Amendment to Briggs & Stratton Corporation Key Employee Savings and Investment Plan (Effective January 1, 2008)
Briggs & Stratton Corporation has amended its Key Employee Savings and Investment Plan, effective January 1, 2008. The amendment changes how interest is credited to participants' accounts, specifying that interest will now be calculated daily each quarter at a rate equal to 80% of the Prime Rate at US Bank, divided by 365. Interest will be credited daily based on the previous day's account balance until the account is fully paid out. This change is intended to coordinate with the systems of the plan's third-party administrator.
Exhibit 10.7
BRIGGS & STRATTON CORPORATION
Form 10-Q for Quarterly Period Ended December 30, 2007
AMENDMENT TO
BRIGGS & STRATTON CORPORATION
KEY EMPLOYEE SAVINGS AND INVESTMENT PLAN
Effective January 1, 2008
AMENDMENT
TO
BRIGGS & STRATTON CORPORATION
KEY EMPLOYEE SAVINGS AND INVESTMENT PLAN
WHEREAS, for purposes of coordination with the third party administrator’s systems, it is necessary to change the methodology for crediting interest under the Briggs & Stratton Corporation Key Employee Savings and Investment Plan;
NOW, THEREFORE, Section 5.1 of the Briggs & Stratton Corporation Key Employees Savings and Investment Plan is hereby amended to read as follows effective as of January 1, 2008:
| 5.1 | Crediting of Interest |
A Participant’s Account shall be credited with interest on a daily basis each quarter at a rate equal to 80% of the Prime Rate at US Bank on the first day of the quarter divided by Three Hundred Sixty Five (365). Interest shall be credited each day with respect to the Participant’s closing Account balance for the previous day. A Participant’s Account shall be credited with interest until the date payment of the Participant’s Account is completed.
IN WITNESS WHEREOF, the undersigned officer executes this amendment this 12th day of November 2007 on behalf of Briggs & Stratton Corporation.
| /s/ Thomas R. Savage |
| Senior Vice President - Administration |
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