4

            	
              No Interest in
      Fund.  No persons shall have any interest in, or right
      to, any part of the principal or income of the Fund, except as and to the
      extent expressly provided in this Plan and in the Trust
      Agreement.

            

    

    

    
      	
              18.5

            	
              Discretion.  Any
      discretionary acts under this Plan by the Company or by the Administrative
      Committee shall be uniform and applicable to all persons similarly
      situated.  No discretionary act shall be taken which constitutes
      prohibited discrimination under the provisions of Section 401(a) of the
      Code.

            

    

    

    
      	
              18.6

            	
              Gender.  Wherever
      applicable, any word used in the masculine should include the feminine,
      and any word used in the singular shall include the
  plural.

            

    

    

    
      	
              18.7

            	
              Participant
      Information.  Each Participant shall notify the
      Administrative Committee of (a) his mailing address and each change of
      mailing address, (b) the Participant’s, the Participant’s Beneficiary’s
      and, if applicable the Participant’s Spouse’s date of birth, (c) the
      Participant’s marital status and any change of his marital status, and (d)
      any other information required by the Administrative
      Committee.  The information provided by the Participant under
      this Section 18.7 shall be binding upon the Participant and the
      Participant’s Beneficiary for all purposes of the
  Plan.

            

    

    

    
      	
              18.8

            	
              Statement of
      Retirement Benefits.  Upon a Participant’s written
      request to the Administrative Committee, but no more frequently than once
      in a twelve-month period, the Administrative Committee shall furnish him
      with a statement of his Retirement
Benefits.

            

    

     

    
      
         

      

      
        -62-

        
          

        

      

      
        Table of Contents

      

    

     

    
      	
              18.9

            	
              Notices.  Any
      notice, request, election, designation, revocation or other communication
      under this Plan shall be in writing and shall be considered given when
      delivered personally or mailed by first class mail to the last address
      furnished to the Committee.

            

    

    

    
      	
              18.10

            	
              Headings.  The
      headings in this Plan are for convenience of reference and shall not be
      given substantive effect.

            

    

    

    
      	
              18.11

            	
              Withholding.  The
      Committee and the Trustees shall have the right to withhold any and all
      state, local, and Federal taxes which may be withheld in accordance with
      applicable law.

            

    

     

    
 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
         

      

      
        -63-

        
          

        

      

      
        Table of Contents

      

    

    
      ARTICLE XIX

    

    

    
      FREEZING OF
PLAN

    

    

    

    
      	
              19.1

            	
              The
      Plan has been frozen as of December 31, 2006 (the “Freeze
      Date”).  There shall be no further benefit accruals on and after
      the Freeze Date.  A Participant’s Credited Service,
      Compensation, and Average Monthly Earnings shall be determined as of the
      Freeze Date.  A Participant’s accrued benefit shall be based on
      the provisions of the Plan in effect on the Freeze Date, but calculated as
      if the Participant had terminated employment as of the Freeze
      Date.

            

    

    

    
      	
              19.2

            	
              Notwithstanding
      the above, Years of Service shall continue to be counted under the Plan on
      and after the Freeze Date solely for purposes of vesting in a benefit
      accrued as of the Freeze Date, but not for any other purpose under the
      Plan.

            

    

    

    
      	
              19.3

            	
              All
      benefits, rights and features shall be preserved as required under Code
      Section 411(d)(6) and regulations issued
  thereunder.

            

    

    

    

    

    
       
Executed
this  
29th   day of   January,
2008  .

    

    

    

    

     

    
      	
              [SEAL]

            	
              (NAME)

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
              By:  /s/ Raymond J. De
      Hont                            

            
	 
      	 
      
	 
      	
                     Chairman,
      CEO and President

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
              Attest:  /s/ Gary J.
      Morgan                           

            	 
      
	 
      	 
      
	
                          Vice
      President Finance

            	 
      

    

    

 

     

     

     

     

    
 

     

    
 

    
      
         

      

      
        -64-

        
          

        

      

      
        Table of Contents

      

    

    
      APPENDIX A

    

    

    
      ACTUARIAL ASSUMPTIONS USED
TO DETERMINE ACTUARIAL EQUIVALENCE

    

    

    

    

    
      	
              1.

            	
              “Actuarial
      Equivalent”.  Subject to Section 2, the Actuarial
      Equivalent of a given benefit shall be determined using the following
      assumptions:

            

    

    

    
      	
               
      

            	
              (a)

            	
              Interest - 8 percent
      per annum compounded annually.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Mortality - The 1971
      Male Group Annuity Table with ages set back three
  years.

            

    

    

    
      	
              2.

            	
              Minimum Actuarial
      Equivalent Present Value.

            

    

    

    
      	
               
      

            	
              (a)

            	
              Subject
      to paragraph (b) below, if a Participant’s benefits are to be paid in a
      single sum, then in no event shall the Actuarial Present Value of a
      Participant’s Vested Interest be less than the greater
  of:

            

    

    

    
      	
               
      

            	
              (i)

            	
              such
      present value determined based on the assumptions set forth in Section 1
      above, or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              such
      present value determined based on the interest rates which would be used
      as of the first day of the Plan Year in which distribution occurs by the
      Pension Benefit Guaranty Corporation for a trusteed single employer Plan
      and the mortality table specified in paragraph (b) of Section
      1.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Effective
      September 1, 1995, if a Participant’s benefits are to be paid in a single
      sum, then in no event shall the Actuarial Equivalent present value of a
      Participant’s Vested Interest be less
than:

            

    

    

    
      	
               
      

            	
              (i)

            	
              such
      present value determined based on the assumptions set forth in Section 1
      above, or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              such
      present value determined using the following
  assumptions:

            

    

    

    
      	
               
      

            	
              (A)

            	
              Interest - the annual
      rate of interest on 30-Year Treasury securities as published by the IRS
      for the month prior to the first month of the Plan Year in which the
      distribution occurs.

            

    

    

    
      	
               
      

            	
              (B)

            	
              Mortality – determined
      under the applicable mortality table under Code Section
      417(e).

            

    

    

    Notwithstanding
any other plan provisions to the contrary, effective for distributons with
annuity starting dates on or after December 31, 2002, the

     

    
      
         

      

      
        -65-

        
          

        

      

      
        Table of Contents

      

    

     

    applicable
mortality table used for purposes of adjusting any benefit or limitation under
415(b)(2)(B), (C), or (D) of the Internal Revenue Code as set forth in Appendix
A of the plan and the applicable mortality table used for purposes of satisfying
the requirements of 417(e) of the Internal Revenue Code as set forth in Appendix
A of the plan is the table prescribed in Rev. Rul. 2001-62.

    

    
      	
               
      

            	
              (c)

            	
              Solely
      for the purpose of determining an actuarial increase in benefits due as a
      result of the commencement of such benefits after the Participant’s
      attainment of age 701⁄2, the following assumptions will be
    used:

            

    

    

    
      	
               
      

            	
              (i)

            	
              Interest
      – 5 percent per annum compounded
annually,

            

    

    

    
      	
               
      

            	
              (ii)

            	
              Mortality
      – 1994 Group Annuity Table.

            

    

    

    
      	
               
      

            	
              (d)

            	
              Effective
      for distributions occurring on or after January 1, 2008, the applicable
      interest rate under (b)(ii)(A) above shall be the adjusted segment rates
      provided under Section 302 of the Pension Protection Act of 2006,
      determined in accordance with IRS Notice 2007-81, and subject to
      applicable provisions of Revenue Ruling 2007-67, and the applicable
      mortality table under (b)(ii)(B) above shall be the table specified in
      Revenue Ruling 2007-67.

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
        -66-

        
          

        

      

      
        Table of Contents

      

    

    
        APPENDIX B

    

    

    

    

    Effective
as of December 31, 2000, the Accrued Monthly Pension of
William L. Kacin is increased by $6,666.67.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
         

      

      
        -67-mpr8k1010spaex10ax.htm

    Exhibit
(10)(ax)

    

    

    FIRST
(CORRECTIVE) AMENDMENT TO THE

    MET-PRO
CORPORATION SALARIED PENSION PLAN

    

    This
First (Corrective) Amendment to the Met-Pro Corporation Salaried Pension 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 September 1,
1968, and amended and restated as of September 1, 2007;

    

    WHEREAS, the Company reserved
the right in Section 16.1 of the Plan to amend the Plan at any
time;

    

    WHEREAS, by resolution dated
December 10, 2007, the Board of Directors of the Company changed the Plan’s
annual measurement date for accounting purposes as required by FASB No. 158, to
the Company’s fiscal year end, which is January 31;

    

    WHEREAS, the Company intends
to change the Plan year to match the Company’s fiscal year end effective
September 1, 2008, thereby reflecting a short Plan year beginning September 1,
2008 and ending January 31, 2009;

    

    WHEREAS, the Company desires
to amend the Plan to correct the effective date of the Plan which was
incorrectly stated in the introduction to the Table of Contents and in the
Preamble;

    

    WHEREAS, the Company desires
to amend the definition of “actuarial equivalent”; and

    

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    WHEREAS, the Company now
desires to amend the Plan to correct typographical errors to the Plan’s
definition of Plan Year.

    

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

    The effective date of the Plan stated
in the introduction to the Table of Contents and in the Preamble is corrected to
read September 1, 2007. 

       

    

    1.        The
last paragraph of Section 9.3 is amended to read as follows:

     

    Notwithstanding
anything to the contrary in the Plan, the Plan shall comply with the final
regulations issued under Code Section 415 effective as of the first limitation
year beginning after July 1, 2007.

    

    2.        Subsection
2(b) of Appendix A, “Minimum Actuarial Equivalent
Present Value” is amended to add the following sentence to the end
thereof:

     

    Notwithstanding
any Plan provision to the contrary, for distributions occurring during the
period February 1, 2009 through January 1, 2010, the interest rate in effect for
determining single sum benefits under Appendix A, 2(b) and (d) shall be the rate
in effect for the applicable month in effect prior to February 1, 2009 or the
rate in effect applicable for the month in effect beginning February 1, 2009,
whichever produces the larger benefit.

    

    3.        Section
1.37, Definition of “Plan Year” is amended to read as follows:

     

    “Plan Year” shall mean a
twelve-month period which shall commence each September 1 and end on the next
following August 31.  Effective January 31, 2009, the Plan Year shall
commence each February 1, and end on the next following January
31.  There shall be a short Plan Year beginning September 1, 2008 and
ending January 31, 2009.

    

    4.        Subsection
2(d) of Appendix A is corrected to read as follows:

     

    Effective
for distributions occurring for the first Plan Year beginning after January 1,
2008, the applicable interest rate under (b)(ii)(A) above shall be the adjusted
segment rates provided under Section 302 of the Pension Protection Act of 2006,
determined in

     

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    accordance
with IRS Notice 2007-81, and subject to applicable provisions of Revenue Ruling
2007-67, and the applicable mortality table under (b)(ii)(B) above shall be the
table specified in Revenue Ruling 2007-67.

     

    
      
        5.       
Section 8.1(e) is
amended to read as follows:

         

        
          (e)      
effective
for Plan Years beginning after December 31, 2007, a Qualified Optional Survivor
Annuity - an annuity payable in monthly installments to the Participant for his
life and with seventy-five percent (75%) of the amount of such monthly
installment payable after his death of the Participant to the Spouse of such
Participant, if then living, for the life of such Spouse.  The benefit
payable to the Participant and co-pensioner under this form of payment shall be
the Actuarial Equivalent of the Single Life form of payment.

           

           

        

      

    

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

    

    IN WITNESS WHEREOF, the
Company has caused this First (Corrective) Amendment to be executed by its duly
authorized officer this 3rd day of November,
2008.

     

    

    
      	
              ATTEST:

            	 
      	
              Met
      Pro Corporation

            
	 	 	 	 	 	 
	 	 	 	 	 	 
	 
      	 
      	 
      	 
      	 
      	 
      
	
              By

            	
              /s/
      Gary J. Morgan

            	 
      	
              By

            	
              /s/
      Raymond J. De Hont

            	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
              Title:

            	
              Senior
      Vice President Finance

            	 
      	
              Title:

            	
              Chairman,
      CEO and President

            	 
      

    

    

    
 

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        -3-

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