Document:

Agreement between the Company and Robert S. Evans dated January 24, 2011

 Exhibit 10.1 
 AGREEMENT 
 THIS AGREEMENT (this “Agreement”) is made as of this
24th day of January, 2011, by and between Crane Co., a Delaware corporation (the “Company”), and Robert S. Evans (“Mr. Evans”). 
 WHEREAS, Mr. Evans has served as non-executive Chairman of the Board of Directors of the Company (the “Board”) pursuant to an employment agreement with the Company dated as of
April 23, 2001, as thereafter amended (the “Prior Agreement”); 
 WHEREAS, Mr. Evans has retired from
employment with the Company, effective January 2, 2011; and 
 WHEREAS, the Company and Mr. Evans desire that
Mr. Evans continue in his role as non-executive Chairman of the Board on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and intending to be legally bound, the parties hereto agree as follows: 

1. Position. Subject to the terms and provisions of this Agreement, Mr. Evans shall continue to serve the Company in the
position of non-executive Chairman of the Board (“Chairman”); provided, however, that Mr. Evans’ continued service on the Board shall be subject to any necessary approval by the Company’s shareholders. Effective as of
January 3, 2011, Mr. Evans’ status shall be that of a non-employee director of the Company. 
 2. Duties.
Subject to annual appointment by the Board of Directors, Mr. Evans shall serve as Chairman, and Mr. Evans shall make reasonable business efforts to attend all Board meetings, serve on appropriate committees as reasonably requested by the
Board, and perform such duties, services and responsibilities and have the authority commensurate to such position and consistent with the Company’s Corporate Governance Guidelines as in effect from time to time. 

3. Compensation, etc. 
 (a) Fees. For his service as Chairman, Mr. Evans shall receive a fee (“Chairman Fee”) at the annual rate of $225,000 (with effect from July 26, 2010), payable in monthly
installments. The Chairman Fee shall be reviewed annually by the Management Organization and Compensation Committee of the Board. 
 (b) Expense Reimbursements. The Company shall reimburse Mr. Evans for all reasonable out-of-pocket expenses incurred by Mr. Evans in carrying out his duties, services and responsibilities
under this Agreement, provided that Mr. Evans complies with the generally applicable policies, practices and procedures of the Company for submission of expense reports, receipts or similar documentation of such expenses. 

 (c) Office, Assistance and Technical Support. The Company shall
provide Mr. Evans with an office and an office assistant at the Company’s business headquarters and with appropriate technical support for Mr. Evans’ office outside of the Company’s headquarters for so long as Mr. Evans
serves as Chairman and for a reasonable transition period thereafter so that Mr. Evans can make alternative arrangements. 
 (d) No Other Compensation as Director. Mr. Evans acknowledges that, except for the Chairman Fee, he shall not be entitled to any other compensation for serving as Chairman and a director of
the Company. 
 (e) No Effect on Employee Benefits; Use of Company Aircraft. Nothing in this Agreement
shall affect Mr. Evans’ right to receive vested benefits (including benefits as a retired employee) under the Company’s various compensation and benefit plans in respect of his period of service as an employee of the Company.
Mr. Evans shall be authorized to use the Company’s airplane for both business and personal use in accordance with the terms and conditions of the Time Sharing Agreement dated December 7, 2009 between the Company and Mr. Evans, as
it may be amended from time to time, including the cost reimbursement provisions thereof. The use of the Company’s airplane by Mr. Evans shall be subject to the approval of the Chief Executive Officer of the Company, such approval not to
be unreasonably withheld. 
 4. Non-Waiver of Rights. The failure to enforce at any time the provisions of this Agreement
or to require at any time performance by the other party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either the validity of this Agreement or any part hereof, or the right of either
party to enforce each and every provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any provision of this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions at that time or at any prior or subsequent time. 

 5. Notices. Every notice relating to this Agreement shall be in writing and shall be
given by personal delivery by registered or certified mail, or by Federal Express postage prepaid, return receipt requested; to: 
 If to the Company: 
 Crane Co. 

100 First Stamford Place 
 Stamford, CT 06902 
 Attention: Corporate Secretary 

If to Mr. Evans: 
 Robert S. Evans 
 [home address omitted] 

Either of the parties hereto may change their address for purposes of notice hereunder by giving notice in writing to such other party
pursuant to this Section 5. 
 6. Binding Effect/Assignment. This Agreement is personal to Mr. Evans and
without the prior written consent of the Company shall not be assignable by Mr. Evans. This Agreement shall inure to the benefit of and be enforceable by Mr. Evans’ legal representatives. 

7. Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements, written or oral, between them as to such subject matter, including but not limited to the Prior Agreement. Notwithstanding the foregoing, the Indemnification Agreement between Mr. Evans and the
Company, dated as of January 22, 1996, shall remain in full force and effect in accordance with its terms. 
 8.
Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 

9. Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware,
without reference to principles of conflict of laws. 
 10. Termination; Modifications. This Agreement shall terminate
upon Mr. Evans ceasing to serve as Chairman for any reason; provided, however, that such termination shall not adversely affect Mr. Evans’ right to receive amounts in respect of his services through the date of such termination.
Neither this Agreement nor any provision hereof may be modified, altered, amended or waived except by an instrument in writing duly signed by the party to be charged. 
 11. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by authority of its
Board of Directors, and Mr. Evans has hereunto set his hand, on the day and year first above written. 
  

									
		 		 	CRANE CO.
					
		 	/s/ Robert S. Evans	 		 	By:	 	/s/ A.I. duPont
		 	Robert S. Evans	 		 	  
 Title
	 	Vice President, General Counsel and SecretaryForm of Employment/Severance Agreement

 Exhibit 10.2 
 Form I/A 
 CRANE CO. 

EMPLOYMENT/SEVERANCE AGREEMENT 
 (Revised 2/10) 
 AGREEMENT by and between CRANE CO., a
Delaware corporation (the “Company”), and (the “Employee”), dated as of the 6th day of December, 2010. 
 The Board of Directors of the Company (the
“Board”), on the advice of its Management Organization and Compensation Committee, has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication of the
Employee, notwithstanding the possibility, threat, or occurrence of a Change of Control (as defined below) of the Company. The Board believes it is imperative to diminish the inevitable distraction of the Employee by virtue of the personal
uncertainties and risks created by a pending or threatened Change of Control, to encourage the Employee’s full attention and dedication to the Company currently and in the event of any threatened or pending Change of Control, and to provide the
Employee with compensation arrangements upon a Change of Control which provide the Employee with individual financial security and which are competitive with those of other corporations and, in order to accomplish these objectives, the Board has
caused the Company to enter into this Agreement. 
 NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 

l. Certain Definitions. 
 (a) The “Effective Date” shall be the first date during the “Change of Control Period” (as defined in Section l(b)) on which a Change of Control occurs. Anything in this Agreement to
the contrary notwithstanding, if the Employee’s employment with the Company is terminated prior to the date on which a Change of Control occurs, and it is reasonably demonstrated that such termination (l) was at the request of a third
party who has taken steps reasonably calculated to effect a Change of Control or (2) otherwise arose in connection with or anticipation of a Change of Control, then for all purposes of this Agreement the “Effective Date” shall mean
the date immediately prior to the date of such termination. 
 (b) The “Change of
Control Period” is the period commencing on the date hereof and ending on the earlier to occur of (i) the third anniversary of such date or (ii) the first day of the month next following the Employee’s 65th birthday (“Normal Retirement Date”) provided,
however, that commencing on the date one year after the date hereof, and on each annual anniversary of such date (such date and each annual anniversary thereof is hereinafter referred to as the “Renewal Date”), the Change of Control
Period shall be automatically extended so as to terminate on the earlier of (x) three years from such Renewal Date or (y) the first day of the month coinciding with or next following the Employee’s Normal Retirement Date, unless at
least 60 days prior to the Renewal Date the Company shall give notice that the Change of Control Period shall not be so extended. 

 2. Change of Control. For the purpose of this Agreement, a “Change of
Control” shall mean: 
 (i) The acquisition, other than from the Company, by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more
of either the then outstanding shares of common stock of the Company or the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors, but excluding, for this purpose, any
such acquisition by the Company or any of its subsidiaries, or any employee benefit plan (or related trust) of the Company or its subsidiaries, or the Crane Fund, a charitable trust under the laws of the State of Illinois, or any corporation with
respect to which, following such acquisition, more than 50% of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to
vote generally in the election of directors is then beneficially owned, directly or indirectly, by substantially the same individuals and entities who were the beneficial owners, respectively, of the common stock and voting securities of the Company
immediately prior to such acquisition in substantially the same proportion as their ownership, immediately prior to such acquisition, of the then outstanding shares of common stock of the Company or the combined voting power of the then outstanding
voting securities of the Company entitled to vote generally in the election of directors, as the case may be; or 

(ii) Individuals who, as of the date hereof, constitute the Board (as of the date hereof the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board, provided that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote
of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office
is in connection with an actual or threatened election contest relating to the election of the Directors of the Company (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act); or 

(iii) Approval by the stockholders of the Company of a reorganization, merger or consolidation, in each case, with respect
to which substantially the same individuals and entities who were the respective beneficial owners of the common stock and voting securities of the Company immediately prior to such reorganization, merger or consolidation do not, following such
reorganization, merger or consolidation, beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation resulting from such reorganization, merger or consolidation, or a complete liquidation or dissolution of the Company or of the sale or other disposition of all or
substantially all of the assets of the Company. 

  
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 3. Employment Period. The Company hereby agrees to continue the Employee in its
employ, and the Employee hereby agrees to remain in the employ of the Company, for the period commencing on the Effective Date and ending on the earlier to occur of (a) the third anniversary of such date or (b) the first day of the month
coinciding with or next following the Employee’s Normal Retirement Date (the “Employment Period”). 
 4. Terms
of Employment. 
 (a) Position and Duties. 

(i) During the Employment Period, (A) the Employee’s position (including status, offices, titles and reporting
requirements) authority duties and responsibilities shall be at least commensurate in all material respects with those held, exercised and assigned at any time during the 90-day period immediately preceding the Effective Date and (B) the
Employee’s services shall be performed at the location where the Employee was employed immediately preceding the Effective Date or any office or location less than thirty-five (35) miles from such location. 

(ii) During the Employment Period, and excluding any periods of vacation and sick leave to which the Employee is entitled,
the Employee agrees to devote reasonable attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Employee hereunder, to use the
Employee’s reasonable best efforts to perform faithfully and efficiently such responsibilities. It is expressly understood and agreed that to the extent that any outside activities have been conducted by the Employee prior to the Effective
Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of the Employee’s
responsibilities to the Company. 
 (b) Compensation. 

(i) Base Salary. During the Employment Period, the Employee shall receive an annual base salary (“Base
Salary”) at a rate at least equal to twelve times the highest monthly base salary paid or payable to the Employee by the Company during the twelve-month period immediately preceding the month in which the Effective Date occurs. During the
Employment Period, the Base Salary shall be reviewed at least annually and shall be increased at any time and from time to time as shall be substantially consistent with increases in base salary awarded in the ordinary course of business to other
key employees of the Company and its subsidiaries. Any increase in Base Salary shall not serve to limit or reduce any other obligation to the Employee under this Agreement. Base Salary shall not be reduced after any such increase. 

(ii) Annual Bonus. In addition to Base Salary, the Employee shall be eligible (but not entitled) to receive, for
each fiscal year during the Employment Period, an annual bonus (an “Annual Bonus”) (either pursuant to any incentive compensation plan maintained by the Company or otherwise) in cash on the same basis as in the fiscal year immediately
preceding the fiscal year in which the Effective Date occurs or, if more favorable to the Employee, on the same basis as awarded at any time thereafter to other key employees of the Company and its subsidiaries. 

  
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 (iii) Incentive, Savings and Retirement Plans. In addition to Base
Salary and Annual Bonus payable as hereinabove provided, the Employee shall be entitled to participate during the Employment Period in all incentive, savings and retirement plans, practices, policies and programs applicable to other key employees of
the Company and its subsidiaries. 
 Such plans, practices, policies and programs, in the aggregate, shall
provide the Employee with compensation, benefits and reward opportunities at least as favorable in the aggregate as the most favorable of such compensation, benefits and reward opportunities provided by the Company for the Employee under such plans,
practices, policies and programs as in effect at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Employee, as provided at any time thereafter with respect to other key employees of the Company
and its subsidiaries. 
 (iv) Welfare Benefit Plans. During the Employment Period, the Employee and/or the
Employee’s family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and its subsidiaries (including, without
limitation, medical, prescription, dental, disability, salary continuance, employee life, group life, accidental death and travel accident insurance plans and programs), at least as favorable as the most favorable of such plans, practices, policies
and programs in effect at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Employee and/or the Employee’s family, as in effect at any time thereafter with respect to other key employees of
the Company and its subsidiaries. 
 (v) Expenses. During the Employment Period, the Employee shall be
entitled to receive prompt reimbursement for all reasonable expenses incurred by the Employee in accordance with the most favorable policies, practices and procedures of the Company and its subsidiaries in effect at any time during the 90-day period
immediately preceding the Effective Date or, if more favorable to the Employee, as in effect at any time thereafter with respect to other key employees of the Company and its subsidiaries. 

(vi) Fringe Benefits. During the Employment Period, the Employee shall be entitled to fringe benefits, including
use of an automobile and payment of related expenses, in accordance with the most favorable plans, practices, programs and policies of the Company and its subsidiaries in effect at any time during the 90-day period immediately preceding the
Effective Date or, if more favorable to the Employee, as in effect at any time thereafter with respect to other key employees of the Company and its subsidiaries. 

  
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 (vii) Office and Support Staff. During the Employment Period, the
Employee shall be entitled to an office or offices of a size and with furnishings and other appointments, and to secretarial and other assistance, at least equal to the most favorable of the foregoing provided to the Employee by the Company and its
subsidiaries at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Employee, as provided at any time thereafter with respect to other key employees of the Company and its subsidiaries. 

(viii) Vacation. During the Employment Period, the Employee shall be entitled to paid vacation in accordance with
the most favorable plans, policies, programs and practices of the Company and its subsidiaries as in effect at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Employee, as in effect at any time
thereafter with respect to other key employees of the Company and its subsidiaries. 
 5. Termination. 

(a) Death or Disability. This Agreement shall terminate automatically upon the Employee’s death. If the
Company determines in good faith that the Disability of the Employee has occurred (pursuant to the definition of “Disability” set forth below), it may give to the Employee written notice (given in accordance with Section 12(b) hereof)
of its intention to terminate the Employee’s employment. In such event, the Employee’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Employee (the “Disability Effective
Date”), provided that, within the 30 days after such receipt, the Employee shall not have returned to full-time performance of the Employee’s duties. For purposes of this Agreement, “Disability” means disability which, at least
26 weeks after its commencement, is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Employee or the Employee’s legal representative (such agreement as to acceptability not to be
withheld unreasonably). 
 (b) Cause. The Company may terminate the Employee’s employment for
“Cause.” For purposes of this Agreement, “Cause” shall constitute either (i) personal dishonesty or breach of fiduciary duty involving personal profit at the expense of the Company; (ii) repeated violations by the
Employee of the Employee’s obligations under Section 4(a) of this Agreement which are demonstrably willful and deliberate on the Employee’s part and which are not remedied in a reasonable period of time after receipt of written notice
from the Company; (iii) the commission of a criminal act related to the performance of duties, or the furnishing of proprietary confidential information about the Company to a competitor, or potential competitor, or third party whose interests
are adverse to those of the Company; (iv) habitual intoxication by alcohol or drugs during work hours; or (v) conviction of a felony. 

  
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 (c) Good Reason. The Employee’s employment may be terminated by
the Employee for Good Reason. For purposes of this Agreement, “Good Reason” means: 
 (i) the
assignment to the Employee of any duties inconsistent in any respect with the Employee’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 4(a) of this
Agreement, or any other action by the Company which results in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is
remedied by the Company promptly after receipt of notice thereof given by the Employee; 
 (ii) any failure by
the Company to comply with any of the provisions of Section 4(b) of this Agreement, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company promptly after receipt of notice
thereof given by the Employee; 
 (iii) the Company’s requiring the Employee to be based at any office or
location other than that described in Section 4(a)(i)(B) hereof, except for travel reasonably required in the performance of the Employee’s responsibilities; 

(iv) any purported termination by the Company of the Employee’s employment otherwise than as expressly permitted by
this Agreement; or 
 (v) any failure by the Company to comply with and satisfy Section 11(c) of this
Agreement. 
 (d) Notice of Termination. Any termination by the Company for Cause or by the Employee for
Good Reason shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 12(b) of this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which
(i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Employee’s employment under the
provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than fifteen (15) days after the giving of such
notice). The failure by the Employee to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason shall not waive any right of the Employee hereunder or preclude the Employee from asserting such
fact or circumstance in enforcing the Employee’s rights hereunder. 
 (e) Date of Termination.
“Date of Termination” means the date of receipt of the Notice of Termination or any later date specified therein, as the case may be; provided, however, that (i) if the Employee’s employment is terminated by the
Company other than for Cause or Disability, the Date of Termination shall be the date on which the Company notifies the Employee of such termination and (ii) if the Employee’s employment is terminated by reason of death or Disability, the
Date of Termination shall be the date of death of the Employee or the Disability Effective Date, as the case may be. 

  
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 6. Obligations of the Company upon Termination. 

(a) Death. If the Employee’s employment is terminated by reason of the Employee’s death, this Agreement
shall terminate without further obligations to the Employee’s legal representatives under this Agreement, other than those obligations accrued or earned and vested (if applicable) by the Employee as of the Date of Termination, including, for
this purpose (i) the Employee’s full Base Salary through the Date of Termination at the rate in effect on the Date of Termination or, if higher, at the highest rate in effect at any time from the 90-day period preceding the Effective Date
through the Date of Termination (the “Highest Base Salary”), (ii) the product of the Annual Bonus paid to the Employee for the last full fiscal year and a fraction, the numerator of which is the number of days in the current fiscal
year through the Date of Termination, and the denominator of which is 365 and (iii) any compensation previously deferred by the Employee (together with accrued interest thereon, if any) and not yet paid by the Company and any accrued vacation
pay not yet paid by the Company (such amounts specified in clauses (i), (ii) and (iii) are hereinafter referred to as “Accrued Obligations”). All such Accrued Obligations shall be paid to the Employee’s estate or
beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination. Anything in this Agreement to the contrary notwithstanding, the Employee’s family shall be entitled to receive benefits at least equal to the most
favorable benefits provided by the Company and any of its subsidiaries to surviving families of employees of the Company and such subsidiaries under such plans, programs, practices and policies relating to family death benefits, if any, in
accordance with the most favorable plans, programs, practices and policies of the Company and its subsidiaries in effect at any time during the 90-day period immediately preceding the Disability Effective Date or, if more favorable to the Employee
and/or the Employee’s family, as in effect on the date of the Employee’s death with respect to other key employees of the Company and its subsidiaries and their families. 

(b) Disability. If the Employee’s employment is terminated by reason of the Employee’s Disability, this
Agreement shall terminate without further obligations to the Employee, other than those obligations accrued or earned and vested (if applicable) by the Employee as of the Date of Termination, including for this purpose, all Accrued Obligations. All
such Accrued Obligations shall be paid to the Employee in a lump sum in cash within 30 days of the Date of Termination. Anything in this Agreement to the contrary notwithstanding, the Employee shall be entitled after the Disability Effective Date to
receive disability and other benefits at least equal to the most favorable of those provided by the Company and its subsidiaries to disabled employees and/or their families in accordance with such plans, programs, practices and policies of the
Company and its subsidiaries in effect at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Employee and/or the Employee’s family, as in effect at any time thereafter with respect to other
key employees of the Company and its subsidiaries and their families. 
 (c) Cause; Other than for Good
Reason. If the Employee’s employment shall be terminated for Cause, this Agreement shall terminate without further obligations to the Employee other than the obligation to pay to the Employee the Highest Base Salary through the Date of
Termination plus the amount of any compensation previously deferred by the Employee (together with accrued interest thereon, if any). If the Employee terminates employment other than for Good Reason, this Agreement shall terminate without further
obligations to the Employee, other than those obligations accrued or earned and vested (if applicable) by the Employee through the Date of Termination, including for this purpose, all Accrued Obligations. All such Accrued Obligations shall be paid
to the Employee in a lump sum in cash within 30 days of the Date of Termination. 

  
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 (d) Good Reason; Other Than for Cause or Disability. If, during the
Employment Period, the Company shall terminate the Employee’s employment other than for Cause, Disability, or death or if the Employee shall terminate his employment for Good Reason: 

(i) the Company shall pay to the Employee in a lump sum in cash within 30 days after the Date of Termination the aggregate
of the following amounts: 
 A. to the extent not theretofore paid, the Employee’s Highest Base Salary
through the Date of Termination; and 
 B. the product of (x) the greater of the Annual Bonus paid or
payable (annualized for any fiscal year consisting of less than twelve full months or for which the Employee has been employed for less than twelve full months) to the Employee for the most recently completed fiscal year during the Employment
Period, if any, or the average bonus (annualized for any fiscal year consisting of less than twelve full months or with respect to which the Employee has been employed by the Company for less than twelve full months) paid or payable to the Employee
by the Company and its affiliated companies in respect of the three fiscal years immediately preceding the fiscal year in which the Effective Date occurs (the “Average Annual Bonus”), such greater amount being hereafter referred to as the
“Highest Annual Bonus,” and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365; 

C. the product of (x) three and (y) the sum of (i) the Highest Base Salary and (ii) the Average
Annual Bonus; and 
 D. in the case of compensation previously deferred by the Employee, all amounts previously
deferred (together with accrued interest thereon, if any) and not yet paid by the Company, and any accrued vacation pay not yet paid by the Company; and 
 (ii) for the remainder of the Employment Period, or such longer period as any plan, program, practice or policy may provide, the Company shall continue benefits to the Employee and/or the Employee’s
family at least equal to those which would have been provided to them as if the Employee’s employment had not been terminated, in accordance with the most favorable employee welfare benefit plans (as such term is defined in Section 3(1) of
the Employee Retirement Income Security Act of 1974, as amended) of the Company and its subsidiaries (including health insurance and life insurance) during the 90-day period immediately preceding the Effective Date or, if more favorable to the
Employee, as in effect at any time thereafter with respect to other key employees and their families, and for purposes of eligibility for retiree benefits pursuant to such employee welfare benefit plans, the Employee shall be considered to have
remained employed until the end of the Employment Period and to have retired on the last day of such period. 

  
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 7. Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit the
Employee’s continuing or future participation in any benefit, bonus, incentive or other plans, programs, policies or practices provided by the Company or any of its subsidiaries and for which the Employee may qualify, nor shall anything herein
limit or otherwise affect such rights as the Employee may have under any stock option, restricted stock, stock appreciation right, or other agreements with the Company or any of its subsidiaries. Amounts which are vested benefits or which the
Employee is otherwise entitled to receive under any plan, policy, practice or program of the Company or any of its subsidiaries at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program;
provided, however, that in the event the terms of any such plan, policy, practice or program concerning the payment of benefits thereunder shall conflict with any provision of this Agreement, the terms of this Agreement shall take precedence but
only if and to the extent the payment would not adversely affect the tax exempt status (if applicable) of any such plan, policy, practice or program and only if the Employee agrees in writing that such payment shall be in lieu of any corresponding
payment from such plan, policy, practice or program. 
 8. Full Settlement. The Company’s obligation to make the
payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Employee or
others. In no event shall the Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the provisions of this Agreement. The Company agrees to pay, to the full
extent permitted by law, all legal fees and expenses which the Employee may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company or others of the validity or enforceability of, or liability under, any
provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Employee about the amount of any payment pursuant to Section 9 of this Agreement), plus in each case interest at the applicable
Federal rate provided for in Section 7872(f)(2) of the Internal Revenue Code of 1986, as amended (the “Code”). 

9. Adjustments to Payments. 
 (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any economic benefit or payment or distribution by the Company to or for the benefit of the
Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (including, but not limited to, any economic benefit received by the Employee by reason of the acceleration of rights under the
various option, restricted stock and stock appreciation right plans of the Company) (a “Payment”), would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties with respect to such excise tax
(such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), the Payments shall be reduced (but not below zero) if and to the extent that such reduction would result in the
Employee retaining a larger amount, on an after-tax basis (taking into account federal, state and local income taxes and the imposition of the Excise Tax), than if the Employee received all of the Payments. The Company shall reduce or eliminate the
Payments, by first reducing or eliminating the portion of the Payments which are not payable in cash and then by reducing or eliminating cash payments, in each case in reverse order beginning with payments or benefits which are to be paid the
farthest in time from the determination. 

  
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 (b) All determinations required to be made under this Section 9,
including whether and when an adjustment to any Payments is required and, if applicable, which Payments are to be so adjusted, shall be made by the Company’s regular outside independent public accounting firm (the “Accounting Firm”)
which shall provide detailed supporting calculations both to the Company and the Employee within 15 business days of the Date of Termination, if applicable, or such earlier time as is requested by the Company. All fees and expenses of the Accounting
Firm shall be borne solely by the Company. If the Accounting Firm determines that no Excise Tax is payable by the Employee, it shall furnish the Employee with a written opinion that failure to report the Excise Tax on the Employee’s applicable
federal income tax return would not result in the imposition of a negligence or similar penalty. Any determination by the Accounting Firm shall be binding upon the Company and the Employee. 

(c) In the event that any state or municipality or subdivision thereof shall subject any Payment to any special tax which
shall be in addition to the generally applicable income tax imposed by such state, municipality, or subdivision with respect to receipt of such Payment, the foregoing provisions of this Section 9 shall apply, mutatis mutandis,
with respect to such special tax. 
 10. Confidential Information. The Employee shall hold in a fiduciary capacity for
the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its subsidiaries, and their respective businesses, which shall have been obtained by the Employee during the Employee’s
employment by the Company or any of its subsidiaries and which shall not be or become public knowledge (other than by acts by the Employee or the Employee’s representatives in violation of this Agreement). After termination of the
Employee’s employment with the Company, the Employee shall not, without the prior written consent of the Company, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. In no
event shall an asserted violation of the provisions of this Section 10 constitute a basis for deferring or withholding any amounts otherwise payable to the Employee under this Agreement. 

  
 10 

 11. Successors. 

(a) This Agreement is personal to the Employee and without the prior written consent of the Company shall not be
assignable by the Employee otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Employee’s legal representatives. 

(b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 (c) The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such
succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise. 
 12. Miscellaneous. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without
reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force and effect. 
 (b) All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid,
addressed as follows: 
 If to the Employee: 

 
 If to the Company: 

Crane Co. 
 100
First Stamford Place 
 Stamford, CT 06902 
 Attention: Secretary 

  
 11 

 or to such other address as either party shall have furnished to the other in writing in accordance
herewith. Notice and communications shall be effective when actually received by the addressee. 
 (c) The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
 (d) The Company may withhold from any amounts payable under this Agreement such federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

(e) The Employee’s failure to insist upon strict compliance with any provision hereof shall not be deemed to be a
waiver of such provision or any other provision thereof. 
 (f) This Agreement contains the entire understanding
of the Company and the Employee with respect to the subject matter hereof. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.

 (g) The Employee and the Company acknowledge that the employment of the Employee by the Company is “at
will,” and, prior to the Effective Date, may be terminated by either the Employee or the Company at any time. Upon a termination of the Employee’s employment or prior to the Effective Date, there shall be no further rights under this
Agreement. 
 IN WITNESS WHEREOF, the Employee has hereunto set Employee’s hand and, pursuant to the authorization from its
Board of Directors, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 
  

			
	EMPLOYEE
	
	 
	
	
	 CRANE CO.

		
	By:	 	 
		 	
		 	

  

			
		
	Attest:	 	 
		 	Secretary

  
 12

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