NORTHWEST PIPE CO
EXHIBIT 10.21
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<TYPE>EX-10.21
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<DESCRIPTION>EXHIBIT 10.21
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<H2><FONT SIZE=2> </FONT></H2>
<P ALIGN="RIGHT"><FONT SIZE=2><B>EXHIBIT 10.21</B></FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke1125_northwest_pipe_nq_retirement_savings_plan"> </A></FONT> <FONT SIZE=2><B>NORTHWEST PIPE NQ RETIREMENT SAVINGS PLAN         </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Northwest Pipe NQ Retirement Savings Plan (hereinafter referred to as the "Plan") is hereby established as of </FONT><FONT SIZE=2><B>July&nbsp;1,
1999</B></FONT><FONT SIZE=2> for the exclusive benefit of the Participants on the following terms. </FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke1125_article_1_definitions"> </A></FONT> <FONT SIZE=2><B>ARTICLE 1<BR>       DEFINITIONS         </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following words and phrases used in the Plan have the meanings set forth below, unless a different meaning is specifically provided for. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;"Administrative
Committee" means the committee appointed and acting pursuant to Article&nbsp;8. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;"Base
Salary" means as to each Participant, the amount of compensation established by the Company as his annual rate of cash compensation excluding bonuses and
other forms of compensation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;"Beneficiary"
means the person or persons designated from time to time by the Participant to receive benefits from the Plan upon the death of the Participant. The
designation may be changed by the Participant from time to time by filing a new designation with the Administrative Committee in such form as it may prescribe. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If
there is no effective designation at the date of the Participant's death, then the Beneficiary is to be the spouse of the Participant, if then living. If there is no effective
designation at the date of death of
the Participant and if the spouse is not then living, the Beneficiary is to be the Participant's children, in equal shares; or if there be none surviving, the Participant's parents; or if there be
none surviving, the Participant's brothers and sisters, in equal shares; or if there be none surviving, the estate of the Participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.4&nbsp;"Change
of Control" means the purchase or other acquisition by any person, entity or group of persons, within the meaning of &sect;13(d) or
&sect;14(d) of the Securities Exchange Act of 1934 ("Act"), or any comparable successor provisions, of beneficial ownership (within the meaning of Rule&nbsp;13d-3 promulgated
under the Act) of 50% or more of either the outstanding shares of common stock or the combined voting power of the Company's then outstanding voting securities entitled to vote generally, or the
approval by the stockholders of the Company of a reorganization, merger, or consolidation, in each case, with respect to which persons who were stockholders of the Company immediately prior to the
reorganization, merger or consolidation do not, immediately thereafter, own more than 50% of the combined voting power entitled to vote generally in the election of directors of the reorganized,
merged or consolidated Company's then outstanding securities, or a liquidation or dissolution of the Company or of the sale of all or substantially all of the Company's assets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.5&nbsp;"Company"
means Northwest Pipe Company and any successor to all or a major portion of its assets or business which by appropriate action adopts the Plan. Company is
a corporation with principal offices in the state of Oregon. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.6&nbsp;"Compensation"
means as to each Participant, all amounts paid or accrued during the Plan Year for services rendered to the Company, including overtime, bonuses,
commissions and elective deferrals to a cash or deferred profit sharing plan. Nonqualified deferred compensation which is paid or becomes taxable to a Participant while still employed by the Company
is excluded from this definition of Compensation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.7&nbsp;"Deferral
Account" means the account maintained for each Participant which reflects the deferrals made by the Participant pursuant to Section&nbsp;3.1 and the
increases or decreases in the value of the Trust Fund allocable thereto, as provided in Article&nbsp;4 of the Plan. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1 - NQ PLAN DOCUMENT</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;1.8&nbsp;"Directors" means the Board of Directors of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.9&nbsp;"Disability"
means a physical or mental condition of a Participant resulting from bodily injury, disease or mental disorder which qualifies him for benefits under
the long term disability insurance provided by the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.10&nbsp;"Early
Retirement" means for any Participant the termination of Employee status on or after Early Retirement Age and before Normal Retirement and not working (as
an employee or consultant, etc.) in any industry in which the Company is doing business at the time of the Participant's retirement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.11&nbsp;"Early
Retirement Age" means a completion of a period of service of at least ten years and attaining age 55. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.12&nbsp;"Employee"
means an individual who is employed by the Company to render personal services and whose earnings constitute wages under &sect;3121(a) of the
Internal Revenue Code; but excludes independent contractors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.13&nbsp;"ERISA"
means the Employee Retirement Income Security Act of 1974, as amended from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.14&nbsp;"Forfeitures"
mean the portion of the Participant's Matching and/or Target Account which a Participant loses under Sections 6.2, 6.3 and/or 6.4. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.15&nbsp;"Internal
Revenue Code" or "Code" mean the Internal Revenue Code of 1986, as amended or replaced from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.16&nbsp;"Matching
Account" means the account maintained for each Participant which reflects the Participant's share of Company matching contributions made pursuant to
Section&nbsp;3.2 and increases or decreases in the value of the Trust Fund allocable thereto, as provided in Article&nbsp;4. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.17&nbsp;"Normal
Retirement" means for any Participant the termination of Employee status on or after Normal Retirement Age and not working (as an employee or consultant,
etc. for at least 5&nbsp;years or age
68 if sooner) in any industry in which the Company is doing business at the time of the Participant's retirement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.18&nbsp;"Normal
Retirement Age" means attaining age 65. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.19&nbsp;"Participant"
means an Employee who becomes a Participant in the Plan pursuant to Article&nbsp;2 either as an Officer-Participant or a non-officer
Participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.20&nbsp;"Period
of Participation" is measured from entry into this Plan to severance from service. For vesting purposes, the Period of Participation is to be rounded down
to the nearest integer; and periods of severance are to be disregarded. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.21&nbsp;"Plan
Year" means the 12 consecutive month period which ends on June&nbsp;30. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.22&nbsp;"Target
Account" means the account maintained for each Officer-Participant which reflects the Officer-Participant's share of Company contributions made pursuant to
Section&nbsp;3.3 and increases or decreases in the value of the Trust Fund allocable thereto, as provided in Article&nbsp;4. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.23&nbsp;"Trustee"
means the trustee or trustees under the Trust Agreement referred to in Article&nbsp;5, or any duly appointed successor. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.24&nbsp;"Trust
Fund" means all moneys, securities, and assets held by the Trustee pursuant to the terms of the Plan and the Trust Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.25&nbsp;"Valuation
Date" means the last day of each Plan Year and any other date on which the Administrative Committee decides to value the Trust Fund. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2 - NQ PLAN DOCUMENT</FONT></P>

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<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke1125_article_2_eligibility"> </A></FONT> <FONT SIZE=2><B>ARTICLE 2<BR>       ELIGIBILITY         </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;PRECONDITION
OF ELIGIBILITY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;Officers
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
initial Officer-Participants are the president and vice-presidents of the Company. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;Non-officers </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Non-officer
Employees who are invited by the Board are eligible to participate. Only those who elect to defer some of their compensation pursuant to Section&nbsp;3.1
actually become Participants. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;EFFECTIVE
DATE </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;Officer
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An
employee becomes an Officer-Participant effective as of the first day of the Plan Year after promotion to officer. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;Non-officer </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An
employee becomes a non-officer Participant effective as of the first day of the Plan Year after he is invited to participate. </FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke1125_article_3_contributions_and_benefits"> </A></FONT> <FONT SIZE=2><B>ARTICLE 3<BR>       CONTRIBUTIONS AND BENEFITS         </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;DEFERRALS
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;For
any Plan Year, each Participant may elect to defer some of his Compensation and have such deferred amount allocated to his Deferral Account in accordance with Article&nbsp;4,
subject to the following rules: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;The
Administrative Committee (1)&nbsp;shall determine a range of deferral percentages from which Participants may elect, (2)&nbsp;may prescribe the form on
which elections are made, and (3)&nbsp;shall set the conditions related to frequency and advance notice for starting, stopping and changing elections. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;Notwithstanding
Subsection 3.1A, a Participant's election to defer some of his Compensation must precede the date on which he is entitled to payment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;Deferrals
by Participants must be paid over to the Trustee for investment no later than 7&nbsp;days after the pay date in which they would have been paid to the
Participant. Late contributions will accrue interest to the Trust at 8% per year until paid. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;MATCHING
CONTRIBUTIONS </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;For
any Plan Year, the Company may make a discretionary matching contribution. Matching contributions are to be based on deferrals made pursuant to
Section&nbsp;3.1. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;Matching
contributions are to be allocated to each Participant's Matching Account in accordance with Article&nbsp;4. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;Funding
Dates </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall pay its matching contributions for each Plan Year to the Trustee on any date or dates which the Company may select subject to the consent of the Trustee. Each year's
funding is to be completed by 2<SUP>1</SUP>/<SMALL>2</SMALL> months after the end of the Plan Year. Late contributions will accrue interest to the Trust at 8% per year until paid. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3 - NQ PLAN DOCUMENT</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;TARGET BENEFITS </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;The
Target Benefit </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
benefit which is targeted for each Participant is 1% of projected Base Salary in the year before attaining Normal Retirement Age per year of employment (up to 35&nbsp;years)
with the Company. For example, if an Officer-Participant begins employment with the Company at age 25, his target benefit will be 35% of his projected final Base Salary. An Officer-Participant who
begins employment with the Company at age 50 will have a target benefit of 15% of his final Base Salary. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;To
Fund the Target Benefit </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Company is to contribute an amount that is estimated to be necessary to fund each Participant's target benefit. Each year's contribution is to be a level percent of the Base
Salary in effect at the end of the Plan Year. The contributions are to be calculated based on the following assumptions: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="67%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="78%"><FONT SIZE=2>Rate of annual compensation increase:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="78%"><FONT SIZE=2>Pre-retirement interest rate:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>8.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="78%"><FONT SIZE=2>Post-employment interest rate:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>8.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="78%"><FONT SIZE=2>Mortality Table:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>UP '84</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;Funding
Date </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall pay its target contributions for each Plan Year to the Trustee on any date or dates which the Company may select subject to the consent of the Trustee. Each year's
funding is to be completed by 2<SUP>1</SUP>/<SMALL>2</SMALL> months after the end of the Plan Year. Late contributions will accrue interest to the Trust at 8% per year until paid. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;Annual
Funding Flexibility </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At
any time prior to making the contribution initially determined, the Directors may reduce the amount so determined if, after detailed financial statements have been prepared, they
determine that for reasons of cash flow or other important business or financial considerations, it is prudent to do so. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;Allocation
of Target Contributions </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Target
contributions are to be allocated to each Participant's Target Account in accordance with Article&nbsp;4. </FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke1125_article_4_allocations_to_participants__accounts"> </A></FONT> <FONT SIZE=2><B>ARTICLE 4<BR>       ALLOCATIONS TO PARTICIPANTS' ACCOUNTS         </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;ESTABLISHMENT
OF ACCOUNTS </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Administrative Committee shall establish and maintain a Target Account in the name of each Participant to which Company contributions (made pursuant to Section&nbsp;3.3) are to
be credited and to which adjustments are to be made in accordance with this Article&nbsp;4. The Administrative Committee shall also establish and maintain, as necessary, a Deferral and Matching
Account in the name of each Participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the establishment of these accounts, the Participants are unsecured general creditors of the Company with respect to any rights derived by them from the existence of
this Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;ALLOCATION
OF MATCHING CONTRIBUTION </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;Type
1 Match: Contemporaneously Funded Matching Contributions </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4 - NQ PLAN DOCUMENT</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;The Company's contemporaneously funded matching contributions, if any, for the Plan Year are to be allocated as of the Valuation Date by the Administrative Committee to all
Participants who elected to and did defer some of their Compensation pursuant to Section&nbsp;3.1. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;Type
2 Match: Accrued Matching Contributions </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Company's accrued matching contributions, if any, for the Plan Year are to be allocated as of the Valuation Date by the Administrative Committee to all Participants who elected to
and did defer some of their Compensation pursuant to Section&nbsp;3.1. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;Allocation
of all Company matching contributions is dependent on employment with the Company on the Valuation Date except for those Participants whose employment
terminates due to death, Disability, Early Retirement or Normal Retirement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;ALLOCATION
OF TARGET CONTRIBUTIONS </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Company's contribution to fund each Officer-Participant's target benefit is to be allocated by the Administrative Committee to the Target Account of each Officer-Participant who
is still an officer and who is still in the employ of the Company on the Valuation Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Officer-Participants
who were in the employ of the Company during the Plan Year, but who are not still in the employ of the Company on the Valuation Date due to (1)&nbsp;death,
(2)&nbsp;Disability, (3)&nbsp;Early Retirement or (4)&nbsp;Normal Retirement are to be allocated their target contribution. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;TRUST
VALUATION AND ADJUSTMENT OF ACCOUNTS </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;The
Trustee shall determine the fair market value of the Trust Fund as of each Valuation Date. To reflect Trust Fund gain or loss ascertained through such
valuation, the accounts maintained for all Participants are to be adjusted by the Administrative Committee as of each Valuation Date to reflect the increases or decreases of the fair market value of
the Trust Fund, dividends, interest, other income or profit received, losses, expenses, contributions, benefit distributions and all other transactions involving the Trust Fund, since the preceding
Valuation Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;The
adjustment to the account of each Participant is to be made by debiting or crediting each such account with a portion of the net increase or decrease in value
of all such accounts of all Participants. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
adjustment to each Participant's account is to be the result of multiplying the net increase or decrease in value of all such accounts of all Participants times a fraction the
denominator of which is the sum of all numerators and the numerator is: (1)&nbsp;for each non-terminated or fully vested Participant's account, the balance of each such Participant's
account immediately prior to the then current Valuation Date plus an appropriate portion of the current Plan Year's deferrals and Company contributions or (2)&nbsp;for the account of each
Participant who terminated before becoming fully vested, the balance of each such Participant's account immediately prior to the then current Valuation Date less the unvested part thereof plus an
appropriate portion of the current Plan Year's deferrals and the vested part of the Company contributions, if any. </FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke1125_article_5_investment_and_management_of_the_trust_fund"> </A></FONT> <FONT SIZE=2><B>ARTICLE 5<BR>       INVESTMENT AND MANAGEMENT OF THE TRUST FUND         </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;APPOINTMENT
OF TRUSTEE </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Directors shall select and appoint a trustee or trustees (the "Trustee"), and the Company shall enter into a Trust Agreement with such Trustee to provide for the holding,
investment and administration of the funds of the Plan and Trust. The Trust Fund is to be administered by the Trustee in accordance with the terms and provisions of the Trust Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5 - NQ PLAN DOCUMENT</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;BENEFICIAL OWNERSHIP OF TRUST FUND </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Beneficial
ownership of any and all assets of the Trust Fund (whether cash, bonds, stocks, mutual fund shares or other investments) is to remain in the Company. Participants have no
property interest in any specific assets of the Company or the Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;TRUST
AGREEMENT CONTROLS </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If
the provisions of the Plan and the Trust Agreement are inconsistent or otherwise in conflict regarding the rights, duties or obligations of the Trustee, the provisions of the Trust
Agreement are to control. </FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke1125_article_6_right_to_benefits"> </A></FONT> <FONT SIZE=2><B>ARTICLE 6<BR>       RIGHT TO BENEFITS         </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;DEFERRAL
ACCOUNT </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;Fully
Vested </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A
Participant's interest in his Deferral Account is at all times fully vested and nonforfeitable. The Deferral Account will be distributable in accordance with (i)&nbsp;Sections
7.1, 7.2 and 7.3 upon the Participant's death, Disability, Early Retirement, attaining age 60 after termination of employment or Normal Retirement; (ii)&nbsp;Subsection 6.1B if so elected;
(iii)&nbsp;Subsection 6.1C upon incurring a financial emergency; (iv)&nbsp;Subsection 6.1D if a haircut is requested; or (v)&nbsp;Section&nbsp;6.6 upon constructive receipt. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All
distributions are subject to any limitations established by the Administrative Committee and uniformly applied in a nondiscriminatory manner. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;Pre-entry
Election </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Before
an Employee is first eligible to elect deferral of any of his compensation pursuant to Section&nbsp;3.1, he may irrevocably specify when the benefits in his Deferral Account
will become payable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;Financial
Emergency Hardship </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Upon
the application of any Participant, the Administrative Committee, in accordance with a uniform nondiscriminatory policy, may, in its discretion, permit such
Participant to withdraw that portion of his Deferral Account which is necessary to meet an unforeseen emergency that is caused by an event beyond the control of the Participant and did (or would)
result in severe financial hardship to the Participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Withdrawal
may not be made to the extent that the hardship is or may be relieved (i)&nbsp;through reimbursement or compensation by insurance, (ii)&nbsp;by
liquidation of the Participant's assets, to the extent the liquidation of such assets would not itself cause severe financial hardship and/or (iii)&nbsp;by cessation of deferrals pursuant to
Section&nbsp;3.1 as of the beginning of the next Plan Year. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;Haircut </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Notwithstanding
anything to the contrary in this Plan other than Subsection 6.1D(2), a Participant may, at any time, elect that a specified amount of his benefits
from the Deferral Account is to become payable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;10%
of the amount specified pursuant to Subsection 6.1D(1) is to be forfeited at the same time as payment to the Participant is made. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>6 - NQ PLAN DOCUMENT</FONT></P>

<HR NOSHADE>
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<UL>
</UL>
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<H2><FONT SIZE=2> </FONT></H2>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;MATCHING
ACCOUNT </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;Distribution </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
vested Matching Account will be distributable in accordance with Sections 7.1, 7.2 and 7.3 upon the Participant's death, Disability, Early Retirement, attaining age 60 after
termination of employment, Normal Retirement or constructive receipt as provided in Section&nbsp;6.6. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;Full
Vesting </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A
Participant's interest in his Matching Account is fully vested and nonforfeitable on the date such Participant ceases to be an Employee if such termination of employment is caused
by reason of (1)&nbsp;death or (2)&nbsp;Disability. It will also become fully vested and nonforfeitable upon the demotion of officer after a Change of Control or the exercise by the Board pursuant
to Subsection 3.3D to totally forgo funding of the Target contributions for 3 consecutive years. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;Vesting
Schedule for Terminees </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Up
to 80% of the Matching Account balance will vest based on years of participation in this plan as follows: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="37%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="59%" ALIGN="CENTER"><FONT SIZE=1><B>Years of<BR>
Participation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="21%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Vested<BR>
Percent</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>20</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>40</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>3</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>60</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>80</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From
80% to 100% vesting is based on age during the 4&nbsp;years preceding normal retirement age as follows: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="37%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="59%" ALIGN="CENTER"><FONT SIZE=1><B>Years<BR>
of Age</B></FONT><HR NOSHADE></TH>
<TH WIDTH="21%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Vested<BR>
Percent</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>62</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>85</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>63</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>90</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>64</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>95</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>65</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Attainment
of age 62 before 4&nbsp;years of participation accelerates vesting to 85%, attainment of age 63 accelerates vesting to 90%, etc. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;TARGET
ACCOUNT </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;Distribution
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
vested Target Account will be distributable in accordance with Sections 7.1, 7.2 and 7.3 upon the Participant's death, Disability, Early Retirement, attaining age 60 after
termination of employment, Normal Retirement or constructive receipt as provided in Section&nbsp;6.6. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;Full
Vesting </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A
Participant's interest in his Targets Account is fully vested and nonforfeitable on the date such Participant ceases to be an Employee if such termination of employment is caused by
reason of (1)&nbsp;death or (2)&nbsp;Disability. It will also become fully vested and nonforfeitable upon the demotion of officer after a Change of Control or the exercise by the Board pursuant to
Subsection 3.3D to totally forgo funding of the Target contributions for 3 consecutive years. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;Vesting
Schedule for Terminees </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7 - NQ PLAN DOCUMENT</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;Up to 80% of the Target Account balance will vest based on years of participation in this plan as follows: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="37%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="59%" ALIGN="CENTER"><FONT SIZE=1><B>Years of<BR>
Participation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="21%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Vested<BR>
Percent</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>20</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>40</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>3</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>60</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>80</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From
80% to 100% vesting is based on age during the 4&nbsp;years preceding normal retirement age as follows: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="37%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="59%" ALIGN="CENTER"><FONT SIZE=1><B>Years<BR>
of Age</B></FONT><HR NOSHADE></TH>
<TH WIDTH="21%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Vested<BR>
Percent</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>62</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>85</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>63</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>90</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>64</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>95</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" ALIGN="CENTER"><FONT SIZE=2>65</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Attainment
of age 62 before 4&nbsp;years of participation accelerates vesting to 85%, attainment of age 63 accelerates vesting to 90%, etc. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;Use
of Forfeitures </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
portion of the Target and Matching Accounts which is not, at the time the Participant terminates his status as an Employee, vested in accordance with the schedules set forth in
Subsections 6.2C and 6.3C, is to be forfeited, held in a suspense account to which </FONT><FONT SIZE=2><B>no</B></FONT><FONT SIZE=2> investment gains or losses are to be allocated and used in the
next Plan Year to reduce Company contributions to the Plan. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.4.&nbsp;BAD-BOY
FORFEITURES </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
Subsections 6.2C and 6.3C, a Participant who is terminated for proven or admitted gross misconduct or dishonesty or who competes sooner than the earlier of
5&nbsp;years after termination of employment or attaining age 68 forfeits his Target and Matching Accounts. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.5&nbsp;POST-TERMINATION
DEATH </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If
a Participant entitled to benefits dies after termination of his status as an Employee but prior to complete distribution of his benefits, the fully vested undistributed portion of
his accounts is to be paid to his Beneficiary in accordance with Article&nbsp;7. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.6&nbsp;CONSTRUCTIVE
RECEIPT </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If,
due to a change in law, a Participant's benefits become subject to income taxes prior to actual receipt, notwithstanding anything to the contrary in this Plan, an amount equal to
the increase in income taxes caused thereby is to become distributable. </FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kg1125_article_7_distribution_of_benefits"> </A></FONT> <FONT SIZE=2><B>ARTICLE 7<BR>       DISTRIBUTION OF BENEFITS         </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;TIME
OF DISTRIBUTION </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;The
benefits to which a Participant is entitled in accordance with Article&nbsp;6 are to begin no later than 60&nbsp;days after the end of the Plan Year in
which the Participant becomes entitled to payment of his benefits. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8 - NQ PLAN DOCUMENT</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;The Administrative Committee may delay the distribution of benefits for administrative reasons up to 60&nbsp;days after the latest of (1)&nbsp;the date the
amount is known or (2)&nbsp;the date an application for benefits is received. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;NORMAL
FORM OF BENEFIT DISTRIBUTION </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;Unless,
at the Participant's request, an optional form of benefit distribution is permitted by the Directors, a Participant's account balances are to be paid in
annual installments over the life expectancy of the Participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;The
life expectancy of the Participant is to be rounded to the nearest integer, fixed and is to be based on Table V of Treasury Regulation
&sect;1.72-9. Each annual installment is to be based on the number of remaining years of original life expectancy and the re-valued account balance to the credit of the
Participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;The
source of each installment payment is to be considered to come from the Participant's accounts in the following order until exhausted: (i)&nbsp;Deferral,
(ii)&nbsp;Matching and (iii)&nbsp;Target. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.3&nbsp;OPTIONAL
FORMS OF BENEFIT DISTRIBUTION </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;Method
of Distribution </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A
distribution of benefits payable to a Participant may be made in any alternate form which the Directors select, such as: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;One
lump sum payment; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Semi-annual,
quarterly or monthly installments of substantially equal designated amounts or of a designated percentage of the value of the account of
the Participant over a period of years certain as determined by the Administrative Committee; provided, that such period does not extend beyond the life expectancy of such Participant. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;Acceleration
of Installments </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If
the amounts credited to the accounts of a Participant are paid to the Participant in installments, the Directors may at any time during the period of such payments determine that
the unpaid balance of such accounts is to be distributed in a lump sum. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If
a Participant dies before the entire amounts credited to his accounts are paid, the amounts remaining are to be paid to Participant's Beneficiary in such method as the Directors
may determine. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.4&nbsp;DEATH
OF BENEFICIARY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If,
after the death of the Participant, a Beneficiary is receiving benefits and dies before complete distribution of benefits, the balance is to be paid in a lump sum to the
Beneficiary's estate. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.5&nbsp;INCOME
TAX WITHHOLDING </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Company may withhold from any payments any income tax or other amounts as required by law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.6&nbsp;FICA
TAXES </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Participant's share of the FICA taxes remains the obligation of the Participant. As any FICA tax liability of the Participant becomes payable, the Participant may elect to have it
withheld from his regular compensation or to directly reimburse the Company within 45&nbsp;days after notice to Participant of the amount due. Thereafter, should the Company remain unreimbursed,
notwithstanding anything contained herein to the contrary, it may satisfy its claim for reimbursement from assets of the Trust Fund. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9 - NQ PLAN DOCUMENT</FONT></P>

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<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kg1125_article_8_administration_of_the_plan"> </A></FONT> <FONT SIZE=2><B>ARTICLE 8<BR>       ADMINISTRATION OF THE PLAN         </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;ALLOCATION
OF AUTHORITY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
authority to control and manage the operation and administration of the Plan is to be allocated among the Directors, the Administrative Committee appointed pursuant to
Section&nbsp;8.2, and the Trustee appointed pursuant to Article&nbsp;5. The </FONT><FONT SIZE=2><B>Directors</B></FONT><FONT SIZE=2> have the exclusive authority and responsibility to select the
Trustee. The </FONT><FONT SIZE=2><B>Trustee</B></FONT><FONT SIZE=2> has the authority and responsibility to manage and control the assets of the Trust Fund in accordance with the provisions of the
Trust Agreement. The </FONT><FONT SIZE=2><B>Administrative Committee</B></FONT><FONT SIZE=2> has the exclusive authority and responsibility for all matters in connection with the operation and
administration of the Plan not specifically allocated to the Directors or the Trustee, and is the "named fiduciary" and "administrator" of the Plan within the meaning of ERISA. The </FONT> <FONT SIZE=2><B>Administrative Committee's</B></FONT><FONT
SIZE=2> powers and duties include, but are not limited to the following: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;Responsibility
for the compilation and maintenance of all records necessary in connection with the Plan; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;Authorizing
the payment of all benefits as they become payable under the Plan, which payments are to be made by the Trustee upon the written instructions of the
Administrative Committee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;Deciding
questions relating to the eligibility of Employees to become Participants, the determination of Vesting, the right to benefits and the availability of any
elections permitted by the Plan; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;Authority
to engage such legal, accounting, and other professional and clerical services as may be required by ERISA or as it may deem proper; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;Authority
to interpret this instrument and to make and publish such uniform and nondiscriminatory rules for administration of the Plan as are not inconsistent with
the provisions of this instrument. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.2&nbsp;COMPOSITION
OF ADMINISTRATIVE COMMITTEE </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Administrative Committee shall hold office at the pleasure of the Directors of the Company. Any member may resign by filing a written notice of his resignation with the president,
and the vacancy is to be promptly filled by the Directors. The Directors are to certify the names and signatures of the members of the Administrative Committee to the Trustee in writing. The
Administrative Committee is to act by agreement of a majority of its members, either by vote at a meeting or in writing without a meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.3&nbsp;DELEGATION
OF AUTHORITY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Administrative Committee, from time to time, may allocate to any other person any of its rights, powers, and duties with respect to the operation and administration of the Plan.
Any such allocation is to be terminable upon such notice as the Administrative Committee in its sole discretion deems reasonable and prudent under the circumstances. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.4&nbsp;COMPENSATION
AND EXPENSES OF ADMINISTRATIVE COMMITTEE </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
members of the Administrative Committee are to receive no compensation from the Trust Fund for services in administering the Plan, but are entitled to reimbursement from the
Company for all expenses incurred in the administration of the Plan. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.5&nbsp;FIDUCIARY
DUTIES </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10 - NQ PLAN DOCUMENT</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;Each of the Directors, each member of the Administrative Committee, the Trustee and any other person to whom any fiduciary responsibility with respect to the Plan is allocated is a
fiduciary of the Plan. Each fiduciary shall discharge his duties and responsibilities with respect to the Plan solely in the interest of the Participants, and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;For
the exclusive purpose of providing benefits to Participants and defraying reasonable expenses of administering the Plan; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;With
the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters
would use in the conduct of an enterprise of a like character and with like aims; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;To
the extent the authority and responsibility is allocated to them, by diversifying the investments of the Trust Fund so as to minimize the risk of large losses,
unless under the circumstances it is clearly prudent not to do so; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;In
accordance with the Plan and the Trust Agreement, to the extent such provisions are consistent with ERISA. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.6&nbsp;ALLOCATION
OF FIDUCIARY RESPONSIBILITY </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each
fiduciary under the Plan shall be solely responsible for his own acts or omissions. No fiduciary has any liability for a breach of fiduciary responsibility of another fiduciary
with respect to the Plan unless he participates knowingly in such breach, knowingly undertakes to conceal such breach, fails to take reasonable remedial action to remedy such breach, or (through his
negligence in performing those specific fiduciary responsibilities which give rise to his status as a fiduciary) has enabled another fiduciary to commit a breach of the latter's fiduciary
responsibilities. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.7&nbsp;INDEMNIFICATION
OF FIDUCIARIES </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall indemnify and hold harmless the Directors, the members of the Administrative Committee, and any other person to whom any fiduciary duty with respect to the Plan is
allocated pursuant to Section&nbsp;8.3 from and against any and all liabilities, claims, demands, costs and expenses, including attorneys' fees, arising out of an alleged breach in the performance
of their fiduciary duties under the Plan and under ERISA, other than such liabilities, claims, demands, costs, and expenses as may result from the gross negligence or willful misconduct of such
persons. The Company has the right,
but not the obligation, to conduct the defense of such persons in any proceeding to which this section applies. The Company may satisfy its obligations under this section in whole or in part through
the purchase of a policy or policies of insurance. </FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kg1125_article_9_amendments_to_the_plan"> </A></FONT> <FONT SIZE=2><B>ARTICLE 9<BR>       AMENDMENTS TO THE PLAN         </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As the provisions of the Plan apply to future participants, the Company reserves the right to amend the provisions of the Plan to any extent and in any manner
deemed appropriate to its Directors. Only with the consent of each Participant for himself may the Company amend, either prospectively or retroactively, the provisions of the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No
amendment is to operate to: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;cause
any part of the Trust Fund to revert to or be recoverable by the Company or to be used for, or diverted to, purposes other than the exclusive benefit of
Participants or the Company's creditors upon insolvency or bankruptcy of the Company; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;reduce
the then accrued benefits or the amounts then held for the benefit of any Participant; or </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11 - NQ PLAN DOCUMENT</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;change the duties, responsibilities or liabilities of the Trustee without his written consent. </FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kg1125_article_10_miscellaneous"> </A></FONT> <FONT SIZE=2><B>ARTICLE 10<BR>       MISCELLANEOUS         </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;10.1</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;</I></FONT><FONT SIZE=2>RECEIPT AND RELEASE FOR PAYMENTS&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any
payment to a Participant or his Beneficiary, in accordance with the terms of this Plan and the Trust Agreement, is to the extent thereof in full satisfaction of all claims such
person may have against the Trustee, the Administrative Committee and the Company, any of whom may require, as a condition precedent to such payment, the execution of a receipt and release in such
form as is determined by the Trustee and the Administrative Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;10.2</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;</I></FONT><FONT SIZE=2>CONSTRUCTION AND SEVERABILITY&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This
instrument creating the Plan shall be construed, administered, and governed in all respects in accordance with ERISA and other pertinent federal laws, and the laws of Oregon to
the extent not preempted by ERISA. If any provision of this Plan are held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions of the Plan are to continue to
be fully effective. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;10.3</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;</I></FONT><FONT SIZE=2>HEADINGS, NUMBER AND GENDER&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
headings and subheadings of this instrument are inserted for convenience of reference only and are not to be considered in the construction of this Plan. Wherever appropriate,
words used in the singular may include the plural, plural may be read as the singular, and the masculine may include the feminine. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;10.4</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;</I></FONT><FONT SIZE=2>ALIENATION&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No
person entitled to any benefits under this Plan has any right to alienate, hypothecate or encumber his interest in any benefits under this Plan, and such benefits are not in any
way to be subject to the claim of his creditors or be liable to attachment, execution or other process of law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;10.5</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;</I></FONT><FONT SIZE=2>REVERSION TO COMPANY&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All
assets held in the Trust Fund are to be held for the benefit of the Participants, and are not to revert to or inure to the benefit of the Company, except under one of the
following circumstances: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;insolvency
or bankruptcy of the Company; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;contribution
was made by the Company by mistake; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;forfeiture
of benefits; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;allocation
to an unallocated suspense account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;10.6</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;</I></FONT><FONT SIZE=2>APPLICATION FOR BENEFITS&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;All
applications for benefits under the Plan are to be submitted to the Administrative Committee; or its designated agent for submission to it. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;If
the application is approved, the applicant will be notified in writing of such approval. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;Within
45&nbsp;days of receipt of an incomplete application, the Administrative Committee shall notify the applicant, in writing, of that which is needed to
complete the application; and that the applicant has 180&nbsp;days from such notice to provide it. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Within
45&nbsp;days of the earlier of (1)&nbsp;receipt of a completed application or (2)&nbsp;180&nbsp;days after notice to the applicant that it was incomplete, the
Administrative Committee shall notify the applicant of its decision. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12 - NQ PLAN DOCUMENT</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;If the application is wholly or partially denied, the Administrative Committee shall notify the person requesting the benefit, in writing, of such denial, including
in such notification the following information: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>the
specific reason or reasons for such denial;
<BR><BR></FONT></DD><DT><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>specific
references to pertinent Plan provisions upon which the denial is based;
<BR><BR></FONT></DD><DT><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>a
description of any additional material or information which may be needed to clarify or perfect the request, and an explanation of why such information is required; and
<BR><BR></FONT></DD><DT><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>an
explanation of the Plan's review procedures with respect to the denial of benefits. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Such
notification of approval or denial is to be given within 45&nbsp;days of receipt of the application unless special circumstances require an extension of time which in no event
is to exceed an additional 90&nbsp;days. If such an extension is required, the applicant is to be notified in writing within the initial 45&nbsp;day period of the special circumstances requiring
the extension and the expected date of decision. If a timely notification of approval or denial is not received by an applicant, the application will be deemed to have been denied as of the end of the
time period specified for such notification, including any obtained extensions of time, and such applicant may proceed to the appeal stage described in Section&nbsp;10.7. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;10.7</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;</I></FONT><FONT SIZE=2>APPEAL OF BENEFIT DENIAL&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any
applicant, or the legal representative of any applicant, whose request has been denied may appeal for reconsideration to the Directors by making a written request therefor within
180&nbsp;days of receipt of the notification of denial. Such applicant or his legal representative may examine documents pertinent to the review and may submit to the Directors written issues and
comments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Directors shall act upon each such appeal for reconsideration within 60&nbsp;days after its receipt unless special circumstances require an extension of time, in which case a
decision will be rendered as soon as possible, but not later than 120&nbsp;days after receipt of the applicant's appeal. In the event the Directors deny an appeal in whole or in part, the Directors
shall give written notice of its decision to the applicant within the specified period of time for rendering a decision setting forth the specific reasons for such denial and specific references to
the pertinent Plan provisions on which the Directors' decision was based. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This
Plan has been executed by the president of the Company on this 6th day of June, 2000. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%" COLSPAN=2><FONT SIZE=2><B>NORTHWEST PIPE COMPANY</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;<BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;<BR>
By</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;<BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="46%"><HR NOSHADE><FONT SIZE=2><I>Brian Dunham, President</I></FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>13 - NQ PLAN DOCUMENT</FONT></P>

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<!-- Generated by Merrill Corporation (www.merrillcorp.com) -->
<BR>
<H2><FONT SIZE=2><A NAME="00POR1125_2">QuickLinks</A></FONT></H2>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#ke1125_northwest_pipe_nq_retirement_savings_plan">NORTHWEST PIPE NQ RETIREMENT SAVINGS PLAN</A></FONT><BR>
<FONT SIZE=2><A HREF="#ke1125_article_1_definitions">ARTICLE 1 DEFINITIONS</A></FONT><BR>
<FONT SIZE=2><A HREF="#ke1125_article_2_eligibility">ARTICLE 2 ELIGIBILITY</A></FONT><BR>
<FONT SIZE=2><A HREF="#ke1125_article_3_contributions_and_benefits">ARTICLE 3 CONTRIBUTIONS AND BENEFITS</A></FONT><BR>
<FONT SIZE=2><A HREF="#ke1125_article_4_allocations_to_participants__accounts">ARTICLE 4 ALLOCATIONS TO PARTICIPANTS' ACCOUNTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#ke1125_article_5_investment_and_management_of_the_trust_fund">ARTICLE 5 INVESTMENT AND MANAGEMENT OF THE TRUST FUND</A></FONT><BR>
<FONT SIZE=2><A HREF="#ke1125_article_6_right_to_benefits">ARTICLE 6 RIGHT TO BENEFITS</A></FONT><BR>
<!-- TOC_END -->
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#kg1125_article_7_distribution_of_benefits">ARTICLE 7 DISTRIBUTION OF BENEFITS</A></FONT><BR>
<FONT SIZE=2><A HREF="#kg1125_article_8_administration_of_the_plan">ARTICLE 8 ADMINISTRATION OF THE PLAN</A></FONT><BR>
<FONT SIZE=2><A HREF="#kg1125_article_9_amendments_to_the_plan">ARTICLE 9 AMENDMENTS TO THE PLAN</A></FONT><BR>
<FONT SIZE=2><A HREF="#kg1125_article_10_miscellaneous">ARTICLE 10 MISCELLANEOUS</A></FONT><BR>
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