Amendment to Executive Life Insurance Plan between Briggs & Stratton Corporation and Officers
Briggs & Stratton Corporation has amended its executive life insurance plan for officers elected by the Board of Directors, effective July 1, 2004. The amendment changes existing split-dollar life insurance policies from collateral to endorsement arrangements and stipulates that new insurance will be provided as death benefit only policies. Management may also convert existing policies to death benefit only coverage if deemed appropriate. This amendment affects the life insurance benefits provided to company officers.
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
2004 Annual Report on Form 10-K
EXHIBIT 10.14 (b)
AMENDMENT TO EXECUTIVE LIFE INSURANCE PLAN
RESOLVED, that the Corporation’s split-dollar life insurance program for officers elected by the Board of Directors is amended effective July 1, 2004 so that existing policies shall be converted from collateral split-dollar policies to endorsement split-dollar policies and new insurance shall be provided by death benefit only policies, subject to the conversion as well of existing policies to death benefit only policies if management determines such action to be appropriate.
