Document:

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                                                                   Exhibit 10.30

                               ACTUANT CORPORATION

                           CHANGE IN CONTROL AGREEMENT
                                       FOR
                              ROBERT C. ARZBAECHER

     This Agreement is made as of January 7, 2002 (the "Effective Date"),
between Actuant Corporation (the "Corporation"), a Wisconsin corporation and
Robert C. Arzbaecher (the "Executive").

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

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

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

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

     2.   Termination, Bonus, and Severance Pay.
          -------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

                                      -2-

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

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

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

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

     3.   Certain Additional Payments by the Corporation.
          ----------------------------------------------

          a.   In the event it shall be determined that the severance benefits
payable to Executive under this Agreement or any other payments or benefits
received or to be received by the Executive (whether payable pursuant to the
terms of this Agreement, any other plan, agreement or arrangement) (the
"Payments") would be subject to the excise tax imposed by Section 4999 of the
Internal Revenue Code of 1986, as amended (the "Code") or any interest or
penalties are incurred by the Executive with respect to such excise tax (such
excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the "Excise Tax"), then the Executive shall be
entitled to receive an additional payment (a "Gross-Up Payment"). The Gross-Up
Payment shall be in an amount such that after payment by the Executive of all
taxes (including any interest or penalties imposed with respect to such taxes),
including, without limitation, any income taxes (and any interest and penalties
imposed with respect thereto) and excise tax imposed on the Gross-Up Payment,
the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax
imposed upon the Payments.

          b.   Subject to the provisions of paragraph c. of this Section 3, all
determinations required to be made under this Section 3, including whether and
when a Gross-Up Payment is required and the amount of such Gross-Up Payment and
the assumptions to be utilized in arriving at such determination, shall be made
by a certified public accounting firm designated by the Executive (the
"Accounting Firm"), which shall provide detailed supporting calculations both to
the Corporation and the Executive within twenty business days of the receipt of
notice from the Executive that there has been a Payment, or such earlier time as
is requested by the Corporation. All fees and expenses of the Accounting Firm
shall be borne solely by the Corporation. Any Gross-Up Payment, as determined
pursuant to this Section 3, shall be paid by the Corporation to the Executive
within five days of the receipt of the Accounting Firm's determination. Any
determination by the Accounting Firm shall be binding upon the Corporation and
the Executive. As a result of the uncertainty in the application of Section 4999
of the Code at the time of the initial determination by the Accounting Firm
hereunder, it is possible that Gross-Up Payments which will not have been made
by the Corporation should have been made ("Underpayment"), consistent with the
calculations required to be made hereunder.

                                      -3-

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     In the event that the Corporation exhausts its remedies pursuant to
     paragraph c. of this Section 3 and the Executive thereafter is required to
     make a payment of any Excise Tax, the Accounting Firm shall determine the
     amount of the Underpayment that has occurred and any such Underpayment
     shall be promptly paid by the Corporation to or for the benefit of
     Executive.

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

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

               (ii)  take such action in connection with contesting such claim
          as the Corporation shall reasonably request in writing from time to
          time, including, without limitation, accepting legal representation
          with respect to such claim by an attorney reasonably selected by the
          Corporation,

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

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

     provided, however, that the Corporation shall bear and pay directly all
     costs and expenses (including additional interest and penalties) incurred
     in connection with such contest and shall indemnify and hold the Executive
     harmless, on an after-tax basis, for any Excise Tax or income tax
     (including interest and penalties with respect thereto) imposed as a result
     of such representation and payment of costs and expenses. Without
     limitation on the foregoing provisions of this paragraph c. of Section 3,
     the Corporation shall control all proceedings taken in connection with such
     contest and, at its sole option, may pursue or forego any and all
     administrative appeals, proceedings, hearings and conferences with the
     taxing authority in respect of such claim and may, at its sole option,
     either direct the Executive to pay the tax claimed and sue for a refund or
     contest the claim in any permissible manner, and the Executive agrees to
     prosecute such contest to a determination before any administrative
     tribunal, in a court of initial jurisdiction and in one or more appellate
     courts, as the Corporation shall determine; provided, however, that if the
     Corporation directs the Executive to pay such claim and sue for a refund,
     the Corporation shall advance the amount of such payment to the Executive,
     on an interest-free basis and shall indemnify and hold the Executive
     harmless, on an after-tax

                                      -4-

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     basis, from any Excise Tax or income tax (including interest or penalties
     with respect thereto) imposed with respect to such advance or with respect
     to any imputed income with respect to such advance; and provided, further,
     that any extension of the statute of limitations relating to payment of
     taxes for the taxable year of the Executive with respect to which such
     contested amount is claimed to be due is limited solely to such contested
     amount. Furthermore, the Corporation's control of the contest shall be
     limited to issues with respect to which a Gross-Up Payment would be payable
     hereunder and the Executive shall be entitled to settle or contest, as the
     case may be, any other issue raised by the Internal Revenue Service or any
     other taxing authority.

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

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

     5.   Non-competition and Inventions.
          ------------------------------

                                      -5-

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     a.   During the period of employment of Executive and for a period of one
year after Executive's termination of employment for any reason, Executive shall
not directly or indirectly as a principal, agent, owner, employee, consultant,
advisor, trustee, beneficiary, distributor, partner, co-venturer, officer,
director, stockholder or in any other capacity, nor will any entity owned by
Executive:

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

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

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

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

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

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

                                      -6-

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     improvements; and, whether during the term hereof or thereafter, the
     Executive shall execute and deliver to the Corporation such formal
     transfers and assignments and such other papers and documents as may be
     required of the Executive to permit the Corporation to file and prosecute
     the patent applications and, as to copyrightable material, to obtain
     copyright thereon. This provision does not relate to any invention for
     which (i) no equipment, supplies, facilities or trade secret information of
     the Corporation was used and which was developed entirely on the
     Executive's own time and which does not relate (A) directly to the business
     of the Corporation, or (B) to the Corporation's actual or demonstrably
     anticipated research or development; or (ii) does not result in any work
     performed by the Executive for the Corporation.

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

     6.   Miscellaneous.
          -------------

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

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

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

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

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

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

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

                                      -7-

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

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

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

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

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

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

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

                                      -8-

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

                                                  Actuant Corporation

                                                  By: /s/
                                                     ---------------------------

                                                  /s/
                                                  ------------------------------
                                                  Robert C. Arzbaecher

                                      -9-<PAGE>

                                                                   Exhibit 10.31

                               ACTUANT CORPORATION

                           CHANGE IN CONTROL AGREEMENT
                                       FOR
                               ANDREW G. LAMPEREUR

         This Agreement is made as of January 7, 2002 (the "Effective Date"),
between Actuant Corporation (the "Corporation"), a Wisconsin corporation and
Andrew G. Lampereur (the "Executive").

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

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

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

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

         2.    Termination, Bonus, and Severance Pay.
               -------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

                                      -2-

<PAGE>

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

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

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

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

     3.   Certain Additional Payments by the Corporation.
          ----------------------------------------------

          a. In the event it shall be determined that the severance benefits
     payable to Executive under this Agreement or any other payments or benefits
     received or to be received by the Executive (whether payable pursuant to
     the terms of this Agreement, any other plan, agreement or arrangement) (the
     "Payments") would be subject to the excise tax imposed by Section 4999 of
     the Internal Revenue Code of 1986, as amended (the "Code") or any interest
     or penalties are incurred by the Executive with respect to such excise tax
     (such excise tax, together with any such interest and penalties, are
     hereinafter collectively referred to as the "Excise Tax"), then the
     Executive shall be entitled to receive an additional payment (a "Gross-Up
     Payment"). The Gross-Up Payment shall be in an amount such that after
     payment by the Executive of all taxes (including any interest or penalties
     imposed with respect to such taxes), including, without limitation, any
     income taxes (and any interest and penalties imposed with respect thereto)
     and excise tax imposed on the Gross-Up Payment, the Executive retains an
     amount of the Gross-Up Payment equal to the Excise Tax imposed upon the
     Payments.

          b. Subject to the provisions of paragraph c. of this Section 3, all
     determinations required to be made under this Section 3, including whether
     and when a Gross-Up Payment is required and the amount of such Gross-Up
     Payment and the assumptions to be utilized in arriving at such
     determination, shall be made by a certified public accounting firm
     designated by the Executive (the "Accounting Firm"), which shall provide
     detailed supporting calculations both to the Corporation and the Executive
     within twenty business days of the receipt of notice from the Executive
     that there has been a Payment, or such earlier time as is requested by the
     Corporation. All fees and expenses of the Accounting Firm shall be borne
     solely by the Corporation. Any Gross-Up Payment, as determined pursuant to
     this Section 3, shall be paid by the Corporation to the Executive within
     five days of the receipt of the Accounting Firm's determination. Any
     determination by the Accounting Firm shall be binding upon the Corporation
     and the Executive. As a result of the uncertainty in the application of
     Section 4999 of the Code at the time of the initial determination by the
     Accounting Firm hereunder, it is possible that Gross-Up Payments which will
     not have been made by the Corporation should have been

                                      -3-

<PAGE>

          made ("Underpayment"), consistent with the calculations required to be
          made hereunder. In the event that the Corporation exhausts its
          remedies pursuant to paragraph c. of this Section 3 and the Executive
          thereafter is required to make a payment of any Excise Tax, the
          Accounting Firm shall determine the amount of the Underpayment that
          has occurred and any such Underpayment shall be promptly paid by the
          Corporation to or for the benefit of Executive.

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

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

                    (ii)   take such action in connection with contesting such
               claim as the Corporation shall reasonably request in writing from
               time to time, including, without limitation, accepting legal
               representation with respect to such claim by an attorney
               reasonably selected by the Corporation,

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

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

          provided, however, that the Corporation shall bear and pay directly
          all costs and expenses (including additional interest and penalties)
          incurred in connection with such contest and shall indemnify and hold
          the Executive harmless, on an after-tax basis, for any Excise Tax or
          income tax (including interest and penalties with respect thereto)
          imposed as a result of such representation and payment of costs and
          expenses. Without limitation on the foregoing provisions of this
          paragraph c. of Section 3, the Corporation shall control all
          proceedings taken in connection with such contest and, at its sole
          option, may pursue or forego any and all administrative appeals,
          proceedings, hearings and conferences with the taxing authority in
          respect of such claim and may, at its sole option, either direct the
          Executive to pay the tax claimed and sue for a refund or contest the
          claim in any permissible manner, and the Executive agrees to prosecute
          such contest to a determination before any administrative tribunal, in
          a court of initial jurisdiction and in one or more appellate courts,
          as the Corporation shall determine; provided, however, that if the
          Corporation directs the Executive to pay such claim and sue for a
          refund, the

                                      -4-

<PAGE>

          Corporation shall advance the amount of such payment to the Executive,
          on an interest-free basis and shall indemnify and hold the Executive
          harmless, on an after-tax basis, from any Excise Tax or income tax
          (including interest or penalties with respect thereto) imposed with
          respect to such advance or with respect to any imputed income with
          respect to such advance; and provided, further, that any extension of
          the statute of limitations relating to payment of taxes for the
          taxable year of the Executive with respect to which such contested
          amount is claimed to be due is limited solely to such contested
          amount. Furthermore, the Corporation's control of the contest shall be
          limited to issues with respect to which a Gross-Up Payment would be
          payable hereunder and the Executive shall be entitled to settle or
          contest, as the case may be, any other issue raised by the Internal
          Revenue Service or any other taxing authority.

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

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

                                      -5-

<PAGE>

         5.    Non-competition and Inventions.
               ------------------------------

               a. During the period of employment of Executive and for a period
     of one year after Executive's termination of employment for any reason,
     Executive shall not directly or indirectly as a principal, agent, owner,
     employee, consultant, advisor, trustee, beneficiary, distributor, partner,
     co-venturer, officer, director, stockholder or in any other capacity, nor
     will any entity owned by Executive:

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

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

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

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

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

               c. The Executive hereby sells, transfers and assigns to the
     Corporation the entire right, title and interest of the Executive in and to
     all inventions, ideas, disclosures and improvements, whether patented or
     unpatented, and copyrightable materials, made or conceived by the
     Executive, solely or jointly, or in whole or in part, during the period
     Executive is bound by this Agreement which (i) relate to methods,
     apparatus, designs, products, processes or devices sold, leased, used or
     under construction or development by the Corporation or any subsidiary or
     (ii) otherwise relate to or pertain to the business, functions or
     operations of the Corporation or any subsidiary, or (iii) arise (wholly or
     partly) from the efforts of the Executive during the Term hereof in
     connection with his

                                      -6-

<PAGE>

     performance of his duties hereunder. The Executive shall communicate
     promptly and disclose to the Corporation, in such form as the Corporation
     requests, all information, details and data pertaining to the
     aforementioned inventions, ideas, disclosures and improvements; and,
     whether during the term hereof or thereafter, the Executive shall execute
     and deliver to the Corporation such formal transfers and assignments and
     such other papers and documents as may be required of the Executive to
     permit the Corporation to file and prosecute the patent applications and,
     as to copyrightable material, to obtain copyright thereon. This provision
     does not relate to any invention for which (i) no equipment, supplies,
     facilities or trade secret information of the Corporation was used and
     which was developed entirely on the Executive's own time and which does not
     relate (A) directly to the business of the Corporation, or (B) to the
     Corporation's actual or demonstrably anticipated research or development;
     or (ii) does not result in any work performed by the Executive for the
     Corporation.

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

     6.   Miscellaneous.
          -------------

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

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

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

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

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

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

                                      -7-

<PAGE>

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

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

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

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

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

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

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

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

                                      -8-

<PAGE>

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

                                                 Actuant Corporation

                                                 By: /s/
                                                     --------------------------

                                                 /s/
                                                 ------------------------------
                                                 Andrew G. Lampereur

                                      -9-

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