A lubrication system for equipment (e.g. centrifugal pump) employing a rotating shaft and corresponding support bearings is disclosed. The lubrication system includes a lubricant dispenser having a plurality of blades or dispensing members pivotally attached thereto, the dispenser affixed to the shaft for rotation therewith. Centrifugal force created by rotation of the shaft to which the dispensing blades are attached causes the blades to extend radially outward from the shaft center during operation so as to dispense the lubricant throughout a lubricating or misting chamber in order to lubricate the adjacent bearings. The system is also advantageous in that the blades are permitted to pivot or flap downward toward the shaft in either direction so that the dispenser may be more easily inserted into the misting chamber during manufacturing of the device or replacement of the lubricating system. In such a manner, a lubricant dispenser is provided that has an operating outer diameter that slices cleanly through the lubricating fluid to avoid excessive splashing and spraying of the fluid. This also allows the lubricant fluid level in the misting chamber to be lowered if desired so as to reduce heat generation during operation without overly splashing or spraying lubricant.