Document:

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                                                                    EXHIBIT 10.2

                                PALL CORPORATION

                       2004 EXECUTIVE INCENTIVE BONUS PLAN

                                      _____

1.       PURPOSE

         This document sets forth the Pall Corporation 2004 Executive Incentive
Bonus Plan as adopted by the Compensation Committee of the Board of Directors on
October 16, 2003 effective for the fiscal year beginning August 3, 2003 and
subsequent fiscal years, approved by shareholders at the Annual Meeting on
November 19, 2003 and amended by the Board of Directors, acting by its
Compensation Committee, on July 19, 2005.

         The purpose of the Plan is to encourage greater focus on performance
among the key executives of the Corporation by relating a significant portion of
their total compensation to the achievement of annual financial objectives.

2.       CERTAIN DEFINITIONS

         As used herein with initial capital letters, the following terms shall
have the following meanings:

         "AVERAGE EQUITY" shall mean, for any Fiscal Year, the average of
stockholders' equity as shown on the fiscal year-end consolidated balance sheet
of the Corporation and its subsidiaries as of the end of such Fiscal Year and as
of the end of the immediately preceding Fiscal Year except that the amounts
shown on said balance sheets as "Accumulated other comprehensive" income or
loss, as the case may be, shall be disregarded.

         "BASE SALARY" shall mean, with respect to any Executive and for any
Fiscal Year, the annual rate of base salary in effect for the Executive as of
the first day of such year or, if later, as of the first day of the Executive's
Term of Employment, as determined under the Executive's Employment Agreement.

         "BOARD OF DIRECTORS" shall mean the Board of Directors of the
Corporation.

         "BONUS" shall mean the bonus payable to an Executive under this Plan
for any Fiscal Year.

         "CEO" shall mean the Chief Executive Officer of the Corporation.

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         "CHANGE IN CONTROL" means the occurrence of any of the following:

         (a)      the "Distribution Date" as defined in Section 3 of the Rights
                  Agreement dated as of November 17, 1989 between the
                  Corporation and United States Trust Company of New York as
                  Rights Agent, as amended by Amendment No. 1 thereto dated
                  April 20, 1999, and as the same may have been further amended
                  or extended to the time in question or in any successor
                  agreement (the "Rights Agreement"); or

         (b)      any event described in Section 11(a)(ii)(B) of the Rights
                  Agreement; or

         (c)      any event described in Section 13 of the Rights Agreement; or

         (d)      the date on which the number of duly elected and qualified
                  directors of the Corporation who were not either elected by
                  the Board of Directors or nominated by the Board of Directors
                  or its Nominating Committee for election by the shareholders
                  shall equal or exceed one-third of the total number of
                  directors of the Corporation as fixed by its by-laws;

provided, however, that no Change in Control shall be deemed to have occurred,
and no rights arising upon a Change in Control as provided in Section 6 shall
exist, to the extent that the Board of Directors so determines by resolution
adopted prior to the Change in Control.

         "CODE" shall mean the Internal Revenue Code of 1986, as amended.

         "COMMITTEE" shall mean the Compensation Committee of the Board of
Directors.

         "CORPORATION" shall mean Pall Corporation.

         "COVERED EXECUTIVE" shall mean, with respect to any Fiscal Year, each
individual who is a "Covered Employee" of the Corporation for such year for the
purpose of section 162(m) of the Code.

         "EMPLOYMENT AGREEMENT" shall mean, with respect to any executive
employee of the Corporation, an employment agreement between the Corporation and
such employee which provides that the employee shall be eligible to receive
annual bonuses under this Plan.

         "EXECUTIVE" shall mean an executive employee of the Corporation with
whom the Corporation has entered into an Employment Agreement.

         "FISCAL YEAR" shall mean the fiscal year of the Corporation ending on
July 31, 2004, and each subsequent fiscal year of the Corporation.

         "MAXIMUM R.O.E. TARGET" shall mean, for any Fiscal Year, the Return on
Equity that must be achieved or exceeded in order for the Performance Percentage
for the year to equal 100%, as determined by the Committee prior to the first
day of such year or within such period of time thereafter as may be permitted
under the regulations issued under ss.162(m) of the Code.

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         "MINIMUM R.O.E. TARGET" shall mean, for any Fiscal Year, the Return on
Equity that must be exceeded in order for any Bonus to be paid to any Executive
for the year, as determined by the Committee prior to the first day of such year
or within such period of time thereafter as may be permitted under the
regulations issued under ss.162(m) of the Code.

         "NET EARNINGS" shall mean, for any Fiscal Year, the after-tax
consolidated net earnings of the Corporation and its subsidiaries as certified
by the Corporation's independent accountants for inclusion in the annual report
to shareholders ("Annual Report"), adjusted so as to eliminate the effects of
any decreases in or charges to earnings for (a) the effect of foreign currency
exchange rates, (b) any acquisitions, divestitures, discontinuance of business
operations, restructuring or any other special charges, (c) the cumulative
effect of any accounting changes, and (d) any "extraordinary items" as
determined under generally accepted accounting principles, to the extent such
decreases or charges referred to in clauses (a) through (d) are separately
disclosed in the Corporation's Annual Report for the year.

         "PLAN" shall mean the Pall Corporation Executive Incentive Bonus Plan,
as set forth herein and as amended from time to time.

         "RETURN ON EQUITY" shall mean, for any Fiscal Year, the percentage
determined by dividing the Net Earnings for the year by the Average Equity for
the year.

         "TARGET BONUS PERCENTAGE" shall mean, with respect to any Executive,
the target bonus percentage specified for such Executive in his or her
Employment Agreement.

3.       DETERMINATION OF BONUS AMOUNTS

         For each Fiscal Year falling in whole or in part within an Executive's
Term of Employment, as defined in his or her Employment Agreement, the Executive
shall be entitled to receive a Bonus in an amount determined in accordance with
the provisions of this Section 3, subject, however, to the provisions of Section
4.

         (a) The amount of the Bonus payable to an Executive for each such
Fiscal Year shall be equal to (i) the Target Bonus Percentage of the Executive's
Base Salary for such year, multiplied by (ii) the Performance Percentage for
such year, as determined under (b) below.

         (b) The Performance Percentage for any Fiscal Year shall be determined
in accordance with the following provisions:

             (i) If the Return on Equity equals or exceeds the Maximum R.O.E.
         Target for the year, the Performance Percentage for the year shall be
         100%.

             (ii) If the Return on Equity equals or is less than the Minimum
         R.O.E. Target for the year, the Performance Percentage for the year
         shall be zero, and no Bonus shall be payable under the Plan for such
         year to any Executive.

             (iii) Except as other provided in (iv) below, if the Return on
         Equity is less than the Maximum R.O.E. Target for the year but exceeds
         the Minimum R.O.E. Target for the year, the Performance Percentage for
         the year shall be equal to the quotient resulting from dividing (A) the
         excess of the Return on Equity for the year over the Minimum R.O.E.
         Target for the year, by (B) the excess of the Maximum R.O.E. Target for
         the year over the Minimum R.O.E. Target for the year.

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             (iv) At the time it establishes the Minimum and Maximum R.O.E.
         Targets for any Fiscal Year beginning on or after August 3, 2003, the
         Committee may also (A) establish one or more R.O.E. targets (each, an
         "Intermediate R.O.E. Target") for such year that are greater than the
         Minimum R.O.E. Target but less than the Maximum R.O.E. Target for such
         year, and (B) determine the Performance Percentage that will apply if
         the Return on Equity exceeds the Minimum R.O.E. Target, or equals any
         of the Intermediate R.O.E. Targets established for such year. If one or
         more Intermediate R.O.E. Targets are established for any such Fiscal
         Year and the Return on Equity for such year exceeds the Minimum R.O.E
         Target or any Intermediate R.O.E Target established for the year (the
         "Achieved Target") but is less than the next highest Intermediate R.O.E
         Target established for the year (the "Next Highest Target"), the
         Performance Percentage for such year shall be equal to the Performance
         Percentage that would apply if the Return on Equity were equal to the
         Achieved Target, plus the percentage resulting from multiplying (1) the
         excess of the Performance Percentage that would apply if the Return on
         Equity were equal to the Next Highest Target, over the Performance
         Percentage that would apply if the Return on Equity were equal to the
         Achieved Target, by (2) the percentage resulting from dividing (x) the
         excess of the Return on Equity over the Achieved Target, by (y) the
         excess of the Next Highest Target over the Achieved Target. If the
         Return on Equity for the year exceeds the highest Intermediate R.O.E.
         Target for the year but is less than the Maximum R.O.E. Target for the
         year, the Performance Percentage for the year shall be determined in
         the manner described in the preceding sentence but for this purpose,
         the Maximum R.O.E. Target for the year shall be treated as the Next
         Highest Target for the year.

         (c) If an Executive's Term of Employment commences after the start of a
Fiscal Year, or ends prior to the close of a Fiscal Year, the amount of the
Bonus payable to the Executive for the Fiscal Year in which the Executive's Term
of Employment commences, or for the Fiscal Year in which the Executive's Term of
Employment ends, as determined in accordance with the other applicable
provisions of the Plan, shall be prorated on the basis of the number of days of
such Fiscal Year that fall within the Executive's Term of Employment; provided,
however, that (i) if an Executive's Term of Employment ends within 5 days prior
to the close of a Fiscal Year, there shall be no proration and the Executive
shall be entitled to receive the entire amount of the Bonus payable to the
Executive for such year, as determined in accordance with such other provisions,
and (ii) if the Executive's Term of Employment ends within 5 days following the
start of a Fiscal Year, the Executive shall not be entitled to receive any Bonus
with respect to such Fiscal Year.

4.       ADJUSTMENT OF AND LIMITATION ON BONUS AMOUNTS

         The amount of the Bonus otherwise payable to an Executive for any
Fiscal Year in accordance with Section 3 shall be subject to the following
adjustments and limitation:

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         (a) The Committee may, in its discretion, reduce the amount of the
Bonus otherwise payable to any Executive in accordance with Section 3, (i) to
reflect any decreases in or charges to earnings that were not taken into account
in determining Net Earnings for the year pursuant to clause (a), (b), (c) or (d)
contained in the definition of such term in Section 2, (ii) to reflect any
credits to earnings for extraordinary items of income or gain that were taken
into account in determining Net Earnings for the year, (iii) to reflect the
Committee's evaluation of the Executive's individual performance, or (iv) to
reflect any other events, circumstances or factors which the Committee believes
to be appropriate in determining the amount of the Bonus to be paid to the
Executive for the year.

         (b) The Committee may, in its discretion, increase the amount of the
Bonus otherwise payable to any Executive who is not a Covered Executive, as
determined under Section 3, to reflect the Committee's evaluation of the
Executive's individual performance, or to reflect such other circumstances or
factors as the Committee believes to be appropriate in determining the amount of
the Bonus to be paid to the Executive for the year. The Committee shall not have
any discretion to increase the amount of the Bonus payable to any Covered
Executive for the year, as determined under Section 3.

         (c) Notwithstanding any other provision herein to the contrary, the
amount of the Bonus otherwise payable to any Executive for any Fiscal Year
beginning on or after August 3, 2003, shall not exceed the lesser of (i) $2.0
million and (ii) 150% of the Executive's Base Salary for such Fiscal Year.

5. PAYMENT OF BONUSES

         The Bonus payable to an Executive for any Fiscal Year shall be paid in
accordance with the following provisions:

         (a) Except as otherwise provided in (b) or (c) below,

             (i) if the Executive is not a Covered Executive for such year, not
         less than 50% of the estimated amount of the Executive's Bonus shall be
         paid to the Executive on such date in September next following the
         close of such year as the Committee in its discretion shall determine
         (the first "Bonus Payment Date"), and any remaining amount of the
         Executive's Bonus shall be paid to the Executive by no later than
         January 15 next following the close of such year;

             (ii) if the Executive is a Covered Executive for such year, not
         less than 50% of the amount of the Executive's Bonus shall be paid to
         the Executive as soon as practicable after the Committee has certified
         in writing that all conditions for the payment of such Bonus to the
         Executive for such year have been satisfied, and any remaining amount
         of the Executive's Bonus shall be paid to the Executive by no later
         than January 15 next following the close of such year;

             (iii) each amount payable to an Executive under (i) and (ii) above,
         reduced by the amount of all federal, state and local taxes required by
         law to be withheld therefrom, shall be paid to the Executive in the
         form of a single lump sum cash payment.

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         (b) To the extent that an Executive has elected under the applicable
provisions of the Pall Corporation Management Stock Purchase Plan (the "MSPP")
to have any part of the Bonus payable to the Executive for any Fiscal Year paid
in the form of Restricted Units to be credited to the Executive's account under
the MSPP, no cash payments shall be made to the Executive pursuant to (a) above
with respect to the part of the Executive Bonus that is subject to such
election, and the obligation of the Corporation under this Plan with respect to
payment of such part of the Executive's Bonus shall be fully discharged upon the
crediting of Restricted Units to the Executive's account under the MSPP in
accordance with the applicable provisions of such Plan.

         (c) To the extent that an Executive has elected under the applicable
provisions of the Pall Corporation Profit-Sharing Plan (the "Profit-Sharing
Plan") to have any part of the Bonus payable to the Executive for any Fiscal
Year reduced, and to have an amount equal to such part of the Executive's Bonus
contributed to the Profit-Sharing Plan as a 401(k) Contribution on the
Executive's behalf, an amount equal to such part of the Executive's Bonus shall
be contributed to the Profit-Sharing Plan on behalf of the Executive, and
thereupon, the obligation of the Corporation under this Plan with respect to
payment of such part of the Executive's Bonus shall be fully discharged.
However, no such contribution shall be made to the extent it would cause any
limitation applicable under the 401(k) Plan to be exceeded.

6.       CHANGE IN CONTROL

         Notwithstanding any other provision in the Plan to the contrary (but
subject to the "provided, however" clause contained in the definition of "Change
in Control" in Section 2), upon the occurrence of a Change in Control, the
following provisions shall apply.

         (a) The amount of the Bonus payable to any Executive for the Fiscal
Year in which a Change in Control occurs shall be at least equal to the Target
Bonus Percentage of the Executive's Base Salary for such year or, in the case of
any Executive whose Term of Employment commences after the start of such year or
ends prior to the close of such year, a pro rata portion thereof determined on
the basis of the number of days of such Fiscal Year that fall within the
Executive's Term of Employment.

         (b) Each Executive whose Term of Employment has not ended prior to the
occurrence of a Change in Control shall be entitled to receive a Bonus for each
Contract Year (as defined in the Executive's Employment Agreement) that falls in
whole or in part within the Executive's Term of Employment and that ends after
the Fiscal Year in which the Change in Control occurs. The amount of the Bonus
payable to the Executive for each such Contract Year shall be at least equal to
the Target Bonus Percentage of the Executive's Base Salary for such Contract
Year or, in the case of any Executive whose Term of Employment ends after the
start of such Contract Year but prior to the close of such year, a pro rata
portion thereof determined on the basis of the number of days of such Contract
Year that fall within the Executive's Term of Employment.

         (c) The entire amount of the Bonus payable to an Executive for any
Fiscal Year or Contract Year pursuant to (a) or (b) above, reduced by the amount
of all federal, state and local taxes required to be withheld therefrom, shall
be paid to the Executive in a single cash lump sum as soon as practicable after
the close of such Fiscal Year or Contract Year, but in no event later than 2 1/2
months after the close of such Fiscal Year or Contract Year.

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7. RIGHTS OF EXECUTIVES

         An Executive's rights and interests under the Plan shall be subject to
the following provisions:

         (a) An Executive's rights to payments under the Plan shall not be
subject in any manner to anticipation, alienation, sale, transfer, assignment,
pledge, encumbrance, attachment, or garnishment by creditors of the Executive.

         (b) Neither the Plan nor any action taken hereunder shall be construed
as giving any Executive any right to be retained in the employment of the
Corporation or any of its subsidiaries.

8.       ADMINISTRATION

         The Plan shall be administered by the Committee. A majority of the
members of the Committee shall constitute a quorum. The Committee may act at a
meeting, including a telephone meeting, by action of a majority of the members
present, or without a meeting by unanimous written consent. In addition to the
responsibilities and powers assigned to the Committee elsewhere in the Plan, the
Committee shall have the authority, in its discretion, to establish from time to
time guidelines or regulations for the administration of the Plan, interpret the
Plan, and make all determinations considered necessary or advisable for the
administration of the Plan.

         The Committee may delegate any ministerial or nondiscretionary function
pertaining to the administration of the Plan to any one or more officers of the
Corporation.

         All decisions, actions or interpretations of the Committee under the
Plan shall be final, conclusive and binding upon all parties. Notwithstanding
the foregoing, any determination made by the Committee after the occurrence of a
Change in Control that denies in whole or in part any claim made by any
individual for benefits under the Plan shall be subject to judicial review,
under a "de novo", rather than a deferential standard.

9.       AMENDMENT OR TERMINATION

         The Board of Directors may, (acting by the Committee if the by-laws of
the Corporation so provide), with prospective or retroactive effect, amend,
suspend or terminate the Plan or any portion thereof at any time; provided,
however, that (a) no amendment, suspension or termination of the Plan shall
adversely affect the rights of any Executive with respect to any Bonus that has
become payable to the Executive under the Plan, without his or her written
consent, and (b) following a Change in Control, no amendment to Section 6, and
no termination of the Plan, shall be effective if such amendment or termination
adversely affects the rights of any Executive under the Plan.

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10.      SUCCESSOR CORPORATION

         The obligations of the Corporation under the Plan shall be binding upon
any successor corporation or organization resulting from the merger,
consolidation or other reorganization of the Corporation, or upon any successor
corporation or organization succeeding to substantially all of the assets and
business of the Corporation. The Corporation agrees that it will make
appropriate provision for the preservation of Executives' rights under the Plan
in any agreement or plan which it may enter into or adopt to effect any such
merger, consolidation, reorganization or transfer of assets.

11.      GOVERNING LAW

         The Plan shall be governed by and construed in accordance with the laws
of the State of New York.

12.      EFFECTIVE DATE

         The Plan was adopted by the Committee, on October 16, 2003 effective
for the Fiscal Year beginning August 3, 2003, subject, however, to approval by
the shareholders of the Corporation at the 2003 annual meeting of the
shareholders, including any adjournment thereof.

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                                                                    EXHIBIT 10.3

                                PALL CORPORATION

                        SUPPLEMENTARY PROFIT-SHARING PLAN

                    (As amended and restated on July 19, 2005
                        effective as of January 1, 2005)

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                                PALL CORPORATION
                        SUPPLEMENTARY PROFIT-SHARING PLAN

                  This document sets forth the Pall Corporation Supplementary
Profit-Sharing Plan, as amended and restated by the Compensation Committee of
the Board of Directors on July 19, 2005 effective as of January 1, 2005.

                  The rights and entitlement to a benefit under the Plan of any
person who terminated employment with any Employer prior to the effective date
of a particular amendment to the Plan shall be determined solely under the terms
of the Plan as in effect on the date of such termination of employment, without
regard to such amendment.

                                    SECTION 1
                                     PURPOSE

                  The purpose of this Plan is to provide participants in the
Pall Corporation Profit-Sharing Plan (the "Profit-Sharing Plan") with an
employer profit-sharing benefit that is the equivalent of the total Company
contribution provided under the Profit-Sharing Plan, with respect to that
portion of their annual compensation which may not be taken into account under
the Profit-Sharing Plan because of the limitation on compensation contained in
section 401(a)(17) of the Internal Revenue Code.

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

                                    SECTION 2
                                   DEFINITIONS

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

                  Section 2.1 "Account" means the account established for a
Participant hereunder.

                  Section 2.2 "Board" means the Board of Directors of the
Company.

                  Section 2.3 "Code" means the Internal Revenue Code of 1986, as
amended from time to time.

                  Section 2.4 "Committee" means the Administrative Committee
appointed by the Board to administer the Plan.

                  Section 2.5 "Company" means Pall Corporation, a New York
corporation.

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                  Section 2.6 "Compensation" means "Compensation", as defined in
the Profit-Sharing Plan for purposes of Section 3.4 of the Profit Sharing Plan.

                  Section 2.7 "Corresponding PSP Plan Year" means, with respect
to any Plan Year, the plan year of the Profit-Sharing Plan that corresponds to
such Plan Year.

                  Section 2.8 "Corresponding Valuation Period" means, with
respect to any Valuation Date, the period of time which starts on the day after
the immediately preceding Valuation Date and ends on such Valuation Date.

                  Section 2.9 "Employer" means the Company or any subsidiary of
the Company that has adopted the Profit-Sharing Plan.

                  Section 2.10 "Employer Contribution" means "Employer
Contribution", as defined in the Profit-Sharing Plan.

                  Section 2.11 "Employer Contribution Account" means the
"Employer Contribution Account", as defined in the Profit-Sharing Plan,
maintained for a participant under the Profit-Sharing Plan.

                  Section 2.12 "Excess Compensation" means, for any Plan Year,
the amount of a Participant's Compensation for the taxable year of the Employer
which ends in such Plan Year that is in excess of the limitation on Compensation
in effect for such Plan Year under section 401(a)(17) of the Code.

                  It is provided, however, that for the Short Plan Year, "Excess
Compensation" shall be the amount of a Participant's Compensation paid to the
Participant during such Plan Year in excess of the limitation on Compensation in
effect for such Plan Year under section 401(a)(17) of the Code.

                  Section 2.13 "Participant" means any person (i) who, on or
after August 1, 1993, is employed by an Employer and is a participant in the
Profit-Sharing Plan, and (ii) who has had Excess Compensation for any Plan Year
beginning on or after August 1, 1993.

                  Section 2.14 "Plan" means the Pall Corporation Supplementary
Profit-Sharing Plan, as set forth herein and as amended from time to time.

                  Section 2.15 "Plan Year" means, after July 31, 1993, the
5-consecutive month period beginning on August 1, 1993 and ending on December
31, 1993 (the "Short Plan Year"), and, thereafter, each calendar year.

                  Section 2.16 "Profit-Sharing Plan" means the Pall Corporation
Profit-Sharing Plan, as amended from time to time.

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                  Section 2.17 "Termination of Service" means the termination of
a Participant's employment with all Employers.

                  Section 2.18 "Valuation Date" means (i) for the Short Plan
Year, the last business day of October and December of such year and (ii) after
December 31, 1993, the last business day of the third, sixth, ninth and twelfth
months during a Plan Year.

                                    SECTION 3
                      SUPPLEMENTARY PROFIT-SHARING BENEFIT

                  3.1 The Benefit. As of the last day of each Plan Year
beginning on or after August 1, 1993, each Participant's Account shall be
credited with an amount equal to (a) the Participant's Excess Compensation for
such year, multiplied by (b) a fraction, the numerator of which is the aggregate
amount of Employer Contributions allocated to all Employer Contribution Accounts
with respect to the Corresponding PSP Plan Year, and the denominator of which is
the aggregate amount of Compensation taken into account in making such
allocation. For the purpose of the preceding sentence, the aggregate amount of
Employer Contributions so allocated shall be determined without regard to any
reduction made from the Employer Contributions for amounts described in clause
(b)(3) and on or after January 1, 1999, clause (b)(4) of the second paragraph of
Section 3.4 of the Profit-Sharing Plan.

                  Notwithstanding the foregoing, no amount shall be allocated to
the Account of a Participant for the Plan Year in which the Participant's
Termination of Service occurs, unless the Participant is entitled to have a
portion of the Employer Contributions made to the Profit-Sharing Plan for the
Corresponding PSP Plan Year allocated to his or her Profit-Sharing Plan Account
for such year.

                                    SECTION 4
                         ACCOUNTS, EARNINGS AND VESTING

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

                  4.2 Earnings. As of each Valuation Date occurring after August
1, 1993, each Participant's Account shall be credited, or charged, with an
amount determined by multiplying (a) the balance of such Account as of the
immediately preceding Valuation Date, by (b) the Earnings Adjustment Factor for
such Valuation Date. The Earnings Adjustment Factor for any Valuation Date shall
be a fraction. The numerator of such fraction shall be the amount of the
earnings or losses that would have resulted during the Corresponding Valuation
Period for such Valuation Date if, on the first day of such period, an amount
equal to the balance of the Participant's Employer Contribution Account as of
the immediately preceding Valuation Date had been invested in the Fidelity Asset
Manager fund. The denominator of such fraction shall be the balance of the
Participant's Employer Contribution Account as of the immediately preceding
Valuation Date. If the numerator of the Earnings Adjustment Factor for any
Valuation Date is a negative amount, the adjustment to be made to the
Participant's Account pursuant to this Section 4.2 as of such Valuation Date
shall be a charge to such Account.

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                  In the case of any Participant who had a balance to his credit
in his Account as of July 31, 1993, such date shall be treated as the Valuation
Date immediately preceding the Valuation Date occurring in October of 1993, for
purposes of determining the amount to be credited or charged to such
Participant's Account under this Section 4.2 as of the October, 1993 Valuation
Date.

                  4.3 Vesting. As of any date of reference or upon the
occurrence of any event, a Participant shall have a vested interest in the same
percentage of his or her Account as the vested percentage the Participant has in
his or her Employer Contribution Account on such date or by reason of the
occurrence of such event.

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

                                    SECTION 5
                               PLAN DISTRIBUTIONS

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

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

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

                  (ii) In the case of any Participant (x) who immediately prior
         to his or her Termination of Service was a "specified employee" within
         the meaning of section 409A(a)(2)(B)(i) of the Code, and (y) whose
         Termination of Service occurs on or after January 1, 2005 for any
         reason other than death or as a result of having become "disabled"
         within the meaning of section 409A(a)(2)(C) of the Code, distribution
         with respect to such Participant's Account balance shall be made (A) on
         the day which is six months after the date on which the Participant's
         Termination of Service occurs (the Participant's "Delayed Distribution
         Date"), or (B) if the Participant dies before his or her Delayed
         Distribution Date, by no later than seven business days after the
         Company receives written notice of the Participant's death.

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                  (iii) In the case of any Participant described in (ii) above
         whose Termination of Service occurs at any time during 2005,
         distribution with respect to the Participant's Account balance shall
         not be subject to delay in accordance with the provisions of (ii) above
         if the Participant's Account balance is distributed to the Participant
         on or before December 31, 2005. Distribution so made to the Participant
         shall be treated as having been made upon the Participant's termination
         of participation in this Plan for purposes of Q & A 20 of IRS Notice
         2005-1.

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

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

                  (d) Special Rule for Amounts Credited to a Participant's
Account After a Distribution. If a distribution is made to or on behalf of any
Participant by the Plan pursuant to this Section 5, and if any amount is
credited to such Participant's Account after such distribution has been made,
then the portion of the amount so credited in which the Participant is vested
shall be paid to the Participant, or, if the Participant has died, to his
Beneficiary (as determined in subsection (c)), in a single lump-sum payment,
within 30 days of the later of (1) the date as of which the amount is so
credited, or (2) the date on which the Committee determines that such amount is
to be so credited.

                                    SECTION 6
                                SOURCE OF PAYMENT

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

                                       5
<PAGE>

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

                                    SECTION 7
                           ADMINISTRATION OF THE PLAN

                  The Plan shall be administered by the Committee, which shall
have full power and authority to interpret and construe the Plan, to make all
determinations considered necessary or advisable for the administration of the
Plan and the calculation of the amounts creditable and payable thereunder, and
to review claims for benefits under the Plan. The Committee's interpretations
and constructions of the Plan and its decisions or actions thereunder shall be
binding and conclusive on all persons for all purposes.

                  No member of the Committee shall be personally liable by
reason of any contract or other instrument executed by such member or on his or
her behalf in his or her capacity as a member of the Committee nor for any
mistake of judgment made in good faith, and the Company shall indemnify and hold
harmless each member of the Committee and each other employee, officer, or
director of the Company to whom any duty or power relating to the administration
or interpretation of the Plan may be allocated or delegated, against any cost or
expense (including counsel fees) or liability (including any sum paid in
settlement of a claim) arising out of any act or omission to act in connection
with the Plan unless arising out of such person's own fraud or bad faith.

                                    SECTION 8
                            AMENDMENT AND TERMINATION

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

                                       6
<PAGE>

                                    SECTION 9
                               GENERAL PROVISIONS

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

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

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

                  9.3 Payment of Taxes. The Company shall withhold from all
amounts otherwise payable under the Plan all Federal, state, local or other
taxes required pursuant to law to be withheld with respect to such payments.

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

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

                                       7

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