Document:

EX-10.20

 

EXHIBIT 10.20

ROBBINS & MYERS, INC.

AWARD AGREEMENT

PERFORMANCE SHARE AWARD TO                    

This AWARD AGREEMENT (the “Agreement”) is entered into as of the Award Date set forth below
between ROBBINS & MYERS, INC., an Ohio corporation (the
“Company”), and                     
(“Executive”).

     A. The Company has established a 2008 Long-Term Incentive Plan (the “2008
LTIP”) as a sub-plan under its 2004 Incentive Stock Plan As Amended (the “2004
Plan”), copies of the 2008 LTIP and 2004 Plan have been delivered to Executive and are
incorporated herein by this reference;

     B. For the purpose of encouraging Executive to have a proprietary interest in the Company
through stock ownership, to continue in the service of the Company and its Subsidiaries, and to
render superior performance during the Performance Period, the Compensation Committee (the
“Committee”) of the Board of Directors (the “Board”) of the Company has determined
that Performance Shares should be awarded under the 2008 LTIP to Executive; and

     C. Any capitalized term used herein that is not defined herein shall have the meaning ascribed
to it in the 2004 Plan.

NOW, THEREFORE, THE COMPANY AND EXECUTIVE INTENDING TO BE LEGALLY BOUND HEREBY AGREE AS FOLLOWS:

SECTION 1. PERFORMANCE SHARE AWARD.

1.1 Grant of Performance Shares

(a) The Company hereby grants to Executive on October 5, 2007 (the “Award Date”), subject
to the terms and conditions of the 2008 LTIP, the 2004 Plan and this Agreement,
                    (___) Performance Shares (the “Performance Shares”) as a
Performance Share Award under the 2004 Plan. Each Performance Share represents the right to
receive one Common Share on August 31, 2010 if the Performance Goals for the Performance Period
which is the Company’s fiscal year ending August 31, 2008 (“Fiscal 2008”) are satisfied
provided Executive is employed by the Company on August 31, 2010. The number of Performance Shares
actually delivered to Executive on August 31, 2010 is subject to adjustment based on Fiscal 2008
results as more fully set forth in the 2008 LTIP.

(b) For each Performance Share earned, Executive will be awarded dividend equivalents on August 31,
2010, with the dividends being calculated as if Executive had owned the shares from October 5, 2007
through August 31, 2010. The aggregate amount of dividend equivalents will

 

 

be divided by the average closing price of the Common Shares in August 2010 to arrive at the number
of additional Common Shares Executive will receive.

(c) If there shall occur any recapitalization, reclassification, stock dividend, stock split,
reverse stock split, or other distribution with respect to the Common Shares, or any merger,
reorganization, consolidation or other change in corporate structure affecting the Common Shares,
the Committee may, in the manner and to the extent that it deems appropriate and equitable to
Executive and consistent with the terms of the 2004 Plan, cause an adjustment to be made in (i)
the number and kind of Common Shares subject to the then outstanding Performance Shares, (ii) the
Performance Goals applicable to the Performance Shares, and (iii) any other terms of the
Performance Share Award that are affected by the event.

(d) As soon as administratively practicable following August 31, 2010, and upon the
satisfaction of all other applicable conditions with respect to the Performance Share Award, the
Company shall deliver or cause to be delivered to Executive the Common Shares that have been earned
through achievement of the Performance Goals.

1.2 Restrictions.

(a) Performance Shares may not be sold, transferred, assigned or subject any encumbrance, pledge,
or charge or disposed of for any reason.

(b) Any Performance Shares for which the applicable Performance Goals have not been met shall be
cancelled and shall be of no further force and effect.

(c) Any attempt to dispose of Performance Shares or any interest in such shares in a manner
contrary to the 2004 Plan or this Agreement shall be void and of no effect.

1.3 Performance Goals.

Subject to the provisions contained in Sections 1.4, the Performance Period shall be Fiscal 2008
and the Performance Goals for the Performance Shares awarded herein shall be as set forth in the
2008 LTIP.

1.4 Acceleration on Change of Control; Termination of Employment and Forfeiture.

(a) In the event of a Change of Control of the Company, all Performance Shares shall automatically
become fully earned and vested on the date when the Change of Control is deemed to have occurred
and such date shall be the payment date for Performance Shares that vest on such date.

(b) In the event Executive is not employed by the Company on August 31, 2010, the Performance
Shares shall be forfeited unless the reason for Executive’s termination of employment was
disability, death, or retirement. In the event of Executive’s termination of employment on account
of death, disability, or retirement, the Performance Shares shall vest and be issued to Executive
or his beneficiary, as the case may be, as soon as practicable.

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1.5 Section 162(m) Award.

The Performance Share Award made herein is intended to be a Section 162(m) Award as defined in the
2004 Plan and the provisions of the 2004 Plan applicable to such awards shall control the
interpretation and performance of this Agreement.

1.6 Payment of Applicable Taxes. 

No Common Shares shall be delivered to Executive hereunder until any taxes payable by Executive
with respect to the Common Shares have been withheld by the Company or paid by Executive.
Executive may use Common Shares to pay the Company all or any part of the mandatory federal, state
or local withholding tax payments. Payment of applicable taxes may be made as follows: (i) in
cash, (ii) payment in Common Shares owned by Executive, including those that have been earned under
the Plan, or (iii) by a combination of the methods described above

SECTION 2. REPRESENTATIONS OF EXECUTIVE.

Executive hereby represents to the Company that Executive has read and understands the provisions
of this Agreement, the 2008 LTIP and the 2004 Plan, and Executive acknowledges that Executive is
relying solely on his or her own advisors with respect to the tax consequences of this Performance
Share Award.

SECTION 3. NOTICES.

All notices or communications under this Agreement shall be in writing, addressed as follows:

	 	 	 
	To the Company:

	 	Robbins & Myers, Inc.

5 Plum Street, Suite 260

Dayton, Ohio 45440

Attention: Vice President, Human Resources
	 
	 	 
	To Executive:

	 	At the last residence address of Executive on file with the Company.

Any such notice or communication shall be (a) delivered by hand (with written confirmation of
receipt) or sent by a nationally recognized overnight delivery service (receipt requested), (b) be
sent certified or registered mail, return receipt requested, postage prepaid, addressed as above
(or to such other address as such party may designate in writing from time to time), or (c) be
given electronically, if receipt is confirmed electronically to the sender within 24 hours and the
actual date of receipt shall determine the time at which notice was given.

SECTION 4. PLAN CONTROLLING.

The Award is subject all of the terms conditions of the 2004 Plan. In the event of a conflict
between the 2004 Plan and the 2008 LTIP or this Agreement, the provisions of the 2004 Plan
shall control.

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SECTION 5. GOVERNING LAW.

This Agreement and its validity, interpretation, performance and enforcement shall be governed by
the laws of the State of Ohio other than the conflict of laws provisions of such laws.

SECTION 6. SEVERABILITY.

Whenever possible, each provision in this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement shall be held to
be prohibited by or invalid under applicable law, then (a) such provision shall be deemed amended
to accomplish the objectives of the provision as originally written to the fullest extent permitted
by law and (b) all other provisions of this Agreement shall remain in full force and effect.

SECTION 7. STRICT CONTSTRUCTION.

No rule of strict construction shall be implied against the Company, the Committee or any other
person in the interpretation of any of the terms of the Plan, this Agreement or any rule or
procedure established by the Committee.

SECTION 8. DEFINITIONS.

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

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(b) “Company” means Robbins & Myers, Inc., an Ohio corporation, and when used with
reference to employment of Executive, Company includes any Subsidiary of the Company.

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

IN WITNESS WHEREOF, the Company and Executive have duly executed this Agreement as of the Award
Date.

ROBBINS & MYERS, INC.

	 	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

Peter C. Wallace, President and Chief

Executive Officer
	 	 

EXECUTIVE

	 	 	 
	 

Name:

	 	 

5EX-4.2

 

Exhibit 4.2

AMENDMENT NO. 10 TO CREDIT AND SECURITY AGREEMENT

     This Amendment No. 10 to Credit and Security Agreement (“Amendment No. 10”) dated effective as
of the 9 day of November, 2007, by and between COHESANT TECHNOLOGIES INC., a Delaware corporation
(hereinafter referred to as “Borrower”), and REGIONS BANK as successor by merger to UNION PLANTERS
BANK, N.A., a banking institution chartered under the laws of the state of Alabama (hereinafter
referred to as “Bank”).

W I T N E S S E T H :

     WHEREAS, the Borrower and the Bank are parties to that certain Credit and Security Agreement
dated as of the 15th day of May, 1998, as amended by that certain Amendment No. 1 to Credit and
Security Agreement dated April 13, 1999, as further amended by that certain Amendment No. 2 to
Credit and Security Agreement dated April 17, 2000, as further amended by that certain Amendment
No. 3 to Credit and Security Agreement dated April 1, 2001, as further amended by that certain
Amendment No. 4 to Credit and Security Agreement dated April 29, 2002, as further amended by that
certain Amendment No. 5 to Credit and Security Agreement dated March 25, 2003, as further amended
by that certain Amendment No. 6 to Credit and Security Agreement dated April 23, 2004,as further
amended by that certain Amendment No. 7 to Credit and Security Agreement dated April 29, 2005, as
further amended by that certain Amendment No. 8 to Credit and Security Agreement dated April 26,
2006, and as further amended by that certain Amendment No. 9 to Credit and Security Agreement dated
April 30, 2007 (hereinafter referred to as “Agreement”); and

     WHEREAS, the Borrower desires to renew and amend the financial accommodations previously
extended by the Bank; and

     WHEREAS, the Bank is willing to provide such financial accommodations to the Borrower on the
terms and subject to the conditions in the Agreement as amended by the terms and conditions of this
Amendment No. 10.

     NOW, THEREFORE, in consideration of the premises, the mutual covenants hereinafter contained,
and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

     Section 1. Effect of this Amendment No. 10. This Amendment No. 10 shall not
change, modify, amend or revise the terms, conditions and provisions of the Agreement, the terms
and provisions of which are incorporated herein by reference, except as expressly provided herein
and agreed upon by the parties hereto. This Amendment No. 10 is not intended to be nor shall it
constitute a novation or accord and satisfaction of the outstanding instruments by and between the
parties hereto. Borrower and Bank agree that, except as expressly provided herein, all terms and
conditions of the Agreement shall remain and continue in full force and effect. The Borrower
acknowledges and agrees that the indebtedness under the Agreement remains outstanding and is not
extinguished, paid, or retired by this Amendment No. 10, or any other agreements between the
parties hereto prior to the date hereof, and that Borrower is and continues to be fully liable for
all obligations to the Bank contemplated by or arising out of the Agreement. Except as expressly
provided otherwise by this Amendment No. 10, the credit facilities contemplated by this Amendment
No. 10 shall be made according to and pursuant to all conditions, covenants, representations and
warranties contained in the Agreement.

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     Section 2. Definitions. Terms defined in the Agreement which are used herein
shall have the same meaning as set forth in the Agreement unless otherwise specified herein.

     Section 3. Amendment of Agreement. Subject to the satisfaction of the
conditions precedent set forth in Section 5 herein, the Agreement is amended as follows:

     (a) Subsection 1.12 of the Agreement is hereby amended and replaced with the following:

     1.12 “Coverage Ratio” means EBITDA less unfunded capital expenditures (defined as
gross capital expenditures less increases in long term debt and or the Line of Credit Loans)
less dividends divided by principal reductions and interest payments.

     (b) The first sentence of Subsection 2.1.1 of the Agreement is hereby amended and replaced
with the following:

	 	2.1.1	 	The obligation of the Borrower to repay the Line of Credit Loans shall be
evidenced by the Line of Credit Note which shall be repayable on or before May 1, 2009
(“Maturity”).

     (c) Subsection 7.12.3 of the Agreement is hereby amended and replaced with the following:

	 	 	 	7.12.3 Coverage Ratio. Maintain a Coverage Ratio not less than 1.10 to 1.00
which shall be tested annually as of the end of Borrower’s fiscal year.

     Section 4. Conditions Precedent. This Amendment No. 10 shall become and be
deemed effective in accordance with its terms immediately upon the Bank receiving:

     (a) Two (2) copies of this Amendment No. 10 duly executed by the authorized officers of
the Borrower and the Bank.

     (b) One (1) copy of the Line of Credit Note reflecting the revised Maturity duly
executed by an authorized officer of the Borrower.

     (c) Two (2) copies of a Consent and Confirmation of Guaranty executed by each of the
Guarantors.

     (d) Such other documents and items as the Bank may reasonably request.

     Section 5. Representations and Warranties of the Borrower. The Borrower
hereby represents and warrants, in addition to any other representations and warranties contained
herein, in the Agreement, the Loan Documents (as defined in the Agreement) or any other document,
writing or statement delivered or mailed to the Bank or its agent by the Borrower, as follows:

     (a) This Amendment No. 10 constitutes a legal, valid and binding obligation of the
Borrower enforceable in accordance with its terms. The Borrower has taken all necessary and
appropriate corporate action for the approval of this Amendment No. 10 and the authorization
of the execution, delivery and performance thereof.

     (b) As of the date hereof, there is no Event of Default or Default under the Agreement,
the Amendment No. 10 or the Loan Documents.

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     (c) The Borrower hereby specifically confirms and ratifies its obligations, waivers and
consents under each of the Loan Documents.

     (d) Except as specifically amended herein, all representations, warranties and other
assertions of fact contained in the Agreement and the Loan Documents continue to be true,
accurate and complete.

     (e) Except as previously disclosed to Bank, there have been no changes to the Articles
of Incorporation, By-Laws, or the composition of the Board of Directors of the Borrower
since execution of the Agreement.

     (f) Borrower acknowledges that the definition “Loan Documents” shall include this
Amendment No. 10 and all the documents executed contemporaneously herewith.

     Section 6. Affirmative Covenants. By entering into this Amendment No. 10,
Borrower further specifically undertakes to comply with the obligations, terms and covenants as
contained in the Agreement and agrees to comply therewith as such relate to the credit facilities
and accommodations as provided to the Borrower pursuant to the terms of this Amendment No. 10.

     Section 7. Governing Law. This Amendment No. 10 has been executed and
delivered and is intended to be performed in the State of Indiana and shall be governed, construed
and enforced in all respects in accordance with the substantive laws of the State of Indiana.

     Section 8. Headings. The section headings used in this Amendment No. 10 are
for convenience only and shall not be read or construed as limiting the substance or generality of
this Amendment No. 10.

     Section 9. Survival. All representations, warranties, and covenants of the
Borrower herein or any certificate, agreement or other instrument delivered by or on its behalf
under this Amendment No. 10 shall be considered to have been relied upon by the Bank and shall
survive the making of the Loans and delivery to the Bank of the Line of Credit Note. All
statements and any such certificate or other instrument shall constitute warranties and
representations hereunder by the Borrower, as the case may be.

     Section 10. Counterparts. This Amendment No. 10 may be signed in one or more
counterparts, each of which shall be considered an original, with the same effect as if the
signatures were upon the same instrument.

     Section 11. Modification. This Amendment No. 10 may be amended, modified,
renewed or extended only by written instrument executed in the manner of its original execution.

     Section 12. Waiver of Certain Rights. The Borrower waives acceptance or
notice of acceptance hereof and agrees that the Agreement, this Amendment No. 10, the Line of
Credit Note, and all of the other Loan Documents shall be fully valid, binding, effective and
enforceable as of the date hereof, even though this Amendment No. 10 and any one or more of the
other Loan Documents which require the signature of the Bank, may be executed by and on behalf of
the Bank on other than the date hereof.

     Section 13. Waiver of Defenses and Claims. In consideration of the financial
accommodations provided to the Borrower by the Bank as contemplated by this Amendment No. 10,
Borrower hereby waives, releases and forever discharges the Bank from and against any and all
rights, claims or causes of action against the Bank arising under the Bank’s actions or inactions
with respect to the Loan Documents or any security interest, lien or collateral in connection
therewith as well as any and all rights of set off, defenses, claims, causes of action and any
other bar to the enforcement of the Loan Documents which exist as of the date hereof.

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     IN WITNESS WHEREOF, COHESANT TECHNOLOGIES INC. and REGIONS BANK have caused this Amendment No.
10 to Credit and Security Agreement to be executed by their respective duly authorized officers
effective as of the date and year first written above.

	 	 	 	 	 
	 	 	COHESANT TECHNOLOGIES INC.

	 	 	(“Borrower”)

	 

	 	By:
	 	/s/Robert W Pawlak
 

	 

	 	Printed:
	 	Robert W Pawlak
 

	 

	 	Title:
	 	Chief Financial Officer
	 

	 	 	 	 

	 	 	REGIONS BANK

	 	 	(“Bank”)

	 

	 	By:
	 	/s/ Scott A. Dvornik
	 

	 	 	 	 
	 

	 	 	 	Scott A. Dvornik, Vice President

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