Exhibit 10.1
TECUMSEH PRODUCTS COMPANY
LONG-TERM INCENTIVE EQUITY AWARD PLAN
AWARD AGREEMENT
(OPTION)
Agreement made effective ____________, 20__ (the "Grant Date") between
Tecumseh Products Company, a Michigan corporation (the "Company"), and
________________________ (the "Employee").
This Agreement confirms the grant of an Option pursuant to and subject to
all the terms and conditions of the Tecumseh Products Company Long-Term
Incentive Equity Award Plan, as amended and restated on August 7, 2007 and as it
may be further amended or restated in the future in accordance with its terms
(the "Plan"). In this Agreement capitalized terms that are used without separate
definition have the meanings given to them in the Plan.
The Option granted and its terms are as follows:
Shares subject to Option: _________ shares of Class A Common Stock
Exercise price per share: $_______
Option becomes exercisable as to:
_____ shares [one-third of total] on __________, 20__ [first
anniversary of Grant Date];
an additional _____ shares [one-third of total] on __________,
20__ [second anniversary of Grant Date]; and
the final _____ shares [one-third of total] on __________, 20__
[third anniversary of Grant Date]
Option expires: __________, 20__ [seventh anniversary of Grant Date]
No portion of the Option that is unexercisable at Termination of Employment
will become exercisable, except as may be otherwise provided by the express
terms of an Employment Contract.
The Employee's signature below indicates the Employee's acknowledgement
that the Employee has received and read a copy of the Plan. The terms and
provisions of the Plan. In the event of a conflict between any term or provision
contained in this Agreement and a term or provision of the Plan, the applicable
terms and provisions of the Plan will govern and prevail.
TECUMSEH PRODUCTS COMPANY EMPLOYEE:
By:
--------------------------------- ----------------------------------------
[Name] [Name]
[Title]
