Document:

2004-2005 SIP Excess RSU Terms & Conditions

         

                                                           Exhibit
      10.3

     

    2004
      - 2005 Strategic Incentive Plan Excess 

    Restricted
      Stock Unit Grant Terms and Conditions

    Pursuant
      to the Brunswick Corporation 2003 Stock Incentive Plan (the
“Plan”)

    

    
      	
              Purpose

            	
              To
                reward Strategic Incentive Plan participants for 2004 - 2005 performance
                in excess of 200% of target funding.

               

            
	
              Restricted
                Stock Unit Grant

            	
              Restricted
                Stock Units valued on the same basis as Brunswick Corporation common
                stock
                where one unit equals one share. Dividend equivalents will be reinvested
                in additional restricted stock units. There are no voting rights
                attached
                to restricted stock units.

               

            
	
              Grant
                Date

               

            	February
              14, 2006
	
              Distribution

            	
              Restricted
                stock units will be distributed three years from date of grant, subject
                to
                continued employment or on a Change in Control (as defined in the
                Plan).
                

               

            
	
              Termination
                of Employment

            	
              In
                the event employment terminates prior to scheduled distribution,
                one-third
                will be distributed if termination occurs at least one year after
                grant
                date and two-thirds will be distributed if termination occurs at
                least two
                years after grant date, except:

              ·   
                Full
                distribution if age and years of service equals 70 or more.

              ·
Full
                distribution in the event of death or permanent and total disability
                (as
                defined below).

               

            
	
              Timing
                of Distribution

            	
              Distributions
                will occur as soon as practical after the vesting date. 

               

            
	
              Tax
                Withholding

            	
              Tax
                withholding liability (to meet required FICA, federal, state, and
                local
                withholding) must be paid in cash or via share reduction upon
                distribution. 

               

            
	
              Form
                of Distribution

            	
              Shares
                will be deposited to your existing Dividend Reinvestment Plan account
                or,
                if one is not currently on record, deposited into a newly created
                account.
                Stock certificates will be issued on request.

               

            
	
              Additional
                Terms and Conditions

            	
              Grants
                are subject to the terms of the Plan. To the extent any provision
                herein
                conflicts with the Plan, the Plan shall govern. The Human Resources
                and
                Compensation Committee of the Board administers the Plan. The Committee
                may interpret the Plan and adopt, amend and rescind administrative
                guidelines and other rules as deemed appropriate. Committee determinations
                are binding. 

               

              Permanent
                disability means the inability, by reason of a medically determinable
                physical or mental impairment, to engage in any substantial gainful
                activity, which condition, in the opinion of a physician selected
                by the
                Committee, is expected to have a duration of not less than 120
                days.

               

              The
                Plan may be amended, suspended or terminated at any time. The Plan
                will be
                governed by the laws of the State of Illinois, without
                regard to the conflict of law provisions of any jurisdiction.

            

    

    

    Nothing
      contained in these Terms and Conditions or the Plan constitutes or is intended
      to create a contract of continued employment. Employment is at-will and
      may

    be
      terminated by either the employee or Brunswick (including affiliates) for any
      reason at any time.

     

    Questions
      should be directed to

    Shareholder
      Services

    Brunswick
      Corporation

    1
      N.
      Field Court

    Lake
      Forest, Illinois 60045-4811Retention RSU Terms & Conditions

                 

                                                                           Exhibit
      10.4

     

     

    2006
      Retention Based Restricted Stock Unit Grant Terms and
      Conditions

    Pursuant
      to the Brunswick Corporation 2003 Stock Incentive Plan (the
“Plan”)

    

    
      	
              Purpose

            	
              To
                encourage retention of key managers so as to support the execution
                of
                business strategies and achieve future goals.

               

            
	
              Restricted
                Stock Unit Grant

            	
              Restricted
                Stock Units valued on the same basis as Brunswick Corporation common
                stock
                where one unit equals one share. Dividend equivalents will be reinvested
                in additional restricted stock units. There are no voting rights
                attached
                to restricted stock units.

               

            
	
              Grant
                Date

               

            	February
              14, 2006
	
              Vesting

            	
              Restricted
                stock units will vest four years from date of grant, subject to continued
                employment or on a Change in Control (as defined in the Plan).
                

               

            
	
              Termination
                of Employment

            	
              Forfeiture
                of restricted stock units in the event employment terminates prior
                to
                vesting, except full vesting in the event of death or permanent and
                total
                disability (as defined below).

               

            
	
              Timing
                of Distribution

            	
              Distributions
                will occur as soon as practical after the vesting date. 

               

            
	
              Tax
                Withholding

            	
              Tax
                withholding liability (to meet required FICA, federal, state, and
                local
                withholding) must be paid in cash or via share reduction upon
                distribution. 

               

            
	
              Form
                of Distribution

            	
              Shares
                will be deposited to your existing Dividend Reinvestment Plan account
                or,
                if one is not currently on record, deposited into a newly created
                account.
                Stock certificates will be issued on request.

               

            
	
              Additional
                Terms and Conditions

            	
              Grants
                are subject to the terms of the Plan. To the extent any provision
                herein
                conflicts with the Plan, the Plan shall govern. The Human Resources
                and
                Compensation Committee of the Board administers the Plan. The Committee
                may interpret the Plan and adopt, amend and rescind administrative
                guidelines and other rules as deemed appropriate. Committee determinations
                are binding. 

               

              Permanent
                disability means the inability, by reason of a medically determinable
                physical or mental impairment, to engage in any substantial gainful
                activity, which condition, in the opinion of a physician selected
                by the
                Committee, is expected to have a duration of not less than 120
                days.

               

              The
                Plan may be amended, suspended or terminated at any time. The Plan
                will be
                governed by the laws of the State of Illinois, without
                regard to the conflict of law provisions of any jurisdiction.

            

    

    

    Nothing
      contained in these Terms and Conditions or the Plan constitutes or is intended
      to create a contract of continued employment. Employment is at-will and
      may

    be
      terminated by either the employee or Brunswick (including affiliates) for any
      reason at any time.

    

    Questions
      should be directed to

    Shareholder
      Services

    Brunswick
      Corporation

    1
      N.
      Field Court

    Lake
      Forest, Illinois 60045-4811SAR Terms & Conditions

       

                                                                                 Exhibit
      10.5

     

     

    2006
      Stock-Settled
      Stock Appreciation Right Grant Terms and Conditions

    Pursuant
      to the Brunswick Corporation 2003 Stock Incentive Plan (the
“Plan”)

    

    
      	
              Purpose

            	
              To
                promote Brunswick’s long term financial interests and growth.

               

            
	
              Stock-Settled
                Stock Appreciation Right

            	
              The
                right to receive a payment in Brunswick stock equal to the excess
                of the
                stock's market value at exercise over the exercise price as established
                on
                the date of grant attributable to the number of underlying Stock-Settled
                Stock Appreciation Rights granted.

               

            
	
              Grant
                Date

               

            	February
              14, 2006
	
              Exercise
                Price

            	
              Closing
                price as reported for the New York Stock Exchange - Composite Transactions
                on date of grant.

               

            
	
              Vesting

            	
              Stock
                Settled SARs vest and become exercisable the earlier of:

              ·
One-fourth
                of the SARs granted on each of the first, second, third, and fourth
                anniversaries following grant, so long as you continue to be employed
                by
                Brunswick or its designated affiliates on each such
                anniversary.

              ·   
                Termination due to death, permanent disability (as
                defined
                below), or

              ·
A
                Change in Control (as defined in the Plan).

               

            
	
              Term

            	
              Stock
                settled SARs not exercised will be cancelled the earlier of:

              ·
Ten
                years from date of grant, or

              ·
Based
                on termination of employment in the following instances:

              ·  Five
                years after termination due to death, permanent disability (as defined
                below), 

              ·  Five
                years after termination if age and years of service equal 70 or more
                and
                age is 62 or more at the time of termination (SARs continue to become
                exercisable per normal vesting schedule after termination),

              ·  Two
                years after termination following a Change in Control (as defined
                in the
                Plan),

              ·  One
                year after involuntary termination without cause (for example,
                reductions-in-force or reorganization), or if your employer ceases
                to be a
                subsidiary of Brunswick, unless the Committee provides otherwise,
                

              ·  30
                days after voluntary termination by you, or

              ·  Last
                day of employment if involuntarily terminated for cause (willful
                misconduct in the performance of your duties).

               

            
	
              Exercise
                Settlement-Payment / Tax Withholding

            	
              On
                exercise, the number of shares of Brunswick stock delivered will
                be
                determined as follows:

              ·
The
                difference between the closing market price on date of exercise and
                the
                exercise price will be determined.

              ·
This
                difference will be multiplied by the number of SARs being exercised
                to
                determine the total dollar gain.

              ·
The
                total dollar gain will be divided by the closing market price on
                date of
                exercise.

              The
                resulting tax withholding liability (to meet required FICA, federal,
                state, and local withholding) can be paid in any combination of the
                following:

              ·    Cash
                or check, or by

              ·
Selling
                shares to cover minimum tax withholding liability only.*

              *Involves
                a “sale” of stock. Trading stock based on insider information is
                prohibited. Contact the Corporate Legal Department if you have any
                questions before you exercise a SAR.

               

            

    

    
      	
              Additional
                Terms and Conditions

            	
              Grants
                are subject to the terms of the Plan. To the extent any provision
                herein
                conflicts with the Plan, the Plan shall govern. The Human Resources
                and
                Compensation Committee of the Board administers the Plan. The Committee
                may interpret the Plan and adopt, amend and rescind administrative
                guidelines and other rules as deemed appropriate. Committee determinations
                are binding. 

               

              Permanent
                disability means the inability, by reason of a medically determinable
                physical or mental impairment, to engage in any substantial gainful
                activity, which condition, in the opinion of a physician selected
                by the
                Committee, is expected to have a duration of not less than 120
                days.

               

              The
                Plan may be amended, suspended or terminated at any time. The Plan
                will be
                governed by the laws of the State of Illinois, without
                regard to the conflict of law provisions of any jurisdiction.

            

    

    

    Nothing
      contained in these Terms and Conditions or the Plan constitutes or is intended
      to create a contract of continued employment. Employment is at-will and
      may

    be
      terminated by either the employee or Brunswick (including affiliates) for any
      reason at any time.

    

    Questions
      should be directed to

    Shareholder
      Services

    Brunswick
      Corporation

    1
      N.
      Field Court

    Lake
      Forest, Illinois 60045-4811

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