Summary of Employment Arrangement with Patrick Forsythe, Executive Vice President – Global Engineering
This agreement outlines the employment terms for Patrick Forsythe as Executive Vice President – Global Engineering at Generac, starting July 2, 2015. He will receive a $350,000 annual salary, eligibility for annual bonuses and long-term incentives, a sign-on equity grant, standard employee benefits, and vacation accrual based on years of service. He is also provided a $25,000 relocation bonus. Employment is at will, and compensation and benefits are subject to company policies.
Exhibit 10.2
Summary of Employment Arrangement with Patrick Forsythe, Executive Vice President – Global Engineering
| 1. | Term – Employment at will, beginning July 2, 2015 |
| 2. | Compensation - $350,000 annually. Salary is eligible for review in 2016 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 opportunity to earn up to 125% of base salary annually. Guaranteed 1 times salary bonus for 2015. |
| 4. | Long-Term Incentive Compensation (LTIP). Employee is eligible to participate in Generac’s LTIP program. |
| 5. | Sign On Equity Grant. Employee received 17,634 shares of common stock and 41,786 options to purchase common stock at a purchase price of $28.355 per share as a sign-on bonus. All shares and options 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 accrues at a rate of three weeks/year through year 9. |
Thereafter,
| Years of Service | Weeks of vacation |
| 10-24 | 4 |
| 25-29 | 5 |
| 30+ | 6 |
|
| 8. | Relocation bonus of $25,000 |
