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                                                                EXHIBIT 10.7

                            GARDNER DENVER, INC.
                     EXECUTIVE STOCK REPURCHASE PROGRAM


On May 6, 2003, the Board of Directors approved a Stock Repurchase Program
for the Company's executive staff. This Program replaced the program
previously approved on November 2, 1998. The purpose of this program is to
provide a means for executives to sell Gardner Denver common stock, with a
goal of obtaining sufficient funds to meet tax obligations which arise from
the exercise or vesting of incentive stock options, restricted stock or
performance shares. The repurchase of these shares from the executives will
also mitigate any potential disruption to an orderly trading market, which
could result if the trades were effected through securities brokers, due to
the Company's relatively small average trading volume.

In order for the Company to engage in the repurchase of its common stock,
all material information must be thoroughly disseminated to the public.
Therefore, the Company will not be able to repurchase stock, either in open
market transactions or privately from the executive staff, during a blackout
period. Standard blackout periods occur from the end of a quarter until
three days after the public release of financial results. The Company will
also not be able to repurchase shares when material information, such as a
pending acquisition, is not publicly disseminated. Repurchases will also not
be available on days designated as Company holidays, even though such days
are still valid trading days.

In order to participate in the repurchase program, an executive must notify
the Vice President, Corporate Secretary, or in his absence the Vice
President, Finance and CFO, of the intention to sell shares. This
notification should be provided on the attached form and be accompanied by a
letter from KPMG, or some other tax professional, stating that the purpose
of the sell transaction is primarily to fulfill tax obligations and for tax
planning purposes. The executive must deliver the stock certificate(s) to
the Vice President, Corporate Secretary of Company, or his designated
alternate, on the date of the sale. These certificates must represent at
least the total number of shares to be sold. They should be signed in the
same name as appears on the face of the certificate, with the signature
guaranteed by a member of the Medallion Guaranty Program. Notarization is
not acceptable. "Gardner Denver, Inc." should be inserted in the "assignee"
blank on the back of the certificate. If the number of shares represented by
the certificate(s) exceeds the number of shares to be sold, the Company's
transfer agent will issue a new certificate reflecting the remaining shares.
The new certificate will be dated as of the sale date. The seller is
responsible for maintaining accurate records which trace the origin and cost
basis for this new certificate. The Company will also accept the tender of
stock electronically (i.e. via DWAC transaction) from the seller's broker.
However, additional documentation and processing time will be required for
this type of transaction, so the seller should plan accordingly.

The sales price under this program will be the average of the high and low
sales prices of the Company's common stock on the composite tape of the New
York Stock Exchange on the date of the repurchase. A check will be issued by
the Company within three business days of the sale transaction.



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The determination to sell shares under this program is final and must be
submitted either on the day of the sale or no later than prior to the
initiation of trading the following day. If the following day is a holiday
for trading purposes but not for the business of the Company, the seller may
choose the holiday as his or her sale date, using the average high and low
trading value of the previous trading date. However, once trading begins, a
seller will no longer be able to refer to the previous day's average trading
price as the basis for a sale.

All of the executives of the Company are insiders, as defined by the
Securities and Exchange Commission (the "SEC"), and therefore are obligated
to satisfy the reporting requirements of Section 16 of the Securities
Exchange Act. The Vice President, Corporate Secretary will prepare the
necessary form for this reporting obligation, for either the seller's
signature or for signature under a previously supplied power of attorney.
The seller is reminded that his or her purchase of additional Gardner Denver
common stock is prohibited by the Securities and Exchange Commission for six
months following the date of a sale in an open market transaction. However,
upon the completion of one sale transaction, the seller may continue to sell
the Company's stock, as long as the previously described blackout periods do
not apply. Acquiring stock through the exercise of stock options or through
contributions of stock by the Company to the seller's 401(k) account is not
considered a "purchase" by the SEC. Furthermore, the sale of stock to the
Company is not considered an open market sale transaction by the SEC.

Proceeds from the sale of Gardner Denver common stock will be reported to
the Internal Revenue Service as a sale of capital stock. The seller will be
provided a Form 1099-B by the Company, summarizing the sale transactions for
a tax year. Outside securities counsel to the Company, has advised that
sales under this program are not subject to reporting requirements under
Rule 144 of the Securities Act of 1933.


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