Amendment to Briggs & Stratton Corporation Supplemental Executive Retirement Plan Regarding Compensation Definition

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment updates the Briggs & Stratton Corporation Supplemental Executive Retirement Plan by clarifying the definition of "Compensation." Starting January 1, 2019, compensation for plan purposes will exclude any long-term incentive awards or payments, whether paid in cash or equity. This change affects how benefits are calculated for plan participants. The amendment is issued by Briggs & Stratton Corporation and applies to all participants in the Supplemental Executive Retirement Plan.

Read More Arrow
EX-10.1 2 ex101-serpxamendement.htm EXHIBIT 10.1 Exhibit


Amendment to the
Briggs & Stratton Corporation Supplemental Executive Retirement Plan
New subsection 1.3 is added to the Briggs & Stratton Corporation Supplemental Executive Retirement Plan to read as follows, and all subsequent subsections of Article I are renumbered accordingly:
1.3    Compensation. The term “Compensation” shall have the meaning set forth in the Pension Plan, except that effective for Plan Years beginning on and after January 1, 2019, Compensation shall not include any long-term incentive awards or payments, whether such awards or payments are in the form of cash or equity.