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                                                                   EXHIBIT 10.52

                              EMPLOYMENT AGREEMENT

                  THIS EMPLOYMENT AGREEMENT (this "Agreement") is entered into
effective April 1, 2003 by and between Stellent, Inc., a Minnesota corporation
(the "Company"), and Frank A. Radichel, a resident of Minnesota ("Executive").

                                    RECITALS

                  A.       The Company is a global provider of web-based content
management solutions for businesses.

                  B.       Executive is an experienced business manager.

                  C.       Executive is currently employed by the Company as its
Vice President of Research and Development.

                  D.       The Company and Executive wish to continue the
employment relationship and to provide for certain additional benefits for
Executive, subject to the terms and conditions set forth in this Agreement.

                  E.       Executive is a key member of the management of the
Company and it is desirable and in the best interests of the Company and its
shareholders to continue to obtain the benefits of Executive's services and
attention to the affairs of the Company.

                  F.       It is desirable and in the best interests of the
Company and its shareholders to provide inducement for Executive (A) to remain
in the service of the Company in the event of any proposed or anticipated change
in control of the Company and (B) to remain in the service of the Company in
order to facilitate an orderly transition in the event of a change in control of
the Company, without regard to the effect such change in control may have on
Executive's employment with the Company.

                  G.       It is desirable and in the best interests of the
Company and its shareholders that Executive be in a position to make judgments
and advise the Company with respect to proposed changes in control of the
Company.

                                    AGREEMENT

     NOW, THEREFORE, in consideration of the foregoing premises and the
     respective agreements of the Company and Executive set forth below, the
     Company and Executive, intending to be legally bound, agree as follows:

1.       Employment. Subject to all terms and conditions hereof, the Company
shall employ Executive, and Executive shall serve the Company and perform
services for the Company, until such time as Executive's employment is
terminated in accordance with Section 12 hereof.

2.       Position and Duties.

(a)      Position with the Company. During the term of Executive's employment
with the Company, Executive shall serve as its Vice President of Research and
Development and shall perform such duties and responsibilities as the Company
shall assign to him from time to time.

(b)      Performance of Duties and Responsibilities. Executive shall serve the
Company faithfully and to the best of his ability and shall devote his full
time, attention and efforts to the business of the Company during his
employment. Executive shall report to the President and Chief Executive Officer,
or to such other party that may be designated by the President and Chief
Executive Officer. During his employment hereunder, Executive shall not accept
other employment or engage in other material business activity, except as
approved in writing by the Board of Directors of the Company (the "Board").
Executive hereby represents and confirms that he is under no contractual or
legal commitments that would prevent him from fulfilling his duties and
responsibilities as set forth in this Agreement.

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3.       Compensation and Benefits.

(a)      Base Salary. While Executive is employed by the Company hereunder, the
Company shall pay to Executive an annual base salary of $195,000, less
deductions and withholdings, which base salary shall be paid in accordance with
the Company's normal payroll policies and procedures. During each year after the
first year of Executive's employment hereunder, the Company shall review and may
adjust Executive's base salary in its sole discretion. Executive's base salary
shall not at anytime be decreased, except that Executive's base salary may be
reduced as part of a general reduction in the base salaries for all executives
of the Company.

(b)      Bonus. Executive shall be eligible for annual and/or quarterly bonuses
of up to an aggregate amount of $60,000 for fiscal year 2004, based upon and
subject to achievement of specified objectives and criteria to be established by
the Company from time to time. Any bonus will be paid by the Company within 45
days after the period for which the bonus is applicable, and Executive must be
employed by the Company on the date of payment in order to be eligible to
receive any bonus. After fiscal year 2004, the Company shall review and may
revise the bonus program in its sole discretion.

(c)      Stock Options. From time to time and subject to the approval of the
Board, the Company, in its sole discretion, may grant Executive an option to
purchase shares of common stock of the Company, in accordance with the terms and
conditions of the Company's stock option plan as may be amended from time to
time.

(d)      Employee Benefits. While Executive is employed by the Company
hereunder, Executive shall be entitled to participate in all employee benefit
plans and programs of the Company to the extent that Executive meets the
eligibility requirements for each individual plan or program. The Company
provides no assurance as to the adoption or continuance of any particular
employee benefit plan or program, and Executive's participation in any such plan
or program shall be subject to the provisions, rules and regulations applicable
thereto.

(e)      Expenses. While Executive is employed by the Company hereunder, the
Company shall reimburse Executive for all reasonable and necessary out-of-pocket
business, travel and entertainment expenses incurred by Executive in the
performance of the duties and responsibilities hereunder, subject to the
Company's normal policies and procedures for expense verification and
documentation.

(f)      Vacation. While Executive is employed by the Company hereunder,
Executive shall be entitled to paid vacation consistent with the Company's
vacation policy, which may be amended from time to time in the Company's
discretion. Vacation days shall be taken at such times so as not to disrupt the
operations of the Company.

4.       Affiliated Entities. As used in this Agreement, "Affiliates" shall
include the Company and each corporation, partnership, or other entity, which
controls the Company, is controlled by the Company, or is under common control
with the Company (in each case "control" meaning the direct or indirect
ownership of 50% or more of all outstanding equity interests).

5.       Confidential Information. Except as permitted by the Company, Executive
shall not at any time divulge, furnish or make accessible to anyone or use in
any way other than in the ordinary course of the business of the Company or its
Affiliates, any confidential, proprietary or secret knowledge or information of
the Company or its Affiliates that Executive has acquired or shall acquire about
the Company or its Affiliates, whether developed by himself or by others,
concerning (i) any trade secrets, (ii) any confidential, proprietary or secret
designs, programs, processes, formulae, plans, devices or material (whether or
not patented or patentable) directly or indirectly useful in any aspect of the
business of the Company or of its Affiliates, (iii) any customer or supplier
lists, (iv) any confidential, proprietary or secret development or research
work, (v) any strategic or other business, marketing or sales plans, (vi) any
financial or personnel data or plans, or (viii) any other confidential or
proprietary information or secret aspects of the business of the Company or of
its Affiliates. Executive acknowledges that the above-described knowledge and
information constitutes a unique and valuable asset of the Company and
represents a substantial investment of time and expense by the Company, and that
any disclosure or other use of such knowledge or information other than for the
sole benefit of the Company or its Affiliates would be wrongful and would cause
irreparable harm to the Company. Executive shall refrain from intentionally
committing any acts that would materially reduce the value of such knowledge or
information to the Company or its Affiliates. The foregoing obligations of
confidentiality shall not apply to any knowledge or information that (i) is now
or subsequently becomes generally publicly known, other than as a direct or
indirect result of the breach of this Agreement, (ii) is independently made
available to Executive in good faith by a third party who has not violated a
confidential relationship with the Company or its Affiliates, or (iii) is
required to be disclosed by law or legal process. Executive understands and
agrees that his obligations under this Agreement to maintain the confidentiality
of the Company's confidential information are in addition to any obligations of

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Executive under applicable statutory or common law.

6.       Ventures. If, during Executive's employment with the Company, Executive
is engaged in or provides input into the planning or implementing of any
project, program or venture involving the Company, all rights in such project,
program or venture shall belong to the Company. Except as approved in writing by
the Board of Directors of the Company, Executive shall not be entitled to any
interest in any such project, program or venture or to any commission, finder's
fee or other compensation in connection therewith. Executive shall have no
interest, direct or indirect, in any customer or supplier that conducts business
with the Company.

7.       Conflicts of Interest. During Executive's employment with the Company
hereunder, Executive shall not, directly or indirectly, transact business with
the Company personally, or as agent, owner, partner, or shareholder of any other
entity unless any such transaction has been knowingly approved by all
disinterested members of the Company's Board of Directors.

8.       Noncompetition and Nonsolicitation Covenants.

(a)      Agreement Not to Compete. During Executive's employment with the
Company or any Affiliates and for a period of twelve (12) consecutive months
from and after the termination of Executive's employment, whether such
termination is with or without cause, or whether such termination is at the
instance of Executive or the Company, Executive shall not, directly or
indirectly (including without limitation as a proprietor, principal, agent,
partner, officer, director, stockholder, employee, member of any association,
consultant or otherwise), engage in any business, in the United States or in any
other location in which the Company is then doing business or actively planning
to do business:

(i)      that designs, develops, markets, distributes, or sells web content
management services or products, or

(ii)     that designs, develops, markets, distributes, or sells services or
products similar to any service or product then being developed, marketed, or
distributed by the Company.

Ownership by Executive, as a passive investment, of less than 3% of the
outstanding shares of capital stock of any corporation listed on a national
securities exchange or publicly traded in the over-the-counter market shall not
constitute a breach of this Section 8(a).

(b)      Agreement Not to Hire. During Executive's employment with the Company
or any Affiliates and for a period of twelve (12) consecutive months from and
after the termination of Executive's employment, whether such termination is
with or without cause, or whether such termination is at the instance of
Executive or the Company, Executive shall not, directly or indirectly (including
without limitation as a proprietor, principal, agent, partner, officer,
director, stockholder, employee, member of any association, consultant or
otherwise), hire, engage or solicit any person who is then an employee or
contractor of the Company or who was an employee of the Company at any time
during the six (6) month period immediately preceding Executive's termination of
employment, in any manner or capacity.

(c)      Agreement Not to Solicit. During Executive's employment with the
Company or any Affiliates and for a period of twelve (12) consecutive months
from and after the termination of executive's employment, whether such
termination is with or without cause, or whether such termination is at the
instance of Executive or the Company, Executive shall not, directly or
indirectly (including without limitation as a proprietor, principal, agent,
partner, officer, director, stockholder, employee, member of any association,
consultant or otherwise), solicit, request, advise or induce any current or
potential customer, supplier or other business contact of the Company to cancel,
curtail or otherwise adversely change its relationship with the Company, in any
manner or capacity.

(d)      Acknowledgment. Executive hereby acknowledges that the provisions of
this Section 8 are reasonable and necessary to protect the legitimate interests
of the Company and that any violation of this Section 8 by Executive shall cause
substantial and irreparable harm to the Company to such an extent that monetary
damages alone would be an inadequate remedy therefor.

(e)      Blue Pencil Doctrine. If the duration of, the scope of or any business
activity covered by any provision of this Section 8 is in excess of what is
determined to be valid and enforceable under applicable law, such provision
shall be construed to cover only that duration, scope or activity that is
determined to be valid and enforceable. Executive hereby acknowledges that this
Section 8 shall be given the construction which renders its provisions valid and
enforceable to the maximum extent, not exceeding its express terms, possible
under applicable law.

9.       Patents, Copyrights and Related Matters.

(a)      Disclosure and Assignment. Executive shall immediately disclose to the
Company any and all improvements and

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inventions that Executive may conceive and/or reduce to practice individually or
jointly or commonly with others while he is employed with the Company or any of
its Affiliates with respect to (i) any methods, processes or apparatus concerned
with the development, use or production of any type of products, goods or
services sold or used by the Company or its Affiliates, and (ii) any type of
products, goods or services sold or used by the Company or its Affiliates. Any
such improvements and inventions shall be the sole and exclusive property of the
Company and Executive shall immediately assign, transfer and set over to the
Company his entire right, title and interest in and to any and all of such
improvement and inventions as are specified in this Section 9(a), and in and to
any and all applications for letters patent that may be filed on such
inventions, and in and to any and all letters patent that may issue, or be
issued, upon such applications. In connection therewith and for no additional
compensation therefor, but at no expense to Executive, Executive shall sign any
and all instruments deemed necessary by the Company for:

(i)      the filing and prosecution of any applications for letters patent of
the United States or of any foreign country that the Company may desire to file
upon such inventions as are specified in this Section 9(a);

(ii)     the filing and prosecution of any divisional, continuation,
continuation-in-part or reissue applications that the Company may desire to file
upon such applications for letters patent; and

(iii)    the reviving, re-examining or renewing of any of such applications for
letters patent.

This Section 9(a) shall not apply to any invention for which no equipment,
supplies, facilities, confidential, proprietary or secret knowledge or
information, or other trade secret information of the Company was used and that
was developed entirely on Executive's own time, and (i) that does not relate (A)
directly to the business of the Company, or (B) to the Company's actual or
demonstrably anticipated research or development, or (ii) that does not result
from any work performed by Executive for the Company.

(b)      Copyrightable Material. All right, title and interest in all
copyrightable material that Executive shall conceive or originate individually
or jointly or commonly with others, and that arise in connection with
Executive's services hereunder or knowledge of confidential and proprietary
information of the Company, shall be the property of the Company and are hereby
assigned by Executive to the Company or its Affiliates, along with ownership of
any and all copyrights in the copyrightable material. Where applicable, works of
authorship created by Executive relating to the Company or its Affiliates and
arising out of Executive's knowledge of confidential and proprietary information
of the Company shall be considered "works made for hire," as defined in the U.S.
Copyright Act, as amended.

10.      Return of Records and Property. Upon termination of Executive's
employment or at any time upon the Company's request, Executive shall promptly
deliver to the Company any and all Company and Affiliate records and any and all
Company and Affiliate property in his possession or under his control, including
without limitation manuals, books, blank forms, documents, letters, memoranda,
notes, notebooks, reports, printouts, computer disks, computer tapes, source
codes, data, tables or calculations and all copies thereof, documents that in
whole or in part contain any trade secrets or confidential, proprietary or other
secret information of the Company or its Affiliates and all copies thereof, and
keys, access cards, access codes, passwords, credit cards, personal computers,
telephones and other electronic equipment belonging to the Company or its
Affiliates.

11.      Remedies. Executive acknowledges that it would be difficult to fully
compensate the Company for monetary damages resulting from any breach by him of
the provisions hereof. Accordingly, in the event of any actual or threatened
breach of any such provisions, the Company shall, in addition to any other
remedies it may have, be entitled to injunctive and other equitable relief to
enforce such provisions, and such relief may be granted without the necessity of
proving actual monetary damages.

12.      Termination of Employment.

(a)      The Executive's employment with the Company shall terminate immediately
upon:

(i)      Executive's receipt of written notice from the Company of the
termination of his employment;

(ii)     The Company's receipt of Executive's written resignation from the
Company;

(iii)    Executive's Disability (as defined below); or

(iv)     Executive's death.

(b)      The date upon which Executive's termination of employment with the
Company occurs shall be the "Termination

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Date."

13.      Payments upon Termination of Employment.

(a)      If Executive's employment with the Company is terminated by the Company
for any reason other than for Cause (as defined below), or if Executive's
employment with the Company is terminated by Executive for Good Reason (as
defined below) within twelve (12) months following a Change in Control (as
defined in the Stellent, Inc. 2000 Stock Incentive Plan, as may be amended from
time to time), or if Executive's employment with the Company terminates due to
death or Disability, subject to Section 13(f), Section 13(g), and Section 13(h),
the Company shall:

(i)      pay to Executive in a lump sum an amount equal to Executive's current
base salary, less applicable withholdings, for a period of six (6) months
following the Termination Date; and

(ii)     if Executive elects to continue his group health or dental insurance
coverage with the Company following the termination of his employment with the
Company, reimburse him for the portion of the premiums that the Company would
have paid had Executive remained employed with the Company, at the same level of
coverage that was in effect as of the Termination Date, for a period of six (6)
consecutive months after the Termination Date.

(b)      If Executive's employment with the Company is terminated by reason of:

(i)      Executive's abandonment of his employment or Executive's resignation
for any reason other than for Good Reason (as defined below); or

(ii)     termination of Executive's employment by the Company for Cause (as
defined below), the Company shall pay to Executive or his beneficiary or his
estate, as the case may be, his base salary through the Termination Date.

(c)      "Cause" hereunder shall mean:

(i)      an act or acts of dishonesty undertaken by Executive and intended to
result in personal gain or enrichment of Executive or others at the expense of
the Company;

(ii)     unlawful conduct or gross misconduct that is willful and deliberate on
Executive's part and that, in either event, is injurious to the Company;

(iii)    the conviction of Executive of a felony;

(iv)     failure of Executive to perform his duties and responsibilities
hereunder or to satisfy his obligations as an officer or employee of the
Company; or

(v)      breach of any terms and conditions of this Agreement by Executive.

(d)      Termination by Executive for "Good Reason" hereunder shall mean
termination by Executive of his employment with the Company because one or more
of the following shall have occurred upon or after a Change in Control (as
defined in the Stellent, Inc. 2000 Stock Incentive Plan, as may be amended from
time to time) without Executive's written consent:

(i)      the relocation of Executive's principal place of work more than 30
miles outside the greater Twin Cities metropolitan area;

(ii)     a material reduction in Executive's duties or responsibilities; or

(iii)    a material reduction of Executive's base salary, other than pursuant to
a general reduction in the base salaries of all executives of the Company.

(e)      "Disability" hereunder shall mean the inability of Executive to perform
on a full-time basis the duties and responsibilities of his employment with the
Company by reason of his illness or other physical or mental impairment or
condition, if such inability continues for an uninterrupted period of 90 days or
more during any 180-day period. A period of inability shall be "uninterrupted"
unless and until Executive returns to full-time work for a continuous period of
at least 30 days.

(f)      Any amount payable to Executive as reimbursement for the cost of the
continuation of his group health or dental insurance coverage under Section
13(a) shall be subject to deductions and withholdings and shall be paid to
Executive by the

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Company in approximately equal monthly installments commencing on the first
normal payroll date of the Company following the expiration of all applicable
rescission periods provided by law and continuing monthly thereafter. The
Company shall be entitled to cease making reimbursement payments to Executive
for the cost of the continuation of his group health or dental insurance
coverage with the Company after the Termination Date if Executive becomes
eligible for comparable group health or dental insurance coverage from any other
employer. For purposes of mitigation and reduction of the Company's financial
obligations to Executive under Section 13(a), Executive shall promptly and fully
disclose to the Company in writing the fact that he has become eligible for
comparable group health or dental insurance coverage from any other employer.
Executive shall be liable to repay any amounts to the Company that should have
been so mitigated or reduced but for Executive's failure or unwillingness to
make such disclosures.

(g)      Notwithstanding the foregoing provisions of this Section 13, the
Company shall not be obligated to make any payments to Executive under Sections
13(a) hereof unless Executive shall have signed a release of claims in favor of
the Company and its Affiliates in a form to be prescribed by the Board, all
applicable consideration and rescission periods provided by law shall have
expired, and Executive is in strict compliance with the terms of this Agreement
as of the dates of such payments.

(h)      Notwithstanding any provision to the contrary contained in this
Agreement, if the cash payments due and the other benefits to which Executive
shall become entitled under this Section 13, either alone or together with other
payments in the nature of compensation to Executive that are contingent on a
change in the ownership or effective control of the Company or in the ownership
of a substantial portion of the assets of the Company or otherwise, would
constitute a "parachute payment" as defined in Section 280G of the Internal
Revenue Code (the "Code") or any successor provision thereto, such lump sum
payment and/or such other benefits and payments shall be reduced (but not below
zero) to the largest aggregate amount as will result in no portion thereof being
subject to the excise tax imposed under Section 4999 of the Code (or any
successor provision thereto) or being non-deductible to the Company for federal
income tax purposes pursuant to Section 280G of the Code (or any successor
provision thereto). The outside accountants of the Company shall determine the
amount of any reduction to be made pursuant to this Section 13 and shall select
from among the foregoing benefits and payments those that shall be reduced.

(i)      In the event of termination of Executive's employment, the sole
obligation of the Company hereunder shall be its obligation to make the payments
called for by Sections 13(a) or 13(b) hereof, as the case may be, and the
Company shall have no other obligation to Executive or to his beneficiary or his
estate, except as otherwise provided by law, under the terms of any other
applicable agreement between Executive and the Company, or under the terms of
any employee benefit plans or programs then maintained by the Company in which
Executive participates.

14.      Miscellaneous.

(a)      Governing Law. All matters relating to the interpretation,
construction, application, validity and enforcement of this Agreement shall be
governed by the laws of the State of Minnesota without giving effect to any
choice or conflict of law provision or rule, whether of the State of Minnesota
or any other jurisdiction, that would cause the application of laws of any
jurisdiction other than the State of Minnesota.

(b)      Jurisdiction and Venue. Executive and the Company consent to
jurisdiction of the courts of the State of Minnesota and/or the federal district
courts, District of Minnesota, for the purpose of resolving all issues of law,
equity, or fact arising out of or in connection with this Agreement. Any action
involving claims of a breach of this Agreement shall be brought in such courts.
Each party consents to personal jurisdiction over such party in the state and/or
federal courts of Minnesota and hereby waives any defense of lack of personal
jurisdiction. Venue, for the purpose of all such suits, shall be in Hennepin
County, State of Minnesota.

(c)      Entire Agreement. This Agreement and any stock option agreements
entered into by the Company and Executive contain the entire agreement of the
parties relating to Executive's employment with the Company and supersedes all
prior agreements and understandings with respect to such subject matter, and the
parties hereto have made no agreements, representations or warranties relating
to the subject matter of this Agreement that are not set forth herein.

(d)      No Violation of Other Agreements. Executive hereby represents and
agrees that neither (i) Executive's entering into this Agreement nor (ii)
Executive's carrying out the provisions of this Agreement, will violate any
other agreement (oral, written or other) to which Executive is a party or by
which Executive is bound.

(e)      Amendments. No amendment or modification of this Agreement shall be
deemed effective unless made in writing and signed by the parties hereto.

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(f)      No Waiver. No term or condition of this Agreement shall be deemed to
have been waived, except by a statement in writing signed by the party against
whom enforcement of the waiver is sought. Any written waiver shall not be deemed
a continuing waiver unless specifically stated, shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such term
or condition for the future or as to any act other than that specifically
waived.

(g) Assignment. This Agreement shall not be assignable, in whole or in part, by
either party without the prior written consent of the other party, except that
the Company may, without the consent of Executive, assign its rights and
obligations under this Agreement (1) to an Affiliate or (2) to any corporation
or other person or business entity to which the Company may sell or transfer all
or substantially all of its assets. After any such assignment by the Company,
the Company shall be discharged from all further liability hereunder and such
assignee shall thereafter be deemed to be "the Company" for purposes of all
terms and conditions of this Agreement, including this Section 14.

(h)      Counterparts. This Agreement may be executed in any number of
counterparts, and such counterparts executed and delivered, each as an original,
shall constitute but one and the same instrument.

(i)      Severability. Subject to Section 8(e) hereof, to the extent that any
portion of any provision of this Agreement shall be invalid or unenforceable, it
shall be considered deleted herefrom and the remainder of such provision and of
this Agreement shall be unaffected and shall continue in full force and effect.

(j)      Captions and Headings. The captions and paragraph headings used in this
Agreement are for convenience of reference only and shall not affect the
construction or interpretation of this Agreement or any of the provisions
hereof.

                  IN WITNESS WHEREOF, Executive and the Company have executed
this Agreement as of the date set forth in the first paragraph.

                                   Stellent, Inc.

                                   By \s\ Robert F. Olson
                                      -------------------

                                   Its CEO
                                       ------------------

                                   /s/ Frank A. Radichel
                                   ----------------------
                                   Frank A. Radichel

                                       7<PAGE>
                                                                   EXHIBIT 10(m)

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (this "Agreement") is entered into to be
effective as of July 16, 2003 (the "Effective Date"), between PEERLESS MFG. CO.
("Employer"), and WILLIAM T. STROHECKER ("Employee").

SECTION 1.   EMPLOYMENT.

         1.1 Employment and Term. Subject to the terms and conditions of this
Agreement, Employer agrees to employ Employee pursuant to this Agreement for a
term beginning on the Effective Date and ending on the third anniversary date of
the Effective Date, unless Employee's employment is terminated earlier as
provided in Section 4 below. Notwithstanding the foregoing, in no event will the
term of Employee's employment hereunder be less than 90 days from the Effective
Date. Sections 2, 3, and 5 of this Agreement shall survive any termination of
Employee's employment with Employer.

         1.2 Duties. At all times during the course of Employee's employment
with Employer, Employee agrees to perform the duties associated with his
position diligently and to devote all of his business time, attention and
efforts to the business of Employer. Employee agrees to comply with the
policies, procedures and guidelines established by Employer from time to time.
Employee agrees to perform his duties faithfully and loyally and to the best of
his abilities, and shall use his best efforts to promote the business of
Employer. Employee understands and agrees that both the business and personal
standards and ethics of Employer's employees must at all times be above
reproach. Employee agrees to act at all times so as to reflect this high
standard. Employee further agrees to abide by all rules, policies, or procedures
established by Employer from time to time.

SECTION 2.   NON-COMPETITION.

         2.1 Non Competition.

                  (a) Employee agrees that during the term of his employment and
         for a period of one (1) year following termination of his employment
         (regardless of whether Employee is terminated without Cause (as defined
         in Section 4.1(c) below), for Cause, voluntarily resigns or otherwise),
         neither Employee nor any person or entity directly or indirectly
         controlling, controlled by or under common control with Employee, shall
         directly or indirectly, on his own behalf or as an employee or other
         agent of or an investor in another person:

                          (i) engage in any business conducted by Employer
                  during Employee's term of employment with Employer
                  (collectively, the "Business");

                          (ii) influence or attempt to influence any customer or
                  supplier of Employer or any affiliate of Employer to purchase
                  goods or services related to the Business from any person
                  other than Employer or such affiliate; or

                          (iii) employ or attempt to employ any individuals who
                  are then or have been employees of Employer or any affiliate
                  of Employer during the preceding 12 months, or influence or
                  seek to influence any such employees to leave Employer's or
                  such affiliate's employment.

<PAGE>

                  (b) Employee specifically acknowledges that Employer's
         products are sold in a world market and that Employee has been engaged
         with regard to Employer's products and Employer's customers throughout
         the world without geographic limitation, and accordingly that the
         restrictive covenant regarding competition contained in this Section
         2.1 shall apply without geographic limitation.

                  (c) Employee acknowledges that his obligations under this
         Section 2.1 are a material inducement and condition to Employer's
         entering into this Agreement and the Related Agreement (as defined in
         Section 5.9 below) and a material inducement and condition to Employee
         receiving or having access to Confidential Information (as defined in
         Section 3.1). Employee acknowledges and agrees that the terms and
         provisions of this Agreement (including the severance provisions of
         Section 4.1) and Employee's receipt and access to Confidential
         Information are sufficient consideration for the restrictions set forth
         in this Section 2.1. Employee acknowledges and agrees further that such
         restrictions are reasonable as to time, geographic area and scope of
         activity and do not impose a greater restraint than is necessary to
         protect the goodwill and other business interests of Employer, and
         Employee agrees that Employer is justified in believing the foregoing.

                  (d) If any provision of this Section 2.1 should be found by
         any court of competent jurisdiction to be unenforceable by reason of
         its being too broad as to the period of time, territory, and/or scope,
         then, and in that event, such provision shall nevertheless remain valid
         and fully effective, but shall be considered to be amended so that the
         period of time, territory, and/or scope set forth shall be changed to
         be the maximum period of time, the largest territory, and/or the
         broadest scope, as the case may be, which would be found enforceable by
         such court

                  (e) Employee acknowledges that Employee's violation or
         attempted violation of this Section 2.1 will cause irreparable damage
         to Employer or its affiliates, and Employee therefore agrees that
         Employer shall be entitled as a matter of right to an injunction, out
         of any court of competent jurisdiction, restraining any violation or
         further violation of such agreements by Employee or others acting on
         his behalf. Employer's right to injunctive relief will be cumulative
         and in addition to any other remedies provided by law or equity.

SECTION 3.   CONFIDENTIALITY; NONDISPARAGEMENT; CONFLICT OF INTEREST.

         3.1 Confidentiality.

                  (a) In the course of his employment with Employer, Employee
         will receive and have access to commercially valuable, confidential or
         proprietary information ("Confidential Information"). Confidential
         Information means all information, whether oral or written, previously
         or hereafter developed, acquired or used by Employer and relating to
         the business of Employer that is not generally known to others in
         Employer's

                                      -2-

<PAGE>

         area of business, including without limitation (i) any trade secrets,
         work product, processes, analyses or know-how of Employer; (ii)
         Employer's advertising, product development, strategic and business
         plans and information, including customer and prospect lists; (iii) the
         prices at which Employer has sold or offered to sell its products or
         services; and (iv) Employer's financial statements and other financial
         information.

                  (b) Employee acknowledges and agrees that the Confidential
         Information is and shall be the sole and exclusive property of
         Employer. Employee shall not use any Confidential Information for his
         own benefit or disclose any Confidential Information to any third party
         (except in the course of performing his authorized duties for Employer
         under this Agreement), either during or subsequent to his employment
         with Employer.

                  (c) Specifically, Employee agrees that, except as expressly
         authorized in writing by Employer, or as may be required by law or
         court order, Employee shall (i) not disclose Confidential Information
         to any third party, (ii) not copy Confidential Information for any
         reason, and (iii) not remove Confidential Information from Employer's
         premises. Upon termination of his employment with Employer, Employee
         shall promptly deliver to the Employer all Confidential Information,
         including documents, computer disks and other computer storage devices
         and other papers and materials (including all copies thereof in
         whatever form) containing or incorporating any Confidential Information
         or otherwise relating in any way to the Employer's business that are in
         his possession or under his control.

                  (d) Employee acknowledges that Employee's violation or
         attempted violation of this Section 3.1 will cause irreparable damage
         to Employer or its affiliates, and Employee therefore agrees that
         Employer shall be entitled as a matter of right to an injunction, out
         of any court of competent jurisdiction, restraining any violation or
         further violation of such agreements by Employee or others acting on
         his behalf. Employer's right to injunctive relief will be cumulative
         and in addition to any other remedies provided by law or equity.

                  (e) Employee acknowledges that on the Effective Date, Employer
         provided Employee with selected financial data that constituted
         Confidential Information that was not known to Employee prior to his
         receipt thereof.

         3.2. Covenant of Nondisparagement. In consideration of this Agreement
and the Related Agreement, Employee agrees and promises that, during the term of
and at all times after the termination of this Agreement (regardless of whether
Employee is terminated without Cause, for Cause, voluntarily resigns or
otherwise), not to make any libelous, disparaging or otherwise injurious
statements about or concerning Employer or any of its affiliates, their
officers, employees or representatives. Such prohibited statements include any
statement that is injurious to the business or business reputation of any of
Employer, its affiliates or their employees or representatives, but does not
include reasonable statements of disagreement that Employee makes for the
purpose of protecting or enforcing any of his rights or interests hereunder or
defending against any claim or claims of Employer, so long as such statements
are not slanderous or libelous and are delivered in terms as would ordinarily be
considered customary and appropriate.

                                      -3-
<PAGE>
         3.3. Conflict of Interest. Employee agrees that during the term of this
Agreement without the prior approval of the Board of Directors of Employer,
Employee shall not engage, either directly or indirectly, in any activity which
may involve a conflict of interest with Employer or its affiliates (a "Conflict
of Interest"), including ownership in any supplier, contractor, subcontractor,
customer or other entity with which Employer does business (other than as a
shareholder of less than one percent of a publicly traded class of securities)
or accept any material payment, service, loan, gift, trip, entertainment or
other favor from a supplier, contractor, subcontractor, customer or other entity
with which Employer does business and that Employee shall promptly inform the
Chief Executive Officer or the Board of Directors of Employer as to each offer
received by Employee to engage in any such activity. Employee further agrees to
disclose to Employer any other facts of which Employee becomes aware which might
involve or give rise to a Conflict of Interest or potential Conflict of
Interest.

SECTION 4.    TERMINATION.

         4.1  Termination by Employer.

                  (a) Employer may terminate Employee's employment without Cause
         upon no less than 30 days prior notice of termination to Employee. In
         the event of any such termination without Cause, on the effective date
         of such termination Employer shall pay Employee as severance
         compensation, a lump sum payment in an amount equal to the difference
         of (i) Employee's then current monthly base salary times the number of
         complete months that Employee has been employed since the Effective
         Date for up to 12 months, at which time such amount will remain at
         Employee's then current base salary annualized, less (ii) the amount of
         base salary paid to Employee from the date of Employer's notice of
         termination to the effective date of such termination. In the event of
         any such termination without Cause, except as aforesaid, Employer shall
         have no other obligations to pay any base salary, incentive
         compensation or bonus or provide for any benefits to Employee after the
         effective date of such termination. As used herein, "base salary"
         excludes any bonus or incentive compensation.

                  (b) Employer may discharge Employee for Cause at any time
         without prior notice. In the event of any such termination for Cause,
         Employer's obligations to pay any base salary, incentive compensation
         or bonus or provide for any benefits to Employee shall terminate
         immediately upon the effective date of such termination.

                  (c) As used herein, "Cause" shall mean any of the following:

                          (i) the conviction of Employee by a court of competent
                  jurisdiction of any felony or crime involving moral turpitude;

                          (ii) commission by Employee of an act of fraud or
                  other act reflecting unfavorably upon the public image of
                  Employer as reasonably determined by Employer's Board of
                  Directors;

                          (iii) the continued failure by Employee to
                  substantially perform his duties hereunder, or the intentional
                  wrongdoing by Employee resulting in material injury to
                  Employer, in each case as reasonably determined by Employer's
                  Board of Directors;

                                      -4-

<PAGE>
                          (iv) the failure by Employee to follow a reasonable
                  directive of the Board of Directors or the Chief Executive
                  Officer of Employer; or

                          (v) violation of any policies or procedures of
                  Employer, including without limitation, any human relations
                  policy, resulting in material injury to Employer, in each case
                  as reasonably determined by Employer's Board of Directors.

         4.2 Termination by Employee. Employee may resign from Employee's
employment hereunder (whether for voluntary retirement or otherwise) upon no
less than 30 days prior notice of resignation to Employer, unless such prior
notice is otherwise waived by Employer in its absolute and sole discretion. The
effective date of Employee's resignation shall be as stated in Employee's notice
of resignation or at the sole option of Employer, such earlier date as
determined by Employer in its sole discretion. If Employee voluntarily resigns
from his employment with Employer during the term hereof (whether for voluntary
retirement or otherwise), Employer's obligations to pay any base salary,
incentive compensation or bonus or provide for any benefits shall terminate
immediately upon the effective date of such resignation. Upon retirement,
Employee shall be entitled to all benefits (if any) provided by Employer in the
ordinary course to other executive officers of Employer at comparable retirement
age.

         4.3 Termination on Death of Employee. This Agreement shall terminate
automatically upon the death of Employee and all rights of Employee, his heirs,
executors and administrators to salary, bonus, incentive compensation or
benefits shall terminate immediately, except as otherwise provided in Employer's
benefit plans in effect at such time.

         4.4 Termination by Disability. Employer may terminate Employee's
employment hereunder upon Employee becoming Disabled (as defined below). Upon
such termination, Employer shall pay Employee an amount equal to his then
current monthly base salary for a period of six months, which payment amounts
will be reduced by any disability payments Employee receives during such period
from the disability insurance provided through Employer, if any. Employee shall
be entitled to all other disability benefits then in effect (if any) provided by
Employer to all other executive officers of Employer. In the event of
termination due to Employee being Disabled, except as aforesaid, Employer shall
have no other obligation to pay any base salary, incentive compensation or bonus
or provide for any benefits to Employee after the effective date of termination.
For purposes of this Agreement, "Disabled" means any mental or physical
impairment lasting (or that will last) more than 180 consecutive or
non-consecutive calendar days that prevents Employee from performing the
essential functions of his position with or without reasonable accommodation as
determined by a competent physician chosen by Employer and consented to by
Employee or his legal representatives, which consent will not be unreasonably
withheld or delayed. Employee agrees to submit to appropriate medical
examinations and authorize his physicians to release medical information
necessary to determine whether Employee is Disabled for purposes of this
Agreement.

                                      -5-
<PAGE>
SECTION 5.   MISCELLANEOUS.

         5.1 Notice. Except as set forth below in this Section 5.1, any notice
under this Agreement must be in writing and shall be deemed to have been given
when delivered personally or by overnight courier service or three days after
being sent by mail, postage prepaid, at the address indicated below or to such
changed address as such person may subsequently give such notice of:

                  if to Employer:
                                       Peerless Mfg. Co.
                                       2819 Walnut Hill Lane
                                       Dallas, Texas  75229
                                       Attn:  Chairman, Board of Directors

                  if to Employee:
                                       William T. Strohecker
                                       2328 Eldger Drive
                                       Plano, Texas  75025

Notwithstanding the foregoing, the party receiving notice may waive any
provisions of this Section 5.1 in its sole and absolute discretion.

         5.2 Assignment. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective heirs, personal
representatives, successors, and assigns. Except as otherwise provided herein,
this Agreement may not be assigned by any party hereto without the prior written
consent of the other party hereto. Employer shall require any successor, and any
corporation or other person which is in control of such successor, to all or
substantially all of the business and/or assets of Employer (by purchase,
merger, consolidation or otherwise), by agreement in form and substance
reasonably satisfactory to Employee, to expressly assume and agree to perform
this Agreement in the same manner and to the same extent that Employer would be
required to perform it if no such succession had taken place. Failure of
Employer to obtain such agreement prior to the effectiveness of any such
succession shall be a material breach of this Agreement by Employer. As used in
this Agreement, "Employer" shall mean Employer as herein before defined and any
successor to its business and/or all or part of its assets as aforesaid which
executes and delivers the assumption agreement provided for in this Section 5.2
or which otherwise becomes bound by all the terms and provisions of this
Agreement by operation of law.

         5.3 Headings. The section headings used herein are for reference and
convenience only and shall not enter into the interpretation hereof.

         5.4 Counterparts. This Agreement may be executed in one or more
counterparts for the convenience of the parties hereto, all of which together
shall constitute one and the same instrument.

         5.5 Amendment and Waiver. The provisions of this Agreement may be
amended or waived only by written agreement of Employer and Employee, and no
course of conduct, failure or delay in enforcing the provisions of this
Agreement shall effect the validity, binding effect or enforceability of this
Agreement.

                                      -6-

<PAGE>

         5.6 Severability. Any provision or portion of a provision of this
Agreement that is held to be invalid or unenforceable will be severable, and
this Agreement will be construed and enforced as if such provision, or portion
thereof, did not comprise a part hereof, and the remaining provisions or
portions of provisions will remain in full force and effect. In lieu of each
invalid or unenforceable provision there will be added automatically as part of
this Agreement a provision as similar in terms to such invalid or unenforceable
provision as may be possible and be legal, valid, and enforceable.

         5.7 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Texas, without giving effect to any
conflicts of law rule or principle that might require the application of the
laws of another jurisdiction.

         5.8 Disputes. The parties to this Agreement agree that in the event
there is a dispute or controversy between them that cannot be settled through
direct discussions, it is in the best interests of all for such dispute or
controversy to be resolved in the shortest time and with the lowest cost of
resolution as practicable. Consequently, any such dispute, controversy or claim
between the parties to this Agreement will not be litigated, but instead will be
resolved by arbitration in accordance with Title 9 of the U.S. Code (United
States Arbitration Act) and the Commercial Arbitration Rules of the American
Arbitration Association (the "Rules"), and judgment upon the award rendered by
the arbitrator may be entered in any court having jurisdiction thereof. The
arbitration will be before one neutral arbitrator and will proceed under the
Expedited Procedures of said Rules. The arbitration will be held in Dallas,
Texas, or such other place as may be selected by mutual agreement. The
arbitrator will have the discretion to order a prehearing exchange of
information by the parties, and to set limits for both the scope and time period
of such exchange. All issues regarding exchange requests will be decided by the
arbitrator. Neither party nor the arbitrator may disclose the existence, content
or results of any arbitration hereunder, unless required to do so by court or
regulatory order, without the prior written consent of both parties.
Administrative fees and expenses of the arbitration itself will be borne by the
parties equally unless otherwise required by law, a court of competent
jurisdiction or the Rules; provided, that, in no event will Employee be required
to pay in excess of $1,000 of such fees and expenses. The arbitrator will also
be authorized to award to the prevailing party all or that fraction of its
reasonable costs and fees as is deemed equitable. Costs of a party's
representation by counsel or preparation costs for hearing are not considered
administrative fees and expenses for purposes hereof. This provision will not
apply to any injunctive relief sought by the Company or any of its affiliate
under Section 2 or 3 of this Agreement.

         5.9 Entire Agreement. This Agreement and the Agreement (the "Related
Agreement"), of even date, between Employee and Employer regarding certain
agreements effective upon a "Change in Control" embody the complete agreement
between Employer and Employee regarding the subject matter hereof and the same
supersede all prior agreements or understandings, whether oral, written or
otherwise, between the parties hereto that may have related in any way to the
subject matter hereof.

                                      -7-

<PAGE>
                              EMPLOYER:

                              PEERLESS MFG. CO.

                              /s/ Sherrill Stone
                              ------------------------------
                              Sherrill Stone,
                              Chairman of the Board and
                              Chief Executive Officer

                              EMPLOYEE:

                              /s/ William T. Strohecker
                              ------------------------------
                              William T. Strohecker

                                      -8-

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