Summary of Employment Arrangement with Jeffrey Mueller, President / General Manager – Consumer Power
This agreement outlines the employment terms for Jeffrey Mueller as President/General Manager – Consumer Power at Generac, starting November 13, 2017. Mueller will receive a $370,000 annual salary, with eligibility for salary review in 2019. He can participate in the Executive Management Incentive Program with a target bonus of 50% of salary and up to 125% of base salary, as well as the Long-Term Incentive Compensation plan. He received a $500,000 sign-on equity grant and is eligible for standard company benefits, vacation accrual, and relocation assistance. Employment is at will.
Exhibit 10.27
Summary of Employment Arrangement with Jeffrey Mueller, President / General Manager – Consumer Power
1. Term – Employment at will, beginning November 13, 2017
2. Compensation - $370,000 annually. Salary is eligible for review in 2019 in accordance with Generac’s normal policies.
3. Executive Management Incentive Program (EMIP) – Employee is eligible to participate in the EMIP with target bonus of 50% of salary and opportunity to earn up to 125% of base salary annually.
4. Long-Term Incentive Compensation (LTIP) – Employee is eligible to participate in Generac’s LTIP.
5. Sign-On Equity Grant – On November 13, 2017, employee received an aggregate amount of $500,000 of Company common stock determined by fair market value at time of grant. All shares are subject to the Company’s Equity Incentive Plan.
6. Benefits – Employee is eligible for the Generac benefits plan on the same terms as other employees.
7. Vacation – Vacation will accrue in accordance with the Company's practices.
8. Relocation – Moving expenses, temporary living accommodations and associated fees covered.
