Amendment to Briggs & Stratton Corporation Deferred Compensation Plan for Directors
Briggs & Stratton Corporation has amended its Deferred Compensation Plan for Directors to comply with Section 409A of the Internal Revenue Code. The amendment removes a provision that allowed for a disability exception to the five-year delay in payment rule following a change in a distribution election, as this was found to be inconsistent with IRS requirements. The change was executed by the company's Senior Vice President - Administration on December 10, 2008.
Exhibit 10.11
BRIGGS & STRATTON CORPORATION
FORM 10-Q for Quarterly Period Ended December 28, 2008
AMENDMENT TO THE DEFERRED
COMPENSATION PLAN FOR DIRECTORS
Amendment to Briggs & Stratton Corporation
Deferred Compensation Plan for Directors
WHEREAS, the Briggs & Stratton Corporation Deferred Compensation Plan for Directors (the Plan) provides that if any provision or term thereof would be prohibited by or inconsistent with the requirements of Section 409A of the Internal Revenue Code, then such provision or term shall be deemed to be reformed to comply with Section 409A of the Code; and
WHEREAS, the Companys legal counsel has advised that the disability exception to the five year delay in payment rule resulting from a change in a distribution election would be viewed by the IRS as inconsistent with the requirements of Section 409A of the Code and, therefore, it is desirable to revise the Plan document to reflect its reformation to eliminate such provision;
NOW, THEREFORE, pursuant to the action of the undersigned officer, Section 7.2(e) of the Plan is amended by deleting all of the text thereof after the word death in the second line thereof and the Plan document shall be restated to reflect this change.
IN WITNESS WHEREOF, the undersigned officer of Briggs & Stratton Corporation executes this amendment on its behalf this 10th day of December, 2008.
BRIGGS & STRATTON CORPORATION | ||
By: | /s/ Thomas R. Savage | |
Title: | Senior Vice President - Administration |
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