Document:

SERP Amended and Restated January 1, 2003

Exhibit 10.27

COVENTRY HEALTH CARE, INC. 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

(Amended and restated as of January 1, 2003)

TABLE OF CONTENTS 

	ARTICLE I. PURPOSE		3
	 
	ARTICLE II. DEFINITIONS		3
	   2.1    Beneficiary		3
	   2.2    Board.		3
	   2.3    Catch-up Contribution		3
	   2.4    Change in Control		3
	    2.5    Code		3
	   2.6    Compensation		4
	   2.7    Deferred Compensation		4
	   2.8    Deferred Compensation Account		4
	   2.9    Deferred Compensation Agreement.		4
	   2.10  Disability Retirement		4
	   2.11  Effective Date		4
	   2.12  Eligible Employee		4
	   2.13  Employee		4
	   2.14  Employer		4
	   2.15  Employer Matching Contribution		5
	   2.16  Entry Date		5
	   2.17  Investment Committee		5
	   2.18  Late Retirement		5
	   2.19  Normal Retirement		5
	   2.20  Participant		5
	   2.21  Plan Benefit		5
	   2.22  Plan Year		5
	   2.23  Termination of Service		5
	   2.24  Trust		5
	   2.25  Year of Service		5
	 
	ARTICLE III. ELIGIBILITY AND PARTICIPATION		6
	   3.1    Eligibility		6
	   3.2    Participation		6
	 
	ARTICLE IV. DEFERRED COMPENSATION ACCOUNT		6
	   4.1    Deferred Compensation		6
	   4.2    Employer Matching Contributions		7
	   4.3    Vesting		7
	   4.4    Participant Directed Investment Options		7
	   4.5    Statement of Account		7
	 
	ARTICLE V. PLAN BENEFITS		8
	   5.1    Termination Benefits		8
	   5.2    Retirement Benefits		8
	   5.3    Death Benefits		8
	   5.4    Hardship Distributions		8
	   5.5    Election of Form of Benefit Payment		8
	   5.6    Form of Benefit Payments		8
	   5.7    Withholding for Payroll Taxes		9
	   5.8    Commencement of Payments		9
	   5.9    Full Payment of Benefits		9
	   5.10  Payment to Guardian		9
	 
	ARTICLE VI. BENEFICIARY DESIGNATION		9
	   6.1    Beneficiary Designation		9
	   6.2    Amendments		9
	   6.3    No Beneficiary Designation		9
	   6.4    Effect of Payment		10
	   6.5    Death of Beneficiary		10
	 
	ARTICLE VII. ADMINISTRATION		10
	   7.1    Investment Committee		10
	   7.2    Agents		10
	   7.3    Binding Effect of Decisions		10
	   7.4    Indemnity of Investment Committee		10
	 
	ARTICLE VIII. CLAIMS PROCEDURE		11
	   8.1    Claim Submission		11
	   8.2    Denial of Claim		11
	   8.3    Review of Claim		12
	   8.4    Final Decision		13
	 
	ARTICLE IX. AMENDMENT, MERGER AND TERMINATION OF PLAN		13
	   9.1    Amendment of Plan		13
	   9.2    Merger of Plan		14
	   9.3    Termination of Plan		14
	 
	ARTICLE X. MISCELLANEOUS		14
	   10.1  Unfunded Plan		14
	   10.2  Unsecured General Creditor		14
	   10.3  Nonassignability		14
	   10.4  Not a Contract of Employment		14
	   10.5  Participant Cooperation		14
	   10.6  Terms		15
	   10.7  Captions		15
	   10.8  Governing Law		15
	   10.9  Validity		15
	 10.10  Notice		15
	 10.11  Successors		15

2

COVENTRY HEALTH CARE, INC. 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

ARTICLE I.  

PURPOSE 

The purpose of this Supplemental
Executive Retirement Plan (hereinafter referred to as the “Plan”) is to provide
for the accumulation of supplemental funds for retirement, or in the event of death or
disability, on a tax-deferred basis for a select group of management or highly compensated
employees (and their beneficiaries) of Coventry Health Care, Inc. (the
“Corporation”). It is intended that the Plan will be unfunded for tax purposes
and for purposes of Title I of the Employee Retirement Income Security Act of 1974
(“ERISA”). 

ARTICLE II.  

DEFINITIONS 

For the purposes of this Plan, the
following words and phrases shall have the meanings indicated, unless the context clearly
indicates otherwise: 

2.1      Beneficiary 

“Beneficiary” means the
person, persons, or entity designated by the Participant to receive any amounts payable
from the Participant’s Deferred Compensation Account after a Participant’s
death. 

2.2      Board 

“Board” means the Board of
Directors of Coventry Health Care, Inc. 

2.3      Catch-up Contribution 

“Catch-up Contribution”
means the additional elective deferral contribution that may be made under the Coventry
Health Care, Inc. Retirement Savings Plan by Participants who will be at least 50 years of
age by the end of the relevant Plan Year, in accordance with Code Section 414(v). 

2.4      Change in Control 

“Change in Control” means
the purchase or other acquisition by any person, entity or group of persons, within the
meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934 (the
“Act”), or any comparable successor provision, of beneficial ownership within
the meaning of Rule 13d-3 promulgated under the Act of 30% or more of either the
outstanding shares of common stock or the combined voting power of the Corporation’s
then outstanding voting securities entitled to vote generally, or the approval by the
stockholders of the Corporation of a reorganization, merger or consolidation, in each
case, with respect to which persons who were stockholders of the Corporation immediately
prior to such reorganization, merger or consolidation, do not immediately thereafter, own
more than 50% of the combined voting power entitled to vote generally in the election of
directors of the reorganized, merged or consolidated Corporation’s then outstanding
securities, or a liquidation or dissolution of the Corporation or the sale of all or
substantially all of the Corporation’s assets. 

2.5      Code 

“Code” means the Internal
Revenue Code of 1986, as amended from time to time. 

3

2.6      Compensation 

“Compensation” means the
total compensation paid by the Employer to a Participant during the Plan Year, excluding
income or proceeds from the Corporation’s Stock Incentive Plan and relocation
payments, but including base pay, annual management incentive pay, commissions,
distributions from the Corporation’s Deferred Compensation Plan (the Mid-Term
Compensation Plan) and amounts not included in income by reason of a Participant’s
agreement to defer Compensation under the terms of this Plan or a Participant’s
election under a cash or deferred arrangement under section 401(k) of the Code or a
cafeteria plan described in Section 125 of the Code. 

2.7      Deferred Compensation 

“Deferred Compensation”
means the amount of Compensation not yet earned during the Plan Year that the Participant
and the Employer mutually agree shall be deferred during the Plan Year in accordance with
the provisions of Section 3.2 of this Plan. 

2.8      Deferred Compensation
Account 

“Deferred Compensation
Account” means the account maintained on the books of the Employer to which Deferred
Compensation and Employer Matching Contributions for each Participant are credited, and to
which deemed interest, dividends, and investment gains are added and from which any
distributions, deemed investment losses, and expenses are deducted. 

2.9      Deferred Compensation
Agreement 

“Deferred Compensation
Agreement” means the agreement between the Employer and the Employee to defer
Compensation under the terms of the Plan. 

2.10      Disability Retirement 

“Disability Retirement”
means retirement from service with the Employer due to a physical or mental condition
which prevents a Participant from satisfactorily performing his usual duties for the
Employer after the Participant has satisfied the requirements for benefits under the
Employer’s Long-Term Disability Plan. 

2.11      Effective Date 

“Effective Date” means July
1, 1994. 

2.12      Eligible Employee 

“Eligible Employee” means
an Employee who the Compensation and Benefits Committee of the Board determines is a
highly compensated employee or a select member of management who, by virtue of his
position with the Employer, is uniquely informed as to the Employer’s operations and
has the ability to materially affect the Employer’s profitability and operations. The
Compensation and Benefits Committee may determine at any time that an Employee no longer
satisfies this standard, in which case he shall cease to be an Eligible Employee. 

2.13      Employee 

“Employee” means an
individual employed as a common law employee of the Employer. 

2.14      Employer 

“Employer” means Coventry
Health Care, Inc. and any member of a controlled group of corporations or affiliated
service group of which the Employer is a member under Code Section 1563 or 414(m),
respectively, or any successors to the business thereof. 

4

2.15      Employer Matching
Contribution 

“Employer Matching
Contribution” means the contribution determined in accordance with Section 4.2 of
this Plan and credited to the Participant’s Deferred Compensation Account. 

2.16      Entry Date 

“Entry Date” means the
first day of the payroll period immediately following the month during which the
eligibility requirements are first met. 

2.17      Investment Committee 

“Investment Committee”
means the Corporation’s 401(k) Plan Investment Committee. 

2.18      Late Retirement 

“Late Retirement” means
retirement from service with the Employer after the Participant has attained age 65. 

2.19      Normal Retirement 

“Normal Retirement” means
retirement from service with the Employer upon attainment of age 65. 

2.20      Participant 

“Participant” means any
individual who is participating or has participated in this Plan. 

2.21      Plan Benefit 

“Plan Benefit” means the
benefit payable to a Participant or Beneficiary as determined in accordance with the
provisions of this Plan. 

2.22      Plan Year 

“Plan Year” means the
twelve (12) consecutive month period beginning January 1st and ending December
31st, except the initial plan year shall be a short plan year beginning on the
Effective Date and ending on December 31st. 

2.23      Termination of
Service 

“Termination of Service”
means the severance of a Participant’s employment prior to retirement. 

2.24      Trust 

“Trust” means the grantor
trust which is intended to conform to the terms of the model trust as described in Revenue
Procedure 92-64. The Trust has been established by the Employer for the purpose of
accepting contributions which may be made under the Plan and to which interest, dividends,
and investment gains are added and from which the amount of any distributions, investment
losses, and expenses are deducted. 

2.25      Year of Service 

“Year of Service” means a
twelve consecutive month period during which the Employee completes at least 1,000 hours
of service. 

5

ARTICLE III.  

ELIGIBILITY AND
PARTICIPATION 

3.1      Eligibility 

Eligibility to participate in the
Plan is limited to Eligible Employees. 

3.2      Participation 

An Eligible Employee may become a Participant
by properly executing a Deferred Compensation Agreement and filing such Agreement with the
Investment Committee. The Deferred Compensation Agreement shall be executed before the
first day of the Plan Year during which the Deferred Compensation is otherwise payable and
shall be effective as of the first day of the first payroll period beginning in such Plan
Year. 

Notwithstanding the foregoing, the
first year that an Employee becomes an Eligible Employee, such newly eligible Employee may
become a Participant by properly executing a Deferred Compensation Agreement and filing
such Agreement with the Investment Committee within 30 days after becoming an Eligible
Employee. Such Deferred Compensation Agreement shall be effective as of the first day of
the payroll period beginning after it has been filed with the Investment Committee, or as
soon as administratively practicable thereafter, or the effective date of such Agreement,
if later. 

a.    
Amount of Deferral.   An Eligible Employee may elect to defer, in whole
percentages: 

	1% to 15% of his base pay (net of salary  deferral  contributions  to a
cash or deferred  arrangement  under section 401(k) of the Code) per pay period; and
	1% to 100% of his annual management incentive pay

that
would otherwise become payable during the Plan Year to which his Deferred Compensation
Agreement relates. 

b.    Modification of
Deferred Compensation Agreements.   A Deferred Compensation
          Agreement will remain in effect until a new Deferred Compensation Agreement is
          filed with the Investment Committee in accordance with the terms and conditions
          specified herein or until the date a Participant ceases to be an Eligible
          Employee. 

A Deferred Compensation
Agreement may only be amended or revoked for a subsequent Plan Year
by filing a new Deferred Compensation Agreement with the Investment Committee
at least 15 days (or such shorter period as may be established by the
Investment Committee) before the beginning of the subsequent Plan Year. 

ARTICLE IV.  

DEFERRED
COMPENSATION ACCOUNT 

4.1      Deferred Compensation 

The amount of Compensation that a
Participant elects to defer pursuant to a Deferred Compensation Agreement shall be made by
salary reduction and credited to the Participant’s Deferred Compensation Account as
the non-deferred compensation becomes payable. 

6

4.2      Employer Matching
Contributions 

To the extent
a Participant has made
the maximum elective deferral to the Coventry Health Care, Inc. Retirement Savings Plan
(the “401(k) Plan”), the Employer will credit an Employer Matching Contribution
on behalf of the Participant if he is employed on the last day of the Plan Year. The
amount of the Employer Matching Contribution will be equal to the 401(k) Plan Employer
Matching Contribution, as defined in the 401(k) Plan document, applied to the sum of the
Participant’s elective deferrals to the 401(k) Plan for the Plan Year, less matching
contributions made by the Employer to the 401(k) Plan for the Participant. In no event
will the aggregate Employer Matching Contribution to this Plan and the 401(k) Plan exceed
4.5% of the Participant’s Compensation. The Employer Matching Contribution will be
credited to the Participant’s Deferred Compensation Account within 120 days after the
end of the Plan Year. 

Notwithstanding
the above, for Plan
Years beginning on or after January 1, 2003, to the extent a Participant has made the
maximum elective deferral to the 401(k) Plan, exclusive of any Catch-up Contribution such
Participant may be eligible to make to the 401(k) Plan, the Participant shall be eligible
for an Employer Matching Contribution if he is employed on the last day of the Plan Year.
The amount of the Employer Matching Contribution for the Plan Year shall be calculated by
applying the matching contribution formula in the 401(k) Plan, but using Compensation as
defined herein rather than compensation as defined in the 401(k) Plan, to the sum of the
Participant’s elective deferrals to the 401(k) Plan and the Participant’s
Deferred Compensation under this Plan, less any amount contributed by the Employer to the
401(k) Plan as a matching contribution on behalf of the Participant for the same Plan
Year. The Employer Matching Contribution will be credited to the Participant’s
Deferred Compensation Account within 120 days after the end of the Plan Year. 

4.3      Vesting 

A Participant will always be 100%
vested in the balance of his Deferred Compensation Account attributable to his Deferred
Compensation. In the case of a Participant’s Termination of Service, a Participant
shall be vested in the balance of his Deferred Compensation Account attributable to
Employer Matching Contributions in accordance with the following schedule: 

	Years of Service	Vested Percentage
	1	50%
	2	100%

Notwithstanding the above, a
Participant will be 100% vested in the balance of his Deferred Compensation Account
attributable to Employer Matching Contributions upon his Normal or Late Retirement or if
earlier, upon his death, Disability Retirement, or the Participant’s voluntary or
involuntary Termination of Service following a Change in Control. 

4.4      Participant Directed
Investment Options 

Each Participant shall have the
opportunity to direct the deemed investment of his Deferred Compensation Account among the
deemed investment options selected by the Investment Committee in multiples of 10%. In
accordance with the Participant’s direction, deemed interest, dividends and
investment gains and losses will be added to or deducted from his Deferred Compensation
Account. Transfers among investment options may be made on a daily basis throughout the
Plan Year, with the exception of transfers in and out of Coventry Health Care, Inc. stock,
which may only be made during designated window periods. 

4.5      Statement of Account 

The Investment Committee shall submit
to each Participant, within thirty (30) days after the close of each calendar quarter and
at such other time as determined by the Investment Committee, a statement setting forth
the balance of the Participant’s Deferred Compensation Account. 

7

ARTICLE V.  

PLAN BENEFITS 

5.1      Termination Benefits 

The Employer shall pay a Plan Benefit
equal to the amount of the Participant’s vested Deferred Compensation Account to each
Participant who has a Termination of Service. 

5.2      Retirement Benefits 

The Employer
shall pay a Plan Benefit
equal to the amount of the Participant’s Deferred Compensation Account to each
Participant who separates from service on account of Disability, Normal or Late
Retirement. 

5.3      Death Benefits 

Upon the
death of a Participant, the
Employer shall pay to the Participant’s Beneficiary, in the form elected by the
Participant, an amount determined as follows: 

a.  If the Participant dies after
Plan Benefit payments have commenced, the amount
payable shall be equal to the remaining unpaid balance of the Participant’s
Deferred Compensation Account, adjusted for earnings and losses thereon. 

b.  If the Participant dies before
Plan Benefit payments have commenced, the amount
payable shall be the Participant’s Deferred Compensation Account balance as
of the date of death, adjusted for earnings and losses thereon. 

5.4      Hardship Distributions 

Upon a
finding that a Participant or
Beneficiary, as the case may be, has suffered an unforeseeable emergency that is caused by
an event beyond the control of the Participant or Beneficiary that would result in a
severe financial hardship if a distribution were not otherwise permitted, the Investment
Committee may, in its sole discretion, allow a distribution from the Participant’s
vested Deferred Compensation Account prior to the time specified for payment of benefits
under the Plan. The amount of such distribution shall be limited to the amount reasonably
necessary to meet the emergency. Following a hardship distribution, a Participant’s
Deferred Compensation Agreement will be cancelled and no further Compensation will be
deferred for the remainder of the Plan Year. In order to resume contributions, a
Participant must submit a new Deferred Compensation Agreement before the beginning of a
subsequent Plan Year. 

5.5      Election of Form of
Benefit Payment 

The Plan
Benefit shall be paid in one
of the forms provided in Paragraph 5.6 as elected by the Participant. The Participant
shall elect the form of benefit payment prior to filing his initial Deferred Compensation
Agreement with the Investment Committee. A Participant who fails to elect the form of
benefits payment shall be deemed to have elected a Plan Benefit in the form of a lump-sum
payment. The Participant’s form of benefit election shall be irrevocable. Plan
Benefits payable pursuant to paragraph 5.3 shall be paid in the same form as prior to the
Participant’s death. 

5.6      Form of Benefit
Payments 

a.  A lump sum payment.

b.  Monthly installments over a
period of sixty (60) months paid each month. The
          monthly payment amount will be determined by dividing the balance in the
          Participant’s Deferred Compensation Account by sixty (60), and adjusted
          each January 1 thereafter to reflect the then remaining number of months in the
          payment period. The last monthly payment will be equal to the remaining balance
          in the Participant’s Deferred Compensation Account. 

c.  A combination of (a) and (b) above.
The Participant shall designate the
percentage payable under each option, pursuant to the terms and conditions of
Section 5.5. 

8

5.7      Withholding for
Payroll Taxes 

The Employer
shall withhold from Plan Benefits or from a Participant’s wages,
income and/or employment taxes required to be withheld. 

5.8      Commencement of
Payments 

Payment
shall commence within thirty
(30) days of the end of the calendar quarter in which a Participant becomes
eligible for a Plan Benefit. 

5.9      Full Payment of
Benefits 

Notwithstanding any other provision
of this Plan, the payment of all of a Participant’s Plan Benefits shall be completed
no later than sixty (60) months following the commencement of payment of such Plan
Benefits. 

5.10      Payment to Guardian 

If a Plan
Benefit is payable to a minor or a person declared incompetent or to a person
incapable of handling the disposition of property, the Investment Committee
may direct payment of such Plan Benefit to the guardian, legal representative
or person having the care and custody of such minor
or incompetent person. The Investment Committee may require proof of incompetency,
minority, incapacity or guardianship as it may deem appropriate prior to distribution of
the Plan Benefit. Such distribution shall completely discharge the Investment Committee
and the Employer from all liability with respect to such Plan Benefit. 

ARTICLE VI.  

BENEFICIARY
DESIGNATION 

6.1      Beneficiary
Designation 

Each
Participant shall have the
right, at any time, to designate any person or persons as his Beneficiary or Beneficiaries
(both primary and contingent) to whom payment under this Plan shall be paid in the event
of death prior to complete distribution of the Participant’s Plan Benefit. Each
Beneficiary Designation shall be in a written form prescribed by the Investment Committee
and will become effective only when filed with the Investment Committee during the
Participant’s lifetime. Such Beneficiary Designation shall remain in force from the
date filed with the Investment Committee unless and until it is superseded by a new
Beneficiary Designation filed with the Investment Committee. 

6.2      Amendments 

Any
Beneficiary Designation may be
changed by a Participant without the consent of any designated Beneficiary
by the filing
of a new Beneficiary Designation with the Investment Committee. The filing of
a new Beneficiary Designation form will cancel all Beneficiary Designations
previously filed. 

6.3      No Beneficiary
Designation 

If any Participant fails to designate
a Beneficiary in the manner provided above, or if the Beneficiary designated by a deceased
Participant predeceases the Participant, the Investment Committee shall direct the
Employer to distribute such Participant’s Plan Benefit (or the balance thereof) as
follows: 

a.  To the Participant’s
surviving spouse, if any; or 

b.  If the Participant shall have no
surviving spouse, then to the Participant’s children in equals shares
by right of representation; or 

c.   
          If the Participant shall have no surviving spouse or children, then to the
          Participant’s estate; or 

9

d.  In the absence of a will in
accordance with the intestate statute of the Participant’s domicile. 

6.4      Effect of Payment 

Payment to the Beneficiary, or as
provided in Section 6.3 above, shall completely discharge Employer’s obligations
under this Plan. 

6.5      Death of Beneficiary 

In the event of the death of a
Beneficiary to whom a Plan Benefit is being paid in installments, any remaining
installments shall be distributed: 

a.   As designated by the Beneficiary
in a written form prescribed by the Investment Committee, if such designation
is filed with the Investment Committee during the Beneficiary’s lifetime; or 

b.  If the Beneficiary shall not
have made such designation, then to the Beneficiary’s estate. 

ARTICLE VII.  

ADMINISTRATION 

7.1      Investment Committee 

This Plan
shall be administered by
the Investment Committee. Members of the Investment Committee may be Participants under
the Plan. The Investment Committee shall have full power and discretionary authority to
administer, interpret and construe this Plan, to determine and review claims for benefits
under this Plan, to establish rules and regulations, to delegate responsibilities to
others to assist it in administering this Plan, to establish investment guidelines, and to
perform all other acts it believes reasonable and proper in connection with the
administration of this Plan. The Investment Committee shall rely on records of the
Employer in determining benefits hereunder. The Plan shall be administered and interpreted
consistent with the intention that the Plan shall constitute a plan which, for purposes of
ERISA, is unfunded and maintained for a select group of management of highly compensated
employees. 

7.2      Agents 

The Investment
Committee may appoint
an individual to be the Investment Committee’s agent with respect to the day-to-day
administration of the Plan. In addition, the Investment Committee may, from time to time,
employ other agents and delegate to them such administrative duties as it sees fit, and
may from time to time consult with counsel who may be counsel to the Employer. 

7.3      Binding Effect of
Decisions 

The decision
or action of the
Investment Committee with respect to any question arising out of or in connection with the
administration, interpretation and application of the Plan and the rules and regulations
promulgated hereunder shall be final and binding upon all persons having any interest in
the Plan. 

7.4      Indemnity of
Investment Committee 

The Employer
shall indemnify and hold
harmless each of the members of the Investment Committee against any and all claims, loss,
damage, expense or liability arising from any action or failure to act with respect to
this Plan, except in the case of gross negligence or willful misconduct by such members of
the Investment Committee. 

10

ARTICLE VIII.  

CLAIMS PROCEDURE 

8.1      Claim Submission 

Claims for benefits under the Plan
shall be submitted in writing to the Investment Committee on a form prescribed for such
purpose. Within 90 days after receipt of a claim for benefits under the Plan, or within 45
days in the case of a claim for benefits based upon disability, the Investment Committee
shall give written notice to the claimant of its decision on the claim unless the
Investment Committee determines that special circumstances require an extension of time
for processing the claim. 

     	a. 	
          If an extension of time is needed for processing a claim, other than a claim for
          benefits based upon disability, a written notice shall be furnished to the
          claimant within the 90-day period referred to above. The notice shall state the
          special circumstances requiring the extension and the date by which a decision
          can be expected. In no event, however, shall such decision be made more than 180
          days from the date the claim was filed. 

          

     	b. 	
          If an extension of time is needed for processing a claim for benefits based upon
          disability, a written notice shall be furnished to the claimant within the
          45-day period referred to above. The notice shall state the special
          circumstances requiring the extension and the date by which a decision can be
          expected. In no event shall such date by which a decision is expected to be
          rendered be more than 75 days from the date the claim is received. If prior to
          the end of the 30-day extension period, the Investment Committee determines that
          due to reasons beyond its control a decision cannot be given within the 30-day
          extension period, the decision period may be extended for an additional 30 days. 

          

	  	
If
an additional 30-day extension is needed for processing a claim for benefits based upon
disability, a written notice shall be furnished to the claimant within the initial 30-day
extension, referred to above. The notice shall state the circumstances requiring the
additional extension and the date by which a decision is expected. In no event shall the
date by which a decision is expected to be rendered be later than: 105 days after the date
on which the claim was filed. 

	  	
In
the event an extension of time is needed for processing a claim for benefits based upon
disability, the notice of extension shall specifically explain: 

          	1. 	  	
               the standards on which entitlement to a benefit is based; 

               

          	2. 	  	
               the unresolved issues that prevent a decision on the claim; 

               

          	3. 	  	
               the additional information needed to resolve those issues; and 

               

          	4. 	  	
               that the claimant shall be afforded 45 days within which to provide the
               specified information. 

               

          	5. 	  	
               If the claimant must provide additional information to allow the Investment
               Committee to make a decision on a claim for benefits based on disability, the
               period the Investment Committee has for making a determination on the claim
               shall be tolled until the date the claimant responds to the request for
               additional information. 

               

8.2      Denial of Claim 

If a claim for benefits, including a
claim for benefits based upon disability, is wholly or partially denied, the Investment
Committee shall provide the claimant with written or electronic notice, setting forth in a
manner calculated to be understood by that individual: 

          	a. 	  	
               the specific reason or reasons for the denial of benefits; 

               

          	b. 	  	
               specific references to the Plan provisions upon which the denial is based; 

               

11

          	c. 	  	
               a description of any additional material or information which may be needed to
               perfect the claim, including an explanation of why such material or information
               is necessary; and 

               

          	d. 	  	
               an explanation of the Plan’s claim review procedures and the time limits
               applicable to such procedures, including a statement of the claimant’s
               right to bring a civil action under Section 502(a) of ERISA if the claim is
               denied following review on appeal; and 

               

          	e. 	  	
               in the case of a notice of denial of a claim for benefits based upon disability,
               the following: 

               

          	1. 	  	
               if an internal rule, guideline, protocol or other similar criterion was relied
               upon in making the adverse determination, either the specific rule, guideline,
               protocol, or other similar criterion; or a statement that such a rule,
               guideline, protocol, or other similar criterion was relied upon in making the
               adverse determination and that a copy of such rule, guideline, protocol, or
               other similar criterion will be provided free of charge to the claimant upon
               request; and 

               

          	2. 	  	
               if the adverse determination is based on a medical necessity or experimental
               treatment or similar exclusion or limit, either an explanation of the scientific
               or clinical judgment for the determination, applying the terms of the Plan to
               the claimant’s medical circumstances, or a statement that such explanation
               will be provided free of charge upon request. 

               

8.3      Review of Claim 

Any claimant whose claim for benefits
is denied by the Investment Committee may appeal to the Investment Committee for review of
the denial by making a written request therefore within 60 days of receipt of a
notification of denial, or within 180 days in the case of a claim for benefits based upon
disability. Any such request may include any written comments, documents, records and
other information relating to the claim and may include a request for “relevant”
documents to be provided free of charge. The claimant may, if he or she chooses, request a
representative to make such written submissions on his or her behalf. 

     	a. 	
          Except in the case of claim for benefits based upon disability as set forth in
          (ii) below, the Investment Committee shall notify the claimant in writing within
          60 days after the request for an appeal of its final decision. If, however, the
          Investment Committee determines that special circumstances require additional
          time for processing, the Investment Committee may extend such 60-day period, but
          not by more than an additional 60 days and shall notify the claimant in writing
          of such extension. 

          

     	b. 	
          In the case of claim for benefits based upon disability, the Investment
          Committee shall notify the claimant in writing within 45 days after the request
          for an appeal of its final decision. If, however, the Investment Committee
          determines that special circumstances require an additional time for processing,
          the Investment Committee may extend the 45-day period by furnishing a written
          notice to the claimant before the termination of the initial 45-day period. The
          written notice shall specify the reasons for the extension and when the review
          shall be completed, provided such review shall be completed within 90 days after
          the date on which the request for review was filed. A review of a denial of a
          claim for benefits based upon disability: 

          

     	1. 	
          shall not be conducted by individuals who made the initial adverse
          determination, nor a subordinate of such individuals; 

          

     	2. 	
          shall be conducted, if the claim is based, in whole or in part, on a medical
          judgment, upon consultation with a health care professional who has appropriate
          experience in the field of medicine involved in the medical judgment and who has
          neither consulted in connection with the initial adverse determination, nor is a
          subordinate of the individuals who made the initial adverse determination; and 

          

     	3. 	
          shall provide for the identification of medical or vocational experts whose
          advice was obtained on behalf of the Plan in connection with the claimant’s
          adverse benefit determination, without regard to whether the advice was relied
          upon in making the benefit determination. 

          

12

     	c. 	
          If the period of time is extended due to a claimant’s failure to submit
          information necessary to decide the claim, the period for making the
          determination on appeal shall be tolled from the date on which the notification
          of the extension is sent to the claimant until the date on which the claimant
          responds to the request for additional information. 

          

     	d. 	
          In the case of an adverse benefit determination on appeal, the Investment
          Committee will provide written notification to the claimant, set forth in a
          manner calculated to be understood by the claimant, of: 

          

     	1. 	
          the specific reason or reasons for the adverse determination on appeal; 

          

     	2. 	
          the specific Plan provisions on which the denial of the appeal is based; 

          

     	3. 	
          a statement that the claimant is entitled to receive, upon request and free of
          charge, reasonable access to, and copies of all documents, records, and other
          information “relevant” to the claimant’s claim for benefits; and 

          

     	4. 	
          a statement of the claimant’s right to bring a civil action under ERISA
          Section 502(a); and 

          

     	5. 	
          in the case of an adverse determination on appeal for a claim for benefits based
          upon disability, the following: 

          

     	A. 	
          the same information as in the initial benefit determination notice regarding
          internal rules, documents, guidelines, protocols, or other similar criterion (or
          the claimant’s access to that information); 

          

     	B. 	
          the same statement as in the initial benefit determination notice regarding
          denials based on medical necessity or experimental treatments; 

          

     	C. 	
          a description of the claimant’s right to obtain additional information upon
          request about voluntary appeal procedures and the following statement: “You
          and your Plan may have other voluntary alternative dispute resolution options,
          such as mediation. One way to find out what may be available is to contact your
          local U.S. Department of Labor Office and your State insurance regulatory
          agency. 

          

     	e. 	
          For purposes of this Article VIII, a document, record or other information shall
          be considered “relevant” to a claimant’s claim if such document,
          record or other information: (i) was relied upon in making the benefit
          determination; (ii) was submitted, considered, or generated in the course of
          making the benefit determination, without regard to whether such document,
          record, or other information was relied upon in making the benefit
          determination; or (iii) demonstrates compliance with the administrative
          processes and safeguards required in making the benefit determination.” 

          

8.4      Final Decision 

A decision
on review shall be final
and binding on all persons for all purposes. If a claimant shall fail to file a request
for appeal according to the procedures herein outlined, such claimant shall have no rights
to review and shall have no right to bring action in any court, and the denial of the
claim shall become final and binding on all persons for all purposes. 

ARTICLE IX.  

AMENDMENT, MERGER
AND TERMINATION OF PLAN 

9.1      Amendment of Plan 

The Board
may at any time amend the
Plan in whole or in part, provided, however, that no amendment shall be effective to
decrease or restrict any Deferred Compensation Account maintained pursuant to any existing
Deferred Compensation Agreement under the Plan. 

13

9.2      Merger of Plan 

The Board
may at any time merge the
Plan and its related Trust with another non-qualified plan maintained by the Employer or
any member of a controlled group of corporation as defined in Code Section 1563 or a
member of an affiliated service group as defined under Code Section 414(m). 

9.3      Termination of Plan 

The Board
may at any time terminate
the Plan with respect to new deferral elections, as to any Eligible Employee or in its
entirety if, in its judgment, the tax, accounting, or other effect of the continuance of
the Plan, or any potential payment thereunder would not be in the best interest of the
Employer. If the Plan is terminated in its entirety or as to any Eligible Employee, each
affected Participant shall be 100% vested in the value of his Deferred Compensation
Account. Upon such termination, each Participant will receive the value of his Deferred
Compensation Account in the form of a lump-sum payment to be made no later than 120 days
following the termination date. 

ARTICLE X.  

MISCELLANEOUS 

10.1      Unfunded Plan 

This Plan is intended to be an
unfunded Plan maintained primarily to provide Deferred Compensation benefits for a select
group of management employees or highly compensated employees. This Plan is not intended
to create an investment contract, but to provide tax planning opportunities and retirement
benefits to Eligible Employees who have elected to participate in the Plan. 

10.2      Unsecured General
Creditor 

Participants have the status of
unsecured general creditors of the Corporation. The Employer’s obligation under the
Plan shall be merely that of an unfunded and unsecured promise of Employer to make benefit
payments in the future. 

10.3      Nonassignability 

Neither a
Participant nor any other
person shall have any right to alienate, commute, sell, assign, transfer, pledge,
anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of
actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and
all right to which are, expressly declared to be unassignable and non-transferrable. No
part of the amounts payable shall, prior to actual payment, be subject to seizure,
attachment, garnishment by creditors or separation for the payment of any other person,
nor be transferable by operation of law in the event of a Participant’s or an other
person’s bankruptcy or insolvency. 

10.4      Not a Contract of
Employment 

The terms
and conditions of this Plan
shall not be deemed to constitute a contract of employment between the Employer and the
Participant, and except as may otherwise be specifically provided herein. Moreover,
nothing in this Plan shall be deemed to give the Participant the right to be retained in
the service of the Employer or to interfere with the right of the Employer to discipline
or discharge the Participant at any time. 

10.5      Participant
Cooperation 

A Participant
will cooperate with the
Employer by furnishing any and all information requested by the Employer in order to
facilitate the payment of benefits hereunder and such other action as may be requested by
the Employer. 

14

10.6      Terms 

Whenever
any words are used herein in
the masculine, they shall be construed as though they were used in the feminine in all
cases where they would so apply; and wherever any words are used herein in the singular or
in the plural, they shall be construed as though they were used in the plural or the
singular, as the case may be, in all cases where they would so apply. 

10.7      Captions 

The captions
of articles, sections
and paragraphs of the Plan are for convenience only and shall not control or affect the
meaning or construction of any of its provisions. 

10.8      Governing Law 

The provisions
of the Plan shall be
construed and interpreted according to the laws of the State of Maryland. 

10.9      Validity 

In case any
provision of this Plan
shall be held illegal or invalid for any reason, said illegality or invalidity shall not
affect the remaining parts hereof, but this Plan shall be construed and enforced as if
such illegal and invalid provision had never been inserted herein. 

10.10      Notice 

Any notice
or filing required or
permitted to be given to the Investment Committee under the Plan shall be sufficient if in
writing and hand delivered, or sent by registered or certified mail, to any member of the
Investment Committee, the President of the Employer, or the Employer’s Statutory
Agent. Such notice shall be deemed given as of the date of delivery or, if delivery is
made by mail, as of three (3) days following the date shown on the postmark or on the
receipt for registration or certification. 

10.11      Successors 

The provisions
of this Plan shall
bind and inure to the benefit of the Employer and its successor and assigns. The term
successors as used herein shall include any corporate or other business entity which
shall, whether by merger, consolidation, purchase or otherwise acquire all or
substantially all of the business and assets of the Employer, and successors of any such
corporation or other business entity. 

  
      IN
WITNESS WHEREOF, and pursuant to resolution of the Board of Directors of the undersigned
corporation, such corporation has caused this instrument to be executed by its duly
authorized officer effective as of January 1, 2003. 

COVENTRY HEALTH CARE, INC. 

         By: /s/ Patrisha Davis 

Patrisha Davis<PAGE>

                                                               EXHIBIT 10.16

                         AMENDMENT AND CONSENT NO. 1

                                     TO

                    AMENDED AND RESTATED CREDIT AGREEMENT

                        DATED AS OF NOVEMBER 6, 2003

                  THIS AMENDMENT AND CONSENT NO. 1 TO AMENDED AND RESTATED
CREDIT AGREEMENT ("Amendment") is made as of the "Amendment Effective Date"
(as defined below) by and among GARDNER DENVER, INC. (the "Borrower"), the
financial institutions listed on the signature pages hereof as lenders (the
"Lenders"), BANK ONE, NA, individually as a Lender, as LC Issuer, Swing Line
Lender and as agent (the "Agent") for the Lenders under that certain Amended
and Restated Credit Agreement dated as of March 6, 2002 by and among the
Borrower, the Lenders and the Agent (the "Credit Agreement"). Defined terms
used herein and not otherwise defined herein shall have the meaning given to
them in the Credit Agreement.

WITNESSETH

                  WHEREAS, the Borrower, the Lenders and the Agent are
parties to the Credit Agreement;

                  WHEREAS, the Borrower intends to consummate the UK
Acquisition (as defined herein) and has provided the Agent with historical
financial statements of the UK Target (as defined herein), pro forma
financial statements for the Borrower after giving effect to the UK
Acquisition on a combined and consolidated basis and drafts of the formal
offer documents to be posted by the Borrower in connection with the UK
Acquisition;

                  WHEREAS, the Borrower has requested that the Lenders
consent to the UK Acquisition and amend the Credit Agreement in certain
respects; and

                  WHEREAS, the Lenders party hereto and the Agent are
willing to consent to the UK Acquisition and amend the Credit Agreement, in
each case on the terms and conditions set forth herein;

                  NOW, THEREFORE, in consideration of the premises set forth
above, the terms and conditions contained herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Borrower, the Lenders party hereto and the Agent have
agreed to the following.

<PAGE>
<PAGE>

         1. AMENDMENTS TO CREDIT AGREEMENT. Subject to the satisfaction of
            ------------------------------
the conditions precedent set forth in Section 3 below, the Credit Agreement
                                      ---------
is hereby amended as follows:

                  1.1. ARTICLE I OF THE CREDIT AGREEMENT IS HEREBY AMENDED
TO AMEND CERTAIN DEFINITIONS APPEARING THEREIN IN THE FOLLOWING MANNER:

                  (a) THE DEFINITION OF APPLICABLE COMMERCIAL FACILITY LC
                  MARGIN IS HEREBY AMENDED BY INSERTING THE FOLLOWING
                  SENTENCE AT THE END THEREOF:

                  Notwithstanding the foregoing, from the date on which the
                  UK Acquisition is consummated to but not including the
                  fifth Business Day following receipt of the Borrower's
                  financial statements delivered pursuant to Section 6.1(i)
                                                             --------------
                  or (ii), as applicable for the next fiscal quarter end or
                     ----
                  fiscal year end to occur after such consummation, the
                                           -----
                  Applicable Commercial Facility LC Margin shall be 0.875%.

                  (b) THE DEFINITION OF APPLICABLE FACILITY FEE IS HEREBY
                  AMENDED BY INSERTING THE FOLLOWING SENTENCE AT THE END
                  THEREOF:

                  Notwithstanding the foregoing, from the date on which the
                  UK Acquisition is consummated to but not including the
                  fifth Business Day following receipt of the Borrower's
                  financial statements delivered pursuant to Section 6.1(i)
                                                             --------------
                  or (ii), as applicable for the next fiscal quarter end or
                     ----
                  fiscal year end to occur after such consummation, the
                                           -----
                  Applicable Facility Fee shall be 0.30%.

                  (c) THE DEFINITION OF APPLICABLE MARGIN IS HEREBY AMENDED
                  BY INSERTING THE FOLLOWING SENTENCE AT THE END THEREOF:

                  Notwithstanding the foregoing, from the date on which the
                  UK Acquisition is consummated to but not including the
                  fifth Business Day following receipt of the Borrower's
                  statements delivered pursuant to Section 6.1(i) or (ii),
                                                   --------------    ----
                  as applicable for the next fiscal quarter end or fiscal
                  year end to occur after such consummation, the Applicable
                                    -----
                  Margin shall be 1.45%.

                  (d) THE DEFINITION OF APPLICABLE STAND-BY FACILITY LC
                  MARGIN IS HEREBY AMENDED BY INSERTING THE FOLLOWING
                  SENTENCE AT THE END THEREOF:

                  Notwithstanding the foregoing, from the date on which the
                  UK Acquisition is consummated to but not including the
                  fifth Business Day following receipt of the Borrower's
                  financial statements delivered pursuant to Section 6.1(i)
                                                             --------------
                  or (ii), as applicable for the next fiscal quarter end or
                     ----
                  fiscal year end to occur after such consummation, the
                                           -----
                  Applicable Stand-by Facility LC Margin shall be 1.75%.

                  (e) THE DEFINITIONS OF CONSOLIDATED EBIT AND CONSOLIDATED
                  TOTAL DEBT ARE HEREBY DELETED IN THEIR ENTIRETY AND THE
                  FOLLOWING ARE SUBSTITUTED THEREFOR:

                           "CONSOLIDATED EBIT" means, for any period of four
                  consecutive fiscal quarters of the Borrower, on a
                  consolidated basis for the Borrower and its Subsidiaries
                  in accordance with Agreement Accounting Principles, the
                  sum of the

                                     2

<PAGE>
<PAGE>

                  amounts for such period, without duplication, of (i)
                  Consolidated Net Income, plus (ii) Consolidated Interest
                                           ----
                  Expense to the extent deducted in computing Net Income,
                  plus (iii) charges against income for all domestic and
                  ----
                  foreign, federal, state and local taxes to the extent
                  deducted in computing Net Income, plus (iv) restructuring
                                                    ----
                  charges incurred in the Borrower's fourth fiscal quarter
                  of 2003 or first fiscal quarter of 2004 to the extent (a)
                  deducted in computing Net Income, (b) related to costs
                  associated with the profitability improvement plan of the
                  Borrower as disclosed in the Borrower's press release
                  dated October 20, 2003 or as otherwise disclosed to the
                  Lenders and (c) in an aggregate cumulative amount not in
                  excess of $2,700,000.

                           "CONSOLIDATED TOTAL DEBT" means the aggregate of
                  all Indebtedness (other than (i) Hedging Obligations and
                  (ii) only for purposes of determining compliance with
                  Section 6.22, and only until the earlier of (A) the date
                  ------------
                  upon which the UK Acquisition has been consummated or
                  abandoned and (B) April 30, 2004, the UK Acquisition
                  Advance) on a consolidated basis for the Borrower and its
                  Subsidiaries as of a referenced date."

                  1.2. ARTICLE I OF THE CREDIT AGREEMENT IS HEREBY FURTHER
AMENDED TO INSERT THE FOLLOWING NEW DEFINITIONS THERETO:

                           ""APPLICABLE UK ACQUISITION AVAILABILITY FEE"
                  means, for any day and (notwithstanding anything contained
                  in Section 8.3 to the contrary) subject to adjustment from
                  time to time by the Required Lenders and the Borrower,
                  0.50% per annum.

                           "BUYING LENDER" is defined in Section 2.27(b) hereof.

                           "COMMITMENT INCREASE NOTICE" is defined in
                  Section 2.27(a) hereof.

                           "EFFECTIVE COMMITMENT AMOUNT" is defined in
                  Section 2.27(a) hereof.

                           "LENDER INCREASE NOTICE" is defined in Section
                  2.27(a) hereof.

                           "PROPOSED NEW LENDER" is defined in Section
                  2.27(a) hereof.

                           "SELLING LENDER" is defined in Section 2.27(b)
                  hereof.

                           "UK ACQUISITION" means the acquisition by the
                  Borrower of all or substantially all of the equity
                  interests in the UK Target, including the equity interests
                  of related entities, by means of the UK Tender Offer.

                           "UK ACQUISITION ADVANCE" means an Advance
                  hereunder in an aggregate amount up to the UK Acquisition
                  Commitment Amount to fund the UK Acquisition, which
                  Advance may occur prior to consummation of the UK
                  Acquisition.

                                     3

<PAGE>
<PAGE>

                           "UK ACQUISITION COMMITMENT AMOUNT" means, at any
                  time the same is to be determined, the Dollar Amount of
                  (pound)56,000,000 at such time.

                           "UK ACQUISITION COMMITMENT EFFECTIVE DATE" means
                  the date upon which the UK Acquisition Advance is made.

                           "UK ACQUISITION COMMITMENT TERMINATION DATE"
                  means the earliest of (w) the date upon which the UK
                  Tender Offer does not comply with any of the applicable UK
                  Tender Offer Requirements, (x) the date upon which the UK
                  Acquisition has closed and all conditions precedent to the
                  effectiveness thereof have been satisfied or waived by the
                  required parties, (y) June 30, 2004 and (z) the date
                  specified as such on at least three (3) Business Days'
                  notice from the Borrower to the Agent.

                           "UK TARGET" means a company organized under the
                  laws of England and Wales and previously disclosed to the
                  Agent.

                           "UK TENDER OFFER" means an offer, by no later
                  than November 30, 2003, by the Borrower to purchase
                  certain of the capital stock of the UK Target in
                  compliance with the UK Tender Offer Requirements.

                           "UK TENDER OFFER REQUIREMENTS" means:

                                    (i) the UK Tender Offer becoming
                           unconditional as to acceptances within 60 days of
                           the date formal offer documents in connection
                           therewith are posted by the Borrower;

                                    (ii) the UK Tender Offer becoming
                           unconditional in all respects within 81 days of
                           the date such formal offer documents are posted;

                                    (iii) the UK Tender Offer not having
                           lapsed in accordance with its terms and
                           conditions;

                                    (iv) the UK Tender having complied with
                           applicable requirements of The City Code on
                           Takeovers and Mergers; and

                                    (v) the UK Tender Offer having been
                           consummated by satisfaction of the conditions
                           precedent and any other conditions prescribed in
                           such formal offer documents as originally
                           posted."

                  1.3. SECTION 2.4(c) OF THE CREDIT AGREEMENT IS AMENDED TO
INSERT THE FOLLOWING SENTENCE AT THE END THEREOF:

                  "In addition to the foregoing, if the UK Acquisition has
                  not been consummated by the earlier of (x) the date upon
                  which the UK Tender Offer does not comply with the UK
                  Tender Offer Requirements and (y) June 30, 2004, the
                  Borrower shall immediately prepay Revolving Loans (to be
                  applied to such Loans as the

                                     4

<PAGE>
<PAGE>

                  Borrower shall direct at the time of such payment) in an
                  amount equal to the aggregate outstanding principal amount
                  of the UK Acquisition Advance. For purposes of determining
                  the outstanding principal amount of the UK Acquisition
                  Advance under this paragraph, any repayments of Revolving
                  Loans which may have occurred subsequent to the UK
                  Acquisition Commitment Effective Date but on or prior to
                  the UK Acquisition Commitment Termination Date shall be
                  deemed to have been applied to the repayment of all
                  Advances other than the UK Acquisition Advance."

                  1.4. SECTION 2.7 IS DELETED IN ITS ENTIRETY AND THE
FOLLOWING IS SUBSTITUTED THEREFOR:

                  "2.7. Facility Fee; Reductions in Aggregate Revolving Loan
                        ----------------------------------------------------
                  Commitment. The Borrowers agree to pay to the Agent for
                  ----------
                  the pro rata account of the Lenders according to their
                  Percentages (except as set forth in Section 8.2), a
                                                      -----------
                  facility fee accruing at the rate of the Applicable
                  Facility Fee per annum based on the sum of the Aggregate
                  Revolving Loan Commitment (without regards to usage
                  thereof) plus the then outstanding aggregate principal
                  amount of the Term Loans, from the date hereof to and
                  including the Term Loan Final Maturity Date, payable on
                  each Payment Date hereafter and on the Term Loan Final
                  Maturity Date (it being understood and agreed that the
                  Non-U.S. Subsidiary Borrower shall not be liable to pay
                  any Facility Fees determined to be attributable to the
                  Borrower). The Borrower may permanently reduce the
                  Aggregate Revolving Loan Commitment in whole, or in part,
                  ratably among the Lenders in integral multiples of
                  $5,000,000 upon at least three Business Days' written
                  notice to the Agent, which notice shall specify the amount
                  of any such reduction (the "AGGREGATE REVOLVING LOAN
                  COMMITMENT REDUCTION NOTICE"); provided, that the amount
                                                 --------
                  of the Aggregate Revolving Loan Commitment may not be
                  reduced below the Dollar Amount of the Aggregate
                  Outstanding Credit Exposure not attributable to Term
                  Loans. All accrued Facility Fees shall be payable on the
                  effective date of any termination of the Revolving Loan
                  Commitments of the Lenders and the obligation of the
                  Borrowers to pay facility fees with respect to any
                  Revolving Loan Commitments shall terminate on the date of
                  any termination of the Revolving Loan Commitments."

                  1.5. SECTION 2.21(a) OF THE CREDIT AGREEMENT IS HEREBY
                       ---------------
AMENDED BY DELETING IN ITS ENTIRETY THE REFERENCE TO "NOT MORE THAN 180 DAYS
AND" APPEARING IN THE FIRST SENTENCE THEREOF.

                  1.6. A NEW SECTION 2.27 AND A NEW SECTION 2.28 ARE HEREBY
                             ------------           ------------
ADDED TO THE CREDIT AGREEMENT AND SUCH SECTIONS SHALL READ AS FOLLOWS:

                  "2.27. UK Acquisition Availability Fee. In addition to the
                         -------------------------------
                  other fees payable under this Agreement, the Borrower
                  agrees to pay to the Agent for the pro rata account of the
                  Lenders according to their Percentages (except as set
                  forth in Section 8.2), an availability fee, accruing at
                           -----------
                  the rate of the Applicable UK Acquisition Availability Fee
                  per annum multiplied by the amount of the UK

                                     5

<PAGE>
<PAGE>

                  Acquisition Advance, from the UK Acquisition Commitment
                  Effective Date to and including the UK Acquisition
                  Commitment Termination Date, payable on each Payment Date
                  hereafter and on the UK Acquisition Commitment Termination
                  Date (or, if earlier, the date of termination in whole of
                  the Aggregate Revolving Loan Commitment pursuant to
                  Section 2.7 hereof or the Commitments pursuant to Section
                  -----------                                       -------
                  8.1 hereof).
                  ---

                  2.28. Increase of Revolving Loan Commitments. (a) At any
                        --------------------------------------
                  time, the Borrower may request that the Aggregate
                  Revolving Loan Commitment be increased; provided that,
                  without the prior written consent of all of the Lenders,
                  (i) the Aggregate Revolving Loan Commitment shall at no
                  time exceed $175,000,000 minus the aggregate amount of all
                  reductions in the Aggregate Revolving Loan Commitment
                  previously made pursuant to Section 2.27; (ii) the
                                              ------------
                  Borrower shall not make any such request during the six
                  month period following any reduction in the Aggregate
                  Revolving Loan Commitment previously made pursuant to
                  Section 2.27; (iii) the Borrower shall not be entitled to
                  ------------
                  make any such request more frequently than once in each
                  12-month period; and (iv) each such request shall be in a
                  minimum amount of at least $10,000,000 and increments of
                  $5,000,000 in excess thereof. Such request shall be made
                  in a written notice given to the Agent and the Lenders by
                  the Borrower not less than twenty (20) Business Days prior
                  to the proposed effective date of such increase, which
                  notice (a "COMMITMENT INCREASE NOTICE") shall specify the
                  amount of the proposed increase in the Aggregate Revolving
                  Loan Commitment and the proposed effective date of such
                  increase. In the event of such a Commitment Increase
                  Notice, each of the Lenders shall be given the opportunity
                  to participate in the requested increase ratably in
                  proportions that their respective Revolving Loan
                  Commitments bear to the Aggregate Revolving Loan
                  Commitment. No Lender shall have any obligation to
                  increase its Revolving Loan Commitment pursuant to a
                  Commitment Increase Notice. On or prior to the date that
                  is fifteen (15) Business Days after receipt of the
                  Commitment Increase Notice, each Lender shall submit to
                  the Agent a notice indicating the maximum amount by which
                  it is willing to increase its Revolving Loan Commitment in
                  connection with such Commitment Increase Notice (any such
                  notice to the Agent being herein a "LENDER INCREASE
                  NOTICE"). Any Lender which does not submit a Lender
                  Increase Notice to the Agent prior to the expiration of
                  such fifteen (15) Business Day period shall be deemed to
                  have denied any increase in its Revolving Loan Commitment.
                  In the event that the increases of Revolving Loan
                  Commitments set forth in the Lender Increase Notices
                  exceed the amount requested by the Borrower in the
                  Commitment Increase Notice, the Agent and the Arranger
                  shall have the right, in consultation with the Borrower,
                  to allocate the amount of increases necessary to meet the
                  Borrower's Commitment Increase Notice. In the event that
                  the Lender Increase Notices are less than the amount
                  requested by the Borrower, the Agent shall so advise the
                  Borrower not later than ten (10) Business Days prior to
                  the proposed effective date, and not later than three (3)
                  Business Days prior to the proposed effective date the
                  Borrower may notify the Agent of any financial institution
                  that shall have agreed to become a "Lender" party hereto
                  (a "PROPOSED NEW

                                     6

<PAGE>
<PAGE>

                  LENDER") in connection with the Commitment Increase
                  Notice. Any Proposed New Lender shall be consented to by
                  the Agent (which consent shall not be unreasonably
                  withheld). If the Borrower shall not have arranged any
                  Proposed New Lender(s) to commit to the shortfall from the
                  Lender Increase Notices, then the Borrower shall be deemed
                  to have reduced the amount of its Commitment Increase
                  Notice to the aggregate amount set forth in the Lender
                  Increase Notices. Based upon the Lender Increase Notices,
                  any allocations made in connection therewith and any
                  notice regarding any Proposed New Lender, if applicable,
                  the Agent shall notify the Borrower and the Lenders on or
                  before the Business Day immediately prior to the proposed
                  effective date of the amount of each Lender's and Proposed
                  New Lenders' Revolving Loan Commitment (the "EFFECTIVE
                  COMMITMENT AMOUNT") and the amount of the Aggregate
                  Revolving Loan Commitment, which amount shall be effective
                  on the following Business Day. Any increase in the
                  Aggregate Revolving Loan Commitment shall be subject to
                  the following conditions precedent: (A) the Borrower shall
                  have obtained the consent thereto of each Subsidiary party
                  to the Subsidiary Guaranty (each, a "Guarantor") and its
                  reaffirmation of the Credit Document(s) executed by it,
                  which consent and reaffirmation shall be in writing and in
                  form and substance reasonably satisfactory to the Agent,
                  (B) as of the date of the Commitment Increase Notice and
                  as of the proposed effective date of the increase in the
                  Aggregate Revolving Loan Commitment, all representations
                  and warranties shall be true and correct in all material
                  respects as though made on such date and no event shall
                  have occurred and then be continuing which constitutes a
                  Default or Unmatured Default, (C) the Borrower, the Agent
                  and each Proposed New Lender or Lender that shall have
                  agreed to provide a "Revolving Loan Commitment" in support
                  of such increase in the Aggregate Revolving Loan
                  Commitment shall have executed and delivered a "Commitment
                  and Acceptance" substantially in the form of Exhibit J
                                                               ---------
                  hereto, (D) counsel for the Borrower and for the
                  Guarantors shall have provided to the Agent supplemental
                  opinions in form and substance reasonably satisfactory to
                  the Agent and (E) the Borrower and the Proposed New Lender
                  shall otherwise have executed and delivered such other
                  instruments and documents as may be required under Article
                                                                     -------
                  IV or that the Agent shall have reasonably requested in
                  --
                  connection with such increase. If any fee shall be charged
                  by the Lenders in connection with any such increase, such
                  fee shall be in accordance with then prevailing market
                  conditions, which market conditions shall have been
                  reasonably documented by the Agent to the Borrower. Upon
                  satisfaction of the conditions precedent to any increase
                  in the Aggregate Revolving Loan Commitment, the Agent
                  shall promptly advise the Borrower and each Lender of the
                  effective date of such increase. Upon the effective date
                  of any increase in the Aggregate Revolving Loan Commitment
                  that is supported by a Proposed New Lender, such Proposed
                  New Lender shall be a party to this Agreement as a Lender
                  and shall have the rights and obligations of a Lender
                  hereunder. Nothing contained herein shall constitute, or
                  otherwise be deemed to be, a commitment on the part of any
                  Lender to increase its Revolving Loan Commitment at any
                  time.

                                     7

<PAGE>
<PAGE>

                  (b) For purposes of this clause (b), (A) the term "BUYING
                                           ----------
                  LENDER(S)" shall mean (1) each Lender the Effective
                  Commitment Amount of which is greater than its Revolving
                  Loan Commitment prior to the effective date of any
                  increase in the Aggregate Revolving Loan Commitment, and
                  (2) each Proposed New Lender that is allocated an
                  Effective Commitment Amount in connection with any
                  Commitment Increase Notice and (B) the term "SELLING
                  LENDER(S)" shall mean each Lender whose Revolving Loan
                  Commitment is not being increased from that in effect
                  prior to such increase in the Aggregate Revolving Loan
                  Commitment. Effective on the effective date of any
                  increase in the Aggregate Revolving Loan Commitment
                  pursuant to clause (a) above, each Selling Lender hereby
                  sells, grants, assigns and conveys to each Buying Lender,
                  without recourse, warranty, or representation of any kind,
                  except as specifically provided herein, an undivided
                  percentage in such Selling Lender's right, title and
                  interest in and to its Outstanding Credit Exposure in the
                  respective Dollar Amounts and percentages necessary so
                  that, from and after such sale, each such Selling Lender's
                  Outstanding Credit Exposure shall equal such Selling
                  Lender's Percentage (calculated based upon the Effective
                  Commitment Amounts) of the Aggregate Outstanding Credit
                  Exposure. Effective on the effective date of the increase
                  in the Aggregate Revolving Loan Commitment pursuant to
                  clause (a) above, each Buying Lender hereby purchases and
                  accepts such grant, assignment and conveyance from the
                  Selling Lenders. Each Buying Lender hereby agrees that its
                  respective purchase price for the portion of the
                  Outstanding Credit Exposure purchased hereby shall equal
                  the respective Dollar Amount necessary so that, from and
                  after such payments, each Buying Lender's Outstanding
                  Credit Exposure shall equal such Buying Lender's
                  Percentage (calculated based upon the Effective Commitment
                  Amounts) of the Aggregate Outstanding Credit Exposure.
                  Such amount shall be payable on the effective date of the
                  increase in the Aggregate Revolving Loan Commitment by
                  wire transfer of immediately available funds to the Agent.
                  Each Selling Lender hereby represents and warrants to each
                  Buying Lender that such Selling Lender owns the
                  Outstanding Credit Exposure being sold and assigned hereby
                  for its own account and has not sold, transferred or
                  encumbered any or all of its interest in such Loans,
                  except for participations which will be extinguished upon
                  payment to Selling Lender of an amount equal to the
                  portion of the Outstanding Credit Exposure being sold by
                  such Selling Lender. Each Buying Lender hereby
                  acknowledges and agrees that, except for each Selling
                  Lender's representations and warranties contained in the
                  foregoing sentence, each such Buying Lender has entered
                  into its Commitment and Acceptance with respect to such
                  increase on the basis of its own independent investigation
                  and has not relied upon, and will not rely upon, any
                  explicit or implicit written or oral representation,
                  warranty or other statement of the Lenders or the Agent
                  concerning the authorization, execution, legality,
                  validity, effectiveness, genuineness, enforceability or
                  sufficiency of this Agreement or the other Credit
                  Documents. The Borrower hereby agrees to compensate each
                  Selling Lender for all losses, expenses and liabilities
                  incurred by each Lender in connection with the sale and
                  assignment of any Eurocurrency Loan hereunder on the terms
                  and in the manner as set forth in Section 3.4."
                                                    -----------

                                     8

<PAGE>
<PAGE>

                  1.7. A NEW EXHIBIT J IS HEREBY ADDED TO THE CREDIT
                             ---------
AGREEMENT AND SUCH EXHIBIT SHALL READ AS SET FORTH ON ANNEX I HERETO.

         2. CONSENT. Effective as of the date hereof and subject to the
            -------
satisfaction of the conditions precedent set forth in Section 3 below, the
                                                      ---------
Lenders party hereto hereby (i) consent to the UK Acquisition and the
assumption by the Borrower of the UK Target's indebtedness and liabilities
in the amounts outstanding on the effective date (the "UK Acquisition
Effective Date") of the UK Acquisition, (ii) consent to the possible
transfer, from the Borrower to one or more Wholly-Owned Subsidiaries, of the
UK Target and related assets and entities acquired pursuant to, and within
six (6) months of consummating, the UK Acquisition (the "UK Acquisition
Transfer") so long as the Borrower and its Subsidiaries comply on a timely
basis with Sections 6.15 and 6.24 of the Credit Agreement and (iii) waive
           -------------     ----
the Borrower's non-compliance with any provisions of Sections 6.15(xi) and
                                                     -----------------
6.19 of the Credit Agreement which would otherwise limit or restrict the UK
----
Acquisition or the UK Acquisition Transfer. This specific consent and waiver
is limited to the express circumstances described herein and shall not be
construed to constitute (i) a consent to, or waiver of, any other event,
circumstance or condition or of any other right or remedy available to the
Agent or any Lender pursuant to the Credit Agreement or hereunder or (ii) a
consent to any departure by the Borrower or any Subsidiary from any other
term or requirement under the Credit Agreement or hereunder.

         3. CONDITIONS OF EFFECTIVENESS. This Amendment shall become
            ---------------------------
effective and be deemed effective if, and only if, the Agent shall have
received, on or before the UK Acquisition Commitment Effective Date, each of
the following:

                  (a) duly executed signature pages to this Amendment from
         the Borrower and the Required Lenders; provided that the
                                                -------------
         effectiveness of the amendment to Section 2.7 of the Credit
         Agreement as set forth in Section 1.4 hereof shall require the
         consent of each of the Lenders;

                  (b) an amendment fee, for the benefit of each Lender
         executing and delivering its signature page hereto by such time as
         is required by the Administrative Agent, in an amount equal to
         0.05% on the sum of such Lender's Revolving Loan Commitment and
         outstanding Term Loans as of the date hereof;

                  (c) a reaffirmation from each of the Borrower's
         Subsidiaries which are parties to the Subsidiary Guaranty, such
         reaffirmation being attached hereto and made a part hereof; and

                  (d) such other documents, instruments and agreements as
         the Agent may reasonably request.

         4. REPRESENTATIONS AND WARRANTIES OF THE BORROWER. The Borrower
            ----------------------------------------------
hereby represents and warrant as follows:

                                     9

<PAGE>
<PAGE>

                  (a) This Amendment, and the Credit Agreement as previously
         executed and as amended hereby, constitute legal, valid and binding
         obligations of the Borrower and are enforceable against the
         Borrower in accordance with their terms.

                  (b) Upon the effectiveness of this Amendment, the Borrower
         hereby reaffirms all covenants, representations and warranties made
         in the Credit Agreement and other Credit Documents, to the extent
         the same are not amended hereby, and agrees that all such
         covenants, representations and warranties shall be deemed to have
         been remade as of the effective date of this Amendment, provided
         that such representations and warranties shall be deemed to have
         been updated to reflect the information which has been provided by
         the Borrower to the Agent prior to the date of this Amendment
         pursuant to Section 6.1 of the Credit Agreement.
                     -----------

                  (c) No Default or Unmatured Default has occurred and is
         continuing under the Credit Agreement.

         5. REFERENCE TO THE EFFECT ON THE CREDIT AGREEMENT.
            -----------------------------------------------

                  (a) Upon the effectiveness of this Amendment, on and after
         the date hereof, each reference in the Credit Agreement to "this
         Agreement," "hereunder," "hereof," "herein" or words of like import
         shall mean and be a reference to the Credit Agreement, as amended
         previously and as amended hereby.

                  (b) Except as previously amended and as specifically
         amended and waived above, the Credit Agreement and all other
         documents, instruments and agreements executed and/or delivered in
         connection therewith shall remain in full force and effect, and are
         hereby ratified and confirmed.

                  (c) Except to the limited extent set forth in Section 2
                                                                ---------
         above, the execution, delivery and effectiveness of this Amendment
         shall not operate as a waiver of any right, power or remedy of the
         Agent or any of the Lenders, nor constitute a waiver of any
         provision of the Credit Agreement or any other documents,
         instruments and agreements executed and/or delivered in connection
         therewith.

         6. GOVERNING LAW. This Amendment shall be governed by and construed
            -------------
in accordance with the internal laws (as opposed to the conflict of law
provisions) of the State of Illinois.

         7. HEADINGS. Section headings in this Amendment are included herein
            --------
for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.

         8. COUNTERPARTS. This Amendment may be executed by one or more of
            ------------
the parties to the Amendment on any number of separate counterparts and all
of said counterparts taken together shall be deemed to constitute one and
the same instrument. A facsimile signature page hereto sent to the Agent or
the Agent's counsel shall be effective as a counterpart signature, and each
party so executing such a facsimile counterpart shall be deemed to agree to
deliver originals to the Agent thereof.

                                     10

<PAGE>
<PAGE>

                          [Signature Pages Follow]

                                     11

<PAGE>
<PAGE>

                  IN WITNESS WHEREOF, this Amendment and Consent No. 1 has
been duly executed as of the day and year first above written.

                                 GARDNER DENVER, INC.
                                   as Borrower

                                 By:_______________________________________
                                      Name:
                                      Title:

                                 BANK ONE, NA, individually as a Lender, as LC
                                   Issuer, Swing Line Lender and as Agent

                                 By:_______________________________________
                                      Name:
                                      Title:

                                 U.S. BANK NATIONAL ASSOCIATION,
                                   individually as a Lender and as the
                                   Syndication Agent

                                 By:_______________________________________
                                      Name:
                                      Title:

                                 WACHOVIA BANK, NATIONAL ASSOCIATION
                                   (formerly known as First Union National
                                   Bank), as a Lender

                                 By:_______________________________________
                                      Name:
                                      Title:

                Signature Page to Amendment and Consent No. 1
                                November 2003
                            Gardner Denver, Inc.

<PAGE>
<PAGE>

                                 NORDEA BANK FINLAND PLC,
                                   as a Lender

                                 By:_______________________________________
                                      Name:
                                      Title:

                                 By:_______________________________________
                                      Name:
                                      Title:

                                 THE BANK OF NEW YORK,
                                   as a Lender

                                 By:_______________________________________
                                      Name:
                                      Title:

                                 NATIONAL CITY BANK OF MICHIGAN/ILLINOIS,
                                   as a Lender

                                 By:_______________________________________
                                      Name:
                                      Title:

                                 THE BANK OF NOVIA SCOTIA, as a Lender

                                 By:_______________________________________
                                      Name:
                                      Title:

                                 MERCANTILE TRUST AND SAVINGS BANK,
                                   as a Lender

                                 By:_______________________________________
                                      Name:
                                      Title:

                Signature Page to Amendment and Consent No. 1
                                November 2003
                            Gardner Denver, Inc.

<PAGE>
<PAGE>

                                REAFFIRMATION

                  Each of the undersigned hereby acknowledges receipt of a
copy of Amendment and Consent No. 1 to the Amended and Restated Credit
Agreement dated as of March 6, 2002, by and among Gardner Denver, Inc., the
Lenders and the Agent (the "Credit Agreement"), which Amendment and Consent
No. 1 is dated as of November 6, 2003 (the "Amendment"). Capitalized terms
used in this Reaffirmation and not defined herein shall have the meanings
given to them in the Credit Agreement. Without in any way establishing a
course of dealing by the Agent or any Lender, the undersigned reaffirms the
terms and conditions of the Amended and Restated Subsidiary Guaranty dated
as of March 6, 2002 executed by it and acknowledges and agrees that such
Amended and Restated Subsidiary Guaranty and each and every other Credit
Document executed by the undersigned in connection with the Credit Agreement
remain in full force and effect and are hereby ratified, reaffirmed and
confirmed. All references to the Credit Agreement contained in the
above-referenced documents shall be references to the Credit Agreement as so
amended by the Amendment and as the same may from time to time hereafter be
amended, modified or restated.

                                     GARDNER DENVER INTERNATIONAL, INC.

                                     By:
                                         ---------------------------------------
                                     Its:
                                         ---------------------------------------

                                     GARDNER DENVER HOLDINGS INC.

                                     By:
                                         ---------------------------------------
                                     Its:
                                         ---------------------------------------

                                     LAMSON CORPORATION

                                     By:
                                         ---------------------------------------
                                     Its:
                                         ---------------------------------------

                                     TCM INVESTMENTS, INC.

                                     By:
                                         ---------------------------------------
                                     Its:
                                         ---------------------------------------

                Signature Page to Amendment and Consent No. 1
                                November 2003
                            Gardner Denver, Inc.

<PAGE>
<PAGE>

                                     ALLEN-STUART EQUIPMENT CO., INC.

                                     By:
                                         ---------------------------------------
                                     Its:
                                         ---------------------------------------

                                     GARDNER DENVER WATER JETTING SYSTEMS, INC.

                                     By:
                                         ---------------------------------------
                                     Its:
                                         ---------------------------------------

                                     AIR RELIEF, INC.

                                     By:
                                         ---------------------------------------
                                     Its:
                                         ---------------------------------------

                                     HOFFMAN AIR FILTRATION LICENSO INC.

                                     By:
                                         ---------------------------------------
                                     Its:
                                         ---------------------------------------

                                     BELLISS & MORCOM (USA) INC.

                                     By:
                                         ---------------------------------------
                                     Its:
                                         ---------------------------------------

                Signature Page to Amendment and Consent No. 1
                                November 2003
                            Gardner Denver, Inc.

<PAGE>
<PAGE>

                   ANNEX I TO AMENDMENT AND CONSENT NO. 1

                                  EXHIBIT J

                                     TO

                              CREDIT AGREEMENT

                      FORM OF COMMITMENT AND ACCEPTANCE

                               DATED [_______]

         Reference is made to the Amended and Restated Credit Agreement
dated as of March 6, 2002 (as amended, restated, supplemented or otherwise
modified from time to time, the "Credit Agreement") among Gardner Denver,
Inc. (the "Borrower"), the Non-U.S. Subsidiary Borrowers from time to time
party thereto, the financial institutions party thereto (the "Lenders"), and
Bank One, NA, as contractual representative for the Lenders (the "Agent").
Terms defined in the Credit Agreement are used herein with the same meaning.

         Pursuant to Section 2.27 of the Credit Agreement, the Borrower has
requested an increase in the Aggregate Revolving Loan Commitment from
$______________ to $_____________. Such increase in the Aggregate Revolving
Loan Commitment is to become effective on the date (the "Effective Date")
which is the later of (i) _________, ____ and (ii) the date on which the
conditions precedent set forth in Section 2.27 in respect of such increase
have been satisfied. In connection with such requested increase in the
Aggregate Revolving Loan Commitment, the Borrower, the Agent and
_________________ (the "Accepting Bank") hereby agree as follows:

         1. Effective as of the Effective Date, [the Accepting Bank shall
become a party to the Credit Agreement as a Lender and shall have all of the
rights and obligations of a Lender thereunder and shall thereupon have a
Revolving Loan Commitment under and for purposes of the Credit Agreement in
an amount equal to the] [the Revolving Loan Commitment of the Accepting Bank
under the Credit Agreement shall be increased from $_________ to the] amount
set forth opposite the Accepting Bank's name on the signature page hereof.

         [2. The Accepting Bank hereby (i) confirms that it has received a
copy of the Credit Agreement, together with copies of the financial
statements and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this
Commitment and Acceptance Agreement; (ii) agrees that it will, independently
and without reliance upon the Agent or any other Lender and based on such
documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under the
Credit Agreement; (iii) appoints and authorizes the Agent to take such
action as contractual representative on its behalf and to exercise such
powers under the Credit Agreement and the other Credit Documents as are
delegated to the Agent by the terms thereof, together with such powers as
are reasonably incidental thereto; and (iv) agrees that it will perform in
accordance with their terms all of the obligations which by the terms of the
Credit Agreement are required to be performed by it as a Lender.]

<PAGE>
<PAGE>

         3. The Borrower hereby represents and warrants that as of the date
hereof and as of the Effective Date, (a) all representations and warranties
shall be true and correct in all material respects as though made on such
date and (b) no event shall have occurred and then be continuing which
constitutes a Default or an Unmatured Default.

         4. THIS COMMITMENT AND ACCEPTANCE AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS (INCLUDING SECTION 735
ILCS 105/5-1 ET SEQ. BUT OTHERWISE WITHOUT REGARD TO THE CONFLICTS OF LAWS
PROVISIONS) OF THE STATE OF ILLINOIS.

         5. This Commitment and Acceptance Agreement may be executed in one
or more counterparts, each of which shall be deemed an original, but all of
which taken together shall constitute one and the same instrument.

<PAGE>
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Commitment
and Acceptance Agreement to be executed by their respective officers
thereunto duly authorized, as of the date first above written.

                            GARDNER DENVER, INC.

                            By:
                                ---------------------------------------
                            Its:
                                ---------------------------------------

                            BANK ONE, NA
                           (Main Office, Chicago),
                             as Agent

                            By:
                                ---------------------------------------
                            Its:
                                ---------------------------------------

REVOLVING LOAN
--------------
COMMITMENT                  ACCEPTING BANK
----------                  --------------

$                           [BANK]

                            By:
                                ---------------------------------------
                            Its:
                                ---------------------------------------

<PAGE>
<PAGE>

                        REAFFIRMATIONS OF GUARANTORS

         Each of the undersigned hereby acknowledges receipt of the
foregoing Commitment and Acceptance. Capitalized terms used in this
Reaffirmation and not defined herein shall have the meanings given to them
in the Credit Agreement referred to in the foregoing Commitment and
Acceptance. Without in any way establishing a course of dealing by the Agent
or any Lender, the undersigned reaffirms the terms and conditions of the
Amended and Restated Subsidiary Guaranty dated as of March 6, 2002 executed
by it and acknowledges and agrees that such Amended and Restated Subsidiary
Guaranty and each and every other Credit Document executed by the
undersigned in connection with the Credit Agreement remain in full force and
effect and are hereby ratified, reaffirmed and confirmed. All references to
the Credit Agreement contained in the above-referenced documents shall be
references to the Credit Agreement as so amended by the Commitment and
Acceptance and as the same may from time to time hereafter be amended,
modified or restated. The failure of any Subsidiary party to such Amended
and Restated Subsidiary Guaranty to sign this Reaffirmation shall not
release, discharge or otherwise affect the obligations of any of the other
such Subsidiaries hereunder or under such Amended and Restated Subsidiary
Guaranty.

                      [GUARANTORS]

                      By: ____________________________

                      Its: ______________________

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