Document:

EX-10.1

 Exhibit 10.1 

The Gorman-Rupp Company 2015 Omnibus Incentive Plan 

Performance Share Grant Agreement 

THIS PERFORMANCE SHARE GRANT AGREEMENT (the “Agreement”), effective as of
            , 2021 (the “Grant Date”), is between The Gorman-Rupp Company, an Ohio corporation (the “Company”), and
[                    ] (the “Grantee”). 

1. Grant of Performance Shares. The Company hereby grants to the Grantee the Performance Shares set forth in Appendix A (the “Target
Award”). Each Performance Share shall be deemed to be the equivalent of one common share of The Gorman-Rupp Company (a “Share”). The Grantee shall not have any of the rights of a shareholder with respect to any Shares deliverable
to the Grantee in payment of the Performance Shares, including the right to vote or receive dividends, until payment of the Performance Shares is made under this Agreement. 

2. Subject to the Plan. This Agreement is subject to the provisions of The Gorman-Rupp Company 2015 Omnibus Incentive Plan, as may be amended from time
to time (the “Plan”), and, unless defined herein or the context requires otherwise, terms used herein as defined terms shall have the same meanings as in the Plan. In the event of a conflict between the provisions of the Plan and
this Agreement, the Plan shall control. 
 3. Account. The Company shall credit the Performance Shares to a bookkeeping account (the
“Account”) maintained by the Company for the Grantee’s benefit. Upon the occurrence of an event set forth in Section 12.2 of the Plan, the number of Performance Shares credited to the Account shall be equitably and
appropriately adjusted as provided in that Section. 
 4. Earning of Performance Shares. The Grantee shall be entitled to receive payment of the
number of Performance Shares earned by the Grantee over the Performance Period (as defined in Appendix A), subject to the terms of this Agreement and the Plan. The number of any Performance Shares earned by the Grantee for the Performance Period
will be determined at the end of the Performance Period based on the level of achievement of the performance measure goals set forth in Appendix A. If none of the performance measure goals are met, then all of the Performance Shares shall be
forfeited. Promptly following completion of the Performance Period, the Committee will review and certify in writing (a) whether, and to what extent, the performance measure goals for the Performance Period have been achieved, and (b) the
number of Performance Shares that the Grantee is eligible to earn, if any, subject to compliance with the vesting requirements of Section 5 of this Agreement. 

5. Vesting. The Performance Shares shall become vested at the end of the Performance Period, provided that the Grantee has remained employed by the
Company or a Subsidiary or Division since the Grant Date, except as otherwise provided in Sections 6 and 7 of this Agreement, and subject to the achievement of the performance measure goals set forth in Appendix A for the Performance Period.

 Vested Performance Shares shall be settled in Shares (or, in the discretion of the Committee, in cash equal to the Fair Market Value thereof). Settlement
and delivery of the applicable number of Shares (or cash equivalent, if applicable) shall be made as soon as practicable following vesting, but in no event later than two and one-half (21⁄2) months after the vesting date. 
 6. Termination of
Employment 
 (a) General Rule. Except as otherwise provided in this Section 6, in the event of the Grantee’s termination of employment
with the Company and its Subsidiaries and Divisions prior to the end of the Performance Period for any reason, all of the Performance Shares that were not vested on the date of such termination of employment shall be immediately forfeited. 

 (b) Retirement or Disability. In the event of the Grantee’s Retirement or Disability prior to
the end of the Performance Period, the Grantee shall vest in the Performance Shares under Section 5 of this Agreement as if employment had not terminated, subject to (i) the achievement of the performance measure goals set forth in
Appendix A and (ii) a pro rata reduction equal to the result of multiplying (x) the Performance Shares that would have become earned at the end of the Performance Period pursuant to Section 4 of this Agreement had the Grantee
remained in employment by (y) a fraction, the numerator of which is the number of whole months of employment from the beginning of the Performance Period to the date of the Grantee’s Retirement or Disability, and the denominator of which
is twenty-four (24). 
 For purposes of this Agreement, “Retirement” shall mean termination of the Grantee’s employment with the
Company and its Subsidiaries and Divisions if (i) the Grantee is then at least age 55 and has completed at least fifteen (15) years of cumulative service with the Company and its Subsidiaries and Divisions, (ii) the Grantee’s is
then at least age 60 and has completed at least ten (10) years of cumulative service with the Company and its Subsidiaries and Divisions or (iii) the Grantee is then at least age 65 and has completed at least five (5) years of
cumulative service with the Company and its Subsidiaries and Divisions. For purposes of this Agreement, “Disability” shall mean (A) the Grantee’s becoming disabled within the meaning of the long-term disability plan then
provided by the Company or a Subsidiary or Division, as applicable, to its employees, (B) physical or mental incapacity that renders the Grantee unable to perform employment services for a period of 180 consecutive days or an aggregate of 180
days in any consecutive 365-day period or (C) as otherwise determined by the Committee in its sole discretion. The Committee may require such proof of Disability as the Committee in its sole and absolute
discretion deems appropriate. 
 (c) Death. In the event of the Grantee’s death while employed by the Company or a Subsidiary or Division prior
to the end of the Performance Period, notwithstanding anything contained in this Agreement to the contrary, the Grantee shall immediately vest in that number of Performance Shares equal to the result of multiplying the Target Award by a fraction,
the numerator of which is the number of whole months of employment from the beginning of the Performance Period to the date of the Grantee’s death, and the denominator of which is twenty-four (24). 

(d) Termination by Company without Cause. In the event of the Grantee’s termination of employment by the Company and its Subsidiaries and
Divisions without Cause (as defined in this Section 6) at least 12 months after the beginning of the Performance Period but prior to the end of the Performance Period, the Grantee shall vest in the Performance Shares under Section 5 of
this Agreement as if employment had not terminated, subject to (i) the achievement of the performance measure goals set forth in Appendix A and (ii) a pro rata reduction equal to the result of multiplying (x) the Performance
Shares that would have become earned at the end of the Performance Period pursuant to Section 4 of this Agreement had the Grantee remained in employment by (y) a fraction, the numerator of which is the number of whole months of employment
from the beginning of the Performance Period to the date of the Grantee’s termination of employment, and the denominator of which is twenty-four (24). 

For purposes of this Section 6, “Cause” shall mean (i) the Grantee’s willful misconduct or gross negligence in the performance
of the Grantee’s duties to the Company and/or a Subsidiary or Division, as applicable, that has or could reasonably be expected to have an adverse effect on the Company and/or a Subsidiary or Division, as applicable; (ii) the
Grantee’s willful and continued failure to perform the Grantee’s duties to the Company and/or a Subsidiary or Division, as applicable, or to follow the lawful directives of the Chief Executive Officer or Board of Directors (other than as a
result of death or Disability); (iii) the Grantee’s commission of, conviction of, or indictment for, or pleading of guilty or nolo contendere to, a felony or any crime involving moral turpitude; (iv) the Grantee’s performance
of any material act of theft, embezzlement, fraud, malfeasance, dishonesty or misappropriation of the Company’s or a Subsidiary’s or Divisions’ property; or (v) the Grantee’s willful and material breach of any agreement with
the Company and/or a Subsidiary or Division, as applicable, or a violation of the Company’s and/or a Subsidiary’s or Divisions’ code of conduct or other written policy applicable to employees generally that results in substantial
reputational or financial harm to the Company and/or a Subsidiary or Division, as applicable. 
 7. Change in Control 

(a) Vesting of Performance Shares. In the event of a Change in Control, the Performance Shares shall be converted into a number of time-based restricted
stock units “RSUs”) equal to the Target Award and shall be assumed or substituted for by the successor company on substantially the same terms and conditions (which may include 

  
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payment in equivalent shares of the common stock of the successor company) as set forth in this Agreement. The RSUs shall become fully vested on the last day of the Performance Period, provided
that the Grantee is then employed by the Company or a Subsidiary or Division. If within twenty-four (24) months following the Change in Control the Grantee’s employment is terminated by the Company or a Subsidiary or Division without Cause
(as defined in Section 7(c)) or by the Grantee for Good Reason, all of such RSUs shall immediately become fully vested. 
 In the event of a Change in
Control, to the extent the successor company does not assume or substitute for the RSUs on substantially the same terms and conditions (which may include payment in equivalent shares of the common stock of the successor company) as set forth in this
Agreement, all of such RSUs shall immediately become fully vested, provided the Grantee is then employed by the Company or a Subsidiary or Division as of the date of the consummation of the Change in Control. 

(b) Payment of RSUs. Payment of RSUs that vest pursuant to the first sub-paragraph of paragraph (a) of
this Section 7 shall be made in Shares (or, if applicable, in equivalent shares of the common stock of the successor company) as soon as practicable following the earlier of (i) the last day of the Performance Period or (ii) the date
of the termination of employment referred to in such paragraph. Payment of RSUs that vest pursuant to the second sub-paragraph of paragraph (a) of this Section 7 shall be made in Shares (or, if
applicable, in equivalent shares of the common stock of the successor company), as soon as practicable following the date of the Change in Control. In no event shall payment under this Section 7(b) be made later than two and one-half (2-1/2) months after the applicable date. 
 (c) Cause. For
purposes of this Section 7, “Cause” shall mean (i) the Grantee’s willful misconduct or gross negligence in the performance of the Grantee’s duties to the Company and/or a Subsidiary or Division, as applicable,
that has or could reasonably be expected to have an adverse effect on the Company and/or a Subsidiary or Division, as applicable; (ii) the Grantee’s willful and continued failure to perform the Grantee’s duties to the Company and/or a
Subsidiary or Division, as applicable, or to follow the lawful directives of the Chief Executive Officer or Board of Directors (other than as a result of death or Disability); (iii) the Grantee’s commission of, conviction of, or pleading
of guilty or nolo contendere to, a felony or any crime involving moral turpitude; or (iv) the Grantee’s performance of any material act of theft, embezzlement, fraud, malfeasance, dishonesty or misappropriation of the Company’s
or a Subsidiary’s or Division’s property. 
 (d) Good Reason. For purposes of this Section 7, “Good Reason” shall
mean (i) a material reduction of base salary; (ii) a material and adverse change to, or a material reduction of, the Grantee’s duties and responsibilities; or (iii) the relocation of the Grantee’s primary office to any
location more than fifty (50) miles from the Grantee’s then current primary office, resulting in a materially longer commute for the Grantee. 

8. Certain Restrictive Covenants. The Company and its Subsidiaries and Divisions operate in a highly sensitive and competitive commercial environment.
As part of the Grantee’s service with the Company and its Subsidiaries and Divisions, the Grantee has had and will be exposed to highly confidential and sensitive information regarding the Company’s and its Subsidiaries’ and
Divisions’ business operations, including corporate strategy, pricing and other market information, know-how, trade secrets, and valuable customer, supplier, distributor, regulatory, advisory and employee
relationships. It is critical that the Company and its Subsidiaries and Divisions take all necessary steps to safeguard its legitimate protectable interests in such information and to prevent any of its competitors or any other persons from
obtaining any such information and the Grantee hereby agrees to be bound by the following restrictive covenants: 
 (a)
Non-Competition. 
  

	 	(i)	 During the term of the Grantee’s service with the Company or any of its Subsidiaries or Divisions and for
a period of twenty four (24) months following the Grantee’s termination of service with the Company or its Subsidiaries or Divisions for any reason (the “Restricted Period”), the Grantee will not, directly or indirectly,
(A) engage, participate or assist in any Competing Business (as hereinafter defined), (B) enter the employ of, or render any services to, any person engaged in any Competing Business, (C) acquire a financial interest in, or otherwise
become actively involved with, any person engaged in any Competing Business, whether as an individual, partner, shareholder, officer, director, principal, agent, trustee or 

  
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consultant, or (D) interfere with the business relationships (whether formed before or after the date of this Agreement) between the Company or any of its Subsidiaries or Divisions and any
of its or their customers, suppliers, distributors, advisors, employees or other business relations. 

  

	 	(ii)	 Notwithstanding anything to the contrary contained in this Agreement, the Grantee may, directly or indirectly,
own, solely as a passive investment, up to 1% of the securities of any person engaged in a Competing Business provided such securities are publicly traded on a national or regional stock exchange or on the over-the-counter market. 

  

	 	(iii)	 For purposes of this Agreement, the term “Competing Business” shall mean any business entity anywhere
in the world that competes with the Company and/or any of its Subsidiaries and/or Divisions in the manufacture or distribution of any of its or their self-priming centrifugal, standard centrifugal, magnetic drive centrifugal, axial and mixed flow
vertical turbine line shaft, submersible, high pressure booster, rotary gear, diaphragm, bellows and oscillating pump models and/or pump model systems in any one or more of the following principal market applications: construction, industrial, water
and wastewater handling fields; flood control; boosting low residential water pressure; pumping refined petroleum products, including the ground refueling of aircraft; fluid control in HVAC applications; various agricultural purposes and dewatering
purposes; and sprinkler back-up systems, fire hydrants, stand pipes, fog systems and deluge systems at hotels, banks, factories, airports, schools, public buildings and other such facilities throughout the
world. 

  

	 	(iv)	 The Grantee understands that the restrictions set forth in this Section 8 are intended to protect the
Company’s and its Subsidiaries’ and Divisions’ established customer, supplier, distributor, advisor, employee or other business relations, and the general goodwill of its business, and the Grantee agrees that such restrictions are
reasonable and appropriate for this purpose. 

 (b) Non-Solicitation. During the Restricted
Period, the Grantee will not, directly or indirectly, either for himself or herself or on behalf of any other person, (i) recruit or otherwise solicit or induce any customer, supplier, distributor, advisor, employee or other business relation
of the Company or any of its Subsidiaries or Divisions to terminate its employment or arrangement with the Company or its Subsidiaries or Divisions, or otherwise change its relationship with the Company or its Subsidiaries or Divisions, or
(ii) hire, or cause to be hired, any person who was employed by the Company or any of its Subsidiaries or Divisions at any time during the twelve (12)-month period immediately prior to the Grantee’s date of termination or who thereafter
becomes employed by the Company or any of its Subsidiaries or Divisions. 
 (c) Non-Disparagement. The
Grantee agrees not to disparage the Company; its Subsidiaries or Divisions; any of its or their respective customers, suppliers, distributors, advisors, employees or directors; any of its or their products or practices; or any of its or their
agents, representatives or affiliates, either orally or in writing, at any time; provided, that the Grantee may confer in confidence with the Grantee’s legal representatives and make truthful statements as required by law. 

(d) Confidentiality. 
  

	 	(i)	 As used in this Agreement, “Confidential Information” means all data, information, ideas,
concepts, discoveries, trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know-how, developments, techniques, methods, processes, treatments, drawings,
sketches, specifications, designs, plans, patterns, models, plans and strategies, and all other confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or intangible form or
medium) whether now or hereafter existing, relating to or arising from the past, current or potential business, activities and/or operations of the Company or any of its Subsidiaries or Divisions, including, without limitation, any such information
relating to or concerning finances, sales, marketing, advertising, transition, promotions, pricing, personnel, customers, suppliers, vendors, raw materials partners and/or competitors. Confidential Information also includes information developed by
the Grantee in the course of the Grantee’s employment by the Company or its Subsidiaries or Divisions, as well as other information to which the Grantee has had or may have access in connection with the Grantee’s service. Confidential
Information also includes the confidential information of others 

  
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with which the Company or any of its Subsidiaries or Divisions have a business relationship and which is known by the Grantee or which the Grantee should have reason to know about.
Notwithstanding the foregoing, Confidential Information does not include information in the public domain, unless due to breach of the Grantee’s duties under this Section 8(d). 

 

	 	(ii)	 The Grantee understands and agrees that the Grantee’s service creates a relationship of confidence and
trust between the Grantee and the Company and its Subsidiaries and Divisions with respect to all Confidential Information. At all times, both during the Grantee’s service with the Company or any of its Subsidiaries or Divisions and after its
termination, the Grantee will keep in confidence and trust all such Confidential Information, and will not use or disclose any such Confidential Information without the written consent of the Company or its Subsidiaries or Divisions, except as may
be necessary in the ordinary course of performing the Grantee’s duties to the Company or its Subsidiaries or Divisions or as otherwise required by law. 

  

	 	(iii)	 All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to
Confidential Information, which are furnished to the Grantee by the Company or any of its Subsidiaries or Divisions or are produced by the Grantee in connection with the Grantee’s service will be and remain the sole property of the Company
and/or its Subsidiaries or Divisions. The Grantee will return to the Company or its Subsidiaries or Divisions all such materials and property as and when requested by the Company or any of its Subsidiaries or Divisions. In any event, the Grantee
will return all such materials and property immediately upon termination of the Grantee’s service for any reason, and will not retain any copies thereof following such termination. 

(e) Reasonableness of Covenants. In entering into this Agreement, the Grantee gives the Company assurance that the Grantee has carefully read and
considered all of the terms and conditions of this Agreement, including the restraints imposed under this Section 8. The Grantee agrees that these restraints are necessary for the reasonable and proper protection of the Company, its
Subsidiaries and Divisions, and its and their Confidential Information and that each and every one of the restraints is reasonable in respect of subject matter, length of time and geographic area. The Grantee acknowledges that each of these
covenants has a unique, very substantial and immeasurable value to the Company and its Subsidiaries and Divisions and that the Grantee has sufficient assets and skills to provide a livelihood while such covenants remain in force. The Grantee further
covenants that the Grantee will not challenge the reasonableness or enforceability of any of the covenants set forth in this Section 8, and that the Grantee will reimburse the Company and/or its Subsidiaries and Divisions for all costs
(including reasonable attorneys’ fees) incurred in connection with any action to enforce any of the provisions of this Section 8 if either the Company and/or its Subsidiaries or Divisions prevails in any such dispute. It is also agreed
that each Subsidiary and Division will have the right to enforce all of the Grantee’s obligations to that Subsidiary or Division under this Agreement, including without limitation pursuant to this Section 8. 

(f) Reformation. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 8 is excessive in
duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that
state. 
 (g) Tolling. In the event of any violation of the provisions of this Section 8, the Grantee acknowledges and agrees that the
post-termination restrictions contained in this Section 8 shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable post-termination restriction
period shall be tolled during any period of such violation. 
 (h) Survival of Provisions. The obligations contained in this Section 8 shall
survive the termination of the Grantee’s employment or service with the Company and its Subsidiaries and Divisions and shall be fully enforceable thereafter. 

(i) Equitable Relief and Other Remedies. The Grantee acknowledges and agrees that the Company’s and its Subsidiaries’ and Divisions’
remedies at law for a breach or threatened breach of any of the provisions of this Section 8 would be inadequate and, in recognition of this fact, the Grantee agrees that, in the event of such a breach or threatened breach, in addition to any
remedies at law, the Company and its Subsidiaries and Divisions shall be 

  
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entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be
available, without the necessity of showing actual monetary damages or the posting of a bond or other security. In the event of a material violation by the Grantee of Section 8 hereof, any value previously delivered to the Grantee pursuant to
this Agreement shall be immediately repaid to the Company. 
 9. Securities Laws/Legend on Certificates. The issuance and delivery of Shares shall
comply with all applicable requirements of law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange
or other securities market on which the Company’s securities may then be traded. If the Company deems it necessary to ensure that the issuance of Shares under the Plan is not required to be registered under any applicable securities laws, the
Grantee shall deliver to the Company an agreement or certificate containing such representations, warranties and covenants, as reasonably requested by the Company, which satisfies such requirements. Any certificates representing the Shares shall be
subject to such stop transfer orders and other restrictions as the Committee may deem reasonably advisable, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

10. Beneficiary. In the event of the Grantee’s death prior to payment of the vested Performance Shares credited to the Account, payment shall be
made to the last beneficiary designated in writing that is received by the Company prior to the Grantee’s death or, if no designated beneficiary survives the Grantee, such payment shall be made to the Grantee’s estate. 

11. Source of Payments. The Grantee’s right to receive payment under this Agreement shall be an unfunded entitlement and shall be an unsecured
claim against the general assets of the Company. The Grantee has only the status of a general unsecured creditor hereunder, and this Agreement constitutes only a promise by the Company to pay the value of the Account on the payment date in
accordance with the other terms of this Agreement. 
 12. Nontransferability. Except as otherwise permitted under the Plan and/or Section 10 of
this Agreement, this Agreement shall not be assignable or transferable by the Grantee or by the Company (other than to successors of the Company or as a result of a sale of substantially all of the Company’s assets) and no amounts payable under
this Agreement, or any rights therein, shall be subject in any manner to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, levy, lien, attachment, garnishment, debt or other charge or disposition of any kind. 

13. Withholding. The Grantee agrees to pay to the Company, or to make satisfactory arrangement with the Company for payment of, any federal, state or
local taxes, if any, required by law to be withheld in respect of payment of the Performance Shares. The Grantee hereby agrees that the Company may withhold from the Grantee’s wages or other remuneration the applicable taxes. Unless the
Committee determines otherwise, the applicable taxes shall be withheld in kind from the Shares deliverable to the Grantee in payment of the Performance Shares. 

14. Notices. All notices required or permitted under this Agreement shall be in writing and shall be delivered personally or by mailing by registered
or certified mail, postage prepaid or by delivering via overnight courier using an express delivery service, to the other party. Notice by mail shall be deemed delivered at the time and on the date the same is postmarked. 

Notices to the Company should be addressed to: 
 The Gorman-Rupp
Company 
 P. O. Box 1217 
 Mansfield, Ohio 44901-1217 

Attention:    Chief Financial Officer 
 With
a copy to: 
 The Gorman-Rupp Company 
 P. O. Box 1217 

Mansfield, Ohio 44901-1217 

Attention:    General Counsel 

  
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 Notices to the Grantee should be addressed to the Grantee at the Grantee’s address as it appears on the
Company’s records. The Company or the Grantee may by writing to the other party, designate a different address for notices. If the receiving party consents in advance, notices may be transmitted and received via email provided that a copy is
sent by U.S. mail on the same day. Such notices shall be deemed delivered when received. 
 15. Headings. The headings in this Agreement are for
reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
 16. Successors and Assigns. This Agreement shall
inure to the benefit of and be binding upon the heirs, legatees, distributees, executors and administrators of the Grantee and the successors and assigns of the Company. 

17. Governing Law; Waiver of Jury Trial. This Agreement shall be governed by, and interpreted in accordance with, the laws of the State of Ohio, other
than its conflict of laws principles. Each of the parties hereto hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement. 

18. Agreement Not a Contract. This Agreement (and the grant of Performance Shares) is not an employment or service contract, and nothing in this
Agreement shall be deemed to create in any way whatsoever any obligation on the Grantee’s part to continue as an Employee, or of the Company or a Subsidiary or Division to continue the Grantee’s service as an Employee. 

19. Entire Agreement; Modification. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof, and may
not be modified except as provided in the Plan or in a written document executed by both parties. 
 20. Repayment Obligation. In the event that
(i) the Company issues a restatement of financial results to correct a material error and (ii) the Committee determines, in good faith, that the Grantee’s fraud or willful misconduct was a significant contributing factor to the need
to issue such restatement and (iii) some or all of the Performance Shares that were granted and/or earned during the two year period prior to such restatement would not have been granted and/or earned, as applicable, based upon the restated
financial results, the Grantee shall immediately return to the Company (as applicable) any outstanding Performance Shares, any Shares received under this Agreement and/or the pre-tax income derived from any
disposition of any Shares previously received in payment of the Performance Shares that would not have been granted and/or earned based upon the restated financial results (the “Repayment Obligation”). This Repayment Obligation
shall be in addition to any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law. 
 21. Compliance
with Section 409A of the Code. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for
avoiding additional taxes or penalties under Section 409A of the Code. In addition and notwithstanding anything to the contrary in this Agreement, the Company reserves the right to revise this Agreement as it deems necessary or advisable, in
its sole discretion and without the Grantee’s consent, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A in connection with this Award. Notwithstanding the
foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties,
interest or other expenses that may be incurred by the Grantee on account of non-compliance with Section 409A of the Code. For purposes of this Agreement,
“Section 409A” means Section 409A of the Code, and any proposed, temporary or final Treasury regulations and Internal Revenue Service guidance thereunder, as each may be amended from time to time. 

22. Severability. If any provision of this Agreement shall be held unlawful or otherwise invalid or unenforceable in whole or in part by a court of
competent jurisdiction, such provision shall (i) be deemed limited to the extent that such court of competent jurisdiction deems it lawful, valid and/or enforceable and as so limited shall remain in full force and effect, and (ii) not
affect any other provision of this Agreement or part thereof, each of which shall remain in full force and effect. 

  
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 23. Fractional Shares. To the extent there are any fractional Shares owed under this Agreement to the
Grantee, such fractional shares shall be cancelled. 

  
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 IN WITNESS WHEREOF, this Agreement has been executed by the Company and the Grantee, effective as of
the date on the first page of this Agreement. 
  
  

			
	THE GORMAN-RUPP COMPANY                          
		
	 By:
	 	
                     
                    

	 Name:
	 	  

	 Title:
	 	  

	
	 GRANTEE

	
	  

	[Printed Name]

  
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 APPENDIX A 

PERSONAL AND CONFIDENTIAL 
  

			
	Grantee:	  	[INSERT GRANTEE NAME]
		
	Long-Term Incentive Opportunity:	  	The Compensation Committee of the Board of Directors of The Gorman-Rupp Company has determined to award Grantee a long-term incentive award opportunity in the form of “Performance Shares” with an initial cash
equivalent award amount of $         .
		
	Target Award:	  	 [INSERT TARGET NUMBER OF SHARES] Performance Shares.
  

The Target Award was calculated based on (i) the $33.46 closing price of a common share of The Gorman-Rupp Company stock on February 24, 2021 divided
into (ii) the foregoing long-term incentive opportunity, and then rounded down to the nearest whole number.

		
	Performance Period:	  	January 1, 2021 through December 31, 2022
		
	Performance Measure Goals:	  	 There are two performance measures for the Performance Period as more fully described below:

 
 •   50% of the Target
Award is based on Operating Income growth
  

•   50% of the Target Award is based on Shareholders’ Equity growth

		
	Earned Award:	  	The number of Performance Shares earned by Grantee can range from 0% to 150% of the Target Award based on the achievement of the performance measure goals and the terms and conditions of the Agreement as more fully described
below.
		
	Payment:	  	Any payment of earned Performance Shares is expected to be in the form of Shares.

  
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 Performance Measure Goals 

The performance measures for this Target Award are compound annual growth (CAGR) goals for The Gorman-Rupp Company’s audited consolidated Operating Income
and Shareholders’ Equity over a two-year period from January 1, 2021 through December 31, 2022 (the “Performance Period”). These performance measure goals are shown in the table below
and each performance measure goal contributes 50% of the total Target Award determination. 
  

									
	
2-Year Performance Period Compound Annual Growth (CAGR) Goals
	 
	 Target Award Payment Range
	  	Operating Income (50%)	 	 	Shareholders’ Equity (50%)	 
	 Maximum (150%)
	  	 	+ 	%	 	 	+ 	%
	 Target (100%)
	  	 	+ 	%	 	 	+ 	%
	 Threshold (50%)
	  	 	+ 	%	 	 	+ 	%

 In determining whether the performance measure goals have been achieved, the Compensation Committee has determined that it
will exclude the impact of any of the following which are material and non-budgeted: acquisitions and dispositions, extraordinary items, litigation expenses and settlements, other unusual or non-recurring charges (as discussed in management’s discussion and analysis in the Company’s Form 10-K for that year), force majeure events, foreign exchange gains
and losses, goodwill or long-lived asset impairment and/or the cumulative effects of tax or accounting changes in accordance with U.S. Generally Accepted Accounting Principles. 

Performance Shares Earned 
 Depending on the
Company’s level of achievement of the performance measure goals, the Grantee may earn between 0% and 150% of the Performance Shares. The minimum (threshold) earned payment will be 50% of the Performance Shares. (If less than 50% of both
performance measure goals are not achieved, then no Performance Shares will be earned.) The maximum earned payment will be 150% of the Performance Shares. 

Payment amounts will be earned on a straight-line interpolated basis between 50% and 100%, and between 100% and 150%, based on achievement of the respective two-year growth goals for Operating Income and Shareholders’ Equity as noted in the table above. The two respective goal achievement amounts added together equal Grantee’s total achieved Performance Shares
less an estimated amount of Shares to pay Grantee’s related income taxes. The net number of Performance Shares earned will be paid to Grantee by the issuance of an equal number of actual common shares of The Gorman-Rupp Company on or about
            , 2023. 
  

			
	Initials of Grantee acknowledging receipt of this Appendix A:	 	                                  
      

  
 - 11 -Document

EXHIBIT 4.1

DESCRIPTION OF COMMON STOCK

Horizon Bancorp, Inc. (“Horizon,” “Company,” “us,” “we,” or “our”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have registered our common stock, no par value (the “common stock”).

The following summary description sets forth some of the general terms and provisions of the common stock. Because this is a summary description, it does not contain all of the information that may be important to you. For a more detailed description of the common stock, you should refer to the provisions of our Amended and Restated Articles of Incorporation (“Articles”) and our Amended and Restated Bylaws (“Bylaws”), each of which is an exhibit to the Annual Report on Form 10–K, as well as the provisions of the Indiana Business Corporation Law (the “IBCL”).

General

Under our Articles of Incorporation, we are authorized to issue up to 99,000,000 shares of common stock, no par value, and 1,000,000 shares of preferred stock. No shares of preferred stock are currently outstanding.

Dividends

Holders of common stock are entitled to receive dividends when, as and if declared by our board of directors out of funds legally available for their payment. Horizon’s ability to pay dividends is subject to statutory restrictions in the IBCL and in banking regulations, including certain regulations impacting Horizon Bank’s ability to pay dividends to Horizon (in order to fund Horizon’s dividends or to be used for other purposes).

Horizon has no issued and outstanding shares of preferred stock that take preference in dividend distributions over shares of common stock.

Voting Rights

Each holder of our common stock is entitled to one vote per share on all matters submitted to a vote of stockholders. Holders of common stock do not have cumulative voting rights.

Generally, a matter submitted for stockholder action shall be approved if the votes cast “for” the matter exceed the votes cast “against” such matter, unless a greater or different vote is required by statute, any applicable law, the rights of any authorized class of stock, or the Company’s Articles or Bylaws. With respect to the election of directors, directors will be elected by a plurality of the votes cast, which means that the director nominees who receive the highest number of shares of common stock voted “for” their election are elected.

No Preemptive, Redemption or Conversion Rights; No Sinking Funds

The common stock is not redeemable, is not subject to sinking fund provisions, does not have any conversion rights and is not subject to call. The shares of common stock currently outstanding are fully paid and nonassessable. Holders of shares of common stock have no preemptive rights to maintain their percentage of ownership in future offerings or sales of our common stock.

Rights Upon Liquidation

In the event of the Company’s voluntary or involuntary liquidation, dissolution, or winding–up, the holders of shares of Horizon common stock are entitled to receive a ratable share of any assets available for distribution after the payment of, or provision for, payment of Horizon’s debts and other liabilities and of all shares having priority over the common stock. Horizon presently has no issued and outstanding shares of preferred stock that take preference in liquidation distributions over its shares of common stock.

Preferred Stock

Our board of directors is authorized, without further action by our stockholders, to issue up to 1,000,000 shares of preferred stock, in one or more series, and to fix the preferences, limitations and relative voting and other rights of each series. The issuance of preferred stock could impede the completion of a merger, tender offer or other takeover attempt. Horizon presently has no issued and outstanding shares of preferred stock. 

Other Provisions of Our Articles and Bylaws or the IBCL That May Have Anti–Takeover Effects

Directors. Certain provisions in our Articles and Bylaws may impede changes to the members of the board of directors. Our Bylaws state that the Horizon board of directors will be composed of 5 to 15 members, with the actual number being set by resolution of the board. Currently, the number of directors is set at 11 members. The Articles divide the board members into three classes, with directors in each class elected for staggered three–year terms. As a result, it would take two annual elections to replace a majority of the Horizon board. Also under the Articles, any director may be removed, with or without cause, by the affirmative vote of the holders of 70% of the outstanding shares of Horizon’s capital stock entitled to vote on the election of directors. Any director may also be removed with cause by the affirmative vote of (i) the holders of a majority of all the outstanding shares of capital stock entitled to vote on the election of directors, or (ii) two–thirds or more of the other directors.

The Bylaws provide that any vacancy occurring in the Horizon board, including a vacancy created by resignation, death, incapacity, or an increase in the number of directors, may be filled for the remainder of the unexpired term by a majority vote of the directors then in office. No decrease in the number of directors can have the effect of shortening the term of any incumbent director. The Bylaws also impose certain notice requirements in connection with the nomination by shareholders of candidates for election to the board of directors, and for proposals by stockholders of business to be transacted at a meeting of stockholders.

Restrictions on Call of Special Meetings. The Horizon Bylaws state that special stockholders’ meetings may be called by the Chairman, the President, or at the request in writing of a majority of the directors, by the Secretary.

Evaluation of Offers. The IBCL specifically authorizes directors, in considering the best interests of a corporation, to consider the effects of any action on shareholders, employees, suppliers, and customers of the corporation, the communities in which offices or other facilities of the corporation are located, and any other factors the directors consider pertinent. In addition to these factors, Horizon’s Articles provide that the Horizon board, when evaluating a business combination or tender or exchange offer, in addition to considering the adequacy of the amount to be paid in connection with any such transactions, may also consider the following factors and any other factors that it deems relevant: (a) the social and economic effects of the transaction on Horizon and its subsidiaries, and each of their respective employees, depositors, loan and other customers, creditors, and other elements of the communities in which Horizon and its subsidiaries operate or are located; (b) the business and financial condition and earnings prospects of the acquiring person or persons, including, but not limited to, debt service and other existing or likely financial obligations of the acquiring person or persons, and the possible effect of such conditions upon Horizon and its subsidiaries and the other elements of the communities in which Horizon and its subsidiaries operate or are located; and (c) the competence, experience, and integrity of the acquiring person or persons and its or their management.

Procedures for Certain Business Combinations. The Horizon Articles require the affirmative vote of 70% of the outstanding shares of all classes of voting stock (reduced to 662⁄3% under certain conditions), and an independent majority of shareholders, to approve certain business combinations with holders of more than 10% of Horizon’s voting shares or their affiliates.

Amendments to Articles and Bylaws. With certain exceptions, amendments to the Horizon Articles must be approved by a majority vote of the Horizon board of directors and also by a vote of stockholders in which more votes are cast in favor of the amendment than against the amendment. Additionally, the following provisions of the Horizon Articles may not be altered, amended or repealed without the affirmative vote of at least 70% of the outstanding shares of Horizon stock entitled to vote on such matter: (i) Section 6.3, which establishes a three–tier director class structure; and (ii) Section 6.4, regarding director removal.

The power to make, alter, amend or repeal a provision of the Bylaws is vested in both the board of directors and the holders of shares of common stock.

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