Document:

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EXHIBIT 10.1
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                              EMPLOYMENT AGREEMENT

                  This EMPLOYMENT AGREEMENT is entered into this 28th day of
June, 2006 between ROBBINS & MYERS, INC., an Ohio corporation (the "Company"),
and PETER C. WALLACE ("Executive") under the following circumstances:

                  A. Executive is employed by the Company as its President and
         Chief Executive Officer under a letter agreement dated May 18, 2004
         (the "Letter Agreement"); and

                  B. The Board of Directors believes it is in the best interests
         of the Company to further secure the services of Executive by entering
         into this Agreement with Executive, and Executive desires to continue
         in the employment of the Company upon the terms and conditions set
         forth herein;

                  NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS
CONTAINED HEREIN, THE COMPANY AND EXECUTIVE AGREE AS FOLLOWS:

                  SECTION 1. EMPLOYMENT. The Company hereby agrees to continue
to employ Executive, and Executive hereby agrees to continue in the employment
of the Company, during the Term of Employment, commencing on July 1, 2006, upon
the terms and conditions set forth herein, subject to earlier termination in
accordance with Section 5. The existing Letter Agreement shall terminate on June
30, 2006.

                  SECTION 2. TERM OF EMPLOYMENT. The "Term of Employment" of
Executive by the Company under this Agreement is the period commencing on the
June 1, 2006 (the "Effective Date") and ending on the earlier to occur of (i)
July 1, 2008 or (ii) the first day of the month next following Executive's
attainment of age 65 ("Normal Retirement Date"); provided, however, that
commencing on July 1, 2007, and on each annual anniversary of such date (such
date and each annual anniversary thereof is hereinafter referred to as the
"Renewal Date"), the Term of Employment shall be automatically extended an
additional year so as to terminate on the earlier of (i) two (2) years from such
Renewal Date or (ii) the first day of the month next following Executive's
Normal Retirement Date, unless, at least 60 days prior to the Renewal Date, the
Company or Executive shall give notice that the Term of Employment shall not be
so extended in which event this Agreement shall continue for the remainder of
its then current term and terminate as provided herein.

                              Exhibit No. 10.1 - 1

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                  SECTION 3. POSITION AND DUTIES.

                  (a) Position. During the Term of Employment, the Company shall
employ Executive as, and Executive shall serve as, the President and Chief
Executive Officer of the Company, subject to the supervising powers of the Board
of Directors of the Company (the "Board").

                  (b) Powers and Duties. Executive shall have those powers and
duties consistent with the position of President and Chief Executive Officer in
a company the size and nature of the Company, which powers shall in all cases
include, without limitation, the power of supervision and control over, and
responsibility for, the general management and operations of the Company
(including the hiring and firing of employees and the appointment and
termination of senior officers other than executive officers), development and
implementation of a comprehensive strategic business plan, supervision of the
day-to-day executive management process, and acting as spokesperson for the
Company. All executive officers and other officers with direct operational
responsibilities shall report directly to Executive unless Executive in his sole
discretion delegates such reporting responsibilities, in whole or in part, to
another executive. Executive agrees to devote substantially all his working time
and attention to the business of the Company. Executive shall not, without the
prior consent of the Board, be directly or indirectly engaged in any other
trade, business or occupation for compensation requiring his personal services
during the Term of Employment. Nothing in this Agreement shall preclude
Executive from (i) engaging in charitable and community activities or from
managing his personal investments or (ii) serving as a member of the board of
directors of an unaffiliated company not in competition with the Company,
subject, however, with respect to each such board membership, to approval by the
Company's Board (not to be unreasonably withheld). During the Term of
Employment, Executive shall be nominated for re-election as a member of the
Board of Directors.

                  SECTION 4. COMPENSATION AND RELATED MATTERS.

                  (a) Base Salary. During the Term of Employment commencing with
June 1, 2006, Executive shall be compensated at an annual base salary of no less
than $525,000 (the base salary, at the rate in effect from time to time, is
hereinafter referred to as the "Base Salary"). The Board, or a committee
thereof, shall review and may, if appropriate, at its discretion, increase (but
not decrease without Executive's written consent, except that no such consent
shall be required in the case of a general salary reduction that would affect at
least three of the persons who were named executive officers in the Company's
proxy statement for its most recent annual meeting of shareholders) the annual
Base Salary during the Term of Employment. Base Salary shall be reviewed
annually and be adjusted to reflect (among other factors) Executive's
performance in regard to the corporate goals and objectives established for
Executive by the Board or a committee thereof. The Base Salary shall be payable
in equal semi-monthly installments.

                  (b) Annual Bonus. In addition to the Base Salary provided for
in Section 4(a), the Company shall provide annual cash bonus awards to Executive
under its Senior Executive Annual Cash Bonus Plan or substantially equivalent
successor plan (the "Annual Bonus Plan") in accordance with such plan and any
financial performance

                              Exhibit No. 10.1 - 2

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targets thereunder (the "Annual Bonus") each fiscal year of the Company during
the Term of Employment. For the Company's fiscal year ending August 31, 2006,
Executive's target incentive opportunity under the Annual Bonus Plan has been
fixed at 60% of Base Salary (the target bonus as a percentage of Base Salary, as
in effect from time to time, is hereinafter referred to as the "Target Bonus
Percentage"). The Target Bonus Percentage shall be reviewed annually for
increase (but not decrease without Executive's consent) by the Board or a
committee thereof.

                  (c) Additional Compensation. Executive may be awarded
additional compensation, including equity-based incentive awards, such as, stock
options, performance shares and restricted shares, pursuant to the Company's
2004 Stock Incentive Plan As Amended or any future incentive compensation or
long-term compensation program established for the senior executive officers of
the Company (collectively the "Incentive Compensation Programs"), in an
appropriate manner for the position occupied by Executive and consistent with
his performance as evaluated by the Board. Except as otherwise provided herein,
compensation granted under such plans will be subject to the actual provisions
and conditions applicable to such plans.

                  (d) Expenses. During the Term of Employment, Executive shall
be entitled to receive prompt reimbursement for all reasonable expenses incurred
by Executive in performing services hereunder, including all expenses of travel
and living while away from home on business or at the request of and in the
service of the Company, provided that such expenses are incurred and accounted
for in accordance with the policies and procedures established by the Company.

                  (e) Other Benefits. The Company shall maintain in full force
and effect, and Executive shall be entitled to continue to participate in, all
of the Company's employee benefit plans and arrangements in effect on the
Effective Date hereof in which Executive participates or plans or arrangements
providing Executive with at least equivalent benefits thereunder (the "Benefit
Plans"). Such plans and arrangements shall, among other things, provide to
Executive personal leave days, sick days and vacation time, short-term and
long-term disability coverage, tax counseling, and family medical coverage.
Executive shall be entitled to participate in, or receive benefits under, any
employee benefit plan or arrangement made available by the Company in the future
to its senior executives, subject to and on a basis consistent with the terms,
conditions and overall administration of such plans and arrangements. Nothing
paid to Executive under any Benefit Plan shall be deemed to be in lieu of the
Base Salary and Annual Bonus payable to Executive pursuant to Sections 4(a) and
(b). Any payments or benefits payable to Executive hereunder in respect of any
fiscal year during which Executive is employed by the Company for less than the
entire year shall, unless otherwise provided in the applicable plan or
arrangement, be prorated in accordance with the number of days in such fiscal
year during which he is so employed.

                  (f) Non-Exclusivity. Nothing in this Agreement shall prevent
Executive from being entitled to receive any additional compensation or benefits
as approved by the Company's Board; provided, however, that in no event shall
the Company make any loans to Executive that are in violation of the
Sarbanes-Oxley Act of

                              Exhibit No. 10.1 - 3

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2002, as such act may be amended or supplemented from time to time, and the
rules and regulations of the Securities and Exchange Commission promulgated
thereunder.

                  SECTION 5.  TERMINATION.

                  (a) Termination of Employment Other Than by Executive.
Executive's employment hereunder may be terminated without any breach of this
Agreement only under the following circumstances:

                  (1) Death. Executive's employment hereunder shall terminate
         upon his death.

                  (2) Disability. If the Company determines in good faith that
         the Disability of Executive has occurred (pursuant to the definition of
         "Disability" set forth below), it may give to Executive written notice
         of its intention to terminate Executive's employment. In such event,
         Executive's employment with the Company shall terminate effective on
         the 30th day after the date of such notice, provided that, within such
         30-day period, Executive shall not have returned to full-time
         performance of Executive's duties. For purposes of this Agreement,
         "Disability" means disability (either physical or mental) which, at
         least one hundred eighty (180) days after its commencement, is
         determined by a physician selected by the Company or its insurers and
         acceptable to Executive or Executive's legal representative to be total
         and permanent (such agreement as to acceptability not to be withheld
         unreasonably).

                  (3) Cause. The Company has the right to terminate Executive's
         employment for Cause, and such termination shall not be a breach of
         this Agreement by the Company. "Cause" means termination of employment
         for one of the following reasons: (i) the willful and continued failure
         of Executive to perform substantially Executive's duties with the
         Company or one of its Subsidiaries (other than any such failure
         resulting from incapacity due to physical or mental illness), after a
         written demand for substantial performance is delivered to Executive by
         the Board which specifically identifies the manner in which the Board
         believes that Executive has failed to substantially perform his duties
         and such failure is not cured within thirty (30) days of such written
         notice; (ii) an act or acts of dishonesty taken by Executive and
         intended to result in substantial personal enrichment of Executive at
         the expense of the Company; (iii) the willful engaging by Executive in
         illegal conduct or gross misconduct; or (iv) a clearly established
         violation by Executive of the Company's Code of Conduct that is
         materially and demonstrably injurious to the Company. Further, for
         purposes of this Section 5(a), no act, or failure to act, on
         Executive's part shall be deemed "willful" if done, or omitted to be
         done, by Executive in good faith and with a reasonable belief that his
         action or omission was in the best interest of the Company.

                              Exhibit No. 10.1 - 4

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                  (b) Termination of Employment by Executive for Good Reason.
Executive may terminate his employment hereunder for Good Reason, provided that
Executive shall have delivered a Notice of Termination within ninety (90) days
after the occurrence of the event of Good Reason giving rise to such
termination. For purposes of this Agreement, "Good Reason" shall not mean a
termination resulting from non-renewal of this Agreement or the occurrence of
any of the events listed in the following subsections of this Section 5(b) if
they occurred in connection with the termination of Executive's employment
because of Disability or for Cause. "Good Reason" shall mean the occurrence of
one or more of the following circumstances, without Executive's express written
consent, that are not remedied by the Company within thirty (30) days of receipt
of Executive's Notice of Termination except that no 30-day period shall apply if
the reason for termination is a Change of Control as provided in Section
5(b)(5):

                  (1) The assignment to Executive of any duties materially
         inconsistent with his position, duties, responsibilities, and status
         with the Company, or any material limitation of the powers of Executive
         not consistent with the powers of Executive contemplated by Section 3
         hereof.

                  (2) The removal of Executive from, or any failure to appoint
         or elect, or re-elect, Executive to the position of President and Chief
         Executive Officer of the Company.

                  (3) The reduction in Executive's Base Salary, except as
         permitted under Section 4(a), or Target Bonus Percentage without his
         written consent.

                  (4) The failure of the Company to obtain the assumption of
         this Agreement by any successor as provided in Section 12.

                  (5) The occurrence of a Change of Control of the Company and
         Executive gives Notice of Termination within 30 days following the
         first annual anniversary date of the occurrence of the Change of
         Control and the Date of Termination occurs within such 30-day period.

                  (6) The failure of the Company to continue in effect any
         material Benefit Plan that was in effect on the Effective Date or
         provide Executive with substantially equivalent benefits other than a
         reduction in benefits that occurs as part of a reduction in benefit
         plans or programs affecting similarly situated employees of the
         Company.

                  (7) The continued material breach for a period of 30 days by
         the Company of any provision of this Agreement after a demand for
         performance is delivered by Executive to the Company which specifically
         identifies the manner in which Executive believes the Company has
         materially breached this Agreement.

                  (c) Notice of Termination. Any termination of Executive's
employment by the Company or by Executive shall be communicated by written
Notice

                              Exhibit No. 10.1 - 5

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of Termination to the other party. For purposes of this Agreement, a "Notice of
Termination" shall mean a notice which shall indicate the specific termination
provision in this Agreement relied upon and shall set forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of
Executive's employment under the provisions so indicated. In the case of any
Notice of Termination given by the Company to Executive, it shall be accompanied
by a resolution of the Board, certified by the Secretary of the Company, stating
that a resolution approving the giving of the Notice of Termination to Executive
was adopted by the affirmative vote of a majority of the members of the Board.

                  (d) Date of Termination. "Date of Termination" means the date
Notice of Termination is given by either the Company or Executive as the case
may be or any later date specified therein; provided, however, if Executive's
employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of Executive or the effective date of
Disability, as the case may be, and if in the case of a termination for Good
Reason, the Date of Termination shall be the date specified in the Notice of
Termination, which date shall not be less than thirty (30) days (other than in
connection with a termination pursuant to Section 5(b)(5)) or more than forty 40
days after the Notice of Termination is given.

                  (e) Effect of Termination. Except as provided in the
immediately following sentence, this Agreement shall terminate and be of no
further force or effect after the Date of Termination associated with the
earliest to occur of the following: (i) Executive's death; (ii) Executive's
Disability; (iii) the Company's dismissal of Executive for Cause; or (iv)
voluntary termination of employment with Good Reason. The obligations of
Executive set forth in Sections 7 through 10 and the obligations of the Company
set forth in Section 6 shall survive any termination of this Agreement.

                  (f) Resignation of Offices. Upon the Date of Termination for
any reason (other than an expiration of the Term of Employment), Executive shall
be deemed to have resigned as a director and/or officer of the Company and any
similar positions he held with any Subsidiary of the Company.

                  SECTION 6.  COMPENSATION UPON TERMINATION.

                  (a) Termination for Cause, Disability or Death or by Executive
Other than for Good Reason. If Executive's employment is terminated for Cause,
Disability, death or by Executive other than for Good Reason, regardless of
whether before or after a Change of Control:

                  (1) The Company shall pay Executive (i) his Base Salary
         through the Date of Termination, (ii) any earned but unpaid bonus for
         any prior fiscal year of the Company, (iii) Executive's Prorated Target
         Bonus as defined at Section 21, and (iv) all other unpaid amounts, if
         any, to which Executive is entitled as of the Date of Termination under
         any compensation plan or program of the Company at the time such
         payments are due; provided, however, if the termination is for Cause or
         by Executive

                              Exhibit No. 10.1 - 6

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         other than for Good Reason, then Executive shall not be
         entitled to, or paid, the items listed in clauses (ii) and (iii) of
         this Section 6(a)(1);

                  (2) The Company shall reimburse Executive pursuant to the
         Company's policy for reasonable business expenses incurred, but not
         paid, prior to termination of employment, unless such termination
         resulted from a misappropriation of Company funds; and

                  (3) Executive shall be entitled to any other rights,
         compensation and/or benefits as may be due to Executive following
         termination to which he is otherwise entitled in accordance with the
         terms and provisions of any plans or programs of the Company.

                  (b) Termination By the Company Other Than for Cause or on
Account of Disability or Death; Termination By Executive For Good Reason.
Executive's employment may be terminated without Cause by the Company or by
Executive for Good Reason provided in such event:

                  (1) The Company shall pay Executive no later than the
         twentieth day following the Date of Termination (i) his Base Salary
         through the Date of Termination, (ii) any earned but unpaid bonus for
         any prior fiscal year of the Company, (iii) Executive's Prorated Target
         Bonus as defined at Section 21, and (iv) all other unpaid amounts, if
         any, to which Executive is entitled as of the Date of Termination;

                  (2) The Company shall pay, commencing on the first day of the
         month following the month in which the Date of Termination occurs, to
         Executive an amount equal to one-twelfth of his Base Salary plus
         one-twelfth of his Target Bonus as defined at Section 21, for the
         greater of (i) the number of months remaining in the Term of Employment
         or (ii) twelve (12) months; provided, however, if Executive terminates
         his employment pursuant to Section 5(b)(5) hereof or if within two (2)
         years following a Change of Control (as hereinafter defined),
         Executive's employment is terminated without Cause by the Company or
         Executive terminates his employment for Good Reason, the Company shall
         pay to Executive no later than the twentieth day following the Date of
         Termination, in lieu of the foregoing monthly installment payments, an
         aggregate amount equal to the product of (x) the sum of (1) Executive's
         Base Salary and (2) the average annual bonus paid to Executive by the
         Company with respect to the three fiscal years that immediately precede
         the fiscal year in which the Date of Termination occurs (or such lesser
         number of years that Executive was employed by the Company) and (y) the
         number three (3.0), except that the number two (2) shall be substituted
         for the number three (3) if termination was by Executive pursuant to
         Section 5(b)(5);

                              Exhibit No. 10.1 - 7

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                  (3) The Company shall maintain in full force and effect, for
         the continued benefit of Executive (and his spouse and/or his
         dependents, as applicable) for a period of twenty-four (24) months
         following the Date of Termination the medical, hospitalization, and
         dental programs, in which Executive (and his spouse and/or his
         dependents, as applicable) participated immediately prior to the Date
         of Termination at the level in effect and upon substantially the same
         terms and conditions (including without limitation contributions
         required by Executive for such benefits) as existed immediately prior
         to the Date of Termination; provided, if Executive (or his spouse) is
         eligible for Medicare or a similar type of governmental medical
         benefit, such governmental benefit shall be the primary provider before
         Company medical benefits are provided. If Executive (or his spouse
         and/or his dependents) is prohibited from continued participation in
         Company programs providing such benefits due to plan limitations or
         governmental laws or regulations, the Company shall arrange to provide
         Executive (and his spouse and/or his dependents, as applicable) with
         the economic equivalent of such benefits which they otherwise would
         have been entitled to receive under such plans and programs ("Continued
         Benefits"). If Executive becomes reemployed with another employer and
         is eligible to receive medical, hospitalization and dental benefits
         under another employer-provided plan, the medical, hospitalization and
         dental benefits described herein shall be secondary to those provided
         under such other plan during the applicable period;

                  (4) The Company shall reimburse Executive (no later than the
         twentieth day following the Date of Termination) pursuant to the
         Company's policy for reasonable business expenses incurred, but not
         paid, prior to the Date of Termination;

                  (5) All options, shares of restricted stock, performance
         shares and any other equity based awards shall be and become fully
         vested as of the Date of Termination and, notwithstanding any provision
         to the contrary in the applicable Award Agreement, any such options may
         be exercised and shall not expire until the earlier of (i) the
         expiration of the option term as set forth in the Award Agreement or
         (ii) the first annual anniversary of the Date of Termination provided
         that this Section 6(b)(5) will not extend the term of an option beyond
         a date that would result in the application of Section 409A of the
         Code;

                  (6) Executive shall be entitled to any other rights,
         compensation and/or benefits as may be due to Executive following
         termination to which he is otherwise entitled in accordance with the
         terms and provisions of any plans or programs of the Company;

                  (7) Executive shall not be required to mitigate the amount of
         any payment provided for in this Section 6(b) by seeking other
         employment or otherwise, nor shall the amount of any payment provided

                              Exhibit No. 10.1 - 8

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         for in this Section 6(b) be reduced by any compensation earned by
         Executive after the Date of Termination as the result of employment by
         another employer or otherwise; and

                  (8) Notwithstanding anything to the contrary contained in this
         Agreement, upon payment to Executive of the amounts provided for in
         this Section 6(b) and Section 19, if any, the Company shall have no
         further payment obligations to Executive in the event Executive
         terminates his employment for Good Reason or the Company terminates
         Executive's employment without Cause.

                  SECTION 7. CONFIDENTIAL INFORMATION. Executive acknowledges
that he has had, and will have, access to certain Confidential Information (as
hereinafter defined) of the Company and its Subsidiaries and Executive agrees
that he will not at any time, directly or indirectly, disclose orally or in
writing or use any Confidential Information, regardless of how it may have been
acquired, unless the disclosure or use of such Confidential Information is
expressly authorized in writing in advance by the Company, is necessary in the
ordinary conduct of Executive's duties under this Agreement or is required by
law. "Confidential Information" means all information pertaining or relating to
the Company's or its Subsidiaries' business, including, but not limited to,
products, pricing, drawings and bills of materials, manufacturing and
application engineering know-how, services, strategies, customers, customer
list, customer account records, financial information, employee compensation,
marketing plans, computer software (including all operating system and system
application software) and other proprietary business information. As used
herein, Confidential Information shall not include any information which (i) is
or becomes generally known to the public other than as a result of the
disclosure or use thereof by Executive in violation of the terms of this
Agreement or (ii) is obtained by Executive from a third party who is lawfully in
possession of such information and is not subject to any obligation to refrain
from disclosing such information. Executive acknowledges and agrees that all of
the Confidential Information is and shall continue to be the exclusive
proprietary property of the Company and its Subsidiaries whether or not prepared
in whole or in part by Executive and whether or not disclosed to or entrusted to
the custody of Executive.

                  SECTION 8.  NON-COMPETITION.

                  (a) Executive agrees that while employed by the Company and
for the 12-month period immediately after Executive ceases to be employed by the
Company for any reason, Executive shall not, without the prior written consent
of the Company, either directly or indirectly, perform any services (whether
advisory, consulting, employment or otherwise) for, invest in or otherwise
become associated with in any capacity, any person, corporation, partnership or
other entity which engages in a Competitive Business (as defined in Section
8(b)); provided, however, that nothing herein contained shall prevent Executive
(1) from purchasing and holding for investment less than 2% of the shares of any
corporation, the shares of which are regularly traded either on a national
securities exchange or in the over-the-counter market or (2) from providing
services to any corporation, partnership, or other entity if the Competitive
Business represents less than

                              Exhibit No. 10.1 - 9

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15% of the gross revenues of such corporation, partnership, or entity and
Executive's services are not rendered, directly or indirectly, to the division
or subsidiary which is engaged in the Competitive Business.

                  (b) For purposes of this Agreement, "Competitive Business"
means the design, engineering, manufacture, marketing, distribution, sale, or
servicing in the Prohibited Territory (as defined below) of (1) processing or
packaging equipment used in the pharmaceutical industry, (ii) wellhead,
drilling, recovery and transmission equipment used in the oil and gas industry,
or (iii) progressing cavity pumps, industrial mixers and agitators, or
glass-lined reactor and storage vessels used in any industry. "Prohibited
Territory" means the countries in which the Company or one of its Subsidiaries
had manufacturing, distribution facilities, or sales offices at any time that
Executive was employed by the Company. In addition, all records, files,
drawings, documents, models, equipment, and the like relating to the Company's
business or its Subsidiaries', which Executive has control over may not be
removed from the Company's premises without its written consent, unless removal
is in the furtherance of the Company's business or is in connection with
Executive's carrying out his duties under this Agreement and, if so removed,
shall be returned to the Company promptly after termination of Executive's
employment under this Agreement.

                  SECTION 9. NON-SOLICITATION OR HIRE. Executive agrees that
while employed by the Company and for the 12-month period immediately after
Executive ceases to be employed by the Company for any reason, Executive shall
not, without the prior written consent of the Company, either directly or
indirectly, solicit or attempt to solicit or induce, directly or indirectly, (i)
any person or entity who is or was a customer of the Company or its Subsidiaries
while Executive was employed by the Company for the purpose of marketing,
selling or providing to any such person or entity any services or products that
are of the same general type as those offered by or available from the Company
or its Subsidiaries or (ii) any person who was an employee of the Company or any
of its Subsidiaries on the Date of Termination to terminate such employee's
employment relationship with the Company or its Subsidiaries in order to enter
into a similar relationship with Executive, any business which then employs
Executive or to which Executive provides any services, or any Competitive
Business.

                              Exhibit No. 10.1 - 10

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                  SECTION 10.  EQUITABLE RELIEF; JUDICIAL MODIFICATION.

                  (a) Executive acknowledges that compliance with the covenants
and provisions in Sections 7 through 9 is necessary to protect the Company and
that a breach of these covenants will result in irreparable and continuing
damage for which there will be no adequate remedy at law. Accordingly, Executive
agrees that in the event of any breach of said covenants or provisions, the
Company and its successors and assigns shall be entitled to injunctive relief
(including specific performance) and to such other and further equitable relief
(in addition to money damages) as is proper in the circumstances. Executive
further agrees to waive the securing or purchasing of any bond in connection
with any such remedy.

                  (b) If any court determines that any of the covenants in
Sections 7 through 9, or any part of any of them, is invalid or unenforceable,
the remainder of such covenants and parts thereof shall not thereby be affected
and shall be given full effect, without regard to the invalid portion. If any
court determines that any of such covenants, or any part thereof, is invalid or
unenforceable because of the geographic or temporal scope of such provision,
such court shall reduce such scope to the minimum extent necessary to make such
covenants valid and enforceable.

                  SECTION 11.  INDEMNIFICATION; AND INSURANCE.

                  (a) Indemnification. The Company represents and warrants that
it will continue to extend to Executive during the Term of Employment and for a
period of four years after the Date of Termination the same rights to
indemnification in his capacity as a director or officer of the Company that he
had on the Effective Date of this Agreement.

                  (b) Insurance. The Company represents and warrants that during
the Term of Employment and for a period of four years after the Date of
Termination: (i) Executive is and shall continue to be covered and insured up to
the maximum limits provided by all insurance which the Company maintains to
indemnify its directors and officers (and to indemnify the Company for any
obligations which it incurs as a result of its undertaking to indemnify its
officers and directors) and (ii) the Company will use reasonably commercial
efforts to maintain such insurance, in not less than its present limits, in
effect.

                              Exhibit No. 10.1 - 11
<PAGE>

                  SECTION 12.  AGREEMENT BINDING ON SUCCESSORS.

                  (a) Company's Successors. No rights or obligations of the
Company under this Agreement may be assigned or transferred except that the
Company shall require any successor (whether direct or indirect, by purchase,
merger, reorganization, sale, transfer of stock, consolidation or otherwise) to
all or substantially all of the business and/or assets of the Company to
expressly assume and agree to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform it if no
succession had taken place. As used in this Agreement, "Company" means the
Company as hereinbefore defined and any successor to its business and/or assets
(by merger, purchase or otherwise as provided in this Section 12(a)) which
executes and delivers the agreement provided for in this Section 12(a) or which
otherwise becomes bound by all the terms and provisions of this Agreement by
operation of law.

                  (b) Executive's Successors. No rights or obligations of
Executive under this Agreement may be assigned or transferred by Executive other
than his rights to payments or benefits under this Agreement, which may be
transferred only by designation of a beneficiary in accordance with this Section
12(b) or by will or the laws of descent and distribution. Upon Executive's
death, this Agreement and all rights of Executive under this Agreement shall
inure to the benefit of and be enforceable by Executive's beneficiary or
beneficiaries, personal or legal representatives, or estate, to the extent any
such person succeeds to Executive's interests under this Agreement. Executive
shall be entitled to select and change a beneficiary or beneficiaries to receive
any benefit or compensation payable under this Agreement following Executive's
death by giving the Company written notice thereof in a form acceptable to the
Company. In the event of Executive's death or a judicial determination of his
incompetence, reference in this Agreement to Executive shall be deemed, where
appropriate, to refer to his beneficiary(ies), estate or other legal
representative(s). If Executive should die following his Date of Termination
while any amounts would still be payable to him under this Agreement if he had
continued to live, all such amounts unless otherwise provided shall be paid in
accordance with the terms of this Agreement to such person or persons so
appointed in writing by Executive, or otherwise to his legal representatives or
estate.

                  SECTION 13. WAIVER. Except as otherwise provided herein, the
failure of either party to insist, in any one or more instances, upon the
performance of any of the terms, covenants or conditions of this Agreement by
the other party hereto, shall not be construed as a waiver or as a
relinquishment of any right granted hereunder to the party failing to insist on
such performance, or as a waiver of the future performance of any such term,
covenant or condition, but the obligations hereunder of both parties hereto
shall remain unimpaired and shall continue in full force and effect.

                  SECTION 14. NOTICES. For the purposes of this Agreement,
notices, demands and all other communications provided for in this Agreement
shall be in writing and shall be deemed to have been duly given when delivered
either personally or by United States certified or registered mail, return
receipt requested, postage prepaid, addressed as follows:

                              Exhibit No. 10.1 - 12

<PAGE>

                  If to Executive:

                           At his last known address evidenced on the
                           Company's payroll records.

                  If to the Company:

                           Robbins & Myers, Inc.
                           1400 Kettering Tower
                           Dayton, OH 45423
                           Attention:   Chairman of the Board; and
                                        Corporate Secretary

or to such other address as any party may have furnished to the others in
writing in accordance with this Agreement, except that notices of change of
address shall be effective only upon receipt.

                  SECTION 15. ENTIRE AGREEMENT; AMENDMENT. This Agreement
contains the entire agreement between the parties hereto with respect to the
matters contemplated by this Agreement and supersedes all prior negotiations,
representations, warranties, commitments, offers, contracts and writings. No
modification or amendment of any provision of this Agreement shall be effective
unless made in writing and duly signed by the party to be bound thereby.

                  SECTION 16. SEVERABILITY. If any of the provisions of this
Agreement shall be held to be invalid, such holding shall not in any way
whatsoever affect the validity of the remainder of this Agreement.

                  SECTION 17. ARBITRATION; LEGAL FEES AND EXPENSES. The parties
agree that Executive's employment and this Agreement relate to interstate
commerce, and that any disputes, claims or controversies between Executive and
the Company which may arise out of or relate to Executive's employment
relationship or this Agreement shall be settled by arbitration. This agreement
to arbitrate shall survive the termination of this Agreement. Any arbitration
shall be in accordance with the Rules of the American Arbitration Association
and undertaken pursuant to the Federal Arbitration Act. Arbitration shall be
held in Dayton, Ohio unless the parties mutually agree on another location. The
decision of the arbitrator(s) shall be enforceable in any court of competent
jurisdiction. The parties agree that punitive, liquidated or indirect damages
shall not be awarded by the arbitrator(s) unless such damages would have been
awarded by a court of competent jurisdiction. Nothing in this Agreement to
arbitrate, however, shall preclude the Company from obtaining injunctive relief
from a court of competent jurisdiction prohibiting any on-going breaches by
Executive of this Agreement including, without limitation, violations of
Sections 7 through 9. If any contest or dispute arises between the Company and
Executive regarding any provision of this Agreement, the Company shall reimburse
Executive for all legal fees and expenses reasonably incurred by Executive in
connection with such contest or dispute, except that the Company shall not be
obligated to pay any legal fees or expenses incurred by Executive in any contest
in which the trier

                              Exhibit No. 10.1 - 13

<PAGE>

of fact determines that the Executive's position was frivolous or maintained in
bad faith. Such reimbursement shall be made as soon as practicable following the
final, non-appealable resolution of such contest or dispute to the extent the
Company receives reasonable written evidence of such fees and expenses.

                  SECTION 18. GOVERNING LAW. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of
the State of Ohio without regard to its conflicts of law principles.

                  SECTION 19. CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY.

                  (a) Anything in this Agreement to the contrary notwithstanding
and except as set forth below, in the event it shall be determined that any
Payment would be subject to the Excise Tax, then Executive shall be entitled to
receive an additional payment (the "Gross-Up Payment") in an amount such that,
after payment by Executive of all taxes (and any interest or penalties imposed
with respect to such taxes), including, without limitation, any income taxes
(and any interest and penalties imposed with respect thereto) and Excise Tax
imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up
Payment equal to the Excise Tax imposed upon the Payments.

                  (b) Subject to the provisions of Section 19(c), all
determinations required to be made under this Section 19, including whether and
when a Gross-Up Payment is required and the amount of such Gross-Up Payment and
the assumptions to be utilized in arriving at such determination, shall be made
by such certified public accounting firm as may be designated by the Company
(the "Accounting Firm"), which shall provide detailed supporting calculations
both to the Company and Executive within 15 business days of the receipt of
notice from Executive that there has been a Payment, or such earlier time as is
requested by the Company. All fees and expenses of the Accounting Firm shall be
borne solely by the Company. Any Gross-Up Payment, as determined pursuant to
this Section 19, shall be paid by the Company to Executive within five days of
the receipt of the Accounting Firm's determination. Any determination by the
Accounting Firm shall be binding upon the Company and Executive. As a result of
the uncertainty in the application of Section 4999 of the Code at the time of
the initial determination by the Accounting Firm hereunder, it is possible that
Gross-Up Payments that will not have been made by the Company that should have
been made ("Underpayment"), consistent with the calculations required to be made
hereunder. In the event that the Company exhausts its remedies pursuant to
Section 19(c) and Executive thereafter is required to make a payment of any
Excise Tax, the Accounting Firm shall determine the amount of the Underpayment
that has occurred and any such Underpayment shall be promptly paid by the
Company to or for the benefit of Executive.

                  (c) Executive shall notify the Company in writing of any claim
by the Internal Revenue Service that, if successful, would require the payment
by the Company of the Gross-Up Payment. Such notification shall be given as soon
as practicable but no later than ten business days after Executive is informed
in writing of such claim and shall apprise the Company of the nature of such
claim and the date on which such claim is requested to be paid. Executive shall
not pay such claim prior to the expiration of the 30-

                              Exhibit No. 10.1 - 14

<PAGE>

day period following the date on which he gives such notice to the Company (or
such shorter period ending on the date that any payment of taxes with respect to
such claim is due). If the Company notifies Executive in writing prior to the
expiration of such period that it desires to contest such claim, Executive
shall:

                  (i) give the Company any information reasonably requested by
         the Company relating to such claim,

                  (ii) take such action in connection with contesting such claim
         as the Company shall reasonably request in writing from time to time,
         including, without limitation, accepting legal representation with
         respect to such claim by an attorney reasonably selected by the
         Company,

                  (iii) cooperate with the Company in good faith in order
         effectively to contest such claim, and

                  (iv) permit the Company to participate in any proceedings
         relating to such claim;

provided, however, that the Company shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold Executive harmless, on an
after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provisions of
this Section 19(c), the Company shall control all proceedings taken in
connection with such contest and, at its sole option, may pursue or forgo any
and all administrative appeals, proceedings, hearings and conferences with the
taxing authority in respect of such claim and may, at its sole option, either
direct Executive to pay the tax claimed and sue for a refund or contest the
claim in any permissible manner, and Executive agrees to prosecute such contest
to a determination before any administrative tribunal, in a court of initial
jurisdiction and in one or more appellate courts, as the Company shall
determine; provided, however, that if the Company directs Executive to pay such
claim and sue for a refund, the Company shall advance the amount of such payment
to Executive, on an interest-free basis and shall indemnify and hold Executive
harmless, on an after-tax basis, from any Excise Tax or income tax (including
interest or penalties with respect thereto) imposed with respect to such advance
or with respect to any imputed income with respect to such advance; and further
provided that any extension of the statute of limitations relating to payment of
taxes for the taxable year of Executive with respect to which such contested
amount is claimed to be due is limited solely to such contested amount.
Furthermore, the Company's control of the contest shall be limited to issues
with respect to which a Gross-Up Payment would be payable hereunder and
Executive shall be entitled to settle or contest, as the case may be, any other
issue raised by the Internal Revenue Service or any other taxing authority.

                  (d) If, after the receipt by Executive of a Gross-Up Payment
or payment by the Company of an amount on Executive's behalf pursuant to Section
19(c), Executive becomes entitled to receive any refund with respect to the
Excise Tax to which

                              Exhibit No. 10.1 - 15

<PAGE>

such Gross-Up Payment relates or with respect to such claim, Executive shall
(subject to the Company's complying with the requirements of Section 19(c), if
applicable) promptly pay to the Company the amount of such refund (together with
any interest paid or credited thereon after taxes applicable thereto). If, after
payment by the Company of an amount on Executive's behalf pursuant to Section
19(c), a determination is made that Executive shall not be entitled to any
refund with respect to such claim and the Company does not notify Executive in
writing of its intent to contest such denial of refund prior to the expiration
of 30 days after such determination, then the amount of such payment shall
offset, to the extent thereof, the amount of Gross-Up Payment required to be
paid.

                  (e) Notwithstanding any other provision of this Section 19,
the Company may, in its sole discretion, withhold and pay over to the Internal
Revenue Service or any other applicable taxing authority, for the benefit of
Executive, all or any portion of any Gross-Up Payment, and Executive hereby
consents to such withholding.

                  (f) The following terms shall have the following meanings for
purposes of this Section 19.

                  (i) "Excise Tax" shall mean the excise tax imposed by Section
         4999 of the Code, together with any interest or penalties imposed with
         respect to such excise tax.

                  (ii) "Parachute Value" of a Payment shall mean the present
         value as of the date of the change of control for purposes of Section
         280G of the Code of the portion of such Payment that constitutes a
         "parachute payment" under Section 280G(b)(2), as determined by the
         Accounting Firm for purposes of determining whether and to what extent
         the Excise Tax will apply to such Payment.

                  (iii) A "Payment" shall mean any payment or distribution in
         the nature of compensation (within the meaning of Section 280G(b)(2) of
         the Code) to or for the benefit of Executive, whether paid or payable
         pursuant to this Agreement or otherwise.

                  (iv) The "Safe Harbor Amount" means 2.99 times Executive's
         "base amount," within the meaning of Section 280G(b)(3) of the Code.

                  (v) "Value" of a Payment shall mean the economic present value
         of a Payment as of the date of the change of control for purposes of
         Section 280G of the Code, as determined by the Accounting Firm using
         the discount rate required by Section 280G(d)(4) of the Code.

                  SECTION 20. SECTION 409A LIMITATIONS. To the extent
applicable, it is intended that this Agreement comply with the provisions of
Section 409A of the Code, so as to prevent the inclusion in gross income of any
amounts payable or benefits provided hereunder in a taxable year that is prior
to the taxable year or years in which such amounts or benefits would otherwise
actually be distributed, provided, or otherwise made available to Executive.
This

                              Exhibit No. 10.1 - 16

<PAGE>

Agreement shall be construed, administered, and governed in a manner consistent
with this intent. Any provision that would cause any amount payable or benefit
provided under this Agreement to be includible in the gross income of Executive
under Section 409A(a)(1) of the Code shall have no force and effect. In
particular, to the extent Executive becomes entitled to receive a payment or a
benefit upon an event that does not constitute a permitted distribution event
under Section 409A(a)(2) of the Code, then notwithstanding anything to the
contrary in this Agreement, such payment or benefit shall be made or provided to
Executive on Executive's "separation from service" with the Company (within the
meaning of Section 409A of the Code); provided, however, that if Executive is a
"specified employee" (within the meaning of Section 409A of the Code), (a) any
amount payable pursuant to Sections 6(b)(3), 6(c)(2), 6(c)(3) and Section 17 of
this Agreement shall, to the extent necessary to implement this Section 20,
either (i) be revised so that the aggregate amount payable for the first six
months following Executive's separation from service shall be paid in the month
of separation from service and any balance shall be paid monthly commencing on
the first day of the seventh month following separation from service and on the
first day of each month thereafter until paid in full or (ii) if the approach
under clause (a)(i) of this Section 20 is not permitted by Section 409A of the
Code, then such payments shall commence on the date which is six months after
the date of Executive's separation from service with the Company and the amount
payable on such day shall be the aggregate of six months of the total amount
payable and any balance shall be payable on the first day of each month
thereafter until paid in full and (b) to the extent necessary to implement this
Section 20, any other amount payable pursuant to this Agreement shall be paid on
the date which is six months after the date of Executive's separation of service
with the Company. Any reference in this Plan to Section 409A of the Code shall
also include any proposed, temporary, or final regulations, or any other
guidance, promulgated with respect to such Section by the U.S. Department of the
Treasury or the Internal Revenue Service.

                  SECTION 21.  CERTAIN DEFINITIONS.

                  (a) "Affiliate" means a person that directly, or indirectly
through one or more intermediaries, controls, or is controlled by, or is under
common control with, a specified person.

                  (b) "Change of Control" means for the purpose of this
Agreement and shall be deemed to have occurred the date on which one of the
following events occurs with respect to the Company (for the purposes of this
Section 21, the term "Company" means only Robbins & Myers, Inc.):

                  (1) The Company is provided a copy of a Schedule 13D, filed
         pursuant to Section 13(d) of the Securities Exchange Act of 1934
         indicating that a group or person, as defined in Rule 13d-3 under said
         Act, has become the beneficial owner of 25% or more of the outstanding
         Voting Shares of the Company or the date upon which the Company first
         learns that a person or group has become the beneficial owner of 25% or
         more of the outstanding Voting Shares of the Company if a Schedule 13D
         is not filed provided, in each case, such group or person is not
         controlled,

                              Exhibit No. 10.1 - 17

<PAGE>

         directly or indirectly, by persons or entities that were,
         at any time this Agreement is in effect, partners, shareholders or
         members of M.H.M. & Co. Ltd., an Ohio limited partnership, the Maynard
         H. Murch Co., Inc., or Loftis Investments, Inc. or Affiliates of any of
         them;

                  (2) A change in the composition of the Board such that
         individuals who were members of the Board on the date two years prior
         to such change (or who were subsequently elected to fill a vacancy in
         the Board, or were subsequently nominated for election by the Company's
         shareholders, by the affirmative vote of at least two-thirds of the
         directors then still in office who were directors at the beginning of
         such two year period) no longer constitute a majority of the Board;

                  (3) The consummation of a reorganization, merger, statutory
         share exchange or consolidation involving the Company or any of its
         Subsidiaries (each a "Business Combination") unless, following such
         Business Combination, all or substantially all of the individuals and
         entities that were the beneficial owners of the Voting Shares of the
         Company immediately prior to the Business Combination beneficially own,
         directly or indirectly, more than 60% of the then outstanding Voting
         Shares of the corporation resulting from such Business Combination in
         substantially the same proportions as their ownership immediately prior
         to such Business Combination of the outstanding Voting Shares of the
         Company; or

                  (4) Shareholders of the Company approve a plan of complete
         liquidation of the Company or an agreement for the sale or disposition
         by the Company of all, or substantially all, of the Company's assets.

                  (c) "Prorated Target Bonus" means the Target Bonus prorated
for the period beginning on the first day of the fiscal year in which occurs the
Date of Termination through the Date of Termination

                  (d) "Subsidiary" means an entity (whether or not a
corporation) of which 50% or more of the voting stock in the case of a
corporation, or other equity interest having voting power in the case of an
entity that is not a corporation, is owned or controlled, directly or
indirectly, by the Company.

                  (e) "Target Bonus" means an amount equal to the target bonus
Executive would have received for the fiscal year that ends on or immediately
after the Date of Termination, assuming the Company achieved the target levels
for which a bonus is paid under the Company's annual bonus plan then in effect.

                  (f) "Voting Shares" means any securities of a corporation that
vote generally in the election of directors of that corporation.

             [THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                              Exhibit No. 10.1 - 18

<PAGE>

                  IN WITNESS WHEREOF, the parties have signed this Agreement as
of the day and year first above written.

"Executive"                         "Company"

                                    ROBBINS & MYERS, INC.

/s/  Peter C. Wallace               By:    /s/  Thomas P. Loftis
----------------------------               ------------------------------------
Peter C. Wallace                           Thomas P. Loftis
                                           Chairman of the Board; and

                                    By:    /s/  Joseph M. Rigot
                                           ------------------------------------
                                           Joseph M. Rigot
                                           Corporate Secretary

                              Exhibit No. 10.1 - 19<PAGE>
EXHIBIT 10.2

                                     FORM OF
                  EXECUTIVE OFFICER CHANGE OF CONTROL AGREEMENT

                  THIS EXECUTIVE OFFICER CHANGE OF CONTROL AGREEMENT (the
"Agreement") is entered into between ROBBINS & MYERS, INC., an Ohio corporation
(the "Company"), and___________________, an individual ("Executive"), as of the
_____ day of_________________, 2006, under the following circumstances:

                  The Board of Directors of the Company (the "Board") considers
the establishment and maintenance of a sound and vital management to be
essential to protecting and enhancing the best interests of the Company and its
shareholders. In this connection, the Board recognizes that, as is the case with
many publicly held corporations, the mere possibility of a change of control may
raise distracting and disrupting uncertainties and questions among management
personnel, may interfere with their whole-hearted attention and devotion to the
performance of their duties, and may even lead to their departure, all to the
detriment of the best interests of the Company and its shareholders.
Accordingly, the Board, upon the recommendation of its Compensation Committee,
has determined that the best interests of the Company and its shareholders would
be served by assuring to certain executives of the Company, including Executive,
the protection provided by an agreement which defines the respective rights and
obligations of the Company and Executive in the event of termination of
employment subsequent to a Change of Control of the Company (as defined in
Section 2 of this Agreement).

                  In order to induce Executive to continue in the employ of the
Company, this Agreement sets forth the severance benefits which the Company
agrees shall be provided to Executive in the event Executive's employment with
the Company [or with a Successor to the Company (as defined at Section 10(a)] is
terminated subsequent to a Change of Control under the circumstances described
below.

            NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS
          CONTAINED HEREIN, THE COMPANY AND EXECUTIVE AGREE AS FOLLOWS:

     1. CERTAIN DEFINITIONS.

          (a) "Affiliate" means a person that directly, or indirectly through
     one or more intermediaries, controls, or is controlled by, or is under
     common control with, a specified person.

          (b) The "Effective Date" shall be the first date during the "Change of
     Control Period" (as defined in Section 1(b) of this Agreement) on which a
     Change of Control occurs, and, except as provided in the following
     sentence, no amount shall be paid or benefits provided under this Agreement
     if Executive's employment is terminated for any reason prior to a Change of
     Control. Anything in this Agreement to the contrary notwithstanding, if
     Executive's employment with the Company is terminated by the Company prior
     to the date on which a Change of Control occurs, and it is reasonably
     demonstrated that such termination (i) was at the

                                Exhibit 10.2 - 1
<PAGE>

     request of a third party who has taken steps reasonably calculated to
     effect a Change of Control or (ii) otherwise arose in connection with or
     anticipation of a Change of Control, then for all purposes of this
     Agreement the "Effective Date" shall mean the date immediately prior to the
     date of such termination.

          (c) The "Change of Control Period" is the period commencing on the
     date hereof and ending on the earlier to occur of (i) the second
     anniversary of such date or (ii) the first day of the month next following
     Executive's attainment of age 65 ("Normal Retirement Date"); provided,
     however, that commencing on the date one (1) year after the date hereof,
     and on each annual anniversary of such date (such date and each annual
     anniversary thereof is hereinafter referred to as the "Renewal Date"), the
     Change of Control Period shall be automatically extended an additional year
     so as to terminate on the earlier of (i) two (2) years from such Renewal
     Date or (ii) the first day of the month next following Executive's Normal
     Retirement Date, unless, at least 60 days prior to the Renewal Date, the
     Company shall give notice that the Change of Control Period shall not be so
     extended in which event this Agreement shall continue for the remainder of
     its then current term and terminate as provided herein.

          (d) "Prorated Target Bonus" means the Target Bonus prorated for the
     period beginning on the first day of the fiscal year in which occurs the
     Date of Termination through the Date of Termination

          (e) "Subsidiary" means an entity (whether or not a corporation) of
     which 50% or more of the voting stock in the case of a corporation, or
     other equity interest having voting power in the case of an entity that is
     not a corporation, is owned or controlled, directly or indirectly, by the
     Company.

          (f) "Target Bonus" means an amount equal to the target bonus Executive
     would have received for the fiscal year that ends on or immediately after
     the Date of Termination, assuming the Company achieved the target levels
     for which a bonus is paid under the Company's annual bonus plan then in
     effect.

          (g) "Voting Shares" means any securities of a corporation that vote
     generally in the election of directors of that corporation.

     2. CHANGE OF CONTROL. For the purpose of this Agreement, a "Change of
Control" shall mean and shall be deemed to have occurred the date on which one
of the following events occurs with respect to the Company (for the purposes of
this Section 2, the term "Company" means only Robbins & Myers, Inc.):

          (a) The Company is provided a copy of a Schedule 13D, filed pursuant
     to Section 13(d) of the Securities Exchange Act of 1934 indicating that a
     group or person, as defined in Rule 13d-3 under said Act, has become the
     beneficial owner of 25% or more of the outstanding Voting Shares of the
     Company or the date upon which the Company first learns that a person or
     group has become the beneficial owner of 25% or more of the outstanding
     Voting Shares of the Company if a Schedule 13D is not filed provided, in
     each case, such group or person is not controlled, directly or indirectly,
     by persons or entities that were, at any time this Agreement is in effect,
     partners, shareholders or members of M.H.M. & Co. Ltd., an Ohio

                                Exhibit 10.2 - 2
<PAGE>

     limited partnership, the Maynard H. Murch Co., Inc., or Loftis Investments,
     Inc. or Affiliates of any of them;

          (b) A change in the composition of the Board such that individuals who
     were members of the Board on the date two years prior to such change (or
     who were subsequently elected to fill a vacancy in the Board, or were
     subsequently nominated for election by the Company's shareholders, by the
     affirmative vote of at least two-thirds of the directors then still in
     office who were directors at the beginning of such two year period) no
     longer constitute a majority of the Board;

          (c) The consummation of a reorganization, merger, statutory share
     exchange or consolidation involving the Company or any of its Subsidiaries
     (each a "Business Combination") unless, following such Business
     Combination, all or substantially all of the individuals and entities that
     were the beneficial owners of the Voting Shares of the Company immediately
     prior to the Business Combination beneficially own, directly or indirectly,
     more than 60% of the then outstanding Voting Shares of the corporation
     resulting from such Business Combination in substantially the same
     proportions as their ownership immediately prior to such Business
     Combination of the outstanding Voting Shares of the Company; or

          (d) Shareholders of the Company approve a plan of complete liquidation
     of the Company or an agreement for the sale or disposition by the Company
     of all, or substantially all, of the Company's assets.

     3. AGREEMENT NOT EMPLOYMENT CONTRACT - EMPLOYMENT AT WILL. This Agreement
shall be considered solely as a "severance agreement" obligating the Company to
pay to Executive certain amounts of compensation in the event and only in the
event of his termination of employment after the Effective Date for the reasons
and at the time specified herein. Apart from the obligation of the Company to
provide the amounts of additional compensation as provided in this Agreement,
the Company shall at all times retain the right to terminate the employment of
Executive since the obligation of the Company to Executive shall only be
considered as an employment relationship which exists between the Company and
Executive which may be terminated at will by either party subject to the
obligation of the Company to make payment and perform its obligations as
provided in this Agreement.

     4. TERMINATION.

          (a) Death or Disability. This Agreement shall terminate automatically
     upon Executive's death. If the Company determines in good faith that the
     Disability of Executive has occurred (pursuant to the definition of
     "Disability" set forth below), it may give to Executive written notice of
     its intention to terminate Executive's employment. In such event,
     Executive's employment with the Company shall terminate effective on the
     30th day after the date of such notice, provided that, within such 30-day
     period, Executive shall not have returned to full-time performance of
     Executive's duties. For purposes of this Agreement, "Disability" means
     disability (either physical or mental) which, at least one hundred eighty
     (180) days after its commencement, is determined by a physician selected by
     the Company or its insurers and acceptable to Executive or Executive's
     legal representative to be total and permanent (such agreement as to
     acceptability not to be withheld unreasonably).

                                Exhibit 10.2 - 3
<PAGE>

          (b) Cause. The Company has the right to terminate Executive's
     employment for Cause, and such termination shall not be a breach of this
     Agreement by the Company. "Cause" means termination of employment for one
     of the following reasons: (i) the willful and continued failure of
     Executive to perform substantially Executive's duties with the Company or
     one of its Subsidiaries (other than any such failure resulting from
     incapacity due to physical or mental illness), after a written demand for
     substantial performance is delivered to Executive by the Board or Chief
     Executive Officer of the Company which specifically identifies the manner
     in which the Board or Chief Executive Officer believes that Executive has
     failed to substantially perform his duties and such failure is not cured
     within fifteen (15) days of such written notice; (ii) an act or acts of
     dishonesty taken by Executive and intended to result in substantial
     personal enrichment of Executive at the expense of the Company; (iii) the
     willful engaging by Executive in illegal conduct or gross misconduct; or
     (iv) a clearly established violation by Executive of the Company's Code of
     Conduct that is materially and demonstrably injurious to the Company.
     Further, for purposes of this Section (b), no act, or failure to act, on
     Executive's part shall be deemed "willful" if done, or omitted to be done,
     by Executive in good faith and with a reasonable belief that his action or
     omission was in the best interest of the Company.

          (c) Good Reason. Executive's employment may be terminated by Executive
     for Good Reason. For purposes of this Agreement, "Good Reason" shall mean
     the occurrence of one or more of the following circumstances, without
     Executive's express written consent, that are not remedied by the Company
     within thirty (30) days of receipt of Executive's Notice of Termination:

               (i) the reduction of the rate of Executive's annual base salary
          in effect immediately prior to the Effective Date ("Base Salary") or
          in Executive's target bonus under the Company's annual bonus plan in
          effect immediately prior to the Effective Date;

               (ii) a material change in Executive's duties or responsibilities
          which results in or reflects a material diminution of the scope or
          importance of Executive's position;

               (iii) a material reduction in the level of benefits available or
          awarded to Executive under employee and officer benefit plans and
          programs (other than as part of reductions in such benefit plans or
          programs affecting similarly situated employees of the Company); or

               (iv) any failure by the Company to comply with and satisfy
          Section 10(a) of this Agreement.

          (d) Notice of Termination. Any termination by the Company for Cause,
     or by Executive for Good Reason, shall be communicated by Notice of
     Termination to the other party hereto given in accordance with Section 12
     of this Agreement. For purposes of this Agreement, a "Notice of
     Termination" means a written notice which (i) indicates the specific
     termination provisions in this Agreement relied upon, (ii) sets forth in
     reasonable detail the facts and circumstances claimed to provide a basis
     for termination of Executive's employment under the

                                Exhibit 10.2 - 4
<PAGE>

     provision so indicated, and (iii) if the Date of Termination (as defined
     below) is other than the date of receipt of such notice, specifies the Date
     of Termination. The failure by Executive to set forth in the Notice of
     Termination any fact or circumstance which contributes to a showing of Good
     Reason shall not waive any right of Executive hereunder or preclude
     Executive from asserting such fact or circumstance in enforcing his rights
     hereunder.

          (e) Date of Termination. "Date of Termination" means the date Notice
     of Termination is given by either the Company or Executive as the case may
     be or any later date specified therein; provided, however, if Executive's
     employment is terminated by reason of death or Disability, the Date of
     Termination shall be the date of death of Executive or the effective date
     of Disability, as the case may be, and in the case of a termination for
     Good Reason, the Date of Termination shall be the date specified in the
     Notice of Termination, which date shall not be less than thirty (30) days
     nor more than forty (40) days after the Notice of Termination is given.

     5. OBLIGATIONS OF THE COMPANY UPON TERMINATION FOLLOWING CHANGE OF CONTROL.

          (a) Good Reason; Termination Other Than for Cause, Disability or
     Death. If, within twenty-four (24) months after the Effective Date, the
     Company terminates Executive's employment other than for Cause, Disability
     or death, or if Executive terminates his employment for Good Reason:

               (i) The Company shall pay Executive (A) his Base Salary (or
          current salary then in effect if higher than his Base Salary) through
          the Date of Termination, (B) any earned but unpaid bonus for any prior
          fiscal year of the Company, and (C) all other unpaid amounts, if any,
          to which Executive is entitled as of the Date of Termination under any
          compensation plan or program of the Company, at the time such payments
          are due;

               (ii) The Company shall pay to Executive an amount equal to
          Executive Prorated Target Bonus as defined at Section 1;

               (iii) The Company shall pay to Executive an aggregate amount
          equal to the product of (A) the sum of (1) Executive's Base Salary and
          (2) the average annual bonus paid to Executive by the Company with
          respect to the three fiscal years that immediately precede the fiscal
          year in which the Date of Termination occurs (or such lesser period
          that Executive was employed by the Company) and (B) the number one and
          a half (1.5);

               (iv) The Company shall maintain in full force and effect, for the
          continued benefit of Executive (and his spouse and/or his dependents,
          as applicable) for a period of eighteen (18) months following the Date
          of Termination the medical, hospitalization, and dental programs, in
          which Executive (and his spouse and/or his dependents, as applicable)
          participated immediately prior to the Date of Termination at the level
          in effect and upon substantially the same terms and conditions
          (including without limitation contributions required by Executive for
          such benefits) as existed

                                Exhibit 10.2 - 5
<PAGE>

          immediately prior to the Date of Termination; provided, if Executive
          (or his spouse) is eligible for Medicare or a similar type of
          governmental medical benefit, such benefit shall be the primary
          provider before Company medical benefits are provided. If Executive
          (or his spouse and/or his dependents) is prohibited from continued
          participation in Company programs providing such benefits due to plan
          limitations or governmental laws or regulations, the Company shall
          arrange to provide Executive (and his spouse and/or his dependents, as
          applicable) with the economic equivalent of such benefits which they
          otherwise would have been entitled to receive under such plans and
          programs ("Continued Benefits"). If Executive becomes reemployed with
          another employer and is eligible to receive medical, hospitalization
          and dental benefits under another employer-provided plan, the medical,
          hospitalization and dental benefits described herein shall be
          secondary to those provided under such other plan during the
          applicable period;

               (v) The Company shall reimburse Executive pursuant to the
          Company's policy for reasonable business expenses incurred, but not
          paid, prior to the Date of Termination;

               (vi) All options, shares of restricted stock, performance shares
          and any other equity based awards shall be and become fully vested as
          of the Date of Termination and, notwithstanding any provision to the
          contrary in the applicable Award Agreement, any such options may be
          exercised and shall not expire until the earlier of (A) the expiration
          of the option term as set forth in the Award Agreement or (B) the
          first annual anniversary of the Date of Termination;

               (vii) Executive shall be entitled to any other rights,
          compensation and/or benefits as may be due to Executive following
          termination to which he is otherwise entitled in accordance with the
          terms and provisions of any plans or programs of the Company; and

               (viii) The payments provided for in this Section 5(a) [other than
          Sections 5(a)(i), (iv), (vi), and (vii)] shall be made no later than
          the twentieth day following the Date of Termination.

          (b) Termination for Cause, Disability or Death or by Executive Other
     than for Good Reason. If, within twenty-four (24) months after the
     Effective Date, Executive's employment is terminated for Cause, Disability,
     death or by Executive other than for Good Reason:

               (i) The Company shall pay Executive (i) his Base Salary (or
          current salary then in effect if higher than his Base Salary) through
          the Date of Termination, (ii) any earned but unpaid bonus for any
          prior fiscal year of the Company within twenty (20) days of the Date
          of Termination, (iii) Executive's Prorated Target Bonus as defined at
          Section 1 within twenty (20) days of the Date of Termination, and (iv)
          all other unpaid amounts, if any, to which Executive is entitled as of
          the Date of Termination under any compensation plan or program of the
          Company at the time such payments are due; provided, however, if the
          termination is for Cause or by Executive

                                Exhibit 10.2 - 6
<PAGE>

          other than for Good Reason, then Executive shall not be entitled to,
          or paid, the items listed in clauses (ii) and (iii) of this Section
          5(b)(i);

               (ii) The Company shall reimburse Executive pursuant to the
          Company's policy for reasonable business expenses incurred, but not
          paid, prior to termination of employment, unless such termination
          resulted from a misappropriation of Company funds; and

               (iii) Executive shall be entitled to any other rights,
          compensation and/or benefits as may be due to Executive following
          termination to which he is otherwise entitled in accordance with the
          terms and provisions of any plans or programs of the Company.

     6. NO DUPLICATION OF BENEFITS. Notwithstanding the fact that Executive is
entitled to benefits as provided under this Agreement, if Executive is also
entitled to receive payment of benefits under a severance plan of the Company
("Severance Plan"), and payment of benefits under this Agreement, then, such
payments due upon termination of employment of Executive shall only be paid
under this Agreement or under the Severance Plan whichever is most favorable to
Executive.

     7. MITIGATION. Executive shall not be required to mitigate amounts payable
under this Agreement by seeking other employment or otherwise, and there shall
be no offset against amounts due Executive under this Agreement on account of
subsequent employment except as specifically provided herein.

     8. CONFIDENTIAL INFORMATION; OWNERSHIP OF DOCUMENTS; NON-COMPETITION.

          (a) Confidential Information. Executive acknowledges that he has had,
     and will have, access to certain Confidential Information (as hereinafter
     defined) of the Company and its Subsidiaries and Executive agrees that he
     will not at any time, directly or indirectly, disclose orally or in writing
     or use any Confidential Information, regardless of how it may have been
     acquired, unless the disclosure or use of such Confidential Information is
     expressly authorized in writing in advance by the Company, is necessary in
     the ordinary conduct of Executive's duties under this Agreement or is
     required by law. "Confidential Information" means all information
     pertaining or relating to the Company's or its Subsidiaries' business,
     including, but not limited to, products, pricing, drawings and bills of
     materials, manufacturing and application engineering know-how, services,
     strategies, customers, customer list, customer account records, financial
     information, employee compensation, marketing plans, computer software
     (including all operating system and system application software) and other
     proprietary business information. As used herein, Confidential Information
     shall not include any information which (i) is or becomes generally known
     to the public other than as a result of the disclosure or use thereof by
     Executive in violation of the terms of this Agreement or (ii) is obtained
     by Executive from a third party who is lawfully in possession of such
     information and is not subject to any obligation to refrain from disclosing
     such information. Executive acknowledges and agrees that all of the
     Confidential Information is and shall continue to be the exclusive
     proprietary property of the Company and its Subsidiaries whether or not
     prepared in

                                Exhibit 10.2 - 7
<PAGE>

     whole or in part by Executive and whether or not disclosed to or entrusted
     to the custody of Executive.

          (b) Removal of Documents; Rights to Products; Other Property. All
     records, files, drawings, documents, models, equipment, and the like
     relating to the Company's business or its Subsidiaries', which Executive
     has control over may not be removed from the Company's premises without its
     written consent, unless removal is in the furtherance of the Company's
     business or is in connection with Executive's carrying out his duties under
     this Agreement and, if so removed, shall be returned to the Company
     promptly after termination of Executive's employment under this Agreement.

          (c) Non-Competition Provisions.

               (i) Executive agrees that while employed by the Company and for
          the 12-month period immediately after Executive ceases to be employed
          by the Company for any reason, Executive shall not, without the prior
          written consent of the Company, either directly or indirectly, perform
          any services (whether advisory, consulting, employment or otherwise)
          for, invest in or otherwise become associated with in any capacity,
          any person, corporation, partnership or other entity which engages in
          a Competitive Business (as defined in Section 8(c)(ii)); provided,
          however, that nothing herein contained shall prevent Executive (A)
          from purchasing and holding for investment less than 2% of the shares
          of any corporation, the shares of which are regularly traded either on
          a national securities exchange or in the over-the-counter market or
          (B) from providing services to any corporation, partnership, or other
          entity if the Competitive Business represents less than 15% of the
          gross revenues of such corporation, partnership, or entity and
          Executive's services are not rendered, directly or indirectly, to the
          division or subsidiary which is engaged in the Competitive Business.

               (ii) For purposes of this Agreement, "Competitive Business" means
          the design, engineering, manufacture, marketing, distribution, sale,
          or servicing in the Prohibited Territory (as defined below) of (i)
          processing or packaging equipment used in the pharmaceutical industry,
          (ii) wellhead, drilling, recovery and transmission equipment used in
          the oil and gas industry, or (iii) progressing cavity pumps,
          industrial mixers and agitators, or glass-lined reactor and storage
          vessels used in any industry. "Prohibited Territory" means the
          countries in which the Company or one of its Subsidiaries had
          manufacturing, distribution facilities, or sales offices at any time
          that Executive was employed by the Company.

          (d) Non-Solicitation or Hire . Executive agrees that while employed by
     the Company and for the 12-month period immediately after Executive ceases
     to be employed by the Company for any reason, Executive shall not, without
     the prior written consent of the Company, either directly or indirectly,
     solicit or attempt to solicit or induce, directly or indirectly, (i) any
     person or entity who is or was a customer of the Company or its
     Subsidiaries while Executive was employed by the Company for the purpose of
     marketing, selling or providing to any such person or entity any services
     or products of the same general type offered by or available from the
     Company or its Subsidiaries or (ii) any person who was an employee of the
     Company or any of its Subsidiaries on the Date of Termination to terminate
     such employee's

                                Exhibit 10.2 - 8
<PAGE>

     employment relationship with the Company or its Subsidiaries in order to
     enter into a similar relationship with Executive, any business which then
     employs Executive or to which Executive provides any services, or any
     Competitive Business.

          (e) Injunctive Relief. Executive acknowledges that compliance with the
     covenants and provisions in this Sections 8 is necessary to protect the
     Company and that a breach of these covenants will result in irreparable and
     continuing damage for which there will be no adequate remedy at law.
     Accordingly, Executive agrees that in the event of any breach of said
     covenants or provisions, the Company and its successors and assigns shall
     be entitled to injunctive relief (including specific performance) and to
     such other and further equitable relief (in addition to money damages) as
     is proper in the circumstances. Executive further agrees to waive the
     securing or purchasing of any bond in connection with any such remedy.

          (f) Judicial Modification . If any court determines that any of the
     covenants in Section 8, or any part of any of them, is invalid or
     unenforceable, the remainder of such covenants and parts thereof shall not
     thereby be affected and shall be given full effect, without regard to the
     invalid portion. If any court determines that any of such covenants, or any
     part thereof, is invalid or unenforceable because of the geographic or
     temporal scope of such provision, such court shall reduce such scope to the
     minimum extent necessary to make such covenants valid and enforceable.

          (g) Continuing Operation. Except as specifically provided in this
     Section 8, the termination of Executive's employment or of this Agreement
     shall have no effect on the continuing operation of this Section 8.

     9. ARBITRATION; LEGAL FEES AND EXPENSES. The parties agree that Executive's
employment and this Agreement relate to interstate commerce, and that any
disputes, claims or controversies between Executive and the Company which may
arise out of or relate to Executive's employment relationship or this Agreement
shall be settled by arbitration. This agreement to arbitrate shall survive the
termination of this Agreement. Any arbitration shall be in accordance with the
Rules of the American Arbitration Association and undertaken pursuant to the
Federal Arbitration Act. Arbitration shall be held in Dayton, Ohio unless the
parties mutually agree on another location. The decision of the arbitrator(s)
shall be enforceable in any court of competent jurisdiction. The parties agree
that punitive, liquidated or indirect damages shall not be awarded by the
arbitrator(s) unless such damages would have been awarded by a court of
competent jurisdiction. Nothing in this Agreement to arbitrate, however, shall
preclude the Company from obtaining injunctive relief from a court of competent
jurisdiction prohibiting any on-going breaches by Executive of this Agreement
including, without limitation, violations of Section 8. If any contest or
dispute arises between the Company and Executive regarding any provision of this
Agreement, the Company shall reimburse Executive for all legal fees and expenses
reasonably incurred by Executive in connection with such contest or dispute,
except that the Company shall not be obligated to pay any legal fees or expenses
incurred by Executive in any contest in which the trier of fact determines that
the Executive's position was frivolous or maintained in bad faith. Such
reimbursement shall be made as soon as practicable following the final,
non-appealable resolution of such contest or dispute to the extent the Company
receives reasonable written evidence of such fees and expenses.

                                Exhibit 10.2 - 9
<PAGE>

     10. AGREEMENT BINDING ON SUCCESSORS.

          (a) Company's Successors. No rights or obligations of the Company
     under this Agreement may be assigned or transferred except that the Company
     shall require any successor (whether direct or indirect, by purchase,
     merger, reorganization, sale, transfer of stock, consolidation or
     otherwise) to all or substantially all of the business and/or assets of the
     Company to expressly assume and agree to perform this Agreement in the same
     manner and to the same extent that the Company would be required to perform
     it if no succession had taken place. As used in this Agreement, "Company"
     means the Company as hereinbefore defined and any successor to its business
     and/or assets (by merger, purchase or otherwise as provided in this Section
     10(a)) which executes and delivers the agreement provided for in this
     Section 10 or which otherwise becomes bound by all the terms and provisions
     of this Agreement by operation of law.

          (b) Executive's Successors. No rights or obligations of Executive
     under this Agreement may be assigned or transferred by Executive other than
     his rights to payments or benefits under this Agreement, which may be
     transferred only by designation of a beneficiary in accordance with this
     Section 10(b) or by will or the laws of descent and distribution. Upon
     Executive's death, this Agreement and all rights of Executive under this
     Agreement shall inure to the benefit of and be enforceable by Executive's
     beneficiary or beneficiaries, personal or legal representatives, or estate,
     to the extent any such person succeeds to Executive's interests under this
     Agreement. Executive shall be entitled to select and change a beneficiary
     or beneficiaries to receive any benefit or compensation payable under this
     Agreement following Executive's death by giving the Company written notice
     thereof in a form acceptable to the Company. In the event of Executive's
     death or a judicial determination of his incompetence, reference in this
     Agreement to Executive shall be deemed, where appropriate, to refer to his
     beneficiary(ies), estate or other legal representative(s). If Executive
     should die following his Date of Termination while any amounts would still
     be payable to him under this Agreement if he had continued to live, all
     such amounts unless otherwise provided shall be paid in accordance with the
     terms of this Agreement to such person or persons so appointed in writing
     by Executive, or otherwise to his legal representatives or estate.

     11. SAVINGS CLAUSE.

          (a) Limitation on Payments. Sections 280G and 4999 of the Code impose
     a 20% excise tax on excessive compensation received by, and deny a
     deduction to the Company for the amount of excess compensation paid to,
     employees who are officers, shareholders or highly compensated individuals
     as a result of a change in the ownership or effective control of the
     Company or in the ownership of a substantial portion of the Company's
     assets (a "Change in Control"). In general, payments to an individual that
     are contingent on a Change in Control will not be treated as excessive if
     such payments are less than three (3) times the average annual compensation
     received by such individual over the five (5) years preceding the Change in
     Control. The provisions that follow are designed to maximize the amounts
     payable to Executive under this Agreement in the event of a Change in
     Control, taking into consideration the possible application of the
     foregoing Code provisions.

                               Exhibit 10.2 - 10
<PAGE>

          (b) Notwithstanding anything in this Agreement to the contrary, in the
     event that it is determined that any payment by the Company to Executive or
     for Executive's benefit, whether paid or payable pursuant to the terms of
     this Agreement or otherwise, would be taxable because of Section 4999 of
     the Code, then the aggregate present value of amounts payable to Executive
     or for Executive's benefit pursuant to this Agreement shall be reduced to
     the Reduced Amount unless Section 11(c) below applies. For purposes of this
     subparagraph, the "Reduced Amount" shall be defined as an amount expressed
     in present value which maximizes the amounts payable pursuant to this
     Agreement without causing any such payments to be taxable to Executive
     because of Section 4999 of the Code.

          (c) If the Net After Tax Benefit of all amounts payable to Executive
     pursuant to this Agreement exceeds the Net After Tax Benefit of the Reduced
     Amount, then this Section 11 shall not apply to limit any amount payable to
     Executive. "Net After Tax Benefit" means the amount payable to Executive or
     for Executive's benefit pursuant to this Agreement (whether the Reduced
     Amount or the full amounts payable to Executive under this Agreement), less
     the sum of (i) the amount of federal income taxes payable with respect to
     such amounts and (ii) the amount of excise taxes payable on such amounts
     pursuant to Section 4999 of the Code, if any. For purposes of this Section
     11(c), federal income taxes payable in respect of future payments shall be
     those prescribed by the Code at the time the calculation is made for the
     periods in which the same shall be payable.

          (d) An initial determination as to whether any reduction in payments
     and benefits is necessary in order to comply with Section 11(b) above and,
     if so, the calculation of the Reduced Amount shall be made by the Company
     and furnished to Executive in writing within seven (7) days following the
     date of the Change of Control of the Company. From time to time thereafter
     as necessary and, in any event, upon termination of Executive's employment,
     the Company shall re-examine its determination and recalculate the Reduced
     Amount and promptly furnish information with respect to the same to
     Executive in writing. The Company's determination and its calculation of
     the Reduced Amount following the termination of Executive's employment will
     be final and binding upon Executive unless Executive notifies the Company
     within eight (8) days after Executive receives the Company's determination
     and calculation that Executive disputes the same. Within ten (10) days
     after Executive so notifies the Company, Executive shall deliver to the
     Company a statement of the basis for Executive's opinion as to whether any
     reduction in payments and benefits is necessary, pursuant to Section 11(b)
     above and, if so, Executive's calculation of the Reduced Amount. If, within
     ten (10) days after the Company receives such statement, the Company and
     Executive are unable to agree as to whether any reduction is necessary or
     as to the calculation of any amounts under this Section 11, then the
     Company and Executive shall, within three (3) days thereafter, choose a
     nationally recognized accounting firm to resolve any such dispute. Such
     accounting firm's determination shall be made promptly and delivered to the
     Company and Executive within twenty (20) days of its appointment and shall
     be final and binding on the parties. All costs incurred in connection with
     the accounting firm's determination shall be borne by the Company.

          (e) Within ten (10) days after the date a determination and
     calculation of the Reduced Amount becomes final and binding in accordance
     with Section 11(d) above, Executive may elect which portion of the payments
     due him under this Agreement shall be eliminated or reduced to meet such
     Reduced Amount (including meeting the Reduced Amount

                               Exhibit 10.2 - 11
<PAGE>

     by reducing the present value of any payment and benefits through deferral
     of the payment date). If Executive does not notify the Company of his
     election within such ten (10) day period, the Company shall have the right
     to decide how the Reduced Amount will be met.

          (f) Pending a final and binding determination and calculation of the
     Reduced Amount in accordance with this Section 11, Executive shall have the
     right to require the Company to pay to Executive all or any undisputed
     portion of the Reduced Amount, as determined and calculated by the Company,
     that would be then due and payable to Executive pursuant to this Agreement.
     Such payment shall be made within two (2) days after the date of receipt of
     notice from Executive requesting such payment.

          (g) The Company shall pay to Executive or for Executive's benefit that
     portion of the Reduced Amount which is then due and payable (less any
     amount previously paid pursuant to Section 11(f) above) within ten (10)
     days after receipt of the election by Executive described in Section 11(e)
     above or, in the absence of such an election, within fifteen (15) days
     after the date upon which any determination and calculation of the Reduced
     Amount becomes final and binding in accordance with Section 11(d) above.
     The balance of the Reduced Amount shall be paid promptly as the same
     becomes due and payable under this Agreement.

          (h) In the event that the Internal Revenue Service or a court of
     competent jurisdiction makes a final determination that any payments to
     Executive under this Agreement are taxable to Executive pursuant to Section
     4999 of the Code, and such payments should not have been made under the
     terms of Sections 11(b) and (c) hereof (such taxable payments and benefits
     being referred to hereinafter as an "Overpayment") or in the event that the
     Code shall be amended or final regulations thereunder adopted and, as a
     result thereof, payments or benefits previously made to Executive under
     this Agreement should not have been made under the terms of Sections 11(b)
     and (c) and are thus recharacterized as an Overpayment, the amount of such
     Overpayment shall be treated for all purposes as a loan to Executive which
     shall be repayable by Executive within thirty (30) days after demand by the
     Company, together with interest at the applicable federal rate specified
     for a demand loan in Section 7872(f)(2) of the Code, compounded
     semiannually. The foregoing provision relating to Overpayments shall be
     applicable notwithstanding previous compliance by the Company and Executive
     with the requirements of this Section 11; provided, however, that no such
     Overpayment shall be repaid by Executive to the Company if and to the
     extent that, despite making such repayment, the amount which is subject to
     taxation under Section 4999 of the Code would not be reduced.

     12. NOTICE. For the purposes of this Agreement, notices, demands and all
other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given when delivered either personally or by
United States certified or registered mail, return receipt requested, postage
prepaid, addressed as follows:

     If to Executive:

              At his last known address evidenced on the
              Company's payroll records.

                               Exhibit 10.2 - 12
<PAGE>

     If to the Company:

              Robbins & Myers, Inc.
              1400 Kettering Tower
              Dayton, OH 45423
              Attention:  President and Chief Executive Officer

or to such other address as any party may have furnished to the others in
writing in accordance with this Agreement, except that notices of change of
address shall be effective only upon receipt.

     13. WITHHOLDING. All payments and benefits hereunder shall be subject to
any required withholding of federal, state and local taxes pursuant to any
applicable law or regulation.

     14. SECTION 409A LIMITATIONS. To the extent applicable, it is intended that
this Agreement comply with the provisions of Section 409A of the Code, so as to
prevent the inclusion in gross income of any amounts payable or benefits
provided hereunder in a taxable year that is prior to the taxable year or years
in which such amounts or benefits would otherwise actually be distributed,
provided, or otherwise made available to Executive. This Agreement shall be
construed, administered, and governed in a manner consistent with this intent.
Any provision that would cause any amount payable or benefit provided under this
Agreement to be includible in the gross income of Executive under Section
409A(a)(1) of the Code shall have no force and effect. In particular, to the
extent Executive becomes entitled to receive a payment or a benefit upon an
event that does not constitute a permitted distribution event under Section
409A(a)(2) of the Code, then notwithstanding anything to the contrary in this
Agreement, such payment or benefit shall be made or provided to Executive on
Executive's "separation from service" with the Company (within the meaning of
Section 409A of the Code); provided, however, that if Executive is a "specified
employee" (within the meaning of Section 409A of the Code), (a) any amount
payable pursuant to Sections 5(a)(iv) and 9 of this Agreement shall, to the
extent necessary to implement this Section 14, either (i) be revised so that the
aggregate amount payable for the first six months following Executive's
separation from service shall be paid in the month of separation from service
and any balance shall be paid monthly commencing on the first day of the seventh
month following separation from service and on the first day of each month
thereafter until paid in full or (ii) if the approach under clause (a)(i) of
this Section 14 is not permitted by Section 409A of the Code, then such payments
shall commence on the date which is six months after the date of Executive's
separation from service with the Company and the amount payable on such day
shall be the aggregate of six months of the total amount payable and any balance
shall be payable on the first day of each month thereafter until paid in full;
and (b), to the extent necessary to implement this Section 14, any other amount
payable pursuant to Section 5(a) of this Agreement shall be paid on the date
which is six months after the date of Executive's separation of service from the
Company. Any reference in this Plan to Section 409A of the Code shall also
include any proposed, temporary, or final regulations, or any other guidance,
promulgated with respect to such Section by the U.S. Department of the Treasury
or the Internal Revenue Service.

                               Exhibit 10.2 - 13
<PAGE>

     15. MISCELLANEOUS. No provisions of this Agreement may be amended,
modified, or waived unless agreed to in writing and signed by Executive and by a
duly authorized officer of the Company. No waiver by either party of any breach
by the other party of any condition or provision of this Agreement shall be
deemed a waiver of similar or dissimilar provisions or conditions at the same or
at any prior or subsequent time. The respective rights and obligations of the
parties under this Agreement shall survive Executive's termination of employment
and the termination of this Agreement to the extent necessary for the intended
preservation of such rights and obligations. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of
the State of Ohio without regard to its conflicts of law principles.

     16. VALIDITY. The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect.

     17. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

     18. SECTION HEADINGS. The section headings in this Agreement are for
convenience of reference only, and they form no part of this Agreement and shall
not affect its interpretation.

     19. ENTIRE AGREEMENT. Except as provided elsewhere herein, this Agreement
sets forth the entire agreement of the parties with respect to its subject
matter and supersedes all prior agreements, promises, covenants, arrangements,
communications, representations or warranties, whether oral or written, by any
officer, employee or representative of any party to this Agreement with respect
of such subject matter.

                               Exhibit 10.2 - 14
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement on the date
first above written.

                                      ROBBINS & MYERS, INC.

                                      By:
                                           -------------------------------------
                                           Peter C. Wallace, President and Chief
                                           Executive Officer

                                      EXECUTIVE

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

                               Exhibit 10.2 - 15

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