Document:

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                                                                   EXHIBIT 10.30

                                    MONEY.Q(4)
                                     FY 2001

PURPOSE

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

RESPONSIBILITY

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

AWARD CRITERIA

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

PARTICIPATION

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

INCENTIVE OPPORTUNITY

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

Example 1:

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

                                       1

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OTHER DETAILS

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

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

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

DEFINITIONS:

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

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

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

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

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

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

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

TARGET INCENTIVE: Eligible employee's annual incentive target.

INCENTIVE PAYOUT: Eligible employee's actual incentive earned.

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

                                       2
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SPECIAL ADDENDUM - FY 2001 MONEY Q(4)

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

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

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

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

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

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

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

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

Following Example #1 (page 2 above),

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

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

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

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

                                      3<PAGE>   1
                                                                   EXHIBIT 10.31

                                 AQUA-CHEM, INC.
                                  P.O. BOX 421
                               MILWAUKEE, WI 53201

                                October 15, 1999

Mr. David Tenniswood
1080 Pilgrim Street
Birmingham, MI 48009-4613

Dear David:

         I am pleased to advise that the Aqua-Chem, Inc. ("AQM") Board of
Directors met today and unanimously approved that an offer of employment be
extended to you. If the arrangements described herein are acceptable, please so
indicate by signing and returning the enclosed copy of this letter which will
then serve as your employment agreement with AQM. The suggested terms are as
follows:

         POSITION AND DUTIES. You will become a full time employee of AQM and
         serve as its President and Chief Executive Office, reporting directly
         to the Board of Directors. Your duties will consist of those
         traditionally associated with the positions of President and CEO and
         you agree to devote your full business time and best efforts to the
         performance of such duties. The preceding requirements shall not
         preclude occasional involvement in your family business or serving on
         boards of directors, provided that the same do not materially interfere
         with the performance of your duties hereunder.

         COMPENSATION. Your salary will be Nine Thousand Dollars ($9,000) per
         week which, after reduction for withholding required by law, will be
         paid semi-monthly in accordance with AQM's normal payroll practices. In
         addition, you will be entitled to four weeks paid vacation per
         employment year and will be eligible to participate in all fringe
         benefit programs (other than short term and long term incentive
         compensation plans) AQM from time to time elects to make available to
         its executive employees. In lieu of participation in AQM's short term
         and long term incentive compensation plans, you will be provided with
         stock options as hereinafter set forth.

         STOCK OPTIONS. Prior to October 31, 1999, the terms of a non-statutory
         stock option arrangement will be finalized and a formal stock option
         agreement executed. The stock option arrangements will be structured
         with the goal of providing you with the opportunity for Two Million
         Five Hundred Thousand Dollars ($2,500,000) of appreciation (i.e., the
         difference between the projected future value of a share of AQM Common
         Stock and the initial option price of $3.75 per share multiplied by the
         number of shares covered by the option) on the assumption of a future
         Common Stock value equal to a multiple of eight times targeted EBITDA
         minus senior obligations to retire debt and preferred stock. While the
         goal is $2,500,000 of appreciation, the actual value of the option
         program will, of course, be dependent upon the actual price at which
         AQM is sold and could be more or less than such amount. The options
         will be fully vested and exercisable immediately upon granting. In the
         event your employment terminates prior to a sale of AQM, AQM will have
         the right but not the obligation: (A) to the extent the options have
         not been exercised, to terminate the options by paying you an amount
         equal to (i) the number of shares covered by the unexercised options,
         multiplied by an amount
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         equal to (ii) the value of a share of AQM Common Stock on the date of
         termination of employment as determined by an investment banking firm
         selected by the AQM Board of Directors minus the initial option price
         of $3.75 per share, and (B) to the extent the options have been
         exercised, to require you to sell the stock back to AQM at a per share
         price equal to the value of a share of AQM Common Stock on the date of
         termination of employment as determined by an investment banking firm
         selected by the AQM Board of Directors. Notwithstanding anything to the
         contrary herein, if for any reason the stock option arrangements have
         not been finalized by October 31, 1999, either AQM or you shall have
         the right to terminate this agreement without further liability to the
         other except for AQM's obligations for accrued but unpaid salary to the
         date of such termination as set forth above and your confidentiality
         and non-disclosure obligations as hereinafter set forth.

         EXPENSE REIMBURSEMENT. AQM understands that you will be commuting on a
         weekly basis from Birmingham, Michigan and does not expect you to
         relocate to Milwaukee. You will be responsible for all living expenses
         in Milwaukee and commuting expenses between Birmingham and Milwaukee.
         AQM will reimburse you for other ordinary and necessary business
         expenses in accordance with AQM's normal expense reimbursement policies
         applicable to all employees as in effect from time to time.

         TERM. The employment term shall commence on October 18, 1999 and shall
         continue until terminated for any reason or no reason by either you or
         AQM upon thirty days prior written notice to the other party. Your
         employment shall also automatically terminate upon your death or
         "disability" as defined in the AQM long term disability insurance plan
         as in effect from time to time. Upon termination of your employment and
         the payment in full of all accrued by unpaid salary through the date of
         termination and all other amounts due you pursuant to the express terms
         of this agreement and those of the AQM fringe benefit programs in which
         you are a participant, AQM shall have no further obligation or
         liability to you in connection with your employment or the termination
         thereof.

         RESTRICTIONS. You agree to be bound by the terms of the standard AQM
         Confidentiality and Non-Disclosure Agreement, a copy of which is
         attached hereto and by this reference incorporated herein. You also
         agree that for a period of two years following the termination of your
         employment you will not (i) attempt to hire any person who was employed
         by AQM during the twelve month period preceding the date of termination
         of employment or (ii) directly or indirectly provide services to any
         company that during such twelve month period competed with any business
         conducted by AQM. The foregoing restriction as to the performance of
         services shall (i) be limited to the United States and those foreign
         countries within which AQM directly or through its independent sales
         representatives sold products or actively solicited orders for its
         products (other than by general advertisements) during the preceding
         twelve month period and (ii) not preclude your providing services to a
         company which among its businesses includes businesses which compete
         with AQM, provided that your are not directly or indirectly involved in
         such competing businesses.

         MISCELLANEOUS. This letter agreement contains the entire agreement of
         the parties, may be amended only by a written instrument signed by the
         parties and shall be governed by the laws of Wisconsin. The parties
         hereby agree that the proper venue for the resolution of any disputes
         will be the Milwaukee County Circuit Court.

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                  If you are in agreement with the preceding, please so indicate
by signing and returning the enclosed copy of this letter. All of the members of
the AQM Board are pleased that you are taking on this project and look forward
to working with you.

                                            Sincerely,

                                            Aqua-Chem, Inc.

                                            By /s/ James A. Kettinger
                                               -----------------------

    Agreed to and accepted as of the 19th day of October, 1999.

                                            /s/ David M. Tenniswood
                                            -----------------------
                                            David Tenniswood

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