BRIGGS & STRATTON CORPORATION FORM 10-Q for Quarterly Period Ended December 28, 2008 AMENDMENT TO THE KEY EMPLOYEES SAVINGS AND INVESTMENT PLAN Amendment to Briggs & Stratton Corporation
Exhibit 10.15
BRIGGS & STRATTON CORPORATION
FORM 10-Q for Quarterly Period Ended December 28, 2008
AMENDMENT TO THE KEY EMPLOYEES SAVINGS
AND INVESTMENT PLAN
Amendment to Briggs & Stratton Corporation
Key Employee Savings and Investment Plan
WHEREAS, the Briggs & Stratton Key Employee Savings and Investment Plan (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 6.2(f) 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 |