Document:

Exhibit 10.13 

PALL CORPORATION 

EXECUTIVE DEFINED CONTRIBUTION
RETIREMENT PLAN 

Effective as of October 1, 2012

 

 

 

 

 

 

 

 

 

 

PALL CORPORATION EXECUTIVE DEFINED
CONTRIBUTION RETIREMENT PLAN 

    
This document sets forth the Pall Corporation Executive Defined
Contribution Retirement Plan (the “Plan”), as adopted by the Compensation
Committee of the Board of Directors (the “Compensation Committee”) on
___________. 

SECTION 1 
PURPOSE 

    
The purpose of this Plan is to provide certain executives approved for
participation by the Compensation Committee with an employer provided benefit
based on compensation earned each plan year with Pall Corporation. The Plan
shall be effective commencing as of October 1, 2012 and shall continue in effect
unless and until the Plan is terminated or discontinued in accordance with
Section 8. 

    
The Plan is intended to constitute an unfunded plan of deferred
compensation for “a select group of management or highly compensated employees”
within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”). 

SECTION 2 
DEFINITIONS 

    
When used herein, the following terms shall have the following meanings:

    
2.1. “Account” means the book-keeping account established for each Participant
hereunder. 

    
2.2. “Administrative
Committee” means the Administrative Committee
appointed by the Compensation Committee to administer the Plan. 

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

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

    
2.5. “Cause” means a Participant’s (i) conviction of, or the entry of a plea of
guilty or no contest to, a felony or any other crime that causes the Company or
any Affiliated Corporation public disgrace or disrepute, or materially and
adversely affects the Company’s or any of its Affiliated Corporation’s
operations or financial performance or the relationship the Company or any
Affiliated Corporation has with its customers, (ii) gross negligence or willful
misconduct with respect to the Company or any Affiliated Corporation, including,
without limitation fraud, embezzlement, theft or dishonesty in the course of his
or her employment; (iii) alcohol abuse or use of controlled drugs other than in
accordance with a physician’s prescription; (iv) refusal to perform any lawful,
material obligation or fulfill any duty (other than any duty or obligation of
the type described in clause (vi) below) to the Company or any Affiliated
Corporation (other than due to a Disability), which refusal, if curable, is not
cured within 15 days after delivery of written notice thereof; (v) material
breach of any agreement with or duty owed to the Company or any Affiliated
Corporation, which breach, if curable, is not cured within 15 days after the
delivery of written notice thereof; or (vi) breach of any obligation or duty to
the Company or any Affiliated Corporation (whether arising by statute, common
law or agreement) relating to confidentiality, noncompetition, nonsolicitation,
proprietary rights or other policies and procedures of the Company or any
Affiliated Corporation. Notwithstanding the foregoing, if a Participant and the
Company or any Affiliated Corporation have entered into an employment agreement
or other similar agreement that specifically defines “cause,” then with respect
to such Participant, “Cause” shall in all instances have the meaning defined in
that employment agreement or other agreement. Further, notwithstanding anything
herein to the contrary, following a Change in Control, “Cause” shall be limited
to the matters set forth in clause (i) and (ii) above.

2 

    
2.6. “Change in Control” means the occurrence of any of the following: 

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

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

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

3 

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

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

    
(d) the number of duly elected and qualified directors of the Company who
were not either elected by the Board or nominated by the Board or its
Nominating/Governance Committee for election by the shareholders shall
constitute a majority of the total number of directors of the Company as fixed
by its by-laws; 

    
provided, however, that no Change in
Control shall be deemed to have occurred, and no rights arising upon a Change in
Control as provided in Section 4.4 hereof shall exist, to the extent that the
Board so determines by resolution adopted and not rescinded prior to the Change
in Control. 

    
2.7. “Code” means the Internal Revenue Code of 1986, as amended from time to time.

    
2.8. “Company” means Pall Corporation, a New York corporation. 

    
2.9. “Compensation” means, for any Plan Year, the total of all salary and
executive bonus payments under the Executive Incentive Bonus or Executive Bonus
plans (or successors thereto) (a) paid during such Plan Year to the Member from
all Affiliated Corporations plus (b) amounts which would have been payable for
such Plan Year to the Member from Affiliated Corporations but for the Member’s
election to contribute such amounts to any employee benefit plan or program
(including but not limited to the Pall Corporation 401(k) Plan, any “cafeteria
plan”, the Pall Corporation Management Stock Purchase Plan and the Pall
Corporation Employee Stock Purchase Plan) pursuant to a salary reduction or
deduction agreement. The term “Compensation” does not include any ad hoc special
bonuses, sign-on bonuses or spot awards, fringe benefits such as, but not
limited to the provision of an automobile or cash in lieu thereof, stock
options, stock appreciation rights, initial award or matching restricted stock
units under the Pall Corporation Management Stock Purchase Plan, or other
employer contributions by the Company or any Affiliated Corporation to any
employee retirement or benefit plans or programs, including but not limited to
the Pall Corporation 401(k) Plan.

In the event a Participant is approved for
membership in the Plan during a Plan Year, only Compensation paid on and after
the first day of the month coincident with or next following the date that the
individual’s participation commences shall be recognized for purposes of
benefits under this Plan. 

4 

Notwithstanding anything contained in the
Plan to the contrary, in the event that a Participant incurs a Termination of
Service during a Plan Year or a Participant’s participation in the Plan is
suspended or terminated by the Compensation Committee during a Plan Year, his or
her Compensation shall not include any amounts paid after the last day of the
month in which such Termination of Service, suspension or termination occurs.

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

    
2.11. “Employer” means the Company and/or any Affiliated Corporation. 

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

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

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

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

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

    
2.13. “Notional Investment” means any fund or portfolio maintained by any open-end
investment company registered under the Investment Company Act of 1940 and
offered by the Company as an option to Participants to index notional earnings
in a Participant’s Account. 

5 

    
2.14. “Participant” means each employee of the Employer who is approved by the Compensation
Committee for membership in the Plan. The Compensation Committee may at any
time, in its sole discretion, suspend or terminate an individual’s participation
in the Plan.

    
2.15. “Plan” means the Pall Corporation Executive Defined Contribution Retirement
Plan, as set forth herein and as amended from time to time. 

    
2.16. “Plan Year” means each calendar year, provided that the first Plan Year shall
commence on October 1, 2012 and end on December 31, 2012. Thereafter, commencing
with the Plan Year beginning January 1, 2013, Plan Years shall commence on each
January 1. 

    
2.17. “Section 409A” means Section 409A of the Code, and the regulations
promulgated thereunder, and any successor legislation or regulations.

    
2.18. “Termination of Service” means the cessation of a Participant’s employment with the
Employer irrespective of the reason therefor and irrespective of whether
initiated by the Employer, the Participant or otherwise; provided that for
Participants subject to taxation in the United States, a Termination of Service
shall not occur unless the Participant has incurred a “separation from service,”
as defined in Section 409A.

    
2.19. “Valuation Date” means each business day that the New York Stock Exchange is
open for business. 

SECTION 3 
PLAN BENEFIT 

    
3.1. The
Benefit. As of the last day of each Plan
Year, each Participant’s Account shall be credited with an amount equal to ten
percent (10%) of the Participant’s Compensation for such Plan Year. The
Compensation Committee may, in its sole discretion, alter the percentage
contribution noted immediately above with respect to any Participant, or the
Compensation to be considered for any Participant, for any Plan Year.

SECTION 4 
ACCOUNTS, EARNINGS AND VESTING 

    
4.1. Accounts. The Administrative Committee
shall establish and maintain, or cause to be established and maintained, a
separate memorandum Account on the books and records of the Company, for each
Participant. A Participant’s Account shall be adjusted from time to time to
reflect the amounts to be credited to such Account under Section 3.1, the
amounts to be credited or charged to such Account under Section 4.2, and amounts
distributed to the Participant or his or her Beneficiary under Section 5.1.

    
4.2. Investment of Accounts. Each
Participant’s Account shall be credited or charged with notional earnings based
upon the performance of the Notional Investments that the Participant shall from
time to time elect in the manner provided by the Committee. If a Participant
fails to make such election with regard to the Participant’s Account, the
Participant shall be deemed to have elected to base the notional earnings for
such Account upon the default Notional Investments selected by the Compensation
Committee. Until distributed, each Participant’s Account shall be credited as of
each Valuation Date (or such other period as is established by the
Administrative Committee) with notional earnings or losses based upon the
investment performance of the Notional Investments in which the Participant’s
Account is deemed invested.

6 

    
4.3. Vesting. A Participant shall be 100%
vested in his or her Account on the earlier of the date on which he or she (i)
has been employed by the Company or an Affiliated Corporation for a period of
five (5) years, (ii) has a Termination of Service due to death or Disability, or
(iii) has an Involuntary Termination within twenty-four months following a
Change in Control.

    
Notwithstanding any other provision herein to the contrary, if a
Participant does not have a 100% vested interest in his or her Account at the
time of the Participant’s Termination of Service (and does not acquire a 100%
vested interest in his or her Account by reason of the circumstances of his or
her Termination of Service), the nonvested portion of the Participant’s Account
shall be forfeited, and shall not be distributed to the Participant pursuant to
Section 5. 

    
In addition, notwithstanding any other provision herein to the contrary,
a Participant’s Account shall be forfeited (regardless of whether it has vested)
in the event that the Participant’s employment with the Employer is terminated
for Cause.

SECTION 5 
PLAN DISTRIBUTIONS

    
5.1. Distributions. A Participant’s Account
balance shall become distributable to the Participant or his or her Beneficiary,
as the case may be, upon the Participant’s Termination of Service, for any
reason. Distribution shall be made in accordance with the following rules:

    
(a) Timing of Distribution. Distribution
with respect to a Participant’s Account balance shall be made in accordance with
the following provisions: 

     (i)
Except as otherwise required pursuant to (ii)
below, distribution with respect to a Participant’s Account balance shall be
made within 30 days after the date of the Participant’s Termination of
Service.

     (ii)
In the case of any Participant (x) who
immediately prior to his or her Termination of Service was a “specified
employee” within the meaning of section 409A(a)(2)(B)(i) of the Code, and (y)
whose Termination of Service occurs for any reason other than death,
distribution with respect to such Participant’s Account balance shall be made
(A) within 10 days following the six month anniversary of the date on which the
Participant’s Termination of Service occurs (the Participant’s “Delayed
Distribution Date”), or (B) if the Participant dies before his or her Delayed
Distribution Date, upon death into a constructive trust for the benefit of the
Participant’s Beneficiary, spouse, or estate, as applicable, and distributed to
such Beneficiary, spouse, or estate by no later than seven business days after
the Company receives written notice of the Participant’s death. 

7 

    
(b) Form
and Amount of Distributions. All
distributions hereunder shall be made in the form of a single lump-sum payment,
in an amount equal to the Participant’s vested percentage of the balance of his
or her Account as of the Valuation Date immediately preceding the date as of
which the distribution is to be made. 

    
(c) Participant’s Death. If the
Participant Termination of Service occurs by reason of his or her death, or if
the Participant dies following his or her Termination Service but prior to the
distribution of his or her Account, the Participant’s Account shall be
distributed to the Participant’s Beneficiary. The Participant’s “Beneficiary”
shall be the person(s) designated by the Participant to receive any amount
distributable hereunder by reason of his or her death, as indicated in the last
written designation of a Beneficiary filed by such Participant with the
Administrative Committee prior to such Participant’s death. If a Participant has
failed to designate a Beneficiary, or if no Beneficiary designated by the
Participant survives to receive any amount distributable hereunder upon the
Participant’s death, the following will be deemed to be such Participant’s
Beneficiary with priority in the order named: (1) his or her spouse; and (2) his
or her estate. 

SECTION 6 
SOURCE OF PAYMENT

    
All payments to be made hereunder shall be paid from the general assets
of the Company, and no special or separate fund shall be established and no
segregation of assets shall be made to assure such payments. 

    
Nothing contained in the Plan, and no action taken pursuant to the
provisions of the Plan, shall create or be construed to create a trust of any
kind, or as creating in any Participant or Beneficiary any right, title or
beneficial ownership interest in or to any assets of the Company. The Plan
constitutes a mere promise by the Company to make benefit payments in the
future. It is the intention of the Company that the Plan be treated as unfunded
for Federal income tax purposes and for purposes of Title I of ERISA. To the
extent that any person acquires a right to receive payments from the Company
under the Plan, such right shall be no greater than the right of any unsecured
general creditor of the Company. 

    
Notwithstanding the foregoing, the Company may establish a bookkeeping
reserve to reflect its obligations hereunder, or may establish a “grantor”
trust, within the meaning of sections 671 through 679 of the Code, to assist it
in making the payments provided for hereunder; provided, however, that any
bookkeeping reserve, and the assets of any trust, so established shall not be
deemed to constitute assets of this Plan, and the assets of any trust so
established shall at all times prior to payment to Participants or their
beneficiaries remain a part of the general assets of the Company and subject to
the claims of the Company’s general creditors. 

SECTION 7 
ADMINISTRATION OF THE PLAN 

    
The Plan shall be administered by the Administrative Committee which
shall consist of not less than three persons appointed by the Compensation
Committee who shall serve at the pleasure of the Compensation Committee. Any
vacancy in the Administrative Committee arising by death, resignation or
otherwise shall be filled by the Compensation Committee. The Administrative
Committee shall have full power and authority to interpret and construe the
Plan, to make all determinations considered necessary or advisable for the
administration of the Plan and the calculation of the amounts creditable and
payable thereunder, and to review claims for benefits under the Plan. The
Administrative Committee’s interpretations and constructions of the Plan and its
decisions or actions thereunder shall be binding and conclusive on all persons
for all purposes.

8 

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

    
No member of the Administrative Committee shall be personally liable by
reason of any contract or other instrument executed by such member or on his or
her behalf in his or her capacity as a member of the Administrative Committee
nor for any mistake of judgment made in good faith, and the Company shall to the
maximum extent permitted under applicable law, indemnify each member of the
Administrative Committee from and against any and all claims, actions, demands,
losses, damages, expenses and liabilities arising from any act or omission of
the member in connection with the performance of his or her duties hereunder and
for which the member is not reimbursed or otherwise made whole under any
contract or contracts of insurance maintained by the Company for the purpose of
indemnifying the member from and against any and all such claims, actions,
demands, losses, damages, expenses and liabilities which may arise therefrom,
unless arising out of such person’s own fraud or bad faith. Such indemnification
shall include attorneys’ fees and all other costs and expenses reasonably
incurred by the member in defense of any claim or action brought or asserted
against him arising from such act or omission.

    
The expenses of administering the Plan shall be paid by the Corporation.
The members of the Administrative Committee shall serve without compensation for
their services as such, but shall be reimbursed by the Corporation for any
expenses they may individually or collectively incur in the performance of their
duties hereunder.

SECTION 8 
AMENDMENT AND TERMINATION 

    
The Plan may be amended, suspended or terminated, in whole or in part, by
the Board or the Compensation Committee without the consent of any Participant
or any other person or advance notice to any Participant or any other person.
The Administrative Committee may adopt any amendment that may be necessary or
appropriate to facilitate the administration, management and interpretation of
the Plan or to conform the Plan thereto, provided any such amendment does not
have a material effect on the currently estimated cost to the Company of
maintaining the Plan. No such amendment, suspension or termination shall
retroactively impair or otherwise adversely affect the rights of any Participant
or other person to benefits under the Plan that have accrued prior to the date
of such action, as determined by the Compensation Committee or the Board, as
applicable, in its sole discretion.

9 

SECTION 9 
GENERAL PROVISIONS

    
The following additional provisions shall be applicable with respect to
the Plan. 

    
9.1. Successors and Assigns. The Plan shall
be binding upon and inure to the benefit of the Company and its successors and
assigns, and Participants, beneficiaries, and their estates. The Plan shall also
be binding upon any successor corporation or organization succeeding to
substantially all of the assets and business of the Company, but nothing in the
Plan shall preclude the Company from merging or consolidating into or with, or
transferring all or substantially all of its assets to, another corporation or
organization that assumes the Plan and all obligations of the Company hereunder.
The Company agrees that it will make appropriate provision for the preservation
of Participants’ rights under the Plan in any agreement or plan that it may
enter into to effect any merger, consolidation, reorganization or transfer of
assets. 

Upon such a merger, consolidation,
reorganization or transfer of assets and assumption, the term “Company” shall
refer to such other corporation or organization and the Plan shall continue in
full force and effect. 

    
9.2. No
Right to Continued Employment. Neither the
Plan nor any action taken hereunder shall be construed as giving to any
Participant the right to be retained in the employ of any Employer or as
affecting the right of any Employer to dismiss any Participant. 

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

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

10 

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

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

    
9.5. Payment of Taxes. The Company shall
withhold from all amounts otherwise payable under the Plan all Federal, state,
local or other taxes required pursuant to law to be withheld with respect to
such payments. The Company shall not be required to pay any amount to the spouse
or beneficiary of any deceased Participant pursuant to Section 5.1(c) until such
spouse, beneficiary or the legal representatives of the deceased Participant
shall have furnished the Administrative Committee with evidence satisfactory to
the Company of the payment or the provision for the payment of any estate,
transfer, inheritance or death taxes which may be payable with respect thereto.

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

11 

    
9.7. Prohibition Against Alienation of Benefits. The rights or interests of any Participant under the Plan are not
subject in any manner to anticipation, alienation, sale, transfer, assignment,
pledge, encumbrance, attachment, or garnishment by the Participant’s creditors
or beneficiary. 

    
9.8. Governing Law. The Plan shall be
governed by the laws of the State of New York from time to time in effect.

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

12Exhibit 10.21 

AMENDMENT TO THE 

PALL CORPORATION 2005 STOCK
COMPENSATION PLAN 

     WHEREAS, Pall Corporation (the “Corporation”) sponsors and maintains
the Pall Corporation 2005 Stock Compensation Plan, as amended (the “Plan”); and

    
WHEREAS, the Board of
Directors of the Company (the “Board”) desires to amend the Plan’s definition of
“Change in Control” to be consistent with such definition under the Pall
Corporation 2012 Stock Compensation Plan; and 

     WHEREAS, Section 16 of the Plan reserves to the Board the right to
amend the Plan at any time; 

     NOW,
THEREFORE, the Plan is hereby amended,
effective as of August 1, 2011, as follows: 

    
1. The definition of “Change in Control” under Section 2 of the Plan is
hereby amended in its entirety, to read as follows: 

    
““Change in Control” shall mean the occurrence of any of the following:

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

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

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

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

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

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

    
provided, however, that in each
instance no Change in Control shall be deemed to have occurred, and no rights
arising upon a Change in Control as provided in Section 13 hereof shall exist
(other than the rights provided for in Section 13(b) hereof), to the extent that
the Board of Directors so determines by resolution adopted and not rescinded
prior to the Change in Control; provided, further, however, that the Board shall not have
the authority to make such determination to the extent that doing so would cause
an Award to be subject to an additional tax under Section 409A of the Code.”

2

    
2. Section
17 of the Plan is hereby amended by adding subparagraphs (d)
and (e) thereto, to read as follows:

    
“(d) Paperless
Documentation. Notwithstanding anything
contained herein to the contrary, any agreement, document, notice or other
instrument necessary or appropriate to carry out the purposes of the Plan,
including any agreement, document, notice or other instrument expressly stated
by the Plan to be in writing, may, to the extent permitted by the Committee, be
provided, transmitted or delivered in electronic format, including via facsimile
or by use of the internet. Any such agreement, document, notice or other
instrument provided or delivered in such manner shall have the same legal effect
as if provided in writing. 

    
(e) Stock Certificates; Book Entry
Procedures. 

     (i) Notwithstanding anything herein to
the contrary, the Corporation shall not be required to issue or deliver any
certificates evidencing Shares to be issued under the Plan, unless and until the
Committee has determined, with advice of counsel, that the issuance and delivery
of such certificates is in compliance with all applicable laws, regulations of
governmental authorities and, if applicable, the requirements of any exchange on
which the Shares are listed or traded. All Share certificates delivered pursuant
to the Plan are subject to any stop-transfer orders and other restrictions as
the Committee deems necessary or advisable to comply with federal, state, or
foreign jurisdiction, securities or other laws, rules and regulations and the
rules of any national securities exchange or automated quotation system on which
the Stock is listed, quoted, or traded. The Committee may place legends on any
Share certificate to reference restrictions applicable to such Share. In
addition to the terms and conditions provided herein, the Committee may require
that a Participant make such reasonable covenants, agreements, and
representations as the Committee, in its discretion, deems advisable in order to
comply with any such laws, regulations, or requirements. The Committee shall
have the right to require any Participant or Beneficiary to comply with any
timing or other restrictions with respect to the settlement of any Award,
including a window-period limitation, as may be imposed in the discretion of the
Committee.

     (ii) Notwithstanding any other provision
of the Plan, unless otherwise determined by the Committee or required by any
applicable law, rule or regulation, the Corporation shall not deliver to any
Participant or Beneficiary certificates evidencing Shares issued under the Plan
and instead such Shares shall be recorded in the books of the Corporation (or,
as applicable, its transfer agent or stock plan administrator).”

3

    
Except as amended herein, the Plan shall continue in full force and
effect. 

     IN WITNESS
WHEREOF, the undersigned being a duly
authorized officer of the Corporation has executed this Amendment to the Pall
Corporation 2005 Stock Compensation Plan as evidence of its adoption by the
Company. 

	PALL CORPORATION
	  
	By: 
    	      /s/ Lawrence
  Kingsley
	 
    	 
      
	Title:
      Chief Executive Officer
	  
	Date:
      August 22, 2012

	Witness:
	 
	/s/ Cherita
      Thomas                                                 
      

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}]]