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Kweaunee Pension Equalization Plan

This is an actual contract by Kewaunee Scientific.

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Sectors: Consumer Products (Durables)
Governing Law: North Carolina, View North Carolina State Laws
Effective Date: May 01, 1999
Related Agreement Types:
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10.42


KEWAUNEE SCIENTIFIC CORPORATION
PENSION EQUALIZATION PLAN
(Effective May 1, 1999)


KEWAUNEE SCIENTIFIC CORPORATION
PENSION EQUALIZATION PLAN
(Effective May 1, 1999)


Article I............................................ 1
Establishment and Purpose....................... 1
1.1 The Plan............................ 1
1.2 Purpose............................. 1
1.3 Plan Year........................... 1


Article II........................................... 1
Administration and Participation................ 1
2.1 Administration...................... 1
2.2 Participation....................... 2


Article III.......................................... 3
Amount and Payment of Benefits.................. 3
3.1 Amount of Benefit................... 3
3.2 Time and Form of Payment............ 3
3.3 Vesting............................. 4
3.4 Death Benefits...................... 4


Article IV........................................... 4
Payment......................................... 4
4.1 Source of Payment................... 4
4.2 Withholding Taxes................... 4
4.3 Disabled or Missing Participants.... 5
4.4 Claims.............................. 5


Article V............................................ 6
General Provisions.............................. 6
5.1 Interests Not Transferable.......... 6
5.2 Plan Not an Employment Contract..... 7
5.3 Effect on Other Benefit Plans....... 7
5.4 Funding............................. 7
5.5 Litigation.......................... 8
5.6 Cooperation......................... 8
5.7 Severability........................ 9
5.8 Applicable Law...................... 9


Article VII.......................................... 9
Amendment and Termination....................... 9


Exhibit A............................................ 11
List of Initial Participants.................... 11


KEWAUNEE SCIENTIFIC CORPORATION
PENSION EQUALIZATION PLAN
(Effective May 1, 1999)


Article I.
---------
Establishment and Purpose
-------------------------


1.1 The Plan. The KEWAUNEE SCIENTIFIC CORPORATION PENSION EQUALIZATION
-------- PLAN (the "Plan") was established by Kewaunee Scientific Corporation (the "Company"), effective May 1, 1999.


1.2 Purpose. The Plan is intended to be an unfunded "top-hat" plan
------- maintained for the purpose of providing a select group of management or highly compensated employees with the full amount of retirement income that they or their beneficiaries would be entitled to receive under the Re-Established Retirement Plan for Salaried Employees of Kewaunee Scientific Corporation (the "Retirement Plan") but for the limits imposed by the Internal Revenue Code on the amount of compensation taken into account under the Retirement Plan. The purpose of the Plan is to advance the interests of the Company by providing such retirement income so as to attract and retain such employees and make their compensation competitive with other opportunities.


1.3 Plan Year. The Plan is maintained by the Company on the basis of a
--------- "Plan Year" which commences on May 1 of each calendar year and ends on April 30 of the following calendar year.


Article II.
----------
Administration and Participation.
--------------------------------


2.1 Administration. Full power and authority to construe, interpret and
-------------- administer the Plan shall be vested in a committee (the "Committee") composed of the Compensation Committee of the Board of Directors of the Company. The Committee shall make each


determination provided for under the Plan and promulgate such rules and regulations as may be required for the implementation or management of the Plan. The Committee may delegate all or any portion of its authority to such persons as it may determine, and may revoke or revise any such delegation at any time. Unless and until otherwise determined by the Committee, the authority of the Committee to establish rules, regulations and procedures that are administrative or ministerial in nature shall be exercised by the Company's Vice President of Human Resources (or such other officer or employee of the Company as may occupy a comparable position). The determinations of the Committee, or of any person to whom the Committee's authority has been delegated, shall be final and binding on all persons (except for the right of appeal set forth in Section 4.4).


2.2 Participation. Participation in the Plan shall be limited to a
------------- select group of management or highly compensated employees of the Company. The initial Participants in the Plan are listed on Exhibit A hereto. Additional management or highly compensated employees shall become Participants only upon being recommended for participation by the President of the Company and approved by the Committee. The mere fact that any employee receives compensation in excess of the amount that may be taken into account under the Retirement Plan shall not in itself entitle the employee to participate in the Plan. Nothing contained in the Plan shall confer upon any Participant any right to be continued in the employ of the Company or interfere in any way with the right of the Company to terminate a Participant's employment at any time.


-2-


Article III.
-----------
Amount and Payment of Benefits.
------------------------------


3.1 Amount of Benefit. The benefit payable to each Participant, or to
----------------- any beneficiary of a Participant, pursuant to this Plan shall be equal to the excess, if any, of (i) the benefit that would have been payable to such Participant or beneficiary under the Retirement Plan if the Participant's compensation taken into account under the Retirement Plan were not limited under Section 401(a)(17) of the Internal Revenue Code (or any successor to such provision, as determined by the Committee), over (ii) the benefit actually paid to such Participa
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