Document:

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                                                                    EXHIBIT 10.5

                            INDEMNIFICATION AGREEMENT

                  AGREEMENT between ROBBINS & MYERS, INC., an Ohio corporation
(the "Company"), and _____________ (the "Indemnitee").

                  WHEREAS, it is essential to the Company to retain and attract
as directors the most capable persons available;

                  WHEREAS, Indemnitee is a director of the Company;

                  WHEREAS, both the Company and Indemnitee recognize the
increased risk of litigation and other claims being asserted against directors
of public companies in today's environment;

                  WHEREAS, basic protection against undue risk of personal
liability of directors heretofore has been provided through insurance coverage
providing reasonable protection at reasonable cost, and Indemnitee has relied on
the availability of such coverage; but as a result of substantial changes in the
marketplace for such insurance it has become increasingly more difficult to
obtain such insurance on terms providing reasonable protection at reasonable
cost;

                  WHEREAS, the Code of Regulations of the Company (the
"Regulations") and the Ohio General Corporation Law each provide that the
indemnification provided therein shall not be exclusive;

                  WHEREAS, in recognition of Indemnitee's need for substantial
protection against personal liability in order to enhance Indemnitee's continued
service to the Company in an effective manner, the Company wishes to provide in
this Agreement for the indemnification of and the advancing of expenses to
Indemnitee to the full extent permitted by law and as set forth in this
Agreement;

                  NOW, THEREFORE, in consideration of the premises and of
Indemnitee continuing to serve the Company directly or, at its request, with
another enterprise, and intending to be legally bound hereby, the parties hereto
agree as follows:

                  1. Certain Definitions.

                  (a) CHANGE IN CONTROL: means and shall be deemed to have
         occurred on (i) the date of approval by shareholders of the Company of
         a definitive agreement providing either for the merger or consolidation
         of the Company into or with another corporation, if the Company will
         not be surviving corporation or will become a subsidiary of another
         corporation, or for the sale of all or substantially all of the assets
         of the Company; (ii) 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 has become the
         holder of 20% or more of the outstanding voting shares of the Company
         provided such group or person is not controlled by Maynard H. Murch IV
         and/or relatives of his; or (iii) the date of a change in the
         composition of the Board of Directors of the Company such that
         individuals who were members of the Board of Directors on the date two
         years prior to such change (or who were subsequently elected to fill a
         vacancy in the

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         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 of
         Directors of the Company.

                  (b) CLAIM: any threatened, pending or completed action, suit
         or proceeding, or any inquiry or investigation, whether conducted by
         the Company or any other party, that Indemnitee in good faith believes
         might lead to the institution of any such action, suit or proceeding,
         whether civil, criminal, administrative, investigative or other.

                  (c) EXPENSES: include attorney's fees and all other costs,
         expenses and obligations paid or incurred in connection with
         investigating, defending, being a witness in or participating in
         (including on appeal) or preparing to defend, being a witness in or
         participate in any Claim relating to any Indemnifiable Event (including
         all interest, assessments and other charges paid or payable in
         connection with or in respect of any of the foregoing).

                  (d) JUDGMENTS: include judgments, fines, penalties and amounts
         paid in settlement that are paid or payable in connection with any
         Claim relating to any Indemnifiable Event (including all interest,
         assessments and other charges paid or payable in connection with or in
         respect of any of the foregoing).

                  (e) INDEMNIFIABLE EVENT: any event or occurrence related to
         the fact that Indemnitee is or was a director of the Company, or is or
         was serving at the request of the Company as a director, trustee,
         officer, employee, agent or representative of another corporation,
         partnership, joint venture, employee benefit plan, trust or other
         enterprise, or by reason of anything done or not done by Indemnitee in
         any such capacity.

                  (f) REVIEWING PARTY: any appropriate person or body consisting
         of a member or members of the Company's Board of Directors or any other
         person or body appointed by the Board (including the special,
         independent counsel referred to in Section 4) who is not a party to the
         particular Claim for which Indemnitee is seeking indemnification.

                  (g) VOTING SECURITIES: any securities of the Company which
         vote generally in the election of directors.

                  2. Scope of Indemnification.

                  (a) BASIC INDEMNIFICATION ARRANGEMENT. In the event Indemnitee
         was, is or becomes a party to or witness or other participant in, or is
         threatened to be made a party to or witness or other participant in, a
         Claim by reason of (or arising in part out of) an Indemnifiable Event,
         the Company shall indemnify Indemnitee to the fullest extent permitted
         by law as soon as practicable but in any event no later than thirty
         days after written demand is presented to the Company against any and
         all Judgments arising from or relating to such Claim.

                  (b) EXPENSES. Any and all Expenses and any and all expenses
         referred to in Section 2(c) shall be paid by the Company promptly as
         they are incurred by Indemnitee

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         (any such payment of expenses by the Company is hereinafter referred to
         as an "Expense Advance"). Indemnitee hereby agrees to repay the amount
         of Expenses so paid if it is proved by clear and convincing evidence in
         a court of competent jurisdiction that his action or failure to act
         involved an act or omission undertaken with deliberate intent to cause
         injury to the Company or undertaken with reckless disregard for the
         best interests of the Company. Indemnitee hereby further agrees to
         reasonably cooperate with the Company concerning any Claim.

                  (c) INDEMNIFICATION FOR ADDITIONAL EXPENSES. The Company shall
         indemnify Indemnitee against any and all expenses (including attorney's
         fees) which are incurred by Indemnitee in connection with any claim
         asserted against or action brought by Indemnitee for (i)
         indemnification of Expenses or Judgments or advance payment of Expenses
         by the Company under this Agreement or under any other agreement, the
         Company's Regulations, statute or rule of law now or hereafter in
         effect relating to claims for Indemnifiable Events and/or (ii) recovery
         under any directors' and officers' liability insurance policy or
         policies maintained by the Company, regardless of whether Indemnitee
         ultimately is determined to be entitled to such indemnification,
         advance expense payment or insurance recovery, as the case may be.

                  (d) PARTIAL INDEMNITY. If Indemnitee is entitled under any
         provision of this Agreement to indemnification by the Company for some
         or a portion of the Judgments arising from or relating to a Claim but
         not, however, for all of the total amount thereof, the Company shall
         nevertheless indemnify Indemnitee for the portion thereof to which
         Indemnitee is entitled.

                  (e) INDEMNIFICATION OF SUCCESSFUL DEFENSE EXPENSES.
         Notwithstanding any other provision of this Agreement, to the extent
         that Indemnitee has been successful on the merits or otherwise in
         defense of any or all Claims relating in whole or in part to an
         Indemnifiable Event or in defense of any issue or matter therein,
         including dismissal without prejudice, Indemnitee shall be indemnified
         against all Expenses incurred in connection therewith.

                  3. Reviewing Party Determinations.

                  (a) GENERAL RULES. Notwithstanding the provisions of Section
         2, the obligations of the Company under Section 2(a) shall be subject
         to the condition that the Reviewing Party shall not have determined (in
         a written opinion, in any case in which the special, independent
         counsel referred to in Section 4 hereof is involved) that Indemnitee
         would not be permitted to be indemnified under applicable law;
         provided, however, that if Indemnitee has commenced legal proceedings
         in a court of competent jurisdiction to secure a determination that
         Indemnitee should be indemnified under applicable law, any
         determination made by the Reviewing Party that Indemnitee would not be
         permitted to be indemnified under applicable law shall not be binding
         until a final judicial determination is made with respect thereto (as
         to which all rights of appeal therefrom have been exhausted or lapsed)
         and any such determination by the Reviewing Party shall be modified, to
         the extent necessary, to conform to such final judicial determination.

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                  (b) ELECTION OF REVIEWING PARTY. If there has not been a
         Change in Control, the Reviewing Party shall be selected by the Board
         of Directors. If there has been such a Change in Control, the Reviewing
         Party shall be the special, independent counsel referred to in Section
         4 hereof.

                  (c) JUDICIAL REVIEW. If there has been no determination by the
         Reviewing Party or if the Reviewing Party determines that Indemnitee
         substantively would not be permitted to be indemnified in whole or in
         part under applicable law, Indemnitee shall have the right to commence
         litigation in any court in the State of Ohio having subject matter
         jurisdiction thereof and in which venue is proper seeking an initial
         determination by the court or challenging any such determination by the
         Reviewing Party or any aspect thereof, and the Company hereby consents
         to service of process and to appear in any such proceeding. Any
         determination by the Reviewing Party otherwise shall be conclusive and
         binding on the Company and Indemnitee.

                  (d) BURDEN OF PROOF. In connection with any determination by
         the Reviewing Party pursuant to Section 3(a), or by a court of
         competent jurisdiction pursuant to Section 3(c) or otherwise, as to
         whether Indemnitee is entitled to be indemnified hereunder, the burden
         of proof shall be on the Company to establish by clear and convincing
         evidence that Indemnitee is not so entitled.

                  4. CHANGE IN CONTROL. The Company agrees that if there is a
Change in Control of the Company (other than a Change in Control which has been
approved by a majority of the Company's Board of Directors who were directors
immediately prior to such Change in Control) then with respect to all matters
thereafter arising concerning the rights of Indemnitee to indemnity payments
under this Agreement or under any other agreement, the Company's Regulations,
statute or rule of law now or hereafter in effect relating to Claims for
Indemnifiable Events, the Company shall seek legal advice only from special,
independent counsel selected by Indemnitee and approved by the Company (which
approval shall not be unreasonably withheld), and who has not otherwise
performed services for the Company within the last five years (other than in
connection with such matters) or Indemnitee. The Company agrees to pay the
reasonable fees of the special, independent counsel referred to above and to
indemnify fully such counsel against any and all expenses (including attorney's
fees), claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto.

                  5. NO PRESUMPTION. For purposes of this Agreement, the
termination of any claim, action, suit or proceeding, by judgment, order,
settlement (whether with or without court approval) or conviction, or upon a
plea of nolo contendere, or its equivalent, shall not create a presumption that
Indemnitee did not meet any particular standard of conduct or have any
particular belief or that a court has determined that indemnification is not
permitted by applicable law.

                  6. NON-EXCLUSIVITY. The rights of Indemnitee hereunder shall
be in addition to any other rights Indemnitee may now or hereafter have to
indemnification by the Company. More specifically, the parties intend that
Indemnitee shall be entitled to indemnification to the maximum extent permitted
by any or all of the following:

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                  (a) The fullest benefits provided by the Company's Regulations
         in effect on the date hereof, a copy of the relevant portions of which
         are attached hereto as Exhibit I;

                  (b) The fullest benefits provided by the Articles of
         Incorporation, Regulations, or By-laws or their equivalent of the
         Company in effect at the time the Indemnifiable Event occurs or at the
         time Expenses are incurred by Indemnitee;

                  (c) The fullest benefits allowable under Ohio law in effect at
         the date hereof, a copy of the relevant portions of which are attached
         hereto as Exhibit II, or as the same may be amended to the extent that
         such benefits are increased thereby;

                  (d) The fullest benefits allowable under the law of the
         jurisdiction under which the Company exists at the time the
         Indemnifiable Event occurs or at the time Expenses are incurred by the
         Indemnitee; and

                  (e) Such other benefits as are or may be otherwise available
         to Indemnitee pursuant to this Agreement, any other agreement or
         otherwise.

         The parties intend that combination of two or more of the benefits
referred to in (a) through (e) shall be available to Indemnitee to the extent
that the document or law providing for such benefits does not require that the
benefits provided therein be exclusive of other benefits. The Company hereby
undertakes to use its best efforts to assist Indemnitee, in all proper and legal
ways, to obtain all such benefits to which Indemnitee is entitled.

                  7. LIABILITY INSURANCE. The rights of the Indemnitee hereunder
shall also be in addition to any other rights Indemnitee may now or hereafter
have under policies of insurance maintained by the Company or otherwise. To the
extent the Company maintains an insurance policy or policies providing
directors' or officers' liability insurance, Indemnitee shall be covered by such
policy or policies, in accordance with its or their terms, to the maximum extent
of the coverage available for any Company director.

                  8. PERIOD OF LIMITATIONS. No legal action shall be brought and
no cause of action shall be asserted by or on behalf of the Company or any
affiliate of the Company against Indemnitee, Indemnitee's spouse, heirs,
executors or personal or legal representatives after the expiration of two years
from the date of accrual of such cause of action, and any claim or cause of
action of the Company or its affiliate shall be extinguished and deemed released
unless asserted by the timely filing of a legal action within such two-year
period; provided, however, that if any shorter period of limitations is
otherwise applicable to any such cause of action such shorter period shall
govern.

                  9. LIABILITY STANDARDS. This Agreement shall be construed on
the basis of the duties owed by Indemnitee as a director of the Company, and the
standards for determining liability in damages for a breach thereof, which apply
to each particular Claim. The parties acknowledge that changes in such duties or
such liability standards may result in an expansion or contraction of the
Company's indemnification exposure hereunder.

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                  10. AMENDMENTS, ETC. No supplement, modification or amendment
of this Agreement shall be binding unless executed in writing by both of the
parties hereto. No waiver of any of the provisions of this Agreement shall be
deemed or shall constitute a waiver of any other provisions hereof (whether or
not similar) nor shall such waiver constitute a continuing waiver.

                  11. SUBROGATION. In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all papers required and
shall do everything that may be necessary to secure such rights, including the
execution of such documents necessary to enable the Company effectively to bring
suit to enforce such rights.

                  12. NO DUPLICATION OF PAYMENTS. The Company shall not be
liable under this Agreement to make any payment in connection with any Claim
made against Indemnitee to the extent Indemnitee has otherwise actually received
payment (under any insurance policy, the Company's Regulations or otherwise) of
the amounts otherwise indemnifiable hereunder.

                  13. BINDING EFFECT, ETC. This Agreement shall be binding upon
and inure to the benefit of and be enforceable by the parties hereto and their
respective successors, assigns, including any direct or indirect successor by
purchase, merger, consolidation or otherwise to all or substantially all of the
business and/or assets of the Company, spouses, heirs, and personal and legal
representatives. This Agreement shall continue in effect regardless of whether
Indemnitee continues to serve as a director of the Company or as a director,
trustee, officer, agent or representative of any other enterprise at the
Company's request.

                  14. SEVERABILITY. The provisions of this Agreement shall be
severable in the event that any of the provisions hereof (including any
provision within a single section, paragraph or sentence) are held by a court of
competent jurisdiction to be invalid, void or otherwise unenforceable, and the
remaining provisions shall remain enforceable to the fullest extent permitted by
law.

                  15. GOVERNING LAW. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Ohio
applicable to contracts made and to be performed in such state without giving
effect to the principles of conflicts of laws.

                  Executed and effective as of this __ day of ______, _____.

       ROBBINS & MYERS, INC.

       By____________________________          ________________________
       Name:  Daniel W. Duval                  Indemnitee
       Title: President and Chief
                Executive Officer

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                                                                    EXHIBIT 10.6

                              ROBBINS & MYERS, INC.

                     1994 DIRECTORS STOCK COMPENSATION PLAN
                     --------------------------------------

SECTION 1. PURPOSE.

         The purpose of the 1994 Directors Stock Compensation Plan is to
encourage stock ownership in the Company by non-employee directors and to
provide incentive for directors to continue their contribution towards the
Company's strategic growth goals.

SECTION 2. DEFINITIONS.

         (a) "Annual Stipend" means the annual compensation paid to Participants
for serving as a director of the Company, as fixed from time to time by the
Board.

         (b) "Board" means the Board of Directors of the Company.

         (c) "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 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 complete liquidation of the Company or an agreement for the
sale or disposition by the Company of all or substantially all the Company's
assets.

         (d) "Code" means the Internal Revenue Code of 1986, as amended.

         (e) "Committee" means the committee referred to in Section 9.

         (f) "Company" means Robbins & Myers, Inc., an Ohio corporation.

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         (g) "Fair Market Value" means the last sale price of a Share on the
date when the value of a Share is to be determined, as reported in the NASDAQ
National Market System (or any exchange or other system on which the Shares may
then be listed); or, if no sale is reported for such date, then it shall be the
mean of the representative bid and asked price for such Shares in such system at
the close of business on such date; or if such date is not a business day, the
determination of value shall be made as of the close of business on the
immediately preceding business day; or if the Shares are no longer listed in
such system (or on an 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.

         (h) "Fiscal Year" means the fiscal year of the Company.

         (i) "Participant" means a director of the Company who is not employed
by the Company.

         (j) "Plan" means this 1994 Directors Stock Compensation Plan.

         (k) "Restricted Shares" means Shares that, when initially issued, are
nontransferable and subject to substantial risk of forfeiture until specific
conditions are met.

         (l) "Restricted Period" means for each issuance of Restricted Shares
the period during which such Shares may be forfeited; and such period is the
Fiscal Year for which the Annual Stipend is payable, except, in the case of a
new director, it is the period from when he became a director to the last day of
the Fiscal Year in which he became a director, and in the case of Fiscal 1994,
it is the period from January 1, 1994 to August 31, 1994.

         (m) "Shares" means the Common Shares of the Company.

         (n) "Voting Shares" means any securities of the Company which vote
generally in the election of directors of the Company.

SECTION 3. SHARES SUBJECT TO THE PLAN.

         (a) MAXIMUM NUMBER. The maximum number of Shares that may be issued
under the Plan shall be fifty thousand (50,000), subject to adjustment in
accordance with Section 3(b). The Shares which may be issued under the Plan may
be authorized and unissued Shares or Shares held in the Company's treasury. In
the event Shares are issued under the Plan and are reacquired by the Company as
a result of rights reserved upon the issuance thereof, the Shares required shall
no longer be charged against the 50,000 Share maximum and may again be used for
new issuances under the Plan.

         (b) RECAPITALIZATION ADJUSTMENT. In the event of any change affecting
the Shares by reason of any share dividend or split, recapitalization, merger,
consolidation, spin-off, combination or exchange of shares or other corporate
change, or any distribution to a holder of Shares other than ordinary cash
dividends, the Committee shall make such adjustment, if any, as it may deem
appropriate to avoid dilution in the number and kind of shares authorized for
issuance under the Plan.

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SECTION 4. OPERATION OF THE PLAN.

         The Annual Stipend payable to each Participant for serving as a
director of the Company shall be payable fifty percent in cash and fifty percent
in Restricted Shares, except that at any time at least six months prior to the
commencement of a Fiscal Year, the Committee may change the percentage which is
payable in Restricted Shares, but in no event may such percentage be more than
fifty percent of the of the Annual Stipend.

         (a) CASH PAYMENTS. The cash portion of the Annual Stipend shall be
payable in equal quarterly installments over the Fiscal Year.

         (b) RESTRICTED SHARES. The amount of the Annual Stipend payable in
Restricted Shares shall be divided by the Fair Market Value of a Share on the
first business day of the Fiscal Year (except for the first year of the Plan, it
shall be January 1, 1994 and in the case of a new director, the date he became a
director) to arrive at the number of Restricted Shares issuable for the
particular Fiscal Year in payment of the Annual Stipend. Promptly after the
number of Restricted Shares issuable to Participant is determined, a certificate
representing the number of Shares shall be registered in his name but shall be
held by the Company for the account of Participant. Participant shall have the
entire beneficial ownership interest in, and all rights and privileges of a
shareholder as to, such Restricted Shares, including the right to receive
dividends and the right to vote such Restricted Shares, subject to the following
restrictions: (i) subject to Section 4(c), Participant shall not be entitled to
delivery of the Share certificate until the expiration of the Restricted Period;
(ii) none of the Restricted Shares may be sold, transferred, assigned, pledged,
or otherwise encumbered or disposed of during the Restricted Period; and (iii)
all of the Restricted Shares shall be forfeited and all rights of Participant to
such Restricted Shares shall terminate without further obligation on the part of
the Company unless Participant remains a director of the Company for the entire
Restricted Period in relation to which such Restricted Shares were granted,
except as provided by Section 4(c). Any Shares received with respect to
Restricted Shares as a result of a recapitalization adjustment pursuant to
Section 3(b) shall be subject to the same restrictions as such Restricted
Shares.

         (c) TERMINATION OF EMPLOYMENT.

             (i) DEATH. If Participant ceases to be a director of the Company
         prior to the end of a Restricted Period by reason of death, the
         Restricted Shares granted to such Participant shall immediately vest in
         his beneficiary or estate and all restrictions applicable to such
         Shares shall lapse. A certificate for such Shares shall be delivered to
         Participant's beneficiary or estate in accordance with the provisions
         of Subsection 4(d).

             (ii) ALL OTHER TERMINATIONS. If Participant ceases to be a
         director prior to the end of a Restricted Period for any reason other
         than death, Participant shall immediately forfeit all Restricted Shares
         then subject to the restrictions of Section 4(b) in accordance with the
         provisions thereof, except that the Committee may, if it finds that the
         circumstances in the particular case so warrant, allow Participant
         whose employment has so terminated to retain any or all of the
         Restricted Shares then subject to the restrictions of Section 4(b) and
         all restrictions applicable to such retained shares shall lapse.

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         A certificate for such retained shares shall be delivered to
         Participant in accordance with the provisions of Section 4(d).

         (d) PAYMENT OF RESTRICTED SHARES. At the end of the Restricted Period
or at such earlier time as provided for in Subsection 4(c), all restrictions
applicable to the Restricted Shares shall lapse and a Share certificate for a
number of Shares equal to the number of Restricted Shares, free of all
restrictions, shall be delivered to Participant or his beneficiary or estate, as
the case may be. The Company shall not be required to deliver any fractional
Share but will pay, in lieu thereof, the Fair Market Value (measured as of the
date the restrictions lapse) of such fractional Share to Participant or his
beneficiary or estate, as the case may be. (e) ELECTION NOT PARTICIPATE IN THE
PLAN. Notwithstanding anything contained in this Section 4, a director may elect
not to participate in the Plan by giving written notice to the Company so
stating, as follows: (i) at any time prior to January 1, 1994, (ii) at any time
prior to becoming a director, or (iii) as to any Fiscal Year, at any time at
least six months prior to the commencement of such Fiscal Year. A director who
has elected not to participate may elect to participate in the Plan for a
subsequent Fiscal Year if he notifies the Company of his election to participate
at least six months prior to the commencement of the Fiscal Year.

SECTION 5. NON-ASSIGNABILITY RESTRICTED SHARES.

         Until the Restricted Period with respect to a particular grant of
Restricted Shares has expired, such Restricted Shares may not be assigned,
transferred, pledged, or otherwise encumbered by 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.

SECTION 6. CHANGE OF CONTROL.

         In the event of a Change of Control of the Company, all restrictions
applicable to Restricted Shares shall terminate and lapse, and any Restricted
Shares held by the Company shall be delivered to Participant in accordance with
Section 4(d).

SECTION 7. COMPLIANCE WITH LAWS AND EXCHANGE REQUIREMENTS.

         No Shares shall be issued under the Plan unless the issuance and
delivery of Shares 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 Shares may then be listed.

SECTION 8. AMENDMENT AND TERMINATION OF PLAN.

        (a) AMENDMENT. The Board may from time to time amend the Plan, or any
provision thereof, in such respects as the Board may deem advisable except that
it may not amend the Plan without shareholder approval so as to:

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             (1) increase the maximum number of Shares that may be issued
         under the Plan except in accordance with Section 3(b);

             (2) materially increase the benefits accruing to Participants;
         or

             (3) materially modify the requirements as to eligibility of
         persons for participation in the Plan.

         (b) TERMINATION. The Board may at any time terminate or suspend the
Plan.

         (c) EFFECT OF AMENDMENT OR TERMINATION. Any amendment or the
termination of the Plan shall not adversely affect a Participant's right to
Restricted Shares issued under the Plan prior to any amendment to, or
termination of, the Plan.

SECTION 9. COMMITTEE.

         The Plan shall be administered by the Compensation Committee of the
Board. Subject to the express provisions of the Plan, the Committee shall have
the power to construe the provisions of the Plan, determine issues arising
thereunder, and to adopt and amend such rules and regulations governing the
administration of the Plan as it may deem desirable.

SECTION 10. 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., 1400
Kettering Tower, Dayton, Ohio 45423, Attention: Compensation Committee. Each
notice to Participant shall be addressed to Participant at the address of
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.

SECTION 11. BENEFITS OF PLAN.

         This Plan shall inure to the benefit of and be binding upon each
successor of the Company. All rights and obligations imposed upon Participant
and all rights granted to the Company under this Plan shall be binding upon
Participant's heirs, legal representatives and successors.

SECTION 12. PRONOUNS AND PLURALS.

         All pronouns shall be deemed to refer to the masculine, feminine,
singular or plural, as the identity of the person or persons may require.

SECTION 13. SHAREHOLDER APPROVAL AND TERM OF PLAN.

         The Plan shall become effective on January 1, 1994 if approved by the
affirmative vote of the holders of a majority of the outstanding Shares entitled
to notice and to vote at an annual

                                      -5-

<PAGE>

meeting of the shareholders of the Company held in 1993. Unless sooner
terminated under Section 8, the Plan shall be in effect for a period of ten
years and automatically terminate on the tenth anniversary of its approval by
shareholders of the Company.

                                      -6-

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