Amendment to Briggs & Stratton Corporation Economic Value Added Incentive Compensation Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment, effective January 1, 2008, modifies the Briggs & Stratton Corporation Economic Value Added Incentive Compensation Plan. The changes are made to ensure compliance with Section 409A of the Internal Revenue Code. Key updates include revising the timing of certain payments and clarifying that payments cannot be accelerated or deferred except by a specific board-approved amendment. The amendment also specifies that termination of employment must meet the definition of separation from service under Section 409A. The parties involved are Briggs & Stratton Corporation and eligible plan participants.

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EX-10.8 10 dex108.htm AMENDMENT TO THE BRIGGS & STRATTON CORP Amendment to the Briggs & Stratton Corp

Exhibit 10.8

BRIGGS & STRATTON CORPORATION

Form 10-Q for Quarterly Period Ended September 30, 2007

AMENDMENT TO THE BRIGGS & STRATTON

CORPORATION ECONOMIC VALUE ADDED

INCENTIVE COMPENSATION PLAN

Effective January 1, 2008

WHEREAS, the Committee has established and administers the Briggs & Stratton Corporation Economic Value Added Incentive Compensation Plan (the “Plan”) pursuant to the shareholder-approved Briggs & Stratton Corporation Incentive Compensation Plan; and

WHEREAS, it is necessary to make certain amendments to the Plan for purposes of compliance with Section 409A of the Internal Revenue Code;

NOW, THEREFORE, IT IS HEREBY RESOLVED, that the Plan is amended in the following respects effective January 1, 2008:

 

  1. The phrase “on or before the end of the second month following” in paragraphs A and B of Article VIII of the Plan is replaced with the phrase “during the 60 day period following”.

 

  2. A new paragraph E is added to Article X to read as follows:

 

  E. Section 409A. To facilitate compliance with Internal Revenue Code Section 409A, a payment otherwise required to be paid under this Plan shall be neither accelerated nor deferred nor shall there otherwise be a change in the time at which any payment due hereunder is to be paid, except pursuant to a specific written amendment adopted by the Board of Directors of Briggs & Stratton Corporation, which amendment is consistent with the requirements of applicable regulations under Internal Revenue Code Section 409A. Further, no individual shall be deemed to have a termination of employment for purposes of this Plan unless such termination of employment also constitutes a separation from service within the meaning of Code Section 409A.