Profit-Sharing Plan [Egtrra Amendment] (2003)Full Document 

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                      PALL CORPORATION PROFIT-SHARING PLAN

                                EGTRRA AMENDMENT

         This amendment of the Pall Corporation Profit-Sharing Plan (the "Plan")
is adopted to reflect certain provisions of the Economic Growth and Tax Relief
Reconciliation Act of 2001 ("EGTRRA") which amended certain provisions of the
Internal Revenue Code of 1986, as amended (the "Code"). This amendment is
intended as good faith compliance with the requirements of EGTRRA and is to be
construed in accordance with EGTRRA and guidance issued thereunder. Except as
otherwise provided, this amendment shall be effective as of the first day of the
first Plan year beginning after December 31, 2001. This amendment shall
supersede the provisions of the Plan to the extent those provisions are
inconsistent with the provisions of this amendment.

1. Limitations on Contributions.

         1.1 Effective Date. This section shall be effective for limitation
years beginning after December 31, 2001

         1.2 Maximum Annual Addition. Except to the extent permitted under
section 10 of this amendment and section 414(v) of the Code, if applicable, the
annual addition that may be contributed or allocated to a participant's account
under the Plan for any limitation year shall not exceed the lesser of:

                  (a) $40,000, as adjusted for increases in the cost-of-living
         under section 415(d) of the Code, or

                  (b) 100% of the participant's compensation, within the meaning
         of section 415(c)(3) of the Code, for the limitation year.

         The compensation limit referred to in (b) shall not apply to any
contribution for medical benefits after separation from service (within the
meaning of section 401(k) or section 419A(f)(2) of the Code) which is otherwise
treated as an annual addition.

2. Increase in Compensation Limit. The annual compensation of each participant
taken into account in determining allocations for any Plan year beginning after
December 31, 2001, shall not exceed $200,000, as adjusted for cost-of-living
increases in accordance with section 401(a)(17)(B) of the Code. Annual
compensation means compensation during the Plan year or such other consecutive
12-month period over which compensation is otherwise determined under the Plan
(the determination period). The cost-of-living adjustment in effect for a
calendar year applies to annual compensation for the determination period that

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