Exhibit 10.1
RETENTION AND CONSULTING
AGREEMENT
THIS RETENTION AND CONSULTING
AGREEMENT (this “Agreement”) is made as of
September 12, 2005 by and between Briggs & Stratton
Corporation, a Wisconsin corporation having its principal business
office at 12301 West Wirth Street, Wauwatosa, Wisconsin 53222 (the
“Company”), and Mark R. Hazeltine
(“Mr. Hazeltine”).
WHEREAS Mr. Hazeltine is a key
employee in the Company’s sales organization who has detailed
knowledge of the Company’s customers and their requirements
for outdoor power equipment, and
WHEREAS the Company desires to
ensure that Mr. Hazeltine continues to work full-time for the
Company until his retirement at age 65 and that thereafter he
provides consulting services to the Company for up to two years
with reasonable provisions relating to noncompetition,
NOW, THEREFORE, in consideration of
the premises and the mutual promises hereinafter set forth, the
parties agree as follows:
1. Stay Bonus .
The Company will pay Mr. Hazeltine $150,000 on the date of his
retirement from the Company and $100,000 on the first anniversary
of the date of his retirement in the event that Mr. Hazeltine
continues to be employed full-time by the Company until he reaches
the retirement age of 65. If prior to his retirement
Mr. Hazeltine dies or becomes disabled as defined in the
Company’s benefit plans or the Company terminates his
employment without cause, the foregoing payments will be made to
Mr. Hazeltine or his estate on January 1, 2008 and
January 1, 2009.
2. Health Benefits
. The Company will pay the cost of providing health care
coverage for Mr. Hazeltine’s spouse under the
Company’s current or successor health care plans until she
reaches the age of 65 in the event that Mr. Hazeltine
continues to be employed full-time by the Company until he reaches
the retirement age of 65, or in the event that prior to retirement
Mr. Hazeltine dies or becomes disabled as defined in the
Company’s benefit plans or the Company terminates his
employment without cause.
3. Post-Retirement
Consulting Services . Mr. Hazeltine will provide
consulting services to the Company for up to 24 months after his
retirement from the Company for a fee of $16,667 per month.
Such services shall be provided in connection with the following
activities, when and as requested by the Company’s Vice
President – Sales & Marketing:
(a)
Provide advice to management
relating to the Company’s current and future business
relationships with original equipment manufacturers and retailers
of outdoor power equipment worldwide.
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