Document:

ex10_ag.htm

    
      

    

    Exhibit
(10) (ag)

    
 

    MET-PRO
CORPORATION

    STANDARD
FORM FOR THE

    INCENTIVE
STOCK OPTION AGREEMENT

    
 

    INCENTIVE
STOCK OPTION AGREEMENT made as of the 10th day of
December, 2007, between MET-PRO CORPORATION, a Pennsylvania corporation (the
“Company”), and _______________, an employee of the Company
(“Optionee”).

     

    Pursuant
to and under the terms of the Met-Pro Corporation 2005 Equity Incentive
Plan (the “Plan”), the
Company hereby grants the Optionee the option to acquire Common Shares, par
value $.10 per share, of the Company on the following terms and
conditions:

     

    1.    GRANT OF
OPTION. The
Company hereby grants to Optionee the right and option (the “Option”) to
purchase up to _________________(________) Common Shares, par value $.10 per
share, of the Company (the “Shares”), to be transferred to the Optionee upon the
exercise hereof, fully paid and nonassessable. Under certain circumstances
provided for herein, this Option is intended to qualify as an incentive stock
option under Section 422 of the Internal Revenue Code of 1986, as amended;
provided, however, under other circumstances provided for herein, this Option
shall be deemed a non-qualified stock option.

     

    2.    OPTION
PRICE. The exercise price of the Option shall be _____________dollars and
______________cents ($__________) per share. The Company shall pay all original
issue or transfer taxes on the exercise of the Option.

     

    3.    VESTING OF
OPTION.

     

    (a)     Subject to
Section 3(b) and Section 4 hereof and the other provisions hereof, the Option
shall be exercisable commencing upon the date hereof as follows:

    
 

    
      	
              Number of
      Shares

            	 	
              Date first
      exercisable

            
	 	 	
              December
      10, 2008

            
	 	 	
              December
      10, 2009

            
	 	 	
              December
      10, 2010

            

    

     

    (b)     Any portion
of the Option that shall not yet be exercisable under the terms of Section 3(a)
shall immediately and without action by any party become exercisable upon the
earlier to occur of the following: (i) a Change of Control (as hereafter
defined); (ii) the death of Optionee; (iii) a declaration of permanent and total
disability of the Optionee (as defined in Section 22(e) of the Internal Revenue
Code)(hereafter, “permanent and total disability”) together with a declaration
of Optionee’s eligibility for Social Security disability benefits; and (iv) the
cessation of the Optionee’s services to the Company as an employee of the
Company, other than voluntarily or for cause.

     

    (c)     For purposes
of this Agreement, (i) the term “Change in Control” shall have the same
definition as set forth in any Key Employee Severance Agreement from time to
time in effect between the Company and any key employee of the Company; and (ii)
the cessation of Optionee’s services to the Company as a result of retirement
pursuant either to (A) a pension or retirement plan adopted by the Company or
(B) at or after the normal retirement date prescribed from time to time by the
Company, shall be deemed to be a cessation other than voluntarily or for cause.
Optionee acknowledges that the acceleration of the vesting of the Option may
result in this Option not qualifying as an incentive stock option if, as a
result of such acceleration, more than $100,000 of this Option, together with
any other incentive stock options held by Optionee, shall become exercisable for
the first time in the year of such acceleration.

     

    4.    EXPIRATION OF
OPTION.

     

    (a)     Subject to
earlier expiration as provided for by Section 4(b), Section 4(c) or Section 4(d)
hereof, the Option shall not be exercisable after and, if not previously
exercised, shall expire at 5:00 P.M., Harleysville, PA time, on December 10,
2017.

     

    (b)     If the
Optionee’s services as an employee of the Company or of a parent or subsidiary
corporation of the Company are terminated or shall otherwise cease without
regard to the reason therefor, this Option shall expire prior to the date set
forth in Section 4(a), as provided below:

     

    (i)     One year
after the date of termination or cessation of such services, if the termination
or cessation is caused by permanent and total disability of the
Optionee;

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (ii)     One year
after the date of death of the Optionee, (x) if such death occurs while Optionee
is serving as an employee of the Company, or a parent or subsidiary corporation
of the Company, or (y) if such death occurs prior to the expiration of three
months after the cessation of serving as an employee of the Company;
or

     

    (iii)     Three (3)
months after the date of termination or cessation of such services, if such
termination or cessation is for any reason other than for any of those reasons
set forth in Subsections (i) or (ii) above.

     

    (c)     The
provisions of Section 4(b) shall not be deemed to apply where Optionee has
retired as an employee of the Company or has otherwise ceased to provide
services to the Company as an employee and (i) such retirement, or cessation of
services, occurs after Optionee has attained the age of 65 and has completed at
least ten (10) years of service as an employee of the Company, or (ii) without
regard to Optionee’s age, the retirement, or the other cessation of service as
an employee of the Company, is as a result of Optionee’s permanent and total
disability, and Optionee has completed at least ten (10) years of service as an
employee of the Company and is eligible for Social Security disability benefits
(either of such circumstances, a “Retirement after Extended Service”). In the
event of a Retirement after Extended Service, this Option shall expire at the
earlier of (i) two years after the date of such retirement or other cessation of
services as an employee of the Company, or (ii) the expiration date provided for
by Section 4(a) hereof. Optionee acknowledges that any exercise of this Option
after the time periods provided for in Section 4(b) hereof shall constitute a
“disqualifying disposition” and will result in this Option not qualifying as an
incentive stock option.

     

    (d)     In addition
to the earlier expirations provided for by Section 4(b) and 4(c) hereof, this
Option, whether vested or not, shall expire prior to the date set forth in
Section 4(a), without any further act by the Company, as follows:

     

    
      	
            	
              (vi)

            	
              Upon
      the commission of any act for which either criminal or civil penalties may
      be sought;

            

    

    
      	
            	
              (vii)

            	
              Upon
      the willful violation of any of the Company’s written
      policies;

            

    

    
      	
            	
              (viii)

            	
              Upon
      engaging in any activity which is competition with the Company, or any
      parent or subsidiary of the Company;
or

            

    

    
      	
            	
              (ix)

            	
              Upon
      any unauthorized disclosure of the confidential information or trade
      secrets of the Company or of any parent or subsidiary of the
      Company.

            

    

     

    (e)     No provision
of Section 4(b) or Section 4(c) hereof shall be deemed to extend the expiration
date of the Option beyond the expiration date set forth in Section 4(a)
hereof.

     

    (f)     In the event
of death, Optionee’s rights may be exercised by the estate of the Optionee or by
the person acquiring the right to exercise the Option by bequest, inheritance or
by reason of the death of the Optionee.

     

    5.    RESTRICTIONS ON
SALE OF SHARES ACQUIRED UPON EXERCISE OF OPTION. Optionee acknowledges
and agrees that, as is required in order for the Option to qualify as an
incentive stock option, he will make no disposition of the Shares acquired upon
exercise of the Option within two years from the date of the granting of the
Option nor within one year after the Shares have been transferred to him. Any
other disposition is deemed a “disqualifying disposition” and will result in
this Option not qualifying as incentive stock option.

     

    6.    NON-ASSIGNABILITY
OF OPTION. The
Option shall not be given, granted, sold, exchanged, transferred, pledged,
assigned or ­otherwise encumbered or disposed of by Optionee, excepting by
Will or the laws of descent and distribution, and, during the lifetime of
Optionee, shall not be exercisable by any other person, but only by
Optionee.

     

    7.    METHOD OF
EXERCISE OF OPTION. Optionee shall notify the Company by written notice
sent by registered or certified mail, return receipt requested, addressed to its
President at its principal office, or by hand delivery to such person at such
office, properly receipted. The notice shall specify the number of Shares which
Optionee desires to purchase under the Option (which number shall be in
multiples of One Hundred (100) Shares, excepting any last unexercised amount of
less than One Hundred (100) Shares), and shall be accompanied by a check payable
to the order of the Company for the full exercise price of the Shares purchased.
Alternatively, Optionee may make payment for the Shares utilizing any of the
payment methods permitted by the Plan. As soon as practicable after the receipt
of such written notice and payment, the Company shall, at its principal office,
tender to Optionee a certificate or certificates issued in Optionee’s name
evidencing the Shares thus purchased by Optionee hereunder.

     

    8.    ADJUSTMENTS UPON
CHANGES IN CAPITALIZATION. In the event of changes in
the outstanding Common Shares of the Company by reason of stock dividends, stock
splits (whether forward or reverse), split-ups, recapitalization, mergers,
consolidations, combinations, exchanges of shares, separations,
reclassifications, reorganizations, or liquidations, the number of Shares
issuable upon exercise of the Option, the Option price thereof and the number of
Shares subject to vesting as set forth in Section 3(a) hereof shall be
correspondingly adjusted by the Company. Any such adjustment in the number of
Shares and the price thereof shall apply proportionately only to the then
unexercised portion of the Option. If fractional shares would result from any
such adjustment, the adjustment shall be revised to the next lower whole number
of shares.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9.    NO RIGHTS AS
SHAREHOLDER.
Optionee shall have no rights as a shareholder in respect to the Shares
as to which the Option shall not have been exercised and payment made as herein
provided.

     

    10.    BINDING
EFFECT. Excepting
as herein otherwise expressly provided, this Agreement shall be binding upon and
inure to the benefit of the parties hereto, their legal representatives,
successors and assigns.

     

    11.   CONFLICT. In the event of any conflict
between the Plan and this Agreement, the terms of the Plan shall take
precedence. A provision set forth herein which is not addressed by the Plan
shall be
given effect to except to the extent to which it is in conflict with the
Plan.

     

    12.    GOVERNING
LAW. This
Agreement shall be governed by and construed in accordance with the
laws of the Commonwealth of Pennsylvania.

     

    IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written.

    

      	 
      	 
      
	 
      	
              MET-PRO
      CORPORATION

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Raymond
      J. DeHont, President

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                              
      , Optioneeex10_ah.htm

    
      

    

    Exhibit
(10) (ah)

    

    MET-PRO
CORPORATION

    NON-QUALIFIED
DEFINED CONTRIBUTION

    SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN

    (Effective May
1, 2008)

    

    

    ARTICLE
I

    BACKGROUND

    

    This Met-Pro Corporation Supplemental
Executive Retirement Plan (the “Plan”) is hereby established effective May 1,
2008 by Met-Pro Corporation (the “Company”).

    

    The purpose of the Plan is to provide
supplementary retirement benefits to senior executives of the Company and to
others as determined by the Company’s Board of Directors.  For
purposes of the application of the Employee Retirement Income Security Act of
1974 (“ERISA”), the Plan shall be unfunded and shall be maintained primarily for
the purpose of providing deferred compensation for a select group of management
or/and highly compensated employees.

    

    

    ARTICLE
II

    DEFINITIONS

    

    2.01           In
this Plan, the following terms have the meanings indicated below:

    

    “Account” means the
bookkeeping entries used to record Participant Elective Deferral Contributions,
Company Contributions and any earnings credited to such
contributions.  To the extent it considers necessary or appropriate,
the Company or its delegate shall maintain a separate subaccount for each type
of contribution under the Plan or shall otherwise provide a means for
determining that portion of an Account attributable to each type.

    

    “Affiliate” means an
entity that would be considered to be a single employer with the Company under
Code section 414(b) or (c).

    

    “Base Salary” means
the base remuneration which is payable to an Eligible Individual by reason of
services to the Company as in effect and determined on May 1 of the Plan
Year.  For purposes of Article V, Base Salary excludes all other
incentive remuneration (including bonuses) that is or may become payable to an
Eligible Individual during the Plan Year.

    

    “Beneficiary” means
the person or persons designated by the Participant pursuant to Article VII and
entitled to receive benefits in the event of the death of such
Participant.

    

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

    

    “Bonus Compensation”
means incentive remuneration (including bonuses) that is or may become payable
to an Eligible Individual during the Plan Year.

    

    “Change in Control”
means a change in the ownership (as defined in Treasury Regulation Section
1.409A-3(i)(5)(v)) of the Company, a change in effective control (as defined in
Treasury Regulation Section 1.409A-3(i)(5)(vi)) of the Company, or a change in
the ownership of a substantial portion of the assets (as defined in Treasury
Regulation Section 1.409A-3(i)(5)(vii)) of the Company.

    

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

    

    “Committee” means the
individual or individuals selected by the Board of Directors who are responsible
for administering the Plan as described in Section 8.01.

    

    “Company” means
Met-Pro Corporation.

    

    “Company
Contributions” means the contributions described in Section
5.02.

    

    “Compensation” means
Base Salary and Bonus Compensation.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Disability” means a
condition under which a Participant is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last
for a continuous period of at least 12 months; or a condition under which a
Participant is, by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last
for a continuous period of at least 12 months, receiving income replacement
benefits for a period of at least three months under an accident and health plan
covering employees of the Company.  Disability shall at all times be
determined within the meaning of Treasury Regulation Section
1.409A-3(i)(4)(i).

    

    “Effective Date” means
May 1, 2008.

    

    “Elective Deferral
Contributions” means an Eligible Employee’s contributions to the Plan as
described in Section 5.01.

    

    “Eligible Individual”
means an individual selected by the Committee in its discretion for
participation in this Plan.  The initial Plan Participants are listed
in Appendix A.  The Committee may add Eligible Individuals or cease
the participation of existing Eligible Individuals in its discretion, at such
times as will comply with Code Section 409A.

    

    “Investment Option
Fund” means the investment funds designated by the Company as investment
vehicles among which Participants may invest their Accounts.

    

    “Participant” means an
individual who retains an Account.

    

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

    

    “Plan Year” means the
calendar year except that the first Plan Year shall be a short Plan Year
beginning on May 1, 2008 and ending December 31, 2008.  In the first
Plan Year, the Plan is not aggregated with any other plan or arrangements for
purposes of Code Section 409A.

    

    “Retirement Date”
means the date a Participant separates from service after he or she has attained
age 55 and has completed ten (10) years of service.

    

    “Specified
Participant” means a “specified employee” as defined in Treasury
Regulation Section 1.409A-1(i).

    

    “Unforeseeable
Emergency” means a severe financial hardship to the Participant resulting
from an illness or accident of the Participant, the Participant’s spouse or the
Participant’s dependent (as defined in Code section 152, without regard to
section 152(b)(1), (b)(2), and (d)(1)(B)); loss of the Participant’s property
due to casualty (including the need to rebuild a home following damage to a home
not otherwise covered by insurance, for example, not as a result of a natural
disaster); or other similar extraordinary and unforeseeable circumstances
arising as a result of events beyond the Participant’s control.  The
purchase of a home and the payment of college tuition are not examples of
unforeseeable emergencies.

    

    “Voluntary Deferral
Agreement” means the written agreement between an Eligible Individual and
the Company to defer the Eligible Individual’s receipt of Base Salary and Bonus
Compensation not yet earned by the Eligible Individual.

    

    

    ARTICLE
III

    ELIGIBILITY
AND PARTICIPATION

    

    3.01           Eligible
Individuals shall be eligible to participate in the Plan on the first day of the
Plan Year following the date such individual becomes an Eligible
Individual.  An Account shall be established in the name of the
Eligible Individual on the initial date of participation.

    

    

    ARTICLE
IV

    BENEFIT
ELECTIONS

    

    4.01           Timing of Benefit
Elections.  Deferral elections made pursuant to Section 5.01
and elections regarding the time or form of benefit payments must be made prior
to the beginning of the Plan Year to which such elections
relate.  Participants shall not be allowed to make deferral elections
relating to Compensation earned during the first Plan Year.

     

    4.02           Modification of
Elections.  Benefit elections become irrevocable after the
commencement of the Plan Year to which they relate.  A Participant may
revoke or modify his or her benefit elections for a subsequent Plan Year by
submitting new elections to the Committee prior to the start of the Plan Year to
which the benefit elections relate.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.03           Continuation of Prior
Elections.  Deferral elections made pursuant to Section 5.01
and elections regarding the form of benefit payments made pursuant to Sections
6.03 and 6.06 will remain in effect until changed or revoked in accordance with
Section 4.02.  If a Participant does not change or revoke his existing
election for the immediately following Plan Year, no later than each December
31, the Participant’s existing election shall become effective and irrevocable
with respect to Compensation payable in connection with services performed in
the immediately following Plan Year.

    

    4.04           Cancellation of Deferral
Elections.

    

    (a)           General
Rule.  Except as provided in subsection (b), a Participant’s
deferral elections may not be cancelled by any action of the Participant or the
Company during the Plan Year to which such elections relate.

    

    (b)           Cancellation due to
Unforeseeable Emergency or Disability.  Notwithstanding the
provisions of subsection (a), a Participant’s deferral elections may be
cancelled in the event such Participant incurs an Unforeseeable Emergency or a
Disability, but only as permitted by Treasury Regulation Section
1.409A-3(j)(4)(viii) and (xii), respectively.

    

    

    ARTICLE
V

    CONTRIBUTIONS
AND VESTING

    

    5.01           Elective
Deferrals.  A Participant shall be entitled to defer up to
fifty percent of his Base Salary and up to one-hundred percent of his Bonus
Compensation.  Any deferral election under this Plan shall be made
pursuant to a properly executed Voluntary Deferral Agreement.

    

    5.02           Company
Contributions.  For each Plan Year, the Company will make a
contribution to the Plan on behalf of each Participant.  Such
contribution shall be credited to the bookkeeping Account established in the
name of such Participant on an annual basis within ten (10) working days of May
1 of each Plan Year.

    

    (a)           Contribution
Formula.  For each Plan Year, a Company Contribution shall be
made on behalf of each Participant equal to the percentage of the Participant’s
Base Salary as set forth on Appendix A.

    

    (b)           Modifications to
Contribution Formula.  The applicable percentage used to
determine the Company Contribution shall remain in effect for each Plan Year
unless a new percentage is designated in writing by the Committee prior to the
beginning of the Plan Year and approved by the Board of Directors.

    

    5.03           Vesting.

    

    (a)           Elective
Deferrals.  Each Participant shall be 100% vested at all times
in his or her Elective Deferral Contributions.

     

    (b)           Company
Contributions.

    

    (1)           General
Rule.  Except as provided in paragraph (2), each Participant
shall vest in his or her Company Contributions upon the Participant reaching age
50 and completing ten (10) years of service with the Company.  For
purposes of this paragraph (1), the term, “service with the Company” shall
include service prior to the effective date of this Plan.

    

    (2)           Disability, Death and Change
in Control.  If, prior to the date specified in paragraph (1),
a Participant becomes Disabled, dies, or a Change in Control occurs, the
Participant shall vest in his or her Company Contributions on the date of such
Disability, death or Change in Control.

    

    (c)           Forfeiture.  If
a Participant terminates service with the Company for any reason prior to
becoming vested in his Accounts, the Participant shall forfeit the nonvested
portions of such Accounts as of the date of his or her termination from
service.

    

    

    ARTICLE
VI

    DISTRIBUTION
OF BENEFITS

    

    6.01           Eligibility for
Payment.  Distribution of vested benefits from the Plan shall
be made upon the Participant’s (a) Retirement Date; (b) age 55 if separating
from service prior to his or her retirement date; (c) upon a Change in Control;
(d) experiencing an Unforeseeable Emergency; (e) incurring a Disability; or (f)
death.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    6.02           Amount of
Benefits.

    

    (a)           In
General.  Except as provided in subsection (b), the amount of
benefits that shall be distributed to a Participant shall be based on the value
of all of the Participant’s vested, but undistributed Accounts on the date that
the Participant becomes eligible for a distribution under Section
6.01.

    

    (b)           In-Service
Distributions.  In the case of distributions triggered by
Unforeseeable Emergency or Disability, the amount of benefits that shall be
distributed to a Participant shall be limited to the value of the Participant’s
Accounts that are attributable to the Participant’s Elective Deferral
Contributions.  In addition, the amount of benefits distributable
pursuant to an Unforeseeable Emergency shall be limited to the amount reasonably
necessary to satisfy the emergency need (which may include amounts necessary to
pay any Federal, state, local, or foreign income taxes or penalties reasonably
anticipated to result from the distribution).

    

    6.03           Distribution Upon Retirement
Date.

    

    (a)           In
General.  Subject to subsection (c), distribution of benefits
to a Participant triggered by the Participant’s Retirement Date shall be paid in
a lump sum unless ten (10) or fewer annual installment payments are elected by
the Participant in accordance with the timing and modification rules set forth
in Article IV.  Subject to Section 6.08, benefits shall be paid or
shall commence (as the case may be) no later than ninety (90) days following the
Participant’s Retirement Date.

    

    (b)           Schedule of Installment
Payments.  If a Participant elects installment payments
pursuant to subsection (a), the amount of each installment shall be equal to the
Account balance on the date of payment, multiplied by a fraction, the numerator
of which is one, and the denominator of which is the number of installment
payments remaining in the series.  For example, the first installment
payment in a series of ten installments shall equal one-tenth of the Account
balance on the date of the first distribution; the second installment payment in
the series shall equal one-ninth of the Account balance on the date of the
second distribution, and so forth.

    

    (c)           Small Account
Payout.  Notwithstanding a Participant’s election to receive
benefit payments in the form of installments pursuant to subsection (a), if such
Participant’s vested Account balance is not greater than $10,000 on the
Participant’s separation from service, subject to Section 6.08, the entire
balance of the Accounts shall be distributed in a lump sum within ninety (90)
days following the Participant’s separation from service.

    

    6.04           Distribution Upon a Change
in Control.  Distribution of benefits to a Participant
triggered by a Change in Control shall be paid in a lump sum payment no later
than ninety (90) days following the date of the Change in Control.

    

    6.05           Distribution Upon
Unforeseeable Emergency.

    

    (a)           In
General.  A distribution on account of an Unforeseeable
Emergency may not be made to the extent that such emergency is or may be
relieved through reimbursement or compensation from insurance or otherwise, by
liquidation of the Participant’s assets, to the extent the liquidation of such
assets would not cause severe financial hardship, or by cessation of deferrals
under the Plan.  Distribution of benefits to a Participant triggered
by the Participant’s Unforeseeable Emergency shall be paid the amount reasonably
necessary to satisfy the emergency need in a lump sum no later than ninety (90)
days following the date of the Unforeseeable Emergency.

    

    6.06           Distribution Upon
Disability.

    

    (a)           In
General.  Distribution of benefits to a Participant triggered
by the Participant’s Disability shall be paid in a lump sum no later than ninety
(90) days following the date of the Disability.

    

    6.07           Distribution Upon
Death.  Benefits shall be distributed to a Participant’s
Beneficiary in a lump sum no later than ninety (90) days following the date of
the Participant’s death.  The amount of benefits shall be determined
by reference to the Participant’s vested, but undistributed Accounts as of the
date of death.

    

    6.08           Six Month Delay for
Specified Participant.  Notwithstanding anything in the Plan to
the contrary, distribution of benefits to a Specified Participant that is
triggered by such Participant’s separation from service shall be delayed until
the date that is six months after the date of such separation from service or,
if earlier, the date of such Participant’s death.  In the event that
benefits are payable in installments to such Specified Participant, payments due
the Participant during the six month period described above shall accumulate and
shall be paid in a lump sum on the first day of the seventh month following the
Specified Participant’s separation from service.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
VII

    BENEFICIARY
INFORMATION

    

    7.01           Designation.  A
Participant shall have the right to designate a Beneficiary, and to amend or
revoke such designation at any time, in writing.  Such designation,
amendment or revocation shall be effective upon receipt by the
Committee.

    

    7.02           Failure to Designate a
Beneficiary.  If no designated beneficiary survives the
Participant, and benefits are payable following the Participant’s death, the
Committee shall direct that payment of benefits be made to the person or persons
in the first of the following classes of successive preference Beneficiaries who
shall survive the Participant.

    

    The Participant’s:

    

    (a)           Spouse
at the time of his or her death;

    

    (b)           Children,
per stirpes;

    

    (c)           Parents;

    

    (d)           Brothers
and sisters;

    

    (e)           Estate.

    

    

    ARTICLE
VIII

    PLAN
ADMINISTRATION; OWNERSHIP OF ASSETS

    

    8.01           Plan
Administration.  The Board of Directors may appoint and
reappoint annually a Committee to administer the Plan.  Such Committee
may be an individual or a committee authorized to act collectively on behalf of
the Plan.  The Committee shall have discretionary responsibility for
the operation, interpretation, and administration of the Plan and for
determining eligibility for Plan benefits.  Any action taken on any
matter within the discretion of the Committee shall be final, conclusive, and
binding on all parties.  In order to discharge its duties hereunder,
the Committee shall have the power and authority to adopt, interpret, alter,
amend or revoke rules and regulations necessary to administer the Plan, to
delegate ministerial duties and to employ such outside professionals as may be
required for prudent administration of the Plan.  The Committee shall
also have authority to enter into agreements on behalf of the Company necessary
to implement this Plan.  Any individual of the Committee who is
otherwise eligible may participate in the Plan, but shall not be entitled to
make decisions solely with respect to his or her own participation and benefits
under the Plan.  If a Committee is not appointed, the Board of
Directors shall have the duties and powers of the Committee.

    

    8.02           No Security or Priority of
Company’s Obligation.  Any amount which may become payable to a
Participant or to a Beneficiary is an unsecured, unfunded general obligation of
the Company and any assets identified by the Company as being held in respect of
the Company’s obligations under the Plan shall be subject to the claims of all
of the Company’s general creditors.  Participants shall have the
status of general unsecured creditors of the Company.  Nothing in this
Section 8.02 shall prevent the Plan from permitting Participants to request
allocation of amounts among the different Investment Option Funds under the Plan
as provided in Section 9.01.

    

    

    ARTICLE
IX

    DESIGNATION
OF INVESTMENT OPTIONS;

    ESTABLISHMENT
OF ACCOUNTS

    

    9.01           Allocation of
Investments.  A Participant’s Accounts shall be invested, at
the direction of the Participant, in one or more Investment Option
Funds.  The balance in a Participant’s Account shall increase or
decrease in connection with the performance of the Investment Options Funds so
selected.  The Company may substitute funds for any Investment Option
Fund at any time upon notice to Participants and the Company shall have no
liability with respect to any such funds or the failure to offer any fund or any
type of funds.  A Participant’s Account shall reflect the allocation
selected by the Participant.  Allocations shall be made in increments
of 1% to each Investment Option Fund.  Once made, an Investment Option
Fund allocation shall remain in effect for all subsequent periods until changed
by the Participant.  A Participant may change his or her Investment
Option Fund allocation as prescribed by the Committee.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    9.02           Establishment of
Accounts.  A separate Elective Deferral Contributions Account
and Company Contributions Account shall be established and maintained for each
Participant, to which will be credited such Participant’s Elective Deferral
Contributions and Company Contributions for such Participant, and which will be
adjusted upwards or downwards to reflect increases or decreases in the
Investment Option Funds selected by the Participant and distributions with
respect thereto.  Elective Deferral Contributions shall be credited to
a Participant’s Account in monthly installments as nearly equal in amount as is
practicable.  Company Contributions shall be credited as described in
Section 5.02.  The Committee shall prepare statements no less than
annually of each Participant’s Elective Deferral Account and Company
Contributions Account.  Each such statement shall show additions to
such Account and the investment experience of such Account during such
period.  Such statements shall be distributed to each Participant as
soon as practicable after they are prepared.

    

    9.03           Insurance
Policies.  In the event that the Company purchases insurance
policies to assist with its obligations under the Plan, no insurer shall be
deemed a party to this Plan nor be responsible for the validity thereof, and no
Participant or Beneficiary shall have any right or interest in any such
policies.

    

    

    ARTICLE
X

    AMENDMENT
OR TERMINATION

    

    10.01           Amendment of
Plan.  The Company shall have the right to amend the Plan at
any time and from time to time, in whole or in part.  The Company
shall notify each Participant in writing of any Plan amendment.  No
amendment of the Plan may adversely affect the amount of a Participant’s
Accounts as of the date of such amendment.

    

    10.02           Termination.  Although
the Company has established this Plan with the intention and expectation to
maintain the Plan indefinitely, the Company may terminate the Plan in whole or
in part at any time without any liability for such termination.  If
the Plan is terminated, the Elective Deferral Contributions shall be cancelled
and/or payments to each Participant of the balance in such Participant’s
Accounts shall occur only as permitted under Code Section 409A.  A
Plan termination shall not affect benefits already earned.

    

    

    ARTICLE
XI

    MISCELLANEOUS

    

    11.01           Limitation of Rights;
Employment Relationship.  Neither the establishment of this
Plan nor any modification thereof, nor the creation of any Account, nor the
payment of any benefits, shall be construed as giving a Participant or other
person any legal or equitable right against the Company (except as provided in
the Plan) or as giving any Participant any right to be employed by the
Company.

    

    11.02           Limitation on
Assignment.  Benefits under this Plan may not be assigned,
sold, transferred, or encumbered by a Participant or Beneficiary, and any
attempt to do so shall be void.  A Participant’s or Beneficiary’s
interest in benefits under the Plan shall not be subject to debts or liabilities
of any kind and shall not be subject to attachment, garnishment, or other legal
process.

    

    11.03           Pronouns.  Whenever
used in this Plan, the masculine pronoun is to be deemed to include the
feminine.  The singular form, whenever used herein, shall mean or
include the plural form where applicable, and vice versa.

    

    11.04           No
Representations.  The Company does not represent or guarantee
that any particular federal, state, or local income, payroll, personal property,
or other tax consequence will or will not result from participation in this
Plan.  A Participant should consult with professional tax advisors to
determine the tax consequences of his or her participation.  This Plan
is an unfunded plan for tax purposes and for purposes of Title I of
ERISA.

    

    11.05           Severability.  If
a court of competent jurisdiction holds any provision of this Plan to be invalid
or unenforceable, the remaining provisions of the Plan shall continue to be
fully effective.

    

    11.06           Special Provisions for Chief
Executive Officer.  Notwithstanding anything to the contrary
contained in this Plan, any modifications to the compensation of the Chief
Executive Officer must be approved by the Company’s Board of Directors,
Compensation and Management Development Committee.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    11.07           Applicable
Law.  This Plan shall be construed in accordance with
applicable federal law and, to the extent otherwise applicable, the laws of the
Commonwealth of Pennsylvania.

    

    IN WITNESS WHEREOF, the Company has
caused this Plan to be executed by its undersigned officer hereunto duly
authorized.

    

    

    
      	 
      	
              MET-PRO
      CORPORATION

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Raymond J. De Hont

            
	 
      	 
      	 
      
	 
      	
              Title:

            	
              President and Chief Executive
      Officer

            
	 
      	 
      	 
      
	 
      	
              Date:  April
      10, 2008

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    APPENDIX
A

    ELIGIBLE
INDIVIDUALS

    AND
PERCENTAGES

    

    The
following individuals shall be Eligible Individuals and shall be eligible to
participate in the Plan in accordance with the provisions of Article
III:

    

    
      	
              Name

            	
              Title

            	
              Percentage

            
	
              Raymond
      J. De Hont

            	
              Chief
      Executive Officer and President

            	
              34.42%

            
	
              Gary
      J. Morgan

            	
              Chief
      Financial Officer and Senior Vice President of Finance

            	
              29.73%

            
	
              Paul
      A. Tetley

            	
              Executive
      Vice President

            	
              9.46%

            
	
              Lewis
      E. Osterhoudt

            	
              Vice
      President/General Manager

            	
              1.37%

            
	
              Gregory
      C. Kimmer

            	
              Vice
      President/General Manager

            	
              .80%

            
	
              Thomas
      V. Edwards

            	
              Technical
      Director

            	
              .62%

            
	
              Vincent
      J. Verdone

            	
              Vice
      President/General Manager

            	
              0%

            
	
              Clark
      R. Griffith

            	
              General
      Manager

            	
              0%

            
	
              Robin
      L. Schroeder

            	
              Director
      of Information Technology

            	
              0%

            
	
              Gennaro
      A. D’Alterio

            	
              General
      Manager

            	
              0%

            
	
              Thomas
      F. Walker

            	
              General
      Manager

            	
              0%

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