Document:

Exhibit 10.1 

Employment Agreement – Lisa
McDermott     

     EMPLOYMENT
AGREEMENT dated as of October 1, 2009 between PALL CORPORATION, a New York
corporation (the “Company”), and (“Executive”) (this “Agreement”). 

     In
consideration of the mutual agreements hereinafter set forth, effective as of
October 1, 2009 (the “Effective Date”), the parties hereto
agree as follows. 

Section 1. Employment

     The Company
hereby employs Executive, and Executive hereby agrees to serve, as Chief
Financial Officer of the Company with the duties set forth in Section 2, until
such time as Executive’s employment terminates in accordance with the terms of
Section 4 hereof. 

Section 2. Duties

     (a)
Executive agrees that during Executive’s employment Executive will perform such
duties and have such authority as is customarily assigned to and possessed by
the Chief Financial Officer, and further agrees that Executive will hold such
other offices or positions with the Company, and perform such duties and
assignments relating to the business of the Company, as the Chief Executive
Officer of the Company shall direct except that Executive shall not be required
to hold any office or position or to perform any duties or assignment
inconsistent with Executive’s experience and qualifications. 

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Exhibit 10.1 

     (b) If the
Chief Executive Officer of the Company so directs, Executive shall serve as an
officer of one or more subsidiaries of the Company (provided that the duties of
such office are not inconsistent with Executive’s experience and qualifications)
and part or all of the compensation to which Executive is entitled hereunder may
be paid by such subsidiary or subsidiaries. However, such employment and/or
payment of Executive by a subsidiary or subsidiaries shall not relieve the
Company from any of its obligations under this Agreement except to the extent of
payments actually made to Executive by a subsidiary. 

     (c) During Executive’s employment,
Executive shall, except during customary vacation periods and periods of
illness, devote substantially all of Executive’s business time and attention to
the performance of Executive’s duties hereunder, to the business and affairs of
the Company and its subsidiaries and to promoting the best interests of the
Company and its subsidiaries, and Executive shall not, either during or outside
of such normal business hours, engage in any activity inimical to such best
interests. 

Section 3. Compensation

     (a)
Base Salary. During Executive’s employment, the Company shall pay Executive a base
salary (“Base Salary”) at the rate of no less than $371,400 per annum. Base Salary
shall be paid in such periodic installments as the Company may determine but not
less often than monthly. The Chief Executive Officer of the Company will review
Base Salary annually and may, in the Chief Executive Officer’s discretion,
recommend to the Compensation Committee of the Board of Directors of the Company
(the “Compensation Committee”) that an increase be made in Base Salary. Any such
recommended increase shall take effect only if, and to the
extent that, it is approved by the Compensation Committee in its sole
discretion. For the avoidance of doubt, with respect to each fiscal year of the
Company (a “Fiscal Year”)
beginning with the Fiscal Year which starts on the first day of August next
following the Effective Date, the Company shall pay Executive Base Salary at
such rate as the Compensation Committee shall determine but not less than the
amount of Base Salary payable to Executive in the preceding Fiscal Year.

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Exhibit 10.1 

     (b)
Bonus Compensation.

          (i)
Plan Bonus.
With respect to each Fiscal Year of the Company falling in whole or in part
during Executive’s employment following the Effective Date, Executive shall be
entitled to receive a bonus pursuant to this Agreement in an amount determined
in accordance with, and subject to all of the terms of, the Pall Corporation
2004 Executive Incentive Bonus Plan as it may be amended from time to time, a
copy of which is annexed hereto and incorporated herein by reference (the
“Bonus Plan”). Words and terms used herein with initial capital letters and not
defined herein are used herein as defined in the Bonus Plan. For purposes of
determining the amount of the bonus payable to Executive for any Fiscal Year
under the Bonus Plan (the “Plan
Bonus”), Executive’s Target Bonus Percentage
shall be 105% for such Fiscal Year. 

          (ii)
Payment of Plan Bonus. Executive’s Plan Bonus shall be paid in accordance with §5
of the Bonus Plan. With respect to any Fiscal Year which falls in part but not
in whole during the period of Executive’s employment, the pro rata portion of
the Plan Bonus to which Executive is entitled under this Section 3(b) shall be
determined in accordance with §3(c) of the Bonus Plan. 

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Exhibit 10.1 

     (c)
Fringe Benefits and
Perquisites. During Executive’s employment,
Executive shall enjoy the customary perquisites of office, including, but not
limited to, office space and furnishings, expense reimbursements and any similar
emoluments customarily afforded to executives of the Company at the same level.
During Executive’s employment, Executive shall also be entitled to receive or
participate in all “fringe benefits” and employee benefit plans provided or made
available by the Company to executives or management personnel generally (such
as, but not limited to, group hospitalization, medical, life and disability
insurance, and pension, 401(k) and stock option or purchase plans), at such time
and on such terms and conditions as each such plan provides. 

    
(d) Vacations. Executive shall be entitled each year to a vacation or
vacations in accordance with the policies of the Company as determined by the
Board or by an authorized senior officer of the Company from time to time. The
Company shall not pay Executive any additional compensation for any vacation
time not used by Executive. 

Section 4. Separation from Service; Change in
Control 

     (a) Separation from
Service. Subject to Section 17 below, if for
any reason Executive experiences a “separation from service” as defined under
Section 409A of the of the Internal Revenue Code of 1986, as amended (the
“Code”) and
the rules and regulations issued thereunder (“Section 409A”), Executive (or
Executive’s estate in the event of Executive’s death) shall be entitled to (i) any accrued but unpaid Base Salary as of
the date of such separation, (ii) any Plan Bonus earned but unpaid for the
Fiscal Year preceding the Fiscal Year that includes the date of such separation,
paid to the extent payable under and in accordance with the terms of the Bonus
Plan, (iii) any Plan Bonus or pro rata portion thereof that Executive may be
entitled to receive under the Bonus Plan with respect to the Fiscal Year in
which the separation from service takes place, paid to the extent payable under
and in accordance with the terms of the Bonus Plan, (iv) any unreimbursed
business expenses as of the date of such separation, paid within thirty (30)
days of the separation from service upon presentation of supporting
documentation in accordance with normal practice and (v) any vested benefits as
of the date of such separation under any benefit plans maintained, or
contributed to, by the Company, or any disability benefits program sponsored by
the Company, in accordance with the terms and conditions of each such plan or
program. 

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Exhibit 10.1 

    
(b) Disability or Death. If Executive shall die during Executive’s employment or if
Executive experiences a separation from service because the Company terminates
Executive’s employment by reason of Executive becoming Disabled, the Company
shall pay to Executive, or to Executive’s legal representatives, or in
accordance with a direction given by Executive to the Company in writing, the
following, subject, other than in the event of death, to Executive’s compliance
with Sections 5, 6, 7, 9 and 10 below and subject, other than in the event of
death, to Sections 17 and 18 below: (i) the benefits set forth under Section
4(a), (ii) Executive’s Base Salary to the end of the month in which a separation
from service under this Section 4(b) occurs, paid in accordance with the
Company’s normal payroll practices, and (iii) a cash payment equal to (x) 50% of
Base Salary plus (y) 50% of Executive’s Target Bonus Percentage multiplied by
Base Salary, in each case, as such Base Salary and Target Bonus Percentage were
in effect for Executive immediately prior to the date on which separation from
service under this Section 4(b) occurs, paid in twelve (12) equal monthly
installments commencing on the Company’s first regularly scheduled payroll date
in the month following the month in which separation from service under this
Section 4(b) occurs and on the Company’s first regularly scheduled payroll date
in each of the next eleven (11) months thereafter.

     “Disabled” means that Executive is, by reason of
physical or mental disability, incapable of performing Executive’s principal
duties hereunder for an aggregate of one hundred thirty (130) working days out
of any period of twelve (12) consecutive months.

     In the event
that Executive’s employment terminates as described in this Section 4(b),
Executive shall have no right to any compensation or any other benefits under
this Agreement except as set forth in Section 4(a) and this Section
4(b).

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Exhibit 10.1 

     (c) Involuntary Separation From Service Without Cause; Resignation for Good
Reason. In the event that Executive
experiences a separation from service with the Company due to (1) the Company’s
termination of her employment without Cause (as defined below) or (2)
Executive’s termination of her employment for Good Reason (as defined below),
then subject to Executive’s compliance with Sections 5, 6, 7, 9 and 10 below
(where applicable), subject to Sections 17 and 18 below and other than in
circumstances set forth in Sections 4(b), 4(e) or 4(f), Executive will receive
the following compensation and benefits under this Agreement in lieu of any
compensation or benefits to which she might otherwise be entitled under Section
3 of this Agreement or any benefit plans referenced therein: 

	             
      	(i)	      
      	Each month for a
      period of twenty-four (24) consecutive months, beginning with the month
      following the month in which Executive’s separation from service occurs,
      the Company shall make a payment in an amount equal to (X) the sum of (1)
      Base Salary at the annual rate at which Executive’s Base Salary was
      payable immediately prior to Executive’s separation from service and (2)
      the amount determined under clause (X)(1) multiplied by 70% of the Target
      Bonus Percentage as in effect immediately prior to separation from
      service, divided by (Y) 12. Each installment will be paid on the Company’s
      first regularly scheduled payroll date in the applicable
  month.
		 
		(ii)		During the period
      beginning on the date of Executive’s separation from service and ending on
      the two-year anniversary thereof, any of Executive’s restricted stock
      units and stock options that are (A) not yet vested under the 2005 Stock
      Compensation Plan, as amended (the “Stock Plan”), and (B)
      outstanding, in each case as of the date of Executive’s separation from
      service, will not be cancelled, but will continue to vest and be settled
      or become exercisable, as applicable, in the manner and at the times set
      forth in the applicable grant agreements and the Stock Plan as though
      Executive had not experienced a separation from service until such
      two-year anniversary.
		 
		(iii)		(A) During the period
      beginning on the date of Executive’s separation from service and ending on
      the two-year anniversary thereof, any of Executive’s units not yet vested
      under the Management Stock Purchase Plan, as amended (the “MSPP”), as of the
      date of Executive’s separation from service will not be cancelled, but
      will continue to be settled in the manner and at the times set forth under
      the MSPP as though Executive had not experienced a separation from service
      until such two-year anniversary.
		 
		 		(B) Any vested units Executive had
      previously deferred under the MSPP, to the extent payable upon a
      Termination of Employment (as defined in the MSPP), will be paid on the
      one-year anniversary of Executive’s separation from
  service.

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Exhibit 10.1 

		(iv)		
      Any monthly pension to which Executive is
      entitled under the Pall Corporation Supplementary Pension Plan (the
      “SPP”) will
      be calculated at the time of the one-year anniversary of Executive’s
      separation from service and will
      commence payment on the later of the first day of the month after
      Executive has attained her Early Retirement Date (as defined in the SPP)
      and the one-year anniversary of Executive’s separation from service. Upon
      separation from service, Executive shall be credited with two (2) years of
      age and two (2) years of service for purposes of eligibility and vesting
      under the SPP.

		 
	             
      	(v)	      
      	During the period
      beginning on the date of Executive’s separation from service and ending on
      the date that is eighteen (18) months after active employee group medical
      coverage is terminated on account of such separation from service,
      Executive shall, to the extent Executive elects to continue to participate
      in the continuation coverage under the Company’s Comprehensive Welfare
      Benefits Plan offered by the Company under the Consolidated Omnibus Budget
      Reconciliation Act of 1985 (“COBRA”), be provided with a
      taxable reimbursement payment equal to the amount of the COBRA premium
      payable by Executive. All expenses shall be reimbursed within twelve (12)
      months following the two-year anniversary of Executive’s separation from
      service.

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Exhibit 10.1 

     “Good Reason” shall mean any of the following conditions arising without Executive’s
written consent: (i) a material diminution in Executive’s Base Salary, (ii) a
material diminution in Executive’s authority, duties, or responsibilities, (iii)
a material diminution in the authority, duties, or responsibilities of the
person to whom Executive is required to report (Executive’s “Direct Report”), or
Executive’s being required to report to a different person whose authority,
duties, or responsibilities are materially diminished as compared with the
authority, duties, or responsibilities of the Direct Report to whom Executive
reported immediately prior to such change, (iv) a material diminution in the
budget over which Executive retains authority, (v) a material change in the
geographic location at which Executive must perform services or (vi) any other
action or inaction that constitutes a material breach by the Company of this
Agreement; provided that (A) Executive must provide notice to the Company of the existence
of the condition described in this paragraph within a period not to exceed
ninety (90) days of the initial existence of the condition
and (B) the Company must be provided with a period of at least thirty (30) days
during which it may remedy the condition and not be required to pay the amounts
described in this Section 4(c). If the Company does not remedy the condition
during such period, Executive’s employment shall terminate on the thirty-first
(31st) day following the initial
notice.

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Exhibit 10.1 

     In the event that the Company
terminates Executive’s employment without Cause, or Executive terminates her
employment for Good Reason, Executive shall have no right to any compensation or
any other benefits under this Agreement except as set forth in Section 4(a) and
this Section 4(c). 

     (d)
Change in Control. If a Change in Control (as defined in the MSPP or the Stock Plan, as
applicable) occurs, then any of Executive’s (i) restricted units not yet vested
under the MSPP (if the Change in Control constitutes a Change in Control as
defined in the MSPP) and/or (ii) restricted stock units and stock options not
yet vested under the Stock Plan (if the Change in Control constitutes a Change
in Control as defined in the Stock Plan), as applicable, that are outstanding on
the date of such Change in Control will vest on such date.

     (e) Voluntary Separation or Involuntary Separation from Service For
Cause. “Cause” shall mean Executive’s (i)
failure or refusal to substantially perform the material duties of Executive’s
employment or other violation of this Agreement in a material manner, (ii)
failure in a material manner to comply with the written rules and policies of
the Company that has caused or would reasonably be expected to result in
material injury to the Company, (iii) willful and serious misconduct in
connection with Executive’s employment that has caused or would reasonably be
expected to result in material injury to the Company, (iv) dishonesty or
fraudulent conduct in regards to the Company or (v) conviction of, or plea of
nolo contendere to, a crime that constitutes a felony. The Company may terminate
Executive’s employment for Cause with immediate effect; provided that,
prior to termination for any of the reasons in (i) or (ii) above, Executive
shall have thirty (30) days after notice from the Company to remedy such matter
if such matter is reasonably capable of being remedied. 

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Exhibit 10.1 

     In the event that
the Company terminates Executive’s employment for Cause, or Executive terminates
her employment without Good Reason, in each case except under the circumstances
set forth in Sections 4(b), 4(c) or 4(f), Executive shall have no right to any
compensation or any other benefits under this Agreement except as set forth in
Section 4(a). 

    
(f) Retirement. This Agreement shall automatically expire and be of no
further force and effect on Executive’s
sixty-fifth (65th) birthday.

    
Anything hereinabove to the contrary notwithstanding, if any provision of
this Section 4(f) violates federal or applicable state law relating to
discrimination on account of age, such provision shall be deemed modified or
suspended to the extent necessary to eliminate such violation of law. If at a
later date, by reason of changed circumstances or otherwise, the enforcement of
such provision as set forth herein would no longer constitute a violation of
law, then it shall be enforced in accordance with its terms as set forth herein.

    
(g) Supplementary Pension
Plan. In no event will any monthly pension to
which Executive is entitled under the SPP
commence payment prior to the one-year anniversary of Executive’s separation from service, except that on or after the date
Executive attains sixty-five (65) years of age, upon separation from service for
any reason, the monthly pension shall be payable at the time and in the form set
forth under the terms of the SPP.

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Exhibit 10.1 

Section 5. Restrictive Covenants 

     During
Executive’s employment and for the longer of (a) any period for which Executive
is receiving any payments or benefits under Sections 4(b), 4(c) or 4(f) or (b)
one (1) year following Executive’s separation from service with the Company (the
“Restrictive Covenant Period”), Executive shall not, without the written permission of the
Company, render services to any corporation, individual or other entity engaged
in any activity, or himself engage directly or indirectly in any activity, which
is competitive to any material extent with the business of the Company or any of
its subsidiaries. 

Section 6. Non-Disparagement 

     While
employed by the Company, and during the Restrictive Covenant Period, Executive
shall not make any disparaging or untruthful remarks concerning the Company or
any of its subsidiaries, or their officers, directors, employees or agents,
whether acting in their individual or representative capacities. Executive shall
not be deemed to have breached Executive’s obligations under the foregoing
sentence if during Executive’s employment with the Company Executive criticizes
the job performance of employees who report to Executive, or makes remarks which
Executive believes to be truthful about any Company employee as part of
performing her duties hereunder, as part of such employees’ performance reviews
and evaluations, provided such remarks are made in the ordinary course of
business, not malicious or unfounded, are not publicly made or widely
disseminated and are not in violation of Executive’s obligations to comply with
laws, regulations and Company policies and procedures. Additionally, in the
event that Executive is requested or required (by oral questions,
interrogatories, requests for information or documents, subpoena or similar
process) to disclose during the Restrictive Covenant Period any information that
may be disparaging, Executive shall comply with such requests, provided that
Executive shall give the Company prompt notice of any such request so that the
Company may seek an appropriate protective order, and provided that Executive
shall comply with the terms of any protective order so obtained. Similarly,
during the Restrictive Covenant Period, the Company shall not make any
disparaging or untruthful remarks concerning Executive, except that the Company
shall not be deemed to have breached its obligations hereunder: (a) if during
Executive’s employment with the Company, any Company director, employee, agent
or representative criticizes Executive’s job performance as part of performance
reviews and evaluations or in response to questions from members of management,
the board of directors or Company advisors, provided such remarks are made in
the ordinary course of business, not malicious or unfounded, are not publicly
made or widely disseminated and are not in violation of laws, regulations and
Company policies and procedures, or (b) in the event that the Company is
requested or required (by oral questions, interrogatories, requests for
information or documents, subpoena or similar process) to disclose during the
Restrictive Covenant Period any information that may be disparaging, the Company
complies with such requests, provided that the Company shall give Executive
prompt notice of any such request so that Executive may seek an appropriate
protective order, and provided that the Company
shall comply with the terms of any protective order so obtained. 

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Exhibit 10.1 

Section 7. Non-Solicitation of Employees or
Customers 

     While
employed by the Company, and during the Restrictive Covenant Period, Executive
will not (i) indirectly or directly solicit, encourage, induce, or recruit any
person who is then an employee of the Company or any of its subsidiaries to seek
or accept employment with any other employer, or (ii) indirectly or directly
solicit, encourage, or induce any customer of the Company to become the customer
of any business that is competitive to any material extent with the business of
the Company or any of its subsidiaries. 

Section 8. Company’s Right to Injunctive Relief 

     Executive
acknowledges that Executive’s services to the Company are of a unique character,
which gives them a peculiar value to the Company, the loss of which cannot be
reasonably or adequately compensated in damages in an action at law, and that
therefore, in addition to any other remedy which the Company may have at law or
in equity, the Company shall be entitled to injunctive relief for a breach of
this Agreement by Executive. The parties also acknowledge and agree that, if, in
any judicial proceeding, a court shall deem any of the restrictive covenants in
Sections 5 or 7, invalid, illegal or unenforceable because its scope is
considered excessive, such restrictive covenant shall be modified so that the
scope of the restrictive covenant is reduced only to the minimum extent
necessary to render the modified covenant valid, legal and enforceable, and if
any such restrictive covenant (or portion thereof) is deemed invalid, illegal or unenforceable in any jurisdiction, as to
that jurisdiction such restrictive covenant (or portion thereof) shall be
ineffective to the extent of such invalidity, illegality or enforceability,
without affecting in any way the remaining restrictive covenants (or portion
thereof) in such jurisdiction or rendering that or any other restrictive
covenant (or portion thereof) invalid, illegal, or unenforceable in any other
jurisdiction. The parties hereto intend that the validity and enforceability of
any provision of this Agreement shall not affect or render invalid any other
provision of this Agreement.

Section 9. Inventions and Patents 

     All
inventions, ideas, concepts, processes, discoveries, improvements and trademarks
(hereinafter collectively referred to as intangible rights), whether patentable
or registrable or not, which are conceived, made, invented or suggested either
by Executive alone or by Executive in collaboration with others during
Executive’s employment with the Company, and whether or not during regular
working hours, shall be disclosed to the Company and shall be the sole and
exclusive property of the Company. If the Company deems that any of such
intangible rights are patentable or otherwise registrable under any federal,
state or foreign law, Executive, at the expense of the Company, shall execute
all documents and do all things necessary or proper to obtain patents and/or
registrations and to vest the Company with full title thereto. 

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Exhibit 10.1 

Section 10. Trade Secrets and Confidential
Information 

     Executive
shall not, either directly or indirectly, except as required in the course of
employment by the Company, disclose or use at any time, whether during or
subsequent to Executive’s employment with the Company, any information of a
proprietary nature owned by the Company, including but not limited to, records,
data, formulae, documents, specifications, inventions, processes, methods and
intangible rights which are acquired by Executive in the performance of
Executive’s duties for the Company and which are of a confidential information
or trade-secret nature. All records, files, drawings, documents, equipment and
the like, relating to the Company’s business, which Executive shall prepare,
use, construct or observe, shall be and remain the Company’s sole property. Upon
the separation from service of Executive’s employment or at any time prior
thereto upon request by the Company, Executive shall return to the possession of
the Company any materials or copies thereof involving any confidential
information or trade secrets and shall not take any material or copies thereof
from the possession of the Company. 

Section 11. Mergers and Consolidations;
Assignability 

     In the event
that the Company, or any entity resulting from any merger or consolidation
referred to in this Section 11 or which shall be a purchaser or transferee so
referred to, shall at any time be merged or consolidated into or with any other
entity or entities, or in the event that substantially all of the assets of the
Company or any such entity shall be sold or otherwise transferred to another
entity, the provisions of this Agreement shall be binding upon and shall inure
to the benefit of the continuing entity in or the entity resulting from such
merger or consolidation or the entity to which
such assets shall be sold or transferred. Except as provided in the immediately
preceding sentence of this Section 11, this Agreement shall not be assignable by
the Company or by any entity referred to in such immediately preceding sentence.
This Agreement shall not be assignable by Executive, but in the event of
Executive’s death it shall be binding upon and inure to the benefit of
Executive’s legal representatives to the extent required to effectuate the terms
hereof. 

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Exhibit 10.1 

Section 12. Captions

     The captions
in this Agreement are not part of the provisions hereof, are merely for the
purpose of reference and shall have no force or effect for any purpose
whatsoever, including the construction of the provisions of this Agreement, and
if any caption is inconsistent with any provisions of this Agreement, said
provisions shall govern. 

Section 13. Choice of Law

     This Agreement is made in, and shall
be governed by and construed in accordance with the laws of, the State of New York, regardless of conflict of law
principles. 

Section 14. Entire Contract

     This
instrument contains the entire agreement of the parties on the subject matter
hereof except that the rights of the Company hereunder shall be deemed to be in
addition to and not in substitution for its rights under the Company’s standard
printed form of “Employee’s Secrecy and Invention Agreement” or “Employee
Agreement” if heretofore or hereafter entered into between the parties hereto so that the making of this Agreement shall not
be construed as depriving the Company of any of its rights or remedies under any
such Secrecy and Invention Agreement or Employee Agreement. This Agreement may
not be changed orally, but only by an agreement in writing signed by the party
against whom enforcement of any waiver, change, modification, extension or
discharge is sought. 

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Exhibit 10.1 

Section 15. Notices

     All notices
given hereunder shall be in writing and shall be sent by registered or certified
mail or overnight courier service such as Federal Express or UPS Air or
delivered by hand, and, if intended for the Company, shall be addressed to it
(if sent by mail or overnight courier service) or delivered to it (if delivered
by hand) at its principal office for the attention of the Chief Executive
Officer of the Company, or at such other address and for the attention of such
other person of which the Company shall have given notice to Executive in the
manner herein provided, and, if intended for Executive, shall be delivered to
Executive personally or shall be addressed to Executive (if sent by mail or
overnight courier service) at Executive’s most recent residence address shown in
the Company’s employment records or at such other address or to such designee of
which Executive shall have given notice to the Company in the manner herein
provided. Each such notice shall be deemed to be given on the date of mailing
thereof or delivery to the overnight courier service, or if delivered
personally, on the date so delivered.

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Exhibit 10.1 

Section 16. Termination of Any Existing Agreement 

     Any
employment agreement between the parties hereto which is in effect on the date
hereof is hereby terminated and replaced and superseded by this Agreement,
effective on the Effective Date. All payments, of Base Salary or otherwise, made
by the Company under any such existing agreement with respect to any period
commencing on or after the Effective Date shall be credited against the
corresponding payment obligations of the Company under this Agreement with
respect to such period. 

Section 17. Section 409A of the Internal Revenue
Code 

     (a)
Compliance. This Agreement is intended to comply with the requirements of
Section 409A, or an exemption and shall in all respects be administered and
interpreted in accordance with Section 409A. Notwithstanding anything in the
Agreement to the contrary, distributions upon termination of employment may only
be made upon a separation from service (as determined under Section 409A). Each
installment of any payments and benefits provided to Executive under this
Agreement that would be considered to be deferred compensation (within the
meaning of Treasury Regulation Section 1.409A-1(b)(1)) will be treated as a
separate “payment” for purposes of Section 409A. In no event may Executive,
directly or indirectly, designate the calendar year of any payment to be made
under this Agreement if such designation would violate Section 409A. All
reimbursements and in-kind benefits provided under this Agreement shall be made
or provided in accordance with the requirements of Section 409A. In the event
the parties determine that the terms of this Agreement do not comply with
Section 409A, they will negotiate reasonably and in good faith to amend the
terms of this Agreement such that it complies (in a manner that attempts to
minimize the economic impact of such amendment on Executive and the Company)
within the time period permitted by Section 409A. In no event shall the Company
be required to pay Executive any gross-up or other payment with respect to any
taxes or penalties imposed under Section 409A with respect to any benefit paid
to Executive hereunder. 

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Exhibit 10.1 

     (b)
Delay in Payment. If Executive is a “specified employee” (as such term is defined in
Section 409A) at the time of Executive’s separation from service, any payments
under this Agreement that would be considered to be deferred compensation
(within the meaning of Treasury Regulation §1.409A-1(b)(1)) to which Executive
would otherwise be entitled during the first six (6) months following
Executive’s “separation from service” and payable as a result of such
“separation from service” shall be deferred and accumulated for a period of six
(6) months and paid in a lump sum on the first day of the seventh
(7th) month following such separation
from service (or, if earlier, the date of Executive’s death) (the
“Delayed Payment Date”). On the Delayed Payment Date, there shall be paid to
Executive (or if Executive has died, to Executive’s Successor defined below), in
a single cash lump sum, an amount equal to the aggregate amount of all payments
delayed pursuant to the preceding sentence, plus interest thereon at the Delayed
Payment Interest Rate (as defined below) computed from the date on which each
such delayed payment otherwise would have been made to Executive until the
Delayed Payment Date. For purposes of the foregoing: (i) “Executive’s
Successor” shall mean such payee or payees as
Executive shall at any time designate by written notice to the Company or in
Executive’s last will and testament or, if no such designation is made, then to
the legal representatives of Executive’s estate, and (ii) the “Delayed
Payment Interest Rate” shall mean the national average annual rate of
interest payable on jumbo six-month bank certificates of deposit, as quoted in
the business section of the most recently published Sunday edition of the New
York Times preceding the date as of which Executive is treated as having
incurred a “separation from service” for purposes of Section 409A. 

17 

Exhibit 10.1 

Section 18. Release

     The payments
and benefits under Sections 4(b)(other than in the event of death) and 4(c) are
subject to the condition that Executive has delivered to the Company an executed
copy of a release substantially in the form attached hereto as Exhibit A (with
such changes as may be required under applicable law) and such release has
become irrevocable within thirty (30) days after the date of Executive’s
“separation from service” as determined under Section 409A. In that event,
payments that would have been made within such 30-day period shall be paid at
the expiration of such 30-day period; provided that any payments or benefits
payable by reason of the death of Executive shall not be subject to the
condition set forth in this Section 18. 

18 

Exhibit 10.1 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the day and year first above written. 

		
      PALL CORPORATION 
	 
		 	
		 	
	 		 	
		By: 	/s/ Eric
      Krasnoff 	
			 	
		Name:  	Eric
      Krasnoff 	
			 	
		Title: 	CEO 	
		  	
		  	 
		 	
		EXECUTIVE 	
		 	
		  	
		 /s/ Lisa McDermott	

19 

Exhibit 10.1 

Exhibit A 

GENERAL RELEASE 

     1. Release of Claims and Waiver of Rights. 

     (a) In
consideration of any payments and benefits being provided to me under Section
4(b)(other than in the event of death) or 4(c) of the amended and restated
employment agreement (the “Employment
Agreement”) dated October 1, 2009, as it may
have been amended to the date hereof, between me and Pall Corporation (the
“Company”),
those payments and benefits being good and valuable consideration, the adequacy
and sufficiency of which are acknowledged by me (the “Payments”), I, Lisa McDermott, hereby
release, remise and acquit Company, its present and past parents, subsidiaries
and affiliates, their successors, assigns, benefit plans and/or committees, and
their respective present or past officers, directors, managers, supervisors,
employees, shareholders, attorneys, advisors, agents and representatives in
their individual and corporate capacity, and their successors and assigns (the
“Releasees”), from, and hold them harmless against, any and all claims,
obligations, or liabilities (including attorneys, fees and expenses), asserted
or unasserted, known or unknown, that I, my heirs, successors or assigns have or
might have, which have arisen by reason of any matter, cause or thing whatsoever
on or prior to the date on which this General Release is signed. 

     (b) The
terms “claims, obligations, or liabilities” (whether denominated claims,
demands, causes of action, obligations, damages or liabilities) include, but are
not limited to, any and all claims under any contract with the Company, claims
of age, disability, race, religion, national origin, sex, retaliation, and/or
other forms of employment discrimination, breach of express or implied contract,
breach of employee handbook, practices or procedures, libel, slander,
intentional tort or wrongful dismissal, claims for reinstatement or
reemployment, arising under any federal, state, or local common or statutory
law; claims for unpaid salary, commission or fringe benefits; or any other
statutory claim before any state or federal court, tribunal or administrative
agency, arising out of or in any way related to my employment relationship with
the Company and its affiliates and the termination of that relationship. I will
not file or permit to be filed on my behalf any such claim. 

     (c) This
General Release constitutes, among other things, a waiver of all rights and
claims I may have under the Age Discrimination in Employment Act of 1967 (29
U.S.C. 621, et seq.) (“ADEA”), the Americans with Disabilities Act of
1990, the Family and Medical Leave Act of 1993, Title VII of the United States
Civil Rights Act of 1964, all as amended including the amendment set forth in 42
U.S.C. § 1981 concerning damages in cases of intentional discrimination in
employment, the New York State Human Rights Law, including N.Y. Exec. Law § 296,
the New York City Human Rights Law, including § 8-107 of the Administration Code
and Charter of New York City, and the New York Labor Law, and any other
comparable national or state laws, all as amended. 

20 

Exhibit 10.1 

     (d)
Notwithstanding the preceding paragraph (c) or any other provision of this
Agreement, this General Release is not intended to interfere with my right to
file a charge with the Equal Employment Opportunity Commission (the
“EEOC”) in
connection with any claim I believe I may have against the Company or its
affiliates. However, by executing this General Release, I hereby waive the right
to recover in any proceeding I may bring before the EEOC or any state human
rights commission or in any proceeding brought by the EEOC or any state human
rights commission on my behalf. In addition, this General Release is not
intended to interfere with my right to challenge that my waiver of any and all
ADEA claims pursuant to this General Release is a knowing and voluntary waiver,
notwithstanding my specific representation that I have entered into this General
Release knowingly and voluntarily. 

     (e) This
General Release is for any relief, no matter how denominated, including, but not
limited to, injunctive relief, wages, back pay, front pay, compensatory damages,
or punitive damages. 

     (f) This
General Release shall not apply to any rights in the nature of indemnification
which I may have with respect to claims against me relating to or arising out of
my employment with the Company and its affiliates or my service on their
respective boards of directors, or any vested benefit to which I am entitled
under any tax qualified pension plan of the Company or its affiliates, COBRA
continuation coverage benefits or any other similar benefits required to be
provided by statute. Notwithstanding anything to the contrary contained in this
Section 1, I do not release any of the Releasees from the Company’s obligation
to timely provide me with all payments and benefits to which I am entitled
pursuant to the terms of the Employment Agreement, or any other obligations of
the Company under the Employment Agreement. 

     2.
Continued
Cooperation. In consideration of the Payments, I also agree to fully
cooperate with the Company with respect to any reasonable assistance the Company
may request from me upon reasonable notice to me, including but not limited to
in connection with any legal claims, demands, or causes of action against the
Company which relate to or are based on events that arose during the period of
my employment with the Company. The Company shall pay me for such cooperation,
at an hourly rate, calculated on the basis of my regular salary (not including
bonus or any benefits) immediately prior to the termination of my employment
with the Company, for each hour of assistance that I provide to the Company at
its request, and shall reimburse me for all expenses I reasonably incur in
connection with such cooperation, provided I deliver to the Company an
invoice(s) in respect of such amounts, which invoice details with reasonable
sufficiency the assistance provided and the number of hours spent providing such
assistance. Notwithstanding the foregoing, in no case shall the Company require
me to provide such assistance on more than 20 (twenty) days in any year, nor
shall the Company require me to travel outside the United States to provide such
assistance. A condition for me providing any such assistance is that the Company
shall agree to indemnify me for any and all
liability I may incur in connection with providing such assistance to the same
extent as if I was still an executive officer of the Company. 

21 

Exhibit 10.1 

     3.
Representations and
Covenants. I hereby represent and agree to all of the following: 

          (a) I
have carefully read this General Release. 

          (b) I
understand it fully. 

          (c) I am freely, voluntarily and knowingly releasing the
Releasees in accordance with the terms contained above. 

          (d) Before executing this General Release, I had twenty-one
(21) days to consider my rights and obligations under this General Release.

          (e) The period of time I had to consider my rights and
obligations under this General Release was reasonable. 

          (f) Before signing this General Release, I was advised to
consult with an attorney and given a reasonable period of time to do so and in
executing this General Release have not relied on any representation or
statement not set forth herein. 

          (g) Execution of this General Release and the General Release
becoming enforceable (in accordance with paragraph (h) below) within thirty (30)
days from the date of my “separation from service” (as determined under Section
409A of the Internal Revenue Code of 1986, as amended, and the rules and
regulations issued thereunder) is a condition to the Payments, which payments
and benefits are in addition to anything of value to which I am already entitled
to receive from the Company and its affiliates. 

          (h) For a period of seven (7) days following the date on which
I sign this General Release, I may revoke it. Any such revocation must be made
in writing and received by the Corporate Secretary of the Company, by the
seventh day following the date on which I sign this General Release. The
Company’s obligation to pay the consideration as set forth in Section 1 above
shall not become effective or enforceable until this seven (7) day revocation
period has expired without my having exercised my right to revoke. 

          (i) I have reported to the Company any and all work-related
injuries incurred by me during my employment by the Company. 

          (j) There are no pending lawsuits, charges, employee dispute
resolution proceedings, administrative proceedings or other claims of any nature
whatsoever, that I have brought (and which are pending) against any Releasee, in
any state or federal court, before any agency or other administrative body or in
any other forum. 

22 

Exhibit 10.1 

          (k) I am not aware of any material violation of any laws or
Company policies or procedures by a Company employee or officer that has not
been reported to Company officials. 

          (l) My obligations under the Employee Agreement (attached
hereto) including my obligations under the sections entitled Covenant Not to
Compete, Non-Disparagement, Non-Solicitation, Inventions and Patents, Trade
Secrets and Confidential Information, are reasonable, are necessary to protect
legitimate interests of the Company, and continue beyond the termination of my
employment and the execution of this General Release. If I violate my
obligations under the Employee Agreement and such violation causes material harm
to the Company, I understand that, in addition to other relief to which the
Company may be entitled, the Company shall be entitled to cease providing the
Payments and benefits provided to me pursuant to Section 1 above unless such
violation is cured (if capable of being cured) within 30 days of notification by
the Company to me of such violation (and, following such cure, all suspended
payments shall be made in a single lump sum), and this General Release will
remain in full force and effect. 

          (m) If I should hereafter make any claim or demand or commence
or threaten to commence any action, claim or proceeding against the Releasees
with respect to any matter, cause or thing which is the subject of the release
under Section 1 of this General Release, this General Release may be raised as a
complete bar to any such action, claim or proceeding, and the applicable
Releasee may recover from me all costs incurred in connection with such action,
claim or proceeding, including attorneys’ fees. 

          (n) If any provision of this General Release is declared
illegal, invalid, or unenforceable by any court of competent jurisdiction and
cannot be modified to be enforceable, such provisions will immediately become
null and void, leaving the remainder of this General Release in full force and
effect, provided, however, that if the general release of all claims given by me
herein is declared illegal, invalid, or unenforceable, this General Release will
become null and void and, to the fullest extent permitted by law, any Payments
(which are being provided to me as a result of my execution of this General
Release) which have not yet been made by the Company to me shall no longer be
required to be made. 

          (o) Except as necessary to enforce my rights under this
General Release or except as required to comply with requirements of applicable
law or an order or subpoena of a court of competent jurisdiction (as to which I
will notify the Company reasonably in advance of disclosure) or except to the
extent such information has become public knowledge, I shall keep confidential
and not disclose to any person, other than my spouse or attorneys, accountants
and/or tax advisors who shall be obligated to and agree to keep confidential,
the existence, nature and terms of this General Release, the amount and fact of
any payment to me, any and all discussions, communications, and correspondence
leading to this General Release and any and all events, conduct, statements
and/or communications giving rise to or relating in any way to any and all
claims, obligations or liabilities, I have or may have. This General Release
shall not be construed as an admission by the Company or any other Releasee of
any liability whatsoever for any damages, injuries or other claims, obligations
or liabilities alleged or which may be alleged by me. 

23 

Exhibit 10.1 

          (p) This General Release shall be governed by and construed in
accordance with the laws of the State of New York, without regard to conflicts
of laws principles. 

     4. Declaration. I declare under penalty of perjury under the laws of the State
of New York that the foregoing is true and
correct. 

		Signature:  	 	
			 	
		Date: 	 	 
			 	
	 	Name: 	 	
		  	
		Acknowledged before me this _______ day of ___________,
      _______  	
	 	 	
		 	
		NOTARY PUBLIC 	 
		  	
		 	

24Exhibit 10.2 

Employment Agreement – Sandra Marino

     EMPLOYMENT
AGREEMENT dated as of October 1, 2009 between PALL CORPORATION, a New York
corporation (the “Company”), and (“Executive”) (this “Agreement”). 

     In consideration of the mutual
agreements hereinafter set forth, effective as of October 1, 2009 (the “Effective
Date”), the parties hereto agree as follows.

Section 1. Employment

     The Company
hereby employs Executive, and Executive hereby agrees to serve, as General
Counsel and Corporate Secretary of the Company with the duties set forth in
Section 2, until such time as Executive’s employment terminates in accordance
with the terms of Section 4 hereof. 

Section 2. Duties

     (a)
Executive agrees that during Executive’s employment Executive will perform such
duties and have such authority as is customarily assigned to and possessed by
the General Counsel and Corporate Secretary, and further agrees that Executive
will hold such other offices or positions with the Company, and perform such
duties and assignments relating to the business of the Company, as the Chief
Executive Officer of the Company shall direct except that Executive shall not be
required to hold any office or position or to perform any duties or assignment
inconsistent with Executive’s experience and qualifications. 

1 

Exhibit 10.2 

     (b) If the
Chief Executive Officer of the Company so directs, Executive shall serve as an
officer of one or more subsidiaries of the Company (provided that the duties of
such office are not inconsistent with Executive’s experience and qualifications)
and part or all of the compensation to which Executive is entitled hereunder may
be paid by such subsidiary or subsidiaries. However, such employment and/or
payment of Executive by a subsidiary or subsidiaries shall not relieve the
Company from any of its obligations under this Agreement except to the extent of
payments actually made to Executive by a subsidiary. 

     (c) During
Executive’s employment, Executive shall, except during customary vacation
periods and periods of illness, devote substantially all of Executive’s business
time and attention to the performance of Executive’s duties hereunder to the
business and affairs of the Company and its subsidiaries and to promoting the
best interests of the Company and its subsidiaries and Executive shall not,
either during or outside of such normal business hours, engage in any activity
inimical to such best interests. 

Section 3. Compensation

     (a) Base Salary. During Executive’s
employment, the Company shall pay Executive a base salary (“Base Salary”) at the rate
of no less than $345,646 per annum. Base Salary shall be paid in such periodic
installments as the Company may determine but not less often than monthly. The
Chief Executive Officer of the Company will review Base Salary annually and may,
in the Chief Executive Officer’s discretion, recommend to the Compensation
Committee of the Board of Directors of the Company (the “Compensation Committee”)
that an increase be made in Base Salary. Any such recommended increase shall
take effect only if, and to the extent that, it is approved by the Compensation
Committee, in its sole discretion. For the avoidance of doubt, with respect to
each fiscal year of the Company (a “Fiscal Year”) beginning
with the Fiscal Year which starts on the first day of August next following the
Effective Date, the Company shall pay Executive Base Salary at such rate as the
Compensation Committee shall determine but not less than the amount of Base
Salary payable to Executive in the preceding Fiscal Year.

2 

Exhibit 10.2 

     (b) Bonus Compensation.

          (i)
Plan Bonus.
With respect to each Fiscal Year of the Company falling in whole or in part
during Executive’s employment following the Effective Date, Executive shall be
entitled to receive a bonus pursuant to this Agreement in an amount determined
in accordance with, and subject to all of the terms of, the Pall Corporation
2004 Executive Incentive Bonus Plan as it may be amended from time to time, a
copy of which is annexed hereto and incorporated herein by reference (the
“Bonus Plan”). Words and terms used herein with initial capital letters and not
defined herein are used herein as defined in the Bonus Plan. For purposes of
determining the amount of the bonus payable to Executive for any Fiscal Year
under the Bonus Plan (the “Plan
Bonus”), Executive’s Target Bonus Percentage
shall be 105% for such Fiscal Year. 

          (ii)
Payment of Plan Bonus. Executive’s Plan Bonus shall be paid in accordance with §5
of the Bonus Plan. With respect to any Fiscal Year which falls in part but not
in whole during the period of Executive’s employment, the pro rata portion of
the Plan Bonus to which Executive is entitled under this Section 3(b) shall be
determined in accordance with §3(c) of the Bonus Plan.

3 

Exhibit 10.2 

     (c) Fringe Benefits and Perquisites.
During Executive’s employment, Executive shall enjoy the customary perquisites
of office, including, but not limited to, office space and furnishings, expense
reimbursements and any similar emoluments customarily afforded to executives of
the Company at the same level. During Executive’s employment, Executive shall
also be entitled to receive or participate in all “fringe benefits” and employee
benefit plans provided or made available by the Company to executives or
management personnel generally (such as, but not limited to, group
hospitalization, medical, life and disability insurance, and pension, 401(k) and
stock option or purchase plans), at such time and on such terms and conditions
as each such plan provides. 

     (d) Vacations. Executive shall be entitled
each year to a vacation or vacations in accordance with the policies of the
Company as determined by the Board or by an authorized senior officer of the
Company from time to time. The Company shall not pay Executive any additional
compensation for any vacation time not used by Executive. 

4 

Exhibit 10.2 

Section 4. Separation from Service; Change in Control

     (a) Separation from Service. Subject to
Section 17 below, if for any reason Executive experiences a “separation from
service” as defined under Section 409A of the of the Internal Revenue Code of
1986, as amended (the “Code”) and the rules and regulations issued thereunder
(“Section 409A”), Executive (or Executive’s estate in the event of Executive’s
death) shall be entitled to (i) any accrued but unpaid Base Salary as of
the date of such separation, (ii) any Plan Bonus earned but unpaid for the
Fiscal Year preceding the Fiscal Year that includes the date of such separation,
paid to the extent payable under and in accordance with the terms of the Bonus
Plan, (iii) any Plan Bonus or pro rata portion thereof that Executive may be
entitled to receive under the Bonus Plan with respect to the Fiscal Year in
which the separation from service takes place, paid to the extent payable under
and in accordance with the terms of the Bonus Plan, (iv) any unreimbursed
business expenses as of the date of such separation, paid within thirty (30)
days of the separation from service upon presentation of supporting
documentation in accordance with normal practice and (v) any vested benefits as
of the date of such separation under any benefit plans maintained, or
contributed to, by the Company, or any disability benefits program sponsored by
the Company, in accordance with the terms and conditions of each such plan or
program. 

     (b) Disability or Death. If Executive
shall die during Executive’s employment or if Executive experiences a separation
from service because the Company terminates Executive’s employment by reason of
Executive becoming Disabled, the Company shall pay to Executive, or to
Executive’s legal representatives, or in accordance with a direction given by
Executive to the Company in writing, the following, subject, other than in the
event of death, to Executive’s compliance with Sections 5, 6, 7, 9 and 10 below
and subject , other than in the event of death, to Sections 17 and 18 below: (i)
the benefits set forth under Section 4(a), (ii) Executive’s Base Salary to the
end of the month in which a separation from service under this Section 4(b)
occurs, paid in accordance with the Company’s normal payroll practices, and
(iii) a cash payment equal to (x) 50% of Base Salary plus (y) 50% of Executive’s
Target Bonus Percentage multiplied by Base Salary, in each case, as such Base
Salary and Target Bonus Percentage were in effect for Executive immediately
prior to the date on which separation from service under this Section 4(b)
occurs, paid in twelve (12) equal monthly installments commencing on the
Company’s first regularly scheduled payroll date in the month following the
month in which separation from service under this Section 4(b) occurs and on the
Company’s first regularly scheduled payroll date in each of the next eleven (11)
months thereafter.

5 

Exhibit 10.2 

     “Disabled” means that Executive is, by reason of physical or mental
disability, incapable of performing Executive’s principal duties hereunder for
an aggregate of one hundred thirty (130) working days out of any period of
twelve (12) consecutive months.

     In the event
that Executive’s employment terminates as described in this Section 4(b),
Executive shall have no right to any compensation or any other benefits under
this Agreement except as set forth in Section 4(a) and this Section
4(b).

     (c) Involuntary Separation From Service Without Cause; Resignation for Good
Reason. In the event that Executive
experiences a separation from service with the Company due to (1) the Company’s
termination of her employment without Cause (as defined below) or (2)
Executive’s termination of her employment for Good Reason (as defined below),
then subject to Executive’s compliance with Sections 5, 6, 7, 9 and 10 below
(where applicable), subject to Sections 17 and 18 below and other than in
circumstances set forth in Sections 4(b), 4(e) or 4(f), Executive will receive
the following compensation and benefits under this Agreement in lieu of any compensation or benefits to which she might
otherwise be entitled under Section 3 of this
Agreement or any benefit plans referenced therein: 

	      	(i)	      	Each month for a period of
      twenty-four (24) consecutive months, beginning with the month following
      the month in which Executive’s separation from service occurs, the Company
      shall make a payment in an amount equal to (X) the sum of (1) Base Salary
      at the annual rate at which Executive’s Base Salary was payable
      immediately prior to Executive’s separation from service and (2) the
      amount determined under clause (X)(1) multiplied by 70% of the Target
      Bonus Percentage as in effect immediately prior to separation from
      service, divided by (Y) 12. Each installment will be paid on the Company’s
      first regularly scheduled payroll date in the applicable
  month.

6 

Exhibit 10.2 

	      	(ii)	      	During the period beginning on
      the date of Executive’s separation from service and ending on the two-year
      anniversary thereof, any of Executive’s restricted stock units and stock
      options that are (A) not yet vested under the 2005 Stock Compensation
      Plan, as amended (the “Stock
      Plan”), and (B) outstanding, in each
      case as of the date of Executive’s separation from service, will not be
      cancelled, but will continue to vest and be settled or become exercisable,
      as applicable, in the manner and at the times set forth in the applicable
      grant agreements and the Stock Plan as though Executive had not
      experienced a separation from service until such two-year
      anniversary.
		 
		(iii)		During the period beginning on
      the date of Executive’s separation from service and ending on the two-year
      anniversary thereof, any of Executive’s units not yet vested under the
      Management Stock Purchase Plan, as amended (the “MSPP”), as of the
      date of Executive’s separation from service will not be cancelled, but
      will continue to be settled in the manner and at the times set forth under
      the MSPP as though Executive had not experienced a separation from service
      until such two-year anniversary.
		 
		(iv)		Upon separation from service,
      Executive shall be credited with two years of age and two years of service
      for purposes of eligibility and vesting under the Pall Corporation
      Supplementary Pension Plan.
		 
		(v)		During the period beginning on
      the date of Executive’s separation from service and ending on the date
      that is eighteen (18) months after active employee group medical coverage
      is terminated on account of such separation from service, Executive shall,
      to the extent Executive elects to continue to participate in the
      continuation coverage under the Company’s Comprehensive Welfare Benefits
      Plan offered by the Company under the Consolidated Omnibus Budget
      Reconciliation Act of 1985 (“COBRA”), be provided with a
      taxable reimbursement payment equal to the amount of the COBRA premium
      payable by Executive. All expenses shall be reimbursed within twelve (12)
      months following the two-year anniversary of Executive’s separation from
      service.

7 

Exhibit 10.2 

     “Good Reason” shall mean any of the following conditions arising without Executive’s
written consent: (i) a material diminution in Executive’s Base Salary, (ii) a
material diminution in Executive’s authority, duties, or responsibilities, (iii)
a material diminution in the authority, duties, or responsibilities of the
person to whom Executive is required to report (Executive’s “Direct Report”), or
Executive’s being required to report to a different person whose authority,
duties, or responsibilities are materially diminished as compared with the
authority, duties, or responsibilities of the Direct Report to whom Executive
reported immediately prior to such change, (iv) a material diminution in the
budget over which Executive retains authority, (v) a material change in the
geographic location at which Executive must perform services or (vi) any other
action or inaction that constitutes a material breach by the Company of this
Agreement; provided that (A) Executive must provide notice to the Company of the existence
of the condition described in this paragraph within a period not to exceed
ninety (90) days of the initial existence of the condition and (B) the Company
must be provided with a period of at least thirty (30) days during which it may
remedy the condition and not be required to pay the amounts described in this
Section 4(c). If the Company does not remedy the condition during such period,
Executive’s employment shall terminate on the thirty-first (31st) day
following the initial notice. 

8 

Exhibit 10.2 

     In the event that the Company
terminates Executive’s employment without Cause, or Executive terminates her
employment for Good Reason, Executive shall have no right to any compensation or
any other benefits under this Agreement except as set forth in Section 4(a) and
this Section 4(c). 

     (d) Change in Control. If a Change in
Control (as defined in the MSPP or the Stock Plan, as applicable) occurs, then
any of Executive’s (i) restricted units not yet vested under the MSPP (if the
Change in Control constitutes a Change in Control as defined in the MSPP) and/or
(ii) restricted stock units and stock options not yet vested under the Stock
Plan (if the Change in Control constitutes a Change in Control as defined in the
Stock Plan), as applicable, that are outstanding on the date of such Change in
Control will vest on such date.

     (e) Voluntary Separation or Involuntary Separation from Service For
Cause. “Cause” shall mean Executive’s (i)
failure or refusal to substantially perform the material duties of Executive’s
employment or other violation of this Agreement in a material manner, (ii)
failure in a material manner to comply with the written rules and policies of
the Company that has caused or would reasonably be expected to result in
material injury to the Company, (iii) willful and serious misconduct in
connection with Executive’s employment that has caused or would reasonably be
expected to result in material injury to the Company, (iv) dishonesty or
fraudulent conduct in regards to the Company or (v) conviction of, or plea of
nolo contendere to, a crime that constitutes a felony. The Company may terminate
Executive’s employment for Cause with immediate effect, provided that, prior to
termination for any of the reasons in (i) or (ii) above, Executive shall have
thirty (30) days after notice from the Company to remedy such matter if such
matter is reasonably capable of being remedied.

9 

Exhibit 10.2 

     In the event that the Company
terminates Executive’s employment for Cause, or Executive terminates her
employment without Good Reason, in each case except under the circumstances set
forth in Sections 4(b), 4(c) or 4(f), Executive shall have no right to any
compensation or any other benefits under this Agreement except as set forth in
Section 4(a). 

     (f) Retirement. This Agreement shall
automatically expire and be of no further force
and effect on Executive’s sixty-fifth (65th) birthday. 

     Anything hereinabove to the contrary
notwithstanding, if any provision of this Section 4(f) violates federal or
applicable state law relating to discrimination on account of age, such
provision shall be deemed modified or suspended to the extent necessary to
eliminate such violation of law. If at a later date, by reason of changed
circumstances or otherwise, the enforcement of such provision as set forth
herein would no longer constitute a violation of law, then it shall be enforced
in accordance with its terms as set forth herein. 

Section 5. Restrictive Covenants 

     During Executive’s employment and
for the longer of (a) any period for which Executive is receiving any payments or benefits under Sections 4(b), 4(c)
or 4(f) or (b) one (1) year following Executive’s separation from service with
the Company (the “Restrictive Covenant
Period”), Executive shall not, without the
written permission of the Company, render services to any corporation,
individual or other entity engaged in any activity, or himself engage directly
or indirectly in any activity, which is competitive to any material extent with
the business of the Company or any of its subsidiaries.

10 

Exhibit 10.2 

Section 6. Non-Disparagement

     While
employed by the Company, and during the Restrictive Covenant Period, Executive
shall not make any disparaging or untruthful remarks concerning the Company or
any of its subsidiaries, or their officers, directors, employees or agents,
whether acting in their individual or representative capacities. Executive shall
not be deemed to have breached Executive’s obligations under the foregoing
sentence if during Executive’s employment with the Company Executive criticizes
the job performance of employees who report to Executive, or makes remarks which
Executive believes to be truthful about any Company employee as part of
performing her duties hereunder, as part of such employees’ performance reviews
and evaluations, provided such remarks are made in the ordinary course of
business, not malicious or unfounded, are not publicly made or widely
disseminated and are not in violation of Executive’s obligations to comply with
laws, regulations and Company policies and procedures. Additionally, in the
event that Executive is requested or required (by oral questions,
interrogatories, requests for information or documents, subpoena or similar
process) to disclose during the Restrictive Covenant Period any information that
may be disparaging, Executive shall comply with such requests, provided that
Executive shall give the Company prompt notice of any such request so that the
Company may seek an appropriate protective order, and provided that Executive
shall comply with the terms of any protective order so obtained. Similarly,
during the Restrictive Covenant Period, the Company shall not make any
disparaging or untruthful remarks concerning Executive, except that the Company
shall not be deemed to have breached its obligations hereunder: (a) if during
Executive’s employment with the Company, any Company director, employee, agent
or representative criticizes Executive’s job performance as part of performance
reviews and evaluations or in response to questions from members of management,
the board of directors or Company advisors, provided such remarks are made in
the ordinary course of business, not malicious or unfounded, are not publicly
made or widely disseminated and are not in violation of laws, regulations and
Company policies and procedures, or (b) in the event that the Company is
requested or required (by oral questions, interrogatories, requests for
information or documents, subpoena or similar process) to disclose during the
Restrictive Covenant Period any information that may be disparaging, the Company
complies with such requests, provided that the Company shall give Executive
prompt notice of any such request so that Executive may seek an appropriate
protective order, and provided that the Company shall comply with the terms of
any protective order so obtained.

11 

Exhibit 10.2 

Section 7. Non-Solicitation of Employees or
Customers 

     While
employed by the Company, and during the Restrictive Covenant Period, Executive
will not (i) indirectly or directly solicit, encourage, induce, or recruit any
person who is then an employee of the Company or any of its subsidiaries to seek
or accept employment with any other employer, or (ii) indirectly or directly
solicit, encourage, or induce any customer of the Company to become the customer
of any business that is competitive to any material extent with the business of
the Company or any of its subsidiaries. 

12 

Exhibit 10.2 

Section 8. Company’s Right to Injunctive Relief 

     Executive
acknowledges that Executive’s services to the Company are of a unique character,
which gives them a peculiar value to the Company, the loss of which cannot be
reasonably or adequately compensated in damages in an action at law, and that
therefore, in addition to any other remedy which the Company may have at law or
in equity, the Company shall be entitled to injunctive relief for a breach of
this Agreement by Executive. The parties also acknowledge and agree that, if, in
any judicial proceeding, a court shall deem any of the restrictive covenants in
Sections 5 or 7, invalid, illegal or unenforceable because its scope is
considered excessive, such restrictive covenant shall be modified so that the
scope of the restrictive covenant is reduced only to the minimum extent
necessary to render the modified covenant valid, legal and enforceable, and if
any such restrictive covenant (or portion thereof) is deemed invalid, illegal or
unenforceable in any jurisdiction, as to that jurisdiction such restrictive
covenant (or portion thereof) shall be ineffective to the extent of such
invalidity, illegality or enforceability, without affecting in any way the
remaining restrictive covenants (or portion thereof) in such jurisdiction or
rendering that or any other restrictive covenant (or portion thereof) invalid,
illegal, or unenforceable in any other jurisdiction. The parties hereto intend
that the validity and enforceability of any provision of this Agreement shall
not affect or render invalid any other provision of this
Agreement. 

Section 9. Inventions and Patents 

     All inventions, ideas, concepts,
processes, discoveries, improvements and trademarks (hereinafter collectively referred to as intangible rights), whether
patentable or registrable or not, which are conceived, made, invented or
suggested either by Executive alone or by Executive in collaboration with others
during Executive’s employment with the Company, and whether or not during
regular working hours, shall be disclosed to the Company and shall be the sole
and exclusive property of the Company. If the Company deems that any of such
intangible rights are patentable or otherwise registrable under any federal,
state or foreign law, Executive, at the expense of the Company, shall execute
all documents and do all things necessary or proper to obtain patents and/or
registrations and to vest the Company with full title thereto.

13 

Exhibit 10.2 

Section 10. Trade Secrets and Confidential
Information 

     Executive
shall not, either directly or indirectly, except as required in the course of
employment by the Company, disclose or use at any time, whether during or
subsequent to Executive’s employment with the Company, any information of a
proprietary nature owned by the Company, including but not limited to, records,
data, formulae, documents, specifications, inventions, processes, methods and
intangible rights which are acquired by Executive in the performance of
Executive’s duties for the Company and which are of a confidential information
or trade-secret nature. All records, files, drawings, documents, equipment and
the like, relating to the Company’s business, which Executive shall prepare,
use, construct or observe, shall be and remain the Company’s sole property. Upon
the separation from service of Executive’s employment or at any time prior
thereto upon request by the Company, Executive shall return to the possession of
the Company any materials or copies thereof involving any confidential
information or trade secrets and shall not take any material or copies thereof
from the possession of the Company.

14 

Exhibit 10.2 

Section 11. Mergers and Consolidations;
Assignability 

     In the event
that the Company, or any entity resulting from any merger or consolidation
referred to in this Section 11 or which shall be a purchaser or transferee so
referred to, shall at any time be merged or consolidated into or with any other
entity or entities, or in the event that substantially all of the assets of the
Company or any such entity shall be sold or otherwise transferred to another
entity, the provisions of this Agreement shall be binding upon and shall inure
to the benefit of the continuing entity in or the entity resulting from such
merger or consolidation or the entity to which such assets shall be sold or
transferred. Except as provided in the immediately preceding sentence of this
Section 11, this Agreement shall not be assignable by the Company or by any
entity referred to in such immediately preceding sentence. This Agreement shall
not be assignable by Executive, but in the event of Executive’s death it shall
be binding upon and inure to the benefit of Executive’s legal representatives to
the extent required to effectuate the terms hereof. 

Section 12. Captions

     The captions
in this Agreement are not part of the provisions hereof, are merely for the
purpose of reference and shall have no force or effect for any purpose
whatsoever, including the construction of the provisions of this Agreement, and
if any caption is inconsistent with any provisions of this Agreement, said
provisions shall govern. 

15 

Exhibit 10.2 

Section 13. Choice of Law

     This Agreement is made in, and shall
be governed by and construed in accordance with the laws of, the State of New York, regardless of conflict of law
principles. 

Section 14. Entire Contract

     This
instrument contains the entire agreement of the parties on the subject matter
hereof except that the rights of the Company hereunder shall be deemed to be in
addition to and not in substitution for its rights under the Company’s standard
printed form of “Employee’s Secrecy and Invention Agreement” or “Employee
Agreement” if heretofore or hereafter entered into between the parties hereto so
that the making of this Agreement shall not be construed as depriving the
Company of any of its rights or remedies under any such Secrecy and Invention
Agreement or Employee Agreement. This Agreement may not be changed orally, but
only by an agreement in writing signed by the party against whom enforcement of
any waiver, change, modification, extension or discharge is sought. 

Section 15. Notices

     All notices
given hereunder shall be in writing and shall be sent by registered or certified
mail or overnight courier service such as Federal Express or UPS Air or
delivered by hand, and, if intended for the Company, shall be addressed to it
(if sent by mail or overnight courier service) or delivered to it (if delivered
by hand) at its principal office for the attention of the Chief Executive
Officer of the Company, or at such other address and for the attention of such
other person of which the Company shall have given notice to Executive in the
manner herein provided, and, if intended for Executive, shall be delivered to
Executive personally or shall be addressed to Executive (if sent by mail or
overnight courier service) at Executive’s most recent residence address shown in
the Company’s employment records or at such other address or to such designee of
which Executive shall have given notice to the Company in the manner herein
provided. Each such notice shall be deemed to be given on the date of mailing
thereof or delivery to the overnight courier service, or if delivered
personally, on the date so delivered.

16 

Exhibit 10.2 

Section 16. Termination of Any Existing Agreement 

     Any
employment agreement between the parties hereto which is in effect on the date
hereof is hereby terminated and replaced and superseded by this Agreement,
effective on the Effective Date. All payments, of Base Salary or otherwise, made
by the Company under any such existing agreement with respect to any period
commencing on or after the Effective Date shall be credited against the
corresponding payment obligations of the Company under this Agreement with
respect to such period. 

Section 17. Section 409A of the Internal Revenue
Code 

     (a)
Compliance.
This Agreement is intended to comply with the requirements of Section 409A, or
an exemption and shall in all respects be administered and interpreted in
accordance with Section 409A. Notwithstanding anything in the Agreement to the
contrary, distributions upon termination of employment may only be made upon a
separation from service (as determined under Section 409A). Each installment of
any payments and benefits provided to Executive under this Agreement that would
be considered to be deferred compensation (within the meaning of Treasury
Regulation Section 1.409A-1(b)(1)) will be treated as a separate “payment” for
purposes of Section 409A. In no event may Executive, directly or indirectly,
designate the calendar year of any payment to be made under this Agreement if
such designation would violate Section 409A. All reimbursements and in-kind
benefits provided under this Agreement shall be made or provided in accordance
with the requirements of Section 409A. In the event the parties determine that
the terms of this Agreement do not comply with Section 409A, they will negotiate
reasonably and in good faith to amend the terms of this Agreement such that it
complies (in a manner that attempts to minimize the economic impact of such
amendment on Executive and the Company) within the time period permitted by
Section 409A. In no event shall the Company be required to pay Executive any
gross-up or other payment with respect to any taxes or penalties imposed under
Section 409A with respect to any benefit paid to Executive hereunder.

17 

Exhibit 10.2 

     (b)
Delay in Payment. If Executive is a “specified employee” (as such term is defined in
Section 409A) at the time of Executive’s separation from service, any payments
under this Agreement that would be considered to be deferred compensation
(within the meaning of Treasury Regulation §1.409A-1(b)(1)) to which Executive
would otherwise be entitled during the first six (6) months following
Executive’s “separation from service” and payable as a result of such
“separation from service” shall be deferred and accumulated for a period of six
(6) months and paid in a lump sum on the first day of the seventh
(7th) month following such separation from service (or, if earlier,
the date of Executive’s death) (the “Delayed
Payment Date”). On the Delayed Payment Date,
there shall be paid to Executive (or if Executive
has died, to Executive’s Successor defined below), in a single cash lump sum, an
amount equal to the aggregate amount of all payments delayed pursuant to the
preceding sentence, plus interest thereon at the Delayed Payment Interest Rate
(as defined below) computed from the date on which each such delayed payment
otherwise would have been made to Executive until the Delayed Payment Date. For
purposes of the foregoing: (i) “Executive’s Successor”
shall mean such payee or payees as Executive shall at any time designate by
written notice to the Company or in Executive’s last will and testament or, if
no such designation is made, then to the legal representatives of Executive’s
estate, and (ii) the “Delayed Payment Interest
Rate” shall mean the national average annual
rate of interest payable on jumbo six-month bank certificates of deposit, as
quoted in the business section of the most recently published Sunday edition of
the New York Times preceding the date as of which Executive is treated as having
incurred a “separation from service” for purposes of Section 409A. 

18 

Exhibit 10.2 

Section 18. Release

     The payments
and benefits under Sections 4(b)(other than in the event of death) and 4(c) are
subject to the condition that Executive has delivered to the Company an executed
copy of a release substantially in the form attached hereto as Exhibit A (with
such changes as may be required under applicable law) and such release has
become irrevocable within thirty (30) days after the date of Executive’s
“separation from service” as determined under Section 409A. In that event,
payments that would have been made within such 30-day period shall be paid at
the expiration of such 30-day period; provided that any payments or benefits
payable by reason of the death of Executive shall not be subject to the
condition set forth in this Section 18.

19 

Exhibit 10.2 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the day and year first above written. 

		
      PALL CORPORATION 
	 
		 	
		 	
	 		 	
		By: 	/s/ Eric Krasnoff 	
			 	
		Name:  	Eric Krasnoff  	
			 	
		Title: 	CEO 	
		  	
		  	 
		 	
		EXECUTIVE 	
		 	
		  	
		 /s/ Sandra Marino	

20 

Exhibit 10.2 

Exhibit A 

GENERAL RELEASE 

     1. Release of Claims and Waiver of Rights. 

     (a) In
consideration of any payments and benefits being provided to me under Section
4(b) (other than in the event of death) or 4(c) of the employment agreement (the
“Employment Agreement”) dated October [___], 2009, as it may have been amended
to the date hereof, between me and Pall Corporation (the “Company”), those payments
and benefits being good and valuable consideration, the adequacy and sufficiency
of which are acknowledged by me (the “Payments”), I, Sandra Marino, hereby
release, remise and acquit Company, its present and past parents, subsidiaries
and affiliates, their successors, assigns, benefit plans and/or committees, and
their respective present or past officers, directors, managers, supervisors,
employees, shareholders, attorneys, advisors, agents and representatives in
their individual and corporate capacity, and their successors and assigns (the
“Releasees”), from, and hold them harmless against, any and all claims,
obligations, or liabilities (including attorneys, fees and expenses), asserted
or unasserted, known or unknown, that I, my heirs, successors or assigns have or
might have, which have arisen by reason of any matter, cause or thing whatsoever
on or prior to the date on which this General Release is signed. 

     (b) The
terms “claims, obligations, or liabilities” (whether denominated claims,
demands, causes of action, obligations, damages or liabilities) include, but are
not limited to, any and all claims under any contract with the Company, claims
of age, disability, race, religion, national origin, sex, retaliation, and/or
other forms of employment discrimination, breach of express or implied contract,
breach of employee handbook, practices or procedures, libel, slander,
intentional tort or wrongful dismissal, claims for reinstatement or
reemployment, arising under any federal, state, or local common or statutory
law; claims for unpaid salary, commission or fringe benefits; or any other
statutory claim before any state or federal court, tribunal or administrative
agency, arising out of or in any way related to my employment relationship with
the Company and its affiliates and the termination of that relationship. I will
not file or permit to be filed on my behalf any such claim. 

     (c) This
General Release constitutes, among other things, a waiver of all rights and
claims I may have under the Age Discrimination in Employment Act of 1967 (29
U.S.C. 621, et seq.) (“ADEA”), the Americans with Disabilities Act of 1990, the Family
and Medical Leave Act of 1993, Title VII of the United States Civil Rights Act
of 1964, all as amended including the amendment set forth in 42 U.S.C. § 1981
concerning damages in cases of intentional discrimination in employment, the New
York State Human Rights Law, including N.Y. Exec. Law § 296, the New York City
Human Rights Law, including § 8-107 of the Administration Code and Charter of
New York City, and the New York Labor Law, and any other comparable national or
state laws, all as amended.

21 

Exhibit 10.2 

     (d)
Notwithstanding the preceding paragraph (c) or any other provision of this
Agreement, this General Release is not intended to interfere with my right to
file a charge with the Equal Employment Opportunity Commission (the
“EEOC”) in
connection with any claim I believe I may have against the Company or its
affiliates. However, by executing this General Release, I hereby waive the right
to recover in any proceeding I may bring before the EEOC or any state human
rights commission or in any proceeding brought by the EEOC or any state human
rights commission on my behalf. In addition, this General Release is not
intended to interfere with my right to challenge that my waiver of any and all
ADEA claims pursuant to this General Release is a knowing and voluntary waiver,
notwithstanding my specific representation that I have entered into this General
Release knowingly and voluntarily. 

     (e) This
General Release is for any relief, no matter how denominated, including, but not
limited to, injunctive relief, wages, back pay, front pay, compensatory damages,
or punitive damages. 

     (f) This
General Release shall not apply to any rights in the nature of indemnification
which I may have with respect to claims against me relating to or arising out of
my employment with the Company and its affiliates or my service on their
respective boards of directors, or any vested benefit to which I am entitled
under any tax qualified pension plan of the Company or its affiliates, COBRA
continuation coverage benefits or any other similar benefits required to be
provided by statute. Notwithstanding anything to the contrary contained in this
Section 1, I do not release any of the Releasees from the Company’s obligation
to timely provide me with all payments and benefits to which I am entitled
pursuant to the terms of the Employment Agreement, or any other obligations of
the Company under the Employment Agreement. 

     2.
Continued
Cooperation. In consideration of the Payments, I also agree to fully
cooperate with the Company with respect to any reasonable assistance the Company
may request from me upon reasonable notice to me, including but not limited to
in connection with any legal claims, demands, or causes of action against the
Company which relate to or are based on events that arose during the period of
my employment with the Company. The Company shall pay me for such cooperation,
at an hourly rate, calculated on the basis of my regular salary (not including
bonus or any benefits) immediately prior to the termination of my employment
with the Company, for each hour of assistance that I provide to the Company at
its request, and shall reimburse me for all expenses I reasonably incur in
connection with such cooperation, provided I deliver to the Company an
invoice(s) in respect of such amounts, which invoice details with reasonable
sufficiency the assistance provided and the number of hours spent providing such
assistance. Notwithstanding the foregoing, in no case shall the Company require
me to provide such assistance on more than twenty (20) days in any year, nor
shall the Company require me to travel outside the United States to provide such
assistance. A condition for me providing any such assistance is that the Company
shall agree to indemnify me for any and all liability I may incur in connection
with providing such assistance to the same extent as if I was still an executive
officer of the Company.

22 

Exhibit 10.2 

     3.
Representations and
Covenants. I hereby represent and agree to all of the following: 

          (a) I
have carefully read this General Release. 

          (b) I
understand it fully. 

          (c) I am freely, voluntarily and knowingly releasing the
Releasees in accordance with the terms contained above. 

          (d) Before executing this General Release, I had twenty-one
(21) days to consider my rights and obligations under this General Release.

          (e) The period of time I had to consider my rights and
obligations under this General Release was reasonable. 

          (f) Before signing this General Release, I was advised to
consult with an attorney and given a reasonable period of time to do so and in
executing this General Release have not relied on any representation or
statement not set forth herein. 

          (g) Execution of this General Release and the General Release
becoming enforceable (in accordance with paragraph (h) below) within thirty (30)
days from the date of my “separation from service” (as determined under Section
409A of the Internal Revenue Code of 1986, as amended, and the rules and
regulations issued thereunder) is a condition to the Payments, which payments
and benefits are in addition to anything of value to which I am already entitled
to receive from the Company and its affiliates. 

          (h) For a period of seven (7) days following the date on which
I sign this General Release, I may revoke it. Any such revocation must be made
in writing and received by the Corporate Secretary of the Company, by the
seventh day following the date on which I sign this General Release. The
Company’s obligation to pay the consideration as set forth in Section 1 above
shall not become effective or enforceable until this seven (7) day revocation
period has expired without my having exercised my right to revoke. 

          (i) I have reported to the Company any and all work-related
injuries incurred by me during my employment by the Company. 

          (j) There are no pending lawsuits, charges, employee dispute
resolution proceedings, administrative proceedings or other claims of any nature
whatsoever, that I have brought (and which are pending) against any Releasee, in
any state or federal court, before any agency or other administrative body or in
any other forum. 

23 

Exhibit 10.2 

      (k) I am
not aware of any material violation of any laws or Company policies or
procedures by a Company employee or officer that has not been reported to
Company officials. 

      (l) My
obligations under the Employee Agreement (attached hereto) including my
obligations under the sections entitled Covenant Not to Compete,
Non-Disparagement, Non-Solicitation, Inventions and Patents, Trade Secrets and
Confidential Information, are reasonable, are necessary to protect legitimate
interests of the Company, and continue beyond the termination of my employment
and the execution of this General Release. If I violate my obligations under the
Employee Agreement and such violation causes material harm to the Company, I
understand that, in addition to other relief to which the Company may be
entitled, the Company shall be entitled to cease providing the Payments and
benefits provided to me pursuant to Section 1 above unless such violation is
cured (if capable of being cured) within 30 days of notification by the Company
to me of such violation (and, following such cure, all suspended payments shall
be made in a single lump sum), and this General Release will remain in full
force and effect. 

      (m) If I
should hereafter make any claim or demand or commence or threaten to commence
any action, claim or proceeding against the Releasees with respect to any
matter, cause or thing which is the subject of the release under Section 1 of
this General Release, this General Release may be raised as a complete bar to
any such action, claim or proceeding, and the applicable Releasee may recover
from me all costs incurred in connection with such action, claim or proceeding,
including attorneys’ fees. 

      (n) If any
provision of this General Release is declared illegal, invalid, or unenforceable
by any court of competent jurisdiction and cannot be modified to be enforceable,
such provisions will immediately become null and void, leaving the remainder of
this General Release in full force and effect, provided, however, that if the
general release of all claims given by me herein is declared illegal, invalid,
or unenforceable, this General Release will become null and void and, to the
fullest extent permitted by law, any Payments (which are being provided to me as
a result of my execution of this General Release) which have not yet been made
by the Company to me shall no longer be required to be made. 

      (o) Except
as necessary to enforce my rights under this General Release or except as
required to comply with requirements of applicable law or an order or subpoena
of a court of competent jurisdiction (as to which I will notify the Company
reasonably in advance of disclosure) or except to the extent such information
has become public knowledge, I shall keep confidential and not disclose to any
person, other than my spouse or attorneys, accountants and/or tax advisors who
shall be obligated to and agree to keep confidential, the existence, nature and
terms of this General Release, the amount and fact of any payment to me, any and
all discussions, communications, and correspondence leading to this General
Release and any and all events, conduct, statements and/or communications giving
rise to or relating in any way to any and all claims, obligations or
liabilities, I have or may have. This General Release shall not be construed as
an admission by the Company or any other Releasee of any liability whatsoever
for any damages, injuries or other claims, obligations or liabilities alleged or
which may be alleged by me.

24 

Exhibit 10.2 

          (p) This
General Release shall be governed by and construed in accordance with the laws
of the State of New York, without regard to conflicts of laws principles.

     4.
Declaration. I declare under penalty
of perjury under the laws of the State of New
York that the foregoing is true and correct. 

		Signature:  	 	
			 	
		Date: 	 	 
			 	
	 	Name: 	 	
		  	
		Acknowledged before me this _______ day of ___________,
      _______  	
	 	 	
		 	
		NOTARY PUBLIC 	 
		  	
		 	

25

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