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                                                                   EXHIBIT 10.30


                                    MONEY.Q(4)
                                     FY 2001

PURPOSE

The purpose of the Money.Q(4) Incentive Program is to provide an incentive to
motivate and reward eligible employees for achievement of near-term results
required to continue the company's growth and profit performance. This is a
shared reward for results achieved due to emphasis on team work and employee
involvement which helps Aqua-Chem meet its overall financial and business plan
objectives.

RESPONSIBILITY

The Administrative Committee is comprised of the Corporate President & CEO,
Chief Financial Officer, and the Vice President of Human Resources, and will be
responsible for the administration of the Program, subject to review and final
approval by the Compensation Committee of the Board of Directors. Included in
this responsibility will be the selection of participants and the establishment
of financial targets. The Company retains the right to amend, modify or
terminate this Program at any time.

AWARD CRITERIA

Operating Income will be used to measure performance. Aqua-Chem Operating Income
is defined as Net Sales less Cost of Goods Sold and Selling, General &
Administrative (SG&A).

PARTICIPATION

All regular full-time executives reporting directly to the Corporate President
and CEO of Aqua-Chem, Inc. will participate. New hires meeting this criteria are
eligible to begin participation at the beginning of the quarter following their
date of hire. Participation in other incentive plans, however, will exclude
employees from participation in this plan. Generally employees who terminate
during the Program year will not participate in the annual incentive payout.
Employees must be on the payroll on the date of any award payment.

INCENTIVE OPPORTUNITY

The incentive opportunity is based on Aqua-Chem achieving its annual Operating
Income target. Individual incentive opportunity will be set by the Company and
approved by the Compensation Committee of the Board of Directors. Annual target
incentive opportunity will be expressed as a percent of a participant's base
pay. These opportunities range from 10% to 50%. When establishing the incentive
opportunity, consideration is given but not limited to a number of factors
including position, salary grade, overall responsibilities, market information
and other incentive opportunity.

Example 1:

      ------------------------------------------------------------ -------------
      Employee's base pay                                          $60,000
      ------------------------------------------------------------ -------------
      Target Incentive Opportunity                                 20%
      ------------------------------------------------------------ -------------
      Annual target incentive                                      $12,000
      ------------------------------------------------------------ -------------


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OTHER DETAILS

Earned incentive payments will be made on or about three weeks following the
close of the fiscal year. The Company may delay or modify the manner in which
payments are made in the event immediate payment is not practicable. All
payments will be made in cash with appropriate deductions for social security,
federal, state, local income taxes, other applicable payroll deductions and
401(k). To be eligible, an employee must be on the payroll on the date of any
award payment. In the event of modification and/or termination of the Program
during the year, the Company, in its sole discretion, will determine and pay
pro-rata incentive payments.

The Administrative Committee (comprised of the Corporate President & CEO, Chief
Financial Officer, and the Vice President of Human Resources) has final
discretionary authority to interpret the Program, to determine eligibility for
participation and entitlement to benefits, and to resolve all issues with
respect to administration of the Program subject to the review and final
approval by the Compensation Committee of the Board of Directors.

Employees who terminate due to retirement, death, or specific written agreement
will participate in that year's bonus payout, if any, on a pro-rated basis.


DEFINITIONS:


For the purposes of this Program, the following definitions will apply:


ANNUAL TARGET INCENTIVE: Eligible employee's base pay x the target incentive
opportunity.

BASE PAY: Eligible employee's hourly rate (as of the end of each quarter) x
2080.

EARNED INCENTIVE PAYMENTS: Incentive payments earned as a result of Aqua-Chem's
achieving its annual Operating Income target.

ELIGIBLE COMPENSATION: This incentive is eligible for the 4% Retirement Plan
contribution.  Eligible wages include wages and overtime pay.  Eligible wages
are not reduced by employee contributions made to the 401(k) Plan and/or applied
to the cost of health insurance under the employee salary reduction plan
pursuant to Section 125 of the Internal Revenue Code.

ELIGIBLE EMPLOYEE: Full-time executives reporting directly to the Corporate
President and CEO will be eligible for the Program.

OPERATING INCOME:  Net Sales
                   Less Cost of Goods Sold
                   = Gross Profit
                   Less Selling, General & Administrative (SG&A)
                   = Operating Income

TARGET INCENTIVE: Eligible employee's annual incentive target.

INCENTIVE PAYOUT: Eligible employee's actual incentive earned.

TARGET INCENTIVE OPPORTUNITY: Individual opportunity set by the Company ranging
from 10% to 50%.


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SPECIAL ADDENDUM - FY 2001 MONEY Q(4)

As an additional incentive, the following criteria will apply to the annual
Operating Income target established for FY 2001. These additional parameters are
established and maintained at the sole discretion of the Corporate President and
CEO. The Company retains the right to modify, amend or terminate this Addendum
at any time.

If Aqua-Chem's annual Operating Income target reaches certain levels, the
Corporate President and CEO will declare a special dividend. The criteria and
award opportunity for this special dividend are as follows:
<TABLE>
<CAPTION>
               --------------------------------------- ------------------------------------------
                  OPERATING INCOME ACCOMPLISHMENT                  AWARD OPPORTUNITY
               --------------------------------------- ------------------------------------------
<S>                                                    <C>
               --------------------------------------- ------------------------------------------

                  115% of Operating Income Target      Additional 25% of participant's total
                                                       incentive opportunity

               --------------------------------------- ------------------------------------------

                  129% of Operating Income Target      Additional 50% of participant's total
                                                       incentive opportunity

               --------------------------------------- ------------------------------------------

                  143% of Operating Income Target
                                                       Additional 100% of participant's total
                                                       incentive opportunity

               --------------------------------------- ------------------------------------------
</TABLE>


Following Example #1 (page 2 above),

AT 115% OF Operating Income Target, participant receives $12,000 PLUS an
additional $3,000 for a year-end payout of $15,000.

AT 129% OF Operating Income, participant receives $12,000 PLUS an
additional $6,000 for a year-end payout of $18,000.

AT 143% OF Operating Income, participant receives banked $12,000 PLUS an
additional $12,000 for a year-end payout of $24,000.

Base pay, for the purposes of this Special Addendum, will be determined as of
the end of Fiscal Year 2001, March 31, 2001.

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