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<SEC-DOCUMENT>0000080420-05-000021.txt : 20050228
<SEC-HEADER>0000080420-05-000021.hdr.sgml : 20050228
<ACCEPTANCE-DATETIME>20050228163028
ACCESSION NUMBER:		0000080420-05-000021
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050228
FILED AS OF DATE:		20050228
DATE AS OF CHANGE:		20050228
EFFECTIVENESS DATE:		20050228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POWELL INDUSTRIES INC
		CENTRAL INDEX KEY:			0000080420
		STANDARD INDUSTRIAL CLASSIFICATION:	SWITCHGEAR & SWITCHBOARD APPARATUS [3613]
		IRS NUMBER:				880106100
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12488
		FILM NUMBER:		05645960

	BUSINESS ADDRESS:	
		STREET 1:		8550 MOSLEY DR
		STREET 2:		POST OFFICE BOX 12818
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77075
		BUSINESS PHONE:		7139446900

	MAIL ADDRESS:	
		STREET 1:		8550 MOSLEY DRIVE P O BOX 12818
		STREET 2:		8550 MOSLEY DRIVE P O BOX 12818
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77075

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROCESS SYSTEMS INC
		DATE OF NAME CHANGE:	19780926
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>form2005_proxy.htm
<DESCRIPTION>2005 PROXY
<TEXT>
<HTML>
<HEAD>
<TITLE>2005 Proxy</TITLE>
</HEAD>
<BODY>
<page>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>POWELL INDUSTRIES, INC. <BR>8550 Mosley Drive
<BR>Houston, Texas 77075 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     <P ALIGN=CENTER>_________________ </P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOTICE OF ANNUAL
MEETING OF STOCKHOLDERS <BR>to be held April 15,
2005 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To the Stockholders of
Powell Industries, Inc.: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice
is hereby given that the Annual Meeting of the Stockholders of Powell Industries, Inc., a
Delaware corporation (the &#147;Company&#148;), will be held at the offices of the Company
at 8550 Mosley Drive, in Houston, Texas on Friday, April 15, 2005, at 11:00 a.m. Houston
time, for the following purposes: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 4-TNR" FSL="Project" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               To elect two (2) members of the Company&#146;s Board of Directors, with terms to
               expire in 2008; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 4-TNR" FSL="Project" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               To approve the Company&#146;s Non-Employee Director Restricted Stock Plan; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 4-TNR" FSL="Project" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               To consider a proposed amendment to the Company&#146;s 1992 Stock Option Plan to
               increase the maximum number of shares that may be issued under the Plan by
               600,000; and </FONT></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 4-TNR" FSL="Project" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               To transact such other business as may properly come before the meeting or any
               adjournment thereof. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
stock transfer books will not be closed. Stockholders of record as of the close of
business on February 21, 2005 are entitled to notice of, and to vote at, the Annual
Meeting or any adjournment thereof, notwithstanding any transfer of stock on the books of
the Company after such record date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend the meeting in person. YOU ARE URGED TO COMPLETE, DATE AND
SIGN THE ENCLOSED PROXY AND TO RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE, WHETHER OR NOT
YOU PLAN TO ATTEND THE MEETING. </FONT></P>




<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By Order of the Board of Directors<BR><BR><BR>
 <u>&nbsp;&nbsp;&nbsp;/s/  &nbsp;&nbsp;&nbsp;  THOMAS W. POWELL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
 <BR>Thomas W. Powell  <BR><I>Chairman and Chief
Executive Officer </I>
</FONT></TD></TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Houston, Texas<BR>February 28, 2005 </FONT></P>



<BR>
<HR Size=2 Noshade>
<PAGE>





<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>POWELL INDUSTRIES, INC.<BR>8550 Mosley Drive <BR>
Houston, Texas 77075 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     <P ALIGN=CENTER>_________________ </P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROXY STATEMENT <BR>February 28, 2005 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     <P ALIGN=CENTER>_________________ </P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annual Meeting of
Stockholders <BR>April 15, 2005 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     <P ALIGN=CENTER>_________________ </P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SOLICITATION AND
VOTING RIGHTS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accompanying proxy is solicited by the Board of Directors of Powell Industries, Inc., a
Delaware corporation (the &#147;Company&#148;), for use at the Annual Meeting of
Stockholders of the Company to be held on Friday, April 15, 2005, at 11:00 a.m., Houston
time, at the principal executive offices of the Company at 8550 Mosley Drive, in Houston,
Texas 77075, or at any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Proxy Statement and proxy and the accompanying Notice of Annual Meeting, Annual Report to
Stockholders and Form&nbsp;10-K for the year ended October 31, 2004, including
consolidated financial statements, will be mailed to stockholders on or about March 2,
2005. The cost of soliciting proxies in the enclosed form will be borne by the Company.
The Board of Directors of the Company has fixed February 21, 2005, as the record date for
determination of stockholders entitled to receive notice of and to vote at the Annual
Meeting. As of February 21, 2005, there were 10,755,304 shares of the Company&#146;s
Common Stock, par value $.01 per share (&#147;Common Stock&#148;), outstanding. Each
holder of Common Stock will be entitled to one vote for each share owned, except as noted
below. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
presence, in person or by proxy, of the holders of a majority of the outstanding shares of
Common Stock of the Company is necessary to constitute a quorum at the meeting. The
holders of shares represented by proxies reflecting abstentions or &#147;broker
non-votes&#148; are considered present at the meeting and count toward a quorum. Brokers
holding shares of record for their customers generally are not entitled to vote on certain
matters unless they receive voting instructions from their customers. When brokers
complete proxy forms, they generally vote on those matters as to which they are entitled
to vote. On those matters as to which brokers are not entitled to vote without
instructions from their customers and have not received such instructions, brokers
generally indicate on their proxies that they lack voting authority as to those matters.
As to those matters, such indications are called &#147;broker non-votes.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
persons receiving the greatest number of votes cast at the meeting to fill the
directorships with terms to expire in 2008 will be elected as directors of the Company,
class of 2008. Thus, abstentions and broker non-votes will have no effect on the election
of directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regarding
approval of the Non-Employee Director Restricted Stock Plan, the proposed amendment to the
1992 Stock Option Plan and any other matters, the vote of a majority of the voting power
present, in person or by proxy, and entitled to vote on the matters, at a meeting at which
a quorum is present, is the act of the stockholders. Accordingly, abstentions will have
the effect of negative votes with respect to any such other matters. Broker non-votes will
have the effect of negative votes as to any such other matters as to which the broker is
entitled to vote, and no effect on those matters as to which the broker is not entitled to
vote. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares represented by each valid proxy received by the Company on the form solicited by
the Board of Directors will be voted in accordance with instructions specified on the
proxy. A stockholder giving a duly executed proxy may revoke it before it is exercised by
filing with or transmitting to the Secretary of the Company an instrument or transmission
revoking it, or a duly executed proxy bearing a later date. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSAL NO. 1 <BR>ELECTION OF DIRECTORS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms of two directors expire in 2005 under the bylaws of the Company. The terms of the
remaining directors continue after the Annual Meeting. The Nominating Committee has
nominated Eugene L. Butler and Ronald J. Wolny for election as directors with terms to
expire in 2008. Mr. Becherer and Mr. Powell currently serve as directors of the Company
with terms expiring in 2005. Although the Board of Directors does not contemplate that any
nominee will be unable to serve, if such a situation arises prior to the Annual Meeting,
the persons named in the enclosed form of proxy will vote in accordance with their best
judgment for a substitute nominee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSAL NO. 2<BR>APPROVAL OF
NON-EMPLOYEE DIRECTOR RESTRICTED STOCK PLAN </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors at its meeting on December&nbsp;17, 2004 adopted the Powell Industries,
Inc. Non-Employee Director Restricted Stock Plan providing for the grant of up to 150,000
shares of restricted stock for the benefit of members of the Board of Directors of the
Company who, at the time of their service, are not employees of the Company or any of its
affiliates. The Board believes that providing them an opportunity to become owners of the
common stock of the Company is in the best interests of the Company. The Board further
believes that the Restricted Stock Plan is an important element in the Company&#146;s
strategy for retaining and attracting highly qualified individuals to serve as directors
of the Company in the future. If the Restricted Stock Plan is approved by the
stockholders, the Compensation Committee has no plans to grant any further options under
the 2000 Non-Employee Director Stock Option Plan currently in place and plans to terminate
the 2000 Non-Employee Director Stock Option Plan after all outstanding options granted
under it have been exercised or have expired. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description of
Non-Employee Director Plan </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description of the principal provisions of the Restricted Stock Plan is a
summary and is subject to and qualified by the full text of the Restricted Stock Plan. A
copy of the Restricted Stock Plan as adopted by the Board of Directors is attached as
Appendix&nbsp;A to this Proxy Statement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Administration</b></I>.&nbsp;&nbsp;
          The Restricted Stock Plan is administered by the Compensation Committee. The
          Compensation Committee has the authority, subject to the terms of the Restricted
          Stock Plan, to determine the terms, conditions and restrictions of each award,
          including the effect of death, disability, retirement or removal on the award
          and to construe and interpret the Restricted Stock Plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Eligibility</b></I>.&nbsp;&nbsp;
          Any director who is not an employee of the Company or any of its affiliates will
          be eligible to receive grants of restricted stock under the Restricted Stock
          Plan. The Company currently has six non-employee directors. Based on the closing
          price of a share of the Company&#146;s common stock on February&nbsp;15, 2005,
          the six non-employee directors as a group will receive a grant each year as
          specified below in the approximate value of $234,000, subject to restrictions
          described below. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Amount
and Date of Grants</b></I>.&nbsp;&nbsp; If shares are available under the Restricted Stock Plan, each
eligible director will receive 2,000 shares of restricted stock on the date of the
Board&#146;s regular meeting in June. If there is no Board meeting in June, the eligible
directors will receive the grant on the next regular meeting of the Board. If an eligible
director is first elected or appointed to the Board of Directors after a grant has been
made but before the next grant is to be made, then such director will receive a grant of
shares proportionately adjusted for the actual time to be served by such director before
the next grant is to be made. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Restrictions</b></I>.&nbsp;&nbsp;
          Under the terms of the Restricted Stock Plan, a recipient of restricted stock is
          required to sign a restricted stock agreement. During such period as the
          Compensation Committee may establish in the restricted stock agreement, a
          recipient of restricted stock under the Restricted Stock Plan may not transfer
          such stock and will be subject to such other terms, limitations, restrictions or
          conditions as the Compensation Committee specifies in the restricted stock
          agreement. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Amendment
and Termination</b></I>. &nbsp;&nbsp;The Board of Directors may amend or discontinue the Restricted Stock
Plan at any time before the end of its stated term except as required to maintain the
qualification of the Restricted Stock Plan under Rule&nbsp;16b-3 under the Securities
Exchange Act of 1934. Any amendment that materially modifies the number of shares, the
eligibility requirements or the benefits accruing to non-employee directors under the
Restricted Stock Plan requires the approval of the stockholders. The Restricted Stock Plan
terminates at the close of business on December&nbsp;16, 2014. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Approval </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the resolution of the
Board of Directors approving the Restricted Stock Plan, the Restricted Stock Plan will not
become effective unless it is approved by the holders of a majority of the shares of
voting stock of the Company present in person or by proxy and entitled to vote at a
meeting of the stockholders of the Company at which a quorum is present. The Board of
Directors recommends a vote <B>FOR</B> approval of the Restricted Stock Plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSAL NO. 3 <BR>APPROVAL OF AMENDMENT
TO 1992 STOCK OPTION PLAN </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors believes that the Powell Industries, Inc. 1992 Stock Option Plan, as
amended, has been of material benefit to the Company. However, the 1992 Plan provides that
the maximum number of shares of common stock of the Company with the respect to which
options and other awards may be granted under the 1992 Plan is 2,100,000, and only 154,232
shares remain available for grants. The Board believes that it is in the best interest of
the Company and its stockholders to amend the 1992 Plan to increase the maximum number of
shares of common stock of the Company with respect to which grants may be made under the
Plan from 2,100,000 to 2,700,000 to enable the Company to continue to provide officers and
other key employees an opportunity to acquire a proprietary interest in the Company
through the acquisition of its common stock, thereby rewarding employees for meritorious
service and helping them to develop a stronger incentive to work for the continued success
of the Company and assisting the Company in attracting and retaining outstanding personnel
in today&#146;s competitive labor market. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;17, 2004 the Board of Directors approved amendment of the 1992 Plan to
increase the shares available for grant, subject to and contingent upon approval by the
Company&#146;s stockholders of such amendment. At the annual meeting of stockholders, the
stockholders will be asked to approve the amendment to the Plan to increase the maximum
number of shares available under the Plan from 2,100,000 shares of the Company&#146;s
common stock to 2,700,000 shares (subject to adjustment for stock dividends, stock splits
and certain other contingencies), with 754,232 shares available for grants. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description of the 1992
Plan </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description of the principal provisions of the 1992 Plan is a summary and is
subject to and qualified by the full text of the 1992 Plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Administration</b></I>.&nbsp;&nbsp;
          The 1992 Plan is administered by the Compensation Committee of the Board of
          Directors. The Compensation Committee has the authority, subject to the
          provisions of the 1992 Plan, </FONT></P>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
         to determine the employees  (except as noted in "Eligibility"  below) to whom awards,  options or stock  appreciation  rights
              may be granted, </FONT></TD>
          </TR>
          </TABLE>
          <BR>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</font></P>
<HR Size=2 Noshade>
<PAGE>
<BR>

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          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
         to determine the number of shares and purchase or exercise price of each award or option, </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
         to determine the terms, conditions and restrictions of each award or option,  </FONT></TD>
          </TR>
          </TABLE>
          <BR>


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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        to determine whether or not to include in any award or option the right of the recipient
or optionee to surrender all or a portion of an award or option and receive in exchange an
amount in cash or other property and to determine the terms and conditions of any such
surrender rights, </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
         to determine the effect, if any, on an award or option of the death, disability,
retirement or termination of employment of the employee receiving an award or option and  </FONT></TD>
          </TR>
          </TABLE>
          <BR>


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          <TR VALIGN=TOP>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
         to otherwise construe, interpret and administer the 1992 Plan. </FONT></TD>
          </TR>
          </TABLE>
          <BR>



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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Eligibility</b></I>.&nbsp;&nbsp;
          Any employee of the Company or any subsidiary of the Company is eligible to
          participate in the 1992 Plan, although no member of the Compensation Committee
          may receive an award or option if receipt of it would cause the individual not
          to be a &#147;Disinterested Person&#148; as defined in Rule&nbsp;16b-3 under the
          Securities Exchange Act of 1934. There are approximately 1100 employees of the
          Company and its subsidiaries. However, since the 1992 Plan provides that future
          as well as present employees may participate, it is not possible to determine
          the number of employees who will be eligible to participate. Further, since
          receipt of benefits under the Plan depends upon the particular grants made from
          time to time by the Compensation Committee, in its discretion, it is not
          possible to determine the amounts that will be received under the 1992 Plan as a
          result of this proposed amendment, or that would have been received during the
          last fiscal year had such amendment been in effect, by the executive officers
          listed in the Summary Compensation Table, by all current executive officers as a
          group or by all employees (no current directors of the Company who are not
          executive officers of the Company are currently eligible to participate in the
          Plan). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Purchase
Price</b></I>. &nbsp;&nbsp;The Compensation Committee has the authority to determine the purchase price,
if any, for awards of the Company&#146;s common stock and the exercise price for stock
options. The purchase price may be less than the fair market value of the stock. The
Compensation Committee may determine the consideration, if any, to be received by the
Company for granting or extending an award or stock option. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Awards,
Options and Stock Appreciation Rights</b></I>. &nbsp;&nbsp;The 1992 Plan provides for the award of
restricted stock, the grant of non-incentive stock options, including reload options, and
the grant of stock appreciation rights, all with respect to the common stock of the
Company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Awards</b></I><U></U>.&nbsp;&nbsp;
The Compensation Committee may grant an award of common stock to a participant pursuant to
a restricted stock agreement. The Compensation Committee may vary the terms and conditions
of each award, including without limitation </FONT></P>


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          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
         the period (not to exceed 10 years) during which the award may be restricted or exercised, </FONT></TD>
          </TR>
          </TABLE>
          <BR>


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          <TR VALIGN=TOP>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        the manner of exercise, </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        the vesting period, </FONT></TD>
          </TR>
          </TABLE>
          <BR>


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          <TR VALIGN=TOP>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        the price to be paid for the stock, if any, and </FONT></TD>
          </TR>
          </TABLE>
          <BR>


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          <TR VALIGN=TOP>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        the events which may result in termination of award rights. </FONT></TD>
          </TR>
          </TABLE>
          <BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Unless expressly provided otherwise
in the award, the participant&#146;s unexercised rights will expire upon termination of
employment. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</font></P>
<HR Size=2 Noshade>
<PAGE>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Options</b></I><U></U>.&nbsp;&nbsp;
Options granted under the 1992 Plan will be nonqualified stock options, which are options
that do not meet the requirements of Section&nbsp;422 of the Internal Revenue Code of
1986, as amended. In 1999, the Board of Directors amended the Plan to provide that the
Plan would remain in effect until no grants and no further shares remain outstanding or
available under the 1992 Plan. This action by the Board of Directors in renewing and
amending the 1992 Plan had the effect of eliminating grants of incentive stock options
meeting the requirements of Section&nbsp;422. Additionally, the 1992 Plan authorizes the
issuance of reload options and stock appreciation rights (discussed below) as part of the
stock options. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Option
Price</b></I><U></U>. &nbsp;&nbsp;The price and terms at which the participant may purchase shares of
common stock subject to a nonqualified stock option or stock appreciation right is
determined by the Compensation Committee in its discretion, but the option price may not
be less than the par value of the stock. Shares purchased pursuant to options must be paid
in full at the time of exercise. Such payment may be made in the form of cash, common
stock of the Company or other form of payment acceptable to the Compensation Committee. As
of February&nbsp;15, 2005, the closing price per share of the Company&#146;s common stock,
traded on the NASDAQ National Market under the symbol &#147;POWL,&#148; was $19.50. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Term
of Options</b></I><U></U>. &nbsp;&nbsp;No option is exercisable after the expiration of ten years from
the date of grant or five years from the date of grant. Unless the option agreement provides
otherwise, all options terminate immediately upon severance of employment from the Company
for any reason other than death, retirement for age or disability under then established
rules of the Company, or severance for disability. In these cases, an extended exercise
period is provided, but the exercise period as extended cannot exceed the original option
period. At the time of exercise, the optionholder must satisfy any additional conditions
imposed by the Compensation Committee at the time of grant. Unless the shares purchased
pursuant to an option are effectively registered under the Securities Act of 1933, as
amended, at the time of exercise, the optionee must represent and agree that such shares
are being purchased for investment. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Reload
Options</b></I><U></U>.&nbsp;&nbsp; The Compensation Committee may grant reload options in connection
with issuance of a nonqualified stock option. Under a reload option, if the exercise of
the stock option is paid in whole or in part in common stock, the reload option will: </FONT></P>


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          <TR VALIGN=TOP>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        result in issuance of additional  options for the number of shares of the Company's  common stock  surrendered  upon exercise
              of the option,</FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        be a nonqualified stock option and</FONT></TD>
          </TR>
          </TABLE>
          <BR>


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          <TR VALIGN=TOP>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        be subject to the same terms and conditions as the original option unless a change is specifically provided.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Stock
Appreciation Rights</b></I><U></U>. &nbsp;&nbsp;The 1992 Plan provides that the Compensation Committee
may, at its discretion, grant stock appreciation rights to some or all optionholders at
the time of grant of an option. Each stock appreciation right granted with an option will
be exercisable at the times and to the extent that the related stock options are
exercisable. At the time of exercise, the holder will become entitled to receive, in cash
and/or shares of common stock at the discretion of the Compensation Committee, the
difference between the fair market value of one share of common stock and the exercise
price per share specified in the related stock option, multiplied by the number of shares
in respect of which the stock appreciation right was exercised. The 1992 Plan also
authorizes the Compensation Committee to issue stock appreciation rights which are not a
part of a related stock option. The exercise price and terms of these stock appreciation
rights shall be specified by the Compensation Committee in the agreement granting the
stock appreciation right. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Participation</b></I><U></U>.&nbsp;&nbsp;
Stock options, stock appreciation rights and awards may be granted to officers and key
employees (including those who are directors, except as provided above), as selected by
the Compensation Committee. The Compensation Committee selects participants and determines
the conditions of exercisability of options. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</font></P>
<HR Size=2 Noshade>
<PAGE>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Forfeiture</b></I><U></U>.&nbsp;&nbsp;
If the Compensation Committee finds that a participant has been discharged for fraud,
embezzlement, theft, commission of a felony or proven dishonesty in the course of
employment, which conduct has damaged the Company, or if a participant has participated,
engaged or had a financial interest, whether as an employee, officer, director,
consultant, contractor, shareholder, owner or otherwise, in any commercial endeavor in the
United States which is competitive with the business of the Company without the written
consent of the Company, the participant shall forfeit all options, reload options, stock
appreciation rights and awards which have not vested and for which the Company has not
delivered a stock certificate. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Amendment
and Termination</b></I>. &nbsp;&nbsp;The Board of Directors may suspend or discontinue the 1992 Plan and
may amend the 1992 Plan with respect to shares at the time not subject to unexercised
options of awards, but may not (except with stockholder approval) change the number of
shares subject to the 1992 Plan or change the class of employees and others eligible to
participate. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><b>Tax Consequences.</b></I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Nonqualified
Stock Options</b></I><U></U>.&nbsp;&nbsp; Under current interpretations of the Internal Revenue Code,
the grant of a nonqualified stock option to a participant in the 1992 Plan will not result
in the recognition of any taxable income by the participant. A participant will recognize
income at the date of exercise of a nonqualified stock option on the difference between </FONT></P>


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          <TR VALIGN=TOP>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
       the fair market value of the shares acquired pursuant to the exercise of the nonqualified stock option and</FONT></TD>
          </TR>
          </TABLE>
          <BR>


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          <TR VALIGN=TOP>
          <TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      the exercise price of the nonqualified stock option.</FONT></TD>
          </TR>
          </TABLE>
          <BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With regard to a participant who is
an executive officer, director or holder of 10% or more of the Company&#146;s common
stock, taxation arising by virtue of the exercise of the nonqualified stock option is
deferred until the sale of the shares acquired by such participant is no longer subject to
the restrictions imposed by Section&nbsp;16(b) of the Securities Exchange Act, unless the
participant elects to be taxed on the date of exercise of the nonqualified stock option. A
participant who exercises his option more than six months after the date of grant of such
option would not be subject to Section&nbsp;16(b) restrictions at the time of exercise.
The Company is entitled to a deduction in the same amount as the income recognized by a
participant due to the exercise of a nonqualified stock option. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Stock
Appreciation Rights</b></I><U></U>.&nbsp;&nbsp; Under current interpretations of the Internal Revenue
Code, the grant of a stock appreciation right to a participant will not result in
recognition of any taxable income by the participant. If a participant receives cash upon
exercise of a stock appreciation right, he will recognize ordinary income upon exercise in
an amount equal to the payment received. If a participant receives stock upon exercise of
a stock appreciation right, he will recognize ordinary income at the date of exercise in
the same manner and amount as described above with respect to the exercise of a
nonqualified stock option. The deferred compensation provisions of the American Jobs
Creation Act of 2004 could be applicable to the grant of a stock appreciation right,
depending upon the terms of such stock appreciation right when granted. Generally, the
recipient may recognize taxable income upon the vesting of a cash settled stock
appreciation right. Failure to report taxable income as required by the Jobs Creation Act
could subject the recipient to an excise tax, interest and penalties. The Company is
entitled to a deduction in the same amount as the income recognized by the participant due
to the exercise of a stock appreciation right. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><b>Awards</b></I><U></U>.&nbsp;&nbsp;
Generally, the participant will be taxed at the time the restrictions lapse with respect
to the stock awarded and the stock vests in the participant or is transferable by the
participant. At that time, the participant would recognize ordinary income determined by
the fair market value of the stock in excess of the price, if any, paid by the participant
for the stock. The Company is entitled to a deduction in the same amount as the income
recognized by the participant related to an award of stock, in the year recognized. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Material Difference from
Existing Plan </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
only difference between the existing 1992 Plan and the 1992 Plan as proposed to be amended
is that the maximum number of shares of common stock of the Company which may be issued
under the 1992 Plan would be increased from 2,100,000 to 2,700,000 (subject to adjustment
for stock dividends, stock splits and certain other contingencies). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Approval </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the resolution of the Board of Directors approving the amendment to the 1992 Plan
increasing the number of shares available for grant, the amendment will not become
effective until it is approved by the holders of a majority of the shares of voting stock
of the Company present and entitled to vote at a meeting of the stockholders of the
Company at which a quorum is present. The Board of Directors recommends a vote <B>FOR</B>
approval of the amendment of the Plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>COMMON STOCK OWNED BY <BR>PRINCIPAL STOCKHOLDERS
AND MANAGEMENT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth as of February 21, 2005 (except as otherwise noted below), the
number of shares of Common Stock owned by each person who is known by the Company to own
beneficially more than five percent (5%) of the Company&#146;s outstanding Common Stock: </FONT></P>



<TABLE WIDTH="90%" BORDER="0" CELLPADDING="0" CELLSPACING="0" align=center>
<TR VALIGN="BOTTOM">
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name and Address  <BR>
<u>of Beneficial Owner</u>
</FONT></TH>
     <TH align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amount and Nature<BR>
of Beneficial<BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;Ownership&nbsp;&nbsp;&nbsp;&nbsp;    </u>
</FONT></TH>
     <TH align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Percent of Class</u>
</FONT></TH></TR>

<TR VALIGN="TOP">
     <TD WIDTH="34%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Thomas W. Powell<BR>
&nbsp;PO Box 12818<BR>
&nbsp;Houston, Texas 77217
</FONT></TD>
     <TD WIDTH="33%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>3,022,584&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman, Times, Serif" SIZE="1">(1)
</FONT></TD>
     <TD WIDTH="33%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>28.1%</FONT></TD></TR>

<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Royce &amp; Associates, L.L.C <BR>
&nbsp;1414 Avenue of the Americas<BR>
&nbsp;New York, New York 10019
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>1,315,800&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, Serif" SIZE="1">(2)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>12.2%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Bonnie L. Powell<BR>
&nbsp;PO Box 112<BR>
&nbsp;Warda, Texas 78960
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>&nbsp;&nbsp;828,469&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, Serif" SIZE="1">(3)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>7.7%</FONT></TD></TR>

<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Wellington Management Company, L.L.P..<BR>
&nbsp;75 State Street<BR>
&nbsp;Boston, Massachusetts 02109
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>&nbsp;&nbsp;656,000&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, Serif" SIZE="1">(4)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>6.1%</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Nationwide Trust Company, FSB<BR>
&nbsp;Trustee of the Powell Industries, Inc.<BR>
&nbsp;Employee Stock Ownership Trust<BR>
&nbsp;PO Box 1412<BR>
&nbsp;Austin, Texas  78767<BR>
&nbsp;____________________
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>&nbsp;&nbsp;605,059&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, Serif" SIZE="1">(5)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>5.6%</FONT></TD></TR>
</TABLE>




<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7</font></P>
<HR Size=2 Noshade>
<PAGE>
<BR>




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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Mr. Powell has sole voting power and sole investment power with respect to
          2,724,262 of such shares, of which 573,650 are held directly, 78,720 are held by
          Mr. Powell&#146;s IRA, 1,990,292 are held by TWP Holdings, Ltd., a partnership
          controlled by Mr.&nbsp;Powell and 81,600 are shares subject to stock options
          which are currently exercisable by Mr. Powell. Also includes 281,360 shares held
          by the Thomas Walker Powell Trust, of which Mr.&nbsp;Powell is a co-trustee and
          shares voting and investment power with respect to the shares held by such trust
          with the other co-trustees, Michael&nbsp;W. Powell and Holly&nbsp;C. Pruitt.
          Also includes 3,141 shares allocated to the account of Mr.&nbsp;Powell
          under the Powell Industries, Inc. Employee Stock Ownership Plan (see footnote
          (5) to this table) and 821 shares held in trust for the account of
          Mr.&nbsp;Powell under the Employees Incentive Savings Plan of the Company. Also
          includes 13,000 shares of restricted stock issued in connection with the
          exercise of options by Mr. Powell that are subject to forfeiture if the related
          option shares are not held for five years or if he leaves employment of the
          Company, other than for retirement, within five years after receiving the
          shares. Mr. Powell has sole voting rights but no investment power with respect
          to such restricted stock. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The shares set forth in the table reflect the number of shares owned on December
          31, 2004, based on a Schedule 13F dated February 10, 2005 filed by Royce &amp;
          Associates, LLC. Royce &amp; Associates, LLC owned beneficially 1,315,800 shares
          of the Common Stock of Powell Industries, Inc. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(3)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The shares set forth in the table reflect the number of shares owned on January
          31, 2004, based on a Schedule 13G dated February 12, 2004, filed by Bonnie L.
          Powell. Bonnie L. Powell owned beneficially 828,469 shares with shared
          dispositive power and shared voting power as to 345,000 of such shares. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(4)</SUP></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The shares set forth in the table reflect the number of shares owned on December 31, 2004,
based on a Schedule 13F dated February 14, 2005, filed by Wellington Management Company,
LLP. Wellington Management Company, LLP owned beneficially 656,000 shares with shared
dispositive power over all such shares and shared voting power as to 200,000 of such
shares and no voting power as to 315,900 shares. </FONT></TD>
</TR>
</TABLE>
<BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(5)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The shares set forth in the table reflect the number of shares owned on December
          31, 2004, based on a Schedule 13G dated January 12, 2005 filed by Nationwide
          Trust Company, FSB. Nationwide Trust Company, as Trustee for the Powell
          Industries, Inc. Employee Stock Ownership Trust (the &#147;ESOP&#148;), as
          directed by the administrative committee for the ESOP appointed by the Board of
          Directors of the Company, votes and disposes of shares not allocated to the
          accounts of participants, and votes allocated shares as to which no direction is
          received from the participant. Participants have the right to direct the voting
          and tender of shares allocated to their accounts. As of December 31, 2004,
          approximately 374,005 of the shares held by the ESOP were allocated to the
          accounts of participants. </FONT></TD>
          </TR>
          </TABLE>
          <BR>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</font></P>
<HR Size=2 Noshade>
<PAGE>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table sets forth, as of
February 21, 2005, the number of shares of the Common Stock beneficially owned by each
director and nominee for director, each of the executive officers listed in the Summary
Compensation Table below, and all executive officers and directors of the Company as a
group. </FONT></P>



<TABLE WIDTH="90%" BORDER="0" CELLPADDING="0" CELLSPACING="0" align=center>
<TR VALIGN="BOTTOM">
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Name of Beneficial Owner</u></FONT></TH>
     <TH align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amount and Nature<BR>
&nbsp;&nbsp;of Beneficial  <BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership</u></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><u> (1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</FONT></TH>
     <TH align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Percent<BR>
<u>&nbsp;of Class&nbsp;</u>
</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="34%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Joseph L. Becherer</FONT></TD>
     <TD WIDTH="33%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;9,000(2)</FONT></TD>
     <TD WIDTH="33%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Eugene L. Butler</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10,500(2)&nbsp;</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">James F. Clark</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;7,000(3)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Robert B. Gregory</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;7,613(4)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Don R. Madison</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10,562(5)&nbsp;</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Thomas W. Powell</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;3,022,584(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">28.1%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Stephen W. Seale, Jr</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">16,514(2)&nbsp;</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Robert C. Tranchon</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;6,100(3)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ronald J. Wolny</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">19,565(7)&nbsp;</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">M.M. Zeller</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">62,323(8)&nbsp;</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>All Executive Officers and Directors<BR>
&nbsp;&nbsp;as a group (10 persons)
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR>&nbsp;&nbsp;3,171,761&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR>29.5%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">______________________<BR>
*  &nbsp;&nbsp;&nbsp; Less than one percent (1%).
</FONT></TD></tr>
</TABLE>



<BR>
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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The persons listed have sole voting power and sole investment power with respect
          to the shares beneficially owned by them, except as otherwise indicated. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Includes 8,000 shares subject to stock options which are currently exercisable. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(3)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Includes 6,000 shares subject to stock options which are currently exercisable. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(4)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Includes 1,613 shares allocated to Mr. Gregory&#146;s account in the ESOP (see
          footnote (5) to the preceding table) and 6,000 shares subject to stock options
          which are currently exercisable. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(5)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Includes 162 shares allocated to Mr. Madison&#146;s account in the ESOP (see
          footnote (5) to the preceding table) and 10,400 shares subject to stock options
          which are currently exercisable. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(6)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          See footnote (1) to the preceding table. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(7)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Includes 6,883 shares subject to stock options which are currently exercisable.
          Also, includes 961 shares subject to deferred director&#146;s fees which are
          available for distribution within 60 days. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(8)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Includes 2,197 shares allocated to Mr. Zeller&#146;s account in the ESOP (see
          footnote (5) to the preceding table) and 35,370 shares subject to stock options
          which are currently exercisable. Also includes 2,446 shares of restricted stock
          issued in connection with the exercise of options by Mr. Zeller that are subject
          to forfeiture if the related option shares are not held for five years or if he
          leaves employment of the Company, other than for retirement, within five years
          after receiving the shares. Mr. Zeller has sole voting rights but no investment
          power with respect to such restricted stock. </FONT></TD>
          </TR>
          </TABLE>
          <BR>




<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION ABOUT THE
BOARD OF DIRECTORS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth for each nominee and for each director whose term of office
continues after the Annual Meeting, his name, age, principal occupation and employment for
the past five years, offices held with the Company, the date he first became a director,
and the date of expiration of his current term as director. </FONT></P>




<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="BOTTOM">
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Name<BR><BR></u></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Age<BR><BR></u></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Principal
Occupation for  <BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Past Five Years</u></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><u>&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR><BR>
</FONT></Td>
     <Td align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Offices Held With Company</u><BR><BR>
</FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director<BR>
<u>Since</u><BR><BR>
</FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Term<BR>
<u>Expires</u><BR><BR>
</FONT></Td></TR>

<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Thomas W. Powell</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">64</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Chairman of the Board, President and  <BR>
Chief Executive Officer of the Company<BR>
since November 1984
</FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director,
Chairman of<BR>
the Board,
President<BR> and
Chief
Executive<BR>
Officer <sup>(2)</sup>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1984</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2007</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Joseph L. Becherer</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">62</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Senior Vice President, Eaton          <BR>
Corporation, from September 1995 until<BR>
his retirement in October 1997
</FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1997</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2007</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Stephen W. Seale, Jr.</FONT></TD>
     <TD WIDTH="7%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">65</FONT></TD>
     <TD WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consultant, Professional Engineer </FONT></TD>
     <TD WIDTH="25%" align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD WIDTH="8%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1985</FONT></TD>
     <TD WIDTH="8%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2006</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Robert C. Tranchon</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">64</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">President and CEO, Reveille

Technology, since 1995; <BR>President,
Chief Executive Officer, and Director<BR>
of Ansaldo Ross Hill from 1997-2000
</FONT></TD>

     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2000</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2006</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">James F. Clark</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">58</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Vice President, Square D Corporation
from <BR>1989 until his retirement in
December 2000
</FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2001</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2006</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Eugene L. Butler</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">63</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Chairman of the Board, Intercoastal<BR>
Terminal since 1991
</FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1990</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2005</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ronald J. Wolny</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">65</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Vice President, Fluor Daniel, Inc.   <BR>
until his retirement  in January 2003
</FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2001</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2005</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________________________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>



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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          None of the
corporations listed (other than the Company) is an affiliate of the Company. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Mr. Powell also serves as a director of each subsidiary of the Company. </FONT></TD>
          </TR>
          </TABLE>
          <BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
the directors who are not employees of the Company or any of its subsidiaries or
affiliates are entitled to receive a fee, plus reimbursement of out-of-pocket expenses,
for their services as directors. Under the Company&#146;s standard arrangement for
compensation of directors, outside directors receive a quarterly retainer of $2,500 and a
fee of $2,000 for each board meeting attended. Members of the audit committee other than
the chairman receive a fee of $1,200 for each committee meeting attended. Members of all
other committees receive a fee of $800 for each committee meeting attended. The audit
committee chairman receives a fee of $2,500 for each committee meeting attended. All other
committee chairmen receive a fee of $1,250 for each committee meeting attended. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
1993, the Company adopted the Powell Industries, Inc. Directors&#146; Fee Program which
permits directors to defer receipt of the directors&#146; fees to which they would
otherwise be entitled and to have such deferred fees allocated to a shadow account as if
they were invested in Common Stock of the Company on the date the fees were payable. Then
upon expiration of the deferral period or the retirement or death of the director, payment
will be made in the form of shares of Common Stock equal to the number of shares in his
shadow account (plus any distributions on the Common Stock that were credited to the
shadow account). </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</font></P>
<HR Size=2 Noshade>
<PAGE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Stockholders voted at the March 16, 2002 meeting to approve the Non-Employee Director
Stock Option Plan which supersedes the 2000 Non-Employee Stock Option Plan adopted by the
Board of Directors in 2000. The total number of shares of Common Stock reserved under the
plan is 100,000 shares. The Plan is administered by the Board of Directors. Eligibility to
participate in the Plan is limited to those individuals who are members of the Board of
the Company and who are not an employee of the Company or any affiliate of the Company.
Options have been issued to each of the non-employee directors to acquire shares of the
Company&#146;s common stock in accordance with the terms of the Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five
meetings of the Board of Directors were held in the last fiscal year. No incumbent
director attended fewer than seventy-five percent (75%) of the aggregate of (1)&nbsp;the
total number of meetings of the Board of Directors and (2)&nbsp;the total number of
meetings held by all committees of the Board on which he served. It is the Company&#146;s
policy that directors attend the Annual Meeting of Stockholders. At the Annual Meeting of
Stockholders on March&nbsp;5, 2004, all of the Company&#146;s directors at that date were
present. Stockholders may communicate with directors of the Company by writing to them at
the Company&#146;s headquarters. Communications addressed to the Board of Directors will
be reviewed by the Secretary of the Company and directed to them for their consideration. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nominating Committee </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has a standing Nominating Committee comprised of Eugene L. Butler,
James F. Clark and Ronald J. Wolny, all of whom are independent within the meaning of the
NASDAQ Marketplace Rules. The Nominating Committee proposes a slate of directors for
election by the Company&#146;s stockholders at each annual meeting and appoints candidates
to fill any vacancy on the Board. The Nominating Committee is also responsible for
establishing director qualifications and the selection criteria for new directors. The
Nominating Committee also recommends to the Board of Directors a slate of directors to
serve on each standing committee of the Board and recommends one member of each standing
committee to serve as chairman of the committee. During the fiscal year 2004 the Committee
held three meetings. During fiscal 2004, the Board of Directors amended and updated the
Nominating Committee Charter, which is attached as Appendix B. A copy of the Nominating
Committee Charter may also be obtained upon written request addressed to the Secretary,
Powell Industries, Inc., 8550 Mosley Drive, Houston, Texas 77075. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee will consider written recommendations from stockholders for nominees
for director. Any such nominations should be submitted to the Nominating Committee, c/o the
Secretary, Powell Industries, Inc., 8550 Mosley Drive, Houston, TX 77075 and should be
accompanied by the following information: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
all information relating to such nominee that is required to be disclosed pursuant to
Regulation&nbsp;14A under the Securities Exchange Act of 1934 (including such
person&#146;s written consent to being named in the proxy statement as a nominee and to
serving as a director if elected); </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the name(s) and address(es) of the stockholder(s) making the nomination and the number of
shares of the Company&#146;s Common Stock which are owned beneficially and of record by
such stockholder(s); and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
appropriate biographical information and a statement as to the qualifications of the nominee. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The written recommendation should be
submitted in the time frame described under the caption &#147;Stockholder Proposals&#148;
below. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nominees
for director are selected on the basis of a number of qualifications including their
independence, knowledge, judgment, character, leadership skills, education, experience,
financial literacy, standing in the community and ability to foster a diversity of
backgrounds and views and to complement the Board&#146;s existing strengths. The
Nominating Committee initiates the process for identifying and evaluating nominees to the
Board of Directors by preparing a slate of candidates who meet the criteria for selection
as a nominee and have any specific qualities or skills being sought based on input from
members of the Board. The Committee may, to the extent it deems appropriate, engage a
third-party search firm and other advisors. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee evaluates the candidates by reviewing their biographical information
and qualifications, with qualified nominees being interviewed by at least one member of
the Committee and the Chief Executive Officer. Members of the Board also have an
opportunity to interview qualified nominees. The Nominating Committee then determines,
based on the background information and the information obtained in the interviews,
whether to recommend to the Board that a nominee be nominated to fill a directorship with
an expiring term. Candidates recommended by the Nominating Committee to fill a
directorship with an expiring term are presented to the Board for selection as nominees to
be presented for the approval of the stockholders. The Nominating Committee anticipates
that a similar process will be used to evaluate nominees recommended by stockholders, but
has not yet received a stockholder recommendation for a nominee for director. The
Nominating Committee is responsible for appointing new members to the Board to fill the
unexpired term of a directorship vacated during the term. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOMINATING COMMITTEE
REPORT </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee, upon its own recommendation and approval of the independent members
of the Board of Diectors, recommended that the Board nominate Eugene L. Butler and Ronald
J. Wolny for re-election as directors, subject to stockholder approval, for a three-year
term ending at the annual stockholder meeting in 2008 and has otherwise satisfied its
responsibilities under its charter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee of the Board of Directors: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ronald J. Wolny, Chairman<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eugene L. Butler<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James F. Clark
</FONT></P>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Audit Committee </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has a standing Audit Committee which met six times during the last
fiscal year. The Audit Committee consists of Mr. Butler, Mr. Seale and Mr. Tranchon. The
Board of Directors has determined that Mr. Butler is an independent director and qualifies
as the &#147;audit committee financial expert&#148; as defined in Item 401(h) of
Regulation S-K of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;). The
Audit Committee has the responsibility to assist the Board of Directors in fulfilling its
fiduciary responsibilities as to accounting policies and reporting practices of the
Company and its subsidiaries and the sufficiency of the audits of all Company activities.
It is the Board&#146;s agent in ensuring the integrity of financial reports of the Company
and its subsidiaries, and the adequacy of disclosures to stockholders. The Audit Committee
is the focal point for communication between other directors, the independent auditors,
internal auditors and management as their duties relate to financial accounting,
reporting, and controls. The current members of the Audit Committee are
&#147;independent&#148; as that term is defined by Rule 4200(a)(15) of the listing
standards of the National Association of Securities Dealers. All meetings of the Audit
Committee were separate and apart from meetings of the full Board of Directors during
fiscal 2004. During fiscal 2004, the Board of Directors amended and updated the Audit
Committee Charter, which is attached as Appendix C. A copy of the Audit Committee Charter
may also be obtained upon written request addressed to the Secretary, Powell Industries,
Inc., 8550 Mosley Drive, Houston, Texas 77075. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AUDIT COMMITTEE REPORT </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee has (1) reviewed the Company&#146;s audited financial statements for
fiscal 2004 and discussed them with Management, (2) discussed with the Company&#146;s
independent registered public accounting firm the matters required to be discussed by
Statement of Auditing Standards No. 61, as amended, (3) received written disclosures and a
letter from the Company&#146;s independent registered public accounting firm required by
Independence Standards Board Statement No. 1, and (4) discussed the independence of the
Company&#146;s registered public accounting firm with them. Based on the foregoing
discussions, the Audit Committee recommended to the Company&#146;s Board of Directors that
the Company&#146;s audited financial statements be included in its annual report on Form
10-K for the year ended October 31, 2004. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee of the Board of Directors: </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eugene L. Butler, Chairman<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen W. Seale, Jr.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert C. Tranchon
</FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compensation Committee </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has a standing Compensation Committee comprised of Mr. Becherer, Mr.
Wolny and Mr. Tranchon, all of whom are non-employee directors of the Company. The
Compensation Committee, which held four meetings during the last fiscal year, provides
oversight on behalf of the full Board on development and administration of the
Company&#146;s executive compensation program and each component plan in which officers
and directors are eligible to participate. The Compensation Committee also administers the
Stock Option Plan, the Director&#146;s Fee Program, Incentive Compensation Plan and the
Non-Employee Director Stock Option Plan of the Company. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Code of Ethics </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has adopted a Code of Business Conduct and Ethics that applies to all employees,
including its executive officers and directors. A copy of the Company&#146;s Code of
Business Conduct and Ethics may be obtained by request through the Investor Relations
section of the Company&#146;s website at <U>www.powellind.com</U> or by written request
addressed to the Secretary, Powell Industries, Inc., 8550 Mosley Drive, Houston, Texas
77075. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXECUTIVE OFFICERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table provides information regarding the executive officers of the Company who
are not also a director or a nominee for director. The officers of the Company serve at
the discretion of the Board of Directors of the Company. </FONT></P>



<TABLE WIDTH="80%" BORDER="0" CELLPADDING="0" CELLSPACING="0" align=center>
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Name<BR><BR></u></FONT></TD>
     <TD WIDTH="10%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Age<BR><BR></u></FONT></TD>
     <TD WIDTH="20%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Since<BR><BR></u></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Position<BR><BR></u></FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Mark W. Reid  <sup>(1)</sup></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">45</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2004</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Executive Vice President of Company</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Don R. Madison <sup>(2)</sup></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">47</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2001</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Vice President and Chief Financial Officer of Company</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>M. M. Zeller <sup>(3)</sup><BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>66<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>1990<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Vice President of Company and President of Powell Electrical<BR>
Manufacturing Company ("PEMCO")<BR><BR>
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Robert B. Gregory</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">49</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2000</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Controller of Company</FONT></TD></TR>
</TABLE>



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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>____________________________ </FONT></TD>
                    </TR>
                    </TABLE>


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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Mr. Reid was elected  Executive  Vice  President of the Company by the Board of Directors at its  September  10, 2004 meeting
         which  became  effective  on that date.  For more than five years  prior to joining the  Company,  Mr. Reid served in several
         capacities with ABB, Inc. including Group Vice President.</FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13</font></P>
<HR Size=2 Noshade>
<PAGE>
<BR>




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                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Mr.  Madison  was  elected  Vice  President  and Chief  Financial  Officer of the  Company by the Board of  Directors  at its
         September  7, 2001  meeting  which  became  effective  on  October 1, 2001.  For more than five  years  prior to joining  the
         Company, Mr. Madison served in several capacities with ABB, Inc. including Vice President of Finance.</FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>


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                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(3)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                     Mr.  Zeller was elected Vice  President of the Company by the Board of Directors at its January 18, 2002 meeting which became
         effective  on that date.  This  appointment  is in  addition  to Mr.  Zeller's  position as  President  of Powell  Electrical
         Manufacturing, a wholly owned division of the Company.</FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXECUTIVE COMPENSATION </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following  table sets forth  certain  information  concerning  the  compensation  of the Chief  Executive  Officer of the
Company,  and of the Company's most highly  compensated  executive  officers for the last fiscal year (other than the CEO) whose total
annual salary and bonus  exceeded  $100,000,  for each of the Company's  fiscal years ending  October 31, 2004,  October 31,  2003 and
October 31, 2002.
 </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Summary Compensation Table</FONT></H1>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>&nbsp;&nbsp;&nbsp;Annual Compensation&nbsp;&nbsp;&nbsp;</u></FONT></TH>
     <TH colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Long Term<BR><u>&nbsp;&nbsp;&nbsp;Compensation Awards&nbsp;&nbsp;&nbsp;</u></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="BOTTOM">
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(a)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(b)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(c)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(d)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(e)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(f)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(g)<BR><BR></FONT></Td></TR>
<TR VALIGN="BOTTOM">
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Name and Principal Position<BR><BR></u></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Year<BR><BR></u></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Salary<BR><u>&nbsp;&nbsp;&nbsp;($)&nbsp;&nbsp;&nbsp; <BR><BR></u></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonus<BR><u>&nbsp;&nbsp;&nbsp;($) &nbsp;&nbsp;&nbsp;<BR><BR></u></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Restricted<BR>&nbsp;&nbsp;Stock   <BR>&nbsp;Awards   <BR>
<u>&nbsp;&nbsp;&nbsp;(#)</u></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><u> (1) &nbsp;&nbsp;&nbsp; <BR><BR></u> </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Securities<BR>Underlying<BR>Options   <BR><u>&nbsp;&nbsp;&nbsp;(#)&nbsp;&nbsp;&nbsp; <BR><BR></u>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;All Other<BR>
Compensation<BR>
<u>&nbsp;&nbsp;&nbsp;($) </u></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><u>(2)&nbsp;&nbsp;&nbsp;<BR><BR></u></FONT></TH></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD WIDTH="22%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Thomas W. Powell.....................<BR>
&nbsp;&nbsp;&nbsp;CEO of Company                    <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2004<BR>
2003<BR>
2002
</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">371,408<BR>
370,000<BR>
354,231
</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">88,800<BR>
&nbsp;&nbsp;&nbsp;&nbsp;---<BR>
322,700
</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;---<BR>
&nbsp;&nbsp;---<BR>
7,000
</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;---<BR>
44,000<BR>
&nbsp;&nbsp;&nbsp;---
</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">60,126 </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(3)</FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">78,729 </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(3)</FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">57,448 </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(3)
</FONT></TD></TR>
<TR VALIGN="TOP">
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Mark W. Reid (4)...................<BR>
&nbsp;&nbsp;&nbsp;Executive Vice President                <BR>
&nbsp;&nbsp;&nbsp;of Company    <BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>2004<BR>
<BR>
<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>20,769<BR>
<BR>
<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>30,000<BR>
<BR>
<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>---<BR>
<BR>
<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>15,000<BR>
<BR>
<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>1,500<BR>
<BR>
<BR><BR>
</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Don R. Madison ...................<BR>
&nbsp;&nbsp;&nbsp;Vice President and                <BR>
&nbsp;&nbsp;&nbsp;CFO of Company    <BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2004<BR>
2003<BR>
2002<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">190,750<BR>
182,000<BR>
&nbsp;181,731<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;40,000<BR>
&nbsp;&nbsp;&nbsp;&nbsp;---<BR>
118,000<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---<BR>
- ---<BR>
- ---<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;---<BR>
22,000<BR>
&nbsp;&nbsp;&nbsp;---<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">16,655<BR>
15,957<BR>
10,048<BR><BR>
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">M. M. Zeller.........................<BR>
&nbsp;&nbsp;&nbsp;Vice President of Company         <BR>
&nbsp;&nbsp;&nbsp;and President of PEMCO
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2004<BR>
2003<BR>
2002
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">233,304<BR>
222,602<BR>
220,097
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;98,000<BR>
&nbsp;&nbsp;&nbsp;&nbsp;---<BR>
201,600
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;---<BR>
&nbsp;&nbsp;---<BR>
1,926
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;--- <BR>
20,000 <BR>
&nbsp;&nbsp;&nbsp;---
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">21,017<BR>
&nbsp;9,483<BR>
14,500
</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Robert B. Gregory....................<BR>
&nbsp;&nbsp;&nbsp;Controller of Company             <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
____________________________
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>2004<BR>
2003<BR>
2002
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>124,817<BR>
115,260<BR>
114,815
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>25,000<BR>
&nbsp;&nbsp;&nbsp;---<BR>
53,000
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>---<BR>
- ---<BR>
- ---
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>&nbsp;&nbsp;---<BR>
7,500<BR>
&nbsp;&nbsp;---
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>3,408<BR>
3,118<BR>
5,894
</FONT></TD></TR>
</TABLE>



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                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    As of October 31, 2004, the aggregate  number of shares of restricted  stock held by named executive  officers of the Company
         was 15,446,  and the value of such shares as of such date was $248,990.  These  officers have the right to receive  dividends
         with respect to such restricted  stock awards to the extent  dividends are paid generally on the Common Stock.  However,  the
         Company has not previously  paid  dividends and it is not  anticipated  that dividends will be paid in the immediate  future.
         Such awards were made to these officers in connection with their exercise of stock options  granted by the Company,  pursuant
         to a provision in the stock option agreement designed to encourage retention of shares received upon exercise of options.</FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14</font></P>
<HR Size=2 Noshade>
<PAGE>
<BR>


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                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                   The amounts in this column  include  contributions  matched by the Company for the Employees  Incentive  Savings Plan (401(k)
         plan), estate planning and automobile allowance.</FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(3)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                   In addition to the items noted above,  with respect to Mr.  Powell,  the amounts in this column also include  $28,230 for all
         years for premiums paid by the Company with respect to life insurance for the benefit of Mr. Powell.</FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

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                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(4)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Mr. Reid was appointed Executive Vice President of the Company by the Board of Directors at its September 10, 2004 meeting.</FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<BR>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH colspan=5><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Aggregated Option Exercises in Last Fiscal Year and FY-End Option Values</u><BR><BR></FONT></TH>
     </TR>
<TR VALIGN="BOTTOM">
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Name</u><BR><BR></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Shares  <BR>
Acquired <BR>
on Exercise<BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(#)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR><BR>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Value  <BR>
Realized<BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>  <BR><BR>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Number of Securities<BR>
Underlying Unexercised  <BR>
Options         <BR>
at October 31, 2004 (#) <BR>
<u>Exercisable/Unexercisable</u><BR><BR>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Value of Unexercised<BR>
In-the-Money Options<BR>
at October 31, 2004 ($)<BR>
<u>Exercisable/Unexercisable</u><BR><BR>
</FONT></TH></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD WIDTH="16%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Thomas W. Powell</FONT></TD>
     <TD WIDTH="19%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD WIDTH="19%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD WIDTH="23%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">81,600 / 52,200</FONT></TD>
     <TD WIDTH="23%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">369,402 / 35,904</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="16%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Mark W. Reid<BR><BR></FONT></TD>
     <TD WIDTH="19%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>---<BR><BR></FONT></TD>
     <TD WIDTH="19%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>---<BR><BR></FONT></TD>
     <TD WIDTH="23%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>0 / 15,000<BR><BR></FONT></TD>
     <TD WIDTH="23%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>--- / ---<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Don R. Madison</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10,400 / 21,600</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4,488 / 17,952</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>M. M. Zeller<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>4,000<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>35,850<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>35,370 / 24,000<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>127,045 / 16,320<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Robert B. Gregory</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,000</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">17,020</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6,000 / 9,000</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1,530 / 6,120</FONT></TD></TR>
</TABLE>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the named executive officers is covered by the Company&#146;s Executive Severance
Protection Plan, which provides severance pay and other specified benefits upon
termination of employment other than for cause (as defined in the Plan) within three years
of a change in control of the Company. The benefits payable in such event (grossed up for
taxes) are (1)&nbsp;three times the officer&#146;s current annual base salary, plus
(2)&nbsp;three times the maximum incentive opportunity for the officer under the
Company&#146;s then current Incentive Compensation Plan, plus (3)&nbsp;continuation of
medical, dental and life insurance benefits for three years or until the officer is
covered under another plan, whichever is earlier. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas
W. Powell is covered by the Company&#146;s Executive Benefit Plan. Pursuant to Mr.
Powell&#146;s Executive Benefit Agreement executed under such Plan, he is entitled to the
following payments: (1)&nbsp;if he should die while in active employment with the Company,
a lump sum benefit of $630,000 payable to his designated beneficiary; (2) upon normal
retirement on or after age&nbsp;65 and the completion of at least ten years of continuous
employment, salary continuation payments of $150,000 per year for five years and then
$75,000 per year for ten years; (3)&nbsp;upon termination of employment prior to
qualifying for normal retirement but after attaining age&nbsp;55 and the completion of at
least ten years of continuous employment with the Company, the salary continuation
payments payable upon normal retirement, reduced by 1/2% for each month prior to
age&nbsp;65 that employment is terminated, commencing on the later of the date of
retirement or attainment of age 60; and (4)&nbsp;upon a sale of all or substantially all
of the property and assets of the Company other than in the usual course of its business,
or a merger of the Company wherein the Company is not the surviving corporation, and
within two years thereafter Mr.&nbsp;Powell&#146;s employment with the Company is
terminated or he resigns following a change of his position to one of less responsibility,
Mr.&nbsp;Powell would be entitled to receive salary continuation payments of $150,000 per
year for five years and then $75,000 per year for ten years. If Mr. Powell entered into
competition with the Company following termination or retirement described in (3) above,
he would (a) forfeit all further payments if the competition occurred within 36 months
following termination, or (b) not be entitled to any further payments until age 60, if the
competition occurred after 36 months following termination. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</font></P>
<HR Size=2 Noshade>
<PAGE>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity Compensation
Plan Information </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes information about the Company&#146;s equity compensation plans
as of October 31, 2004. All outstanding awards relate to the Company&#146;s common stock. </FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Plan category</u><BR><BR></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Number of Securities   <BR>
to be Issued Upon    <BR>
Exercise of       <BR>
Outstanding Options,   <BR>
Warrants and Rights   <BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>           <BR>
<BR></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Weighted-Average  <BR>
Exercise Price of <BR>
Outstanding Options,<BR>
Warrants and Rights<BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
<BR><BR></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Number of Securities<BR>
Remaining Available for<BR>
Future Issuance Under Equity<BR>
Compensation Plans<BR>
(Excluding Securities<BR>
Reflected in Column (a))<BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
<BR><BR></FONT></TH></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD WIDTH="25%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Equity compensation plans      <BR>
&nbsp;&nbsp;&nbsp;approved by security holders
</FONT></TD>
     <TD WIDTH="25%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">827,393</FONT></TD>
     <TD WIDTH="25%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$15.26</FONT></TD>
     <TD WIDTH="25%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">189,349</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Equity compensation plans not<BR>
&nbsp;&nbsp;&nbsp;approved by security<BR>
&nbsp;&nbsp;&nbsp;holders(1)................
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">827,393</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$15.26</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">189,349</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">____________________________
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>

</TABLE>


<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-TNR" FSL="Project" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP> </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               In 1993, the Company adopted the Powell Industries, Inc. Directors&#146; Fee
               Program (the &#147;Program&#148;). Under the Program, directors may defer
               receipt of the directors&#146; fees and have such fees allocated to a shadow
               account as if they were invested in the Company&#146;s common stock based on the
               fair market value on the date the fees are payable. Upon expiration of the
               deferral period elected by the director, or upon death, the shares held in his
               shadow stock account are distributed, along with any distributions on the Common
               Stock that were credited to the shadow stock account. As of October 31, 2004, a
               total of 2,429 shares of Common Stock were held in shadow stock accounts for the
               directors, with a weighted average price per share of $17.91.
               The program was not approved by the Company&#146;s stockholders. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compensation Committee
Interlocks and Insider Participation </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the last fiscal year of the Company, Mr. Becherer, Mr. Wolny and Mr. Tranchon served on
the Compensation Committee of the Board of Directors of the Company. None of them has ever
served as an officer or employee of the Company or any of its subsidiaries. Also during
the last fiscal year, no executive officer of the Company served as a member of the
Compensation Committee or Board of Directors of another entity, one of whose executive
officers served on the Company&#146;s Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compensation Committee
Report On Executive Compensation </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee (the &#147;Committee&#148;) of your Board of Directors is pleased
to present to the stockholders its annual report on executive compensation. This report
summarizes the responsibilities of the Committee, the compensation policy and objectives
that guide the development and administration of the executive compensation program, each
major component of the program, and the basis on which the compensation for the Chief
Executive Officer, corporate officers and other key executives were determined for the
fiscal year ended October 31, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee, which held three meetings during the last fiscal year, provides
oversight on behalf of the full Board on development and administration of the
Company&#146;s executive compensation program and each subcomponent plan under which
officers or directors are eligible to participate. The Compensation Committee also
administers the Stock Option Plan, Directors&#146; Fee Program, Incentive Compensation
Plan, and the Non-Employee Director Stock Option Plan of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Executive Compensation
Philosophy </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
philosophy of the Committee is that the Company&#146;s executive compensation program
should be an effective tool for fostering the creation of stockholder value. The following
objectives guide the Committee in its deliberations: </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16</font></P>
<HR Size=2 Noshade>
<PAGE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Hang Lv 5-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Provide a competitive compensation program that enables the Company to attract and retain
key executives and Board members. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 5-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Assure a strong relationship between the performance results of the Company or subsidiary
and the total compensation received. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang Lv 5-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Balance both annual and longer performance objectives of the Company. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang Lv 5-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Encourage
executives to acquire and retain meaningful levels of Common Stock of the Company.</FONT></TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Hang Lv 5-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=2%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Work closely with the Chief Executive Officer to assure that the compensation program
supports the management style and culture of the Company. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to normal employee benefits, the executive total compensation program includes
base salary, annual cash incentive compensation, and longer-term stock based grants and
awards. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comparisons
are made and surveys taken periodically to determine competitive compensation levels and
practices for certain benchmark positions in the Company. Such analysis covers a broad
group of manufacturing companies and the results are adjusted for differences in factors
such as company size and position responsibilities. This comparison group is broader than
the published industry index of companies included in the cumulative total return
performance graph presented elsewhere in this Proxy Statement because it is more
representative of the executive market in which the Company competes for talent and
provides a consistent and stable market reference from year to year. Other comparative
information from national survey databases, proxy statement disclosures and general trend
data provided by compensation consultants is also considered. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable
incentives, both annual and longer term, are important components of the program and are
used to link pay and performance results. Variable incentive awards and performance
standards are calibrated such that total compensation will generally approximate the
market 50th percentile when Company performance results are at target levels which
approximate the recent historical performance of the Company (subject to certain minimum
target levels), and will exceed the 50th percentile when performance exceeds targets.
However, changes in the mission and strategy of the Company or certain of its subsidiaries
as well as projected profit and growth are also important considerations in the
calibration of the Company&#146;s total executive compensation program. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Internal Revenue Code (Section 162(m)) imposes a $1,000,000 limit, with certain
exceptions, on the deductibility of compensation paid to each of the five highest paid
executives. In particular, compensation that is determined to be &#147;performance
based&#148; is exempt from this limitation. To be &#147;performance based,&#148; incentive
payments must use predetermined objective standards, limit the use of discretion in making
awards, and be certified by the Compensation Committee made up of &#147;outside
directors.&#148; While the Committee believes that the use of discretion is appropriate in
specific circumstances, it believes that the annual incentive compensation and longer term
stock plans comply with the provisions of Section&nbsp;162(m) as &#147;performance
based&#148;. It is not anticipated that any executive will receive compensation in excess
of this limit during fiscal year 2004. The Committee will continue to monitor this
situation and will take appropriate action if it is warranted in the future. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
is a discussion of each of the principal components of the executive total compensation
program. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Base Salary </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
base salary program targets the median of the primary comparison group for corporate
officers and managers. Since subsidiary presidents generally have a higher incentive
opportunity relative to comparable positions in the market, base salaries for subsidiary
presidents are targeted somewhat below the market median. Each executive&#146;s base
salary is reviewed individually each year. Salary adjustments are based on the
individual&#146;s experience and background, performance during the prior year, the
general movement of salaries in the marketplace, and the Company&#146;s financial
position. Due to these factors, an executive&#146;s base salary may be above or below the
target point at any point in time. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annual Incentive
Compensation </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company administers an annual incentive plan for its corporate officers and managers, and
subsidiary presidents and selected subsidiary managers. The goal of the plan is to reward
participants in proportion to the performance of the Company and/or the subsidiary for
which they have direct responsibility, and their individual contributions to the
Company&#146;s performance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of annual incentive compensation each participant is eligible to earn varies based
on his potential contribution to the future performance of his subsidiary or the Company.
The amount of such compensation actually earned by each participant is based on the actual
financial performance of his subsidiary or the Company for the year compared to profit and
growth target ranges which are set at the beginning of that year. Historical performance,
current mission and strategy, and projected profit and growth capability are considered in
setting the targets for each subsidiary and the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Stock Based Compensation </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
ownership is encouraged through the use of a stock plan that provides for the grant of
stock options and stock awards. Stock option grants are made on a periodic basis
(typically every other year) and are based on competitive multiples of base salary. Senior
executives typically have a higher multiple and, as a result, have a greater portion of
their total compensation linked to the longer term success of the Company. In determining
the appropriate grant multiples, the Company targets the market median among publicly held
manufacturing companies of similar size. To encourage stock retention, participants who
retain the shares obtained through the exercise of an option receive a restricted stock
award equal to one additional restricted share for every five option shares retained for
five years from the date they were acquired. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compensation of the
Chief Executive Officer </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Chief Executive  Officer,  Mr. Thomas W. Powell,  participates in the executive  compensation  program  described in this
report. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
establishing the total compensation program for Mr. Powell, the Committee assessed the pay
levels for CEOs in similar companies in the manufacturing industry and the profit
performance of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee of the Board of Directors: </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph L. Becherer, Chairman<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ronald J. Wolny<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert C. Tranchon
</FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Performance Graph</b> </FONT></P>



<IMG SRC="proxygraph2005.jpg" width=100%>





<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 16(a)
BENEFICIAL OWNERSHIP REPORTING COMPLIANCE </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
16(a) of the Securities Exchange Act of 1934 requires the Company&#146;s officers and
directors, and persons who own more than ten percent of a registered class of the
Company&#146;s equity securities, to file reports of ownership and changes in ownership
with the Securities and Exchange Commission. Officers, directors and greater-than ten
percent stockholders are required by the regulation to furnish the Company with copies of
all Section 16(a) forms they file. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
solely on the Company&#146;s review of the copies of such forms received by it, or written
representations from certain reporting persons that no Form 5 reports were required for
those persons, the Company believes that all filing requirements applicable to its
officers and directors and greater-than ten percent beneficial owners during the 2004
fiscal year were in compliance, except that Messrs. Joesph l. Becherer, Eugene L. Butler,
James F. Clark, Stephen W. Seale, Robert C. Tranchon and Ronald J. Wolny, directors of the
Company, each failed to file timely one report related to their respective annual option
grant received on June 24, 2004 under the Company&#146;s Non-Employee Director Stock
Option Plan and reported on September 15, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PRINCIPAL ACCOUNTANTS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers
LLP has served as the principal accountants for the Company for the fiscal year ending
October 31, 2004. It is anticipated that the Audit Committee will appoint
PricewaterhouseCoopers LLP as independent registered public accounting firm of the Company
for the year ending October&nbsp;31, 2005. Representatives of PricewaterhouseCoopers LLP
are expected to be present at the Annual Meeting of Stockholders. They will have the
opportunity to make a statement if they desire to do so, and are expected to be available
to respond to appropriate questions. Prior to the appointment of PricewaterhouseCoopers
LLP, Deloitte &amp; Touche LLP served as the Company&#146;s principal accountants. The
decision to replace Deloitte &amp; Touche with PricewaterhouseCoopers LLP was made
pursuant to the recommendation of the Company&#146;s Board of Directors and its Audit
Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deloitte
&amp; Touche&#146;s report on the Company&#146;s financial statements for the two fiscal
years ended October 31, 2002 and October 31, 2003, did not contain an adverse opinion or
disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or
accounting principles. During the Company&#146;s two fiscal years ended October 31, 2002
and October 31, 2003, and the subsequent interim periods preceding the decision to change
independent public accountants, there were no disagreements with Deloitte &amp; Touche on
any matter of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure which, if not resolved to Deloitte &amp; Touche&#146;s
satisfaction, would have caused them to make reference to the subject matter of the
disagreement in connection with the audit reports of the Company&#146;s consolidated
financial statements for such years. There were no reportable events as described under
Item 304(a)(1)(v) of Regulation S-K. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company provided Deloitte &amp; Touche with a copy of the foregoing disclosures. A letter
from Deloitte &amp; Touche dated May 13, 2004, stating its agreement with the foregoing
disclosures is attached to this Proxy Statement as Appendix D. In the years ended October
31, 2002 and October 31, 2003, and the subsequent interim periods preceding the decision
to change independent public accountants, the Company did not consult
PricewaterhouseCoopers with respect to the application of accounting principles to a
specified transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Company&#146;s financial statements, or any other matters or
reportable events as set forth in Items&nbsp;304(a)(2)(i) and (ii) of Regulation S-K. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For 2004 and 2003, the Company&#146;s
independent registered public accounting firm&#146;s fees for various types of services to
the Company were as shown below: </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</font></P>
<HR Size=2 Noshade>
<PAGE>
<BR>




<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></Td>
     <Td colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>PricewaterhouseCoopers</u></FONT></Td>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Deloitte</u></FONT></Td></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>2004</u></FONT></TD>
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>2003</u></FONT></TD>
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>2003</u></FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Audit Fees</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$501,550</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$272,000</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Audit-Related Fees</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Tax Fees</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax compliance services</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">94,750(1)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$59,500(1)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">56,775(1)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax advisory services </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">66,500(2)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24,000(2)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">All Other Fees</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">TOTAL</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$734,400</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$83,500</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$328,775</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">____________________________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>





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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Tax compliance services relate to the preparation and filing the U.S. Corporate
          Tax Return and state corporate income tax returns for the Company and its
          subsidiaries. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)</SUP> </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Tax advisory services relate to the preparation and filing of an amended 2002
          U.S. Corporate Income Tax Return, cost segregation services and other tax
          consulting services with respect to matters involving tax authorities. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee did not approve
any of the services shown in the above four categories through the use of the &#147;de
minimis&#148; exception permitted by SEC rules. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has adopted the
following procedure for pre-approving audit services and other services to be provided by
the Company&#146;s independent auditors: specific services are pre-approved from time to
time by the Committee or by the Committee Chairman on its behalf. As to any services
approved by the Committee Chairman, the approval is reported to the Committee at the
following meeting of the Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER MATTERS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date of this statement, the Board of Directors has no knowledge of any business
which will be presented for consideration at the meeting other than the election of two
directors of the Company, approval of the Company&#146;s Non-Employee Director Resticted
Stock Plan and proposed amendment to the Company&#146;s 1992 Stock Option Plan. Should any
other matters be properly presented, it is intended that the enclosed proxy will be voted
in accordance with the best judgment of the persons voting the matter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ANNUAL REPORT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Annual Report to Stockholders and an Annual Report on Form&nbsp;10-K covering the fiscal
year of the Company ended October 31, 2004 are enclosed herewith. These reports do not
form any part of the material for solicitation of proxies. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>STOCKHOLDER PROPOSALS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposals
of stockholders to be presented at the Annual Meeting of Stockholders to be held in 2006
must be received at the office of the Secretary of the Company no later than November 30,
2005 in order to be included in the Company&#146;s proxy statement and form of proxy
relating to that meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
stockholder that intends to present business at the 2006 Annual Meeting and has not
submitted such proposal by the date set forth above must notify the Secretary of the
Company no later than January 17, 2006. If such notice is received after January 17, 2006,
then the notice will be considered untimely, and the Company is not required to present
such business at the 2006 Annual Meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
proposals must comply with applicable SEC regulations and the Company&#146;s Bylaws as
amended to date. </FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By Order of the Board of Directors<BR><BR><BR>
 <u>&nbsp;&nbsp;&nbsp;/s/  &nbsp;&nbsp;&nbsp;  THOMAS W. POWELL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
 <BR>Thomas W. Powell  <BR><I>Chairman and Chief
Executive Officer </I>
</FONT></TD></TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: February 28, 2005 </FONT></P>




<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPENDIX A </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NON-EMPLOYEE DIRECTOR
RESTRICTED STOCK PLAN </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Powell Industries, Inc. Non-Employee Director Restricted Stock Plan was adopted by the
Board of Directors (&#147;Board&#148;) of <B><I>Powell Industries, Inc.</I></B><I></I>, a
Delaware corporation (&#147;Company&#148;), effective as of December&nbsp;17, 2004 and
approved by the stockholders of the Company at its annual meeting of stockholders held on
April 15, 2005. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>PURPOSE AND TERM</b> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Purpose.</I></B><I></I>&nbsp;&nbsp;
          The Powell Industries, Inc. Non-Employee Director Restricted Stock Plan (the
          &#147;Plan&#148;) is for the benefit of members of the Board who, at the time of
          their service, are not employees of the Company or any of its affiliates (each a
          &#147;Participant&#148; and collectively the &#147;Participants&#148;), to
          encourage ownership of the Company&#146;s common stock (the &#147;Stock&#148;)
          by the Participants, thereby advancing the best interests of the Company by
          increasing the proprietary interest of the Participants in the success of the
          Company and encouraging them to continue in their present capacity. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Term.</I></B><I></I>&nbsp;&nbsp;
          Unless sooner terminated by the Board, the Plan will terminate at the close of
          business on December&nbsp;16,&nbsp;2014 and no further grants shall be made
          under the Plan after such date. Awards granted before such date shall continue
          to be subject to the terms and conditions of the Plan and the respective
          agreements pursuant to which they were granted. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>ADMINISTRATION</b> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Administration
of the Plan.</I></B><I></I>&nbsp;&nbsp; The Plan shall be administered by the Compensation Committee
of the Board (&#147;Committee&#148;) or, if there is no Compensation Committee, the Plan
shall be administered by the Board and all references to the Committee in this Plan shall
refer to the Board. All questions of interpretation of the Plan or of any restricted stock
agreement governing any grant under this Plan (&#147;Restricted Stock Agreement&#148;)
shall be determined by the Committee, and such determination shall be final and binding
upon all persons having an interest in the Plan or such Restricted Stock Agreement. The
Chief Executive Officer, the Chief Financial Officer, the President and any Vice President
of the Company shall have the authority to act on behalf of the Company with respect to
any matter, right, obligation, determination or election which is the responsibility of or
which is allocated to the Company in this Plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Powers
of the Committee.</I></B><I></I> &nbsp;&nbsp;In addition to any other powers set forth in the Plan and
subject to the provisions of the Plan, the Committee shall have the full and final power
and authority, in its sole discretion: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
determine the terms, conditions and restrictions applicable to each grant (which need not
be identical) under this Plan (&#147;Award&#148;), the method for satisfaction of any tax
withholding obligation arising in connection with an Award or vesting of the Stock granted
pursuant to the Award (&#147;Restricted Stock&#148;), the effect on the Award or the
vesting of such Restricted Stock of termination of the status of a Participant as a
director of the Company and all other terms, conditions and restrictions applicable to the
Award or Restricted Stock not inconsistent with the terms of the Plan, </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
approve one or more forms of Restricted Stock Agreement, </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to accelerate,
continue, extend or defer the vesting of any Restricted Stock, </FONT>
</TD>
</TR>
</TABLE>
<BR>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</font></P>
<HR Size=2 Noshade>
<PAGE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to prescribe,  amend or rescind rules,  guidelines and policies  necessary or advisable in the administration of the
         Plan and </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
correct any defect, supply any omission or reconcile any inconsistency in the Plan or any
Restricted Stock Agreement and to make all other determinations and take such other
actions with respect to the Plan as the Committee may deem advisable to the extent
consistent with the Plan and applicable law. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>SHARES SUBJECT TO PLAN
OR AWARDS <BR>AND ADJUSTMENTS THEREOF </b></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Maximum
Number of Shares Issuable.</I></B><I></I> &nbsp;&nbsp;Subject to Section&nbsp;3.2, the maximum
aggregate number of shares of Stock that may be issued under the Plan shall be 150,000 and
shall consist of authorized but unissued or reacquired shares of Stock or any combination
thereof. If a share of Restricted Stock is forfeited for any reason, such share shall
again be available for issuance under the Plan. During the term of this Plan, the Company
shall at all times reserve and keep available that number of shares of Stock sufficient to
satisfy the requirements of the Plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Changes
in Capital Structure.</I></B><I></I> &nbsp;&nbsp;If, at any time while the Plan is in effect or shares
of Restricted Stock are outstanding, there shall be any increase or decrease in the number
of issued and outstanding shares of Stock resulting from (i)&nbsp;the declaration or
payment of a stock dividend, (ii)&nbsp;any recapitalization resulting in a stock split-up,
combination or exchange of shares of Stock or (iii)&nbsp;any other increase or decrease in
such shares of Stock effected without receipt of consideration by the Company, then and in
such event: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
appropriate adjustment shall be made in the maximum number of shares of Stock then subject
to being granted under the Plan so that the same proportion of the Company&#146;s issued
and outstanding shares of Stock shall continue to be subject to being granted under the
Plan; and </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appropriate
adjustments shall be made in the number of outstanding shares of Restricted Stock. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
fractional share resulting from an adjustment under this Section&nbsp;3.2 shall be rounded
up to the nearest whole number. Except as otherwise expressly provided in the Plan, the
issuance by the Company of shares of its capital stock of any class, or securities
convertible into or exercisable for shares of capital stock or any class, either in
connection with direct sale or upon the exercise of rights or warrants to subscribe
therefor, or upon conversion of shares or obligations of the Company convertible into such
shares or other securities, shall not affect, and no adjustment by reason thereof shall be
made with respect to, the number of outstanding shares of Restricted Stock. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Notice
of Adjustment.</I></B><I></I>&nbsp;&nbsp; Upon the occurrence of each event requiring an adjustment
with respect to any Restricted Stock, the Company shall mail to each affected Participant
its computation of such adjustment, which shall be conclusive and shall be binding upon
each Participant. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>AWARDS OF RESTRICTED
STOCK </b></FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Eligibility.</I></B><I></I>&nbsp;&nbsp;
          The persons who shall be eligible to receive Restricted Stock under the Plan
          shall be each member of the Board who is not an employee of the Company or any
          affiliate of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Awards.</I></B><I></I>&nbsp;&nbsp;
          On the day of each June Board meeting (or the next regular meeting of the Board,
          if there is no June meeting), each Participant who is continuing to serve as a
          director shall receive a grant of 2,000 shares of Stock. If a Participant is
          first elected or appointed to the Board (whichever is applicable) other than at
          a June meeting, the Participant shall receive a grant of that number of shares
          of Stock (rounded up to the nearest whole share) determined by multiplying 2,000
          shares by a fraction, the numerator of which is the number of months until the
          next June meeting (or meeting held in lieu of the June meeting and counting the
          month in which the Participant became a director) and the denominator of which
          is 12. The intent of this initial grant is to provide the new director with a
          prorated grant for the partial year served before the new director receives the
          annual grant. </FONT></P>




<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Restricted
Stock Agreement.</I></B><I></I>&nbsp;&nbsp; The prospective recipient of a grant of Stock shall not
have any rights with respect to such grant until such prospective recipient has executed a
Restricted Stock Agreement and delivered a fully executed copy thereof to the Company
within a period of sixty days (or such other period as the Committee shall specify) after
the date of the grant. The Restricted Stock Agreement shall set forth the number of shares
of Stock granted to the Participant and all other terms, limitations, restrictions and
conditions to which such Stock is subject. To the extent any such terms, limitations,
restrictions or conditions are inconsistent with the terms of the Plan, the terms of the
Plan shall control. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Share
Certificates.</I></B><I></I> &nbsp;&nbsp;Each Participant shall be issued a stock certificate or
certificates representing the shares of Restricted Stock granted to such Participant. Such
certificate or certificates shall be registered in the name of the Participant and shall
bear an appropriate legend referring to the terms, limitations, restrictions and
conditions applicable to such Restricted Stock substantially as provided in
Section&nbsp;4.5 below. The Committee may require that the stock certificates evidencing
the shares of Restricted Stock be held in the custody of the Company until the
restrictions thereon shall have lapsed and that the Participant deliver to the Committee a
stock power or stock powers, endorsed in blank, relating to the shares of Restricted
Stock. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Legends.</I></B><I></I>&nbsp;&nbsp;
          Each certificate representing shares of Restricted Stock issued to a Participant
          shall bear the following legend or a similar legend deemed by the Company to
          constitute an appropriate notice of the provisions hereof and each Restricted
          Stock Agreement shall provide that any such certificate not having such legend
          shall be surrendered upon demand of the Company therefor and so endorsed: </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Indent Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
the face of the certificate: </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transfer
of this stock is restricted in accordance with conditions printed on the reverse of this
certificate.&#148;  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
the reverse of the certificate:  </FONT>
</TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;The
shares of stock evidenced by this certificate are subject to and transferable only in
accordance with that certain Powell Industries, Inc. Non-Employee Director Restricted
Stock Plan, a copy of which is on file at the principal office of the Company in Houston,
Texas. No transfer or pledge of the shares evidenced hereby may be made except in
accordance with and subject to the provisions of the Plan. By acceptance of this
certificate, any holder, transferee or pledgee hereof agrees to be bound by all of the
provisions of the Plan. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;And,
if the shares were not issued in a transaction registered under the applicable federal and
state securities laws: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#147;Shares
of stock represented by this certificate have been acquired by the holder for investment
and not for resale, transfer or distribution, have been issued pursuant to exemptions from
the registration requirements of applicable state and federal securities laws and may not
be offered for sale, sold or transferred other than pursuant to effective registration
under such laws or in transactions otherwise in compliance with such laws, and upon
evidence satisfactory to the Company of compliance with such laws, as to which the Company
may require and rely upon an opinion of counsel satisfactory to the Company.&#148; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
copy of this Plan shall be kept on file in the principal office of the Company in Houston,
Texas.  </FONT></TD>
</TR>
</TABLE>
<BR>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</font></P>
<HR Size=2 Noshade>
<PAGE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Restrictions
and Conditions.</I></B><I></I>&nbsp;&nbsp; Shares of Restricted Stock shall be subject to the
following restrictions and conditions: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Plan and the Restricted Stock Agreement governing the grant of
Restricted Stock, during such period or periods as may be established by the Committee
beginning on the date of the Award (&#147;Restricted Period&#148;), the Participant shall
not be permitted to sell, transfer, pledge or assign shares of Restricted Stock granted
under the Plan; <I>provided, however, that</I> the Committee may, in its sole discretion,
provide for the lapse of such restrictions in installments and may accelerate or waive
such restrictions in whole or in part based on such factors and such circumstances as the
Committee may determine, in its sole discretion, including without limitation the
attainment of certain performance-related goals, the death or Disability of the
Participant or the Participant&#146;s otherwise ceasing to serve as a director of the
Company. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Restricted Period, the Participant shall have the rights of a shareholder with respect
to any shares of Restricted Stock, except as otherwise stated in the Plan or the
Restricted Stock Agreement governing the grant of Restricted Stock. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the Plan, the term &#147;Disability&#148; shall mean the determination by the
Board, upon the advice of an independent qualified physician, that the Participant has
become physically or mentally incapable of performing his duties as a director and such
disability has disabled the Participant for a period of at least 180 days in any
twelve-calendar-month period. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>ADDITIONAL PROVISIONS </b></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Amendment
or Discontinuation.</I></B><I></I>&nbsp;&nbsp; Except as set otherwise set forth in this
Section&nbsp;5.1, the Board may at any time and from time to time, without the consent of
the Participants, alter, amend, revise, suspend or discontinue the Plan in whole or in
part, <I>provided, however, that</I> to the extent required to qualify the Plan under
Rule&nbsp;16b-3 promulgated under Section&nbsp;16 of the Securities Exchange Act of 1934,
as amended, no amendment shall be made more than once every six months that would change
the amount, price or timing of the initial and annual grants, other than to comport with
changes in the Internal Revenue Code of 1986, as amended; and <I>provided, further,
that</I> to the extent required to qualify the Plan under Rule&nbsp;16b-3, no amendment
that would (a)&nbsp;materially increase the number of shares of the Stock that may be
issued under the Plan, (b)&nbsp;materially modify the requirements as to the eligibility
for participation in the Plan, or (c)&nbsp;otherwise materially increase the benefits
accruing to Participants under the Plan, shall be made without the approval of the
Company&#146;s stockholders. Any such amendment shall, to the extent deemed necessary or
advisable by the Committee, be applicable to any outstanding Restricted Stock previously
granted under the Plan with respect to which the Restricted Period has not yet expired,
notwithstanding any contrary provisions contained in any Restricted Stock Agreement. In
the event of any such amendment to the Plan, the holder of any Restricted Stock
outstanding under the Plan shall, upon the request of the Committee, execute a conforming
amendment to the applicable Restricted Stock Agreement in the form prescribed by the
Committee. Notwithstanding anything contained in the Plan to the contrary, unless required
by law, no action contemplated or permitted by this Section&nbsp;5.1 shall adversely
affect any rights of a Participant or obligations of the Company to Participants with
respect to any Restricted Stock with respect to which the Restricted Period has expired
without the consent of the affected Participant. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Investment
Intent and Other Representations.</I></B><I></I>&nbsp;&nbsp; The Company may require that there be
presented to and filed with it by any Participant under the Plan such evidence as it may
deem necessary to establish that the shares of Restricted Stock are being acquired for
investment and not with a view to their distribution and such other representations and
warranties of a Participant which the Company considers necessary or appropriate. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Indemnification
of Board and Committee.</I></B><I></I> &nbsp;&nbsp;With respect to administration of the Plan, the
Company shall indemnify each present and future member of the Committee against, and each
member of the Committee shall be entitled without further act on his part to indemnity
from the Company for, all expenses (including the amount of judgments and the amount of
approved settlements made with a view to the curtailment of costs of litigation, other
than amounts paid to the Company itself) reasonably incurred by him in connection with or
arising out of any action, suit, or proceeding in which he may be involved by reason of
his being or having been a member of the Committee, whether or not he continues to be a
member of the Committee at the time of incurring the expenses. However, this indemnity
shall not include any expenses incurred by any member of the Committee (a)&nbsp;in respect
of matters as to which he shall be finally adjudged in any action, suit or proceeding to
have been guilty of gross negligence or willful misconduct in the performance of his duty
as a member of the Committee, or (b)&nbsp;in respect of any matter in which any settlement
is effected, to an amount in excess of the amount approved by the Company on the advice of
its legal counsel. In addition, no right of indemnification under this Plan shall be
available to or enforceable by any member of the Committee unless, within 60 days after
the institution of any action, suit or proceeding, he shall have offered the Company, in
writing, the opportunity to handle and defend the same at its own expense. This right of
indemnification shall inure to the benefit of the heirs, executors or administrators of
each member of the Committee and shall be in addition to all other rights to which a
member of the Committee may be entitled as a matter of law, contract or otherwise. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Effect
of the Plan.</I></B><I></I> &nbsp;&nbsp;Neither the adoption of the Plan nor any action of the
Committee shall be deemed to give any person any rights except as may be evidenced by a
Restricted Stock Agreement or any amendment thereto duly authorized by the Committee and
executed on behalf of the Company, and then only to the extent and upon the terms and
conditions expressly set forth therein. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Compliance
with Other Laws and Regulations.</I></B><I></I>&nbsp;&nbsp; Nothing in this Plan shall be construed to
require the Company to issue any shares of Stock under the Plan if issuing that Stock
would constitute or result in a violation by the Participant or the Company of any
provision of any law, statute or regulation of any governmental authority or any national
securities exchange or inter-dealer quotation system or other forum in which the shares of
Stock are or may be quoted or traded (including without limitation, Section&nbsp;16 of the
Securities Exchange Act of 1934). Specifically, in connection with any applicable statute
or regulation relating to the registration of securities, the Company shall not be
required to issue any Stock unless the Company has received evidence satisfactory to it to
the effect that the Participant will not transfer the Stock except in accordance with
applicable law, including receipt of an opinion of counsel satisfactory to the Company to
the effect that any proposed transfer complies with applicable law. The determination by
the Company on this matter shall be final, binding and conclusive. The Company may, but
shall in no event be obligated to, register any Stock covered by this Plan pursuant to
applicable securities laws of any country or any political subdivision. If the Stock is
not registered, the Company may imprint on the certificate evidencing the Stock any legend
that counsel for the Company considers necessary or advisable to comply with applicable
law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Tax
Requirements.</I></B><I></I> &nbsp;&nbsp;The Company shall have the right pursuant to any arrangement
it deems appropriate to deduct from all Awards hereunder any federal, state or local taxes
required by law to be withheld with respect to such payments. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
UNDERSIGNED, being the duly elected Secretary of the Company, does hereby certify that the
foregoing is a true and correct copy of the Powell Industries, Inc. Restricted Stock Plan,
adopted by the Board of Directors of Powell Industries, Inc. at the meeting thereof duly
called and held on December&nbsp;17, 2004 and approved by the stockholders of the Company
at its annual meeting of stockholders held on April 15, 2005. </FONT></P><BR>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
 <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
 <BR>Don R. Madison, Secretary
</FONT></TD></TR>
</TABLE>

<BR><BR>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM OF RESTRICTED
STOCK AGREEMENT </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Powell Industries, Inc. Non-Employee Director Restricted Stock Plan
(&#147;Plan&#148;), this Restricted Stock Agreement (&#147;Agreement&#148;) is made as of
_____________, _____ (&#147;Effective Date&#148;) by and between Powell Industries, Inc.,
a Delaware corporation (&#147;Company&#148;), and _________________ (&#147;Grantee&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties agree as follows: </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>1.</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;
          <B><I>Grant of Stock</I></B><I></I>. The Company hereby grants to Grantee and
          Grantee hereby accepts 2,000 shares of the Company&#146;s common stock
          (&#147;Shares&#148;).</FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>2.</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;
          <B><I>Vesting</I></B><I></I>. </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares shall become fully vested and shall no longer be subject to forfeiture as follows: </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fifty
per cent on the first anniversary of the Effective Date, and  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fifty per
cent on the second anniversary of the Effective Date. </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, the Shares shall, to the extent not then fully vested, become fully vested
and shall no longer be subject to forfeiture: </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon
the retirement of the Grantee from the Board of Directors of the Company
(&#147;Board&#148;), but only with respect to grants of Shares made before the annual
shareholder meeting immediately preceding such retirement; </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon
the occurrence of a &#147;Liquidation Event&#148; as such term is defined in
Section&nbsp;2(c) below; or </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon
the death or Disability (as defined in the Plan) of the Grantee. </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used in this Agreement, &#147;Liquidation Event&#148; shall mean the occurrence of either
of the following: </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
merger, reorganization or consolidation of the Company with or into one or more
corporations, limited liability companies or partnerships in which the Company is not the
surviving entity and stockholders of the Company receive cash or freely salable
securities; or </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sale of all or substantially all of the Company&#146;s assets in one or more transactions
for cash or freely salable securities and a subsequent liquidation of the Company, in
which its stockholders receive liquidating distributions of such proceeds of sale after
payment or provision for the valid debts, liabilities and taxes of the Company. </FONT>
</TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Indent Lv 2-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>3.</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;
          <B><I>Forfeiture of Unvested Shares Upon Termination or Attempted
          Transfer</I></B><I></I>. Upon the occurrence of (i)&nbsp;Grantee&#146;s ceasing
          to be a director of the Company for any or no reason except death or Disability
          of the Grantee or, with respect to Shares granted after the annual stockholder
          meeting immediately preceding such retirement, the retirement of Grantee from
          the Board or (ii)&nbsp;any attempted transfer by the Grantee to a third party of
          Shares that are not yet fully vested and no longer subject to forfeiture, the
          Company shall, upon the date of such termination or attempted transfer (as such
          date is reasonably fixed and determined by the Company) cancel such portion of
          the Shares as are not fully vested in accordance with Section&nbsp;2 above
          (&#147;Forfeited Shares&#148;), and Grantee shall forfeit and have no further
          right to or interest in or claim regarding the Forfeited Shares. Upon such
          cancellation and forfeiture, Grantee, or Grantee&#146;s representative, shall
          immediately surrender to the Company for cancellation the share certificate(s)
          representing the Forfeited Shares. Notwithstanding Grantee&#146;s failure to
          surrender for cancellation the share certificate(s) representing the Forfeited
          Shares, Grantee hereby grants to the Secretary of the Company all right, power
          and authority on behalf of Grantee to cause, and the Secretary of the Company
          shall cause, the Forfeited Shares to be cancelled on the official stock register
          of the Company, which stock register shall be conclusive evidence of ownership
          of any and all of the Company&#146;s outstanding capital stock, including the
          Shares as applicable.</FONT>
</TD>
</TR>
</TABLE>
<BR>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7</font></P>
<HR Size=2 Noshade>
<PAGE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>4.</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;
          <B><I>Restrictions on Transfer</I></B><I></I>. </FONT>
</TD>
</TR>
</TABLE>
<BR>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grantee
shall not transfer, encumber or otherwise dispose of any of the Shares (or any beneficial
interest therein) in any way until the date such Shares are fully vested and no longer
subject to forfeiture. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
Section&nbsp;5(a) above, Grantee shall not transfer or dispose of the shares unless
(i)&nbsp;there is then in effect a registration statement under the Securities Act of 1933
or any successor thereto (&#147;Securities Act&#148;) covering such proposed disposition
and such disposition is made in accordance with such registration statement or
(ii)&nbsp;Grantee shall have notified the Company of the proposed disposition and shall
have furnished the Company with a detailed statement of the circumstances surrounding the
proposed disposition, and if reasonably requested by the Company, such Grantee shall have
furnished the Company with an opinion of counsel, reasonably satisfactory to the Company,
that such disposition will be exempt from registration under the Securities Act. </FONT>
</TD>
</TR>
</TABLE>
<BR>



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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>5.</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;
          <B><I>Legends</I></B><I></I>. The share certificate evidencing the Shares issued
          hereunder shall be endorsed with the following legends (in addition to any other
          legends required by the Plan or under applicable federal and state securities
          laws):  </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;THE
SHARES OF STOCK EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND TRANSFERABLE ONLY IN
ACCORDANCE WITH THAT CERTAIN POWELL INDUSTRIES, INC. RESTRICTED STOCK PLAN, A COPY OF
WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY IN HOUSTON, TEXAS. NO TRANSFER OR
PLEDGE OF THE SHARES EVIDENCED HEREBY MAY BE MADE EXCEPT IN ACCORDANCE WITH AND SUBJECT TO
THE PROVISIONS OF THE PLAN. BY ACCEPTANCE OF THIS CERTIFICATE, ANY HOLDER, TRANSFEREE OR
PLEDGEE HEREOF AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF THE PLAN.&#148; </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS
SET FORTH IN A RESTRICTED STOCK AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF
THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE COMPANY&#146;S PRINCIPAL EXECUTIVE
OFFICES. SUCH TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES.&#148; </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grantee
shall surrender, upon demand of the Company therefor, any certificate evidencing the
Shares that does not bear any legend required hereunder or by the Plan so that such legend
may be placed on such certificate or a new certificate issued bearing the required
legends. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>6.</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;
          <B><I>Tax Withholding and Other Tax Matters</I></B><I></I>. The Company shall
          have the right to withhold from any issuance of Shares all federal, state, city
          or other taxes as may be required pursuant to any statute or governmental
          regulation or filing. In connection with such withholding, the Company may make
          any arrangement it deems appropriate. Grantee acknowledges its obligations to
          review with Grantee&#146;s own tax advisors the federal, state, local and
          foreign tax consequences of this grant and the transactions contemplated by this
          Agreement and particularly the consequences with regard to making any election
          under Section&nbsp;83(b) of the Internal Revenue Code. Grantee is relying solely
          on such advisors and not on any statements or representations of the Company or
          any of its agents. Grantee understands that Grantee (and not the Company) shall
          be responsible for Grantee&#146;s own tax liability that may arise as a result
          of this grant or the transactions contemplated by this Agreement and shall be
          required to pay to the Company any such liability.</FONT>
</TD>
</TR>
</TABLE>
<BR>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</font></P>
<HR Size=2 Noshade>
<PAGE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF
GRANTEE DESIRES TO MAKE A SECTION&nbsp;83(b) ELECTION UNDER SECTION&nbsp;83(b) OF THE
INTERNAL REVENUE CODE, GRANTEE ACKNOWLEDGES THAT IT IS GRANTEE&#146;S SOLE RESPONSIBILITY,
AND NOT THE COMPANY&#146;S, TO FILE TIMELY THE ELECTION UNDER SECTION&nbsp;83(b), EVEN IF
GRANTEE REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON GRANTEE&#146;S
BEHALF. GRANTEE SHALL DELIVER A COPY OF ANY SUCH FILING TO THE COMPANY PROMPTLY UPON THE
FILING THEREOF.</FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>7.</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;
          <B><I>General Provisions.</I></B><I></I></FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS BY THE INTERNAL LAWS OF THE STATE OF TEXAS
(WITHOUT GIVING EFFECT TO ITS CHOICE OF LAW PROVISIONS) AS SUCH LAWS ARE APPLIED TO
AGREEMENTS BETWEEN TEXAS RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN TEXAS. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement constitutes the full and entire understanding and agreement between the parties
with regard to the subject matter hereof and may only be modified or amended in writing
signed by both parties. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
references to the number of Shares shall be appropriately adjusted to reflect any stock
split, stock dividend or other change in the Shares that may be made by the Company after
the date of this Agreement, in accordance with the terms of the Plan. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
notices and other communications required or permitted hereunder shall be in writing and
may be delivered in person or by facsimile, electronic mail, courier or U.S. mail, in
which event it may be mailed by first-class, certified or registered, postage prepaid,
addressed (i)&nbsp;if to Grantee, at Grantee&#146;s address set forth on the signature
page of the Agreement, or at such other address as Grantee shall have furnished to the
Company in writing, or (ii)&nbsp;if to the Company, to its address set forth on the
signature page of this Agreement and addressed to the attention of the Secretary, or at
such other address as the Company shall have furnished to Grantee. All such notices and
other communications shall be deemed given upon personal delivery, upon confirmation of
facsimile transfer, upon confirmation of electronic mail transmission, upon delivery by
courier or three business days after deposit in the United States mail. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any provision of this Agreement becomes or is declared by a court of competent
jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full
force and effect without such provision, <I>provided, however, </I> <I>that </I>no such
severability shall be effective if it materially changes the economic benefit of this
Agreement to any party. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. </FONT>
</TD>
</TR>
</TABLE>
<BR>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</font></P>
<HR Size=2 Noshade>
<PAGE>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties have duly executed this Agreement as of the Effective Date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Powell Industries, Inc. </FONT></H1>




<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:_________________________________</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________________________________</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[Name of Grantee]</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Its:_________________________________<BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><u>Address:</u><BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><u>Address:</u><BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8550 Mosley Drive<BR>
Houston, Texas 77075 </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________________________________<BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________________________________<BR>
{Please
provide address for notice purposes}</FONT></TD></TR>
</TABLE>

<BR><BR>
<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</font></P>
<HR Size=2 Noshade>
<PAGE>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONSENT OF SPOUSE </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I,
<U> </U>, spouse of [Name of Grantee], have read and approve the foregoing Agreement. In
consideration of granting to [Name of Grantee] 2,000 shares of common stock of Powell
Industries, Inc. as set forth in the Agreement, I hereby appoint [Name of Grantee] as my
attorney-in-fact in respect to the exercise of any rights under the Agreement and agree to
be bound by the provisions of the Agreement insofar as I may have any rights in said
Agreement or any shares issued pursuant thereto under the community property laws of the
State of Texas or similar laws relating to marital property in effect in the state of our
residence as of the date of the signing of the foregoing Agreement. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated:
_____________________, _____.</FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>&#147;Spouse of
Grantee&#148; </b><BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________________________________<BR>
(Signature)<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________________________________<BR>
(Print Name)</FONT></TD></TR>
</TABLE>



<BR><BR>
<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPENDIX B </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOMINATING COMMITTEE
CHARTER </FONT></H1>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
 the Board of Directors of Powell  Industries,  Inc.
has resolved to maintain a standing  committee  designated  theNominating Committee, and </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
it is the intent of the Board in recognition of its responsibilities to reaffirm and
ratify the Statement of Duties and Responsibilities of the Nominating Committee, </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THEREFORE,
BE IT RESOLVED THAT,</FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Authority </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee is granted the authority to perform each of the specific duties
listed under &#147;Specific Duties&#148; in this Charter. In addition, the Chairman of the
Board may from time to time direct specific assignments to the Nominating Committee. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee is granted the authority to engage a search firm and other advisors, as it deems
necessary to carry out its duties. The Committee shall notify the Board of Directors of
any intent to retain a search firm or other advisors, but shall have the sole authority to
negotiate and approve the fees and retention terms thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Responsibility </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee is responsible in assisting the Board of Directors in fulfilling its
responsibility to enhance the independence and quality of the Company&#146;s Board. The
Committee will evaluate and establish the minimum qualifications for Board members. The
Committee is also responsible for determining the selection criteria of prospective
candidates to ensure the Board has and maintains the appropriate mix of experience and
skills to fulfill its responsibilities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Composition </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee shall be composed of not less than three Directors, each of whom
shall be independent as defined in the listing standards of the Nasdaq Stock Market. No
person may be made a member of the Committee, or may continue as a member of the Committee
during such period as, such person&#146;s service on the Committee would violate any
restriction on such service imposed by any rule, regulation or standard of the Securities
and Exchange Commission or any securities exchange or market on which shares of common
stock of the Company are traded. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointment
to the Committee shall be made annually at the Board meeting following the Annual
Shareholders&#146; Meeting. Appointments to the Committee and selection of the Committee
Chairman shall be made by the Nominating Committee with approval by the Board and recorded
in the Minutes of the Board of Directors. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Meeting </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall hold at least one meeting annually to select director nominees for the
next annual meeting of shareholders, directors to serve on all Board committees, and
Chairmen for each committee of the Board of Directors. As many additional meetings as
necessary to complete their assigned duties shall be scheduled during the year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attendance </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
members of the Committee should be present at all Committee meetings. The Chairman will
designate any absences as &#147;excused&#148; or &#147;unexcused&#148; in the minutes of
the meeting. The report of attendance will reflect presence or absence without reference
to whether or not the absence is excused. A majority of the Committee will constitute a
quorum. Each Committee member will have one vote, and the vote of a majority of members
present will constitute the action of the Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
member of the Board of Directors may attend any meeting of the Nominating Committee,
subject to the following: (1)&nbsp;at least part of each Nominating Committee meeting
shall be held in executive session, at which no director who is not a Committee member
shall be present; (2)&nbsp;the Committee Chairman may ask directors who are not Committee
members to leave the meeting at any time; and (3)&nbsp;directors who are not Committee
members may not vote on any actions considered by the Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minutes </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minutes
of each meeting will be prepared and distributed to all members of the Board of Directors.
The permanent file of the Minutes will be maintained by the Secretary of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Specific Duties </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee will review the appropriateness of the size of the Board in relation
to its responsibilities and review the overall composition of the Board, taking into
consideration such factors as business experience and specific areas of expertise of each
Board member, making recommendations to the Board as necessary. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee is responsible for identifying individuals qualified to become Board
members. It is the Committee&#146;s responsibility to establish director qualifications
and selection criteria for new directors. The Committee is also responsible for
maintaining the Rules of Tenure for members of the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee may establish sub-committees to meet with prospective Board
candidates. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee is responsible for selecting director nominees for election by the
shareholders to fill directorships with expiring terms. The Committee will review the
performance of Board members before nominating them for re-election. The Committee is also
responsible for appointing new members to the Board to fill unexpired terms of
directorships vacated during the term or new directorships created by any increase in the
size of the Board. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee will consider candidates for nomination as director who are
recommended by stockholders who comply with the stockholder nomination procedures
established in the Company&#146;s Certificate of Incorporation and Bylaws and may, to the
extent the Committee deems appropriate, establish any additional procedures to be followed
by the stockholders in submitting recommendations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annually,
the Nominating Committee will recommend to the Board of Directors a slate of directors to
serve on each standing committee of the Board. The Nominating Committee will also
recommend one member of each standing committee to serve as chairman. Appointments of
committee members and their chairmen shall be approved by the Board at the meeting
following the Annual Shareholders&#146; meeting and recorded in the Minutes of the Board
of Directors. The Nominating Committee is responsible for filling Committee vacancies
which may occur during the course of the year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee will oversee and review on a periodic basis a continuing education
program for continuing directors and an orientation program for new directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee will conduct an evaluation of the Committee&#146;s performance at
least annually. The evaluation will address, among other things, (1)&nbsp;the
appropriateness of matters presented for information and approval, (2)&nbsp;the
sufficiency of time for consideration of agenda items, (3)&nbsp;the frequency and length
of meetings and (4)&nbsp;the quality of written materials and presentations. The
Nominating Committee will review its charter at least annually and report the results of
the evaluation of its performance, the review of its charter and any recommendations to
the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reports </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
each meeting of the Board of Directors the Committee Chairman shall present an oral report
of activities and the status of any ongoing studies or evaluations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee shall prepare and approve the Nominating Committee Report to be
included in the Company&#146;s Proxy Statement stating that it has satisfied the
responsibilities under this Charter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Board Action </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
motion unanimously approved, the Board of Directors adopted this Resolution of
March&nbsp;5, 2004. </FONT></P>

<BR><BR>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________________________________</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Thomas W. Powell<BR>Chairman<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________________________________</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Don R. Madison <BR>Secretary</FONT></TD></TR>
</TABLE>
<BR><BR>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPENDIX C </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AUDIT COMMITTEE CHARTER </FONT></H1>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Board of  Directors  of Powell  Industries,  Inc.  has since its  inception  maintained
a  standing  committee designated the Audit
Committee, and </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
it is the intent of the Board in recognition of its responsibilities to reaffirm and
ratify the Statement of Duties and Responsibilities of the Audit Committee, </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THEREFORE,
BE IT RESOLVED THAT,</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Authority </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee is granted the authority and sufficient funding (i) to perform each of the
specific duties listed under &#147;Specific Duties&#148; in this Charter, (ii) upon
direction of the Board of Directors to investigate any activity of the Company and (iii)
to engage independent counsel and other advisers, as it deems necessary to carry out its
duties, without seeking Board approval. In addition, the Chairman of the Board may from
time to time direct specific assignments to the Audit Committee. All employees and
consultants are directed to cooperate as requested by members of the Committee to assist
the Committee in fulfilling its responsibilities. The Committee shall notify the Board of
Directors of any intent to retain independent counsel or other advisors, but shall have
the sole authority to negotiate and approve the fees and retention terms thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
specific duties of the Audit Committee are listed below; however, if extraordinary
circumstances indicate a requirement for the Audit Committee to assume additional duties
the Audit Committee has the full authority to act on its own authority. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Responsibility </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee has the responsibility to assist the Board of Directors in fulfilling its
fiduciary responsibilities as to accounting policies and reporting practices of the
Company and all subsidiaries and the sufficiency of the audits of all Company activities.
It is the Board&#146;s agent in ensuring the integrity of financial reports of the
Corporation and its subsidiaries, and the adequacy of disclosures to shareholders. The
Audit Committee is the focal point for communication between other Directors, the
independent auditors, internal auditors, and management as their duties relate to
financial accounting, reporting and controls. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee is responsible for ensuring its receipt from the outside auditors a formal
written statement delineating all relationships between the auditors and the Company,
consistent with Independence Standards Board Standard No. 1, and that the Audit Committee
is also responsible for actively engaging in a dialogue with the auditors with respect to
any disclosed relationships or services that may impact the objectivity and independence
of the auditors and for taking, or recommending that the full Board take, appropriate
action to ensure the independence of the outside auditors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee is responsible for inquiring of management and determining that adequate
internal control systems and policies are in place to control business and financial
reporting risks. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Composition of Audit
Committee </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall be composed of not less than three Directors who are qualified and
independent, as such term is defined by applicable law and in the rules and regulations of
the United States Securities and Exchange Commission and the NASDAQ National Market
System. Members of the Committee shall be financially literate or become financially
literate within a reasonable period of time after appointment to the Committee. At least
one member of the Committee must have accounting or related financial management
expertise. Committee members shall not for the past three years have been employed by, or
currently have a significant business relationship with Powell Industries, Inc., its
executives or an affiliate of Powell Industries, Inc. No person may be made a member of
the Committee if his or her service on the Committee would violate any restriction on
service imposed by any rule or regulation of the Securities and Exchange Commission or any
securities exchange or market on which shares of common stock of the Company are traded. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointment
to the Committee shall be made annually at the Board meeting following the Annual
Shareholders&#146; Meeting. Appointments to the Committee and selection of the Committee
Chairman shall be made by the Nominating Committee with approval by the Board and recorded
in the Minutes of the Board of Directors. The Nominating Committee is responsible for
filling committee vacancies which may occur during the course of the year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Meeting </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall hold quarterly meetings and as many additional meetings as necessary to
complete its assigned duties. The quarterly meetings are to be scheduled to review
quarterly financial results and to review the quarterly reports prior to release. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attendance </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
members of the Committee should be present at all meetings. All members of the Board of
Directors may attend any Audit Committee meeting. The Chairman will designate any absences
as &#147;excused&#148; or &#147;unexcused&#148; in the minutes of the meeting. The report
of attendance will reflect presence or absence without reference to whether or not the
absence is excused. The Chairman may request that members of management, the Director of
Internal Audit and representatives of the independent accountants be present. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minutes </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minutes
of each meeting will be prepared and distributed to all members of the Board of Directors.
The permanent file of the Minutes will be maintained by the Secretary of the Corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Specific Duties </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee, in consultation with the Chief Executive Officer and the Chief Financial
Officer, shall perform an annual review of performance of the independent accounting firm
or firms and recommend to the Board of Directors the firm or firms to be selected for
examination of the financial statements of the Corporation and its subsidiaries. The
recommendation shall include the scope of the audit and the estimated fees to be paid. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall review and approve the recommendation of management for the scope of
the annual audit. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall review and approve management&#146;s recommended Annual Report to
the Shareholders, and the annual financial statements, including all financial discussions
and disclosures. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall review with the independent public accountants the recommendations
included in the management letter and the informal observance, competence and adequacy of
the financial, accounting, and internal audit control procedures of the Corporation and
its subsidiaries. On the basis of this review, the Audit Committee shall make
recommendations to the Board for any changes which seem appropriate. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall review with the independent public accountants and financial
management of the Company the disposition of the recommendation(s) from the previous
audits. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall approve in advance any non-audit services to be provided by the
independent public accountants and adopt policies and procedures for engaging the
independent public accountants to perform non-audit services. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall make an independent determination whether any professional services
to be provided by the public accounting firm would adversely affect the independence of
the firm and its ability to render impartial review and judgment. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall determine by interview with the independent public accountants if
there were restrictions imposed by management on the scope of conduct of any audit or
examination. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall review with the independent accountants any audit problems,
difficulties or disagreements with management encountered in performing the services and
the response of management. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall consult with general counsel, corporation financial management, and
the independent accountants to confirm compliance with public law and accounting practices
relating to financial reports of the Corporation and its subsidiaries, the absence of
conflicts of interest of Directors and officers, and compliance with the provisions of the
Foreign Corrupt Practices Act. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall establish procedures for the receipt, retention, and treatment of
complaints received by the Company regarding accounting, internal accounting controls, and
auditing matters; and the confidential, anonymous submission by employees of the Company
of concerns regarding questionable accounting or auditing matters. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annually,
the Audit Committee shall review the scope and content of this charter and report the
results of that review and any recommendations to the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
its role as part of corporate governance, the Audit Committee is not expected to provide
any expert or special assurances as to the Company&#146;s financial statements or any
professional certifications as to the work of management, internal auditors or independent
auditors. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reports </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
each meeting of the Board of Directors the Committee Chairman shall present an oral report
of activities and the status of any ongoing studies or investigations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall prepare and approve an Audit Committee Report to be included in the
Company&#146;s Proxy Statement stating that it has satisfied the responsibilities under
this Charter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annual Review </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Charter was last reviewed by the Audit Committee in February 2004 to ensure compliance
with Section 301, &#147;Public Company Audit Committees&#148; of Sarbanes-Oxley Act of
2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall include in its standing agenda for the February meeting (i) a
self-assessment of skill requirements (including financial literacy and independence) and
an assessment of its performance to confirm that it is meeting its responsibility under
this charter. In assessing its performance, among other things, (i) the appropriateness of
matters presented for information and approval, (ii) the sufficiency of time for
consideration of agenda items, (iii) the frequency and length of meetings, and (iv) the
quality of written materials and presentations. The results of such assessment and any
skill enhancement plans or issues shall be reported to the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Board Action </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
motion unanimously approved, the Board of Directors adopted this Resolution on March 5,
2004. </FONT></P>


<BR><BR>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________________________________</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Thomas W. Powell<BR>Chairman of the Board<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________________________________</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Don R. Madison <BR>Secretary</FONT></TD></TR>
</TABLE>
<BR><BR>




<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</font></P>
<HR Size=2 Noshade>
<PAGE>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPENDIX D </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DELOITTE &amp; TOUCHE
LETTER </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 13, 2004 </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities and Exchange
Commission<BR>Mail Stop 11-3<BR>450 5<SUP>th</SUP> Street, N.W. <BR>Washington, D.C. 20549 </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Sirs/Madams: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We have read Item 4 of Powell
Industries, Inc.&#145;s Form 8-K dated May 13, 2004, and have the following comments: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;
          We agree with the statements made in section (a) of Item 4. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;
          We have no basis on which to agree or disagree with the statements made in
          section (b) of Item 4. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Yours truly, </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DELOITTE &amp; TOUCHE LLP </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</font></P>
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#?__9
`
end
</TEXT>
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