MUELLER PAUL CO
CONTRACT PLAN - AMENDMENT 1 -- 12-11-2002
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<DESCRIPTION>CONTRACT PLAN - AMENDMENT 1 -- 12-11-2002
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<B><FONT SIZE=3><P ALIGN="CENTER">AMENDMENT NUMBER ONE<BR>
TO THE<BR>
PAUL MUELLER COMPANY<BR>
CONTRACT EMPLOYEES RETIREMENT PLAN<BR>
(As Restated Effective January 1, 2000)</B><BR>
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<FONT SIZE=3><P ALIGN="JUSTIFY">Section 9.01 of the Paul Mueller Company Contract Employees Retirement Plan (the "Plan") provides that the Employer may amend the Plan at any time.&nbsp; In accordance with the provisions of that Section, the Plan is hereby amended as follows:&nbsp; </P>
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<FONT SIZE=3><P ALIGN="JUSTIFY">1.</FONT></TD>
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<FONT SIZE=3><P ALIGN="JUSTIFY">The definition of "Highly Compensated Employee" in Section 1.02 is revised to read as follows:&nbsp; </P>
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<FONT SIZE=3><P ALIGN="JUSTIFY">HIGHLY COMPENSATED EMPLOYEE shall mean any Employee who: (1)&nbsp;was a 5-percent owner of an Employer at any time during the current or preceding Plan Year, or (2) for the preceding Plan Year, had compensation from an Employer in excess of $80,000.&nbsp; The $80,000 amount will be adjusted for inflation at the same time and in the same manner as under Code Section&nbsp;415(d), except that the base period will be the calendar quarter ending September 30, 1996.&nbsp; </P>
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<FONT SIZE=3><P ALIGN="JUSTIFY">2.</FONT></TD>
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<FONT SIZE=3><P ALIGN="JUSTIFY">The following paragraph is added at the end of the definition of "Leased Employee" in Section 1.02.&nbsp; </P>
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<FONT SIZE=3><P ALIGN="JUSTIFY">This definition of Leased Employee shall apply to Plan Years beginning on or after January 1, 1997.&nbsp; </FONT></TD>
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<P ALIGN="JUSTIFY">The changes made to this Amendment shall be effective as of January 1, 1997.&nbsp; </P>
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<P ALIGN="JUSTIFY">IN WITNESS WHEREOF, Paul Mueller Company has caused this Amendment to be duly executed on its behalf this 11<SUP>th</SUP> day of December 2002.&nbsp; </FONT></TD>
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<B><FONT SIZE=3><P ALIGN="JUSTIFY">PAUL MUELLER COMPANY</B></FONT></TD>
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<FONT SIZE=3><P ALIGN="JUSTIFY">By:</FONT></TD>
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<U><FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;/S/&nbsp;&nbsp;&nbsp;DONALD E. GOLIK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
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<FONT SIZE=3><P ALIGN="JUSTIFY">Title:</FONT></TD>
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<FONT SIZE=3><P>Senior Vice President &amp; CFO</FONT></TD>
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<B><FONT SIZE=3><P>ATTEST</B></FONT></TD>
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<FONT SIZE=3><P ALIGN="JUSTIFY">By:</FONT></TD>
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<U><FONT SIZE=3><P>&nbsp;&nbsp;&nbsp;/S/&nbsp;&nbsp;&nbsp;RONALD W. GIELOW&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
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<FONT SIZE=3><P ALIGN="JUSTIFY">Title:</FONT></TD>
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<FONT SIZE=3><P>Assistant Secretary</FONT></TD>
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<P ALIGN="CENTER">128</P>
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