Document:

EX-10.2

 Exhibit 10.2 
 WAIVER AND RELEASE AGREEMENT 
 I, Christopher R. Celtruda, understand my
last day of employment with Gardner Denver, Inc. (“GDI”) is February 17, 2012 (“Termination of Employment Date”), and I accept the following, which GDI promises to me, in consideration for the promises I make in this Waiver
and Release Agreement (this “Agreement”): 
  

	 	•	 	 Payment of the sum of Two Hundred Twenty Five Thousand Three Hundred and Forty Six Dollars ($225,346), less applicable withholdings, representing my
annual 2011 bonus. This payment will be made upon the regular payment date of such bonus paid by GDI; 

  

	 	•	 	 Payment of a sum equivalent to six (6) months of COBRA medical insurance premiums, to be made payable to me in lump sum, less applicable
withholdings, payable no earlier than the first practicable payroll date occurring at least eight (8) days after my acceptance of and signature on this Agreement; and 

 

	 	•	 	 Other Benefits: 

  

	 	•	 	 My eligibility and right to payment under the GDI retirement savings plan and supplemental excess defined contribution plan will be governed
exclusively by the terms and conditions of applicable plan document(s), using my Termination of Employment Date as my separation from service and/or termination date as such is defined in the applicable plan document(s). I understand that my
contributions and the company contributions will cease on my Termination of Employment Date. 

  

	 	•	 	 I understand that all of my grants of stock options and stock units will be unvested as of my Termination of Employment Date, and, therefore, will
terminate on my Termination of Employment Date. 

  

	 	•	 	 Except as set forth above with respect to my annual 2011 bonus, my participation in any GDI bonus plans, including but not limited to the Executive
Annual Bonus Plan and the Long-Term Incentive Plan, will cease as of my Termination of Employment Date. 

  

	 	•	 	 Any obligation I have to repay any GDI-paid relocation expenses, reimbursement of relocation expenses, or other relocation benefit, resulting from my
separation of service and/or termination from employment with GDI is hereby waived. 

  

	 	•	 	 Any obligation I have to repay the Special Sign On Bonus set forth in my April 7, 2011 offer letter is hereby waived.

  

	 	•	 	 I understand that I will continue to receive GDI’s executive tax return preparation service regarding my 2011 tax return and tax planning services
through Rubin Brown, up to an aggregate amount no greater than $6,000. 

  

	 	•	 	 I understand that I will have the right to elect COBRA benefits under the GDI medical plan in accordance with federal law.

  

	 	•	 	 I understand that all other company benefits cease on my Termination of Employment Date. 

  
 1 

 Waiver and Release Agreement 
  Page
 2
 of 4 
  

 (1.) Complete and General Release. In consideration for receiving the pay and
benefits set forth above, I, for myself and my heirs, agents, executors, administrators, successors and assigns, release, relinquish, waive and forever discharge GDI, its subsidiaries, affiliates and all other related entities; its and their
predecessors, successors and assigns; the past, present and future officers, directors, shareholders, trustees, members, employees, attorneys and agents of any of the previously listed entities; any benefits plan maintained by any of the previously
listed entities at any time; and the past, present and future sponsors, insurers, trustees, fiduciaries and administrators of such benefit plans (collectively “Released Parties”) from all claims, liabilities, demands and causes of action
or suits of any kind, known or unknown, fixed or contingent, of whatsoever kind or nature that I ever had, now have or may claim to have as of the date of the signing of this Agreement, including but not limited to, those arising out of my
employment with GDI and my separation from that employment. This Release includes, but is not limited to, a release of the following types of claims: 
 (a) Claims of discrimination, harassment or retaliation, whether based on race, color, religion, gender, sex, age, sexual orientation, handicap and/or disability, national origin, whistle blowing or any
other legally protected class; 
 (b) Claims under the FEDERAL AGE DISCRIMINATION IN EMPLOYMENT ACT, 29 U.S.C. section 621 et
seq., and all other federal, state and local laws, statutes and ordinances governing or concerning employment; 
 (c) Claims
under the Worker Adjustment and Retraining Notification Act; 
 (d) Claims under federal, state or local laws, regulations,
ordinances or court decisions of any kind; 
 (e) Contract claims (whether express or implied); 

(f) Tort claims, including without limitation, wrongful termination, defamation, negligence, invasion of privacy or emotional distress;

 (g) Claims under the Family and Medical Leave Act; 

(h) Claims under the Employee Retirement Income Security Act; and 

(i) Claims for attorney’s fees and costs. 
 Notwithstanding any other provision of this Release, the following are not barred by this Release: (i) claims relating to the validity of this Release; (ii) claims by either party to enforce
this Release; (iii) claims that may arise after the date this Release is signed; and (iv) claims that are not legally waivable. This Release includes all claims for accrued or future wages, salary, or benefits, but does not extend to my
right to vested accrued benefits as set forth in the plan documents of GDI governing such benefit programs and the right under federal or state law to continue certain benefit coverages. I understand that any and all claims for, and any rights to,
any such vested accrued benefits are governed exclusively by the plan documents of GDI, and that I have no rights or entitlement arising from any contract or any other source to any such benefits from GDI other than as provided by such plan
documents as modified or limited by this Agreement. 
 In addition, this Release will not operate to limit or bar my right to
file an administrative charge of discrimination with the Equal Employment Opportunity Commission (EEOC) or to testify, assist or participate in an investigation, hearing or proceeding conducted by the EEOC. However, this Release does bar my right to
recover any personal or monetary relief, including if I or anyone on by behalf seeks to file a lawsuit on the same basis as the charge of discrimination. 

  
 2 

 Waiver and Release Agreement 
  Page
 3
 of 4 
  

 (2.) Return of All GDI Property. I agree that on my Termination of Employment
Date, I will return to my immediate supervisor all property of GDI, including but not limited to keys, access cards, credit cards, electronics, storage media, machinery, computer files and documents, and any other GDI property in my possession
related to GDI’s business or customer information. 
 (3.) No Admission of Liability. I acknowledge that this
Agreement is not an admission of liability or wrongdoing by GDI or any other Released Party. 
 (4.)
Non-Competition/Non-Solicitation. I agree that for a period of twenty-four (24) months following the termination of my employment, I will not (i) compete with GDI by performing work for a direct competitor of GDI, its subsidiaries
or its affiliates; and/or (ii) be or become a partner, owner, investor, officer, director, member, employee, independent contractor, agent of, consultant to or give financial or other assistance to, any corporation, partnership, joint venture
or any other entity, person or contemplated enterprise engaging in or planning to engage in any activities competitive with GDI, its subsidiaries or its affiliates. 
 I also agree to abide by the restrictive covenants set forth in my April 7, 2011 offer letter, namely, that for a period of twenty-four (24) months following the termination of my employment, I
shall not directly or indirectly (i) induce, solicit, request or advise any Customers (as defined below) to patronize any business which competes with any business of GDI or its affiliates for which I have had any management responsibility
during my affiliation with GDI; or (ii) entice, solicit, request or advise any employee of GDI or its affiliates to accept employment (or other affiliation) with any other person, firm or business. As used above, “Customers” means all
customers of any business of GDI or its affiliates with which I had contact or for which I had management responsibility during my affiliation with GDI. 
 I acknowledge and agree that my breach of the covenants contained in this paragraph 4 will cause immediate and irreparable harm to GDI, that the restrictions of this paragraph are reasonable, and that GDI
shall be entitled to injunctive relief to enjoin any continuing breach of this paragraph and to actual and consequential damages resulting therefrom (including attorney fees to enforce this provision). 

(5.) Confidential and Proprietary Information of the Company. During my employment with GDI, I had access to much of GDI’s
confidential information including but not limited to: product margins, product strengths and weaknesses, GDI policies, objectives, strategies, long range plans, plans for market product development, financial information, payroll information,
personnel information and other similar information. I agree that I will not disclose any of the confidential information gained in my position with GDI to the advantage of a GDI competitor or to GDI’s disadvantage. I will also continue to
abide by all confidentiality restrictions pursuant to other agreements which I have executed with GDI prior to the date of this Agreement. 
 (6.) Non-Disparagement. I agree not to disparage, denigrate, or defame GDI, its affiliates and/or related persons, or any of its or their business products or services. 

(7.) Cooperation. I agree that I will cooperate with GDI and its attorneys in the prosecution or defense of any litigation, or
matters concerning which litigation subsequently arises, which occurred or accrued during my employment, and I understand that I will be reimbursed for reasonable expenses incurred through such cooperation. 

(8.) Consideration Period / Right to Revoke Period. I understand that I have until and including
            , 2012, a period of twenty-one (21) days to review and consider this Agreement. I may return this Agreement in less than the full consideration period only if my decision
to shorten it was knowing and voluntary and was not induced in any way by GDI. I understand that I have a seven-day period after signing this Agreement to revoke or rescind this Agreement. Such revocation must be in writing and directed to Susan A.
Gunn, 1500 Liberty Ridge Drive, Suite 3000, Wayne, Pennsylvania 19087. 

  
 3 

 Waiver and Release Agreement 
  Page
 4
 of 4 
  

 (9.) Savings Clause. I agree that if any part or provision of this Agreement is
deemed by any court to be invalid, void or unenforceable for any reason, the remainder of the terms and provisions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 

(10.) Governing Law. This agreement shall be governed by and enforced in accordance with the laws and jurisdiction of the
Commonwealth of Pennsylvania. 
 I hereby acknowledge that I have carefully read and fully understand the provisions of this
Agreement. I have not relied upon any other representation or statement, written or oral, except for those set forth in this Agreement. I also hereby acknowledge that GDI has recommended that I consult with an attorney and personal, financial and
tax advisors prior to signing this Agreement, and I acknowledge that I have had adequate time to do so. I am entering into this Agreement knowingly and voluntarily and not as a result of any pressure, coercion or duress. 

 

	
	 /s/ Christopher R. Celtruda

	Christopher R. Celtruda
	
	Dated: February 16, 2012

 Accepted by: 

GARDNER DENVER, INC. 
  

			
	By:	 	 /s/ Susan Gunn

	Name:	 	Susan Gunn
	Title:	 	Vice President, Human Resources
		
	Dated:	 	February 16, 2012

  
 4EX-10.3

 Exhibit 10.3 

 
 

 
 May 1, 2012 
 Mr. Brian Cunkelman 
 Exeterweg 12 
 Bad Homburg 61352 
 Germany 
 Dear Brian; 
 This letter will serve to confirm our recent discussion regarding your promotion to
Vice President, Gardner Denver, Inc. (the “Company”) and President, Industrial Products Group, effective April 1, 2012, reporting directly to me. Your job will continue to be located at our Emco Wheaton facility in Kirchhain, Germany.

 Below please find a summary of the key employment terms regarding your promotion, which are subject to approval by the Management
Development & Compensation Committee of the Board of Directors (“MDCC” or “Compensation Committee”) of the Company: 
  

	 	1.	Salary. Your annual base salary will be increased to $350,000 retroactive to April 1, 2012. 

 

	 	2.	Executive Annual Bonus Plan. You will be eligible to participate in the Gardner Denver, Inc. Executive Annual Bonus Plan for the performance period
beginning April 1, 2012 and ending December 31, 2012. Your target annual bonus for this performance period will be 60% of your base salary. Maximum payment which can be earned under this Plan is 120% of your base salary.

  

	 	3.	Long Term Cash Bonus Plan (LTCB). Subject to the attainment of specific performance objectives, you will receive long-term cash bonus awards under the
Gardner Denver, Inc. Long-Term Incentive Plan As Amended and Restated. Your target long-term bonus opportunity will be 50% of base salary (with a maximum payout of 100% of base salary). In accordance with the plan, you will be eligible for your
first full year of participation in 2013, which is 1/3rd (33%) participation in the awards for the three-year performance period ending December 31, 2013. Furthermore, you will be eligible for two full years of participation in 2014, which
is 2/3rds (66%) participation in the awards for the three-year performance period ending December 31, 2014. You will be eligible for full participation in the long-term cash bonus awards made by the Compensation Committee for the
three-year performance period ending December 31, 2015. 

 Note that you are not guaranteed a
payout under these cash bonus awards. The Compensation Committee annually determines whether the applicable performance criteria have been met. 
  

	 	4.	 Equity Incentive Plan. You will be eligible to receive equity grants under the Gardner Denver, Inc. Long-Term Incentive Plan As Amended
and Restated. In accordance with the plan, the Compensation Committee, in its sole discretion, will determine the type(s) and amount(s) of your awards. Note that these grants have historically been made each February in the form of restricted stock
units and stock options. Restricted stock units typically cliff vest three (3) years 

  
 Initial
              Date                      

Gardner Denver, Inc. | 1500 Liberty Ridge Drive - Suite 3000 | Wayne, PA 19087-5667 | Office : 610-249-2000 | Fax : 610-232-0425

 

 
  

	 	
after the grant date. Stock option awards vest in three (3) equal annual increments and are exercisable for seven (7) years. The vesting terms of any future awards you receive will be
determined by the Compensation Committee in accordance with the plan. 

 In connection with your promotion, you
will receive a one-time discretionary equity grant with an economic value of $100,000, equally split between restricted stock units and stock options. These equity awards will be granted on May 1, 2012 according to the terms of the
Company’s Long-Term Incentive Plan As Amended and Restated. 
  

	 	5.	Change in Control. You will receive a change in control agreement. The agreement addresses adverse changes that may occur with respect to your
terms and conditions of employment, including position, location, compensation and benefits, following a change of control. If, during the 24-month period following a change in control, the Company terminates your employment other than for cause, or
you terminate for a good reason (i.e., relating to material changes in position, location, compensation and/or benefits), you will receive payments consistent with the Company’s change in control agreement. Generally, you would be entitled to
receive: 

  

	 	•	 	 Accrued but unpaid base salary through the date of termination; 

 

	 	•	 	 A severance payment of two (2) times the sum of your base salary and bonus amount; 

 

	 	•	 	 To the extent not included in the executive’s accrued compensation, the Company will pay a pro-rata bonus amount for the year of termination,
based on the executive’s bonus amount; and 

  

	 	•	 	 The Company will pay for the continuation of medical, dental and life insurance benefits for up to two (2) years. 

You will receive your change in control agreement shortly. 

 

	 	6.	Indemnification Agreement. You will receive an indemnification agreement to protect you from potential claims made against you in your capacity as a
Company executive. 

  

	 	7.	Retirement Plans. In addition to the current Company contributions provided under the Retirement Savings Plan and Supplemental Excess Defined Contribution
Plan, you will also receive a non-elective Company contribution equal to 12% of compensation that exceeds the IRS limit (2012 = $250,000). This non-elective Company contribution becomes fully vested after three (3) years of employment.

  

	 	8.	Long-Term Care Insurance Program. The Compensation Committee adopted a Long-Term Care Insurance program in 2004. The Company will pay annual premiums for
you under this program for the required ten (10) year policy term as long as you meet the requirements of the program and remain an active Company employee and an executive officer of Gardner Denver, Inc. Details of the Long-Term Care program
will be provided by the insurance broker assigned to assist you with applying for this benefit. 

  
 Initial
              Date                      

Gardner Denver, Inc. | 1500 Liberty Ridge Drive - Suite 3000 | Wayne, PA 19087-5667 | Office : 610-249-2000 | Fax : 610-232-0425

 

 
  

	 	9.	Additional Executive Benefits. You will be eligible to receive the following benefits: (a) annual tax planning and tax return preparation services by
an external financial planning services company; (b) estate planning services (every five (5) years); (c) executive retirement planning in connection with your retirement from the Company; (d) required executive physical
examinations; (e) executive long-term disability insurance; and (f) participation in the charitable donations matching gifts program that matches your charitable donations up to $2,500 annually. 

 

	 	10.	Expatriate, Secondment and Tax Equalization Agreements: The employment terms and conditions contained in the expatriate, secondment and tax equalization
agreements signed by you and effective November 1, 2011, will remain in effect until December 31, 2012. Effective January 1, 2013, new employment terms and conditions, based on your role, will be presented to you.

 Please acknowledge your acceptance of these employment terms and conditions by signing and dating this letter on the space
provided below and returning it to my attention. 
  

	
	Sincerely,
	
	/s/ Susan Gunn for
	
	Barry L. Pennypacker
	President & Chief Executive Officer

  
  

I have read this letter and agree to the employment terms and conditions contained herein. 

 

			
	ACCEPTED AND AGREED:
	
	 /s/ Brian Cunkelman

	Brian Cunkelman
		
	Date:	 	May 1, 2012

  
 Initial
              Date                      

Gardner Denver, Inc. | 1500 Liberty Ridge Drive - Suite 3000 | Wayne, PA 19087-5667 | Office : 610-249-2000 | Fax : 610-232-0425

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}]]