Amendment to Executive Life Insurance Plan between Briggs & Stratton Corporation and Executives
Briggs & Stratton Corporation has amended its executive life insurance program. The changes remove the previous $500,000 cap on insurance for executives, now providing coverage equal to twice each executive's annual base salary during employment. For Board-elected officers, retirement coverage increases from $200,000 to $400,000. All modifications are subject to compliance with the Sarbanes-Oxley Act. This amendment applies to executives and Board-elected officers of the company and its subsidiaries.
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
2003 Annual Report on Form 10-K
EXHIBIT 10.14(a)
AMENDMENT TO EXECUTIVE LIFE INSURANCE PLAN
RESOLVED, that the executive life insurance program be modified by removing the $500,000 cap on the amount of insurance provided to all executives while they are employed so that the amount of insurance shall be two times their annual base salary, and by increasing the retirement coverage for Board-elected officers from $200,000 to $400,000, all subject to compliance with the Sarbanes-Oxley Act.
