Document:

Exhibit
10.16

 

DIRECTOR STOCK OPTION AGREEMENT

 

THIS AGREEMENT, dated as of the date indicated on
Schedule A hereto (the “Grant Date”), is made by and between Renaissance Parent Corp., a corporation
existing under the laws of Delaware (hereinafter referred to as the “Company”) and the individual whose name
is set forth on the signature page hereof, who is a non-employee member of the board of directors of the Company (hereinafter referred
to as the “Optionee”). Any capitalized terms herein not otherwise defined in Article I shall have the meaning
set forth in the 2013 Stock Incentive Plan for Key Employees of Renaissance Parent Corp. and its Subsidiaries, as such Plan may
be amended from time to time (the “Plan”).

 

WHEREAS, the Company wishes to carry out the Plan,
the terms of which are hereby incorporated by reference and made a part of this Agreement; and

 

WHEREAS, the Board has determined that it would be
to the advantage and best interest of the Company and its shareholders to grant the Option provided for herein to the Optionee
as an incentive for increased efforts during his term of office with the Company or its Subsidiaries or Affiliates, and has advised
the Company thereof and instructed the undersigned officers to issue said Option;

 

NOW, THEREFORE, in consideration of the mutual covenants
herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby
agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

Whenever the following terms are used in this Agreement,
they shall have the meaning specified below unless the context clearly indicates to the contrary.

 

Section 1.1.           Cause

 

“Cause” shall mean, with respect
to an Optionee: (i) the Optionee’s continued failure to substantially perform the Optionee’s duties as a director and/or
advisor of the Company or any of its subsidiaries or Affiliates (other than as a result of total or partial incapacity due to physical
or mental illness), which continues beyond ten (10) Business Days after a written demand for substantial performance is delivered
to the Optionee by the Company (the “Cure Period”); (ii) willful dishonesty in the performance of the Optionee’s
duties as a director and/or advisor of the Company or any of its subsidiaries or Affiliates; (iii) the Optionee’s indictment,
conviction or the plea of nolo contendere or the equivalent in respect of any felony or a misdemeanor involving an act of
dishonesty, moral turpitude, deceit, or fraud by the Optionee; (iv) the Optionee’s willful malfeasance or willful misconduct
in connection with the Optionee’s duties as a director and/or advisor of the Company or any of its subsidiaries or Affiliates
or any act or omission that is materially injurious to the financial condition or the business reputation of the Company or any
of its subsidiaries or Affiliates; (v) any action in breach of the restrictive covenants set forth in the Director Stockholder’s
Agreement and the Sale Participation Agreement; or (vi) the Optionee’s willful breach of the terms of any of the Company’s
policies. A termination for Cause shall be effective when the Company has given the Optionee written notice of its intention to
terminate for Cause, describing those acts or omissions that are believed to constitute Cause, and, if applicable, has given the
Optionee the Cure Period within which to respond.

 

    

     

    

 

Section 1.2.           Director Stockholder’s Agreement

 

“Director Stockholder’s Agreement”
shall mean that certain Director Stockholder’s Agreement between the Optionee and the Company.

 

Section 1.3.           Disability

 

“Disability” shall mean “Disability”
as such term is defined in any Other Relevant Agreement between the Optionee and the Company or any subsidiary thereof, or, if
there is no such agreement or no such term defined therein, “Disability” for purposes of eligibility for benefits under
the long-term disability plan of the Company or any subsidiary thereof, as applicable.

 

Section 1.4.           Option

 

“Option” shall mean the right and option
to purchase, on the terms and conditions set forth herein, all or any part of an aggregate of the number of Shares set forth on
Schedule A hereof opposite the term Total Option Grant, as granted under Section 2.1 of this Agreement.

 

Section 1.5.           Sale Participation Agreement

 

“Sale Participation Agreement” shall mean
that certain Sale Participation Agreement between the Optionee and KKR Renaissance Aggregator L.P.

 

ARTICLE
II

 

GRANT OF OPTIONS

 

Section 2.1.           Grant of Options

 

For good and valuable consideration, on and as of
the Grant Date, the Company irrevocably grants to the Optionee the Option, on the terms and conditions set forth in this Agreement.

 

Section 2.2.           Exercise Price

 

Subject to Section 2.4, the exercise price of the
Shares covered by the Option (the “Exercise Price”) shall be as set forth on Schedule A hereof,
which shall be the Fair Market Value on the Grant Date.

 

Section 2.3.           No Guarantee of Employment or
Retention of Services

 

Nothing in this Agreement or in the Plan shall confer
upon the Optionee any right to continue in any service relationship with the Company or any Subsidiary or Affiliate or shall interfere
with or restrict in any way the rights of the Company and its Subsidiaries or Affiliates, which are hereby expressly reserved,
to terminate the service of the Optionee at any time for any reason whatsoever, with or without cause, subject to the applicable
provisions of, if any, the Optionee’s service agreement with or offer letter from the Company or any Subsidiary or Affiliate.

 

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Section 2.4.           Certain Adjustments to Options

 

The Option shall be subject to, and the Company, the
Committee and the Optionee shall have such rights as are specified under, the adjustment provisions of Sections 8 and 9 of the
Plan, as applicable.

 

ARTICLE
III

 

PERIOD
OF EXERCISABILITY

 

Section 3.1.           Commencement of Exercisability

 

(a)          So
long as the Optionee continues to provide services to the Company or any other Service Recipients, either as a member of the Board
or otherwise, through each applicable vesting date specified below, the Option shall become vested and exercisable with respect
to 20% of the Shares subject to such Option on the last day of each of the Fiscal Years 2014, 2015, 2016, 2017 and 2018, respectively.

 

(b)          Effect
of Change in Control. Notwithstanding any of Section 3.1(a) above, immediately prior to any Change in Control, any then unvested
portion of the Time Option shall become immediately vested and exercisable as to 100% of the Shares subject to such Time Option;
and

 

(c)          Forfeiture
of Unvested Options on Cessation of Service. No Option shall become exercisable as to any additional Shares following the cessation
of the Optionee’s services to the Company and all Service Recipients for any reason and any Option that is unexercisable
as of the date of such cessation of service shall immediately expire without payment therefor.

 

Section 3.2.           Expiration of Option

 

Except as otherwise provided in Section 5 or Section
6 of the Director Stockholder’s Agreement, the Optionee may not exercise any vested portion of the Option to any extent after
the first to occur of the following events:

 

(a)          The
tenth anniversary of the Grant Date;

 

(b)          The
first anniversary of the date of the cessation of the Optionee’s services to the Company and all Service Recipients, if cessation
occurs by reason of the Optionee’s death or Disability;

 

(c)          Immediately
upon the date of the cessation of the Optionee’s services to the Company and all Service Recipients for Cause;

 

(d)          One-hundred
eighty (180) days after the date of the cessation of the Optionee’s services to the Company and all Service Recipients for
any reason not specified in Section 3.2(b) or (c) above;

 

(e)          The
date the Option is terminated pursuant to Section 4 or 5 of the Director Stockholder’s Agreement; or

 

(f)          Notwithstanding
any of the foregoing, immediately or on such date established, if the Committee so determines pursuant to Section 9 of the Plan.

 

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ARTICLE
IV

 

EXERCISE
OF OPTION

 

Section 4.1.           Person Eligible to Exercise

 

During the lifetime of the Optionee, only the Optionee
(or his or her duly authorized legal representative) may exercise an Option or any portion thereof. After the death of the Optionee,
any exercisable portion of an Option may, prior to the time when an Option becomes unexercisable under Section 3.2, be exercised
by his personal representative or by any person empowered to do so under the Optionee’s will or under the then applicable
laws of descent and distribution.

 

Section 4.2.           Partial Exercise

 

Any exercisable portion of an Option or the entire
Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion
thereof becomes unexercisable under Section 3.2; provided, however, that any partial exercise shall be for whole
Shares only.

 

Section 4.3.           Manner of Exercise

 

An Option, or any exercisable portion thereof, may
be exercised solely by delivering to the Company at the addresses set out in Schedule B all of the following prior
to the time when the Option or such portion becomes unexercisable under Section 3.2:

 

(a)          Notice
in writing signed by the Optionee or the other person then entitled to exercise the Option or portion thereof, stating that the
Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Committee;

 

(b)          Full
payment (in cash by wire transfer, if the Optionee so elects in the notice of exercise through the withholding of Shares (any such
Shares valued at Fair Market Value on the date of exercise) otherwise issuable upon the exercise of the Stock Option in a manner
that is compliant with applicable law or other form of payment if agreed by the Company) of the Exercise Price for the Shares with
respect to which such Option or portion thereof is exercised;

 

(c)          Solely
if and to the extent applicable law requires the Company to withhold any tax payments in respect of the Optionee’s exercise
of the Option or portion thereof at the time of such exercise, full payment (in cash by wire transfer or, if vested Options are
being exercised during the exercise periods specified in either of Section 3.2(b) or 3.2(d), as applicable, or if otherwise so
agreed by the Company, through the withholding of Shares in the same manner as provided in Section 4.3(b) above) to satisfy the
minimum withholding tax obligation with respect to which such Option or portion thereof is exercised;

 

(d)          A
bona fide written representation and agreement, in a form satisfactory to the Committee, signed by the Optionee or other person
then entitled to exercise such Option or portion thereof, stating that the Shares are being acquired for his own account, for investment
and without any present intention of distributing or reselling said shares or any of them except as may be permitted under (i)
the Securities Act of 1933, as amended (the “Act”), and then applicable rules and regulations thereunder and
(ii) the Director Stockholder’s Agreement, and that the Optionee or other person then entitled to exercise such Option or
portion thereof will indemnify the Company against and hold it free and harmless from any loss, damage, expense or liability resulting
to the Company if any sale or distribution of the shares by such person is contrary to the representation and agreement referred
to above; provided, however, that the Committee may, in its reasonable discretion, take whatever additional actions
it deems reasonably necessary to ensure the observance and performance of such representation and agreement and to effect compliance
with the Act, if applicable and any other federal or state securities laws or regulations; and

 

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(e)          In
the event the Option or portion thereof shall be exercised pursuant to Section 4.1 by any person or persons other than the Optionee,
appropriate proof of the right of such person or persons to exercise the option.

 

Without limiting the generality of the foregoing, the Committee may
require an opinion of counsel acceptable to it, to the extent required under Section 2 of the Director Stockholder’s Agreement,
to the effect that any subsequent transfer of shares acquired on exercise of an Option does not violate the Act or other applicable
laws, and may issue stop-transfer orders covering such shares. Share certificates evidencing stock issued on exercise of this Option
shall bear an appropriate legend referring to the provisions of subsection (d) above and the agreements herein. The written representation
and agreement referred to in subsection (d) above shall, however, not be required if the shares to be issued pursuant to such exercise
have been registered under the Act and/or other applicable laws, and such registration is then effective in respect of such shares.

 

Section 4.4.           Conditions to Issuance of Stock
Certificates/Registration of Issuance of Shares

 

The Shares deliverable upon the exercise of an Option,
or any portion thereof, may be either non-issued and/or previously authorized but unissued shares to the extent legally permitted
or issued shares, which have then been reacquired by the Company. Such shares when issued shall be fully paid and nonassessable.
The Company shall not be required to issue or deliver any certificate or certificates for Shares purchased and as the case may
be subscribed for (if certified, or if not certified, register the issuance of such shares on its books and records) upon the exercise
of an Option or portion thereof prior to fulfillment of all of the following conditions:

 

(a)          The
obtaining of approval or other clearance from any state or federal governmental agency which the Committee shall, in its reasonable
and good faith discretion, determine to be necessary or advisable;

 

(b)          The
execution by the Optionee of the Director Stockholder’s Agreement and the Sale Participation Agreement if the Optionee is
not already a party to such agreements; and

 

(c)          The
payment in full to the Company of the Exercise Price for the Shares for which the Option is exercised as provided in Section 4.3(b).

 

          As soon as practicable after fulfillment of
the conditions in this Section 4.4, the Company shall issue the Shares deliverable upon the exercise of the Option to the Optionee
(either by delivery of a certificate for such Shares, or if not certificated by registering the issuance of such Shares on its
books and records) and shall enter the Optionee’s ownership of such Shares into the register of registered shares of the
Company.

 

Section 4.5.           Rights as Stockholder

 

The holder of an Option shall not be, nor
have any of the rights or privileges of, a stockholder of the Company in respect of any Shares purchasable upon the exercise of
the Option or any portion thereof unless and until such Shares shall have been issued by the Company to such holder (in case of
issuance of new Shares) and/or the Shares have otherwise been recorded in the register of registered shares of the Company as owned
by such holder (and then only to the extent such Shares are held directly by the holder).

 

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ARTICLE
V

 

MISCELLANEOUS

 

Section 5.1.           Administration

 

The Committee shall have the power to interpret the
Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent
therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee
shall be final and binding upon the Optionee, the Company and all other interested persons. No member of the Committee shall be
personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the Option. In
its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee
under the Plan and this Agreement.

 

Section 5.2.           Option Not Transferable

 

Neither the Option nor any interest or right therein
or part thereof shall be liable for the debts, contracts or engagements of the Optionee or his successors in interest or shall
be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such
disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or
equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided,
however, that this Section 5.2 shall not prevent transfers by will or by the applicable laws of descent and distribution.

 

Section 5.3.           Notices

 

All notices and other communications provided for
herein shall be in writing. Any notice or other communication hereunder shall be deemed duly given (i) upon electronic confirmation
of facsimile, (ii) one Business Day following the date sent when sent by overnight delivery, and (iii) five (5) Business Days following
the date mailed when mailed by registered or certified mail return receipt requested and postage prepaid, in each case as follows:
Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its Board,
and any notice to be given to the Optionee shall be addressed to him at the address given beneath his signature hereto. By a notice
given pursuant to this Section 5.3, either party may hereafter designate a different address for notices to be given to him. Any
notice, which is required to be given to the Optionee, shall, if the Optionee is then deceased, be given to the Optionee’s
personal representative if such representative has previously informed the Company of his status and address by written notice
under this Section 5.3.

 

Section 5.4.           Titles; Pronouns

 

Titles are provided herein for convenience only and
are not to serve as a basis for interpretation or construction of this Agreement. The masculine pronoun shall include the feminine
and neuter, and the singular the plural, where the context so indicates.

 

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Section 5.5.           Applicability
of Plan, Director Stockholder’s Agreement and Sale Participation Agreement

 

The Option and the Shares issued to the Optionee upon
exercise of the Option shall be subject to all of the terms and provisions of the Plan, the Director Stockholder’s Agreement
and the Sale Participation Agreement, to the extent applicable to the Option and such Shares.

 

Section 5.6.           Amendment

 

Subject to Section 10 of the Plan, this Agreement
may be amended only by a writing executed by the parties hereto, which specifically states that it is amending this Agreement.

 

Section 5.7.           Governing Law

 

The laws of the State of New York applicable to contracts
executed and to be performed entirely in such state shall govern the interpretation, validity, and performance of the terms of
this Agreement.

 

Section 5.8.           Dispute Resolution

 

In the event of any controversy among the parties
hereto arising out of, or relating to, this Agreement which cannot be settled amicably by the parties, such controversy shall be
finally, exclusively, and conclusively settled by mandatory arbitration conducted expeditiously in accordance with the American
Arbitration Association rules by a single independent arbitrator. Such arbitration process shall take place in New York, New York,
United States. The decision of the arbitrator shall be final and binding upon all parties hereto and shall be rendered pursuant
to a written decision, which contains a detailed recital of the arbitrator’s reasoning. Judgment upon the award rendered
may be entered in any court having jurisdiction thereof. In the event of any arbitration or other disputes with regard to this
Agreement or any other document or agreement referred to herein, each party hereto shall pay its own legal fees and expenses, unless
otherwise determined by the arbitrator.

 

[Signatures on next pages.]

 

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IN WITNESS WHEREOF, this Agreement has been executed
and delivered by the parties hereto.

 

	 	Renaissance Parent Corp.
	 	 	 
		By:	  

 

		Name:	  

 

		Title:	  

 

[Signature Page of Director Stock Option Agreement]

 

    

     

    

 

OPTIONEE:

 

_____________________________________

 

ADDRESS:

 

_____________________________________

 

_____________________________________

 

[Signature Page of Director Stock Option Agreement]

 

    

     

    

 

Schedule A to the Director Stock Option Agreement

 

	Grant Date:	 	 
	 	 	 
	Exercise Price of Options:	$	per share
	 	 	 
	Total Option Grant:	 	Shares

 

    C-1

     

    

 

Schedule B to the Director Stock Option Agreement:
Notice of Exercise

 

		A.	To the Company

 

Renaissance Parent Corp. 

c/o Gardner Denver, Inc.

1500 Liberty Ridge Drive

Suite 3000

Wayne, PA 19087

Attention: General Counsel

Fax: (610) 249-2095

 

    C-2Exhibit 10.17 

 

STOCK OPTION AGREEMENT

 

THIS AGREEMENT, dated as of the date indicated
on Schedule B hereto (the “Grant Date”), is made by and between Renaissance Parent Corp., a corporation
existing under the laws of Delaware (hereinafter referred to as the “Company”) and the individual whose name
is set forth on the signature page hereof, who is an employee of the Company or a Subsidiary or Affiliate of the Company (hereinafter
referred to as the “Optionee”). Any capitalized terms herein not otherwise defined in Article I shall have the
meaning set forth in the 2013 Stock Incentive Plan for Key Employees of Renaissance Parent Corp. and its Subsidiaries, as such
Plan may be amended from time to time (the “Plan”).

 

WHEREAS, the Company wishes to carry out the
Plan, the terms of which are hereby incorporated by reference and made a part of this Agreement; and

 

WHEREAS, the Committee has determined that
it would be to the advantage and best interest of the Company and its shareholders to grant the Option provided for herein to the
Optionee as an incentive for increased efforts during his term of office with the Company or its Subsidiaries or Affiliates, and
has advised the Company thereof and instructed the undersigned officers to issue said Option;

 

NOW, THEREFORE, in consideration of the mutual
covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto
do hereby agree as follows:

 

ARTICLE
I 

DEFINITIONS

 

Whenever the following terms are used in this
Agreement, they shall have the meaning specified below unless the context clearly indicates to the contrary.

 

Section 1.1.            Cause

 

“Cause” shall mean, with
respect to an Optionee: (i) a material breach by the Optionee of the terms of the Company’s policies, the terms of which
have previously been provided to such Optionee; (ii) any act of theft, misappropriation, embezzlement, fraud or similar conduct
by the Optionee involving the Company or any of its Affiliates; (iii) the Optionee’s failure to act in accordance with any
specific lawful instructions given to the Optionee by the Board (or any committee thereof) in connection with the performance of
the Optionee’s duties for the Company or any subsidiary of the Company, which continues beyond ten (10) Business Days after
a written demand for substantial performance is delivered to the Optionee by the Company (the “Cure Period”);
(iv) any damage of a material nature to the business or property of the Company or any Affiliate caused by Optionee’s willful
or grossly negligent conduct which continues beyond the Cure Period (to the extent that, in the Board’s reasonable judgment,
such breach can be cured); (v) any intentional misconduct by the Optionee which is reasonably likely to be materially damaging
to the Company without a reasonable good faith belief by the Optionee that such conduct was in the best interests of the Company;
(vi) the conviction or the plea of nolo contendere or the equivalent in respect of any felony or a misdemeanor involving an act
of dishonesty, moral turpitude, deceit, or fraud by the Optionee; or (vii) a knowing and material breach of the Management Stockholder’s
Agreement or the Optionee’s other written agreements with the Company which continues beyond the Cure Period (to the extent
that, in the Board’s reasonable judgment, such breach can be cured). A termination for Cause shall be effective when the
Company has given the Optionee written notice of its intention to terminate for Cause, describing those acts or omissions that
are believed to constitute Cause, and has given the Optionee the Cure Period within which to respond.

 

    

    	 

    

 

Section 1.2.             Disability

 

“Disability” shall mean “Disability”
as such term is defined in any Other Relevant Agreement between the Optionee and the Company or any subsidiary thereof, or, if
there is no such agreement or no such term defined therein, “Disability” for purposes of eligibility for benefits under
the long-term disability plan of the Company or any subsidiary thereof, as applicable.

 

Section 1.3.            EBITDA

 

“EBITDA” shall have the meaning
as set forth on Schedule A attached hereto.

 

Section 1.4.            Fiscal Year

 

“Fiscal Year” shall mean each
of the fiscal years of the Company set forth on Schedule A attached hereto.

 

Section 1.5.             Good Reason

 

“Good Reason” shall mean: (i)
a material adverse change in the Optionee’s position causing it to be of materially less stature, responsibility, or authority
or the assignment to the Optionee of any material duties inconsistent with the customary duties of the Optionee’s position,
in each case without the Optionee’s written consent (provided that if, after an Initial Public Offering, the Company or its
successor entity ceases to be a publicly traded entity, such fact shall not constitute a change in the Optionee’s existing
position), (ii) the relocation of the offices at which the Optionee is principally employed to a location which is more than 50
miles from the offices at which the Optionee is principally employed immediately prior to such relocation, or (iii) a reduction,
without the Optionee’s written consent, in the Optionee’s base salary or the target bonus amount the Optionee is eligible
to earn under the Company’s current annual incentive plan or any successor or replacement annual incentive plan that the
Company adopts (such current plan or any such successor or replacement plan, the “Annual Incentive Plan”); provided,
however, that nothing herein shall be construed to guarantee the Optionee’s bonus for any year if the applicable performance
targets are not met; and provided further, that it shall not constitute Good Reason hereunder if the Company makes an appropriate
pro rata adjustment to the applicable bonus and targets under the Annual Incentive Plan in the event of a change in the Company’s
fiscal year.

 

Unless the Optionee provides written notification of an event
described in clauses (i) or (ii) above within ninety (90) days after the Optionee knows or has reason to know of the occurrence
of any such event, the Optionee shall be deemed to have consented thereto and such event shall no longer constitute Good Reason
for purposes of this Agreement. If the Optionee provides such written notification to the Company (or such subsidiary of the Company
as may be specified in the Stock Option Agreement), the Company shall have ten (10) Business Days from the date of receipt of such
notice to effect a cure of the event described therein and, upon cure thereof by the Company to the reasonable satisfaction of
the Optionee, such event shall no longer constitute Good Reason for purposes of this Agreement. Notwithstanding the foregoing,
any event described in clauses (i) or (ii) above must be an event that would result in a material negative change in the Optionee’s
employment relationship with the Company and thus effectively constitute an involuntary termination of employment for purposes
of Section 409A of the Code.

 

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Section 1.6.            Management Stockholder’s
Agreement

 

“Management Stockholder’s Agreement”
shall mean that certain Management Stockholder’s Agreement between the Optionee and the Company.

 

Section 1.7.           Option

 

“Option” shall mean the aggregate
of the Time Option and the Performance Option, as granted under Section 2.1 of this Agreement.

 

Section 1.8.           Performance Option

 

“Performance Option” shall mean
the right and option to purchase, on the terms and conditions set forth herein, all or any part of an aggregate of the number of
Shares set forth on Schedule B hereof opposite the term Performance Option.

 

Section 1.9.           Sale Participation Agreement

 

“Sale Participation Agreement”
shall mean that certain Sale Participation Agreement between the Optionee and KKR Renaissance Aggregator L.P.

 

Section 1.10.         Sponsor IRR

 

“Sponsor
IRR” shall mean, as of a Change in Control, the cumulative internal rate of return of the Sponsor (which in no circumstances
includes any fees paid to the Sponsor or expenses reimbursed to the Sponsor from time to time (“Sponsor Fees”))
on the Sponsor’s aggregate amount of cash invested in (and the initial gross asset value of any property (other than money)
contributed to) the Company by the Sponsor, directly or indirectly, from time to time in respect of such investment, determined
on a fully diluted basis, assuming inclusion of all Shares underlying all then outstanding Time Options and Performance Options.

 

Section 1.11.          Sponsor MOIC

 

“Sponsor MOIC” shall mean, as
of a Change in Control, the result obtained by dividing (i) the cash consideration received by the Sponsor (other than any Sponsor
Fees) as of the Change in Control by (ii) the aggregate amount of cash invested in (and the initial gross asset value of any property
(other than money) contributed to) the Company by the Sponsor, directly or indirectly, from time to time in respect of such investment.

 

Section 1.12.         Time Option

 

“Time Option” shall mean the right
and option to purchase, on the terms and conditions set forth herein, all or any part of an aggregate of the number of Shares set
forth on Schedule B hereof opposite the term Time Option.

 

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ARTICLE
II

GRANT OF OPTIONS

 

Section 2.1.          Grant of Options

 

For good and valuable consideration, on and
as of the Grant Date, the Company irrevocably grants to the Optionee the following Stock Options: (a) the Time Option and (b) the
Performance Option, in each case on the terms and conditions set forth in this Agreement.

 

Section 2.2.           Exercise Price

 

Subject to Section 2.4, the exercise price
of the Shares covered by the Option (the “Exercise Price”) shall be as set forth on Schedule B hereof,
which shall be the Fair Market Value on the Grant Date.

 

Section 2.3.           No Guarantee of Employment

 

Nothing in this Agreement or in the Plan shall
confer upon the Optionee any right to continue in the employ or service relationship of the Company or any Subsidiary or Affiliate
or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries or Affiliates, which are hereby expressly
reserved, to terminate the employment of the Optionee at any time for any reason whatsoever, with or without cause, subject to
the applicable provisions of, if any, the Optionee’s employment agreement with the Company or any Subsidiary or Affiliate
or offer letter provided by the Company or any Subsidiary or Affiliate to the Optionee.

 

Section 2.4.           Certain Adjustments to
Stock Options 

 

The Option shall be subject to, and the Company,
the Committee and the Optionee shall have such rights as are specified under, the adjustment provisions of Sections 8 and 9 of
the Plan, as applicable.

 

ARTICLE
III

PERIOD OF EXERCISABILITY

 

Section 3.1.           Commencement of Exercisability

 

(a)       So
long as the Optionee continues to be employed by the Company or any other Service Recipients through each applicable vesting date
specified below, the Option shall become exercisable pursuant to the following schedules:

 

(i)                  Time
Option. The Time Option shall become vested and exercisable with respect to 20% of the Shares subject to such Option on the
last day of each of the Fiscal Years 2014, 2015, 2016, 2017 and 2018, respectively.

 

(ii)                 Performance
Option.

 

		(A)	If the Company achieves the applicable EBITDA targets as set forth for each of the Fiscal Years 2014 through 2018 as set forth
on Schedule A attached hereto (each an “Annual Performance Target”), then the Performance Option
shall be eligible to become vested and exercisable with respect to 20% of the Shares subject to such Option at the end of each
such Fiscal Year.

 

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		(B)	Notwithstanding the foregoing, in the event that the Annual Performance Target is not achieved in a particular Fiscal Year
(a “Missed Year”), then that 20% portion of the Performance Option that was eligible to vest but failed to vest
due to the Company’s failure to achieve its Annual Performance Target in the Missed Year shall nevertheless also vest and
become exercisable at the end of any subsequent Fiscal Year if at the end of such subsequent Fiscal Year, the Cumulative
Performance Target set forth on Schedule A for such Fiscal Year is achieved or exceeded. Any part of the Performance
Option that does not vest pursuant to Section 3.1(a)(ii)(A) or (B) shall remain outstanding as an unvested Option subject to vesting
pursuant to Section 3.1(b) until such Option otherwise terminates pursuant to this Agreement.

 

(b)            Effect
of Change in Control. Notwithstanding any of Section 3.1(a) above:

 

(i)       immediately
prior to any Change in Control, any then unvested portion of the Time Option shall become immediately vested and exercisable as
to 100% of the Shares subject to such Time Option; and

 

(ii)       immediately
prior to any Change in Control, any then unvested portion of the Performance Option shall become immediately vested and exercisable
as to 100% of the Shares subject to such Performance Option, but only if, and to the extent that, as a result of such Change
in Control, the Sponsor has achieved a Sponsor IRR of 22.5% and a Sponsor MOIC of 2.5x.

 

(c)            Forfeit
of Unvested Options on Termination of Employment. No Option shall become exercisable as to any additional Shares following
the termination of employment of the Optionee for any reason and any Option that is unexercisable as of the Optionee’s termination
of employment shall immediately expire without payment therefor.

 

Section 3.2.           Expiration of Option

 

Except as otherwise provided in Section 5
or Section 6 of the Management Stockholder’s Agreement, the Optionee may not exercise any vested portion of the Option to
any extent after the first to occur of the following events:

 

(a)       The
tenth anniversary of the Grant Date;

 

(b)       The
first anniversary of the date of the termination of the Optionee’s employment with the Company and all Service Recipients,
if the Optionee’s employment is terminated by reason of death or Disability;

 

(c)       Immediately
upon the date of the termination of the Optionee’s employment by the Company and all Service Recipients for Cause;

 

    5

    	 

    

 

(d)       Thirty
(30) days after the date of the termination of the Optionee’s employment by the Company and all Service Recipients by the
Optionee without Good Reason (except due to the Optionee’s death or Disability);

 

(e)       One-hundred
eighty (180) days after the date of an Optionee’s termination of employment by the Company and all Service Recipients without
Cause (except due to death or Disability);

 

(f)       One-hundred
eighty (180) days after the date of an Optionee’s termination of employment with the Company and all Service Recipients by
the Optionee for Good Reason;

 

(g)       The
date the Option is terminated pursuant to Section 4 or 5 of the Management Stockholder’s Agreement; or

 

(h)       Notwithstanding
any of the foregoing, immediately or on such date established, if the Committee so determines pursuant to Section 9 of the Plan.

 

ARTICLE
IV 

EXERCISE OF OPTION

 

Section 4.1.           Person Eligible to Exercise

 

During the lifetime of the Optionee, only
the Optionee (or his or her duly authorized legal representative) may exercise an Option or any portion thereof. After the death
of the Optionee, any exercisable portion of an Option may, prior to the time when an Option becomes unexercisable under Section
3.2, be exercised by his personal representative or by any person empowered to do so under the Optionee’s will or under the
then applicable laws of descent and distribution.

 

Section 4.2.           Partial Exercise

 

Any exercisable portion of an Option or the
entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or
portion thereof becomes unexercisable under Section 3.2; provided, however, that any partial exercise shall be for
whole Shares only.

 

Section 4.3.           Manner of Exercise

 

An Option, or any exercisable portion thereof,
may be exercised solely by delivering to the Company at the addresses set out in Schedule C all of the following
prior to the time when the Option or such portion becomes unexercisable under Section 3.2:

 

(a)       Notice
in writing signed by the Optionee or the other person then entitled to exercise the Option or portion thereof, stating that the
Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Committee;

 

(b)       Full
payment (in cash by wire transfer, if the Optionee so elects in the notice of exercise through the withholding of Shares (any such
Shares valued at Fair Market Value on the date of exercise) otherwise issuable upon the exercise of the Stock Option in a manner
that is compliant with applicable law or other form of payment if agreed by the Company) of the Exercise Price for the Shares with
respect to which such Option or portion thereof is exercised;

 

    6

    	 

    

 

(c)       Full
payment (in cash by wire transfer or, if vested Options are being exercised during the exercise periods specified in any of Sections
3.2(b), (e) or (f), as applicable, or if otherwise so agreed by the Company, through the withholding of Shares in the same manner
as provided in Section 4.3(b) above) to satisfy the minimum withholding tax obligation with respect to which such Option or portion
thereof is exercised;

 

(d)       A
bona fide written representation and agreement, in a form satisfactory to the Committee, signed by the Optionee or other person
then entitled to exercise such Option or portion thereof, stating that the Shares are being acquired for his own account, for investment
and without any present intention of distributing or reselling said shares or any of them except as may be permitted under (i)
the Securities Act of 1933, as amended (the “Act”), and then applicable rules and regulations thereunder and
(ii) the Management Stockholder’s Agreement, and that the Optionee or other person then entitled to exercise such Option
or portion thereof will indemnify the Company against and hold it free and harmless from any loss, damage, expense or liability
resulting to the Company if any sale or distribution of the shares by such person is contrary to the representation and agreement
referred to above; provided, however, that the Committee may, in its reasonable discretion, take whatever additional
actions it deems reasonably necessary to ensure the observance and performance of such representation and agreement and to effect
compliance with the Act, if applicable and any other federal or state securities laws or regulations; and

 

(e)       In
the event the Option or portion thereof shall be exercised pursuant to Section 4.1 by any person or persons other than the Optionee,
appropriate proof of the right of such person or persons to exercise the option.

 

Without limiting the generality of the foregoing, the Committee
may require an opinion of counsel acceptable to it, to the extent required under Section 3 of the Management Stockholder’s
Agreement, to the effect that any subsequent transfer of shares acquired on exercise of an Option does not violate the Act or other
applicable laws, and may issue stop-transfer orders covering such shares. Share certificates evidencing stock issued on exercise
of this Option shall bear an appropriate legend referring to the provisions of subsection (d) above and the agreements herein.
The written representation and agreement referred to in subsection (d) above shall, however, not be required if the shares to be
issued pursuant to such exercise have been registered under the Act and/or other applicable laws, and such registration is then
effective in respect of such shares.

 

Section 4.4.           Conditions to Issuance
of Stock Certificates/Registration of Issuance of Shares

 

The Shares deliverable upon the exercise of
an Option, or any portion thereof, may be either non-issued and/or previously authorized but unissued shares to the extent legally
permitted or issued shares, which have then been reacquired by the Company. Such shares when issued shall be fully paid and nonassessable.
The Company shall not be required to issue or deliver any certificate or certificates for Shares purchased and as the case may
be subscribed for (if certified, or if not certified, register the issuance of such shares on its books and records) upon the exercise
of an Option or portion thereof prior to fulfillment of all of the following conditions:

 

(a)       The
obtaining of approval or other clearance from any state or federal governmental agency which the Committee shall, in its reasonable
and good faith discretion, determine to be necessary or advisable;

 

(b)       The
execution by the Optionee of the Management Stockholder’s Agreement and the Sale Participation Agreement if the Optionee
is not already a party to such agreements; and

 

    7

    	 

    

 

(c)       The
payment in full to the Company of the Exercise Price for the Shares for which the Option is exercised as provided in Section 4.3(c)

 

          As soon as practicable after fulfillment
of the conditions in this Section 4.4, the Company shall issue the Shares deliverable upon the exercise of the Option to the Optionee
(either by delivery of a certificate for such Shares, or if not certificated by registering the issuance of such Shares on its
books and records) and shall enter the Optionee’s ownership of such Shares into the register of registered shares of the
Company.

 

Section 4.5.           Rights as
Stockholder

 

The holder of an Option shall not
be, nor have any of the rights or privileges of, a stockholder of the Company in respect of any Shares purchasable upon the exercise
of the Option or any portion thereof unless and until such Shares shall have been issued by the Company to such holder (in case
of issuance of new Shares) and/or the Shares have otherwise been recorded in the register of registered shares of the Company as
owned by such holder (and then only to the extent such Shares are held directly by the holder).

 

ARTICLE
V

MISCELLANEOUS

 

Section 5.1.           Administration

 

The Committee shall have the power to interpret
the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent
therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee
shall be final and binding upon the Optionee, the Company and all other interested persons. No member of the Committee shall be
personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the Option. In
its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee
under the Plan and this Agreement.

 

Section 5.2.           Option Not Transferable

 

Neither the Option nor any interest or right
therein or part thereof shall be liable for the debts, contracts or engagements of the Optionee or his successors in interest or
shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether
such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal
or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect;
provided, however, that this Section 5.2 shall not prevent transfers by will or by the applicable laws of descent and distribution.

 

Section 5.3.           Notices

 

All notices and other communications provided
for herein shall be in writing. Any notice or other communication hereunder shall be deemed duly given (i) upon electronic confirmation
of facsimile, (ii) one Business Day following the date sent when sent by overnight delivery, and (iii) five (5) Business Days following
the date mailed when mailed by registered or certified mail return receipt requested and postage prepaid, in each case as follows:
Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its Board,
and any notice to be given to the Optionee shall be addressed to him at the address given beneath his signature hereto. By a notice
given pursuant to this Section 5.3, either party may hereafter designate a different address for notices to be given to him. Any
notice, which is required to be given to the Optionee, shall, if the Optionee is then deceased, be given to the Optionee’s
personal representative if such representative has previously informed the Company of his status and address by written notice
under this Section 5.3.

 

    8

    	 

    

  

Section 5.4.           Titles; Pronouns

 

Titles are provided herein for convenience
only and are not to serve as a basis for interpretation or construction of this Agreement. The masculine pronoun shall include
the feminine and neuter, and the singular the plural, where the context so indicates.

 

Section 5.5.           Applicability
of Plan, Management Stockholder’s Agreement and Sale Participation Agreement

 

The Option and the Shares issued to the Optionee
upon exercise of the Option shall be subject to all of the terms and provisions of the Plan, the Management Stockholder’s
Agreement and the Sale Participation Agreement, to the extent applicable to the Option and such Shares.

 

Section 5.6.           Amendment

 

Subject to Section 10 of the Plan, this Agreement
may be amended only by a writing executed by the parties hereto, which specifically states that it is amending this Agreement.

 

Section 5.7.           Governing Law

 

The laws of the State of New York applicable
to contracts executed and to be performed entirely in such state shall govern the interpretation, validity, and performance of
the terms of this Agreement.

 

Section 5.8.           Dispute Resolution

 

In the event of any controversy among the
parties hereto arising out of, or relating to, this Agreement which cannot be settled amicably by the parties, such controversy
shall be finally, exclusively, and conclusively settled by mandatory arbitration conducted expeditiously in accordance with the
American Arbitration Association rules by a single independent arbitrator. Such arbitration process shall take place in New York,
New York, United States. The decision of the arbitrator shall be final and binding upon all parties hereto and shall be rendered
pursuant to a written decision, which contains a detailed recital of the arbitrator’s reasoning. Judgment upon the award
rendered may be entered in any court having jurisdiction thereof. In the event of any arbitration or other disputes with regard
to this Agreement or any other document or agreement referred to herein, each party hereto shall pay its own legal fees and expenses,
unless otherwise determined by the arbitrator.

 

[Signatures on next
pages.]

 

    9

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been executed and delivered by the parties hereto. 

	 	 

      Renaissance Parent Corp.

	 	 	 

	 	By: 	
	 	 	 
	 	Name: 	
	 	 	 
	 	Title:	

 

 

[Signature Page of Stock Option Agreement] 

 

    

    	 

    

 

	 	OPTIONEE:
	 	 
	 	 
	 	ADDRESS:
	 	 
	 	 
	 	 
	 	 

 

[Signature Page of Stock Option Agreement] 

  

    

    	 

    

 

Schedule A to the Stock Option Agreement 

Annual and Cumulative Performance Targets

 

The Annual and Cumulative Performance
Targets are based on the Company’s achievement of the following EBITDA targets for the following Fiscal Years:

 

	Fiscal
    Year	Annual
    Performance Target	Cumulative
    Performance Target
	2014	$452,000,000	N/A
	2015	$530,000,000	$982,000,000
	2016	$	$
	2017	$	$
	2018	$	$

 

“EBITDA” shall mean earnings before interest, taxes,
depreciation and amortization plus transaction, management and/or similar fees paid to the Sponsor and/or its Affiliates. The Board
may, following consultation with the Chief Executive Officer of the Company (the “Executive”), in its discretion, adjust
the calculation of EBITDA to reflect, to the extent not contemplated in the management plan, any extraordinary or one-time events,
including, without limitation, acquisitions, divestitures, major capital investment programs, changes in accounting standards,
stock expense related to the issuance of Options, or other extraordinary or unusual events or occurrences, or any costs or expenses
incurred during such period relating to environmental remediation, litigation or other disputes in respect of events and exposures
that occurred prior to the Closing Date. Without limiting the foregoing, if the Company makes an acquisition in any year, the Annual
Performance Target for such year and the Cumulative Performance Target, if any, for such year and subsequent years will be adjusted
fairly and appropriately, in consultation with the Executive, which adjustment may reflect the amount of EBITDA in the plan for
the target presented to the Board at the time the acquisition is approved by the Board. Annual Performance Targets and Cumulative
Performance Targets may also be fairly and appropriately adjusted by the Board, in consultation with the Executive, for any divestitures,
major capital investment programs and any change in GAAP promulgated by accounting standard setters. In the event that any of the
foregoing action is taken, such adjustment shall reflect the amount deemed reasonably necessary by the Board, in the exercise of
its good faith judgment to accurately reflect the effect such event has on such Annual Performance Targets and Cumulative Performance
Targets. The intent of such adjustments is to keep the probability of achieving the Annual Performance Targets and Cumulative Performance
Targets the same as if the event triggering such adjustment had not occurred. The Board will use reasonable efforts to provide
that the determination of any necessary adjustment shall be made within 60 days following the completion or closing of such event.

 

    C-1

    	 

    

 

Schedule B to the Stock Option Agreement

 

	Grant Date:	 
	 	 
	Exercise Price of Options:	$5.00 per share
	 	 
	Option Grants:	 
	 	 
	Total Option Grant:	Shares
	 	 
	Aggregate number of Shares	 
	for which the Time Option granted hereunder is	 
	exercisable:	50% of total Option Grant
	 	 
	Aggregate number of Shares	 
	for which the Performance Option	 
	granted hereunder is exercisable:	50% of total Option Grant

 

    C-2

    	 

    

  

Schedule C to the Stock Option Agreement:
Notice of Exercise

 

		A.	To the Company

 

Renaissance Parent Corp. 

c/o Gardner Denver, Inc.

1500 Liberty Ridge Drive

Suite 3000

Wayne, PA 19087

Attention: General Counsel

Fax: (610) 249-2095

 

    C-1

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