Document:

mpr8kex10at.htm

    
      Exhibit (10)(at)

      

      
 

      
        	TO:	Chief Executive
      Officer and Chief Financial Officer
	 	 
	FROM:	Raymond J. De
      Hont
	 	 
	SUBJECT:	FYE 2010 Incentive
      Plan

      

      
 

      Incentive
Level:

      

      Participants
will be eligible for competitive target bonuses as a percentage of salary as
shown below:

       

      
        
          	
                  Chief
      Executive Officer 

                	
                  50%

                
	
                  Chief
      Financial Officer 

                	
                  40%

                

        

      

       

      Bonuses
will be considered and calculated based upon the attainment of (1) a financial
factor and (2) certain personal objectives.

      

      
        	
                1)       
      

              	
                Financial
      Factor:

              

      

      

      Under
the FYE 2010 Incentive Plan, the participant becomes eligible for 60% of the
potential bonus amount (at 100% performance) upon the attainment of the
“financial factor”, defined as Earnings Before Interest and Taxes (EBIT), which
equals $___________.

      

      The
financial factor multiplier earned based upon EBIT is listed below:

       

      
        	 	 	Financial
      Factor 
	
                EBIT

              	 
      	
                Multiplier

              
	
                less
      than 80%

              	 
      	
                0.00%

              
	
                80%

              	 
      	
                30.00%

              
	
                85%

              	 
      	
                37.50%

              
	
                90%

              	 
      	
                45.00%

              
	
                95%

              	 
      	
                52.50%

              
	
                100%

              	 
      	
                60.00%

              
	
                105%

              	 
      	
                66.00%

              
	
                110%

              	 
      	
                72.00%

              
	
                115%

              	 
      	
                78.00%

              
	
                120%

              	 
      	
                84.00%

              
	
                125%
      or greater

              	 
      	
                90.00%

              

      

      
        
          
          

          
            

          

        

        
          
            FYE
2010 Incentive Plan

             

          

        

      

      
        
           

        

      

      When
determining EBIT the following items must be considered:

       

      
        	            
      	1)   
      	Bonuses for eligible
      employees must be fully accrued.
	                  	2)   
      	Beginning
      and ending reserves will be considered to determine EBIT.  All
      items must be fully reserved at the end of the fiscal year (bad debts,
      obsolete inventory, advertising, marketing, warranty,
    etc.).

      

       

      
        	
                2)  

              	
                Personal
      Objectives:

              

      

      

      Under
the FYE 2010 Incentive Plan, the participant becomes eligible for 40% of the
potential bonus amount (at 100% performance) upon the attainment of the certain
“personal objectives”. The participant may qualify for this component of the FYE
2010 Incentive Plan even if bonus under the “financial factor” is not attained,
however if EBIT is less than 60% of $____________, or $___________, the
participant will not qualify to receive any bonus for  the “personal
objectives” portion of the Incentive Plan.

      

      The
personal objective multiplier earned is listed below:

       

      
        	
                 

              	 
      	
                Personal
      Objective 

              
	
                Objective
      Achievement

              	 	Multiplier
	
                less
      than 0%

              	 
      	
                0.00%

              
	
                5%

              	 
      	
                2.00%

              
	
                10%

              	 
      	
                4.00%

              
	
                15%

              	 
      	
                6.00%

              
	
                20%

              	 
      	
                8.00%

              
	
                25%

              	 
      	
                10.00%

              
	
                30%

              	 
      	
                12.00%

              
	
                35%

              	 
      	
                14.00%

              
	
                40%

              	 
      	
                16.00%

              
	
                45%

              	 
      	
                18.00%

              
	
                50%

              	 
      	
                20.00%

              
	
                55%

              	 
      	
                22.00%

              
	
                60%

              	 
      	
                24.00%

              
	
                65%

              	 
      	
                26.00%

              
	
                70%

              	 
      	
                28.00%

              
	
                75%

              	 
      	
                30.00%

              
	
                80%

              	 
      	
                32.00%

              
	
                85%

              	 
      	
                34.00%

              
	
                90%

              	 
      	
                36.00%

              
	
                95%

              	 
      	
                38.00%

              
	
                100%

              	 
      	
                40.00%

              
	
                105%

              	 
      	
                44.00%

              
	
                110%

              	 
      	
                48.00%

              
	
                115%

              	 
      	
                52.00%

              
	
                120%

              	 
      	
                56.00%

              
	
                125%
      or greater

              	 
      	
                60.00%

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
            FYE
2010 Incentive Plan

             

          

        

      

       

      Bonus
Amount:

      

      
        	
                 
      

              	
                Bonus
      amount =

              	
                Salary
      x Incentive Level x (Financial Factor Multiplier + Personal Objective
      Multiplier)

              

      

      

      Note:

      

      This
Incentive Plan (“Plan”) is not a contract that
entitles you to an award if the Plan objectives for the fiscal year are met;
rather, this Plan is a discretionary short term cash bonus plan administered by
the Compensation and Management Development Committee of the Board of Directors
(the “Committee”). The Committee retains the sole and absolute discretion to
deny and not pay bonuses under the Plan and to reduce bonuses payable under the
Plan, notwithstanding the attainment of objectives under the Plan; to increase
or pay bonuses under the Plan, even if the objectives under the Plan have not
been met; and to further condition, modify or amend the objectives and
conditions of eligibility under the Plan. The Committee also retains the sole
discretion with respect to awards to be paid, if any, in connection with
separations from employment that occur during a Plan year.

      

      

      Examples
of Individual Award for Chief Executive Officer with Salary of $100,000 and
Incentive Level of 50%:

      

      Example
#1:

      

      Goals
achieved by employee:

      1)
EBIT = 100%

      2)
Personal Objectives = 100%

      

      Bonus
amount = $100,000 x 50% x (60% + 40%) = $50,000

      

      Example
#2:

      

      Goals
achieved by employee:

      1)
EBIT = 80%

      2)
Personal Objectives = 100%

      

      Bonus
amount = $100,000 x 50% x (30% + 40%) = $35,000

      

       

       

       

       

      
 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
            FYE
2010 Incentive Plan

             

          

        

      

       

      Example
#3:

      

      Goals
achieved by employee:

      1)
EBIT = 79%

      2)
Personal Objectives = 125%

      

      Bonus
amount = $100,000 x 50% x (0% + 60%) = $30,000

      

      Example
#4:

      

      Goals
achieved by employee:

      1)
EBIT = 125%

      2)
Personal Objectives = 125%

      

      Bonus
amount = $100,000 x 50% x (90% + 60%) = $75,000

       

      Example
#5:

      

      Goals
achieved by employee:

      1)
EBIT = 115%

      2)
Personal Objectives = 100%

      

      Bonus
amount = $100,000 x 50% x (78% + 40%) = $59,000mpr8kex10au.htm

    
      Exhibit (10)(au)

      

      

      

      
        	TO:	Executive Vice
      President
	 	 
	FROM:	Raymond J. De
      Hont
	 	 
	SUBJECT:	FYE 2010 Incentive
      Plan

      

      Incentive
Level:

      

      Participants
will be eligible for competitive target bonuses as a percentage of salary as
shown below:

       

      
        
          	
                  Executive
      Vice President 

                	
                  35%

                

        

         

      

      Bonuses
will be considered and calculated based upon the attainment of (1) a financial
factor, (2) certain personal objectives and (3) corporate goal.

      

      
        	
                1)         

              	
                Financial
      Factor:

              

      

      

      Under
the FYE 2010 Incentive Plan, the participant becomes eligible for 60% of the
potential bonus amount (at 100% performance) upon the attainment of the
“financial factor”, defined as Profit Before Taxes (PBT), which equals
$______________.

      

      The
financial factor multiplier earned based upon PBT is listed below:

       

      
        	
                PBT

              	 
      	
                Financial
      Factor

                Multiplier

              
	
                less
      than 85%

              	 
      	
                0.00%

              
	
                85%

              	 
      	
                30.00%

              
	
                90%

              	 
      	
                40.00%

              
	
                95%

              	 
      	
                50.00%

              
	
                100%

              	 
      	
                60.00%

              
	
                105%

              	 
      	
                66.00%

              
	
                110%

              	 
      	
                72.00%

              
	
                115%

              	 
      	
                78.00%

              
	
                120%

              	 
      	
                84.00%

              
	
                125%
      or greater

              	 
      	
                90.00%

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            FYE
2010 Incentive Plan

             

          

        

      

       

      When
determining PBT the following items must be considered:

       

      
        	            
      	1)   
      	Bonuses for eligible
      employees must be fully accrued.
	                  	2)   
      	Beginning
      and ending reserves will be considered to determine PBT.  All
      items must be fully reserved at the end of the fiscal year (bad debts,
      obsolete inventory, advertising, marketing, warranty,
    etc.).

      

       

      
        	
                2)  

              	
                Personal
      Objectives:

              

      

      

      Under
the FYE 2010 Incentive Plan, the participant becomes eligible for 40% of the
potential bonus amount (at 100% performance) upon the attainment of the certain
“personal objectives”. The participant may qualify for this component of the FYE
2010 Incentive Plan even if bonus under the “financial factor” is not attained,
however if PBT is less than 65% of $_______________, or $___________, the
participant will not qualify to receive any bonus for  the “personal
objectives” portion of the Incentive Plan.

      

      The
personal objective multiplier earned is listed below:
 

      
        	
                Objective
      Achievement

              	 
      	
                Personal
      Objective

                Multiplier

              
	
                less
      than 0%

              	 
      	
                0.00%

              
	
                5%

              	 
      	
                2.00%

              
	
                10%

              	 
      	
                4.00%

              
	
                15%

              	 
      	
                6.00%

              
	
                20%

              	 
      	
                8.00%

              
	
                25%

              	 
      	
                10.00%

              
	
                30%

              	 
      	
                12.00%

              
	
                35%

              	 
      	
                14.00%

              
	
                40%

              	 
      	
                16.00%

              
	
                45%

              	 
      	
                18.00%

              
	
                50%

              	 
      	
                20.00%

              
	
                55%

              	 
      	
                22.00%

              
	
                60%

              	 
      	
                24.00%

              
	
                65%

              	 
      	
                26.00%

              
	
                70%

              	 
      	
                28.00%

              
	
                75%

              	 
      	
                30.00%

              
	
                80%

              	 
      	
                32.00%

              
	
                85%

              	 
      	
                34.00%

              
	
                90%

              	 
      	
                36.00%

              
	
                95%

              	 
      	
                38.00%

              
	
                100%

              	 
      	
                40.00%

              
	
                105%

              	 
      	
                44.00%

              
	
                110%

              	 
      	
                48.00%

              
	
                115%

              	 
      	
                52.00%

              
	
                120%

              	 
      	
                56.00%

              
	
                125%
      or greater

              	 
      	
                60.00%

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            FYE
2010 Incentive Plan

             

          

        

      

      

      3)         Corporate
Goal

      

      The
financial and performance goals will be multiplied by the Corporate
Percentage.  The Corporate Goal used to generate the Corporate
Percentage represents Met-Pro’s Earnings Before Interest and Taxes (EBIT) for
the fiscal year ended January 31, 2010, which is
$_________________.

       

      
        
          	
                  Corporate Goal

                	
                  Corporate Percentage

                
	
                  less
      than 80%

                	
                  50.00%

                
	
                  90%

                	
                  66.67%

                
	
                  95%

                	
                  83.34%

                
	
                  100%

                	
                  100.00%

                
	
                  greater
      than 100%

                	 
      

        

      

       

      Bonus
Amount:

      

      
        	
                 
      

              	
                Bonus
      amount =

              	
                Salary
      x Incentive Level x (Financial Factor Multiplier + Personal Objective
      Multiplier) x Corporate Percentage

              

      

      

      Note:

      

      This
Incentive Plan (“Plan”) is not a contract that
entitles you to an award if the Plan objectives for the fiscal year are met;
rather, this Plan is a discretionary short term cash bonus plan administered by
the Compensation and Management Development Committee of the Board of Directors
(the “Committee”). The Committee retains the sole and absolute discretion to
deny and not pay bonuses under the Plan and to reduce bonuses payable under the
Plan, notwithstanding the attainment of objectives under the Plan; to increase
or pay bonuses under the Plan, even if the objectives under the Plan have not
been met; and to further condition, modify or amend the objectives and
conditions of eligibility under the Plan. The Committee also retains the sole
discretion with respect to awards to be paid, if any, in connection with
separations from employment that occur during a Plan year.

      

      

      Examples
of Individual Award with Salary of $100,000 and Incentive Level of
35%:

      

      Example
#1:

      

      Goals
achieved by employee:

      1)
PBT = 100%

      2)
Personal Objectives = 100%

      3)
Corporate Goal = 100%

       

      Bonus
amount = $100,000 x 35% x (60% + 40%) x 100% = $35,000

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
            FYE
2010 Incentive Plan

             

          

        

      

       

      Example
#2:

      

      Goals
achieved by employee:

      1)
PBT = 90%

      2)
Personal Objectives = 100%

      3)
Corporate Goal = 100%

      

      Bonus
amount = $100,000 x 35% x (40% + 40%) x 100% = $28,000

      

      Example
#3:

      

      Goals
achieved by employee:

      1)
PBT = 84%

      2)
Personal Objectives = 125%

      3)
Corporate Goal = 100%

      

      Bonus
amount = $100,000 x 35% x (0% + 60%) x 100% = $21,000

      

      Example
#4:

      

      Goals
achieved by employee:

      1)
PBT = 125%

      2)
Personal Objectives = 125%

      3)
Corporate Goal = 100%

      

      Bonus
amount = $100,000 x 35% x (90% + 60%) x 100% = $52,500

      

      Example
#5:

      

      Goals
achieved by employee:

      1)
PBT = 115%

      2)
Personal Objectives = 100%

      3)
Corporate Goal = 49%

      

      Bonus
amount = $100,000 x 35% x (78% + 40%) x 50% = $20,650

      

      Example
#6:

      

      Goals
achieved by employee:

      1)
PBT = 64%

      2)
Personal Objectives = 100%

      3)
Corporate Goal = 100%

      

      Bonus
amount = $100,000 x 35% x (0% + 0%) x 100% = $0

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