Document:

exv10w23

Exhibit 10.23

July 29, 2009

Mr. Brent A. Walters

2201 West Pinnacle Drive

Dunlap, Illinois 61525

Dear Brent:

This will serve to confirm our recent discussion regarding our offer to you to join Gardner Denver,
Inc. as Vice President, General Counsel and Chief Compliance Officer reporting directly to me. This
offer is contingent on successful completion of a background check and acceptable results from a
pre-employment drug screen. Specifically please note the following:

	 	1.	 	Salary. Your annual base salary will be $275,000.
	 
	 	2.	 	Executive Annual Bonus Incentive Program. You will be eligible to participate in the
Gardner Denver, Inc. Executive Annual Bonus Incentive Program, subject to the terms and conditions
of the program. Your target annual incentive is 45% of your base salary. Your annual incentive
payout may range from 0% to 200% (max of 90%) of your annual incentive target. Your award for the
2009 plan year will be prorated based on your start date.
	 
	 	 	 	The specific performance objectives and measures for your annual incentive will be defined and
reviewed each year and your annual incentive awards will be calculated, approved and paid after
financial results have been finalized and the awards have been approved by the Board of Directors.
	 
	 	3.	 	Long Term Cash Bonus Plan. In addition, the Compensation Committee instituted a long-
term cash bonus plan in 2001, which is based on a rolling three (3) year earnings before tax (EBT)
performance of the Company’s industrial businesses. Your target long-term bonus opportunity will be
80% of base salary (with a maximum payout of 160% of base salary).

Note that the specifics of both of the Gardner Denver bonus plans (Executive Annual Bonus Incentive
Program and the Long Term Cash Bonus Plan) are determined by the Management Development and
Compensation Committee of the Board of Directors (the “Compensation Committee”) on an annual basis.
The criteria for achieving the annual bonus will be determined by the Compensation Committee at its
annual first quarter meeting (normally in February) and bonuses will be awarded following that
meeting within a two to three week period depending on the payroll processing cycle.

	 	4.	 	Equity Incentive Plan. Annually, you will be eligible to receive a restricted stock (or
restricted stock unit) and stock option grant pursuant to the Company’s Long-Term Incentive Plan.
Historically, these grants are determined by the Compensation Committee at it’s annual first
quarter meeting (normally in February) and the Company’s stock options are granted with a strike
price equal to the market close on the date of the Compensation Committee’s approval of the grant.
Stock option grants vest over a three (3) year period in three (3) equal increments and are
exercisable for seven (7) years. The Company’s restricted stock units vest at the end of three (3)
years.

Gardner Denver, Inc.      1800 Gardner Expressway      Quincy, IL 62305      217 222 5400      fax 217 223 5897

 

 

	 	5.	 	Restricted Stock Units Grant. In order to bridge your transition from your current
employer to Gardner Denver, you will also receive a special one-time award of 3,000 restricted
stock units that will be granted at the market close price on October 1, 2009.
	 
	 	6.	 	Stock Options Grant. Also in order to bridge your transition from your current employer
to Gardner Denver, you will also receive a special one-time award of 3,500 stock options which will
be granted with a strike price at the market close price on October 1, 2009.
	 
	 	 	 	Note, these special one-time grants of restricted stock units and stock options will have the same
vesting and forfeiture requirements as our annual grants.
	 
	 	7.	 	Sign on Bonus. You will be eligible to receive a one-time sign on bonus in the amount of
$50,000 less applicable taxes and withholding. This payment will be made to you with your regularly
scheduled paycheck as soon as practicable after your start date. Should you voluntarily terminate
your employment or be involuntarily terminated for cause, (violation of code of conduct), from the
Company within eighteen (18) months of your date of hire, you will be required to repay this payment
in full.
	 
	 	8.	 	Executive Agreements.
	 
	 	 	 	As part of this offer you will receive a severance plan agreement with the following provisions;

	 	a.	 	lump sum severance payment equal to 12 months base salary and executive annual bonus at full
target
	 
	 	b.	 	12 months of paid COBRA for Health and Welfare benefits at the coverage level prior to your
termination
	 
	 	c.	 	outplacement services for up to 12 months
	 
	 	d.	 	with the following general terms and conditions (agreement will have full T&C’s);

	 	i.	 	the agreement stipulates that you will receive the severance benefits only if you are
involuntarily terminated for other than for cause
	 
	 	ii.	 	subject to other standard terms and conditions for the Company’s severance packages including
but not limited to waiver and release and non-disclosure agreements, and
	 
	 	iii.	 	the severance agreement will expire after your first year of employment (day of your
anniversary of date of hire).

Additionally, as an executive of the Company, you will receive a Change in Control Agreement. This
Agreement addresses adverse changes that may occur with respect to your terms and conditions of
employment, including position, location, compensation and benefits, following a change of control.
If, during the 24-month period following a change in control, the Company terminates your
employment other than for cause, or you terminate for a good reason (i.e., relating to material
changes in position, location, compensation and/or benefits), you are generally entitled to
receive:

	 	•	 	Cash payment of severance of two (2) times the sum of your base salary and bonus amount

Gardner Denver, Inc.      1800 Gardner Expressway      Quincy, IL 62305      217 222 5400      fax 217 223 5897

 

 

	 	•	 	To the extent not included in the executives accrued compensation, the Company will pay a
pro-rata bonus amount for the year of termination, based on the executives bonus amount and
	 
	 	•	 	The Company will pay for the continuation of medical, dental and life insurance benefits for two
(2) years.

	 	 	 	The Executive Change in Control Agreement will be provided to you for complete review.
	 
	 	 	 	You will also receive an Indemnification Agreement to protect you from potential claims made
against you in your capacity as an executive of the Company.
	 
	 	9.	 	Retirement Plans. As an executive of Gardner Denver, you will be eligible to participate
in the Company’s Retirement Savings Plan and Supplemental Excess Defined Contribution Plan.
	 
	 	 	 	The Company’s Retirement Savings Plan is a tax-qualified 401(k) retirement savings plan. You will
be eligible to contribute from 1% to 100% of compensation tax deferred to this plan up to the IRS
limit (2009 = $16,500 pre-tax limit plus $5,500 pre-tax catch-up if age 50 or older). The Company
matches the first 3% of employee contributions $1 for each $1 and the second 3% of employee
contributions $.50 for each $1. The Company match is contributed in the form of our common stock,
but you will have the right to diversify out of Company common stock into other fund alternatives,
subject to applicable securities law requirements. You will also receive a non-elective Company
contribution equal to 4% of compensation up to the Social Security wage limit (2009 = $106,800)
base plus 8% of compensation that exceeds the Social Security wage base up to the IRS limit (2009 =
$245,000). All employee and company matching contributions are fully vested immediately and the
non-elective company contribution becomes fully vested after three (3) years of employment.
	 
	 	 	 	In addition to the Retirement Savings Plan, you will be eligible to participate in the Supplemental
Excess Defined Contribution Plan. The Supplemental Plan provides you the opportunity to continue to
be credited with contributions on a pre-tax basis beyond the IRS limits that apply to the Gardner
Denver Retirement Savings Plan. The Company matching contributions in this Plan are made at the
same rate as in the Retirement Savings plan described above. You will also receive a non-elective
Company
contribution equal to 12% of compensation that exceeds the IRS limit (2009 = $245,000). All employee
and Company matching contributions are fully vested immediately and the non-elective company
contribution becomes fully vested after three (3) years of employment.
	 
	 	10.	 	Long-Term Care Insurance Program. The Compensation Committee adopted a Long-Term Care
Insurance program for Executives in 2004. The Company will pay for your premium payments under this
Program for ten (10) years. It provides lifetime benefit protection of $300 per day and increases
each year after 2005 at the lesser of the CPI or 5%.
	 
	 	11.	 	Additional Executive Benefits. As an executive of Gardner Denver, you will also be
eligible for the following benefits: (a) annual tax planning and tax return preparation services by
an external financial planning services company, (currently Rubin Brown); (b) estate planning

Gardner Denver, Inc.      1800 Gardner Expressway      Quincy, IL 62305      217 222 5400      fax 217 223 5897

 

 

	 	 	 	services (every five (5) years); (c) executive retirement planning in connection with your
retirement from Gardner Denver; (d) annual executive physical examinations; (e) executive long-term
disability insurance; and (f) participation in the charitable donations matching gifts program that
matches your charitable donations up to $2,500 annually.
	 
	 	12.	 	Health and Medical Insurance Coverage. You will also be eligible for other benefits
coverage including medical, dental, and life insurance and disability. A brief summary of these
benefit programs will be provided to you. Gardner Denver Benefits plan coverage year begins on
April 1st and ends on March 31st.
	 
	 	13.	 	Relocation. You will be eligible for our full relocation program. A copy of the
complete program and a summary of the principal elements of this program are attached for your
reference. (Grade 21+ Policy). Of course, we will work with you, as necessary, to ensure that you
have a seamless relocation to the Quincy area. Gardner Denver has a contract with Cartus covering
your relocation. A Cartus representative will contact you to provide detailed information about
your relocation. Please do not list your home or contact anyone about the movement of household
goods until you have discussed your relocation with Cartus. Your benefits under the relocation
program will be contingent upon your signing the attached Continuation of Employment Agreement,
which will provide that if you voluntarily terminate your employment with the Company within twenty
four (24) months from the date of hire, you will be required to repay the expense of your
relocation on a pro rata basis.
	 
	 	14.	 	Vacation. You will be eligible for four (4) weeks of vacation per year.
	 
	 	15.	 	Start Date: Your start date will be August 17,th 2009.

Brent, I am very excited by the prospect of your acceptance of this offer to become a part of the
Gardner Denver team. Clearly, you can make a positive contribution to our goal of growing the
Company into a larger and more profitable organization. Please acknowledge your acceptance of this
offer by signing and dating this letter on the space provided below and faxing it back to Armando
L. Castorena, Vice President Human Resources at (217) 223-5897 or email a pdf of the signed offer
letter to armando.castorena@gardnerdenver.com

If you have any questions regarding any of the matters described in this letter, please do not
hesitate to contact me [...].

	 	 	 	 	 
	Sincerely,

 	 	 
	/s/ Barry L. Pennypacker
 	 	 
	Barry L. Pennypacker  	 	 
	President & Chief Executive Officer 	 	 
	 

 

I have read and accept this offer of employment and agree to the terms and conditions.

	 	 	 	 	 
	ACCEPTED AND AGREED:

 	 	 
	/s/ Brent A. Walters
 	 	 
	Brent A. Walters 	 	 
	 	 	 

Date: July 30, 2009

Gardner Denver, Inc.      1800 Gardner Expressway      Quincy, IL 62305      217 222 5400      fax 217 223 5897exv10w24

Exhibit 10.24

SEPARATION AGREEMENT

     This SEPARATION AGREEMENT (the “Agreement”) is by and between Helen W. Cornell (“Employee,” “you”
or “your”) and Gardner Denver, Inc. (the “Company,” “we” or “our”). In consideration of the
promises and conditions set forth below, and intending to be legally bound, you and the Company
agree as follows:

     1. Separation. You and the Company hereby agree that you shall cease employment effective at the
close of business on November 26, 2010 (“Separation Date”). You will be paid your salary and any
accrued but unused vacation days through the Separation Date. Until the Separation Date, you agree
to assist the Company in the orderly transition of your responsibilities. You agree to take any
actions necessary to resign your positions as an officer, director, authorized representative, or
similar role with the Company and its affiliates. On the Separation Date, you agree that you will
return all Company property, and that you will not retain any copies, duplicates, reproductions, or
excerpts thereof. You agree, at the Company’s expense, to cooperate in the prosecution or defense
of any litigation or other governmental investigations and proceedings that involves or pertains to
the Company and/or related persons.

     2. Separation Benefits. Provided you (a) sign this Agreement and do not revoke your signature as
set forth in Section 5, (b) comply with terms of this Agreement, and (c) do not resign your
employment, or are not terminated by the Company for “Cause” (as defined below) prior to November
26, 2010, the Company will provide you with the following separation benefits:

     (i) The following unvested non-qualified stock options to purchase shares of the
Company’s common stock (the “Common Stock”), will automatically vest on the Separation
Date and will remain exercisable for 90 days following your Separation Date: (1) the 3,633
stock options granted on February 18, 2008, and (2) the 10,666 stock options granted on
February 23, 2009. The non-qualified stock option to purchase 10,000 shares of Common
Stock granted to you on February 22, 2010 shall be forfeited and cancelled in full on the
Separation Date. The parties agree that the foregoing provisions hereby amend and
supersede, to the extent required, the applicable provisions of your applicable award
agreements evidencing such stock options.

     (ii) The following unvested restricted stock units granted to you prior to December 31,
2009, will automatically vest on the Separation Date and be paid in accordance with the
terms of the Company’s Long-Term Incentive Plan, as amended and restated (the “Incentive
Plan”): (1) 4,500 restricted stock units granted on February 18, 2008 and (2) 7,300
restricted stock units granted on February 23, 2009. The 4,700 unvested restricted stock
units granted to you on February 22, 2010 shall be forfeited and cancelled in full on the
Separation Date. The parties agree that the foregoing provisions hereby amend and
supersede, to the extent required, the applicable provisions of your applicable award
agreements evidencing such restricted stock units.

     (iii) A grant of restricted stock units with a market value of One Hundred and Fifty Thousand U.S.
Dollars ($150,000) on the Separation Date will be made on the Separation Date, prior to separation from employment. This grant shall vest on the third anniversary of the
grant date, subject to any forfeiture provisions therein, and be subject to the terms of the
Incentive Plan and a Restricted Stock Units Agreement substantially in the form attached hereto as
Exhibit A.

     (iv) A pro-rata cash payment (based upon your time of service with the Company in fiscal 2010) of
the 2010 annual bonus payable to you under the Company’s Executive Annual Bonus Plan if, and to the
extent that, our Management Development and Compensation Committee determines that the performance
goals for this bonus are met as of December 31, 2010, which amount shall be payable to you no later
than March 15, 2011.

     (v) A one-time cash bonus to compensate you, on a grossed-up basis, for any increased incremental
taxes you are expected to incur (including federal, state, local, and payroll taxes) as a result of
receiving your

 

 

distribution from the Gardner Denver, Inc. Supplemental Excess Defined Contribution Plan in a
taxable year later than 2010, which amount shall be payable to you in a lump sum on the first date
that any payment is required to be made or commence to you under the terms of such Supplemental
Excess Defined Contribution Plan and any distribution election thereunder. This bonus will be
calculated using the tax rates in effect on January 1, 2011.

     (vi) Your eligibility and any benefits under the Company’s Pension Plan, Retirement Savings Plan,
and Supplemental Excess Defined Contribution Plan will be governed exclusively by the terms and
conditions of the applicable plan document(s). Your contributions and the Company’s contributions
will cease on the Separation Date. You will continue to receive the Company’s executive tax return
preparation service regarding your 2010 tax return and tax planning services through the firm as
determined by the Company, up to an aggregate amount no greater than $6,000.00.

     You acknowledge and agree that except for the payments and benefits provided for in this Section 2,
you will not be entitled to any other amounts, payments, or benefits from the Company and its
subsidiaries and affiliates, including, without limitations, any long-term cash incentive awards
under the Incentive Plan, and that all other Company benefits and perquisites shall terminate on
the Separation Date pursuant to the Company’s policies and procedures. You further agree to pay to
the Company, and otherwise authorize the Company to deduct from any of the amounts set forth in
this Section 2, the amounts, if any, owed by you to the Company or any governmental authority,
including, without limitation, any tax withholding obligations or personal expenditures charged to
the Company or other amounts that you have agreed to pay to, or are contractually obligated to pay,
the Company (except that, any amounts owed to the Company will not be deducted from any
nonqualified deferred compensation except to the extent any such deduction would not trigger the
adverse tax consequences under Section 409A of the Internal Revenue Code of 1986, as amended). For
purposes of this Section 2, “Cause” means (a) your willful and continued failure to substantially
perform your reasonably assigned duties with the Company or its affiliates, which failure continues
for at least five (5) days after written demand for substantial performance was delivered to you
identifying the manner in which your duties have not been substantially performed; (b) your breach
of a fiduciary duty involving personal profit, commission of a felony or a crime involving fraud or
moral turpitude, or material breach of any material provision of the Company’s written policies;
(c) your willfully engaging in illegal conduct or gross misconduct that is materially and
demonstrably injurious to the Company or its affiliates, as determined in the sole discretion of
the Company’s Board of Directors; or (d) your breach of any term of this Agreement, including,
without limitation, the non-disparagement, non-solicitation, non-competition, or confidentiality
provisions of this Agreement. No act or failure to act on your part will be considered “willful”
unless it is done, or omitted to be done, in bad faith or without a reasonable belief that the
action or omission was legal, proper, and in the best interests of the Company or its affiliates.

     3. Waiver and Release.

     (a) In exchange for the benefits promised to you in this Agreement, and as a material inducement
for those promises, you hereby WAIVE, RELEASE and FOREVER DISCHARGE the Company and/or related
persons from any and all claims, demands, causes of action, attorneys fees, rights, and liabilities
of every kind and nature (whether or not you now know them to exist), which you ever had, now have, or may have against the Company
and/or related persons for any reason, matter, cause, or thing whatsoever, through the Separation
Date, including, without limitation, claims arising out of or related to your employment with the
Company or the termination of your employment. This WAIVER and RELEASE includes, without
limitation, any claim for unlawful discrimination under the Age Discrimination in Employment Act of
1967 (the “ADEA”); Title VII of the Civil Rights Act of 1964; the Americans with Disabilities Act
of 1990, 42 U.S.C. § 1981; the Worker Adjustment and Retraining Notification Act; the Family and
Medical Leave Act of 1993; the Employee Retirement Income Security Act; the Civil Rights Act of
1991; and the Equal Pay Act, each of the foregoing as amended and as may be amended from time to
time, and any claim under any other federal, state, or local constitution, statute, rule,
regulation, or ordinance relating to your employment, the termination of your employment, or for
breach of contract, wrongful discharge, tort, or other civil wrong. To the fullest extent permitted
by law, you PROMISE NOT TO SUE or bring

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any lawsuit related to the claims you are waiving by this Agreement against the Company and/or
related persons in the future, individually or as a member of a class, except to seek a
determination of the validity of the waiver of your rights under the ADEA. You will immediately
withdraw with prejudice any such lawsuit that you have initiated before the Effective Date (as
defined below) of this Agreement. You acknowledge that although this provision prohibits you from
filing or maintaining a lawsuit concerning claims covered by this Agreement, it does not prohibit
you from lodging a charge or complaint with any governmental agency. Notwithstanding the foregoing,
you agree to waive your right to recover monetary damages in any charge, complaint, or lawsuit
filed by you or by anyone else on your behalf.

     (b) If you violate this Agreement by bringing or maintaining a lawsuit contrary to this Section 3,
you will pay all costs and expenses of the Company and/or related persons in defending against such
charges, claims, or actions brought by you or on your behalf, including, without limitation,
reasonable attorney’s fees, and will be required to give back, at the Company’s sole discretion,
the value of anything paid or granted by the Company in exchange for this Agreement. The remedies
set forth in this Section 3(b) shall not apply to any challenge to the validity of the waiver and
release of your rights under the ADEA. In the event you challenge the validity of the waiver and
release of your rights under the ADEA, then the Company’s right to attorneys’ fees and costs shall
be governed by the provisions of the ADEA, so that the Company may recover such fees and costs if
the lawsuit is brought by you in bad faith.

     (c) The phrase “the Company and/or related persons,” as used in this Section 3 and anywhere else in
this Agreement, means the Company, its subsidiaries, affiliates, and divisions, their respective
successors and assigns, and all of their past and present directors, officers, representatives,
stockholders, agents, employees, whether as individuals or in their official capacity, and the
respective heirs and personal representatives of any of them.

     (d) This Agreement and your promise not to sue is binding on you and your heirs, legal
representatives, and assigns. You do not waive any rights to vested benefits under the Company’s
Pension Plan, Retirement Savings Plan, or Supplemental Excess Defined Contribution Plan nor any
rights under applicable Workers’ Compensation laws.

     4. Employee Review. You acknowledge that you have read this Agreement in its entirety, fully
understand its meaning, and are executing this Agreement voluntarily and of your own free will with
full knowledge of its significance. You acknowledge and warrant that you have had the opportunity
to consider for twenty-one (21) days the terms and provisions of this Agreement. We will keep the
offer open for that period of time. You are advised to consult with an attorney before you sign
this Agreement. You may execute this Agreement prior to the conclusion of the 21-day period, and
if you elect to do so, you acknowledge that you have done so voluntarily. You further acknowledge
and agree that in deciding to sign this Agreement you have not relied on any promises or
commitments, whether oral or in writing, made to you by the Company or any of its directors,
officers, or other representatives, except for those expressly stated in this Agreement.

     5. Revocation Period & Effective Date. You have the right to revoke this Agreement within seven (7)
days after you sign it (the “Revocation Deadline”). Your notice of revocation must be in writing
and addressed and delivered to the attention of Armando L. Castorena, Vice President—Human Resources, Gardner Denver, Inc., 1800 Gardner Expressway, Quincy,
Illinois 62305, by hand delivery or by certified mail, return receipt requested, on or before the
end of the seven-day period. This Agreement will not be effective or enforceable against the
Company until the day immediately following the Revocation Deadline and such date will be the
“Effective Date” of this Agreement. If you timely revoke this Agreement, it will not become
effective, and you will not receive the separation benefits provided for in Section 2 above.

     6. Non-Disparagement/Non-Solicitation. You agree not to disparage, denigrate, or defame the Company
and/or related persons, or any of their business products or services. You further agree that you
will not, for a period of twelve (12) months following the Effective Date, solicit, take away, or
attempt to take away, directly

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or indirectly, any customers or employees of the Company, either for yourself or as an employee of
any person, firm, corporation, or other entity engaged in, or planning to engage in, the
manufacture and sale of products and services that are competitive with those of the Company. You
acknowledge and agree that your breach of the covenants contained in this Section 6 will cause
immediate and irreparable harm to the Company, that the restrictions of this Section 6 are
reasonable, and that the Company shall be entitled to injunctive relief to enjoin any continuing
breach of this Section 6 and to actual and consequential damages resulting therefrom.

     7. Non-Competition. You agree that you will not, for a period of thirty-six (36) months following
the Effective Date, in any geographic location where the Company conducts business, directly or
indirectly, own, control, operate, manage, join, or participate in as an officer, director,
shareholder, employee, associate, consultant or provider of services, any corporation or other
entity that manufactures products or provides services that are competitive with the Company.

     8. Confidential and Proprietary Information of the Company. During your employment with the
Company, you had access to much of the Company’s confidential information including but not limited
to: product margins, product strengths and weaknesses, Company policies, objectives, strategies,
long range plans, plans for market product development, financial information, payroll information,
personnel information and other similar information. You agree that you will not disclose any of
the confidential information gained in your position with the Company to the advantage of a Company
competitor or to the Company’s disadvantage. You will also continue to abide by all confidentiality
restrictions pursuant to other agreements which you have executed with the Company prior to the
date of this Agreement.

     9. Indemnification of Tax Liability. You acknowledge and agree that any tax consequence resulting
from any payment and benefit described in this Agreement is solely your responsibility, and you
further agree to indemnify the Company for any tax liability, penalty, or interest the Company may
incur as a result of any such payment and benefit.

     10. Entire Agreement; Assignment; Modification. Unless otherwise stated herein, this Agreement sets
forth the entire agreement between the parties, and fully supersedes any and all prior agreements
or understandings between the parties pertaining to the subject matter in this Agreement. Prior
agreements between the parties concerning confidentiality, non-disclosure, non-disparagement,
non-competition and non-solicitation shall, however, remain in full force and effect to the extent
that such agreements provided greater protection to the Company than the confidentiality,
non-disclosure, non-disparagement, non-competition and non-solicitation provisions set forth in
this Agreement. You agree that the Company may assign its rights and privileges under this
Agreement without your express consent, and the Company’s rights under this Agreement will
automatically inure to the benefit of any successor of the Company. This Agreement cannot be
changed or modified except by written agreement signed by you and the Company.

     11. Governing Law; Jurisdiction; Jury Trial Waiver. This Agreement shall be governed by and
enforced in accordance with the laws of the State of Delaware, without regard to its conflicts of
law principles. Any action arising out of or relating to this Agreement (other than an action by
the Company to enforce the non-disparagement, non-solicitation, non-competition, and confidentiality provisions set forth herein, which may be
brought in any court of competent jurisdiction) shall be brought and prosecuted only in the
Chancery Court in New Castle County, Delaware or a federal court in the State of Delaware.

     12. Interpretation and Severability. All payments made pursuant to this Agreement are intended to
be exempt from or in compliance with Section 409A of the Internal Revenue Code and this Agreement
will be interpreted accordingly. Any provision of this Agreement that is not exempt from or in
compliance with Section 409A shall be amended, voided, and/or reformed to the extent necessary to
comply with Section 409A. You agree that if any part or provision of this Agreement is deemed by
any court to be unlawful or void or voidable for any reason, the remainder shall remain in full
force and effect.

4

 

     I have read this SEPARATION AGREEMENT and I understand all of its terms. I hereby enter into and
sign this SEPARATION AGREEMENT knowingly and voluntarily, with full knowledge of what it means.

					
	 	

GARDNER DENVER, INC.

 	 
	 	By:  	/s/ Barry Pennypacker
 	 
	 	 	Name:  	Barry Pennypacker 	 
	 	 	Title:  	President & CEO
 	 
	 
	 	Dated: November 3, 2010	 
	 	 
	 	Accepted by:

 	 
	 	/s/ Helen W. Cornell
 	 
	 	Helen W. Cornell 	 
	 	 
	 	Dated: November 3, 2010	 
	 	 

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