Document:

EX-10.14

 Exhibit 10.14 

 

									
		  		  		  		  	Robbins & Myers, Inc.
		  		  		  		  	10586 Highway 75 North
	Peter C. Wallace	  		  		  		  	Willis, Texas 77378
	 President and
	  		  		  		  	Telephone:(936) 856-9181
	 Chief Executive Officer
	  		  		  		  	Facsimile: (936) 890-1159
		  		  		  		  	pete.wallace@robn.com

 August 15, 2011 
 (Via email) 
 Dear Aaron: 
 This letter sets forth immediately below the terms upon which you will be employed by Robbins & Myers, Inc. (the “Company”) as its Vice President and President – Flow Control
(Chemineer, Moyno Industrial Pumps, and PSG), reporting to Peter C. Wallace, President and Chief Executive Officer of the Company. 
  

	 	•	 	 Your hire date is September 29, 2011. 

  

	 	•	 	 Your annual base salary will be $255,000 and will be paid semi-monthly throughout the year. Your base salary will be reviewed on an annual basis along
with other senior managers of the Company. The Board of Directors will formally approve salary changes. In the past these changes have been approved at the October Board meeting, with any increase retroactive to October 1st. With your start date of September 29, it is anticipated that
your next merit review would be effective October 1, 2012. Additionally, you will be provided a monthly taxable car allowance of $1,000. This allowance will be paid semi-monthly as part of the normal payroll process. In addition, we will
reimburse you for all business miles driven as part of the normal expense reporting process. The current reimbursement rate is one half the government rates, due to the fact that you are provided a company car allowance.

  

	 	•	 	 The Company currently has available an annual incentive plan for selected employees. Incentive pay in the plan is tied to the Company meeting its goals
as described on a matrix of measurements focused on sales, profitability and cash flow. The plan will be divided into two elements, performance of Robbins & Myers, Inc. which is 25% of the incentive opportunity and the remaining 75% which
will be based upon the combined results of the business for which you are responsible. Your target percentage will be set at 50% of your annual base salary. The FY12 plan will become effective as of September 1, 2011, and achievement of the
Company’s targets will result in a 50% bonus. Based on results, the bonus can range from 0% to 100% of salary. All annual bonuses will be paid following the release of the audited financial results for the fiscal year which should occur in
October. 

  

	 	•	 	 You are also eligible for participation in the Company’s Long Term Incentive Plan for executive officers for the three-year period beginning
September 1, 2011. Your annual target value for this plan will be set at $250,000 (PAR level). Typically the targeted value is divided equally between stock options, RSU’s, and a performance based restricted stock awards program Meeting
minimum threshold targets on the performance share award will result in a payment of 50% of PAR, and achieving the maximum targets will pay out at 200% of PAR. These plans are approved by the Compensation Committee annually and there is no guarantee
that the plan, its components or your target amount will remain unchanged. 

  

	 	•	 	 Due to the timing of this change, we will also provide a sign-on bonus. Restricted stock with a value of approximately $350,000 will be granted to you
on your hire date. These shares will cliff vest on the third year anniversary from your hire date. 

	 	•	 	 The Company will reimburse you for the expense associated with the preparation of your personal income tax filings. 

 

	 	•	 	 You will be eligible to participate in the executive retirement program, which is a non-qualified SERP that contributes 10% of your annual pay (base
and annual bonus) less company contributions to your 401K plan, to your retirement account. This account will be fully vested after five years of employment. 

 

	 	•	 	 You will be eligible to participate in the Robbins & Myers Employee Benefit Program on the first day of the month following your date of hire.
An outline is provided for your review. Also, you will be provided with Life Insurance coverage equal to two (2) times your base pay and supplemental Long Term Disability coverage, subject to Evidence of Insurability.

  

	 	•	 	 You will be eligible for four weeks vacation on an annual basis, with five days allowed during the remainder of the 2011 calendar year.

  

	 	•	 	 You will be provided with a severance agreement which will provide separation benefits equal to six (6) months’ pay and benefit coverage if
your employment is terminated without cause within the first twenty-four (24) months of your employment. 

  

	 	•	 	 The Company will also enter into an Executive Officer Change of Control Agreement substantially in the form that the Board of Directors approved at its
meeting on June 28, 2006 and was filed by the Company with its most recent 10-K. 

  

	 	•	 	 This offer is contingent upon the receipt of satisfactory background, criminal, and credit reports. In addition, you will be required to successfully
complete a drug screen which we will arrange to be taken at a facility near your home. 

  

	 	•	 	 The position is located in Dayton, Ohio. To ease your relocation process, assistance will be provided to you. Any taxable relocation expenses will be
grossed-up. Relocation benefits are contingent upon your signing the enclosed Employee Relocation Agreement. We will pay for your relocation from Germany, along with the transport of your household goods stored in Quincy.

 Aaron, I am very excited about the contribution you can make to Robbins & Myers over the next several years. We
have exciting times ahead and a significant number of opportunities for success. In addition, I feel there are plenty of opportunities that will continue to challenge you in the years ahead. You have a lot of potential, and the assignments we have
in store should aid in your development to assure you reach your full potential. 
 Sincerely, 

 
 Peter C. Wallace 
 President & CEOEX-10.15

 Exhibit 10.15 
 ROBBINS & MYERS, INC. 
 AWARD AGREEMENT 

RESTRICTED SHARE AWARD TO AARON RAVENSCROFT 
 This AWARD AGREEMENT (the “Agreement”) is entered into as of the Award Date set forth below between ROBBINS & MYERS, INC., an Ohio corporation (the
“Company”), and Aaron Ravenscroft (“Employee”). 
 A. The Company from time to time makes
Restricted Share Awards to Employees under the Company’s 2004 Stock Incentive Plan As Amended (the “Plan”), a copy of which has been provided to Employee and is incorporated herein by this reference; 

B. For the purpose of encouraging Employee to have a proprietary interest in the Company through stock ownership, to continue in the
service of the Company and its Subsidiaries, and to render superior performance during the period of employment, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company
has determined that Restricted Shares should be awarded under the Plan to Employee; and 
 C. Any capitalized term used herein
that is not defined herein shall have the meaning ascribed to it in the Plan. 
 NOW, THEREFORE, THE COMPANY AND EMPLOYEE INTENDING TO BE
LEGALLY BOUND HEREBY AGREE AS FOLLOWS: 
 SECTION 1. RESTRICTED SHARE AWARD. 
 1.1 Grant of Restricted Shares 
 (a) The Company hereby grants to Employee on
September 29, 2011 (the “Award Date”), subject to the terms and conditions of the Plan and subject further to the terms and conditions of this Agreement, nine thousand six hundred sixty six (9,666) common shares of the
Company (the “Restricted Shares”) as a Restricted Share Award under the Plan. If and when the restrictions set forth in Section 1.2 expire in accordance with the terms of this Agreement without forfeiture of the Restricted
Shares, and upon satisfaction of all other applicable conditions with respect to the Restricted Shares, such shares shall no longer be considered restricted for purposes of this Agreement. 
 (b) As soon practicable after the Award Date (unless the Company has established a “book entry” system for its common shares), the Company shall direct that a stock certificate representing the
Restricted Shares be registered in the name of and issued to Employee. Such certificate shall be held in the custody of the Company or its designee until such Restricted Shares are no longer considered restricted. 

 (c) By executing this Agreement, Employee irrevocably appoints the President, each Vice President, and the
Secretary of the Company, and each of them, as his true and lawful attorney in fact, with power (i) to sign in Employee’s name and on Employee’s behalf stock certificates and stock powers covering the Restricted Shares and such other
documents and instruments as the Committee deems necessary or desirable to carry out the terms of this Agreement and (ii) to take such other action as the Committee deems necessary or desirable to effectuate the terms of this Agreement. This
power, being coupled with an interest, is irrevocable. Employee agrees to execute such other stock powers and documents as may be reasonably requested from time to time by the Committee to effectuate the terms of this Agreement. 

(d) If the Restricted Shares are issued in “book entry” form rather than have a stock certificate issued, the Company’s transfer agent
shall note in its records the Legend. If a stock certificate is issued for the Restricted Shares, the certificate for the Restricted Shares shall bear the following legend (the “Legend”): 

“The ownership and transferability of this certificate and the common shares represented hereby are subject to the terms and
conditions (including forfeiture) of the Robbins & Myers, Inc. 2004 Stock Incentive Plan As Amended and an Award Agreement for Restricted Shares entered into between the registered owner and Robbins & Myers, Inc. Copies of such
Plan and Agreement are on file in the executive offices of Robbins & Myers, Inc.” 
 In addition, transfer of the Restricted
Shares shall be subject to such stop-transfer orders and other restrictions as the Company may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange or securities
association upon which the common shares are then listed, and any applicable federal or state securities law, and the Company may cause a legend or legends to be placed on such certificate or certificates to make appropriate reference to such
restrictions. 
 (e) As soon as administratively practicable following the applicable Vesting Date (as defined in Section 1.3), and upon
the satisfaction of all other applicable conditions with respect to the Restricted Shares, the Company shall deliver or cause to be delivered to Employee a certificate or certificates for the Restricted Shares which shall not bear the Legend or if
no stock certificates are then being issued because the Restricted Shares have been issued in “book entry” form, have all restrictions removed from the Restricted Shares. 
 1.2 Restrictions. 
 (a) Employee shall have all rights and privileges of a
shareholder with respect to the Restricted Shares, including the right to vote and receive dividends or other distributions with respect to the Restricted Shares, except that the following restrictions shall apply: 

(i) Employee shall not be entitled to delivery of the certificate for the Restricted Shares until the applicable Vesting Date and upon the satisfaction
of all other applicable conditions; 
 (ii) Restricted Shares may not be sold, transferred, assigned or subject to any encumbrance, pledge, or
charge or disposed of for any reason until the applicable Vesting Date; 

  
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 (iii) All common shares distributed as a dividend or distribution, if any, with respect to the Restricted
Shares prior to the Vesting Date shall be delivered to and held by the Company and subject to the same restrictions as the Restricted Shares in respect of which the dividend or distribution was made; and 

(iv) All unvested Restricted Shares shall be forfeited and returned to the Company and all rights of Employee with respect to such shares shall terminate
in their entirety on the terms and conditions set forth in Section 1.4(c). 
 (b) Any attempt to dispose of unvested Restricted Shares or
any interest in such shares in a manner contrary to the restrictions set forth in this Agreement shall be void and of no effect. 
 1.3
Vesting. 
 Subject to the provisions contained in Sections 1.4 and 1.5, the restrictions set forth in Section 1.2 with respect to
the Restricted Shares shall apply during the restricted period and expire on September 29, 2014 (the “Vesting Date”). 

1.4 Acceleration on Change of Control, Death or Disability; Forfeiture. 
 (a) In the event of a Change of Control of the Company, all unvested Restricted Shares shall automatically become fully vested on the date when the Change of Control is deemed to have occurred and such
date shall be the Vesting Date for Restricted Shares that vest on such date. 
 (b) In the event of Employee’s termination of employment on
account of death or disability, all unvested Restricted Shares shall automatically become fully vested on the date of the Employee’s termination of employment for such reason and such date shall be the Vesting Date for Restricted Shares that
vest on such date. 
 (c) If Employee’s employment with the Company terminates due to Early Retirement or Normal Retirement, all unvested
Restricted Shares vest only with the consent of the Committee or are otherwise forfeited. 
 (c) If Employee’s employment with the Company
terminates for any reason other than death, disability, or retirement, all unvested Restricted Shares shall be forfeited by Employee as of the date of termination. In the event of any such forfeiture, all such forfeited Restricted Shares shall
become the property of the Company and the certificate or certificates representing such Restricted Shares, if any, shall be returned immediately to the Company. 
 1.5 Committee’s Discretion. 
 Notwithstanding any provision of this Agreement to
the contrary, the Committee shall have discretion to waive any forfeiture of the Restricted Shares and any other conditions set forth in this Agreement, but only to the extent any such waiver of the forfeiture or condition is permitted by the terms
of the Plan. 

  
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 1.5 Payment of Applicable Taxes. 
 No Restricted Shares shall be delivered to Employee after vesting until any taxes payable with respect to the vesting of the Restricted Shares have been withheld by the Company or paid by Employee.
Employee may use Common Shares to pay the Company all or any part of the mandatory federal, state or local withholding tax payments. Payment of applicable taxes may be made as follows: (i) in cash, (ii) payment in Common Shares owned by
Employee, including those that have vested under the Plan, or (iii) by a combination of the methods described above 
 SECTION 2.
REPRESENTATIONS OF EMPLOYEE. 
 Employee hereby represents to the Company that Employee has read and understands the provisions of this
Agreement and the Plan, and Employee acknowledges that Employee is relying solely on his or her own advisors with respect to the tax consequences of this Restricted Share Award. 
 SECTION 3. NOTICES. 
 All notices or communications under this Agreement shall be in
writing, addressed as follows: 
  

			
	To the Company:	  	Robbins & Myers, Inc.
		  	51 Plum Street, Suite 260
		  	Dayton, Ohio 45440
		  	Attention: Vice President, Human Resources
		
	To Employee:	  	At the last residence address of Employee on file with the Company.

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

SECTION 4. PLAN CONTROLLING. 
 The Award
is subject all of the terms conditions of the Plan. In the event of a conflict between the Plan and this Agreement, the provisions of the Plan shall control. 
 SECTION 5. GOVERNING LAW.  
 This Agreement and its validity, interpretation,
performance and enforcement shall be governed by the laws of the State of Ohio other than the conflict of laws provisions of such laws. 

  
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 SECTION 6. SEVERABILITY. 
 Whenever possible, each provision in this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be
prohibited by or invalid under applicable law, then (a) such provision shall be deemed amended to accomplish the objectives of the provision as originally written to the fullest extent permitted by law and (b) all other provisions of this
Agreement shall remain in full force and effect. 
 SECTION 7. STRICT CONSTRUCTION. 

No rule of strict construction shall be implied against the Company, the Committee or any other person in the interpretation of any of the terms of the
Plan, this Agreement or any rule or procedure established by the Committee. 
 SECTION 8. DEFINITIONS. 

(a) “Change of Control” means and shall be deemed to have occurred on (i) the date upon which the Company is provided a copy of a
Schedule 13D, filed pursuant to Section 13(d) of the Securities Exchange Act of 1934 indicating that a group or person, as defined in Rule 13d-3 under said Act, has become the beneficial owner of 20% or more of the outstanding Voting Shares or
the date upon which the Company first learns that a person or group has become the beneficial owner of 20% or more of the outstanding Voting Shares if a Schedule 13D is not filed; (ii) the date of a change in the composition of the Board such
that individuals who were members of the Board on the date two years prior to such change (or who were subsequently elected to fill a vacancy in the Board, or were subsequently nominated for election by the Company’s shareholders, by the
affirmative vote of at least two-thirds of the directors then still in office who were directors at the beginning of such two year period) no longer constitute a majority of the Board; (iii) the date of the consummation of a merger or
consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the Voting Shares of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into Voting Shares of the surviving entity) at least 50% of the total voting power represented by the Voting Shares of the Company or such surviving entity outstanding immediately after such merger or consolidation; or (iv) the
date shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all the Company’s assets. 

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

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

 ROBBINS & MYERS, INC. 
  

			
	By:	 	/s/ Peter C. Wallace
	Name: Peter C. Wallace
	Title: President and Chief Executive Officer

 EMPLOYEE 
  

			
		
		 	/s/ Aaron H. Ravenscroft
	Name:

  
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