Document:

exv10w12

EXHIBIT 10.12

(As Amended and Restated Through October 6, 2009)

ROBBINS & MYERS, INC.

2004 STOCK INCENTIVE PLAN AS AMENDED

Section 1. Purpose

     The purpose of the Plan is to promote the long-term success of the Company by providing
financial incentives to persons who are in positions to make significant contributions toward the
Company’s success. The Plan is designed to attract individuals of outstanding ability to
employment or other service with the Company and its subsidiaries and to encourage them to acquire
a proprietary interest in the Company through stock ownership, to continue in the service of the
Company and its subsidiaries, and to render superior performance during their period of employment
or other service with the Company.

Section 2. Definitions

     Wherever the following capitalized terms are used in this Plan, they shall have the meanings
specified below.

     (a) “Award” means an award of an Option, Restricted Share Award, Share Unit Award, Performance
Award or Share Award granted under the Plan.

     (b) “Award Agreement” means an agreement entered into between the Company and a Participant
setting forth the terms and conditions of an Award granted to a Participant.

     (c) “Board” means the Board of Directors of the Company.

     (d) “Change of Control” means and shall be deemed to have occurred on (i) the date upon which
the Company is provided a copy of a Schedule 13D, filed pursuant to Section 13(d) of the Securities
Exchange Act of 1934 indicating that a group or person, as defined in Rule 13d-3 under said Act,
has become the beneficial owner of 20% or more of the outstanding Voting Shares or the date upon
which the Company first learns that a person or group has become the beneficial owner of 20% or
more of the outstanding Voting Shares if a Schedule 13D is not filed; (ii) the date of a change in
the composition of the Board such that individuals who were members of the Board on the date two
years prior to such change (or who were subsequently elected to fill a vacancy in the Board, or
were subsequently nominated for election by the Company’s shareholders, by the affirmative vote of
at least two-thirds of the directors then still in office who were directors at the beginning of
such two year period) no longer constitute a majority of the Board; (iii) the date the shareholders
of the Company approve a merger or consolidation of the Company with any other corporation, other
than a merger or consolidation which would result in the Voting Shares of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into Voting Shares of the surviving entity) at least 80% of the total voting power
represented by the Voting Shares of the Company or such surviving entity outstanding immediately
after such merger or consolidation; or (iv) the date shareholders of the Company approve a plan of
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liquidation of the Company or an agreement for the sale or disposition by the Company of all
or substantially all the Company’s assets.

     (e) “Code” means the Internal Revenue Code of 1986, as amended.

     (f) “Committee” means the committee referred to in Section 4.

     (g) “Common Shares” means the common shares, without par value, of the Company.

     (h) “Company” means Robbins & Myers, Inc., an Ohio corporation, and when used with reference
to employment of a Participant or services as a director, Company includes any Subsidiary of the
Company.

     (i) “Date of Grant” means the date on which an Award under the Plan is made by the Committee,
or such later date as the Committee may specify to be the effective date of the Award.

     (j) “Disability” means that because of an injury or sickness the Participant is unable to
perform any occupation for which the Participant is qualified, or may reasonably become qualified,
by reason of education, training, or experience, whether or not a job involving such occupation is
available with the Company.

     (k) “Early Retirement” means retiring after having reached age 55 and having 10 years of
service or retiring after reaching age 55 with the consent of the Committee.

     (l) “Eligible Person” means any person who is an employee, officer, or director of the Company
or any Subsidiary or any person who is determined by the Committee to be a prospective employee,
officer, or director of the Company or any Subsidiary and who becomes such an employee, officer or
director within six months of the Date of Grant.

     (m) “Fair Market Value” means the closing price of a Common Share on the date when the value
of a Common Share is to be determined, as reported on the New York Stock Exchange-Composite
Transactions Tape; or, if no sale of Common Shares is reported on such date, then the next
preceding date on which a sale occurred; or if the Common Shares are no longer listed on such
exchange, the determination of such value shall be made by the Committee in accordance with
applicable provisions of the Code and related regulations promulgated under the Code.

     (n) “Gross Misconduct” means engaging in any act or acts involving conduct which violates
Company policy or is illegal and which results, directly or indirectly, in personal gain to the
individual involved at the expense of the Company or a Subsidiary.

     (o) “Incentive Stock Option” means an Option that is an Incentive Stock Option, as defined in
Section 422 of the Code.

     (p) “Nonqualified Stock Option” means an Option that is not an Incentive Stock Option.

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     (q) “Normal Retirement” means retiring after having reached age 65.

     (r) “Option” means a right to purchase Common Shares at a specified price; “Optionee” means
the holder of an Option.

     (s) “Participant” means an Eligible Person who holds an outstanding Award.

     (t) “Performance Award” means an award under Section 8 under which a Participant has a right
to receive Restricted Shares, Common Shares, cash, or a combination thereof, contingent upon the
attainment of performance objectives determined in the discretion of the Committee as more fully
set forth at Section 8.

     (u) “Plan” means the Robbins & Myers, Inc. 2004 Stock Incentive Plan as set forth herein and
as amended from time to time.

     (v) “Restricted Share Award” means an Award under Section 7 under which a Participant receives
Common Shares that are nontransferable and subject to substantial risk of forfeiture until specific
conditions are met; “Restricted Shares” means Common Shares, which are the subject of a Restricted
Share Award.

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

     (x) “Section 162(m) Award” means any Award that is intended to qualify for the
performance-based compensation exemption under Section 162(m)(4)(c) of the Code and the regulations
promulgated thereunder.

     (y) “Share Award” means an Award under Section 10 entitling a Participant to Common Shares
that are free of transfer restrictions and forfeiture conditions.

     (z) “Share Unit Award” means an Award under Section 9 entitling a Participant to a payment of
a unit value based on the Fair Market Value of a Common Share.

     (aa) “Voting Shares” means any securities of the Company, which vote generally in the election
of directors of the Company.

Section 3. Common Shares Subject to the Plan

     Section 3.1. Aggregate Limitation. The maximum number of Common Shares that may be
issued pursuant to the Plan shall be Two Million Four Hundred Thousand (2,400,000), subject to
adjustment in accordance with Section 3.3. The Common Shares that may be issued pursuant to the
Plan may be authorized and unissued Common Shares or Common Shares held in the Company’s treasury.
To the extent that any Award payable in Common Shares is forfeited, cancelled, returned to the
Company for failure to satisfy vesting requirements or upon the occurrence of other forfeiture
events, or otherwise terminates without payment being made

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thereunder, the Common Shares covered thereby will no longer be charged against the foregoing
maximum share limitation and may again be made subject to Awards under the Plan. In addition, if
any Common Shares are exchanged by a Participant or withheld from a Participant as full or partial
payment to the Company of the exercise price or tax withholding upon exercise or payment of an
Award, then the number of Common Shares that shall be charged against the maximum number of Common
Shares that may be issued pursuant to the Plan shall be reduced by the number of Common Shares so
exchanged or withheld. Any Awards settled in cash shall not be counted against the share
limitation set forth in this Section 3.1.

     Section 3.2. Per Participant Limitations. The maximum number of Common Shares that
may be granted as Awards to a Participant in any fiscal year of the Company is as follows:

     (a) With respect to Options, no more than 200,000 Common Shares may be subject to options
granted in the year, subject to adjustment in accordance with Section 3.3;

     (b) With respect to Restricted Common Shares (not issued in connection with Performance
Awards), no more than $500,000 in Common Shares, based on the Fair Market Value of the shares on
the Date of Grant, may be awarded in the year;

     (c) With respect to Performance Awards, no more than $1,000,000 in Common Shares, based on the
Fair Market Value of the shares on the Date of Grant, may be awarded in the year;

     (d) With respect to Share Unit Awards, no more than $500,000 in Share Unit Awards, based on
the Fair Market Value of a Common Share on the Date of Grant, may be awarded in the year; and

     (e) With respect to Stock Awards, no more than $500,000 in Common Shares, based on the Fair
Market Value of the shares on the Date of Grant, may be awarded in the year.

     Section 3.3. Adjustment in Share Limitations.
If there shall occur any recapitalization, reclassification, stock dividend,
stock split, reverse stock split, other distribution with respect to the Common Shares other than a
regular quarterly cash dividend, or other change in corporate structure affecting the Common Shares
(each of the foregoing is hereinafter referred to as a “Corporate Transaction”), or any merger,
reorganization, or consolidation, the Committee may, in the manner and to the extent that it deems
appropriate and equitable to the Participants and consistent with the terms of this Plan, cause an
adjustment to be made in (i) the maximum number and kind of shares provided in Section 3.1, (ii)
the maximum number and kind of shares or units set forth in Sections 3.2, (iii) the number and kind
of Common Shares, units, or other rights subject to then outstanding Awards, (iv) the price for
each share or unit or other right subject to then outstanding Awards, (v) the performance measures
or goals relating to an Award and (v) any other terms of an Award that are affected by the event.
Notwithstanding the foregoing, to the extent that a Corporate Transaction involves a nonreciprocal
transaction between the Company and its shareholders that causes the per-share value of the Common
Shares underlying outstanding awards under this Plan to change, such as a stock dividend, stock
split, spin-off, rights offering or recapitalization through a large,

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nonrecurring cash dividend (an “Equity Restructuring”), the Committee shall be required to
make or provide for such adjustments set forth in the preceding sentence that, in its sole
discretion, are required to equalize the value of the outstanding awards under this Plan before and
after the Equity Restructuring. Notwithstanding the foregoing, in the case of Incentive Stock
Options, any such adjustments shall be made in a manner consistent with the requirements of Section
424(a) of the Code.

     Section 3.4. Fractional Common Shares. No right to purchase, or to be issued
fractional Common Shares, shall result from any adjustment in Awards pursuant to this Section 3.
In the case of any such adjustment, the Common Shares subject to the Award shall be rounded down to
the nearest whole share.

     Section 3.5. Merger or Other Reorganization. Any other provision of the Plan or an
Award Agreement to the contrary notwithstanding, in the event the Company is a party to a merger or
other reorganization, outstanding Awards shall be subject to the agreement of merger or
reorganization. Such agreement may provide, without limitation, for the assumption of outstanding
Awards by the surviving corporation or its parent, for their continuation by the Company (if the
Company is a surviving corporation), for accelerated vesting and accelerated expiration, or for
settlement in cash.

Section 4. Administration

     Section 4.1. Committee. The Plan shall be administered by a Committee of the Board,
comprised of three or more directors, who shall from time to time be appointed by, and serve at the
pleasure of, the Board. Solely to the extent deemed necessary or advisable by the Board, each
director serving on the Committee shall be (i) a “non-employee director” within the meaning of Rule
16b-3 promulgated under the Securities Exchange Act of 1934, (ii) an “outside director” within the
meaning of Code Section 162(m), and (iii) an “independent director” within the meaning of rules
adopted by the New York Stock Exchange.

     Section 4.2. Authority. The Committee shall have and exercise all the power and
authority granted to it under the Plan. Subject to the provisions of the Plan, the Committee shall
have authority in its sole discretion from time to time (i) to designate from Eligible Persons the
persons to whom Awards are granted; (ii) to prescribe such limitations, restrictions and conditions
upon any such awards as the Committee shall deem appropriate, including establishing and
administering performance measures in Section 11, and certifying whether the performance measures
have been met; (iii) to interpret the Plan and to adopt, amend and rescind rules and regulations
relating to the Plan; and (iv) to make all other determinations and take all other actions
necessary or advisable for the implementation and administration of the Plan.

     Section 4.3. Committee Actions. A majority of the Committee shall constitute a
quorum, and the acts of a majority of the members present at a meeting at which a quorum is
present, or acts reduced to or approved in writing by all members of the Committee, shall be acts
of the Committee. All such actions shall be final, conclusive, and binding. No member of the
Committee shall be liable for any action taken or decision made in good faith relating to the Plan
or any Award thereunder.

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     Section 4.4. Interpretation and Construction. Section 162(m) Awards are intended to
qualify as performance-based compensation within the meaning of Code Section 162(m)(4)(C). Any
provision of the Plan that would prevent a Section 162(m) Award from so qualifying shall be
administered, interpreted and construed to carry out such intention and any provision that cannot
be so administered, interpreted and construed shall to that extent be disregarded.

Section 5. Eligibility; Awards

     Section 5.1. Eligible Persons. The Committee may grant Awards to Eligible Persons.

     Section 5.2. Awards. Awards may be granted in any one or more combinations of (i)
Incentive Stock Options, (ii) Nonqualified Stock Options, (iii) Restricted Share Awards, (iv)
Performance Awards, (v) Stock Unit Awards, and (vi) Share Awards. All Awards shall be subject to
such other terms and conditions as may be established by the Committee. Determinations by the
Committee under the Plan, including without limitation, designation of Participants, the form,
amount and timing of Awards, the terms and provisions of Awards, and the written agreements
evidencing Awards, need not be uniform and may be made selectively among Eligible Persons who
receive, or are eligible to receive, Awards hereunder, whether or not such Eligible Persons are
similarly situated.

     Section 5.3. Employment. The Plan and the Awards granted hereunder shall not confer
upon any person the right to continued employment with the Company or affect in any way the right
of the Company to terminate the employment of any person at any time and for any reason.

Section 6. Options

     The Committee may grant Incentive Stock Options and Nonqualified Stock Options and such
Options shall be subject to the following terms and conditions and such other terms and conditions
as the Committee may prescribe:

     Section 6.1. Option Price. The option price per Common Share with respect to each
Option shall be determined by the Committee but shall not be less than the Fair Market Value of a
Common Share on the Date of Grant.

     Section 6.2. Period of Option. The period of each Option shall be fixed by the
Committee but in no case may an option be exercised more than ten years after its Date of Grant.

     Section 6.3. Exercise of Option. Subject to the provisions of Section 6.4 relating to
continuous employment or other service, an Option may be exercised with respect to all Common
Shares covered thereby or may be exercised with respect to a specified number of Common Shares over
a specified period or periods as determined by the Committee. Any Common Shares not purchased
during a specified period may be purchased thereafter at any time prior to the expiration of the
Option unless the Committee determines otherwise. The Committee may at any time remove or alter
any restriction on exercise of an Option that was imposed by the Committee.

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     Section 6.4. Termination of Service. No Option may be exercised under the Plan after
the Optionee’s employment or other service with the Company has terminated except that an Option
may, subject to the ten year limitation at Section 6.2, be exercised (i) within 30 days after the
Optionee’s employment or other service with the Company ceases, if the cause of cessation of
employment or other service was other than retirement, disability, death or termination of
employment or other service by the Company for Gross Misconduct; (ii) within one year of cessation
of employment in the case of Early Retirement except that the Committee may, in its discretion, in
the case of Early Retirement, extend the period of exercise to a date not more than three years
after cessation of employment; and (iii) within three years of cessation of employment or other
service in the case of Normal Retirement, death or disability. After termination of employment or
other service on account of disability, death, Early Retirement or Normal Retirement, Options may
be exercised in full; in all other cases, after termination of employment or service, Options may
be exercised only to the extent they could have been exercised on the date of the Optionee’s
termination of employment or other service. Whether authorized leave of absence or absence for
military or governmental service shall constitute a termination of employment or other service
shall be determined by the Committee.

     Section 6.5. Additional Rules Applicable to Incentive Stock Options. Except as may
otherwise be permitted by the Code, the following additional rules shall be applicable to Incentive
Stock Options:

     (a) Eligibility. An Incentive Stock Option may only be granted to an Eligible Person
who is considered an employee of the Company or any Subsidiary for purposes of Treasury Regulations
applicable to Incentive Stock Options.

     (b) Annual Limits; Limits on Grants to Holders of 10% or More. No Incentive Stock
Option shall be granted to a Participant as a result of which the aggregate Fair Market Value
(determined as of the Date of Grant) of the Common Shares with respect to which Incentive Stock
Options are exercisable for the first time in any calendar year under the Plan and any other stock
option plans of the Company, any Subsidiary, or any parent corporation, would exceed $100,000,
determined in accordance with Section 422(d) of the Code. This limitation shall be applied by
taking Options into account in the order in which granted. To the extent that any Common Shares
subject to an Option granted under the Plan are not eligible to subject to an Incentive Stock
Option because of the foregoing limitations, the Common Shares shall be treated as being subject to
a Nonqualified Stock Option granted under the Plan. In addition, no Incentive Stock Option shall
be granted to an Eligible Person who possesses, directly or indirectly (within the meaning of Code
Section 424(d)), at the time of grant more than 10% of the combined voting power of all classes of
stock of the Company unless the option price is at least 110% of the Fair Market Value of the
Common Shares subject to the Option on the date such Option is granted and such Incentive Stock
Option is not exercisable after the expiration of five years from the date of grant.

     (c) Other Terms and Conditions; Nontransferability. Any Incentive Stock Option
granted hereunder shall contain such additional terms and conditions, not inconsistent with the
terms of this Plan, as are deemed necessary or desirable by the Committee, which terms, together
with the terms of this Plan, shall be intended and interpreted to cause such Incentive Stock

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Option to qualify as an “incentive stock option” under Section 422 of the Code. An Incentive
Stock Option shall by its terms be nontransferable other than by will, by the laws of descent and
distribution, or by designation of a beneficiary pursuant to this Plan and shall be exercisable
during the lifetime of a Participant only by such Participant or a Participant’s legal guardian as
permitted under Section 422 of the Code.

     (d) Disqualifying Dispositions. If Common Shares acquired by exercise of an Incentive
Stock Option are disposed of within two years following the Date of Grant or one year following the
issuance of such shares to the Participant upon exercise, the Participant shall, promptly following
such disposition, notify the Company in writing of the date and terms of such disposition and
provide such other information regarding the disposition as the Company may reasonably require.

     Section 6.6. Option Exercise; Payment; Tax Withholding. Subject to such terms and
conditions as shall be specified in an Award Agreement and the Plan, an Option may be exercised in
whole or in part by notice in the form required by the Company, together with payment of the
aggregate exercise price therefor. Unless otherwise specified in the Award Agreement, payment of
the exercise price may be made as follows: (i) in cash, (ii) payment in Common Shares that have
been held by the Participant for at least six months (or such other period as the Committee may
deem appropriate for purposes of applicable accounting rules) by actual delivery of such Common
Shares to the Company or by in accordance with the attestation procedure at Section 6.7, valued at
the Fair Market Value of such shares on the date of exercise, (iii) by a delivery of a notice in
the form acceptable to the Committee that the Participant has placed a market sell order (or
similar instruction) with a broker with respect to Common Shares then issuable upon exercise of the
Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of
the sale to the Company in satisfaction of the exercise price (conditioned upon the payment of such
net proceeds), (iv) by a combination of the methods described above, or (v) by such other method as
may be approved by the Committee and set forth in the Award Agreement.

     Section 6.7 Attestation Procedure. If a Participant desires to pay the Option price
by delivery of already-owned Common Shares, the Participant may either physically deliver the
already-owned Common Shares or follow the attestation procedure set forth in this Section 6.7. To
attest to the ownership of already-owned Common Shares, the Participant shall submit to the Company
a signed statement at the time of exercise of an Option that (i) sets forth the number of Common
Shares already-owned by the Participant that are to be used in payment of the Option price, (ii)
confirms that the Participant is the owner of such payment shares, and (iii) if such payment shares
are registered in the Participant’s name, sets forth the certificate numbers(s) of such payment
shares. Such payment shares shall be treated as having been delivered to the Company by the
Participant on the date of exercise, and the Company shall issue to the Participant a certificate
for the number of Common Shares being purchased, less the number of payment shares. The Committee
shall have the authority to amend the foregoing procedure from time to time or to limit its use in
such manner as the Committee may in its discretion determine.

     Section 6.8. Repricing and Reloads Prohibited. Neither the Committee nor the Board
shall cause the cancellation, substitution or amendment of an Option that would have the effect

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of reducing the exercise price of an Option previously granted under the Plan, except in
accordance with an adjustment permitted under Section 3.3. No Option granted under the Plan may
provide for the automatic grant of another Option upon the exercise of the underlying Option
without further action by the Committee.

Section 7. Restricted Share Awards

     Section 7.1. Grant of Restricted Share Awards. A Restricted Share Award may be
granted to any Eligible Person selected by the Committee. A Restricted Share Award granted to an
Eligible Person represents Common Shares that are issued subject to such vesting and transfer
restrictions as the Committee shall determine and set forth in an Award Agreement. The Committee
may grant Restricted Share Awards that are Section 162(m) Awards, as well as Restricted Share
Awards that are not Section 162(m) Awards.

     Section 7.2. Vesting Requirements. The restrictions imposed on shares granted under a
Restricted Share Award shall lapse in accordance with the vesting requirements specified by the
Committee in the Award Agreement, provided, however, that unless the vesting requirements are based
on specified performance goals and measures set forth in the Award Agreement at the time of the
Award or the Restricted Shares are issued in lieu of cash compensation, then the shares shall vest
over a not less than three-year period, with up to one-third of the shares available for vesting on
or after the first annual anniversary date of the date of Award, up to an additional one-third of
the shares available for vesting on or after the second annual anniversary date, and the remaining
shares subject to the Award being available for vesting on or after the third annual anniversary
date. Notwithstanding the foregoing, a Restricted Share Award shall fully vest in the event of a
Change of Control or the termination of the Participant’s employment as a result of disability or
death. Such vesting requirements may be based on the continued employment or other service of the
Participant with the Company or its Subsidiaries for a specified time period or periods. Such
vesting requirements may also be based on the attainment of specified performance goals or measures
established by the Committee in its sole discretion, but no performance period for the attainment
of specified performance goals or measures shall be less than one year. In the case of any
Restricted Share Award that is a Section 162(m) Award, any such performance-based vesting
requirements shall be based upon the performance criteria identified in Section 11 hereof, and the
terms of the Award shall otherwise comply with the requirements described in Section 11 hereof. If
the vesting requirements of a Restricted Share Award shall not be satisfied, the Award shall be
forfeited and returned to the Company.

     Section 7.3. Restrictions. Shares granted under any Restricted Share Award may not be
transferred, assigned or subject to any encumbrance, pledge, or charge until all applicable
restrictions are removed or have expired, unless otherwise allowed by the Committee. Failure to
satisfy any applicable restrictions shall result in the subject shares of the Restricted Share
Award being forfeited and returned to the Company. The Committee may require in an Award Agreement
that certificates representing the shares granted under a Restricted Share Award bear a legend
making appropriate reference to the restrictions imposed, and that certificates representing the
shares granted under a Restricted Share Award will remain in the physical custody of the Company or
an escrow holder until all restrictions are removed or have expired.

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     Section 7.4. Rights as a Shareholder. Subject to the foregoing provisions of this
Section 7 and the applicable Award Agreement, the Participant will have all rights of a shareholder
with respect to the shares granted to him under a Restricted Share Award, including the right to
vote the shares and receive all dividends and other distributions paid or made with respect
thereto, unless the Committee determines otherwise at the time the Restricted Share Award is
granted.

     Section 7.5. Section 83(b) Election. If a Participant makes an election pursuant to
Section 83(b) of the Code with respect to a Restricted Share Award, the Participant shall be
required to file, within 30 days following the Date of Grant, a copy of such election with the
Company and with the Internal Revenue Service, in accordance with the regulations under Section 83
of the Code. The Committee may provide in an Award Agreement that the Restricted Share Award is
conditioned upon the Participant’s refraining from making an election with respect to the Award
under Section 83(b) of the Code.

Section 8. Performance Awards

     Section 8.1. Grant of Performance Awards. The Committee may grant Performance Awards
under the Plan which represent the right to receive a specified number Common Shares or their
equivalent value, referred to herein as Performance Shares, if performance goals established by the
Committee for a performance period are satisfied. The value of each Performance Share is equal to
the Fair Market Value of a Common Share on any applicable date of determination. The Committee may
grant Performance Awards that are Section 162(m) Awards, as well as Performance Awards that are not
Section 162(m) Awards. At the time a Performance Award is granted, the Committee shall determine,
in its sole discretion, the applicable performance period and performance goals to be achieved
during the performance period, as well as such other conditions as the Committee deems appropriate.
The performance goals applicable to a Performance Award grant may be subject to adjustments as the
Committee shall deem appropriate to reflect significant unforeseen events, such as changes in law,
accounting practices or unusual or nonrecurring items or occurrences. The Committee’s authority to
make such adjustments shall be subject to such limitations as the Committee deems appropriate in
the case of a Performance Award that is a Section 162(m) Award. In the case of any Performance
Award that is a Section 162(m) Award, performance-goals shall be based upon the performance
criteria identified in Section 11.2 hereof, and the terms of the Award shall otherwise comply with
the requirements described in Section 11 hereof.

     Section 8.2. Payment of Performance Awards. At the end of the performance period, the
Committee shall determine the extent to which performance goals have been attained in order to
establish the number of Performance Shares that have been earned. Except as may be set forth in
the applicable Award Agreement, payments for Performance Shares earned, if any, shall be made no
later than 2 and 1/2 months after the end of the year (the Participant’s tax year or the Company’s
fiscal year, whichever ends later) in which the Performance Shares vest, subject to any tax
withholding requirements. The Committee, in its discretion, may elect to make payment of the
Performance Awards in Restricted Shares, Common Shares, cash or any combination of the foregoing.
Notwithstanding the foregoing, a Performance Share Award shall fully vest at the rate the
Performance Shares were earned or being earned, or if higher, the target number of

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shares set for the particular award in the event of a Change of Control or the termination of
the Participant’s employment as a result of disability or death.

Section 9. Share Unit Awards

     Section 9.1. Grant of Share Unit Awards. A Share Unit Award may be granted to any
Eligible Person selected by the Committee. A Share Unit Award is an Award to an Eligible Person of
a number of hypothetical share units with respect to Common Shares that are granted subject to such
vesting and transfer restrictions and conditions of payment as the Committee shall determine and
set forth in an Award Agreement. The value of each unit under a Share Unit Award is equal to the
Fair Market Value of a Common Share on any applicable date of determination. The Committee may
grant Share Unit Awards that are Section 162(m) Awards, as well as Share Unit Awards that are not
Section 162(m) Awards. A Share Unit Award shall be subject to such restrictions and conditions as
the Committee shall determine. A Share Unit Award may be granted, at the discretion of the
Committee, together with a dividend equivalent right with respect to the same number of Common
Shares.

     Section 9.2. Vesting of Share Unit Awards. On the Date of Grant, the Committee shall
determine, in its sole discretion, any vesting requirements with respect to a Share Unit Award,
which shall be set forth in the Award Agreement, provided that the Committee may accelerate the
vesting of a Share Unit Award at any time. Vesting requirements may be based on the continued
employment or other service of the Participant with the Company or its Subsidiaries for a specified
time period or periods. Vesting requirements may also be based on the attainment of specified
performance goals or measures established by the Committee in its sole discretion. In the case
of any Share Unit Award that is a Section 162(m) Award, any such performance-based vesting
requirements shall be based upon the performance criteria identified in Section 11.2 hereof, and
the terms of the Award shall otherwise comply with the requirements described in Section 11 hereof.

     Section 9.3. Payment of Share Unit Awards. Except as may be set forth in the
applicable Award Agreement, a Share Unit Award shall become payable to a Participant no later than
2 and 1/2 months after the end of the year (the Participant’s tax year or the Company’s fiscal
year, whichever ends later) in which the award vested. The payment with respect to each share unit
under a Share Unit Award shall be determined by reference to the Fair Market Value of one Common
Share on each applicable payment date. Payment may be made, at the discretion of the Committee, in
cash, Restricted Shares or Common Shares, or in a combination thereof, subject to applicable tax
withholding requirements.

     Section 9.4. No Rights as Shareholder. The Participant shall not have any rights as a
shareholder with respect to the shares subject to a Share Unit Award until such time as shares of
Common Shares are delivered to the Participant pursuant to the terms of the Award.

Section 10. Share Awards

     Section 10.1. Grant of Share Awards. A Share Award may be granted to any Eligible
Person selected by the Committee. A Share Award may be granted in lieu of cash compensation,

11

 

including salary, bonuses, or directors fee payments, as determined by the Committee. A Share
Award granted to an Eligible Person represents Common Shares that are issued free of restrictions
on transfer and other incidents of ownership and free of forfeiture conditions, except as otherwise
provided in the Plan and the Award Agreement. The Committee may, in connection with any Share
Award, require the payment of a specified purchase price. The Committee may grant Share Awards
that are Section 162(m) Awards, as well as Share Awards that are not Section 162(m) Awards.

     Section 10.2. Rights as Shareholder. Subject to the foregoing provisions of this
Section 10 and the applicable Award Agreement, the Participant will have all rights of a
shareholder with respect to the shares granted to him under a Share Award, including the right to
vote the shares and receive all dividends and other distributions paid or made with respect
thereto.

Section 11. Section 162(m) Awards

     Section 11.1. Awards. Options granted under the Plan are intended by their terms to
qualify as Section 162(m) Awards. Restricted Stock Awards, Stock Unit Awards, Stock Awards and
Performance Awards granted under the Plan may qualify as Section 162(m) Awards if the Awards are
granted or become payable or vested based upon pre-established performance goals in accordance with
this Section 11.

     Section 11.2. Performance Criteria. In the case of a Restricted Stock Award, Stock
Unit Award, Stock Award or Performance Award that is intended to be a Section 162(m) Award, the
performance criteria upon which the grant, payment or vesting may be based shall be limited to one
or more of the following performance measures, which may be applied with respect to the Company,
any Subsidiary or any business unit: cash flow; cash flow from operations; free cash flow; total
earnings; earnings per share, diluted or basic; earnings per share from continuing operations,
diluted or basic; income before income taxes; earnings before interest and taxes; earnings before
interest, taxes, depreciation, and amortization; earnings from continuing operations; net asset
turnover; inventory turnover; receivable turnover; capital expenditures; net earnings; operating
earnings; gross or operating margin; debt; working capital; return on equity; return on net assets;
return on total assets; return on capital; return on investment; return on sales; net or gross
sales; market share; economic value added; expense reduction levels; stock price; and total
shareholder return. The foregoing performance criteria shall have any reasonable definitions that
the Committee may specify within the period specified in Section 11.3, which may include or exclude
any items specified by the Committee, including but not limited to any or all of the following
items: discontinued operations, extraordinary, unusual, non-recurring or special items, effects of
accounting changes, effects of currency or interest rate fluctuations, effects of financing
activities (e.g., effect on earnings per share of issuing convertible debt securities), changes in
tax rates, expenses for restructuring or productivity initiatives, litigation losses, non-operating
items, effects of acquisitions or divestitures and changes of law or regulation affecting the
Company’s business. The foregoing performance measures may be determined on an absolute basis or
relative to internal goals or relative to levels attained in prior years, or related to other
companies or indices, or as ratios expressing relationships between two or more performance
measures. In the case of Awards that are not Section 162(m) Awards, the

12

 

Committee may designate performance criteria from among the foregoing or such other
performance criteria as it shall determine in its sole discretion.

     Section 11.3. Section 162(m) Requirements. In the case of a Restricted Stock Award,
Stock Unit Award, Stock Award or Performance Award that is intended to be a Section 162(m) Award,
the Committee shall make such determinations with respect to an Award as required by Section 162(m)
of the Code within 90 days after the beginning of the performance period (or such other time period
as is required under Section 162(m) of the Code). As and to the extent required by Section 162(m)
of the Code, the terms of an Award that is a Section 162(m) Award must state, in terms of an
objective formula or standard, the method of computing the amount of compensation payable under the
Award, and must preclude discretion to increase the amount of compensation payable under the terms
of the Award (but may give the Committee discretion to decrease or eliminate the amount of
compensation payable).

Section 12. Non-Assignability of Awards

     Section 12.1. Restrictions on Transfer. Except as provided in Section 12.2 with
respect to Nonqualified Stock Options, no Award granted under the Plan shall be assigned,
transferred, pledged, or otherwise encumbered by a Participant, otherwise than by will, by
designation of a beneficiary after death, or by the laws of descent and distribution, or be made
subject to execution, attachment or similar process. Except as provided in Section 12.2 with
respect to Nonqualified Stock Options, each Award shall be exercisable during the Participant’s
lifetime only by the Participant or, if permissible under applicable law, by the Participant’s
guardian or legal representative.

     Section 12.2. Limited Transferability of Nonqualified Options. Neither a Nonqualified
Stock Option nor any right thereunder may be assigned or transferred by the optionee except by will
or the laws of descent and distribution or pursuant to a qualified domestic relations order (as
defined in the Code or the Employee Retirement Income Security Act of 1974), provided, however, the
Committee may by written action permit any holder of a Nonqualified Stock Option, either before or
after the time of grant, to transfer a Nonqualified Stock Option during his lifetime to one or more
members of his family, to one or more trusts for the benefit of one or more members of his family,
or to a partnership or partnerships of members of his family, provided that no consideration is
paid for the transfer and that such transfer would not result in the loss of any exemption under
Rule 16b-3 for any option granted under any plan of the Company. The transferee of a Nonqualified
Stock Option shall be subject to all restrictions, terms and conditions applicable to the
Nonqualified Stock Option prior to its transfer. The Committee may impose on any transferable
Nonqualified Stock Option and on the shares to be issued upon the exercise of a Nonqualified Stock
Option such limitations and conditions as the Committee deems appropriate.

Section 13. Change of Control

     Section 13.1. General. In order to maintain all of the Participant’s rights in the
event of a Change of Control of the Company, the Committee, in its sole discretion, may, as to any

13

 

Award, either at the time that an Award is made or any time thereafter, take any one or more
of the following actions:

     (a) provide for the acceleration of any time periods relating to the exercise or realization
of any such Award, so that such award may be exercised or realized in full on or before a date
fixed by the Committee;

     (b) provide for the purchase of any such Award by the Company, upon a Participant’s request,
for an amount of cash equal to the amount that could have been attained upon the exercise of such
Award or realization of such Participant’s rights had such award been currently exercisable or
payable;

     (c) make such adjustment to any such Award then outstanding as the Committee deems appropriate
to reflect a Change of Control; or

     (d) cause any such Award then outstanding to be assumed, or new rights substituted therefor,
by the acquiring or surviving corporation, if any, in connection with a Change of Control.

     Section 13.2. Options. All outstanding Options that are not yet exercisable shall
become immediately exercisable in full in the event of a Change of Control of the Company.

Section 14. Taxes

     Section 14.1. Withholding for Taxes. The Company shall be entitled, if necessary or
desirable, to withhold the amount of any tax attributable to any amounts payable under any Award
and the Company may defer making payment of any Award if any such tax, charge, or assessment may be
pending until indemnified to its satisfaction.

     Section 14.2. Use of Common Shares for Tax Withholding Payments. Unless the Committee
determines otherwise in its discretion, either before or after the grant of an Award, Common Shares
may be used in lieu of cash to pay to the Company all or any part of the mandatory federal, state
or local withholding tax payments (“Mandatory Withholdings”) as follows:

     (a) Nonqualified Stock Options. A Participant may use Common Shares to pay the
Company all or any part of the Mandatory Withholdings at the time of exercise of a Nonqualified
Option by following any of the methods of payment set forth in Section 6.6 for use in connection
with payment of the exercise price of an Option.

     (b) Restricted Share Awards. If Mandatory Withholdings are required to be paid at
the time Restricted Shares are delivered to a Participant or at the expiration of the Restricted
Period, then the Participant may pay the Mandatory Withholdings by delivering Common Shares to the
Company having a Fair Market Value equal to the amount of the Mandatory Withholdings being paid by
the use of Common Shares.

14

 

     (c) Performance Shares. If Mandatory Withholdings are required to be paid at the time
Common Shares are delivered to a Participant as a Performance Award, then the Participant may pay
the Mandatory Withholdings by delivering Common Shares to the Company having a Fair Market Value
equal to the amount of the Mandatory Withholdings being paid by the use of Common Shares.

     (d) Share Awards. If Mandatory Withholdings are required to be paid at the time
Common Shares are delivered to a Participant in connection with a Share Award, then the Participant
may pay the Mandatory Withholdings by delivering Common Shares to the Company having a Fair Market
Value equal to the amount of the Mandatory Withholdings being paid by the use of Common Shares.

Section 15. General Provisions

     Section 15.1. Form of Award Agreement. To the extent deemed necessary or appropriate
by the Committee, an Award under the Plan shall be evidenced by an Award Agreement in a form
approved by the Committee setting forth the number of Common Shares or units subject to the Award,
the exercise price, the base price, the time or times at which an Award will become vested,
exercisable or payable and the term of the Award. The Award Agreement shall also set forth the
effect on the Award of termination of employment or other service under certain circumstances. The
Award Agreement may also set forth other terms and conditions applicable to the Award as determined
by the Committee consistent with the limitations of this Plan. Award Agreements evidencing
Incentive Stock Options shall contain such terms and conditions as may be necessary to meet the
applicable provisions of Section 422 of the Code.

     Section 15.2. Forfeiture Events. The Committee may specify in an Award Agreement at
the time of the Award that the Participant’s rights, payments and benefits with respect to an Award
shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of
certain specified events, in addition to any otherwise applicable vesting or performance conditions
of an Award. Such events shall include, but shall not be limited to, termination of employment for
Gross Misconduct, violation of material Company policies, breach of noncompetition, confidentiality
or other restrictive covenants that may apply to the Participant, or other conduct by the
Participant that is detrimental to the business or reputation of the Company.

     Section 15.3. Compliance with Laws and Other Requirements. No Option shall be granted
and no Common Shares shall be issued in connection with any Award unless the grant of the Option
and the issuance and delivery of Common Shares or cash pursuant to the Award shall comply with all
relevant provisions of state and federal law, including, without limitation, the Securities Act of
1933, the Securities Exchange Act of 1934, the rules and regulations promulgated thereunder, and
the requirements of any market system or stock exchange upon which the Common Shares may then be
listed or traded.

     Section 15.4. Designation of Beneficiary. Each Participant may, from time to time,
name any beneficiary or beneficiaries (who may be named contingently or successively and who

15

 

may include a trustee under a will or living trust) to whom any benefit under the Plan is to be
paid in case of his death before he receives any or all of such benefit. Each designation will
revoke all prior designations by the same Participant, shall be in a form prescribed by the
Committee, and will be effective only when filed by the Participant in writing with the Committee
during his lifetime. In the absence of any such designation or if all designated beneficiaries
predecease the Participant, benefits remaining unpaid at the Participant’s death shall be paid to
the Participant’s estate.

     Section 15. 5. Plan Binding on Transferees. The Plan shall be binding upon the
Company, its transferees and assigns, and the Participant, his executor, administrator and
permitted transferees and beneficiaries.

     Section 15.6. Construction and Interpretation. Whenever used herein, nouns in the
singular shall include the plural, and the masculine pronoun shall include the feminine gender.
Headings of Sections hereof are inserted for convenience of reference and constitute no part of the
Plan.

     Section 15.7. Severability. If any provision of the Plan or any Award Agreement shall
be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining
provisions hereof and thereof shall be severable and enforceable in accordance with their terms,
and all provisions shall remain enforceable in any other jurisdiction.

     Section 15.8. Non-United States Participants. The Committee may grant Awards to
persons outside the United States under such terms and conditions as may, in the judgment of the
Committee, be necessary or advisable to comply with any tax, securities, regulatory or other laws
of the applicable foreign jurisdictions and, to that end, may establish sub-plans, modified option
exercise procedures and other terms and procedures. The terms and conditions of such Awards may
vary from the terms and conditions that would otherwise be required by the Plan solely to the
extent the Committee deems necessary for such purpose.

     Section 15.9. Governing Law. The Plan and all rights hereunder shall be subject to
and interpreted in accordance with the laws of the State of Ohio, without reference to the
principles of conflicts of laws, and with applicable Federal laws.

Section 16. Notices

Each notice relating to the Plan shall be in writing and delivered in person or by certified or
registered mail to the proper address. Each notice to the Committee shall be addressed as follows:
Robbins & Myers, Inc., 51 Plum Street, Suite 260, Dayton, Ohio 45440 Attention: Compensation
Committee. Each notice to a Participant shall be addressed to the Participant at the address of
the Participant maintained by the Company on its books and records. Anyone to whom a notice may be
given under this Plan may designate a new address by written notice to the other party to that
effect.

16

 

Section 17. Effective Date; Expiration Date; Amendment and Termination

     Section 17.1. Effective Date. The Plan was approved by the Board on October 6, 2004
and became effective upon its approval by the shareholders of the Company at the Annual Meeting of
Shareholders of the Company held on December 8, 2004.

     Section 17.2. Expiration Date. The Plan shall remain available for the grant of Awards
until the expiration of ten years from the date of its approval by shareholders of the Company or
such earlier date as the Board shall determine (the “Expiration Date”). The occurrence of the
Expiration Date shall not affect the operation of the terms of the Plan or the Company’s or a
Participant’s rights and obligations with respect to Awards granted on or prior to the Expiration
Date.

     Section 17.3. Amendment. The Board may at any time terminate, amend or modify the
Plan, or any provision thereof, in such respects as the Board may deem advisable or the Committee
may to the extent permitted by the Plan amend any Award Agreement or other document evidencing an
Award made under the Plan, provided, however, the Company shall submit to shareholders for their
approval any amendment (other than an amendment pursuant to the adjustment provisions of Section
3.2) required to be submitted for shareholder approval by the New York Stock Exchange or that
otherwise would:

     (a) increase the maximum number of Common Shares that may be issued under the Plan;

     (b) expand the types of Awards available to Participants under the Plan;

     (c) materially expand the class of Eligible Persons;

     (d) delete or limit the provisions of Section 6.7 prohibiting the repricing of Options or
reduce the price at which Common Shares may be offered under Options;

     (e) extend the term of the Plan; or

     (f) increase the limits in Section 3.2

In addition, no such amendment or modification shall be made which would impair the rights of any
Participant, without such Participant’s consent, under any outstanding Award, provided that no such
consent shall be required with respect to any amendment or modification if the Committee determines
in its sole discretion that such amendment or modification either (i) is required or advisable in
order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the
requirements of any accounting standard or (ii) is not reasonably likely to significantly diminish
the benefits provided under such Award, or that any such diminishment has been adequately
compensated.

 

			
	(1)	 	The Plan was approved by shareholders and became effective on December 8, 2004.

17

 

			
	(2)	 	Sections 7.2 and 10.1 were amended, effective March 30, 2005, by the Board of Directors of
the Company.
	 
	(3)	 	Section 2(l) and 3.3 were amended effective October 4, 2006 by the Board of Directors of the
Company.
	 
	(4)	 	Sections 2, 6.4, 7.2, 8.2, 9.2, and 9.3 were amended effective October 5, 2007 by the Board
of Directors of the Company.
	 
	(5)	 	The 1,200,000 that had appeared in Section 3.1 and the 100,000 in Section 3.2 were adjusted
to 2,400,000 and 200,000, respectively, to adjust for the 2-for-1 stock split effective
February 28, 2008.
	 
	(6)	 	Sections 8.2 and 9.3 were amended, effective October 6, 2009, by the Board of Directors of the
Company.

18exv10w14

EXHIBIT 10.14

EMPLOYMENT AGREEMENT AS AMENDED

          This EMPLOYMENT AGREEMENT AS AMENDED (“Agreement”) is entered into as of the 6th day
of October 2009 between ROBBINS & MYERS, INC., an Ohio corporation (the “Company”), and
PETER C. WALLACE (“Executive”) under the following circumstances:

     A. Executive and the Company entered into an Employment Agreement on June 28,
2006 (the “Employment Agreement”) that superseded the letter agreement
between the Company and Executive dated May 18, 2004 (the “Letter
Agreement”);

     B. The Executive and the Company amended and restated the Employment Agreement
on November 9, 2007 to conform the Employment Agreement to the requirements of
Section 409A of the Internal Revenue Code; and further restated the Employment
Agreement on October 9, 2008 to include an amendment adopted by the Board of
Directors of the Company (the “Board”) on October 9, 2008 relating to the
calculation and payment of Executive’s annual cash bonus in certain situations, and
Executive and the Company now desire to execute this Agreement that restates the
terms of the Employment Agreement as amended on October 6, 2009 to include an
amendment to such agreement adopted by the Board as of October 6, 2009 relating to
the calculation and payment of Executive’s performance shares in certain situations;
and

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

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

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

          Section 2. Term of Employment. The “Term of Employment” of Executive
by the Company under this Agreement is the period commencing on the July 1, 2006 (the
“Effective Date”) and ending on the earlier to occur of (i) July 1, 2008 or (ii) the first
day of the month next following Executive’s attainment of age 65 (“Normal Retirement
Date”); provided, however, that commencing on July 1, 2007, and on each annual anniversary of
such date (such date and each annual anniversary thereof is hereinafter referred to as the
“Renewal Date”), the Term of Employment shall be automatically extended an additional year
so as to terminate on the earlier

 

 

of (i) two (2) years from such Renewal Date or (ii) the first day of the month next following
Executive’s Normal Retirement Date, unless, at least 60 days prior to the Renewal Date, the Company
or Executive shall give notice that the Term of Employment shall not be so extended in which event
this Agreement shall continue for the remainder of its then current term and terminate as provided
herein.

          Section 3. Position and Duties.

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

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

          Section 4. Compensation and Related Matters.

          (a) Base Salary. During the Term of Employment commencing with June 1, 2006,
Executive shall be compensated at an annual base salary of no less than $525,000 (the base salary,
at the rate in effect from time to time, is hereinafter referred to as the “Base Salary”
and the Base Salary has been increased to $700,000 as of the date of this Agreement). The Board, or
a committee thereof, shall review and may, if appropriate, at its discretion, increase (but not
decrease without Executive’s written consent, except that no such consent shall be required in the
case of a general salary reduction that would affect at least three of the persons who were named
executive officers in the Company’s proxy statement for its most recent annual meeting of
shareholders) the annual Base Salary during the Term of Employment. Base Salary shall be reviewed
annually and be adjusted to reflect (among other factors) Executive’s performance in regard to the
corporate goals and objectives established for Executive by the Board or a committee thereof. The
Base Salary shall be payable in equal semi-monthy installments.

2

 

          (b) Annual Bonus. In addition to the Base Salary provided for in Section 4(a), the
Company shall provide annual cash bonus awards to Executive under its Senior Executive Annual Cash
Bonus Plan or substantially equivalent successor plan (the “Annual Bonus Plan”) in
accordance with such plan and any financial performance targets thereunder (the “Annual
Bonus”) each fiscal year of the Company during the Term of Employment. For the Company’s fiscal
year ending August 31, 2006, Executive’s target incentive opportunity under the Annual Bonus Plan
has been fixed at 60% of Base Salary (the target bonus as a percentage of Base Salary, as in effect
from time to time, is hereinafter referred to as the “Target Bonus Percentage” and the
Target Bonus Percentage has been increased to 80% as of the date of this Agreement). The Target
Bonus Percentage shall be reviewed annually for increase (but not decrease without Executive’s
consent) by the Board or a committee thereof.

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

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

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

          (f) Non-Exclusivity. Nothing in this Agreement shall prevent Executive from being
entitled to receive any additional compensation or benefits as approved by the Company’s

3

 

Board; provided, however, that in no event shall the Company make any loans to Executive that
are in violation of the Sarbanes-Oxley Act of 2002, as such act may be amended or supplemented from
time to time, and the rules and regulations of the Securities and Exchange Commission promulgated
thereunder.

          Section 5. Termination.

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

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

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

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

4

 

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

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

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

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

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

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

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

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

          (c) Notice of Termination. Any termination of Executive’s employment by the Company
or by Executive shall be communicated by written Notice of Termination to the other party. For
purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the
specific termination provision in this Agreement relied upon and shall

5

 

set forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of Executive’s employment under the provisions so indicated. In the case of any Notice
of Termination given by the Company to Executive, it shall be accompanied by a resolution of the
Board, certified by the Secretary of the Company, stating that a resolution approving the giving of
the Notice of Termination to Executive was adopted by the affirmative vote of a majority of the
members of the Board.

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

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

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

          Section 6. Compensation Upon Termination.

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

     (1) The Company shall pay Executive (i) his Base Salary through the Date of
Termination, (ii) any earned but unpaid bonus for any prior fiscal year of the
Company, (iii) Executive’s Prorated Target Bonus as defined at Section 21, and (iv)
all other unpaid amounts, if any, to which Executive is entitled as of the Date of
Termination under any compensation plan or program of the Company at the time such
payments are due; provided, however, if the termination is for Cause or by Executive
other than for Good Reason, then Executive shall not be entitled to, or paid, the
items listed in clauses (ii) and (iii) of this Section 6(a)(1);

     (2) The Company shall reimburse Executive pursuant to the Company’s policy for
reasonable business expenses incurred, but not paid, prior to

6

 

termination of employment, unless such termination resulted from a misappropriation
of Company funds; and

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

     (4) The Company shall pay Executive amounts described in Section 6(a) as
follows: (a) all amounts paid pursuant to a separate plan, program, agreement or
arrangement shall be paid as provided therein; (b) all reimbursements that fit
within the exception to Code Section 409A provided in Section 1.409A-1(b)(9)(v) of
the Treasury Regulations (reimbursements that Executive could otherwise deduct under
Code Section 162 or Code Section 167 as business expenses incurred in connection
with the performance of services, ignoring any applicable limits based on AGI) shall
be paid no later than the twentieth day following the Date of Termination; provided,
however, if any reimbursements do not fall within that exception, such
reimbursements shall be made on the first day of the seventh calendar month
following the calendar month in which the Date of Termination occurred; (c) all
other amounts shall be paid in accordance with the Company’s normal payroll
practices in effect on January 1, 2008.

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

     (1) The Company shall pay Executive (i) his Base Salary through the Date of
Termination, (ii) any earned but unpaid bonus for any prior fiscal year of the
Company; (iii) Executive’s Prorated Performance Bonus as defined at Section 21, and
(iv) all other unpaid amounts, if any, to which Executive is entitled as of the Date
of Termination.

     (2) The Company shall pay Executive a single lump sum payment equal to the
product of (i) 1/12 of the sum of Executive’s Base Salary and Target Bonus (as
defined in Section 21), and (ii) the greater of (a) the number of months remaining
in the Term of Employment, and (b) twelve months. If, however, Executive terminates
his employment pursuant to Section 5(b)(5) hereof or if, within two (2) years
following a Change of Control (as defined herein), Executive’s employment is
terminated without Cause by the Company or if Executive terminates his employment
for Good Reason, then, in lieu of the payments provided for in the first sentence of
this Section 6(b)(2), the Company shall pay to Executive a single lump sum payment
equal to the product of (i) the sum of (a) Executive’s Base Salary, and (b) the
average annual bonus paid to Executive by the Company with respect to the three
fiscal years that immediately precede the fiscal year in which the Date of
Termination occurs (or such lesser number of years that Executive was employed by
the Company), and (ii) the

7

 

number three (3.0), except that the number two (2.0) shall be substituted for the
number three (3.0) if termination was by Executive pursuant to Section 5(b)(5);

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

               In no event may reimbursements or benefits provided pursuant to this subsection
in one tax year affect the expenses eligible for reimbursement or benefits provided
in any other tax year. All reimbursements or in-kind benefits provided pursuant to
this subsection, if any, must be made by the end of Executive’s tax year following
the tax year in which the expenses were incurred. None of the rights provided
within this subsection may be liquidated or exchanged for any other benefits;

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

     (5) All options, shares of restricted stock, performance shares and any other
equity based awards shall be and become fully vested as of the Date of Termination;
provided, however, that if the Date of Termination occurs prior to the end of the
applicable performance period with regard to any performance shares and prior to a
Change of Control, the performance shares that become vested pursuant to this
Section 6(b)(5) shall be the number of performance shares that would have been
earned and credited to Executive had Executive continued in employment throughout
the applicable performance period, based on the Company’s actual achievement of
performance goals for the applicable performance period, prorated for the period
beginning on the first day of the applicable performance period through the Date of
Termination. Notwithstanding

8

 

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

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

     (7) Executive shall not be required to mitigate the amount of any payment
provided for in this Section 6(b) by seeking other employment or otherwise, nor
shall the amount of any payment provided for in this Section 6(b) be reduced by any
compensation earned by Executive after the Date of Termination as the result of
employment by another employer or otherwise; and

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

     (9) The Company shall pay Executive amounts described in Section 6(b) as
follows: (a) all amounts paid pursuant to a separate plan, program, agreement or
arrangement shall be paid as provided therein; (b) all reimbursements (other than
those provided in Section 6(b)(3)) that fit within the exception to Code Section
409A provided in Section 1.409A-1(b)(9)(v) of the Treasury Regulations
(reimbursements that Executive could otherwise deduct under Code Section 162 or Code
Section 167 as business expenses incurred in connection with the performance of
services, ignoring any applicable limits based on AGI) shall be paid no later than
the twentieth day following the Date of Termination; provided, however, if any
reimbursements do not fall within that exception, such reimbursements shall be paid
on the first day of the seventh calendar month following the calendar month in which
the Date of Termination occurred; (c) all amounts paid pursuant to Section 6(b)(2)
shall be paid to Executive on the first day of the seventh calendar month following
the calendar month in which the Date of Termination occurred; and (d) all other
amounts shall be paid in accordance with the Company’s normal payroll practices in
effect on January 1, 2008.

          Section 7. Confidential Information. Executive acknowledges that he has had,
and will have, access to certain Confidential Information (as hereinafter defined) of the Company
and its Subsidiaries and Executive agrees that he will not at any time, directly or indirectly,
disclose orally or in writing or use any Confidential Information, regardless of how it may have
been acquired, unless the disclosure or use of such Confidential Information is expressly

9

 

authorized in writing in advance by the Company, is necessary in the ordinary conduct of
Executive’s duties under this Agreement or is required by law. “Confidential Information”
means all information pertaining or relating to the Company’s or its Subsidiaries’ business,
including, but not limited to, products, pricing, drawings and bills of materials, manufacturing
and application engineering know-how, services, strategies, customers, customer list, customer
account records, financial information, employee compensation, marketing plans, computer software
(including all operating system and system application software) and other proprietary business
information. As used herein, Confidential Information shall not include any information which (i)
is or becomes generally known to the public other than as a result of the disclosure or use thereof
by Executive in violation of the terms of this Agreement or (ii) is obtained by Executive from a
third party who is lawfully in possession of such information and is not subject to any obligation
to refrain from disclosing such information. Executive acknowledges and agrees that all of the
Confidential Information is and shall continue to be the exclusive proprietary property of the
Company and its Subsidiaries whether or not prepared in whole or in part by Executive and whether
or not disclosed to or entrusted to the custody of Executive.

          Section 8. Non-Competition.

          (a) Executive agrees that while employed by the Company and for the 12-month period
immediately after Executive ceases to be employed by the Company for any reason, Executive shall
not, without the prior written consent of the Company, either directly or indirectly, perform any
services (whether advisory, consulting, employment or otherwise) for, invest in or otherwise become
associated with in any capacity, any person, corporation, partnership or other entity which engages
in a Competitive Business (as defined in Section 8(b)); provided, however, that nothing herein
contained shall prevent Executive (1) from purchasing and holding for investment less than 2% of
the shares of any corporation, the shares of which are regularly traded either on a national
securities exchange or in the over-the-counter market or (2) from providing services to any
corporation, partnership, or other entity if the Competitive Business represents less than 15% of
the gross revenues of such corporation, partnership, or entity and Executive’s services are not
rendered, directly or indirectly, to the division or subsidiary which is engaged in the Competitive
Business.

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

10

 

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

          Section 10. Equitable Relief; Judicial Modification.

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

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

          Section 11. Indemnification; and Insurance.

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

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

          Section 12. Agreement Binding on Successors.

11

 

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

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

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

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

          If to Executive:

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

12

 

          If to the Company:

Robbins & Myers, Inc.

51 Plum Street, Suite 260

Dayton, OH 45440

Attention: Chairman of the Board; and

                 
Corporate Secretary

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

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

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

          Section 17. Arbitration; Legal Fees and Expenses. The parties agree that
Executive’s employment and this Agreement relate to interstate commerce, and that any disputes,
claims or controversies between Executive and the Company which may arise out of or relate to
Executive’s employment relationship or this Agreement shall be settled by arbitration. This
agreement to arbitrate shall survive the termination of this Agreement. Any arbitration shall be in
accordance with the Rules of the American Arbitration Association and undertaken pursuant to the
Federal Arbitration Act. Arbitration shall be held in Dayton, Ohio unless the parties mutually
agree on another location. The decision of the arbitrator(s) shall be enforceable in any court of
competent jurisdiction. The parties agree that punitive, liquidated or indirect damages shall not
be awarded by the arbitrator(s) unless such damages would have been awarded by a court of competent
jurisdiction. Nothing in this Agreement to arbitrate, however, shall preclude the Company from
obtaining injunctive relief from a court of competent jurisdiction prohibiting any on-going
breaches by Executive of this Agreement including, without limitation, violations of Sections 7
through 9. If any contest or dispute arises between the Company and Executive regarding any
provision of this Agreement, the Company shall reimburse Executive for all legal fees and expenses
reasonably incurred by Executive in connection with such contest or dispute, except that the
Company shall not be obligated to pay any legal fees or expenses incurred by Executive in any
contest in which the trier of fact determines that the Executive’s position was frivolous or
maintained in bad faith. Such reimbursement shall be made as soon as practicable following the
final, non-appealable resolution of such contest or dispute to the extent the Company receives
reasonable written evidence of such fees and expenses.

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

13

 

          Section 19. Certain Additional Payments by the Company.

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

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

          (c) Executive shall notify the Company in writing of any claim by the Internal Revenue Service
that, if successful, would require the payment by the Company of the Gross-Up Payment. Such
notification shall be given as soon as practicable but no later than ten business days after
Executive is informed in writing of such claim and shall apprise the Company of the nature of such
claim and the date on which such claim is requested to be paid. Executive shall not pay such claim
prior to the expiration of the 30-day period following the date on which he gives such notice to
the Company (or such shorter period ending on the date that any payment of taxes with respect to
such claim is due). If the Company notifies Executive in writing prior to the expiration of such
period that it desires to contest such claim, Executive shall:

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

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

14

 

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

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

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

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

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

15

 

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

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

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

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

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

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

          (g) Notwithstanding anything to the contrary in this Section 19, any payment(s)
required to be made pursuant to this Section 19 to Executive shall be made no earlier than
the first day of the seventh calendar month following the calendar month in which the Date
of Termination occurred, but in no event later than the end of Executive’s tax year
following the tax year in which the Executive remits (or the Company remits on the
Executive’s behalf) the taxes associated with the payments made herein.

          Section 20. Compliance with Code Section 409A. It is intended that the
payments and benefits provided under this Agreement shall either be exempt from the application of,
or comply with, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”). This Agreement shall be construed, administered, and governed in a manner that
effects such intent, and the Company shall not take any action that would be inconsistent with such
intent. Without limiting the foregoing, the payments and benefits provided under this Agreement
may not be deferred, accelerated, extended, paid out or modified in a manner that would result in
the imposition of an additional tax under Section 409A of the Code upon Mr. Wallace.

16

 

          Section 21. Certain Definitions.

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

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

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

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

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

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

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

17

 

          (d) “Prorated Performance Bonus” means an amount equal to the annual cash bonus
Executive would have received for the fiscal year that ends on or immediately after the Date of
Termination, based on the Company’s actual achievement of performance goals for such year prorated
for the period beginning on the first day of the fiscal year in which occurs the Date of
Termination through the Date of Termination, with such prorated bonus being paid at the time that
cash bonuses are normally paid under the Company’s annual cash bonus plan then in effect.

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

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

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

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

	 	 	 	 	 
	“Executive”

	 	“Company”
	 
	 	 	 	 
	 

	 	ROBBINS & MYERS, INC.
	 
	 	 	 	 
	/s/ Peter C. Wallace

	 	By:
	 	/s/ Thomas P. Loftis
	 

	 	 	 	 
	Peter C. Wallace

	 	 	 	Thomas P. Loftis

Chairman of the Board; and
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Linn S. Harson
	 

	 	 	 	 
	 

	 	 	 	Linn S. Harson

Corporate Secretary

18

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