Employment Offer Letter to Eric L. Stolzenberg for Compressor SBU President at Tecumseh Products Company

Summary

Tecumseh Products Company offers Eric L. Stolzenberg the position of Compressor SBU President, with a salary of $280,000, participation in the 2006 Management Incentive Plan, and three weeks of vacation per year. The offer includes moving expense reimbursements, a relocation allowance up to $100,000, and insurance coverage starting the month after employment begins. The agreement is contingent on passing a physical exam and drug screen, and includes a change of control provision effective upon relocation or after three years. Employment is set to start on November 16, 2005.

EX-10.1 2 k01321exv10w1.txt EMPLOYMENT LETTER TO ERIC L. STOLZENBERG Exhibit 10.1 [letterhead of Tecumseh Products Company] November 16, 2005 Mr. Eric L. Stolzenberg 17603 Westward Reach Road Cornelius, NC 28031 Dear Ric: I am delighted to offer you the position of Compressor SBU President, Tecumseh Products Company. As recently discussed, the specifics are, subject to your passing a physical examination and drug screen: 1. Job Title: Compressor SBU President 2. Salary: $280,000 3. Incentive Plan: Participation in the Company's Management Incentive Plan of 2006 4. Vacation: Three weeks per calendar year beginning in 2006 and four weeks after ten years of service (per Company policy). 5. Moving Expenses: Certain reimbursements listed below for pre-move and actual moving expenses fall into taxable and non-taxable categories. (a) Moving expenses to include packing, shipping, unloading, etc. of household goods. (b) Reasonable time off work with pay will be granted for moving. (c) Up to one week's expenses to and from location for spouse including lodging and meals while seeking a new residence. (d) Travel and meal expenses for spouse and dependents from old location to new location at the time the family relocates. (e) Relocation allowance up to $100,000 to cover moving expenses not covered in the customary moving allowance plus travel expenses to and from Tecumseh, Michigan, and lodging and meals for employee only while in the Tecumseh, Michigan area payable as incurred up to a maximum of three (3) years from date of hire. Ric Stolzenberg November 16, 2005 Page Two 6. Change of Control (draft attached) not to become effective until the earlier of relocation to the Tecumseh, Michigan area or three (3) years from date of hire. 7. Start Date: November 16, 2005 8. Insurance: First day of the month following the start date. Please let me know as soon as possible of your decision. If you accept, please make an appointment with your physician for a physical examination, including drug screen (forms enclosed). Please return the completed forms and the drug screen lab results in the enclosed envelope or fax to Corporate Human Resources at ###-###-####. All information must be received prior to your start date. We are very impressed with you and your qualifications and believe that you would be an ideal addition to our management team. I look forward to hearing from you soon. Sincerely, /s/ MICHAEL R. FORMAN Michael R. Forman Vice-President and Director Corporate Human Resources Enclosures