Document:

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                                                                    EXHIBIT 10.1

                          HILLENBRAND INDUSTRIES, INC.

         AMENDED AND RESTATED SHORT-TERM INCENTIVE COMPENSATION PROGRAM
                  (AS PROPOSED TO BE REVISED IN SEPTEMBER 2004)

                                    ARTICLE I
                             PURPOSE AND DEFINITIONS

1.1   PURPOSE. The purpose of this Program is to provide performance-based
      incentive awards, in addition to regular salary, to eligible employees of
      Hillenbrand Industries, Inc. and its Subsidiaries. The Program provides
      the mechanism to pay amounts above the average total cash compensation
      when the Company experiences above average financial success. The Program
      is designed to encourage high individual and group performance and is
      based on the philosophy that employees should share in the success of the
      Company if above average value is created for Company shareholders.

1.2   DEFINITIONS:

      (a)   "ACHIEVEMENT PERCENTAGE" means a percentage determined in writing by
            the Committee.

      (b)   "BASE INCENTIVE COMPENSATION" means the amount determined in
            accordance with Section 4.3.

      (c)   "BASE SALARY" means the annual calendar earnings of a Participant
            including wages and salary as reported for federal income tax
            purposes, but excluding all bonus payments of any kind, commissions,
            incentive compensation, equity based compensation, long term
            performance compensation, perquisites and other forms of additional
            compensation.

      (d)   "BOARD OF DIRECTORS" or "BOARD" means the Board of Directors of
            Hillenbrand Industries, Inc.

      (e)   "BUSINESS CRITERIA" means one or more of the following financial
            indexes of the Company or a Subsidiary for a Plan Year determined in
            accordance with the Company's accounting principles less certain
            non-reoccurring and/or non-expected events happening in any Plan
            Year, as determined by the Committee: revenue, earnings per share,
            net income, shareholder value growth, return on equity, cash flow,
            comparisons against Standard & Poor's indices and/or other indices
            or comparator groups, as approved by the Committee. The Business

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            Criteria may include both financial and non-financial measures and
            may reflect achievement of tactical and strategic plans of a
            Subsidiary.

      (f)   "BUSINESS CRITERIA ACHIEVEMENT" means the actual final result of a
            Business Criteria for a Plan Year.

      (g)   "CAUSE" shall mean the Committee's good faith determination that a
            Participant has:

            (i)   Failed or refused to fully and timely comply with any
                  reasonable instructions or orders issued by the Employer,
                  provided such noncompliance is not based primarily on the
                  Participant's compliance with applicable legal or ethical
                  standards;

            (ii)  Acquiesced or participated in any conduct that is dishonest,
                  fraudulent, illegal (at the felony level), unethical, involves
                  moral turpitude or is otherwise illegal and involves conduct
                  that has the potential, in the Employer's reasonable opinion,
                  to cause the Employer, its related companies or any of their
                  respective officers or its directors embarrassment or
                  ridicule;

            (iii) Violated any Employer policy or procedure, specifically
                  including a violation of Hillenbrand Industries, Inc.'s Code
                  of Ethical Business Conduct; or

            (iv)  Engaged in any act, which is contrary to its best interests or
                  would hold the Employer, its related businesses or any of
                  their respective officers or directors up to probable civil or
                  criminal liability, excluding the Participant's actions in
                  compliance with applicable legal or ethical standards.

      (h)   "CEO" means the Chief Executive Officer of the Company.

      (i)   A "CHANGE IN CONTROL" means:

            (i) the date that both of the following occur:

                  (A)   any person, corporation, partnership, syndicate, trust,
                        estate or other group acting with a view to the
                        acquisition, holding or disposition of securities of the
                        Company, becomes, directly or indirectly, the beneficial
                        owner, as defined in Rule 13d-3 under the Securities
                        Exchange Act of 1934 ("Beneficial Owner"), of securities
                        of the Company representing 35% or more of the voting
                        power of all securities of the Company having the right
                        under ordinary circumstances to vote at an election of
                        the Board ("Voting

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                        Securities"), other than by reason of (x) the
                        acquisition of securities of the Company by the Company
                        or any Subsidiaries or any employee benefit plan of the
                        Company or any Subsidiaries, (y) the acquisition of
                        securities of the Company directly from the Company, or
                        (z) the acquisition of securities of the Company by one
                        or more members of the Hillenbrand Family (which term
                        shall mean descendants of John A. Hillenbrand and their
                        spouses, trusts primarily for their benefit or entities
                        controlled by them), and

                  (B)   members of the Hillenbrand Family cease to be, directly
                        or indirectly, the Beneficial Owners of Voting
                        Securities having a voting power equal to or greater
                        than that of such person, corporation, partnership,
                        syndicate, trust, estate or group;

            (ii)  the consummation of a merger or consolidation of the Company
                  with another corporation unless

                  (A)   the shareholders of the Company, immediately prior to
                        the merger or consolidation, beneficially own,
                        immediately after the merger or consolidation, shares
                        entitling such shareholders to 50% or more of the voting
                        power of all securities of the corporation surviving the
                        merger or consolidation having the right under ordinary
                        circumstances to vote at an election of directors in
                        substantially the same proportions as their ownership,
                        immediately prior to such merger or consolidation, of
                        Voting Securities of the Company;

                  (B)   no person, corporation, partnership, syndicate, trust,
                        estate or other group beneficially owns, directly or
                        indirectly, 35% or more of the voting power of the
                        outstanding voting securities of the corporation
                        resulting from such merger or consolidation except to
                        the extent that such ownership existed prior to such
                        merger or consolidation; and

                  (C)   the members of the Board, immediately prior to the
                        merger or consolidation, constitute, immediately after
                        the merger or consolidation, a majority of the board of
                        directors of the corporation issuing cash or securities
                        in the merger;

            (iii) the date on which a majority of the members of the Board
                  consist of persons other than Current Directors (which term
                  shall mean any member of the Board on the date hereof and any
                  member whose nomination or election has been approved by a
                  majority of Current Directors then on the Board);

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            (iv)  the consummation of a sale or other disposition of all or
                  substantially all of the assets of the Company; or

            (v)   the date of approval by the shareholders of Corporate of a
                  plan of complete liquidation of the Company.

      (j)   "COMMITTEE" means the Compensation and Management Development
            Committee of the Board appointed to administer the Program under
            Article II. Each Committee member shall be an outside director for
            purposes of Section 162(m)(4) of the Internal Revenue Code of 1986,
            as amended.

      (k)   "COMPANY" means Hillenbrand Industries, Inc. as a corporate holding
            company and does not include Subsidiaries.

      (l)   "DISABILITY" means a physical or mental disability by reason of
            which a Participant is determined by the Office of the President or
            its delegate, to be eligible (except for the waiting period) for
            permanent disability benefits under Title II of the Federal Social
            Security Act.

      (m)   "EMPLOYER" means Hillenbrand Industries, Inc., an Indiana
            Corporation, and its Subsidiaries.

      (n)   "EXECUTIVE MANAGEMENT TEAM" means the officers of the Corporation
            who report directly to the CEO.

      (o)   "INCENTIVE COMPENSATION" means the Incentive Compensation as
            provided for in Article IV.

      (p)   "INCENTIVE COMPENSATION POOL" means the aggregate amount of Base
            Incentive Compensation for all Participants for any Plan Year.

      (q)   "INCENTIVE COMPENSATION OPPORTUNITY" means the percentage of Base
            Salary as determined in accordance with Section 4.2.

      (r)   "PARTICIPANT" means any individual who is a non-bargained for,
            full-time or regular part-time employee of the Employer and is
            selected for participation in the Program pursuant to Article III.

      (s)   "PERCENTAGE OF TARGET ONE ACHIEVEMENT" means a percentage determined
            as of the end of each Plan Year as follows:

            (Business Criteria Achievement - Performance Base) / (Target One -
            Performance Base.)

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      (t)   "PERCENTAGE OF TARGET TWO ACHIEVEMENT" means a percentage determined
            as of the end of each Plan Year as follows:

            (Business Criteria Achievement - Target One) / (Target Two - Target
            One)

      (u)   "PERFORMANCE BASE" means the base level of achievement of the
            Company or a Subsidiary with respect to the Business Criteria, as
            determined in accordance with Section 4.1.

      (v)   "PLAN YEAR" means the fiscal year beginning on October 1st and
            ending on September 30th. The first Plan Year shall begin on October
            1, 2003.

      (w)   "PROGRAM" means the Hillenbrand Industries, Inc. Short-Term
            Incentive Compensation Program.

      (x)   "SUBSIDIARY" means an operating company unit of which a majority
            equity interest is owned directly or indirectly by the Company.

      (y)   "TARGET ONE" means a certain level of achievement of the Company or
            a Subsidiary with respect to the Business Criteria, as determined in
            accordance with Section 4.1.

      (z)   "TARGET TWO" means a certain level of achievement of the Company or
            a Subsidiary with respect to the Business Criteria which is greater
            than Target One as determined in accordance with Section 4.1.

                                   ARTICLE II
                                 ADMINISTRATION

      Full power and authority to construe, interpret, and administer the
Program, including power to establish, administer and certify performance goals
related to Incentive Compensation is vested in the Committee. Decisions of the
Committee are final, conclusive and binding upon all parties, including the
Employer, the Company and its shareholders and the Participants. The Committee
may rely upon recommendations of the CEO, the Executive Management Team, or
persons designated by the Committee, in approving financial and non-financial
goals recommended to it.

                                   ARTICLE III
                                  PARTICIPANTS

      Participation in this Program by members of the Executive Management
Team or any Company corporate officer elected to such position by the Board
shall be determined by the

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Committee. Other Participants in this Program shall be determined by the CEO or
if an eligible employee is employed by a Subsidiary, then the Chief Executive
Officer of such Subsidiary.

                                   ARTICLE IV
                             INCENTIVE COMPENSATION

4.1   ESTABLISHMENT OF PERFORMANCE BASE AND TARGET. A Performance Base, Target
      One and Target Two for the Company Vice Presidents as a group shall be
      recommended by the CEO and approved by the Committee. The Performance
      Base, Target One and Target Two of a Participant who is otherwise employed
      by the Company shall be established and approved by the CEO. The
      Performance Base, Target One and Target Two of a Participant who is
      employed by a Subsidiary shall be established and approved by the CEO and
      the Chief Executive Officer of each Subsidiary, respectively. The
      Performance Base, Target One and Target Two shall be established annually
      for the Company and each Subsidiary and will be communicated to each
      Participant.

4.2   BASE SALARY AS A PART INCENTIVE COMPENSATION. Incentive Compensation
      Opportunity is established in writing annually by the Committee (within
      ninety (90) days of the start of each Plan Year) in percentages up to but
      not exceeding the following:

<TABLE>
<CAPTION>
          CLASS OF PARTICIPANT                   INCENTIVE COMPENSATION OPPORTUNITIES
          --------------------                   ------------------------------------
<S>                                              <C>
Chief Executive Officer of the Company                    90% of Base Salary

Chief Executive Officer of a Subsidiary                   75% of Base Salary

Company Chief Financial Officer                           75% of Base Salary

Company or Subsidiary Senior Executives                   50% of Base Salary

Company or Subsidiary Executives                          40% of Base Salary

Other Key Executives                                      30% of Base Salary
</TABLE>

4.3   BASE INCENTIVE COMPENSATION CALCULATION. Attainment of the Performance
      Base or below for a Plan Year shall result in Base Incentive Compensation
      of 0% of the Incentive Compensation Opportunity as set forth in Section
      4.2 above. If Target Two is met or exceeded for a Plan Year, Base
      Incentive Compensation shall be equal to the Achievement Percentage
      multiplied by the amount of a Participant's Incentive Compensation
      Opportunity as set forth in Section 4.2 above. If Business Criteria
      Achievement is between the Performance Base and Target One for a Plan
      Year, the Base Incentive Compensation shall be equal to the Percentage of
      Target One Achievement multiplied by both (i) the amount of a
      Participant's Incentive Compensation Opportunity

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      as set forth in Section 4.2 above and (ii) a percentage equal to one-half
      of the Achievement Percentage. If the Business Criteria Achievement is
      between Target One and Target Two for a Plan Year, the Base Incentive
      Compensation shall be equal to the amount of a Participant's Incentive
      Compensation Opportunities set forth in Section 4.2 above multiplied by a
      percentage as determined under the following formula:

      [1/2 ACHIEVEMENT PERCENTAGE PLUS (PERCENTAGE OF TARGET TWO ACHIEVEMENT
      TIMES 1/2 ACHIEVEMENT PERCENTAGE)]

4.4   INCENTIVE COMPENSATION. After the Business Criteria Achievement and Base
      Incentive Compensation has been determined for each Plan Year, the
      Committee shall evaluate each Participant on his or her individual
      performance goals. The Committee shall determine each Participant's
      Incentive Compensation based on individual financial and non-financial
      goals for each Participant. The aggregate amount of Incentive Compensation
      that can be paid to all Participants for any Plan Year shall not exceed
      the Incentive Compensation Pool for such Plan Year. The Committee may
      create or authorize, with the assistance of the CEO, sub-pools for
      Participants based on which Subsidiary they are employed by or any other
      criteria the Committee deems appropriate, provided that the aggregate
      amount of all sub-pools cannot exceed the Incentive Compensation Pool for
      any Plan Year. The aggregate amount of Incentive Compensation that can be
      paid to all Participants in a sub-pool or combination of sub pools is the
      aggregate amount of Base Incentive Compensation allocated by the Committee
      to such sub-pool or combination of sub-pools.

4.5   PAYMENT OF INCENTIVE COMPENSATION. Incentive Compensation shall be due and
      payable in cash after forty (40) days but not later than seventy-five (75)
      days after the end of the Plan Year.

4.6   ELECTION TO DEFER COMPENSATION - DEFERRAL PERIOD. A Participant may elect
      to defer all or any portion of his or her Incentive Compensation. A
      Participant's written election to defer any compensation must be made in
      the year before the beginning of the period of service, ordinarily a Plan
      Year, during which such compensation would otherwise be paid.

4.7   TERMINATION OF EMPLOYMENT. Subject to Section 4.8 below and the last
      sentence of this section, termination of Participant's employment prior to
      the last day of the Plan Year for any reasons other than death, Disability
      or normal or early retirement (as determined under the Company's Pension
      Plan or Savings Plan) shall terminate a Participant's right to any
      non-deferred Incentive Compensation. Termination of employment because of
      death, Disability or normal or early retirement shall result in a
      pro-ration of Incentive Compensation based on the number of months
      employed during the Plan Year of a Participant's termination of
      employment. Upon a termination of employment for Cause at any time, a
      Participant shall forfeit any and all payments due under this Program.

4.8   CHANGE IN CONTROL. Upon a Change in Control, a Participant's unpaid
      Incentive Compensation for a Plan Year ending prior to the Change in
      Control shall in all events be

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      paid in accordance with Section 4.5. In addition, a Participant's
      Incentive Compensation for the Plan Year during which the Change in
      Control occurred shall in no event be less than the amount calculated
      pursuant to Sections 4.2, 4.3 and 4.4 above as if the Target (at 100%) had
      been achieved. For purposes of such calculation, Base Salary shall mean
      such Participant's annualized Base Salary for the calendar year in which
      the Change in Control occurred times a fraction, the numerator of which is
      the number of months from the start of the Plan Year up to and including
      the month during which the Change in Control occurred and the denominator
      of which is 12. Following a Change in Control, the Incentive Compensation
      under the Program shall be paid out at the time specified in Section 4.5
      above, provided, however, and notwithstanding Section 4.7 above, that in
      the case of a Participant whose employment is terminated prior to payout
      (for any reason other than on account of termination of employment by the
      Company for Cause) the Incentive Compensation shall be paid out within 30
      days of such termination of employment. In the event of termination for
      Cause, the Incentive Compensation shall be forfeited.

                                    ARTICLE V
                            FINALITY OF DETERMINATION

      Each determination made by the Committee and the CEO shall be final,
binding and conclusive for all purposes and upon all persons. The Committee may
rely conclusively on the determinations made by and information received from
the Company's independent public accountants or the Employer employees with
respect to action of the Committee.

                                   ARTICLE VI
                                   LIMITATIONS

      No employee of the Employer or any other persons shall have any claim or
right (legal, equitable or other) to be granted any award under the Program, and
no director, officer or employee of the Employer, or any other person, shall
have the authority to enter into any agreement with any person for the making or
payment of any award under the Program or to make any representation or warranty
with respect thereto.

      Neither the action of the Company in establishing the Program nor any
action taken by the Company, the Committee, the Board of Directors, CEO,
Executive Management Team, or any persons designated by them to administer the
Program, nor any provision of the Program, shall be construed as giving to any
Participant or employee of the Employer the right to be retained in the employ
of the Employer.

                                   ARTICLE VII
                      AMENDMENTS, SUSPENSION OR TERMINATION

      The Board may discontinue the Program in whole or in part at any time and
may from time to time amend or revise the terms as permitted by applicable
statute; provided, however,

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that no such discontinuance, amendment, or revision shall effect adversely any
right or obligation with respect to any award theretofore made. No amendment
shall require shareholder approval unless such approval is otherwise required by
law.

                                  ARTICLE VIII
                                  MISCELLANEOUS

8.1   EFFECTIVE DATE. This Program was approved by the Board of Directors on
      August 18, 2003, and became effective October 1, 2003, subject to the
      approval of the Program by the stockholders of the Company.

8.2   GOVERNING LAW. This Program shall be governed by and construed in
      accordance with the laws of the State of Indiana.

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                                                                   EXHIBIT 10.23

                                    EXECUTIVE
                              EMPLOYMENT AGREEMENT

                                    PREAMBLE

      This Executive Employment Agreement defines the essential terms and
      conditions of our employment relationship with you. The subjects covered
      in this Agreement are vitally important to you and to the Company. Thus,
      you should read the document carefully and ask any questions before
      signing the Agreement. Given the importance of these matters to you and
      the Company, all executives shall sign the Agreement as a condition of
      employment.

      This EMPLOYMENT AGREEMENT, dated and effective this 20th day of April 2004
is entered into by and between Hillenbrand Industries, Inc. ("Company"), and
Bruce Bonnevier ("Executive").

                                   WITNESSETH:

      WHEREAS, the Company is an Indiana corporation engaged through its various
subsidiary entities in the death care, healthcare and funeral services
industries throughout the United States and abroad;

      WHEREAS, the Company is willing to employ Executive in an executive
capacity and Executive desires to be employed by the Company in such capacity
based upon the terms and conditions set forth in this Agreement;

      WHEREAS, in the course of the employment contemplated under this
Agreement, it will be necessary for Executive to acquire knowledge of certain
trade secrets and other confidential and proprietary information regarding the
Company as well as its parent, subsidiary and/or affiliated entities
(hereinafter jointly referred to as the "Companies"); and

      WHEREAS, the Company and Executive (collectively referred to herein as the
"Parties") acknowledge and agree that the execution of this Agreement is
necessary to memorialize the terms and conditions of their employment
relationship as well as safeguard against the unauthorized disclosure or use of
the Company's confidential information and to otherwise preserve the goodwill
and ongoing business value of the Company;

      NOW THEREFORE, in consideration of Executive's employment, the Company's
willingness to disclose certain confidential and proprietary information to
Executive and the mutual covenants contained herein as well as other good and
valuable consideration, the receipt of which is hereby acknowledged, the Parties
agree as follows:

1.    Employment. The Company agrees to employ Executive and Executive agrees to
      serve as Vice President, Human Resources.

2.    Duties. Executive agrees to perform all duties and responsibilities
      traditionally assigned to, or falling within the normal responsibilities
      of, an individual employed in the above-referenced position. Executive
      also agrees to perform any and all additional duties or responsibilities
      as may be assigned by the Company in its sole discretion.

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3.    Best Efforts and Duty of Loyalty. During the term of employment with the
      Company, Executive covenants and agrees to perform all assigned duties in
      a diligent and professional manner and in the best interest of the
      Company. Executive agrees to devote his full working time, attention,
      talents, skills and best efforts to further the Company's business and
      agrees not to take any action, or make any omission, that deprives the
      Company of any business opportunities or otherwise act in a manner that
      conflicts with the best interest of the Company or is otherwise
      detrimental to its business. Executive agrees not to engage in any outside
      business activity, whether or not pursued for gain, profit or other
      pecuniary advantage, without the express written consent of the Company.
      Executive shall act at all times in accordance with the Hillenbrand
      Industries, Inc. Code of Ethical Business Conduct, the Corporate
      Compliance Handbook and all other applicable policies which may exist or
      be adopted by the Company from time to time.

4.    At-Will Employment. Subject to the terms and conditions set forth below,
      Executive specifically acknowledges and accepts such employment on an
      "at-will" basis and agrees that both Executive and the Company retain the
      right to terminate this relationship at any time, with or without cause,
      for any reason not prohibited by applicable law upon proper notice.
      Executive acknowledges that nothing in this Agreement is intended to
      create, nor should be interpreted to create, an employment contract for
      any specified length of time between the Company and Executive.

5.    Compensation. For all services rendered by Executive on behalf of, or at
      the request of, the Company, Executive shall be paid as follows:

      (a)   A base salary at the bi-weekly rate of Nine Thousand Six Hundred
            Fifteen Dollars and Thirty-eight Cents ($9,615.38), less usual and
            ordinary deductions;

      (b)   Incentive compensation, payable solely at the discretion of the
            Company, pursuant to the Company's Exempt Employee Executive
            Compensation Program or any other program as the Company may
            establish in its sole discretion; and

      (c)   Such additional compensation, benefits and perquisites as the
            Company may deem appropriate, including, without limitation, those
            set forth in the letter from Fred Rockwood to Executive dated of
            even date herewith (the terms of which shall be incorporated herein
            by reference).

      Notwithstanding anything contained herein to the contrary, Executive
      acknowledges that the Company specifically reserves the right to make
      changes to Executive's compensation in its sole discretion including, but
      not limited to, modifying or eliminating a compensation component. The
      Parties agree that such changes shall be deemed effective immediately and
      a modification of this Agreement unless, within fourteen (14) days after
      receiving notice of such change, Executive exercises his right to
      terminate this Agreement without cause. The Parties anticipate that
      Executive's compensation structure will be reviewed on an annual basis but
      acknowledge that the Company shall have no obligation to do so.

6.    Direct Deposit. As a condition of employment, and within thirty (30) days
      of the effective date of this Agreement, Executive agrees to make all
      necessary arrangements to have all sums paid pursuant to this Agreement
      direct deposited into one or more bank accounts as designated by
      Executive.

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7.    Warranties and Indemnification. Executive warrants that he is not a party
      to any contract, restrictive covenant, or other agreement purporting to
      limit or otherwise adversely affecting his ability to secure employment
      with any third party. Alternatively, should any such agreement exist,
      Executive warrants that the contemplated services to be performed
      hereunder will not violate the terms and conditions of any such agreement.
      In either event, Executive agrees to fully indemnify and hold the Company
      harmless from any and all claims arising from, or involving the
      enforcement of, any such restrictive covenants or other agreements.

8.    Restricted Duties. Executive agrees not to disclose, or use for the
      benefit of the Company, any confidential or proprietary information
      belonging to any predecessor employer which otherwise has not been made
      public and further acknowledges that the Company has specifically
      instructed him not to disclose or use such confidential or proprietary
      information. Based on his understanding of the anticipated duties and
      responsibilities hereunder, Executive acknowledges that such duties and
      responsibilities will not compel the disclosure or use of any such
      confidential and proprietary information.

9.    Termination Without Cause. Executive's employment may be terminated at any
      time, without cause, by either party upon sixty (60) days' advance written
      notice or pay in lieu of notice. In such event, Executive shall only be
      entitled to such compensation, benefits and perquisites which have been
      paid or fully accrued as of the effective date of his separation, except
      as otherwise explicitly provided herein. For purposes of this Agreement,
      Executive's employment will be deemed to have been terminated "without
      cause" upon the occurrence, without Executive's consent, of any of the
      following circumstances:

      (i)   The assignment to Executive of duties that are materially
            inconsistent with the position initially held by the Executive or a
            change in his reporting relationship to the CEO;

      (ii)  The failure to elect or reelect Executive to the office of Vice
            President, Human Resources (unless such failure is related in any
            way to the Company's decision to terminate Executive for cause);

      (iii) The failure of the Company to continue to provide Executive with
            office space, related facilities and support personnel (including,
            but not limited to, administrative and secretarial assistance)
            within the Company's principal executive offices commensurate with
            his responsibilities to, and position within, the Company;

      (iv)  A reduction by the Company in the amount of Executive's base salary
            or the discontinuation or reduction by the Company of Executive's
            participation at the same level of eligibility as other peer
            executives in any incentive compensation, additional compensation,
            benefits, policies or perquisites;

      (v)   The relocation of the Company's principal executive offices or
            Executive's place of work to a location of more than 100 miles
            outside of Batesville, Indiana; or

      (vi)  The failure by the Company to timely reimburse Executive for any
            valid documented business expenses.

10.   Termination With Cause. Executive's employment may be terminated at any
      time "for cause" without notice or prior warning. For purposes of this
      Agreement, "cause" shall mean the Company's good faith determination that
      Executive has:

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      (i)   Failed, refused or otherwise been deemed unable to fully and timely
            comply with the terms and conditions of this Agreement, specifically
            including any reasonable instructions or orders issued by the
            Company, provided such noncompliance is not based primarily on
            Employee's good faith compliance with applicable legal or ethical
            standards;

      (ii)  Acquiesced or participated in any conduct that is dishonest,
            fraudulent, illegal (at the felony level), unethical, involves moral
            turpitude or is otherwise illegal and involves conduct that has the
            potential, in the Company's reasonable opinion, to cause the
            Company, it officers or its directors embarrassment or ridicule;

      (iii) Violated any Company policy or procedures, specifically including a
            violation of Hillenbrand Industries, Inc.'s Handbook of Ethical
            Business Conduct;

      (iv)  Disclosed without proper authorization any trade secrets or other
            Confidential Information (as defined herein); or

      (v)   Engaged in any act that, in the reasonable opinion of the Company,
            is contrary to its best interests or would hold the Company, its
            officers or directors up to probable civil or criminal liability,
            provided that, if Executive acts in good faith in compliance with
            applicable legal or ethical standards, such actions shall not be
            grounds for termination for cause.

      Upon the occurrence or discovery of any event specified above, the Company
      shall have the right to terminate Executive's employment, effective
      immediately, by providing notice thereof to Executive without further
      obligation to him, other than accrued wages, deferred compensation or
      other accrued benefits of employment (collectively referred to herein as
      "Accrued Obligations") which shall be paid in accordance with the
      Company's past practice and applicable law. To the extent any violation of
      this Paragraph is capable of being cured by Executive in a reasonable
      amount time, the Company agrees to provide Executive with a reasonable
      opportunity to so cure such defect. Absent mutual agreement, the Parties
      agree that it is not possible for Executive to cure any violations of
      Paragraph Nos. 10(ii) or (iv) and, therefore, no opportunity for cure need
      be provided in those circumstances.

11.   Termination Due to Death or Disability. In the event Executive dies or
      suffers a disability (as defined herein) during the term of employment,
      this Agreement shall automatically be terminated on the date of such death
      or disability without further obligation on the part of the Company other
      than the payment of Accrued Obligations. For purposes of this Agreement,
      Executive shall be considered to have suffered a "disability" upon the
      occurrence of one or more of the following events:

      (i)   Executive becomes eligible for or receives any benefits pursuant to
            any disability insurance policy as a result of a determination under
            such policy that Executive is permanently disabled;

      (ii)  Executive becomes eligible for or receives any disability benefits
            under the Social Security Act; or

                                      -4-
<PAGE>

      (iii) A good faith determination by the Company that Executive is and will
            likely remain unable to perform the essential functions of his
            duties or responsibilities hereunder on a full-time basis, with or
            without reasonable accommodation, as a result of any mental or
            physical impairment.

      Notwithstanding anything expressed or implied above to the contrary, the
      Company agrees to fully comply with its obligations under the Americans
      with Disabilities Act as well as any other applicable federal, state, or
      local law, regulation, or ordinance governing the protection of individual
      with such disabilities as well as the Company's obligation to provide
      reasonable accommodation thereunder.

12.   Severance Payments. In the event Executive's employment is terminated by
      the Company without cause, and subject to the normal terms and conditions
      imposed by the Company (including those set forth herein and in the
      attached Separation and Release Agreement), Executive shall be eligible to
      receive severance pay based upon his base salary at the time of
      termination for a period determined in accordance with any guidelines as
      may be established by the Company or for a period up to twelve (12) months
      (whichever is longer). No severance pay shall be paid if Executive
      voluntarily leaves the Company's employ or is terminated for cause. Any
      severance pay made payable hereunder shall be paid in lieu of, and not in
      addition to, any notice pay or other accrued compensation. Additionally,
      such severance pay is contingent upon Executive fully complying with the
      restrictive covenants contained herein and executing a Separation and
      Release Agreement in a form not substantially different from that attached
      to this Agreement as Exhibit A. Further, the Company's obligation to
      provide severance shall be deemed null and void should Executive fail or
      refuse to execute the Agreement in such form within any time period as may
      be proscribed by law or, in absence thereof, twenty-one (21) days.

13.   Assignment of Rights.

      (a)   Copyrights. Executive agrees that all works of authorship fixed in
            any tangible medium of expression by him during the term of this
            Agreement relating to the Company's business ("Works"), either
            solely or jointly with others, shall be and remain exclusively the
            property of the Company. Each such Work created by Executive is a
            "work made for hire" under the copyright law and the Company may
            file applications to register copyright in such Works as author and
            copyright owner thereof. If, for any reason, a Work created by
            Executive is excluded from the definition of a "work made for hire"
            under the copyright law, then Executive does hereby assign, sell,
            and convey to the Company the entire rights, title, and interests in
            and to such Work, including the copyright therein, to the Company.
            Executive will execute any documents which the Company deems
            necessary in connection with the assignment of such Work and
            copyright therein. Executive will take whatever steps and do
            whatever acts the Company requests, including, but not limited to,
            placement of the Company's proper copyright notice on Works created
            by Executive to secure or aid in securing copyright protection in
            such Works and will assist the Company or its nominees in filing
            applications to register claims of copyright in such Works. The
            Company shall have free and unlimited access at all times to all
            Works and all copies thereof and shall have the right to claim and
            take possession on demand of such Works and copies.

                                      -5-
<PAGE>

      (b)   Inventions. Executive agrees that all discoveries, concepts, and
            ideas, whether patentable or not, including, but not limited to,
            apparatus, processes, methods, compositions of matter, techniques,
            and formulae, as well as improvements thereof or know-how related
            thereto, relating to any present or prospective product, process, or
            service of the Company ("Inventions") that Executive conceives or
            makes during the term of this Agreement relating to the Company's
            business, shall become and remain the exclusive property of the
            Company, whether patentable or not, and Executive will, without
            royalty or any other consideration:

            (i)   inform the Company promptly and fully of such Inventions by
                  written reports, setting forth in detail the procedures
                  employed and the results achieved;

            (ii)  assign to the Company all of his rights, title, and interests
                  in and to such Inventions, any applications for United States
                  and foreign Letters Patent, any United States and foreign
                  Letters Patent, and any renewals thereof granted upon such
                  Inventions;

            (iii) assist the Company or its nominees, at the expense of the
                  Company, to obtain such United States and foreign Letters
                  Patent for such Inventions as the Company may elect; and

            (iv)  execute, acknowledge, and deliver to the Company at the
                  Company's expense such written documents and instruments, and
                  do such other acts, such as giving testimony in support of his
                  inventorship, as may be necessary in the opinion of the
                  Company, to obtain and maintain United States and foreign
                  Letters Patent upon such Inventions and to vest the entire
                  rights and title thereto in the Company and to confirm the
                  complete ownership by the Company of such Inventions, patent
                  applications, and patents.

14.   Company Property. All records, files, drawings, documents, equipment, and
      the like relating to, or provided by, the Company shall be and remain the
      sole property of the Company. Upon termination of employment, Executive
      shall immediately return to the Company all such items without retention
      of any copies. De minimis items such as pay stubs, 401(k) plan summaries,
      employee bulletins, and the like are excluded from this requirement.

15.   Confidential Information. Executive acknowledges that the Company and its
      affiliated entities (herein collectively referred to as "Companies")
      possess certain trade secrets as well as other confidential and
      proprietary information which they have acquired or will acquire at great
      effort and expense. Such information may include, without limitation,
      confidential information regarding the Companies' products and services,
      marketing strategies, business plans, operations, costs, current or
      prospective customer information (including customer contacts,
      requirements, creditworthiness and like matters), product concepts,
      designs, prototypes or specifications, research and development efforts,
      technical data and know-how, sales information, including pricing and
      other terms and conditions of sale, financial information, internal
      procedures, techniques, forecasts, methods, trade information, trade
      secrets, software programs, project requirements, inventions, trademarks,
      trade names, and similar information regarding the Companies' business
      (collectively referred to herein as "Confidential Information"). Executive
      further acknowledges that, as a result of his employment with the Company,
      Executive will have access to, will become acquainted with, and/or may
      help develop, such Confidential Information.

                                      -6-
<PAGE>

16.   Restricted Use of Confidential Information. Executive agrees that all
      Confidential Information is and shall remain the sole and exclusive
      property of the Company. Except as may be expressly authorized by the
      Company in writing, Executive agrees not to disclose, or cause any other
      person or entity to disclose, any Confidential Information to any third
      party while employed by the Company and for as long thereafter as such
      information remains confidential (or as limited by applicable law).
      Further, Executive agrees to use such Confidential Information only in the
      course of Executive's duties in furtherance of the Company's business and
      agrees not to make use of any such Confidential Information for
      Executive's own purposes or for the benefit of any other entity or person.

17.   Acknowledged Need for Limited Restrictive Covenants. Executive
      acknowledges that the Company has spent and will continue to expend
      substantial amounts of time, money and effort to develop its business
      strategies, Confidential Information, customer relationships, goodwill and
      employee relationships, and that Executive will benefit from these
      efforts. Further, Executive acknowledges the inevitable use of, or
      near-certain influence by his knowledge of, the Confidential Information
      disclosed to Executive during the course of employment if allowed to
      compete against the Company in an unrestricted manner and that such use
      would be unfair and extremely detrimental to the Company. Accordingly,
      based on these legitimate business reasons, Executive acknowledges the
      Company's need to protect its legitimate business interests by reasonably
      restricting Executive's ability to compete with the Company on a limited
      basis.

18.   Non-Solicitation. During Executive's employment and for a period of
      eighteen (18) months thereafter, Executive agrees not to directly or
      indirectly engage in the following prohibited conduct:

      (a)   Solicit, offer products or services to, accept orders from, for any
            Competitive Products or otherwise transact any competitive business
            with, any customer or entity with whom Executive had contact or
            transacted any business on behalf of the Company during the eighteen
            (18) month period preceding Executive's date of separation or about
            whom Executive possessed, or had access to, confidential and
            proprietary information;

      (b)   Attempt to entice or otherwise cause any third party to withdraw,
            curtail or cease doing business with the Company, specifically
            including customers, venders, independent contractors and other
            third party entities;

      (c)   Disclose to any person or entity the identities, contacts or
            preferences of any customers of the Company, or the identity of any
            other persons or entities having business dealings with the Company;

      (d)   Induce any individual who has been employed by or had provided
            services to the Company within the six (6) month period immediately
            preceding the effective date of Executive's separation to terminate
            such relationship with the Company;

      (e)   Offer employment to, accept employment inquiries from, or employ any
            individual who is or had been employed by the Company at any time
            within the six (6) month period immediately preceding such offer or
            inquiry; or

      (f)   Otherwise attempt to directly or indirectly interfere with the
            Company's business or its relationship with its employees,
            consultants, independent contractors or customers.

                                      -7-
<PAGE>

19.   Limited Non-Compete. For the above reasons, and as a condition of
      employment to the fullest extent permitted by law, Executive agrees during
      the Relevant Non-Compete Period not to directly or indirectly engage in
      the following competitive activities:

      (a)   Executive shall not have any ownership interest in, work for,
            advise, consult, or have any business connection or business or
            employment relationship with any Competitor unless Executive
            provides written notice to the Company of such relationship prior to
            entering into such relationship and, further, provides sufficient
            written assurances to the Company's satisfaction that such
            relationship will not jeopardize the Company's legitimate interests
            or otherwise violate the terms of this Agreement;

      (b)   Executive shall not engage in any research, development, production,
            sale or distribution of any Competitive Products, specifically
            including any products or services relating to those for which
            Executive had responsibility for the eighteen (18) month period
            preceding Executive's date of separation;

      (c)   Executive shall not market, sell, or otherwise offer or provide any
            Competitive Products within his Geographic Territory (if
            applicable), specifically including any products or services
            relating to those for which Executive had responsibility for the
            eighteen (18) month period preceding Executive's date of separation;
            and

      (d)   Executive shall not distribute, market, sell or otherwise offer or
            provide any Competitive Products to any customer of the Company with
            whom Executive had contact (either directly or indirectly) or for
            which Executive had contact or for which Executive had
            responsibility at any time during the eighteen (18) month period
            preceding Executive's date of separation.

20.   Non-Compete Definitions. For purposes of this Agreement, the Parties agree
      that the following terms shall apply:

      (a)   "Competitive Products" shall include any product or service which
            directly or indirectly competes with, is substantially similar to,
            or serves as a reasonable substitute for, any product or service in
            research, development or design, or manufactured, produced, sold or
            distributed by the Company;

      (b)   "Competitor" shall include any person or entity that offers or is
            actively planning to offer any Competitive Products;

      (c)   "Geographic Territory" shall include any territory formally assigned
            to Executive as well as all territories in which Executive has
            provided any services, sold any products or otherwise had
            responsibility at any time during the eighteen (18) month period
            preceding Executive's date of separation;

      (d)   "Relevant Non-Compete Period" shall include the period of
            Executive's employment with the Company as well as a period of
            eighteen (18) months after such employment is terminated, regardless
            of the reason for such termination provided, however, that this
            period shall be reduced to the greater of (i) six (6) months or (ii)
            the total length of Executive's employment with the Company,
            including employment with a parent, subsidiary or affiliated entity,
            if such employment is less than eighteen (18) months;

                                      -8-
<PAGE>

      (e)   "Directly or indirectly" shall be construed such that the foregoing
            restrictions shall apply equally to Executive whether performed
            individually or as a partner, shareholder, officer, director,
            manager, employee, salesman, independent contractor, broker, agent,
            or consultant for any other individual, partnership, firm,
            corporation, company, or other entity engaged in such conduct.

21.   Consent to Reasonableness. In light of the above-referenced concerns,
      including Executive's knowledge of and access to the Companies'
      Confidential Information, Executive acknowledges that the terms of the
      foregoing restrictive covenants are reasonable and necessary to protect
      the Company's legitimate business interests and will not unreasonably
      interfere with Executive's ability to obtain alternate employment. As
      such, Executive hereby agrees that such restrictions are valid and
      enforceable, and affirmatively waives any argument or defense to the
      contrary.

22.   Survival of Restrictive Covenants. Executive acknowledges that the above
      restrictive covenants shall survive the termination of this Agreement and
      the termination of Executive's employment for any reason. Executive
      further acknowledges that any alleged breach by the Company of any
      contractual, statutory or other obligation shall not excuse or terminate
      the obligations hereunder or otherwise preclude the Company from seeking
      injunctive or other relief. Rather, Executive acknowledges that such
      obligations are independent and separate covenants undertaken by Executive
      for the benefit of the Company.

23.   Effect of Transfer to Affiliate. Executive acknowledges that the above
      restrictive covenants shall survive, and be extended to cover, the
      transfer of Executive from the Company to its parent, subsidiary, sister
      corporation or any other affiliated entity (hereinafter collectively
      referred to as an "Affiliate"). Specifically, in the event of Executive's
      temporary or permanent transfer to an Affiliate, he agrees that the
      foregoing restrictive covenants shall remain in force so as to continue to
      protect the Company for the duration of the non-compete period, measured
      from his effective date of transfer to an Affiliate. Additionally,
      Executive acknowledges that this Agreement shall be deemed to have been
      automatically assigned to the Affiliate as of his effective date of
      transfer such that the above-referenced restrictive covenants (as well as
      all other terms and conditions contained herein) shall be construed
      thereafter to protect the legitimate business interests and goodwill of
      the Affiliate as if Executive and the Affiliate had independently entered
      into this Agreement. Executive's acceptance of his transfer to, and
      subsequent employment by, the Affiliate shall serve as consideration for
      (as well as be deemed as evidence of his consent to) the assignment of
      this Agreement to the Affiliate as well as the extension of such
      restrictive covenants to the Affiliate. Executive agrees that this
      provision shall apply with equal force to any subsequent transfers of
      Executive from one Affiliate to another Affiliate.

24.   Scope of Restrictions. If the scope of any restriction contained in any
      preceding paragraphs of this Agreement is deemed too broad to permit
      enforcement of such restriction to its fullest extent, then such
      restriction shall be enforced to the maximum extent permitted by law, and
      Executive hereby consents and agrees that such scope may be judicially
      modified accordingly in any proceeding brought to enforce such
      restriction.

25.   Specific Enforcement/Injunctive Relief. Executive agrees that it would be
      difficult to measure any damages to the Company from a breach of the
      above-referenced restrictive covenants, but that such damages would be
      great, incalculable and irremedial, and that monetary damages alone would
      be an inadequate remedy. Accordingly, Executive agrees that the Company
      shall be entitled to immediate injunctive relief against such breach, or
      threatened breach, in any court having jurisdiction. In addition, if
      Executive violates any such restrictive covenant, Executive agrees that
      the period of such violation shall be added to the term of the
      restriction. In

                                      -9-
<PAGE>

      determining the period of any violation, the Parties stipulate that in any
      calendar month in which Executive engages in any activity violative of
      such provisions, Executive shall be deemed to have violated such provision
      for the entire month, and that month shall be added to the duration of the
      non-competition provision. Executive acknowledges that the remedies
      described above shall not be the exclusive remedies, and the Company may
      seek any other remedy available to it either in law or in equity,
      including the recovery of compensatory or punitive damages. Executive
      further agrees that the Company shall be entitled to an award of all costs
      and attorneys' fees incurred by it in any attempt to enforce the terms of
      this Agreement.

26.   Publicly Traded Stock. The Parties agree that nothing contained in this
      Agreement shall be construed to prohibit Executive from investing his
      personal assets in any stock or corporate security traded or quoted on a
      national securities exchange or national market system provided, however,
      such investments do not require any services on the part of Executive in
      the operation or the affairs of the business or otherwise violate the
      Hillenbrand Industries, Inc. Code of Ethical Business Conduct.

27.   Titles. Titles are used for the purpose of convenience in this Agreement
      and shall be ignored in any construction of it.

28.   Severability. The Parties agree that each and every paragraph, sentence,
      clause, term and provision of this Agreement is severable and that, in the
      event any portion of this Agreement is adjudged to be invalid or
      unenforceable, the remaining portions thereof shall remain in effect and
      be enforced to the fullest extent permitted by law. Further, should any
      particular clause, covenant, or provision of this Agreement be held
      unreasonable or contrary to public policy for any reason, the Parties
      acknowledge and agree that such covenant, provision or clause shall
      automatically be deemed modified such that the contested covenant,
      provision or clause will have the closest effect permitted by applicable
      law to the original form and shall be given effect and enforced as so
      modified to whatever extent would be reasonable and enforceable under
      applicable law.

29.   Choice of Forum. Executive acknowledges that the Companies are primarily
      based in Indiana, and Executive understands and acknowledges the Company's
      desire and need to defend any litigation against it in Indiana.
      Accordingly, the Parties agree that any claim of any type brought by
      Executive against the Company or any of its employees or agents must be
      maintained only in a court sitting in Marion County, Indiana, or Ripley
      County, Indiana, or, if a federal court, the Southern District of Indiana,
      Indianapolis Division. Executive further understands and acknowledges that
      in the event the Company initiates litigation against Executive, the
      Company may need to prosecute such litigation in such state where the
      Executive is subject to personal jurisdiction. Accordingly, for purposes
      of enforcement of this Agreement, Executive specifically consents to
      personal jurisdiction in the State of Indiana as well as any state in
      which resides a customer assigned to the Executive.

30.   Choice of Law. This Agreement shall be deemed to have been made within the
      County of Ripley, State of Indiana and shall be interpreted and construed
      in accordance with the laws of the State of Indiana. Any and all matters
      of dispute of any nature whatsoever arising out of, or in any way
      connected with the interpretation of this Agreement, any disputes arising
      out of the Agreement or the employment relationship between the Parties
      hereto, shall be governed by, construed by and enforced in accordance with
      the laws of the State of Indiana without regard to any applicable state's
      choice of law provisions.

                                      -10-
<PAGE>

31.   Assignment-Notices. The rights and obligations of the Company under this
      Agreement shall inure to its benefit, as well as the benefit of its
      parent, subsidiary, successor and affiliated entities, and shall be
      binding upon the successors and assigns of the Company. This Agreement,
      being personal to Executive, cannot be assigned by Executive, but his
      personal representative shall be bound by all its terms and conditions.
      Any notice required hereunder shall be sufficient if in writing and mailed
      to the last known residence of Executive or to the Company at its
      principal office with a copy mailed to the Office of General Counsel.

32.   Amendments and Modifications. Except as specifically provided herein, no
      modification, amendment, extension or waiver of this Agreement or any
      provision hereof shall be binding upon the Company or Executive unless in
      writing and signed by both Parties. The waiver by the Company of a breach
      of any provision of this Agreement by Executive shall not be construed as
      a waiver of any subsequent breach. Nothing in this Agreement shall be
      construed as a limitation upon the Company's right to modify or amend any
      of its manuals or policies in its sole discretion and any such
      modification or amendment which pertains to matters addressed herein shall
      be deemed to be incorporated herein and made a part of this Agreement.

33.   Outside Representations. Executive represents and acknowledges that in
      signing this Agreement he does not rely, and has not relied, upon any
      representation or statement made by the Company or by any of the Company's
      employees, officers, agents, stockholders, directors or attorneys with
      regard to the subject matter, basis or effect of this Agreement other than
      those specifically contained herein.

34.   Voluntary and Knowing Execution. Executive acknowledges that he has been
      offered a reasonable amount of time within which to consider and review
      this Agreement; that he has carefully read and fully understands all of
      the provisions of this Agreement; and that he has entered into this
      Agreement knowingly and voluntarily.

35.   Entire Agreement. This Agreement constitutes the entire employment
      agreement between the Parties hereto concerning the subject matter hereof
      and shall supersede all prior and contemporaneous agreements between the
      Parties in connection with the subject matter of this Agreement. Nothing
      in this Agreement, however, shall affect any separately-executed written
      agreement addressing any other issues (e.g., the Inventions, Improvements,
      Copyrights and Trade Secrets Agreement, etc.).

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

BRUCE BONNEVIER                              HILLENBRAND INDUSTRIES, INC.

Signed: ____________________________     By: ___________________________________

Printed: ___________________________     Title: ________________________________

Dated: _____________________________     Dated: ________________________________

CAUTION: READ BEFORE SIGNING

                                      -11-
<PAGE>

                                                                       Exhibit A

                        SEPARATION AND RELEASE AGREEMENT

      THIS SEPARATION and RELEASE AGREEMENT ("Agreement") is entered into by and
between [EMPLOYEE'S FULL NAME] ("Employee") and [NAME OF OPERATING COMPANY]
("Company"). To wit, the Parties agree as follows:

1.    Employee's active employment by the Company shall terminate effective
      [DATE OF TERMINATION] (Employee's "Effective Termination Date"). Except as
      specifically provided by this Agreement, Employee agrees that the Company
      shall have no other obligations or liabilities to him following his
      Effective Termination Date and that his receipt of the Severance Benefits
      provided herein shall constitute a complete settlement, satisfaction and
      waiver of any and all claims he may have against the Company.

2.    In consideration of the promises contained in this Agreement and
      contingent upon Employee's compliance with such promises, the Company
      agrees to provide Employee the following:

      (i)   (a) Fifty-two (52) weeks of Employee's base salary at the time of
            termination paid as a lump sum, without set off for any other income
            over and above such severance or any Accrued Obligations and (b) any
            Accrued Obligations;

      (ii)  Payment for any earned but unused vacation as of Employee's
            Effective Termination Date; and

      (iii) Life insurance coverage until the above-referenced Severance Pay
            terminates.

"Accrued Obligations" collectively refers to accrued wages, deferred
compensation, or other compensation, benefits, or perquisites which have been
fully paid or fully accrued as of the Employee's Effective Termination Date, in
accordance with the Company's past practice and applicable law.

3.    The above Severance Pay Benefits shall be paid in accordance with the
      Company's standard payroll practices (e.g. biweekly) and shall begin on
      the first normally scheduled payroll following Employee's Effective
      Termination Date or the effective date of this Agreement, whichever occurs
      last. The Parties agree that the initial four (4) weeks of the foregoing
      severance shall be allocated as additional consideration provided to
      Employee in exchange for his execution of a release in compliance with the
      Older Workers Benefit Protection Act. The balance of the severance
      benefits shall be allocated as consideration for all other promises and
      obligations undertaken by Employee, including execution of a general
      release of claims.

4.    As of his Effective Termination Date, Employee will become ineligible to
      participate in the Company's health insurance program and continuation of
      coverage requirements under COBRA (if any) will be triggered at that time.
      However, as additional consideration for the promises and obligations
      contained herein, the Company agrees to continue to pay the employer's
      share of such coverage as provided under the health care program selected
      by Employee as of his Effective Termination Date, subject to any approved
      changes in coverage based on a qualified election, until the
      above-referenced Severance Pay terminates provided Employee (i) timely
      completes the applicable election of coverage forms and (ii) continues to
      pay the employee portion of the applicable premium(s). Thereafter, if
      applicable, coverage will be made available to Employee at his sole
      expense (i.e., Employee will be responsible for the full COBRA premium)
      for the

<PAGE>

      remaining months of the COBRA coverage period made available pursuant to
      applicable law. The medical insurance provided herein does not include any
      disability coverage.

5.    Employee agrees to notify the Company in writing within three (3) business
      days of Employee's acceptance of any subsequent employment by providing
      the name of such employer, his intended duties as well as the anticipated
      start date. Such information is required to ensure Employee's compliance
      with his non-compete obligations as well as all other applicable
      restrictive covenants. This notice will also serve to trigger the
      Company's right to terminate the above-referenced severance benefits and
      Company-paid COBRA benefits consistent with the above paragraphs. Failure
      to timely provide such notice shall be deemed a material breach of this
      Agreement entitling the Company to recover as damages the value of all
      benefits provided to Employee hereunder.

6.    In exchange for the foregoing Severance Benefits, [EMPLOYEE'S FULL NAME]
      on behalf of himself, his heirs, representatives, agents and assigns
      hereby COVENANTS NOT TO SUE, RELEASES, INDEMNIFIES, HOLDS HARMLESS, and
      FOREVER DISCHARGES (i) [NAME OF OPERATING COMPANY], (ii) its parent,
      subsidiary or affiliated entities, (iii) all of their present or former
      directors, officers, employees, shareholders, and agents as well as (iv)
      all predecessors, successors and assigns thereof from any and all actions,
      charges, claims, demands, damages or liabilities of any kind or character
      whatsoever, known or unknown, which Employee now has or may have had
      through the effective date of this Agreement.

7.    Without limiting the generality of the foregoing release, it shall
      include: (i) all claims or potential claims arising under any federal,
      state or local laws relating to the Parties' employment relationship,
      including any claims Employee may have under the Civil Rights Acts of 1866
      and 1964, as amended, 42 U.S.C. Sections 1981 and 2000(e) et seq.; the
      Civil Rights Act of 1991; the Age Discrimination in Employment Act, as
      amended, 29 U.S.C. Sections 621 et seq.; the Americans with Disabilities
      Act of 1990, as amended, 42 U.S.C. Sections 12,101 et seq.; the Fair Labor
      Standards Act 29 U.S.C. Sections 201 et seq.; the Worker Adjustment and
      Retraining Notification Act, 29 U.S.C. Sections 2101, et seq.; and any
      other federal, state or local law governing the Parties' employment
      relationship; (ii) any claims on account of, arising out of or in any way
      connected with Employee's employment with the Company or leaving of that
      employment; (iii) any claims alleged or which could have been alleged in
      any charge or complaint against the Company; (iv) any claims relating to
      the conduct of any employee, officer, director, agent or other
      representative of the Company; (v) any claims of discrimination,
      harassment or retaliation on any basis; (vi) any claims arising from any
      legal restrictions on an employer's right to separate its employees; (vii)
      any claims for personal injury, compensatory or punitive damages or other
      forms of relief; and (viii) all other causes of action sounding in
      contract, tort or other common law basis, including (a) the breach of any
      alleged oral or written contract, (b) negligent or intentional
      misrepresentations, (c) wrongful discharge, (d) just cause dismissal, (e)
      defamation, (f) interference with contract or business relationship or (g)
      negligent or intentional infliction of emotional distress.

8.    The Parties acknowledge that it is their mutual and specific intent that
      the above waiver fully comply with the requirements of the Older Workers
      Benefit Protection Act (29 U.S.C. Section 626) and any similar law
      governing release of claims. Accordingly, Employee hereby acknowledges
      that:

      (a)   He has carefully read and fully understands all of the provisions of
            this Agreement and that he has entered into this Agreement knowingly
            and voluntarily;

                                       -2-
<PAGE>

      (b)   The Severance Benefits offered in exchange for Employee's release of
            claims exceed in kind and scope that to which he would have
            otherwise been legally entitled;

      (c)   Prior to signing this Agreement, Employee had been advised, and is
            being advised by this Agreement, to consult with an attorney of his
            choice concerning its terms and conditions; and

      (d)   He has been offered at least twenty-one (21) days within which to
            review and consider this Agreement.

9.    The Parties agree that nothing contained herein shall purport to waive or
      otherwise affect any of Employee's rights or claims that may arise after
      he signs this Agreement.

10.   The Parties agree that this Agreement shall not become effective and
      enforceable until the date this Agreement is signed by both Parties or
      seven (7) calendar days after its execution by Employee, whichever is
      later. Employee may revoke this Agreement for any reason by providing
      written notice of such intent to the Company within seven (7) days after
      he has signed this Agreement, thereby forfeiting Employee's right to
      receive any Severance Benefits provided hereunder and rendering this
      Agreement null and void in its entirety.

11.   The Parties agree that nothing contained herein shall purport to waive or
      otherwise affect any of Employee's rights or claims that may arise after
      he signs this Agreement. It is further understood by the Parties that
      nothing in this Agreement shall affect any rights Employee may have under
      any Pension Plan and/or Savings Plan (i.e., 401(k) plan) provided by the
      Company as of the date of his termination, such items to be governed
      exclusively by the terms of the applicable plan documents.

12.   Employee acknowledges that his termination and the Severance Benefits
      offered hereunder were based on an individual determination and were not
      offered in conjunction with any group termination or group severance
      program and waives any claim to the contrary.

13.   Employee hereby affirms and acknowledges his continued obligations to
      comply with the post-termination covenants contained in his Employment
      Agreement, including but not limited to, the non-compete, trade secret and
      confidentiality provisions. Employee acknowledges that a copy of the
      Employment Agreement has been attached to this Agreement as Exhibit ___ or
      has otherwise been provided to him and, to the extent not inconsistent
      with the terms of this Agreement or applicable law, the terms thereof
      shall be incorporated herein by reference. Employee acknowledges that the
      restrictions contained therein are valid and reasonable in every respect
      and are necessary to protect the Company's legitimate business interests.

14.   Employee acknowledges that the Company possesses, and he has been granted
      access to, certain trade secrets as well as other confidential and
      proprietary information which the Company has acquired at great effort and
      expense. Such information includes, without limitation, confidential
      information regarding products and services, marketing strategies,
      business plans, operations, costs, current or prospective customer
      information (including customer contacts, requirements, creditworthiness
      and like matters), product concepts, designs, prototypes or
      specifications, regulatory compliance issues, research and development
      efforts, technical data and know-how, sales information, including pricing
      and other terms and conditions of sale, financial information, internal
      procedures, techniques, forecasts, methods, trade information, trade
      secrets, software

                                      -3-
<PAGE>

      programs, project requirements, inventions, trademarks, trade names, and
      similar information regarding the Companies' business (collectively
      referred to herein as "Confidential Information").

15.   Employee agrees that all such Confidential Information is and shall remain
      the sole and exclusive property of the Company. Except as may be expressly
      authorized by the Company in writing, or as may be required by law after
      providing due notice thereof to the Company, Employee agrees not to
      disclose, or cause any other person or entity to disclose, any
      Confidential Information to any third party for as long thereafter as such
      information remains confidential (or as limited by applicable law) and
      agrees not to make use of any such Confidential Information for Employee's
      own purposes or for the benefit of any other entity or person.

16.   On or before Employee's Effective Termination Date or per the Company's
      request, Employee agrees to return the original and all copies of all
      things in his possession or control relating to the Company or its
      business, including but not limited to any and all contracts, reports,
      memoranda, correspondence, manuals, forms, records, designs, budgets,
      contact information or lists (including customer, vendor or supplier
      lists), ledger sheets or other financial information, drawings, plans
      (including, but not limited to, business, marketing and strategic plans),
      personnel or other business files, computer hardware, software, or access
      codes, door and file keys, identification, credit cards, pager, phone, and
      any and all other physical, intellectual, or personal property of any
      nature that he received, prepared, helped prepare, or directed preparation
      of in connection with his employment with the Company. Nothing contained
      herein shall be construed to require the return of any non-confidential
      and de minimis items regarding Employee's pay, benefits or other rights of
      employment such as pay stubs, W-2 forms, 401(k) plan summaries, benefit
      statements, etc.

17.   Employee hereby consents and authorizes the Company to deduct as an offset
      from the above-referenced severance payments the value of any Company
      property not returned or returned in a damaged condition as well as any
      monies paid by the Company on Employee's behalf (e.g., payment of any
      outstanding American Express bill).

18.   Employee agrees not to make any written or oral statement that may defame,
      disparage or cast in a negative light so as to do harm to the personal or
      professional reputation of (a) the Company, (b) its employees, officers,
      directors or trustees or (c) the services and/or products provided by the
      Company and its subsidiaries or affiliate entities.

19.   Employee specifically agrees and understands that the existence and terms
      of this Agreement are strictly CONFIDENTIAL and that such confidentiality
      is a material term of this Agreement. Accordingly, except as required by
      law or unless authorized to do so by the Company in writing, Employee
      agrees that he shall not communicate, display or otherwise reveal any of
      the contents of this Agreement to anyone other than his spouse, legal
      counsel or financial advisor provided, however, that they are first
      advised of the confidential nature of this Agreement and Employee obtains
      their agreement to be bound by the same. The Company agrees that Employee
      may respond to legitimate inquiries regarding the termination of his
      employment by stating that the Parties have terminated their relationship
      on an amicable basis and that the Parties have entered into a Confidential
      Separation and Release Agreement which prohibits him from further
      discussing the specifics of his separation. Nothing contained herein shall
      be construed to prevent Employee from discussing or otherwise advising
      subsequent employers of the existence of any obligations as set forth in
      his Employment Agreement. Further, nothing contained herein shall be

                                      -4-
<PAGE>

      construed to limit or otherwise restrict the Company's ability to disclose
      the terms and conditions of this Agreement as may be required by business
      necessity.

20.   In the event that Employee breaches or threatens to breach any provision
      of this Agreement, he agrees that the Company shall be entitled to seek
      any and all equitable and legal relief provided by law, specifically
      including immediate and permanent injunctive relief. Employee hereby
      waives any claim that the Company has an adequate remedy at law. In
      addition, and to the extent not prohibited by law, Employee agrees that
      the Company shall be entitled to discontinue providing any additional
      Severance Benefits upon such breach or threatened breach as well as an
      award of all costs and attorneys' fees incurred by the Company in any
      successful effort to enforce the terms of this Agreement. Employee agrees
      that the foregoing relief shall not be construed to limit or otherwise
      restrict the Company's ability to pursue any other remedy provided by law,
      including the recovery of any actual, compensatory or punitive damages.
      Moreover, if Employee pursues any claims against the Company subject to
      the foregoing General Release, or breaches the above Confidential
      provision, Employee agrees to immediately reimburse the Company for the
      value of all benefits received under this Agreement to the fullest extent
      permitted by law.

21.   Employee acknowledges that this Agreement is entered into solely for the
      purpose of terminating his employment relationship with the Company on an
      amicable basis and shall not be construed as an admission of liability or
      wrongdoing by the Company and further acknowledges that the Company has
      expressly denied any such liability or wrongdoing.

22.   Each of the promises and obligations shall be binding upon and shall inure
      to the benefit of the heirs, executors, administrators, assigns and
      successors in interest of each of the Parties.

23.   The Parties agree that each and every paragraph, sentence, clause, term
      and provision of this Agreement is severable and that, if any portion of
      this Agreement should be deemed not enforceable for any reason, such
      portion shall be stricken and the remaining portion or portions thereof
      should continue to be enforced to the fullest extent permitted by
      applicable law.

24.   This Agreement shall be governed by and interpreted in accordance with the
      laws of the State of Indiana without regard to any applicable state's
      choice of law provisions.

25.   Employee represents and acknowledges that in signing this Agreement he
      does not rely, and has not relied, upon any representation or statement
      made by the Company or by any of the Company's employees, officers,
      agents, stockholders, directors or attorneys with regard to the subject
      matter, basis or effect of this Agreement other than those specifically
      contained herein.

26.   This Agreement represents the entire agreement between the Parties
      concerning the subject matter hereof, shall supercede any and all prior
      agreements which may otherwise exist between them concerning the subject
      matter hereof (specifically excluding, however, the post-termination
      obligations contained in any existing Employment Agreement or other
      legally-binding document), and shall not be altered, amended, modified or
      otherwise changed except by a writing executed by both Parties.

               PLEASE READ CAREFULLY. THIS SEPARATION AND RELEASE
                  AGREEMENT INCLUDES A COMPLETE RELEASE OF ALL
                            KNOWN AND UNKNOWN CLAIMS.

                                      -5-
<PAGE>

      IN WITNESS WHEREOF, the Parties have themselves signed, or caused a duly
authorized agent thereof to sign, this Agreement on their behalf and thereby
acknowledge their intent to be bound by its terms and conditions.

"EMPLOYEE"                                 [NAME OF OPERATING COMPANY]

Signed: ________________________________   By: _________________________________

Printed:________________________________   Title: ______________________________

Dated: _________________________________   Dated: ______________________________

                                      -6-

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