Document:

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                                                                    Exhibit 10.4
                                                                   EXHIBIT E

               TRANSITIONAL TRADEMARK USE AND LICENSE AGREEMENT

     This Agreement dated __________, 2000, is made by and between APPLIED POWER
INC., a Wisconsin corporation with its principal place of business at 6101 N.
Baker Road, Milwaukee, WI 53209 ("API"), and APW LTD., a Bermuda corporation
with its principal place of business at N22 W23685 Ridgeview Parkway West,
Waukesha, Wisconsin 53188-1013 ("APW").

     1.   Definitions for this Agreement:

          (a)  "APW" means APW and its subsidiaries (including successors) after
               the contemplated restructuring as listed on Schedule 1 attached
               hereto operating its electronics business.

          (b)  "Contribution Agreement" means the Contribution Agreement, Plan
               and Agreement of Reorganization and Distribution, dated
               __________, 2000, between API and APW.

          (c)  "Inventory Products" means the products produced by API and/or
               its subsidiaries and transferred to APW under the Contribution
               Agreement and that bear the Trademarks or labels that bear the
               Trademarks or that are packaged in packaging that bears the
               Trademarks, whether such labels are affixed or the
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               products are packaged in such packaging before or after such
               transfer.

          (d)  "Inventory Materials" means the promotional materials, product
               literature, and other similar materials bearing the Trademarks
               produced by API and/or its subsidiaries and transferred to APW
               under the Contribution Agreement, but excludes labels and product
               packaging bearing the Trademarks, if any, transferred to APW.

          (e)  "Trademarks" means the trademarks, logos, trade dress or other
               trade designations of API listed on Schedule 2, or any one or
               more of same.

          (f)  "APW Materials" means those APW advertising and promotional
               materials that use the Trademarks as permitted by paragraph 3 of
               this Agreement.

     2.   Transitional Use Trademarks on Inventory Materials and Inventory
Products.  API and APW recognize that APW possesses Inventory Materials and
Inventory Products.   APW shall have the right and license to sell the Inventory
Products until June 30, 2004.  APW shall have the right and license to use the
Inventory Materials in connection with the sale of Inventory Products until the
Inventory Materials are exhausted or until August 31, 2001, whichever occurs
first.   APW shall not make any claims for or

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about the Inventory Products that have not been approved in advance by API or
were not made prior to August 31, 2000.

     3.   Transitional Trademark and Trade Name License. Solely for the purpose
of enabling APW to inform its customers of its new identity and to make a
transition from the Trademarks to APW's own trademarks and trade identity, API
grants to APW, for a period of nine (9) months from the date of the Agreement, a
royalty free, nontransferable, and nonexclusive license to use the Trademarks in
APW's advertising and promotional materials, subject to the quality control
provision of paragraph 4 of this Agreement.

     4.   Quality Control.  APW shall distribute and sell the Inventory Products
and shall distribute the Inventory Materials without any change in their nature
or quality from that existing at the time of transfer under the Contribution
Agreement, except that, for any such products not bearing the Trademarks or not
packaged in packaging bearing the Trademarks at the time of transfer but for
which API has transferred to APW labels or packaging bearing the Trademarks, APW
can affix said labels to such products or package same in such packaging.  The
use of the Trademarks on APW Materials shall be consistent with API's use
thereof prior to the transfer under the Contribution Agreement and shall be in
appearance and quality reasonably satisfactory to

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API. APW shall not use the Inventory Materials or sell the Inventory Products
with any other labels, packaging, trademarks or trade dress other than those
explicitly permitted by this Agreement. API shall have the right, on reasonable
notice, to inspect the Inventory Products, the Inventory Materials, and the APW
Materials and obtain representative samples for inspection for quality control.

     5.   Use of APW Trademarks on Transferred Products. To the extent API
transfers to APW under the Contribution Agreement products that do not bear the
Trademarks and do not bear any other API trademark or trade designation, APW may
mark said products with its own trademarks or package said products in packaging
that bears APW's trademarks, but in that case APW shall not sell said products
using the Inventory Materials.

     6.   Limitations.  No license or rights under any other trademark, trade
name, trade dress, trade designation or any other property right of API is
granted by this Agreement.  APW has no right to assign, transfer or sublicense
any of its rights acquired or obligations assumed under this Agreement.  Any
such attempted assignment, transfer or sublicense shall be void.   APW shall not
use or permit the use of any trademarks or trade dress that are confusingly
similar to the Trademarks.  APW will promptly notify API of any conflicting use
of or acts of

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infringement concerning the Trademarks and will cooperate as API reasonably may
deem advisable to protect API's rights.

     7.   Ownership of Trademarks. APW acknowledges that API is the owner of and
has acquired substantial goodwill in the Trademarks and agrees that every use
thereof in connection with the Inventory Products and Inventory Materials shall
inure solely to the benefit of API. Upon API's request, APW shall place on APW
Materials reasonable notices of such ownership. APW shall not dispute or assist
in disputing directly or indirectly API's rights in the Trademarks.

     8.   API Warranty.  API warrants that it has full power to make this
Agreement and to grant the rights as provided herein and that it has no actual
knowledge that the Trademarks violate the valid rights of any third party.  API
agrees to indemnify and defend APW against any claims of third parties (and to
pay any damages and attorneys' fees awarded) based on a breach of the foregoing
express warranty.  The parties agree to generally utilize the notice and payment
provisions and defense of third-party claims as set forth in Article V and VI of
the General Assignment, Assumption and Agreement Regarding Litigation, Claims
and Other Liabilities, dated __________, 2000 (hereinafter the "General
Assignment").

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     9.   Product Liability Claims.  APW shall comply with all laws and
regulations applicable to the sale and distribution of Inventory Products.  APW
will defend, indemnify and hold API harmless against all loss, expense, and
damage occasioned by any claim, action or recovery (including all personal
injury and product liability claims) by any party (including any government
agency) against API arising out of any sale, distribution, or use of the
Inventory Products both during and after expiration or termination of this
Agreement, except for those claims based on the  breach of the API warranty of
paragraph 8 of this Agreement. To the extent not inconsistent with the
foregoing, the parties agree to generally utilize the notice and payment
provisions and defense of third-party claims as set forth in Article V and VI of
the General Assignment.

     10.  Termination.  Either party may terminate this Agreement upon written
notice to the other party with cause for any material breach of this Agreement
by the other party, unless within a period of thirty days after written notice
the other party remedies the breach in all material respects.  This Agreement
will terminate automatically (to the extent permitted by law at the time) in the
event APW files a petition in bankruptcy, becomes insolvent, makes an assignment
for the benefit of creditors or an arrangement pursuant to any bankruptcy

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law, discontinues its business or has a receiver appointed for it.

     11.  Post Termination/Expiration Rights.  Upon expiration or termination,
all rights of APW under this Agreement will cease and immediately revert to API,
and APW will destroy all Inventory Materials and all products, labels,
packaging, and promotional and other material in its possession that bear the
Trademarks.  APW shall discontinue and use its best efforts to require its
distributors to discontinue forthwith the use of any Inventory Materials and the
Trademarks and any and all products, packaging, advertising and promotional
materials using and/or making reference in any manner to the Trademarks.

     12.  Survival of Terms. The parties' obligations under paragraphs 6, 7, 8,
9, 11, and 12 of this Agreement shall survive expiration or termination of this
Agreement and they shall not be relieved of any of their continuing obligations
thereunder.

     13.  Miscellaneous.

          This Agreement shall be construed in accordance with the internal laws
of the State of Wisconsin.

          The parties intend to enter into a license agreement only and this
Agreement shall not in any way be deemed to

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establish any other relationship between them. APW agrees that it does not have
the authority and will not directly or indirectly contract any obligations of
any kind in the name of or chargeable against API or agents or employees of API.

          This Agreement supersedes all prior and contemporaneous agreements
between the parties in connection with the matters set forth herein and may only
be amended in a writing signed by both parties.

     14.       Notices.  All demands, notices and communications under this
Agreement shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by certified or registered United States Mail,
postage prepaid, to:

          (a)  in the case of API:
               Applied Power Inc.
               6101 N. Baker Road
               Milwaukee, WI  53209
               Attention:  __________

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          (b)  in the case of APW:
               APW LTD.
               N22 W23685 Ridgeview Parkway West
               Waukesha, Wisconsin 53188-1013
               Attention:  __________

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
as of the date first above written by their duly authorized officers.

                                        APPLIED POWER INC.

                                        By:__________________________________

                                        President and Chief Executive Officer

                                        APW LTD.

                                        By:__________________________________

                                        President and Chief Executive Officer

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                                                                    Exhibit 10.5
                                                                   EXHIBIT F

                               INSURANCE MATTERS

     This Agreement, dated as of __________, 2000, between APPLIED POWER INC., a
Wisconsin corporation, with offices at 6101 N. Baker Road, Milwaukee, WI 53209
("API"), and APW LTD., a Bermuda corporation, with offices at N22 W23685
Ridgeview Parkway West, Waukesha, Wisconsin 53188-1013 ("APW"), shall govern the
rights and obligations of API and APW with respect to various pre-existing
contracts insuring API and its subsidiaries and covering risks associated with,
or arising out of, the assets, business or operations of the electronics and
enclosure business (the "Electronics Business") of the corporations and other
entities listed on Schedule 1 hereto, as described in the General Assignment,
Assumption and Agreement Regarding Litigation, Claims and Other Liabilities of
even date herewith between the parties (the "Assignment Agreement").  The term
"API" when used in this Agreement means Applied Power Inc. and its subsidiaries,
excluding the Electronics Business.  The term "APW" when used in this agreement
means APW and its subsidiaries listed on Schedule 1, which generally constitute
the Electronics Business.  After the spin-off described below, API will own and
operate its industrial business.

     WHEREAS, API has transferred to APW, effective as of __________, 2000 (the
"Effective Date"), certain API assets related to API's worldwide electronics,
enclosure and related products business conducted by the Electronics Business in
accordance with the terms of the Contribution Agreement, Plan and Agreement of
Reorganization and Distribution (the "Contribution Agreement") of even date
herewith, including, without limitation, the development, production,
manufacture, marketing, use, storage, distribution, disposal and sale of certain
electronics and enclosure and related products and the various real property
assets used in the business (all of which shall be referred to collectively as
the "Electronics Business.")

     WHEREAS, prior to the transfer, API obtained various policies of insurance,
listed on Exhibit 1.2 hereto (the "Policies"), covering, among other things,
risks associated with, or arising out of, the assets, business or operations of
the Electronics Business.

     WHEREAS, the Policies may provide coverage in a number of areas, including,
without limitation: automobile liability; comprehensive and general liability;
employer's liability; fiduciary liability, directors and officers liability and
excess liability; including liabilities under the owner controlled insurance
program.

     WHEREAS, without relinquishing its rights as an owner of, and insured
under, the Policies, API now wishes to permit APW to share certain of API's
benefits, and APW wishes to assume certain of API's responsibilities, under the
Policies.
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     NOW THEREFORE, in consideration of the mutual promises contained in this
document, the parties agree that:

     1.   Insurance Coverage.

          1.1.   API shall continue at all times as owner of, and beneficiary
under, the Policies, and this Agreement shall not be considered as an attempted
assignment of the Policies or as a contract of insurance.

          1.2.   The Policies which are listed on related Exhibit 1.2 were
obtained by API at various times prior to the date of this Agreement and may
cover risks associated with, or arising out of, the Electronics Business.  API
does not warrant that related Exhibit 1.2 contains or will contain an accurate
or complete list of the insurance potentially available to cover the Electronics
Business, and states only that it has compiled the list to the best of its
abilities based on currently available information.  API shall have no
obligation to undertake any further search of its records, or the records of any
third parties, to seek additional policies or information about policies not
found on the exhibit.  However, each party agrees that it will share with the
other any information it gathers about additional policies, and that such
additional policies which are found potentially to provide coverage for risks
associated with the Electronics Business shall be subject to the provisions of
this Agreement as if listed on related Exhibit 1.2 and shall be deemed within
the definition of Policies.

          1.3.   API does not warrant that the Policies or any other policies of
insurance provide any coverage to APW or API generally, or with respect to any
particular risk.

          1.4.   With respect to coverages after the Effective Date, API shall
have no obligation to continue in force the Policies or any other policy of
insurance and may cease to continue in force any policy of insurance without
notice to APW and API will be entitled to receive any refund of proceeds or
policy premium thereof.  After the Effective Date, APW shall be solely
responsible for obtaining and maintaining all policies of insurance covering its
business and other activities after such date.

     2.   Pending Insured Litigation.

          2.1.   APW has compiled Exhibit 2.1 which contains a list of the
litigation, if any, allegedly associated with, or arising out of, the
Electronics Business prior to the date of this Agreement for which APW believes
there may be insurance coverage under the Policies.  This litigation together
with all threatened litigation and claims arising out of the Electronics
Business shall be referred to as "Pending Insured Litigation."  APW does not
warrant that this exhibit will contain an accurate or complete list of the
Pending Insured Litigation, and states only that it has compiled and will
compile the list to the best of its abilities based on currently available
information. Additional litigation and threatened litigation determined by APW
at a later date as having been omitted from the exhibit shall be subject to this
Agreement as if listed on the exhibit and shall be deemed included within the
definition of litigation or threatened litigation.

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          2.2.   With respect to Pending Insured Litigation, API states to the
best of its knowledge that all appropriate insurance carriers have been or will
be placed on notice in a timely fashion, as or if required by the terms of the
Policies.

     3.   New Insured Litigation.

          3.1.   The parties acknowledge that after the Effective Date there may
be further litigation or other claims made, filed, commenced or threatened
against APW or API allegedly associated with, or arising out of, the Electronics
Business ("New Insured Litigation").

          3.2.   APW shall notify API of any New Insured Litigation which may be
covered under API's insurance policies and Mr. Andrew Lampereur, an API
employee, shall be responsible for notifying any appropriate insurance carriers.

          3.3.   Except as provided in Paragraph 3.2 above, APW shall be solely
responsible for notifying all appropriate insurance carriers providing coverage
to APW or for the activities and operations of the Electronics Business, if any,
regarding New Insured Litigation and all other litigation and claims, except in
cases where the insurance carriers have refused in writing to deal directly with
APW, in which case APW shall promptly notify API.  APW shall notify API of any
litigation and claims APW has submitted to API's insurers.  APW also shall
notify API promptly if it appears that New Insured Litigation may involve the
assets, business or operations of API.

     4.   Case Handling and Cooperation.

          4.1.   APW agrees that it shall notify, report to, and cooperate fully
with the insurance carriers and API with respect to Pending Insured Litigation
and New Insured Litigation as though APW were the named insured under the
policies of insurance.

          4.2.   The parties acknowledge that APW has been designated the case
handler for all Pending Insured Litigation and, likewise, may be designated by
API as the case handler for all New Insured Litigation, under the terms of the
Assignment Agreement.

          4.3.   API will notify the insurance carriers issuing the Policies of
the terms of this Agreement and the Contribution Agreement and the Assignment
Agreement and will request that the insurance carriers deal directly with APW,
as case handler regarding the management of any Pending Insured Litigation and
any New Insured Litigation.

          4.4.   In the event that an insurance carrier shall refuse or fail to
deal directly with APW, APW shall continue as case handler and API shall provide
reasonable support to APW in communicating with the insurance carrier.

          4.5.   In the event APW wishes to commence an action against an
insurance carrier for failure to provide defense or indemnification for Pending
Insured Litigation or New Insured Litigation under one or more of the Policies,
it shall not do so without informing API.  After notice

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APW may prosecute such an action in the name of API, in which case APW shall
bear all expenses of the litigation and shall hold API harmless from any costs
of such litigation, including without limitation fees, expenses, charges, awards
of any type or judgments which may be assessed against API. API's consent to the
prosecution of such an action will not be withheld or delayed unreasonably.

     5.   Payment of Costs and Proceeds.

          5.1.   To the extent that an insurance carrier pays API for all or any
portion of the costs of defense of, or pays all or any portion of the amounts in
settlement of, or in satisfaction of a judgment for, Pending Insured Litigation
or New Insured Litigation, for which APW provided API with defense and
indemnification as required by the Assignment Agreement, API shall pay over (or
cause such sums to be paid over) to APW or for its benefit such sums in excess
of API's own reasonable expenses and costs within thirty days of their receipt.

          5.2.   If APW fails to defend and indemnify API for a Pending Insured
Litigation matter or New Insured Litigation matter as required under the
Assignment Agreement, API shall have no obligation to pay over to APW any
portion of the payments received with respect to that matter from the insurance
carriers; however, receipt of such payments by API shall not relieve APW of its
obligations to defend or indemnify API to the extent such proceeds are
insufficient to meet APW's obligations.

          5.3.   It is understood between the parties that APW's obligation to
defend, indemnify, save and hold harmless API under the Assignment Agreement
shall arise at a time specified in that Agreement which will often be prior to
the time insurance proceeds will be available.  Furthermore, it is agreed that,
ultimately, the right to a defense and indemnification under the Assignment
Agreement applies only insofar as it is not covered by insurance.  Therefore,
the parties acknowledge that APW's obligation to provide a defense and
indemnification under the Assignment Agreement shall not be delayed pending the
results of any claims made under insurance policies and that API and APW shall
account between themselves at the conclusion of a matter if any financial
adjustments are required due to the receipt of such proceeds.

          5.4.   To the extent a non-claim specific deductible applies, the
parties agree that the deductible will be allocated proportionately among APW
and API based upon the total amount claimed by each party in any respective
insurance period.

     6.   Dispute Resolution.

          6.1.   In an effort to resolve informally and amicably any claim or
controversy arising out of or related to the interpretation or performance of
this Agreement without resorting to litigation, a party shall first notify the
other of any difference or dispute under this Agreement that requires
resolution.  API and APW each shall designate an employee to investigate,
discuss and seek to settle the matter between them.  If the two are unable to
settle the matter within 30 days after

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notification (or such longer period as may be agreed to expressly by the
parties), the matter shall be submitted to a senior officer of API and APW,
respectively, for consideration.

          6.2.   If settlement cannot be reached through the efforts of the
senior officers within an additional 30 days, or such longer time period as they
shall agree upon, the parties shall consider mediation, arbitration or other
alternative means to resolve the dispute.  If they are unable to agree on an
alternative dispute resolution mechanism, either party may initiate legal
proceedings to resolve the matter.

     7.   Notices.

          7.1.   All notices and communications required or permitted under this
Agreement shall be in writing and any communication or delivery of them shall be
deemed to have been duly made if actually delivered, or if mailed by first class
or certified mail, postage prepaid, or by air express service, with charges
prepaid.  Except for notices to insurance carriers under Section 3.2 and 3.3 and
for bills and payments under Section 6 of this Agreement, all notices and
communications shall be addressed as follows:

                 If to API:          APPLIED POWER INC.
                                     6101 N. Baker Road
                                     Milwaukee, WI 53209
                                     Attention: __________

                 If to APW:          APW LTD.
                                     N22 W23685 Ridgeview Parkway West
                                     Waukesha, Wisconsin 53188-1013
                                     Attention: __________

          7.2.   Either party may by written notice so delivered to the other,
change the address to which future delivery shall be made.

     8.   Amendment and Non-Waiver.

          8.1.   This Agreement may not be altered or amended, nor any rights
hereunder be waived, except by an instrument in writing executed by the party or
parties to be charged with such amendment or waiver.

          8.2.   No waiver of any term, provision or condition of this Agreement
or failure to exercise any right, power or remedy or failure to enforce any
provision of this Agreement, in any one or more instances, shall be deemed to be
a further or continuing waiver of any such term, provision or condition or as a
waiver of any other term, provision or condition or enforcement right of this
Agreement or deemed to be an impairment of any right, power or remedy or
acquiescence to any breach.

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     9.   Miscellaneous.

          9.1.   Governing Law. This Agreement and the transactions it
contemplates shall be construed in accordance with, and governed by, the
internal laws of the State of Wisconsin.

         9.2.    Entire Agreement. This Agreement and the Contribution Agreement
and the other agreements executed and delivered thereunder constitute the entire
understanding of the parties with respect to their subject, superseding all
negotiations, prior discussions and prior agreements and understandings relating
to such subject matter.

          9.3.   Parties In Interest. Neither party may assign its rights or
delegate any of its duties under this Agreement without prior written consent of
the other. This Agreement shall be binding upon, and shall inure to the benefit
of, the parties hereto and their respective successors and assigns. Nothing
contained in this Agreement, express or implied, is intended to confer upon any
third party any benefits, rights or remedies.

          9.4.   Reformation and Severability. If any provision of this
Agreement shall be held to be invalid, unenforceable or illegal in any
jurisdiction under any circumstances for any reason, (i) such provision shall be
reformed to the minimum extent necessary to cause such provision to be valid,
enforceable and legal and preserve the original intent of the parties, or (ii)
if such a provision cannot be reformed, such provision shall be severed from
this Agreement. Such holding shall not affect or impair the validity,
enforceability or legality of such provision in any other jurisdiction or under
any other circumstances. Neither such holding nor such reformation or severance
shall affect or impair the legality, validity or enforceability of any other
provision of this Agreement to the extent that such other provision is not
itself actually in conflict with any applicable law.

          9.5.   Titles and Headings. All titles and headings have been inserted
solely for the convenience of the parties and are not intended to be a part of
this Agreement or to affect its meaning or interpretation.

          9.6    Conflict. In the event of conflict between this Agreement and
the Contribution Agreement or any agreement, schedule, exhibit, or annex
thereto, this Agreement, to the extent any part specifically covers a matter,
shall control; provided that any specific matters covered in the Employee
Benefits and Compensation Agreement, dated __________, 2000 will control over
any conflicting provisions of this Agreement.

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     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
by their duly authorized officers as of this _____ day of __________, 2000.

                                     APPLIED POWER INC.

                                     By: _____________________________________
                                         President and Chief Executive Officer

                                     APW LTD.

                                     By: _____________________________________
                                         President and Chief Executive Officer

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