October 25, 2017 Todd J. Teske Briggs & Stratton Corporation 12301 West Wirth Street Wauwatosa WI 53222 Re: Modification of Termination Provisions of Existing Long Term Incentive Award Agreements Dear Todd:
Exhibit 10.10
October 25, 2017
Xxxx X. Xxxxx
Xxxxxx & Xxxxxxxx Corporation
00000 Xxxx Xxxxx Xxxxxx
Wauwatosa WI 53222
Re: Modification of Termination Provisions of Existing Long Term Incentive Award Agreements
Dear Xxxx:
This letter agreement relates to outstanding award agreements previously granted to you pursuant to the Company’s 2014 Omnibus Incentive Plan, as amended (together with prior plans referenced therein, the “2014 Plan”), which award agreements are identified on Exhibit A hereto (collectively, the “Existing Award Agreements”). In order to align the treatment of awards under the Existing Award Agreements in the event of a termination without cause with the treatment thereof under the forms of award agreements adopted by the Compensation Committee for use under the Company’s 2017 Omnibus Incentive Plan (the “New Award Agreement Forms”), the Committee has deemed it advisable and in the best interest of the Company and its shareholders to modify the Existing Award Agreements as described herein. It is hereby agreed that each Existing Award Agreement is modified to provide that in the event of a termination without cause, the termination date under each Existing Award Agreement shall be the date upon which your employment agreement with the Company would have expired had you been provided a notice of nonrenewal of such employment agreement by the Company on the date of notice to you of termination of your employment without cause.
| On Behalf of the Xxxxxx & Xxxxxxxx Corporation Compensation Committee |
| /s/ Xxxxx X. Xxxxxx |
| Xxxxx X. Xxxxxx |
| Committee Chair |
Acknowledged and Agreed:
| /s/ Xxxx X. Xxxxx |
| Xxxx X. Xxxxx |
Post Office Box 702, Milwaukee, WI 53201-0702, USA◾ 414.259.5333 ◾ xxxxx.xxx
EXHIBIT A
EXISTING AWARD AGREEMENTS
| Type of Award |
Grant Date | |
| Nonqualified Stock Option |
08/21/2017 | |
| Incentive Stock Option |
08/21/2017 | |
| Performance Units |
08/21/2017 | |
| Restricted Stock |
08/21/2017 | |
| Incentive Stock Option |
08/22/2016 | |
| Nonqualified Stock Option |
08/22/2016 | |
| Performance Units |
08/22/2016 | |
| Restricted Stock |
08/22/2016 | |
| Performance Share Units |
08/18/2015 | |
| Restricted Stock |
08/18/2015 | |
| Nonqualified Stock Option |
08/18/2015 | |
| Incentive Stock Option |
08/18/2015 | |
| Nonqualified Stock Option |
10/21/2014 | |
| Incentive Stock Option |
10/21/2014 | |
| Restricted Stock |
08/19/2014 | |
| Restricted Stock |
08/20/2013 | |
| Incentive Stock Option |
08/20/2013 | |
| Nonqualified Stock Option |
08/20/2013 |
Post Office Box 702, Milwaukee, WI 53201-0702, USA◾ 414.259.5333 ◾ xxxxx.xxx
