Initial Morale / Kept Morale as per equipment set

[Newb]

Correct. The morale kept percentage goes up 10% for each equipment set level.

My point is that now I am starting with 140% and should have more then 35% after first skill attack is performed. But I am only keeping 35%. Should be 35% of 140 and not 35% of 100.

It's not 35%. It's 35. The number 35. It will never change.