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                                                                     EXHIBIT 4.1

                            VALERO ENERGY CORPORATION

                              6.311% Notes due 2007

         A series of Securities is hereby established pursuant to Section 301 of
the Indenture dated as of December 12, 1997 (the "Indenture"), between Valero
Energy Corporation, a Delaware corporation (the "Company"), and The Bank of New
York, as Trustee (in such capacity, the "Trustee"), as follows (capitalized
terms used and not defined herein shall have the meanings assigned to them in
the Indenture, and all references herein to a Section shall refer to the
corresponding Section in the Indenture):

1. The title of the 6.311% Notes due 2007 shall be "6.311% Notes due 2007" (the
"Notes").

2. The limit upon the aggregate principal amount of the Notes that may be
authenticated and delivered under the Indenture (except for Notes authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Notes pursuant to Sections 304, 305, 306, 906 or 1207) is $50,000,000.

3. The Notes shall be initially issued as Registered Securities in the form of
one or more global securities under the Indenture. The Depository Trust Company
is hereby designated as the Depository for these global Securities under the
Indenture.

         As long as any Note is in global form, then, notwithstanding clause
(11) of Section 301 and the provisions of Section 302, any such global Note
shall represent such of the outstanding Notes as shall be specified therein and
may provide that it shall represent the aggregate amount of outstanding Notes
from time to time endorsed thereon and that the aggregate amount of outstanding
Notes represented thereby may from time to time be reduced to reflect exchanges
or redemptions. Any endorsement of a global Note to reflect the amount, or any
increase or decrease in the amount, of outstanding Notes represented thereby
shall be made by the Trustee in such manner and upon instructions given by such
Person or Persons as shall be specified in such Note or in a Company Order to be
delivered to the Trustee pursuant to Section 303. Subject to the provisions of
Section 303 and, if applicable Section 304, the Trustee shall deliver and
redeliver any Note in permanent global form in the manner and upon instructions
given by the Person or Persons specified in such Note or in the applicable
Company Order. With respect to the Notes of any series that are represented by a
global Note, the Company authorizes the execution and delivery by the Trustee of
a letter of representations or other similar agreement or instrument in the form
customarily provided for by the Depository appointed with respect to such global
Note. Any global Note may be deposited with the Depository or its nominee, or
may remain in the custody of the Trustee pursuant to a FAST Balance Certificate
Agreement or similar agreement between the Trustee and the Depository. If a
Company Order has been, or simultaneously is, delivered, any instructions by the
Company with respect to endorsement or delivery or redelivery of a Note in
global form shall be in writing but need not comply with Section 102 and need
not be accompanied by an Opinion of Counsel.

         Members of, or participants in, the Depository ("Agent Members") shall
have no rights under the Indenture with respect to any global Note held on their
behalf by the Depository, or the Trustee as its custodian, or under such global
Note and the Depository may be treated by the Company, the Trustee and any agent
of the Company or the Trustee as the absolute owner of such global Note for all
purposes whatsoever. Notwithstanding the foregoing, (i) the registered holder of
a global Note may grant proxies and otherwise authorize any Person, including
Agent Members and Persons that may hold interests through an Agent Member, to
take any action that a Holder is entitled to take under the Indenture or the
Notes and (ii) nothing herein shall prevent the Company, the Trustee or any
agent of the Company or the Trustee, from giving effect to any written
certification, proxy or other authorization furnished by the Depository or shall
impair, as between the Depository and its Agent Members, the operation of
customary practices governing the exercise of the rights of a beneficial owner
of any Note.

         Notwithstanding Section 305, and except as otherwise provided pursuant
to Section 301, transfers of a global Note shall be limited to transfers of such
global Note in whole but not in part, to the Depository, its successors or their
respective nominees. Interests of beneficial owners in a global Note may be
transferred in accordance with the rules and procedures of the Depository. In
all other respects, Notes shall be transferred to all

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beneficial owners in exchange for their beneficial interest in a Global Security
solely as expressly provided in Section 305.

         In connection with any transfer of a portion of the beneficial interest
in a global Note to beneficial owners pursuant hereto and Section 305, the
Security Registrar shall reflect on its books and records the date and a
decrease in the principal amount of the global Note of the applicable series in
an amount equal to the principal amount of the beneficial interest in the global
Note to be transferred, and the Company shall execute, and the Trustee upon
receipt of a Company Order for the authentication and delivery of Notes shall
authenticate and deliver, one or more Notes of like tenor and amount.

         In connection with the transfer of an entire global Note to beneficial
owners pursuant hereto and Section 305, the global Security shall be deemed to
be surrendered to the Trustee for cancellation, and the Company shall execute,
and the Trustee shall authenticate and deliver, to each beneficial owner
identified by the Depository in exchange for its beneficial interest in the
global Note, an equal aggregate principal amount of Notes of the applicable
series of authorized denominations.

         Neither the Company nor the Trustee will have any responsibility or
liability for any aspect of the records relating to, or payments made on account
of, Notes by the Depository, or for maintaining, supervising or reviewing any
records of the Depository relating to such Notes. Neither the Company nor the
Trustee shall be liable for any delay by the related global Note Holder or the
Depository in identifying the beneficial owners, and each such Person may
conclusively rely on, and shall be protected in relying on, instructions from
such global Note Holder or the Depository for all purposes (including with
respect to the registration and delivery, and the respective principal amounts,
of the Notes to be issued).

         Notwithstanding the provisions of Sections 201 and 307, unless
otherwise specified as contemplated by Section 301, payment of principal of,
premium (if any) or interest on any global Note shall be made to the Person or
Persons specified in such global Note.

4. The dates on which the principal of the Notes is payable shall be November
30, 2007.

5. The rate at which the Notes shall bear interest shall be 6.311% per annum.
Interest will be computed on the basis of a 360-day year of twelve 30-day
months. The date from which interest shall accrue for the Notes shall be
November 20, 2002. The Interest Payment Dates on which interest on the Notes
shall be payable are May 30 and November 30, commencing May 30, 2003. Interest
on the Notes shall be payable to the persons in whose name the Notes are
registered at the close of business on the Regular Record Date for such interest
payment, except in the case of default interest, which will be payable as
provided in the Indenture. The Regular Record Date for the interest payable on
the Notes on any Interest Payment Date shall be the May 15 and November 15, as
the case may be, immediately preceding such Interest Payment Date. No Additional
Amounts shall be payable with respect to the Notes.

6. The place or places where the principal of, premium (if any) on and interest
on the Notes shall be payable is at the office or agency of the Trustee in New
York, New York or such other offices or agencies maintained for such purpose as
the Company may from time to time and in accordance with the Indenture
designate. If appropriate wire transfer instructions have been received by the
Trustee at its Corporate Trust Office or at its corporate trust facility in the
Borough of Manhattan, The City of New York, not later than 5 Business Days prior
to the record date for an applicable Interest Payment Date, then payments in
respect of the Notes evidenced by a global Security (including principal,
premium, if any, and interest) shall be made by wire transfer of immediately
available funds to the accounts specified by the Holder of such global Note. In
all other cases, payment of interest on the Notes may be made at the option of
the Company by check mailed to the address of the person entitled thereto as
such address shall appear in the Security Register.

7. Each series of Notes will be redeemable, in whole or in part, at the option
of the Company at any time, at a redemption price equal to the greater of (i)
100% of the principal amount of the applicable series of Notes, and (ii) the sum
of the present values of the remaining scheduled payments of principal and
interest thereon (not including any portion of such payments of interest accrued
as of the date of redemption) discounted to the date of redemption on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Adjusted Treasury Rate

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(as defined below) plus 35 basis points, as calculated by an Independent
Investment Banker plus, in each case, accrued and unpaid interest thereon to the
date of redemption.

         "Adjusted Treasury Rate" means, with respect to any date of redemption,
         (i) the yield, under the heading which represents the average for the
         immediately preceding week, appearing in the most recently published
         statistical release designated "H.15(519)"or any successor publication
         which is published weekly by the Board of Governors of the Federal
         Reserve System and which establishes yields on actively traded United
         States Treasury securities adjusted to constant maturity under the
         caption "Treasury Constant Maturities," for the maturity corresponding
         to the Comparable Treasury Issue (if no maturity is within three months
         before or after the remaining life, yields for the two published
         maturities most closely corresponding to the Comparable Treasury Issue
         shall be determined and the Adjusted Treasury Rate shall be
         interpolated or extrapolated from such yields on a straight line basis,
         rounding to the nearest month); or (ii) if such release (or any
         successor release) is not published during the week preceding the
         calculation date or does not contain such yields, the rate per annum
         equal to the semi-annual equivalent yield to maturity of the Comparable
         Treasury Issue, calculated using a price for the Comparable Treasury
         Issue (expressed as a percentage of its principal amount) equal to the
         Comparable Treasury Price for such date of redemption. The Adjusted
         Treasury Rate shall be calculated on the third Business Day preceding
         the date of redemption.

         "Comparable Treasury Issue" means the United States Treasury security
         selected by an Independent Investment Banker as having a maturity
         comparable to the remaining term of the series of Notes to be redeemed
         that would be utilized, at the time of selection and in accordance with
         customary financial practice, in pricing new issues of corporate debt
         securities of comparable maturity to the remaining term of such Notes.

         "Comparable Treasury Price" means, with respect to any date of
         redemption, (i) the average of five Reference Treasury Dealer
         Quotations for such date of redemption, after excluding the highest and
         lowest such Reference Treasury Dealer Quotations, or (ii) if the
         Independent Investment Banker obtains fewer than five such Reference
         Treasury Dealer Quotations, the average of all such Reference Treasury
         Dealer Quotations.

         "Independent Investment Banker" means one of the Reference Treasury
         Dealers appointed by the Company to act as the independent investment
         banker from time to time.

         "Reference Treasury Dealers" means (i) Banc of America Securities LLC,
         J.P. Morgan Securities Inc. and their respective successors; provided,
         however, that if any of the foregoing shall cease to be a primary U.S.
         Government securities dealer in New York City (a "Primary Treasury
         Dealer"), the Company shall substitute therefor another Primary
         Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by
         the Company.

         "Reference Treasury Dealer Quotations" means, with respect to each
         Reference Treasury Dealer and any date of redemption, the average, as
         determined by the Independent Investment Banker, of the bid and asked
         prices for the Comparable Treasury Issue (expressed in each case as a
         percentage of its principal amount) quoted in writing to the
         Independent Investment Banker by such Reference Treasury Dealer at 5:00
         p.m., New York City time, on the third Business Day preceding such date
         of redemption.

Notice of any redemption will be mailed at least 30 days but not more than 60
days before the date of redemption to each Holder of the applicable series of
Notes to be redeemed. Unless the Company defaults in payment of the redemption
price, on and after the date of redemption, interest will cease to accrue on the
Notes or portions thereof called for redemption.

8. The Notes shall not be entitled to the benefit of any sinking fund, any
optional repurchase or redemption right in favor of any holder thereof or other
mandatory repurchase or redemption provisions.

9. The Notes shall be in substantially the form of Attachment A hereto (the
"Form of Note")

10. Each Note that is a global Security shall bear the legend set forth on the
face of the Form of Note.

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                           ATTACHMENT A - FORM OF NOTE

                           [FORM OF FACE OF SECURITY]

         [THIS SECURITY IS A GLOBAL SECURITY AS PROVIDED FOR IN THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE OF A DEPOSITORY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED
IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS
SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITORY TO
A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY
OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED
CIRCUMSTANCES.]*

         [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]*

                            VALERO ENERGY CORPORATION

                              6.311% NOTES DUE 2007

No. [     ]                                             $[                     ]
REGISTERED                                              CUSIP No. [            ]

                  VALERO ENERGY CORPORATION, a Delaware corporation (the
"Company," which term includes any successor Person under the Indenture
hereinafter referred to), for value received promises to pay to Cede & Co. or
registered assigns, the principal sum of         Dollars [or such lesser amount
as indicated on the schedule of exchanges of Securities,]* on November 30, 2007.

                 Interest Payment Dates: May 30 and November 30

                  Regular Record Dates: May 15 and November 15

                  Reference is hereby made to the further provisions of this
Security set forth in the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

------------------
 * To be included only if the Security is a Global Security.

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                  IN WITNESS WHEREOF, the Company has caused this Security to be
signed manually or by facsimile by its duly authorized officers.

Dated:                ,

                                     VALERO ENERGY CORPORATION

                                     By:
                                        ----------------------------------------
                                     John D. Gibbons, Executive Vice President
ATTEST:                              and Chief Financial Officer

By:
    -------------------------------
    Jay D. Browning, Vice President
    and Secretary

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION:

This is one of the Securities of the series designated therein referred to in
the within-mentioned Indenture.

                                     By:
                                        ---------------------------------------
Dated:              ,                   Authorized Signatory

                                      AA-2

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                          [FORM OF REVERSE OF SECURITY]

                            VALERO ENERGY CORPORATION

                              6.311% NOTES DUE 2007

                  This Security is one of a duly authorized issue of debentures,
notes or other evidences of indebtedness of VALERO ENERGY CORPORATION, a
Delaware corporation (the "Company"), issued under the Indenture hereinafter
referred to and is one of a series of such debentures, notes or other evidences
of indebtedness designated pursuant thereto as 6.311% Notes due 2007 (the
"Securities") of the Company.

         1. Interest. The Company promises to pay interest on the principal
amount of this Security at 6.311% per annum from November 20, 2002 until
Maturity of the Securities. The Company will pay interest semiannually on May 30
and November 30 of each year (each an "Interest Payment Date") and on the
Maturity of the Securities, or if any such day is not a Business Day, on the
next succeeding Business Day. Interest on the Securities will accrue from the
most recent Interest Payment Date on which interest has been paid or, if no
interest has been paid, from November 20, 2002; provided that if there is no
existing Default in the payment of, or provisions for, interest, and if this
Security is authenticated between a Regular Record Date referred to on the face
hereof (whether or not a Business Day) and the next succeeding Interest Payment
Date, interest shall accrue from such next succeeding Interest Payment Date;
provided, further, that the first Interest Payment Date shall be May 30, 2003.
The interest so payable, and punctually paid or provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest as set forth on
the face hereof, provided, however, that interest payable at Maturity of this
Security will be payable to the Person to whom the principal hereof shall be
payable. Any such interest which is so payable, but is not punctually paid or
duly provided for on any Interest Payment Date, shall forthwith cease to be
payable to the registered Holder on such Regular Record Date, and may be paid as
more fully provided in the Indenture. Interest will be computed on the basis of
a 360-day year of twelve 30-day months.

         2. Method of Payment. Payment of the principal of (and premium, if any)
and interest on this Security will be made at the office or agency of the
Company maintained for that purpose at the Corporate Trust Office of the Trustee
in the Borough of Manhattan, The City of New York, or at such other offices or
agencies maintained for such purpose as the Company may from time to time and in
accordance with the Indenture designate, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that (i) payment of interest may,
at the option of the Company, be made (subject to collection) by check mailed to
the address of the Person entitled thereto as such address shall appear on the
Security Register or, with respect to Securities evidenced by a global Security,
if appropriate wire transfer instructions have been received in writing by the
Trustee at its Corporate Trust Office or at its corporate trust facility in the
Borough of Manhattan, The City of New York, not later than five Business Days
prior to the record date for an applicable Interest Payment Date, be made by
wire transfer of immediately available funds in accordance with such wire
transfer instructions; and (ii) payment of available funds upon surrender of
this Security will be made at the Corporate Trust Office of the Trustee or at
the corporate trust facility of the Trustee located in the Borough of Manhattan,
The City of New York, or at such additional offices or agencies maintained for
such purpose as the Company may from time to time and in accordance with the
Indenture designate.

         3. Certain Office. Initially, The Bank of New York, the Trustee under
the Indenture (in such capacity, the "Trustee"), will, at its Corporate Trust
Office in the Borough of Manhattan, The City of New York, act as the Company's
office or agency where the Securities may be presented or surrendered for
payment, where the Securities may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company in respect of the
Securities and the Indenture may be served.

         4. Indenture. The Company issued the Securities under an Indenture
dated as of December 12, 1997 (the "Indenture") between the Company and the
Trustee. The terms of the Securities include those stated in the Indenture
(including terms defined therein, which terms when used herein, unless the
context requires otherwise, shall have the meanings assigned to such terms in
the Indenture) and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended (the "TIA"), as in effect on the date of
execution of the Indenture.

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The Securities are subject to all such terms, and Holders are referred to the
Indenture and the TIA for a statement of such terms. The Securities are
unsecured general obligations of the Company limited to $50,000,000 in aggregate
principal amount and will rank on a parity with all other unsecured and
unsubordinated indebtedness of the Company. The Indenture provides for the
issuance of other series of debentures, notes and other evidences of
Indebtedness (including the Securities, the "Debt Securities") thereunder.

         5. Denominations, Transfer, Exchange. The Securities are in registered
form without coupons and, if not in global form, in denominations of $1,000 and
integral multiples of $1,000. The transfer of Securities may be registered and
Securities may be exchanged as provided in the Indenture. The Security Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes and fees required by
law or permitted by the Indenture. The Security Registrar need not exchange or
register the transfer of any Securities during the period beginning on the
opening of business 15 days before the day of mailing of a notice of redemption
of the Securities and ending at the close of business on the day of such mailing
or of any Securities selected for redemption, except the unredeemed portion of
any Securities being redeemed in part.

         6. Persons Deemed Owners. The registered Holder of a Security shall be
treated as its owner for all purposes.

         7. Redemption. The Securities will be redeemable, in whole or in part,
at the option of the Company at any time, at a redemption price equal to the
greater of (i) 100% of the principal amount of such Securities, and (ii) the sum
of the present values of the remaining scheduled payments of principal and
interest thereon (not including any portion of such payments of interest accrued
as of the date of redemption) discounted to the date of redemption on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Adjusted Treasury Rate (as defined below) plus 35 basis points, as
calculated by the Independent Investment Banker (as defined below) plus, in each
case, accrued and unpaid interest thereon to the date of redemption.

         "Adjusted Treasury Rate" means, with respect to any date of redemption,
         (i) the yield, under the heading which represents the average for the
         immediately preceding week, appearing in the most recently published
         statistical release designated "H.15(519)" or any successor publication
         which is published weekly by the Board of Governors of the Federal
         Reserve System and which establishes yields on actively traded United
         States Treasury securities adjusted to constant maturity under the
         caption "Treasury Constant Maturities," for the maturity corresponding
         to the Comparable Treasury Issue (if no maturity is within three months
         before or after the remaining life, yields for the two published
         maturities most closely corresponding to the Comparable Treasury Issue
         shall be determined and the Adjusted Treasury Rate shall be
         interpolated or extrapolated from such yields on a straight line basis,
         rounding to the nearest month); or (ii) if such release (or any
         successor release) is not published during the week preceding the
         calculation date or does not contain such yields, the rate per annum
         equal to the semi-annual equivalent yield to maturity of the Comparable
         Treasury Issue, calculated using a price for the Comparable Treasury
         Issue (expressed as a percentage of its principal amount) equal to the
         Comparable Treasury Price for such date of redemption. The Adjusted
         Treasury Rate shall be calculated on the third Business Day preceding
         the date of redemption.

         "Comparable Treasury Issue" means the United States Treasury security
         selected by an Independent Investment Banker as having a maturity
         comparable to the remaining term of the Notes to be redeemed that would
         be utilized, at the time of selection and in accordance with customary
         financial practice, in pricing new issues of corporate debt securities
         of comparable maturity to the remaining term of such Notes.

         "Comparable Treasury Price" means, with respect to any date of
         redemption, (i) the average of five Reference Treasury Dealer
         Quotations for such date of redemption, after excluding the highest and
         lowest such Reference Treasury Dealer Quotations, or (ii) if the
         Independent Investment Banker obtains fewer than five such Reference
         Treasury Dealer Quotations, the average of all such Reference Treasury
         Dealer Quotations.

         "Independent Investment Banker" means one of the Reference Treasury
         Dealers appointed by the Company to act as the independent investment
         banker from time to time.

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         "Reference Treasury Dealers" means (i) Banc of America Securities LLC,
         J.P. Morgan Securities Inc. and their respective successors; provided,
         however, that if any of the foregoing shall cease to be a primary U.S.
         Government securities dealer in New York City (a "Primary Treasury
         Dealer"), the Company shall substitute therefor another Primary
         Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by
         the Company.

         "Reference Treasury Dealer Quotations" means, with respect to each
         Reference Treasury Dealer and any date of redemption, the average, as
         determined by the Independent Investment Banker, of the bid and asked
         prices for the Comparable Treasury Issue (expressed in each case as a
         percentage of its principal amount) quoted in writing to the
         Independent Investment Banker by such Reference Treasury Dealer at 5:00
         p.m., New York City time, on the third Business Day preceding such date
         of redemption.

Notice of any redemption will be mailed at least 30 days but not more than 60
days before the date of redemption to each Holder of the Securities to be
redeemed. Unless the Company defaults in payment of the redemption price, on and
after the date of redemption, interest will cease to accrue on the Securities or
portions thereof called for redemption.

         8. Amendments and Waivers. Subject to certain exceptions and
limitations, the Indenture or the Securities may be supplemented with the
consent of the Holders of not less than a majority in aggregate principal amount
of the outstanding Securities, and any past default under the Indenture with
respect to the Securities, and its consequences, may be waived (other than a
default in the payment of the principal of (or premium, if any) or interest on
the Securities or in respect of a covenant or provision of the Indenture which
under Article 9 thereof cannot be modified or amended without the consent of the
Holder of each outstanding Security) by the Holders of not less than a majority
in principal amount of the outstanding Securities in accordance with the terms
of the Indenture. Without the consent of any Holder, the Company and the Trustee
may supplement the Indenture or the Securities (i) to cure any ambiguity,
omission, defect or inconsistency, in each case which shall not be inconsistent
with the provisions of the Indenture and which shall not adversely affect the
interest of the Holders of the Securities in any material respect; (ii) to
evidence the assumption by a successor Person of the obligations of the Company
under the Indenture and this Security; (iii) to change or eliminate any
restrictions on the payment of principal (or premium, if any) on Registered
Securities, to permit Registered Securities to be exchanged for Bearer
Securities or to permit the issuance of Securities in uncertificated form,
provided any such action shall not adversely affect the interest of the Holders
of the Securities in any material respect; (iv) to add to the covenants of the
Company for the benefit of the Holders of the Securities or Holders of other
series of Debt Securities, or to surrender any right or power conferred by the
Indenture upon the Company; (v) to add to, delete from or revise the conditions,
limitations and restrictions on the authorized amount, terms or purpose of
issue, authentication and delivery of the Securities as set forth in the
Indenture; or (vi) to evidence and provide for the acceptance of appointment
under the Indenture by a successor Trustee with respect to the Securities and to
add to or change any of the provisions of the Indenture as shall be necessary to
provide for or facilitate the administration of the trusts thereunder by more
than one Trustee, pursuant to the requirements of the Indenture.

                  The right of any Holder to participate in any consent required
or sought pursuant to any provision of the Indenture (and the obligation of the
Company to obtain any such consent otherwise required from such Holder) may be
subject to the requirement that such Holder shall have been the Holder of record
of any Securities with respect to which consent is required or sought as of a
date fixed in accordance with the terms of the Indenture.

                  Subject to certain exceptions and limitations set forth in the
Indenture, without the consent of each Holder affected, the Company may not (i)
change the Stated Maturity of the principal of or any installment of interest on
any Security, (ii) reduce the principal amount of, or any premium or interest
on, any Security, (iii) change any Place of Payment where, or the currency in
which, any Security or any premium or interest thereon is payable, (iv) impair
the right to institute suit for the enforcement of any payment with respect to
any Security after the Stated Maturity thereof (or, in the case of redemption,
on or after the applicable Redemption Date), (v) reduce the percentage in
principal amount of the outstanding Securities whose Holders must consent to a
supplement or waiver, or reduce the requirements in Section 1504 of the
Indenture for quorum or voting, or make any change in the percentage of
principal amount of Securities necessary to waive compliance with certain
provisions of the Indenture or (vi) waive a continuing Default or Event of
Default in the payment of principal of or premium (if any) or interest on the
Securities.

                                      AA-5
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                  A supplemental indenture that changes or eliminates any
covenant or other provision of the Indenture which has expressly been included
solely for the benefit of one or more particular series of Debt Securities under
the Indenture, or which modifies the rights of the Holders of Debt Securities of
such series with respect to such covenant or other provision, shall be deemed
not to affect the rights under the Indenture of the Holders of Debt Securities
of any other series.

         9. Defaults and Remedies. Events of Default are defined in the
Indenture and generally include: (i) failure to pay principal of or any premium
on any Security when due and payable; (ii) failure to pay any interest on any
Security when due and payable, and the continuation of the default for 30 days;
(iii) failure to perform any other covenant, or breach of any warranty, of the
Company in the Indenture, continued for 60 days after written notice is given or
received as provided in the Indenture; (iv) certain events of bankruptcy,
insolvency, or reorganization; and (v) failure to pay at final maturity (after
the expiration of any applicable grace periods) or upon the declaration of
acceleration of payment of indebtedness for borrowed money of the Company or any
Subsidiary in excess of $25 million, if such indebtedness is not discharged, or
such acceleration is not annulled, within 10 days after written notice. If any
Event of Default at any time outstanding occurs and is continuing, either the
Trustee or the Holders of at least 25% in aggregate principal amount of the then
outstanding Securities may declare the principal amount of all Securities to be
due and payable immediately. At any time after a declaration or occurrence of
acceleration with respect to the Securities has been made, but before a judgment
or decree based on acceleration has been obtained, the Holders of a majority in
aggregate principal amount of the then outstanding Securities may, under certain
circumstances, rescind and annul the acceleration.

                  Holders may not enforce the Indenture or the Securities except
as provided in the Indenture. The Trustee may require indemnity reasonably
satisfactory to it before it enforces the Indenture or the Securities. Subject
to certain limitations, Holders of a majority in principal amount of the then
outstanding Securities may direct the Trustee in its exercise of any trust or
power with respect to the Securities. The Trustee may withhold from Holders
notice of any continuing default (except a default in payment of principal,
premium (if any) or interest) if in good faith it determines that withholding
notice is in their interests. The Company must furnish an annual compliance
certificate to the Trustee.

         10. Discharge Prior to Maturity. The Indenture with respect to the
Securities shall be discharged and canceled upon the payment of all Securities
and, as provided in the Indenture, shall be discharged except for certain
obligations upon the irrevocable deposit with the Trustee of funds sufficient
for such payment.

         11. Trustee Dealings with Company. The Trustee, in its individual or
any other capacity, may make loans to, accept deposits from, and perform
services for the Company or its Affiliates, and may otherwise deal with the
Company or its Affiliates, as if it were not Trustee.

         12. Authentication. This Security shall not be valid until
authenticated by the manual signature of an authorized signer of the Trustee.

         13. CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers to be printed on the Securities as a convenience to the Holders of
the Securities. No representation is made as to the correctness of such numbers
as printed on the Securities and reliance may be placed only on the other
identification numbers printed thereon.

14. Abbreviations. Customary abbreviations may be used in the name of a Holder
or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform gifts to Minors
Act).

                                      AA-6
<PAGE>

         THE COMPANY WILL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND WITHOUT
CHARGE A COPY OF THE INDENTURE. REQUEST MAY BE MADE TO:

                   VALERO ENERGY CORPORATION
                   ONE VALERO PLACE
                   SAN ANTONIO, TEXAS 78212
                   TELEPHONE: (210) 370-2000
                   ATTENTION:  GENERAL COUNSEL

                                      AA-7
<PAGE>

                       SCHEDULE OF EXCHANGES OF SECURITY*

        The following exchanges of a part of this global Security for definitive
Securities have been made:

<Table>
<Caption>
                                                                                   Principal amount of           Signature of
                              Amount of decrease in      Amount of increase       this global Security       authorized officer of
                               principal amount of     in principal amount of         following such          Trustee or Security
     Date of exchange         this global Security      this global Security      decrease (or increase)           Registrar
     ----------------         --------------------     ----------------------     ----------------------     ---------------------
<S>                          <C>                       <C>                        <C>                        <C>

</Table>

-----------------
* This schedule to be included only if the Security is a Global Security.

                                      AA-8
<PAGE>

                                 ASSIGNMENT FORM

         To assign this Security, fill in the form below: (I) or (we) assign and
transfer this Security to __________________________ (Insert assignee's social
security or tax I.D. number)____________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
              (Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
as agent to transfer this Security on the books of the Company. The agent may
substitute another to act for him.

________________________________________________________________________________

Date:______________________   Your Signature:___________________________________
                                             (Sign exactly as your name appears
                                             on the face of this Security)

Signature Guarantee:____________________________________________________________
       (Participant in a Recognized Signature Guaranty Medallion Program)

                                      AA-9<PAGE>

                                                                   Exhibit 10.30

                               ACTUANT CORPORATION

                           CHANGE IN CONTROL AGREEMENT
                                       FOR
                                MARK E. GOLDSTEIN

     This Agreement is made as of September 30, 2002 (the "Effective Date"),
between Actuant Corporation (the "Corporation"), a Wisconsin corporation and
Mark E. Goldstein (the "Executive").

     WHEREAS, the Executive is a valued employee of the Corporation; and

     WHEREAS, the Corporation desires to enter into this Change in Control
Agreement with the Executive to provide the Executive with contractual
assurances to induce the Executive to remain as an employee of the Corporation
notwithstanding the possibility, threat or occurrence of a Change in Control (as
defined below) of the Corporation.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the Executive and the Corporation agree as follows:

     1. Employment and Duties. The Corporation hereby employs Executive as
Vice-President, Gardner Bender, with all powers and authority as are customary
to this position, and Executive hereby accepts employment with the Corporation
in accordance with the terms and conditions set forth herein. Executive shall
have such executive responsibilities as is customary with this position and as
the Corporation's Board of Directors or the President (as the case may be) shall
from time to time assign to him. Executive agrees to devote his full time
(excluding annual vacation time), skill, knowledge, and attention to the
business of the Corporation and the performance of his duties under this
Agreement.

     2. Termination, Bonus, and Severance Pay.

          a. As used in this Agreement, a Change in Control means:

               (i) a sale of over 50% of the stock of the Corporation measured
          in terms of voting power, other than in a public offering; or

               (ii) the sale by the Corporation of over 50% of its business or
          assets in one or more transactions over a consecutive 12-month period;
          or

               (iii) a merger or consolidation of the Corporation with or into
          any other corporation or corporations such that the shareholders of
          the Corporation prior to the merger or consolidation do not own at
          least 50% of the surviving entity measured in terms of voting power;
          or

               (iv) the acquisition by any means of more than 25% of the voting
          power or common stock of the Corporation by any person or group of
          persons

<PAGE>

          (with group defined by the definitions under Section 13(d)(3) of the
          Securities Exchange Act of 1934, as amended); or

               (v) the election of directors constituting a majority of the
          Corporation's board of directors pursuant to a proxy solicitation not
          recommended by the Corporation's board of directors.

          b. As used in this Agreement, a Triggering Event means:

               (i) (a) reducing the base salary paid to the Executive or (b) a
          material reduction in Executive's bonus opportunity or (c) reducing
          the total aggregate value of the fringe benefits received by the
          Executive from the levels received by the Executive at the time of a
          Change in Control or during the 180 day period immediately preceding
          the Change in Control; or

               (ii) a material change in the Executive's position or duties or
          the Executive's reporting responsibilities from the levels existing at
          the time of a Change in Control or during the 180 day period
          immediately preceding the Change in Control; or

               (iii) a change in the location or headquarters where the
          Executive is normally expected to provide services to a location of 40
          or more miles from the previous location existing at the time of the
          Change in Control or during the 180 day period immediately preceding
          the Change in Control.

          c. If the Corporation terminates Executive's employment within the
     period beginning six months prior to a Change in Control and ending 24
     months following a Change in Control or Executive voluntarily terminates
     his services following a Triggering Event that occurs within 24 months
     following the date of a Change in Control, the Corporation shall pay to the
     Executive a lump sum equal to the sum of (a) the amount of the highest per
     annum base rate of salary in effect with respect to the Executive during
     the two-year period immediately prior to the termination of employment plus
     (b) the amount of the highest annual bonus or incentive compensation earned
     by the Executive under any cash bonus or incentive compensation plan of the
     Corporation during the three complete fiscal years of the Corporation
     immediately preceding the termination of employment. Such lump sum shall be
     paid by the Corporation to the Executive within twenty days after the
     Executive's termination of employment. In addition, the Corporation, at the
     Corporation's cost, shall continue to provide Executive with the welfare
     benefits and other perquisites Executive was receiving at the time of the
     Change in Control for a period of one year following Executive's
     termination of employment or such earlier date as Executive becomes
     employed by another employer and becomes eligible for welfare benefits. For
     purposes hereof, perquisites will include the Executive's right to lease a
     car or a car allowance, as the case may be.

          d. Notwithstanding any provision herein, no amounts will be due under
     this Agreement in the event the Executive's employment is terminated by the
     Corporation for cause. The term "for cause" shall mean solely the following
     events:

                                     - 2 -

<PAGE>

               (i) Executive has been convicted of a felony which has adversely
          affected the Corporation's reputation;

               (ii) Executive has materially misappropriated the Corporation's
          funds, property or opportunities; or

               (iii) Executive has materially breached any of the provisions of
          this Agreement after having been provided by written notice a
          reasonable opportunity (not less than 15 business days) to cure such
          breach.

     3. Certain Additional Payments by the Corporation.

          a. In the event it shall be determined that the severance benefits
     payable to Executive under this Agreement or any other payments or benefits
     received or to be received by the Executive (whether payable pursuant to
     the terms of this Agreement, any other plan, agreement or arrangement) (the
     "Payments") would be subject to the excise tax imposed by Section 4999 of
     the Internal Revenue Code of 1986, as amended (the "Code") or any interest
     or penalties are incurred by the Executive with respect to such excise tax
     (such excise tax, together with any such interest and penalties, are
     hereinafter collectively referred to as the "Excise Tax"), then the
     Executive shall be entitled to receive an additional payment (a "Gross-Up
     Payment"). The Gross-Up Payment shall be in an amount such that after
     payment by the Executive of all taxes (including 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 on the Gross-Up Payment, the Executive retains an
     amount of the Gross-Up Payment equal to the Excise Tax imposed upon the
     Payments.

          b. Subject to the provisions of paragraph c. of this Section 3, all
     determinations required to be made under this Section 3, 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 a certified public accounting firm
     designated by the Executive (the "Accounting Firm"), which shall provide
     detailed supporting calculations both to the Corporation and the Executive
     within twenty business days of the receipt of notice from the Executive
     that there has been a Payment, or such earlier time as is requested by the
     Corporation. All fees and expenses of the Accounting Firm shall be borne
     solely by the Corporation. Any Gross-Up Payment, as determined pursuant to
     this Section 3, shall be paid by the Corporation to the Executive within
     five days of the receipt of the Accounting Firm's determination. Any
     determination by the Accounting Firm shall be binding upon the Corporation
     and the 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 which will
     not have been made by the Corporation should have been made
     ("Underpayment"), consistent with the calculations required to be made
     hereunder. In the event that the Corporation exhausts its remedies pursuant
     to paragraph c. of this Section 3 and the 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

                                     - 3 -

<PAGE>

     and any such Underpayment shall be promptly paid by the Corporation to or
     for the benefit of Executive.

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

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

               (ii) take such action in connection with contesting such claim as
          the Corporation 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
          Corporation,

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

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

     provided, however, that the Corporation 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 the 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 paragraph c. of Section 3,
     the Corporation shall control all proceedings taken in connection with such
     contest and, at its sole option, may pursue or forego 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 the Executive to pay the tax claimed and sue for a refund or
     contest the claim in any permissible manner, and the 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 Corporation shall determine; provided, however, that if the
     Corporation directs the Executive to pay such claim and sue for a refund,
     the Corporation shall advance the amount of such payment to the Executive,
     on an interest-free basis and shall indemnify and hold the 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 provided, further, that any extension of the statute of

                                     - 4 -

<PAGE>

     limitations relating to payment of taxes for the taxable year of the
     Executive with respect to which such contested amount is claimed to be due
     is limited solely to such contested amount. Furthermore, the Corporation's
     control of the contest shall be limited to issues with respect to which a
     Gross-Up Payment would be payable hereunder and the 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 the Executive of an amount advanced by the
     Corporation pursuant to paragraph c. of this Section 3, the Executive
     becomes entitled to receive any refund with respect to such claim, the
     Executive shall (subject to the Corporation's complying with the
     requirements of paragraph c. of this Section 3) promptly pay to the
     Corporation the amount of such refund (together with any interest paid or
     credited thereon after taxes applicable thereto). If after the receipt by
     the Executive of an amount advanced by the Corporation pursuant to
     paragraph c. of this Section 3, a determination is made that the Executive
     shall not be entitled to any refund with respect to such claim and the
     Corporation does not notify the Executive in writing of its intent to
     contest such denial of refund prior to the expiration of thirty days after
     such determination, then such advance shall be forgiven and shall not be
     required to be repaid and the amount of such advance shall offset, to the
     extent thereof, the amount of Gross-Up Payment required to be paid.

     4. Confidential Information. As a supplement to any other confidentiality
provisions applicable to the Executive, Executive acknowledges that all
Confidential Information is and shall continue to be the exclusive proprietary
property of the Corporation, whether or not disclosed to or entrusted to the
custody of Executive. Executive will not, either during the term hereof or at
any time thereafter, disclose any Confidential Information, in whole or in part,
to any person or entity other than to employees or affiliates of the
Corporation, for any reason or purpose, unless the Corporation gives its prior
written consent to such disclosure. Executive also will not, either during the
term hereof or at any time thereafter, use in any manner any Confidential
Information for his own purposes or for the benefit of any person or entity
except the Corporation and its affiliates whether such use consists of
duplication, removal, oral communication, disclosure, transfer or other
unauthorized use thereof, unless the Corporation gives its prior written consent
to such use. As used herein, the term "Confidential Information" refers to all
information and materials not in the public domain belonging to, used by or in
the business of the Corporation (the "Business") relating to its business
strategies, products, pricing, customers, technology, programs, costs, employee
compensation, marketing plans, developmental plans, computer programs, computer
systems, inventions, developments, formulae, processes, designs, drawings, trade
secrets of every kind and character and competitive information. "Confidential
Information" also includes confidential information belonging to other companies
and disclosed to the Executive by the Corporation.

     5. Non-competition and Inventions.

          a. During the period of employment of Executive and for a period of
     one year after Executive's termination of employment for any reason,
     Executive shall not directly or indirectly as a principal, agent, owner,
     employee, consultant, advisor, trustee,

                                     - 5 -

<PAGE>

     beneficiary, distributor, partner, co-venturer, officer, director,
     stockholder or in any other capacity, nor will any entity owned by
     Executive:

               (i) divert or attempt to divert any business from the Corporation
          or engage in any act likely to cause any customer or supplier of the
          Corporation to discontinue or curtail its business with the
          Corporation or to do business with another entity, firm, business,
          activity or enterprise directly or indirectly competitive with the
          Corporation; or

               (ii) contact, sell or solicit to sell or attempt to contact, sell
          or solicit to sell products competitive to those sold by the
          Corporation to any customer of the Corporation with which Executive
          had contact while performing services for the Corporation; or

               (iii) solicit or attempt to solicit any employee of the
          Corporation for employment or retention.

          Notwithstanding the provisions above, Executive may acquire securities
     of any entity the securities of which are publicly traded, provided that
     the value of the securities of such entity held directly or indirectly by
     Executive immediately following such acquisition is less than 5% of the
     total value of the then outstanding class or type of securities acquired.

          b. Executive acknowledges and agrees that the restrictions set forth
     in this Section 5 are founded on valuable consideration and are reasonable
     in duration and geographic area in view of the circumstances under which
     this Agreement is executed and that such restrictions are necessary to
     protect the legitimate interests of the Corporation. If, in any judicial
     proceeding, a court shall refuse to enforce any separate covenant set forth
     herein, then such unenforceable covenant shall be deemed eliminated from
     this Section 4 for the purpose of that proceeding to the extent necessary
     to permit the remaining separate covenants to be enforced.

          c. The Executive hereby sells, transfers and assigns to the
     Corporation the entire right, title and interest of the Executive in and to
     all inventions, ideas, disclosures and improvements, whether patented or
     unpatented, and copyrightable materials, made or conceived by the
     Executive, solely or jointly, or in whole or in part, during the period
     Executive is bound by this Agreement which (i) relate to methods,
     apparatus, designs, products, processes or devices sold, leased, used or
     under construction or development by the Corporation or any subsidiary or
     (ii) otherwise relate to or pertain to the business, functions or
     operations of the Corporation or any subsidiary, or (iii) arise (wholly or
     partly) from the efforts of the Executive during the Term hereof in
     connection with his performance of his duties hereunder. The Executive
     shall communicate promptly and disclose to the Corporation, in such form as
     the Corporation requests, all information, details and data pertaining to
     the aforementioned inventions, ideas, disclosures and improvements; and,
     whether during the term hereof or thereafter, the Executive shall execute
     and deliver to the Corporation such formal transfers and assignments and
     such other papers and documents as may be required of the Executive to
     permit the

                                     - 6 -

<PAGE>

     Corporation to file and prosecute the patent applications and, as to
     copyrightable material, to obtain copyright thereon. This provision does
     not relate to any invention for which (i) no equipment, supplies,
     facilities or trade secret information of the Corporation was used and
     which was developed entirely on the Executive's own time and which does not
     relate (A) directly to the business of the Corporation, or (B) to the
     Corporation's actual or demonstrably anticipated research or development;
     or (ii) does not result in any work performed by the Executive for the
     Corporation.

          d. The provisions in this paragraph are a supplement to any other
     confidentiality and non-compete provisions applicable to the Executive in
     any other agreements.

     6. Miscellaneous.

          a. This Agreement shall be governed by and construed in accordance
     with the internal laws of the State of Wisconsin, without reference to
     principles of conflict of laws. The captions of this Agreement are not part
     of the provisions hereof and shall have no force or effect. This Agreement
     may not be amended or modified otherwise than by a written agreement
     executed by the parties hereto or their respective successors and legal
     representatives.

          b. All notices and other communications hereunder shall be in writing
     and shall be given by hand delivery to the other party or by registered or
     certified mail, return receipt requested, postage prepaid, addressed as
     follows:

     If to the Executive, to his address appearing on the records of the
     Corporation.

     If to the Corporation:  Actuant Corporation
                             6100 North Baker Road
                             Milwaukee, WI 53209
                             Attention: Chairman of the Audit Committee

     With a copy to:         Quarles & Brady LLP
                             411 East Wisconsin Avenue
                             Milwaukee, WI  53202
                             Attention:  Anthony W. Asmuth III, Esq.

     or to such other address as either party shall have furnished to the other
     in writing in accordance herewith. Notice and communications shall be
     effective when actually received by the addressee.

          c. The invalidity or unenforceability of any provision of this
     Agreement shall not affect the validity or enforceability of any other
     provision of this Agreement.

          d. The Corporation may withhold from any amounts payable under this
     Agreement such federal, state, local or foreign taxes as shall be required
     to be withheld pursuant to any applicable law or regulation.

                                     - 7 -

<PAGE>

          e. The Executive's or the Corporation's failure to insist upon strict
     compliance with any provisions hereof or any other provision of this
     Agreement or the failure to assert any right the Executive or the
     Corporation may have hereunder, including, without limitation, the right of
     the Executive to terminate employment for cause pursuant to this Agreement,
     shall not be deemed to be a waiver of such provision or right of any other
     provision or right of this Agreement.

          f. The Executive and the Corporation acknowledge that, except as may
     otherwise be provided herein or under any other written agreement between
     the Executive and the Corporation, the employment of the Executive by the
     Corporation is "at will" and the Executive's employment may be terminated
     by the Corporation at any time.

          g. The Corporation agrees that if it breaches any payment obligation
     hereunder, the Corporation will pay all reasonable attorney fees and costs
     incurred by Executive in enforcing Executive's rights hereunder.

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

          i. If the Corporation sells, leases, exchanges or otherwise disposes
     of, in a single transaction or series of related transactions, all or
     substantially all of its property and assets, or if the Corporation ceases
     to exist as a separate entity as a result of a merger, spin-off,
     reorganization or otherwise, then the Corporation will, as a condition
     precedent to any such transaction, cause effective provision to be made so
     that the person or entity acquiring such property and assets or succeeding
     to the business of the Corporation as the surviving entity of a merger,
     spin-off, reorganization or otherwise, as applicable, becomes bound by, and
     replaces the Corporation under, this Agreement.

     7. Injunctive Relief. Executive acknowledges and agrees that irreparable
injury will result to the Corporation in the event Executive breaches any
covenant contained in this Agreement and that the remedy at law for such breach
will be inadequate. Therefore, if Executive engages in any act in violation of
the provisions of this Agreement, the Corporation shall be entitled, in addition
to such other remedies and damages as may be available to it by law or under
this Agreement, to injunctive or other equitable relief to enforce the
provisions hereof.

                                     - 8 -

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first above written.

                                                    Actuant Corporation

                                                    By:/s/ Robert C. Arzbaecher
                                                       -------------------------
                                                           Robert C. Arzbaecher

                                                       /S/ Mark E. Goldstein
                                                       -------------------------
                                                         Mark E. Goldstein

                                     - 9 -

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