Document:

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                                                                Exhibit 10.4

                          INDEMNIFICATION AGREEMENT

         AGREEMENT between Gardner Denver, Inc., a Delaware corporation (the
"Company") and                         (the "Indemnitee").
               -----------------------

         WHEREAS, it is essential to the Company to retain and attract as
directors, officers and representatives the most capable persons available;
and

         WHEREAS, Indemnitee is a director, officer or representative of the
Company; and

         WHEREAS, both the Company and Indemnitee recognize the increased
risk of litigation and other claims being asserted against directors,
officers and representatives of public companies in today's environment; and

         WHEREAS, in recognition of the Indemnitee's need for substantial
protection against personal liability in order to enhance Indemnitee's
continued service to the Company in an effective manner, the Company wishes
to provide in this Agreement for the indemnification of and the advancing of
expenses to Indemnitee to the full extent (whether partial or complete)
permitted by law and as set forth in this Agreement, and, to the extent
insurance is maintained, for the continued coverage of Indemnitee under the
Company's directors' and officers' liability insurance policies;

         NOW, THEREFORE, in consideration of the premises and of Indemnitee
continuing to serve the Company directly or, at its request, with another
enterprise, and intending to be legally bound hereby, the parties hereto
agree as follows:

         1.       Certain Defined Terms. As used in this Agreement, the
following terms shall have the following meanings:

                  (a) Change in Control shall be deemed to have occurred if
         (i) any "person" (as such term is used in Sections 13(d) and 14(d)
         of the Securities Exchange Act of 1934, as amended), other than a
         trustee or other fiduciary holding securities under an employee
         benefit plan of the Company or a corporation owned directly or
         indirectly by the stockholders of the Company in substantially the
         same proportions as their ownership of stock of the Company, is or
         becomes the "beneficial owner" (as defined in Rule 13d-3 under said
         Act), directly or indirectly, of securities of the Company
         representing 20% or more of the total voting power represented by
         the Company's then outstanding Voting Securities without the prior
         approval of the Board of Directors, or (ii) during any period of
         two consecutive years, individuals who at the beginning of such
         period constitute the Board of Directors of the Company and any new
         director whose election by the Board of Directors or nomination for
         election by the Company's stockholders was approved by a vote of at
         least two-thirds (2/3) of the directors then still in office who
         either were directors at the beginning of the period or whose
         election or nomination for election was previously so approved,
         cease for any reason to constitute a majority thereof, or (iii) the
         stockholders of the Company approve a merger or consolidation of
         the Company with any other corporation, other than a merger or
         consolidation which would result in the Voting Securities of the
         Company outstanding immediately prior thereto continuing to
         represent (either by remaining outstanding or by being converted
         into Voting Securities of the surviving entity) at least 80% of the
         total voting power represented by the Voting Securities of the
         Company or such surviving entity outstanding immediately after such
         merger or consolidation, or the stockholders 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) Claim shall mean any threatened, pending or completed
         action, suit or proceeding, or any inquiry or investigation,
         whether conducted by the Company or any other party, that
         Indemnitee in good faith believes might lead to the institution of
         any such action, suit or proceeding, whether civil, criminal,
         administrative, investigative or other.

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                  (c) Expenses shall mean all costs, expenses (including
         attorneys' fees) and obligations paid or incurred in connection
         with investigating, defending, being a witness in or participating
         in (including on appeal) or preparing to defend, be a witness in or
         participate in any Claim relating to any Indemnifiable Event
         (including all interest, assessments and other charges paid or
         payable in connection with or in respect of any of the foregoing).

                  (d) Judgments shall mean judgments, fines, penalties and
         amounts paid in settlement that are paid or payable in connection
         with any Claim relating to any Indemnifiable Event (including all
         interest, assessments and other charges paid or payable in
         connection with or in respect of any of the foregoing).

                  (e) Indemnifiable Event shall mean any event or occurrence
         related to the fact that Indemnitee is or was a director, director
         nominee, officer or representative of the Company, or is or was
         serving at the request of the Company as a director, trustee,
         officer, employee, agent or representative of another corporation,
         domestic or foreign, nonprofit or for profit, partnership, joint
         venture, employee benefit plan, trust or other enterprise, or by
         reason of anything done or not done by Indemnitee in any such
         capacity.

                  (f) Reviewing Party shall mean any appropriate person or
         body under Section 145 of the Delaware General Corporation Law,
         including a body consisting of a member or members of the Company's
         Board of Directors or any other person or body appointed by the
         Board (including the special, independent counsel referred to in
         Section 3) who is not a party to the particular Claim for which
         Indemnitee is seeking indemnification.

                  (g) Voting Securities shall mean any securities of the
         Company that vote generally in the election of directors.

         2.       Scope of Indemnification.

                  (a) Indemnification for Judgments and Expenses. In the
         event Indemnitee was, is or becomes a party to or witness or other
         participant in, or is threatened to be made a party to or witness
         or other participant in, a Claim by reason of (or arising in part
         out of) an Indemnifiable Event, the Company shall indemnify
         Indemnitee to the fullest extent permitted by law against any and
         all Expenses and Judgments arising from or relating to such Claim.
         Except as otherwise provided in Section 2(b), such indemnification
         shall be made as soon as practicable, but in any event not later
         than thirty (30) days, after written demand therefor is presented
         to the Company by or on behalf of the Indemnitee.

                  (b) Indemnification and Advance Payment of Expenses. Any
         and all Expenses and any and all expenses referred to in Section
         2(c) shall be paid by the Company promptly as they are incurred by
         Indemnitee (any such payment of expenses by the Company is
         hereinafter referred to as an "Expense Advance"). Indemnitee shall
         be obligated, and hereby agrees, to repay the amount of Expenses so
         paid in the event that Indemnitee shall have been adjudged to be
         liable to the Company, unless and only to the extent that the
         Delaware Court of Chancery or the court in which such action or
         suit was brought shall determine upon application that, despite the
         adjudication of liability but in view of all the circumstances of
         the case, such person is fairly and reasonably entitled to
         indemnity for such expenses which the Delaware Court of Chancery or
         such other court shall deem proper. Indemnitee hereby further
         agrees to cooperate reasonably with the Company concerning any
         Claim.

                  (c) Indemnification for Additional Expenses. The Company
         shall indemnify Indemnitee against any and all expenses (including
         attorneys' fees) that are incurred by Indemnitee in connection with
         any claim asserted against or action brought by Indemnitee for
         (i) indemnification of Expenses or Judgments or advance payment of
         Expenses by the Company under this Agreement or under any other
         agreement, the Company's Certificate of Incorporation, statute or
         rule of law now or hereafter in effect relating to Claims for
         Indemnifiable Events and (ii) recovery under any directors' and
         officers' liability insurance policy or policies maintained by the
         Company, regardless of whether Indemnitee ultimately is determined
         to be entitled to such indemnification, advance expense payment or
         insurance recovery, as the case may be.

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                  (d) Partial Indemnity. If Indemnitee is entitled under any
         provision of this Agreement to indemnification by the Company for
         some or a portion of the Judgments and Expenses arising from or
         relating to a Claim but not, however, for all of the total amount
         thereof, the Company shall nevertheless indemnify Indemnitee for
         the portion thereof to which Indemnitee is entitled.

                  (e) Indemnification of Successful Defense Expenses.
         Notwithstanding any other provision of this Agreement, to the
         extent that Indemnitee has been successful on the merits or
         otherwise in defense of any or all Claims relating in whole or in
         part to an Indemnifiable Event or in defense of any issue or matter
         therein, including dismissal without prejudice, Indemnitee shall be
         indemnified against all Expenses incurred in connection therewith.

         3.       Reviewing Party Determinations.

                  (a) General Rules. Notwithstanding the provisions of
         Section 2, the obligations of the Company under Section 2(a) shall
         be subject to the condition that the Reviewing Party shall not have
         determined (in a written opinion, in any case in which the special,
         independent counsel referred to in Section 4 hereof is involved)
         that Indemnitee would not be permitted to be indemnified under
         applicable law; provided, however, that if Indemnitee has commenced
         legal proceedings in a court of competent jurisdiction to secure a
         determination that Indemnitee should be indemnified under
         applicable law, any determination made by the Reviewing Party that
         Indemnitee would not be permitted to be indemnified under
         applicable law shall not be binding until a final judicial
         determination is made with respect thereto (as to which all rights
         of appeal therefrom have been exhausted or lapsed) and any such
         determination by the Reviewing Party shall be modified, to the
         extent necessary, to conform to such final judicial determination.

                  (b) Selection of Reviewing Party. If there has not been a
         Change in Control, the Reviewing Party shall be selected by the
         Board of Directors. If there has been such a Change in Control, the
         Reviewing Party shall be the special, independent counsel referred
         to in Section 4 hereof.

                  (c) Judicial Review. If there has been no determination by
         the Reviewing Party or if the Reviewing Party determines that
         Indemnitee substantially would not be permitted to be indemnified
         in whole or in part under applicable law, Indemnitee shall have the
         right to commence litigation in any court in the State of Delaware
         having subject matter jurisdiction thereof and in which venue is
         proper seeking an initial determination by the court or challenging
         any such determination by the Reviewing Party or any aspect
         thereof, and the Company hereby consents to service of process and
         to appear in any such proceeding. Any determination by the
         Reviewing Party otherwise shall be conclusive and binding on the
         Company and Indemnitee.

                  (d) Burden of Proof. In connection with any determination
         by the Reviewing Party pursuant to Section 3(a), or by a court of
         competent jurisdiction pursuant to Section 3(c) or otherwise, as to
         whether Indemnitee is entitled to be indemnified hereunder, the
         burden of proof shall be on the Company to establish by clear and
         convincing evidence that Indemnitee is not so entitled.

         4.       Change in Control. The Company agrees that if there is a
Change in Control of the Company then with respect to all matters thereafter
arising concerning the rights of Indemnitee to indemnity payments under this
Agreement or under any other agreement, the Company's Certificate of
Incorporation, statute or rule of law now or hereafter in effect relating to
Claims for Indemnifiable Events, the Company shall seek legal advice only
from special, independent counsel selected by Indemnitee and approved by the
Company (which approval shall not be unreasonably withheld), and who has not
otherwise performed services for the Company or Indemnitee within the last
five years (other than in connection with such matters); provided, however,
a majority of the Company's Board of Directors, which majority were
directors immediately prior to such Change in Control, may waive this
requirement. The Company agrees to pay the reasonable fees of the special,
independent counsel referred to above and to indemnify fully such counsel
against any and all expenses (including attorneys' fees), claims,
liabilities and damages arising out of or relating to this Agreement or its
engagement pursuant hereto.

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         5.       No Presumption. For purposes of this Agreement, the
termination of any claim, action, suit or proceeding, by judgment, order,
settlement (whether with or without court approval) or conviction, or upon a
plea of nolo contendere, or its equivalent, shall not create a presumption
that Indemnitee did not meet any particular standard of conduct or have any
particular belief or that a court has determined that indemnification is not
permitted by applicable law.

         6.       Nonexclusivity. The rights of the Indemnitee hereunder
shall be in addition to any other rights Indemnitee may now or hereafter
have to indemnification by the Company. More specifically, the Parties
intend that Indemnitee shall be entitled to indemnification to the maximum
extent permitted by any or all of the following:

                  (a) The fullest benefits provided by the Company's
         Certificate of Incorporation in effect on the date hereof, a copy
         of the relevant portions of which are attached hereto as Exhibit A;

                  (b) The fullest benefits provided by the Company's
         Certificate of Incorporation and Bylaws or their equivalent of the
         Company in effect at the time the Indemnifiable Event occurs or at
         the time Expenses are incurred by Indemnitee;

                  (c) The fullest benefits allowable under Delaware law in
         effect at the date hereof or as the same may be amended to the
         extent that such benefits are increased thereby;

                  (d) The fullest benefits allowable under the law of the
         jurisdiction under which the Company exists at the time the
         Indemnifiable Event occurs or at the time Expenses are incurred by
         the Indemnitee; and

                  (e) Such other benefits as are or may be otherwise
         available to Indemnitee pursuant to this Agreement, any other
         agreement or otherwise.

         The parties intend that combination of two or more of the benefits
referred to in (a) through (e) shall be available to Indemnitee to the
extent that the document or law providing for such benefits does not require
that the benefits provided therein be exclusive of other benefits. The
Company hereby undertakes to use its best efforts to assist Indemnitee, in
all proper and legal ways, to obtain all such benefits to which Indemnitee
is entitled.

         7.       Liability Insurance. The rights of the Indemnitee
hereunder shall also be in addition to any other rights Indemnitee may now
or hereafter have under policies of insurance maintained by the Company or
otherwise. To the extent the Company maintains an insurance policy or
policies providing directors' and officers' liability insurance, Indemnitee
shall be covered by such policy or policies, in accordance with its or their
terms, to the maximum extent of the coverage available for any Company
director, officer or representative.

         The Company shall maintain such insurance coverage for so long as
Indemnitee's services are covered hereunder, provided and to the extent that
such insurance is available on a basis acceptable to the Company. In the
event that such insurance becomes unavailable in the amount of the present
policy limits or in the present scope of coverage at premium costs and on
other terms acceptable to the Company, then the Company may forego
maintenance of all or a portion of such insurance coverage. However, in the
event of any reduction in (or cancellation of) such insurance coverage
(whether voluntary or involuntary), the Company shall, and hereby agrees to,
stand as a self-insurer with respect to the coverage, or portion thereof,
not retained, and shall indemnify the Indemnitee against any loss arising
out of the reduction in or cancellation of such insurance coverage.

         8.       Period of Limitations. No legal action shall be brought
and no cause of action shall be asserted by or on behalf of the Company or
any affiliate of the Company against Indemnitee, Indemnitee's spouse, heirs,
executors or personal or legal representatives after the expiration of two
years from the date of accrual of such cause of action, and any claim or
cause of action of the Company or its affiliate shall be extinguished and
deemed released unless asserted by the timely filing of legal action within
such two-year period; provided, however, that if any shorter period of
limitations is otherwise applicable to any such cause of action, such
shorter period shall govern.

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         9.       Amendments. No supplement, modification or amendment of
this Agreement shall be binding unless executed in writing by both of the
parties hereto. No waiver of any of the provisions of this Agreement shall
be deemed or shall constitute a waiver of any other provisions thereof
(whether or not similar) nor shall such waiver constitute a continuing
waiver.

         10.      Subrogation. In the event of payment under this
Agreement, the Company shall be subrogated to the extent of such payment to
all of the rights of recovery of Indemnitee, who shall execute all papers
required and shall do everything that may be necessary to secure such
rights, including the execution of such documents necessary to enable the
Company effectively to bring suit to enforce such rights.

         11.      No Duplication of Payments. The Company shall not be
liable under this Agreement to make any payment in connection with any claim
made against Indemnitee to the extent Indemnitee has otherwise actually
received payment (under any insurance policy, article or otherwise) of the
amounts otherwise indemnifiable hereunder.

         12.      Binding Effect. This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their
respective successors, assigns, including any direct or indirect successor
by purchase, merger, consolidation or otherwise to all or substantially all
of the business and/or assets of the Company, spouses, heirs, and personal
and legal representatives. This Agreement shall continue in effect
regardless of whether Indemnitee continues to serve as a director, officer
or representative of the Company or any other enterprise at the Company's
request.

         13.      Severability. The provisions of this Agreement shall be
severable in the event that any of the provisions hereof (including any
provision within a single section, paragraph or sentence) are held by a
court of competent jurisdiction to be invalid, void or otherwise
unenforceable, and the remaining provisions shall remain enforceable to the
fullest extent permitted by law.

         14.      Governing Law. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Delaware
applicable to contracts made and to be performed in such state without
giving effect to the principles of conflicts of laws.

         Executed and effective as of this          day of             2002.
                                           --------        ------------

                                       GARDNER DENVER, INC.

                                       By:
                                            --------------------------------
                                       Name:   Ross J. Centanni
                                       Title:  Chairman, President and
                                               Chief Executive Officer

                                       INDEMNITEE:

                                       -------------------------------------
                                       Name:
                                       Title:

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                                                         Exhibit 10.12

                            GARDNER DENVER, INC.

                    LONG-TERM CASH BONUS AWARD AGREEMENT
                          LONG-TERM INCENTIVE PLAN

         THIS LONG-TERM CASH BONUS AWARD AGREEMENT ("Agreement"), made
effective as of the Grant Date (as defined in paragraph 1), by and between
                 (hereinafter the "Participant") and Gardner Denver, Inc.
----------------
(hereinafter the "Company");

                              WITNESSETH THAT:

         WHEREAS, the Company maintains the Long-Term Incentive Plan (the
"Plan") and the Participant has been selected by the committee administering
the Plan (the "Committee") to receive a Long-Term Cash Bonus Award ("Award")
under the Plan:

         NOW, THEREFORE, IT IS AGREED, by and between the Company and the
Participant, as follows:

         1.       Benefits. Participant shall be eligible to receive any and
                  --------
all benefits to which he is entitled to receive for the Long Term Cash Bonus
Award under the terms and subject to the conditions of the Plan, as amended
from time to time, which terms and conditions are hereby made a part hereof
and are incorporated herein by reference. In the event of any inconsistency
or conflict between the terms of the Plan and those of this Award Agreement,
the terms of the Plan shall prevail. Terms which are not specifically
defined herein shall have the meanings ascribed to them in the Plan.

         2.       Terms of Award. The following terms used in this Agreement
                  --------------
shall have the meanings set forth below:

                  (a)      Grant Date.  The "Grant Date" is                 .
                           ----------                       ----------------

                  (b)      Performance Period. The "Performance Period" is
                           ------------------
the period beginning on the Grant Date and ending on the third anniversary
of the Grant Date.

                  (c)      Base Salary Factor. The "Base Salary Factor" to
                           ------------------
be used in calculating the Participant's Award granted hereunder by
application to the Participant's Base Salary in effect as of the end of the
Performance Period, is              .
                       -------------

                  (d)      Performance Targets. The "Performance Targets"
                           -------------------
which must be met by the end of the Performance Period in order for the
Participant to receive an Award hereunder are the following percentage
increases in the compound growth rate of earnings before taxes for the
Company's industrial businesses (i.e., excluding petroleum products) (the
"Earnings Growth Rate"):

      Threshold Performance      Target Performance      Maximum Performance
               8%                       10%                      12%

                                   - 1 -

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                  (e)      Payment Opportunity. The Participant's "Payment
                           -------------------
Opportunity" is determined by the extent to which the Performance Targets
set forth in this paragraph 1(d) are met by the end of the Performance
Period in accordance with the following table:

                  Performance Target Achieved          Payment Opportunity
                  ---------------------------          -------------------

                  Threshold Performance                        50%
                  Target Performance                          100%
                  Maximum Performance                         150%

The Payment Opportunity for an Earnings Growth Rate occurring between stated
Performance Targets at the end of any Performance Period shall be determined
through simple interpolation. An Earnings Growth Rate below the Threshold
Performance in any Performance Period will result in no Award payment for
that Performance Period.

                  (f)      Date of Termination. The Participant's "Date of
                           -------------------
Termination" shall be the first day occurring on or after the Grant Date on
which the Participant is no longer employed by the Company or any Subsidiary
or Affiliate of the Company, regardless of the reason for the termination of
employment; provided that a termination of employment shall not be deemed to
occur by reason of a transfer of the Participant between the Company and a
Subsidiary or between two Subsidiaries. All determinations regarding
employment shall be made by the Committee.

                  (g)      Target Performance. Target Performance means the
                           -------------------
Earnings Growth Rate Performance Target for the Performance Period, the
attainment of which is necessary for the payment of a 100% Payment
Opportunity.

                  (h)      Threshold Performance. Threshold Performance
                           ---------------------
means the Earnings Growth Rate Performance Target for the Performance
Period, the attainment of which is necessary for the payment of a 50%
Payment Opportunity and for the payment of any Award at the conclusion of a
Performance Period.

                  (i)      Maximum Performance. Maximum Performance means
                           -------------------
the Earnings Growth Rate Performance Target for the Performance Period, the
attainment of which is necessary for the payment of a 150% Payment
Opportunity.

         3.       Award. The Participant is hereby awarded a Long-Term Cash
                  -----
Bonus Award under the Plan in an amount to be determined in accordance with
the terms set forth in paragraph 2 above, subject to the achievement of the
Performance Targets set forth therein. The Committee shall compute the
specific amount of Long-Term Cash Bonus Award payable to the Participant
hereunder by applying the Base Salary Factor set forth above to the
Participant's Base Salary in effect as of the end of the Performance Period
and multiplying that product by the applicable payment opportunity as of the
end of the Performance Period in accordance with the following formula:

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          Payment Opportunity X (Base Salary Factor X Base Salary)

In the event the Award calculated in accordance with the provisions of
paragraph 2 above exceeds the maximum Award permissible under the terms of
the Plan, then such Award shall automatically be reduced to the maximum
permitted under the terms of the Plan.

         4.       Payment. Unless the Participant's Date of Termination
                  -------
occurs during the Performance Period, then, as soon as practicable following
the end of the Performance Period, the Participant shall be paid in a lump
sum in either cash or Restricted Stock, at the sole and absolute discretion
of the Committee, an Award calculated in accordance with the terms and
methodology set forth in paragraph 2 hereof. In the event the Participant's
Date of Termination occurs prior to the end of the Performance Period for
any reason other than death, Disability, or Retirement, the Award granted
hereunder, if any, shall be forfeited as of the Date of Termination, unless
the Committee determines otherwise in its sole and absolute discretion. In
the event the Participant's Date of Termination occurs prior to the end of
the Performance Period due to the Participant's death, Disability, or
Retirement, then the Participant shall receive a pro-rata payment of the
Award payable hereunder, if any, at the end of the Performance Period, based
on the portion of the Performance Period elapsed as of the Date of
Termination and the achievement of the Performance Targets as of the end of
the Performance Period unless the Committee determines otherwise in its role
and absolute discretion.

         5.       Assignment and Transfer. Participant shall not sell,
                  -----------------------
transfer, assign, hypothecate, pledge, grant a security interest in, or in
any other way alienate any Award granted hereunder, or any interest or right
therein, except by will or the laws of descent and distribution, and any
such attempted transfer, assignment, hypothecation, pledge or grant of a
security interest shall be null and void and of no legal force or effect.

         6.       Acceleration of Payment Upon Change of Control. In the
                  ----------------------------------------------
event of a Change of Control, the Award granted hereunder shall be deemed to
have been earned in full at the Target Payment Opportunity set forth in
paragraph 2(e) above and shall be immediately payable to the Participant in
a lump sum in cash.

         7.       Withholding. All payments and distributions under this
                  -----------
Agreement are subject to withholding of all applicable taxes.

         8.       Miscellaneous. This Agreement contains the entire
                  -------------
agreement of the parties with respect to its subject matter. This Agreement
shall be binding upon and inure to the benefit of the respective parties,
the successors and assigns of the Company, and the heirs and personal
representatives of the Participant.

         9.       Governing Law. This Agreement shall be governed by and
                  -------------
construed and enforced in accordance with the laws of the State of Illinois
without reference to its principles of conflict of laws.

                                   - 3 -

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         10.      Heirs and Successors. This Agreement shall be binding
                  --------------------
upon, and inure to the benefit of, the Company and its successors and
assigns, and upon any person acquiring, whether by merger, consolidation,
purchase of assets or otherwise, all or substantially all of the Company's
assets and business. If any rights exercisable by the Participant or
benefits deliverable to the Participant under this Agreement have not been
exercised or delivered, respectively, at the time of the Participant's
death, such rights shall be exercisable by the Designated Beneficiary, and
such benefits shall be delivered to the Designated Beneficiary, in
accordance with the provisions of this Agreement and the Plan. The
"Designated Beneficiary" shall be the beneficiary or beneficiaries
designated by the Participant in a writing filed with the Committee in such
form and at such time as the Committee shall require. If a deceased
Participant fails to designate a beneficiary, or if the Designated
Beneficiary does not survive the Participant, any benefits distributable to
the Participant hereunder shall be distributed to the legal representative
or the estate of the Participant. If a deceased Participant designates a
beneficiary but the Designated Beneficiary dies before the complete
distribution of benefits to the Designated Beneficiary under this Agreement,
then any benefits that would have been distributed to the Designated
Beneficiary shall be distributed to the legal representative or the estate
of the Designated Beneficiary.

         11.      Administration. The authority to manage and control the
                  --------------
operation and administration of this Agreement shall be vested in the
Committee, and the Committee shall have all powers with respect to this
Agreement as it has with respect to the Plan. Any interpretation of the
Agreement by the Committee and any decision made by it with respect to the
Agreement is final and binding on all persons.

         12.      Not an Employment Contract. This Agreement will not
                  --------------------------
confer on the Participant any right with respect to continuance of
employment or other service with the Company or any Subsidiary, nor will it
interfere in any way with any right the Company or any Subsidiary would
otherwise have to terminate or modify the terms of such Participant's
employment or other service at any time.

         13.      Amendment. This Agreement may be amended by written
                  ---------
agreement of the Participant and the Company, without the consent of any
other person.

         14.      Entire Agreement. This Agreement sets forth the entire
                  ----------------
agreement, and supersedes all other agreements and understandings, whether
oral or written, by and between the parties relating to the subject matter
hereof.

         IN WITNESS WHEREOF, the Participant has executed this Agreement,
and the Company has caused these presents to be executed in its name and on
its behalf, all as of the Grant Date.

                                          Participant

                                          ----------------------------------

                                          Gardner Denver, Inc.

                                          By:
                                             -------------------------------

                                          Its:
                                              ------------------------------

                                   - 4 -

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