Document:

exv10w3

 

Exhibit 10.3

	 	 	 
	 

	 	Gardner Denver, Inc.
	 

	 	Nonstatutory Stock Option Agreement

									
	 
	RECIPIENT:
	 	SHARES:
	 	PURCHASE
	 	GRANT DATE:
	 	 EXPIRATION
	 
	 	 	 	PRICE:
	 	 	 	DATE:
	 
	 	 	 	 	 	 	 	 

This Agreement is made between Gardner Denver, Inc., a Delaware corporation, having its principal
executive office in Quincy, Illinois (the “Company”), and the undersigned, an employee of the
Company or a subsidiary of the Company (the “Employee”).

The parties have agreed as follows:

	1.	 	Pursuant to the Gardner Denver, Inc. Long-Term Incentive Plan, as amended, (the “Plan”), the
Company grants to the Employee a nonstatutory option to purchase the number of shares of the
Company’s common stock, par value $0.01 per share (the “Shares”), specified above, at the
price specified above, subject to the following conditions:

	 	(a)	 	Subject to Sections 2 and 3, the option rights shall be exercisable only if and
after the Employee shall have remained in the employ of the Company for one year from
the date of grant of this option (the “Grant Date”), at which time such rights shall
become exercisable to the extent of 33 1/3% of the aggregate number of Shares specified
above, which percentage shall increase to 66 2/3% of such number after two years from
the Grant Date and 100% of such number after three years from the Grant Date.
	 
	 	(b)	 	Subject to Sections 2, 3 and 7, the option rights shall be exercisable only by
the Employee and only if the Employee has remained continuously in the employ of the
Company from the Grant Date.
	 
	 	(c)	 	The option rights shall expire at the Expiration Date specified above, or at such
earlier time as may be provided by Section 2, 3 or 14, or by cash payments made in
complete or partial cancellation pursuant to Section 9, and such option rights shall not
be exercisable after such expiration.

	2.	 	Option rights shall terminate if the Employee shall cease to be employed by the Company, as
follows:

	 	(a)	 	If such cessation of employment is occasioned by any reason other than
retirement, disability or death, the option rights shall terminate immediately;
	 
	 	(b)	 	If such cessation of employment is occasioned by retirement in accordance with
any retirement plan of the Company then in effect, then the Employee at any time within
five years following such retirement (but not after the Expiration Date) may exercise
the option rights to the extent of 100% of the Shares covered by this option
(notwithstanding the extent to which the Employee otherwise was entitled to exercise the
same immediately prior to such retirement); and
	 
	 	(c)	 	If such cessation of employment is occasioned by the Employee’s disability, then
the Employee at any time within five years following such cessation of employment (but
not after the Expiration Date) may exercise the option rights to the extent of 100% of
the Shares covered by this option (notwithstanding the extent to which the Employee
otherwise was entitled to exercise the same immediately prior to such cessation of
employment).

	3.	 	If the Employee shall die while in the employ of the Company or shall die within the
five-year period during which the option rights may be exercised following retirement or
disability, then within the year next succeeding the Employee’s death (but not after the
Expiration Date), the person entitled by will or the applicable laws of descent and
distribution may exercise the option rights to the extent of 100% of the Shares covered by
this option (notwithstanding the extent to which the Employee otherwise was entitled to
exercise the same immediately prior to death).

	4.	 	This option may be exercised by delivering to the Company at its principal executive office
(directed to the attention of the Corporate Secretary, or if the Corporate Secretary is the
employee concerned, then to the attention of the President or a Vice President) a written
notice, signed by the Employee or a person entitled to exercise the option, as the case may
be, of the election to exercise the option and stating the number of Shares in respect of
which it is then being exercised. The option shall be deemed exercised as of the date the
Company receives such notice. As an essential part of such notice, it shall be accompanied by
(a) payment of the full purchase price of the Shares then being purchased and (b)
satisfaction, or agreement with the Company as to the manner of satisfaction, of any taxes
required by law to be withheld due to the exercise of the option, including an exercise by a
transferee to whom the Employee has transferred the option in accordance with Section 7. In
the event the option shall be exercised by any person other than the Employee, such notice
shall be accompanied by appropriate evidence of the right of such person to exercise the
option. Payment of the full purchase price may be made in (a) cash, (b) Shares, or (c) any
combination of cash and Shares, provided that any Shares used by the Employee in payment of
the purchase price must have been held by the Employee for a period of more than six months,
and provided further that the Company reserves the right to prohibit the use of Shares as
payment of the purchase price. Shares used in payment of the purchase price shall be valued
at the closing price of such Shares on the composite tape of the New York Stock Exchange or as
reported in the consolidated transaction reporting system for the date of exercise. Upon the
proper exercise of the option, the Company shall issue in the name of the person exercising
the option, and
deliver to such person, a certificate or certificates for the Shares purchased, or shall
otherwise properly evidence the purchase of such Shares in the Company’s stock records. The
Employee shall have no rights as a stockholder in respect of any Shares as to which the
option shall not have been effectively exercised as provided in this Agreement.

 

 

	5.	 	This option shall not be exercisable if such exercise would violate (a) any applicable
requirement under the Securities Act of 1933, as amended (the “Act”), the Securities Exchange
Act of 1934, as amended, or the listing requirements of any stock exchange; (b) any applicable
state securities law; or (c) any other applicable legal requirement. Furthermore, if a
registration statement with respect to the Shares to be issued upon the exercise of this
option is not in effect or if counsel for the Company deems it necessary or desirable in order
to avoid possible violation of the Act, the Company may require, as a condition to its
issuance of the Shares, the delivery to the Company of a commitment in writing by the person
exercising the option that at the time of such exercise it is the person’s intention to
acquire such Shares for the person’s own account for investment only and not with a view to,
or for resale in connection with, the distribution of such Shares, that such person
understands that the Shares may be “restricted securities” as defined in Rule 144 issued under
the Act, and that any resale, transfer or other disposition of the Shares will be accomplished
only in compliance with Rule 144, the Act, or other or subsequent applicable rules and
regulations under the Act. The Company may place on the certificates evidencing such Shares
an appropriate legend reflecting such commitment and the Company may refuse to permit transfer
of such Shares until it has been furnished evidence satisfactory to it that no violation of
the Act or the applicable rules and regulations would be involved in such transfer.

	6.	 	The Employee acknowledges that this option has been granted in anticipation of future
services being rendered by the Employee to the Company. In consideration of the granting of
this option by the Company, the Employee agrees to remain in the employ of the Company for a
period of not less than one year from the Grant Date unless during that period the Employee’s
employment ceases on account of disability, retirement in accordance with a retirement plan of
the Company, or with the consent of the Company. Nothing contained in this Agreement shall
limit or restrict any right the Company would otherwise have to terminate the employment of
the Employee.

	7.	 	This option may not be assigned, encumbered or transferred except, in the event of the death
of a Participant by will or by the laws of descent and distribution. The Employee shall have
the right, subject to the provisions of this Section 7, to transfer all or any portion of the
option granted under this Agreement (or an amendment thereto), for estate planning purposes,
to (a) the Employee’s spouse, children, grandchildren, parents, siblings, stepchildren,
stepgrandchildren or in-laws (“Family Members”), (b) entities that are exclusively
family-related, including trusts for the exclusive benefit of Family Members and limited
partnerships or limited liability companies in which Family Members are the only partners or
members, or (c) such other persons or entities specifically approved by the Committee of the
Board of Directors that administers the Plan (the “Committee”). The terms and conditions
applicable to the transfer of any such stock options or portion of an option transferred by
the Employee shall be established by the Committee, in its discretion but in accordance with
this Section 7 shall remain subject to the same terms and conditions as were applicable
immediately prior to the transfer, including those provisions regarding exercisability of the
option following the cessation of employment of the Employee by the Company and the death of
the Employee, except that no transferee may further transfer an option or portion of an option
transferred by the Employee in accordance with this Section 7, other than by will or the laws
of descent and distribution. In order to effect a transfer in accordance with this Section 7,
the Employee shall deliver to the Company (in the manner set forth in Section 4) a Notice of
Transfer of Option substantially in the form attached to this Agreement.

	8.	 	The Company and Employee agree that any claim, dispute or controversy arising under or in
connection with this Agreement (including, without limitation, any such claim, dispute or
controversy arising under any federal, state or local statute, regulation or ordinance or any
of the Company’s employee benefit plans, policies or programs) shall be resolved solely and
exclusively by binding arbitration. The arbitration shall be held in the city of St. Louis (or
at such other location as shall be mutually agreed by the parties). The arbitration shall be
conducted in accordance with the Expedited Employment Arbitration Rules (the “Rules”) of the
American Arbitration Association (the “AAA”) in effect at the time of the arbitration, except
that the arbitrator shall be selected by alternatively striking from a list of five
arbitrators supplied by the AAA. All fees and expenses of the arbitration, including a
transcript if either requests, shall be borne equally by the parties. If Employee prevails as
to any material issue presented to the arbitrator, the entire cost of such proceedings
(including, without limitation, Employee’s reasonable attorneys’ fees) shall be borne by the
Company. If Employee does not prevail as to any material issue, each party will pay for the
fees and expenses of its own attorneys, experts, witnesses, and preparation and presentation
of proofs and post-hearing briefs (unless the party prevails on a claim for which attorney’s
fees are recoverable under the Rules). Any action to enforce or vacate the arbitrator’s award
shall be governed by the Federal Arbitration Act, if applicable, and otherwise by applicable
state law. If either the Company or Employee pursues any claim, dispute or controversy against
the other in a proceeding other than the arbitration provided for herein, the responding party
shall be entitled to dismissal or injunctive relief regarding such action and recovery of all
costs, losses and attorney’s fees related to such action. Notwithstanding the provisions of
this paragraph, either party may seek injunctive relief in a court of competent jurisdiction,
whether or not the case is then pending before the panel of arbitrators. Following the
court’s determination of the injunction issue, the case shall continue in arbitration as
provided herein.

	9.	 	If a Change of Control occurs during the term of this Agreement, any stock option which is
not exercisable in full shall be entitled, in lieu of the exercise of the portion of the stock
option which is not exercisable, to obtain a cash payment in an amount equal to the difference
between the option price of such stock option to be determined pursuant to Section 21 of the
Plan..

	10.	 	For purposes of this Agreement, employment by a parent or subsidiary of or a successor to the
Company shall be considered to be employment by the Company.

	11.	 	The Committee shall have authority, subject to the express provisions of the Plan, to
construe this Agreement and the Plan, to establish, amend and rescind rules and regulations
relating to the Plan, and to make all other determinations in the judgment of the Committee
necessary or desirable for the administration of the Plan. The Committee may correct any
defect or supply any omission
or reconcile any inconsistency in the Plan or in this Agreement in the manner and to the
extent it shall deem expedient to carry the Plan into effect. All action by the Committee
under the provisions of this paragraph shall be conclusive for all purposes.

 

 

	12.	 	The Employee agrees to notify the Company promptly of the disposition, whether by sale,
exchange or otherwise, of any Shares acquired pursuant to the exercise of this
option if such disposition occurs within one year from the acquisition of the Shares. Such
notice shall state the date and manner of disposition and the proceeds, if any, received by
the Employee.

	13.	 	This Agreement and the option granted under this Agreement shall be subject to all of the
provisions of the Plan as are in effect from time to time, which provisions of the Plan shall
govern if there is any inconsistency between this Agreement and the Plan.

	14.	 	The Committee in its sole discretion, may require the Employee to forfeit immediately,
without consideration from the Company, any portion of the option (including the right to
purchase the underlying shares of Common Stock relating to such portion) which was not
exercised prior to any of the following events: (a) the Employee, as individual or as a
partner, employee, agent, advisor, consultant or in any other capacity of or to any person,
firm, corporation or other entity, directly or indirectly, carries on any business, or becomes
involved in any business activity, competitive with the Company or any subsidiary, in
violation of the Company’s Code of Ethics and Business Conduct (CP-10-002); (b) the Employee
solicits or entices any other employee of the Company or its affiliates to leave the Company
or its affiliates to go to work for any other business or organization which is in direct or
indirect competition with the Company or any of its affiliates, or requests or advises a
customer or client of the Company or its affiliates to curtail or cancel such customer’s
business relationship with the Company or its affiliates; or (c) the Employee fails to abide
by the contractual terms of the Employee Nondisclosure Agreement and/or Invention Assignment
Agreement, as applicable, which were executed in accordance with the Company’s Security of
Confidential and Proprietary Information Policy (CP-10-013) during the Employee’s employment
with the Company; or (c) the Employee solicits.

	15.	 	The community interest, if any, of any spouse of the Employee in any of the Options shall be
subject to all of the terms, conditions and restrictions of this Agreement and the Plan, and
shall be forfeited and surrendered to the Company upon the occurrence of any of the events
requiring the Employee’s interest in such Options to be so forfeited and surrendered pursuant
to this Agreement.

	16.	 	This Agreement shall be governed by and construed and enforced in accordance with the laws of
the State of Delaware without reference to its principles of conflict of laws.

	17.	 	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.

By your signature and the Company’s signature below, you and the Company agree that these options
are granted under and governed by the terms and conditions of the Company’s Long-Term Incentive
Plan as amended and the Incentive Stock Option Agreement.

THE EMPLOYEE ACKNOWLEDGES AND AGREES THAT THE OPTIONS SUBJECT TO THIS OPTION AWARD SHALL VEST AND
BECOME EXERSIZABLE, IF AT ALL, ONLY DURING THE PERIOD OF EMPLOYEE’S SERVICE TO THE COMPANY OR AS
OTHERWISE PROVIDED IN THIS AGREEMENT (NOT THROUGH THE ACT OF BEING GRANTED THE OPTIONS). THE
EMPLOYEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT OR THE PLAN SHALL CONFER
UPON EMPLOYEE ANY RIGHT WITH RESPECT TO FUTURE OPTION AWARDS OR CONTINUATION OF EMPLOYEE’S SERVICE
TO THE COMPANY. The Employee acknowledges receipt of a copy of the Plan, represents that he or she
is familiar with the terms and provisions thereof, and hereby accepts the Option Award subject to
all of the terms and provisions hereof and thereof, including the mandatory Dispute Resolution
Procedure. The Employee has reviewed this Agreement and the Plan in their entirety, has had an
opportunity to obtain the advice of counsel prior to executing this Agreement, and fully
understands all provisions of this Agreement and the Plan.

	 	 	 	 	 	 	 
	 	 	GARDNER DENVER, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 
	 

	 	Signed:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Dated:exv10w4

 

Exhibit 10.4

	 	 	 
	 

	 	Gardner Denver, Inc.
Restricted Stock Units Agreement

									
	 	 	 	 	 	 	 	 	 
	RECIPIENT:
	 	RS UNITS:
	 	GRANT DATE:
	 	VEST DATE:
	 	EXPIRATION DATE:
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 

This Agreement is made between Gardner Denver, Inc., a Delaware corporation, having its principal
executive office in Quincy, Illinois (the “Company”), and the undersigned, an employee of the
Company or a subsidiary of the Company (the “Employee”).

WITNESSETH:

     WHEREAS, the Management Development and Compensation Committee of the Board of Directors of
the Company (the “Committee”) desires to benefit the Company by increasing motivation on the part
of the Employee, who is materially important to the Company, by creating an incentive to remain as
an employee of the Company and to work to the very best of the Employee’s abilities; and

     WHEREAS, to further this purpose, the Company desires to make an Award of restricted stock
units to the Employee under the terms of the Gardner Denver, Inc. Long-Term Incentive Plan, as
amended and restated (the “Plan”); and

     WHEREAS, pursuant to official action of the Committee on                     , 200                     (the “Date of
Award”), the Company undertook to grant the Award contemplated by this Agreement to the Employee.

     NOW, THEREFORE, in consideration of the premises, and of the mutual agreements hereinafter set
forth, it is covenanted and agreed as follows:

1. Grant of Restricted Stock Units. Pursuant to the terms of the Plan the Employee is
hereby awarded restricted stock units covering
                     shares of the Common Stock (the “RS
Units”). On any day, the value of an RS Unit shall equal the Fair Market Value of one share of
Common Stock. All of the RS Units shall be subject to the prohibition on the transfer of the RS
Units and the obligations to forfeit the RS Units to the Company as set forth in Section 4
paragraph (c) of this Agreement.

2. Effect of the Plan. The RS Units awarded to the Employee are subject to all of the
terms and conditions of the Plan, which terms and conditions are incorporated herein for all
purposes, and of this Agreement together with all rules and determinations from time to time issued
by the Committee and by the Board pursuant to the Plan. The Company hereby reserves the right to
amend, modify, restate, supplement or terminate the Plan without the consent of the Employee, so
long as such amendment, modification, restatement or supplement shall not materially reduce the
rights and benefits available to the Employee hereunder, and this Award shall be subject, without
further action by the Company or the Employee, to such amendment, modification, restatement or
supplement unless provided otherwise therein. Capitalized terms used but not defined in this
Agreement shall have the meanings ascribed to such terms in the Plan.

3. Vesting of RS Units. Except as otherwise provided in Section 4 of this Agreement, the
RS Units shall vest pursuant to the provisions of paragraph (d) of Section 4 of this Agreement, on
the third anniversary of the Date of Award.

4. Restrictions. The Employee hereby accepts the Award of the RS Units and agrees with
respect thereto as follows:

     (a) No Transfer. Unless otherwise determined by the Committee and provided in this Agreement
or the Plan, the RS Units shall not be sold, assigned, pledged, exchanged, hypothecated or
otherwise transferred except by will or the laws of descent and distribution. Any attempted
assignment of an RS Unit in violation of this Agreement shall be null and void. The Company shall
not be required to honor the transfer of any RS Units that have been sold or otherwise transferred
in violation of any of the provisions of this Agreement or the Plan.

     (b) Arbitration. The Company and Employee agree that any claim, dispute or controversy
arising under or in connection with this Agreement (including, without limitation, any such claim,
dispute or controversy arising under any federal, state or local statute, regulation or ordinance
or any of the Company’s employee benefit plans, policies or programs) shall be resolved solely and
exclusively by binding arbitration. The arbitration shall be held in the city of St. Louis (or at
such other location as shall be mutually agreed by the parties). The arbitration shall be conducted
in accordance with the Expedited Employment Arbitration Rules (the “Rules”) of the American
Arbitration Association (the “AAA”) in effect at the time of the arbitration, except that the
arbitrator shall be selected by alternatively striking from a list of five arbitrators supplied by
the AAA. All fees and expenses of the arbitration, including a transcript if either requests, shall
be borne equally by the parties. If Employee prevails as to any material issue presented to the
arbitrator, the entire cost of such proceedings (including, without limitation, Employee’s
reasonable attorneys’ fees) shall be borne by the Company. If Employee does not prevail as to any
material issue, each party will pay for the fees and expenses of its own attorneys, experts,
witnesses, and preparation and presentation of proofs and post-hearing briefs (unless the party
prevails on a claim for which attorney’s fees are recoverable under the Rules). Any action to
enforce or vacate the arbitrator’s award shall be governed by the Federal Arbitration Act, if
applicable, and otherwise by applicable state law. If either the Company or Employee pursues any
claim, dispute or controversy against the other in a proceeding other than the arbitration provided
for herein, the responding party

 

 

shall be entitled to dismissal or injunctive relief regarding such
action and recovery of all costs, losses and attorney’s fees related to such action.
Notwithstanding the provisions of this paragraph, either party may seek injunctive relief in a
court of competent jurisdiction, whether or not the case is then pending before the panel of arbitrators. Following the court’s
determination of the injunction issue, the case shall continue in arbitration as provided herein.

     (c) Forfeiture of RS Units. If the Employee terminates service with the Company prior to the
third anniversary of the Date of Award for any reason other than the Employee’s death or Retirement
or Disability, as hereinafter defined, or if the Employee (or the Employee’s estate) or if the
Employee (or the Employee’s estate) shall initiate a legal proceeding against the Company other
than pursuant to the terms of Arbitration Procedure described in Paragraph (b) of this Section 4.,
then the Employee (or the Employee’s estate, as applicable) shall, for no consideration, forfeit
all RS Units; provided, however, that the Committee or its designee may, in the Committee’s or the
designee’s sole and absolute discretion, as applicable, provide for the acceleration of the vesting
of the RS Units, eliminate or make less restrictive any restrictions contained in this Agreement,
waive any restriction or other provision of the Plan or this Agreement or otherwise amend or modify
this Agreement in any manner that is either (i) not adverse to the Employee, or (ii) consented to
by the Employee.

     (d) Vesting of RS Units. If the Employee provides continuous, eligible service to the Company
and its Subsidiaries, as determined by the Committee or its designee, in the Committee’s or the
designee’s sole and absolute discretion, as applicable, until the third anniversary of the Date of
Award, the Employee shall vest in one hundred percent (100%) of the RS Units.

     (e) Retirement, Death or Disability. If, as a result of the Employee’s death, retirement in
accordance with any retirement plan of the Company then in effect, or Disability, the Employee
terminates service with the Company prior to the third anniversary of the Date of Award, the
Employee shall vest in and have a non-forfeitable right to one hundred percent (100%) of the RS
Units. In the event of death, the RS Units that become vested in accordance with this paragraph
(e) of Section 4 shall be distributed to the Employee’s beneficiary designated by the Employee on
such form and in such manner as may be prescribed by the Company or, if the Employee fails to
designate a beneficiary in accordance with the foregoing, to the Employee’s surviving spouse or, if
there is no surviving spouse, in equal shares to the Employee’s surviving children or, if there are
no surviving children, to the Employee’s estate.

     (f) Change of Control. If a Change of Control occurs during the term of this Agreement, the
Employee shall vest in and have a non-forfeitable right to one hundred percent (100%) of the RS
Units.

     (g) Rights. RS Units represent an unsecured promise of the Company to issue shares of Common
Stock of the Company as otherwise provided in this Agreement. Other than the rights provided in
this Agreement, the Employee shall have no rights of a stockholder of the Company until such RS
Units have vested and the related shares of Common Stock have been issued pursuant to the terms of
this Agreement.

     (h) Issuance of Common Stock. The Company will issue to the Employee the shares of Common
Stock underlying the vested RS Units, no later than the later of (i) 21/2 months following the end of
the Company’s fiscal year in which the RS Units vest pursuant to paragraph (c) of this Section 4
above, or (ii) as soon as is administratively practicable following the end of such fiscal year.
Evidence of the issuance of the shares of Common Stock pursuant to this Agreement may be
accomplished in such manner as the Company or its authorized representatives shall deem appropriate
including, without limitation, electronic registration, book-entry registration or issuance of a
certificate or certificates in the name of the Employee or in the name of such other party or
parties as the Company and its authorized representatives shall deem appropriate.

     In the event the shares of Common Stock issued pursuant to this Agreement remain subject to
any additional restrictions, the Company and its authorized representatives shall ensure that the
Employee is prohibited from entering into any transaction, which would violate any such
restrictions, until such restrictions lapse.

     5. Community Interest of Spouse. The community interest, if any, of any spouse of the
Employee in any of the RS Units shall be subject to all of the terms, conditions and restrictions
of this Agreement and the Plan, and shall be forfeited and surrendered to the Company upon the
occurrence of any of the events requiring the Employee’s interest in such RS Units to be so
forfeited and surrendered pursuant to this Agreement.

     6. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
any successors to the Company and all persons lawfully claiming under the Employee.

     7. Tax Matters

     (a) The vesting of any RS Units and the related issuance of shares of Common Stock pursuant to
paragraph (h) of Section 4 of this Agreement shall be subject to the satisfaction of all applicable
federal, state and local income and employment tax withholding requirements (the “Required
Withholding”). By execution of this Agreement, the Employee shall be deemed to have authorized the
Company to withhold from the shares of Common Stock issued as a result of the Employee’s
vesting in the RS Units, the shares of Common Stock necessary to satisfy the Employee’s
Required Withholding, if any. The amount of the Required Withholding and the number of shares of
Common Stock required to satisfy the Employee’s Required Withholding, if any, as well as the amount
reflected on tax reports filed by the Company, shall be based on the closing price of the Common
Stock on the day the RS Units vest pursuant to Section 4 of this Agreement. Notwithstanding the
foregoing, the Company may require that the Employee satisfy the Employee’s Required Withholding,
if any, by any other means the Company, in its sole discretion, considers reasonable. The
obligations of the Company under this Agreement shall be conditioned on such satisfaction of the
Required Withholding.

 

 

     (b) The Employee acknowledges that the tax consequences associated with the Award are complex
and that the Company has urged the Employee to review with the Employee’s own tax advisors the
federal, state, and local tax consequences of this Award. The Employee is relying
solely on such advisors and not on any statements or representations of the Company or any of
its agents. The Employee understands that the Employee (and not the Company) shall be responsible
for the Employee’s own tax liability that may arise as a result of this Agreement.

     8. No Right to Continued Service. Nothing in this Agreement shall be deemed to create
any limitation or restriction on such rights as the Company otherwise would have to terminate the
employment of the Employee. For purposes of this Agreement, employment by a parent or subsidiary
of or a successor to the Company shall be considered to be employment by the Company.

     9. Non-competition, Non-solicitation, and Non-disclosure. The Committee in its sole
discretion, may require the Employee to forfeit immediately, without consideration from the
Company, any portion of the restricted stock units(including the vested but unissued shares of
Common Stock relating to such portion) which was not vested or issued prior to any of the following
events: (a) the Employee, as individual or as a partner, employee, agent, advisor, consultant or in
any other capacity of or to any person, firm, corporation or other entity, directly or indirectly,
carries on any business, or becomes involved in any business activity, competitive with the Company
or any subsidiary, in violation of the Company’s Code of Ethics and Business Conduct (CP-10-002);
(b) the Employee solicits or entices any other employee of the Company or its affiliates to leave
the Company or its affiliates to go to work for any other business or organization which is in
direct or indirect competition with the Company or any of its affiliates, or request or advises a
customer or client of the Company or its affiliates to curtail or cancel such customer’s business
relationship with the Company or its affiliates; or (c) the Employee fails to abide by the
contractual terms of the Employee Non-disclosure Agreement and/or Invention Assignment Agreement,
as applicable, which were executed in accordance with the Company’s Security of Confidential and
Proprietary Information Policy (CP-10-013) during the Employee’s employment with the Company; or
(c) the Employee solicits.

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

     11. 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.

THE EMPLOYEE ACKNOWLEDGES AND AGREES THAT THE RS UNITS SUBJECT TO THIS AWARD SHALL VEST AND THE
RESTRICTIONS RESULTING IN THE FORFEITURE OF THE RS UNIT SHALL LAPSE, IF AT ALL, ONLY DURING THE
PERIOD OF EMPLOYEE’S SERVICE TO THE COMPANY OR AS OTHERWISE PROVIDED IN THIS AGREEMENT (NOT THROUGH
THE ACT OF BEING GRANTED THE RS UNITS). THE EMPLOYEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING
IN THIS AGREEMENT OR THE PLAN SHALL CONFER UPON EMPLOYEE ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR
CONTINUATION OF EMPLOYEE’S SERVICE TO THE COMPANY. The Employee acknowledges receipt of a copy of
the Plan, represents that he or she is familiar with the terms and provisions thereof, and hereby
accepts the Restricted Stock Unit Award subject to all of the terms and provisions hereof and
thereof, including the mandatory Dispute Resolution Procedure. The Employee has reviewed this
Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of counsel
prior to executing this Agreement, and fully understands all provisions of this Agreement and the
Plan.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an authorized
officer and the Employee has executed this Agreement, all as of the date first above written.

	 	 	 	 	 	 	 
	 	 	GARDNER DENVER, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 
	 

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	 	Dated:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]