RAVEN INDUSTRIES, INC.

2001 CHANGE OF CONTROL SEVERANCE BENEFIT PLAN (revised 02/01/04)

     Raven Industries, Inc., a South Dakota corporation (the Plan Sponsor) establishes this 2001 Change of Control Severance Benefit Plan effective February 1, 2002 (the Effective Date).

ARTICLE I

PURPOSE

     The Plan Sponsor establishes this Plan to provide specified severance payments and benefits for certain eligible employees of the Plan Sponsor and its United States subsidiaries (collectively, the Employers) upon a Change of Control of the Plan Sponsor. The primary purpose of such severance payments is to protect those employees against some of the financial losses that may result from a period of unemployment resulting from the involuntary termination of their employment following a Change of Control of the Plan Sponsor for certain reasons specified in this Plan.

ARTICLE II

DEFINITIONS

     2.1 Plan means Raven Industries, Inc.s 2001 Raven Industries Change of Control Severance Benefit Plan established by the Plan Sponsor pursuant to this instrument as of the Effective Date.

     2.2 Effective Date means February 1, 2002, the first date on which this Plan is effective. The provisions of this Plan shall apply solely to an Employee whose Separation from Service occurs on or after the Effective Date of this Plan. If an Employees Separation from Service occurs prior to the Effective Date of this Plan, that Employee shall be not be entitled to any benefits under the Plan.

     2.3 Plan Sponsor means Raven Industries, Inc., a South Dakota corporation, and any successor that adopts this Plan.

     2.4 Board means the Board of Directors of the Plan Sponsor.

     2.5 Change of Control means and includes any of the following:
 

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