Document:

EX-10.23

Exhibit 10.23

AMENDMENT TO

TECUMSEH PRODUCTS COMPANY

EXECUTIVE DEFERRED COMPENSATION PLAN

The Tecumseh Products Company Executive Deferred Compensation Plan (“Plan”) is amended, effective
January 1, 2005, so that Exhibit B reads as follows:

Exhibit B

“Company Change in Control,” solely for the purposes of this Plan, shall mean (and be limited to)
any change that qualifies as a change of control event pursuant to Section 409A of the Internal
Revenue Code of 1986, as amended, Treasury Regulation § 1.409A-3(g)(5), and all subsequent relevant
authority, including any one or more of the following events:

a) a change in the ownership of the Company in compliance with Treasury Regulation §
1.409A-3(g)(5)(v) pursuant to which any person or group acquires ownership of stock of the Company
that, together with stock held by that person or group, constitutes more than 50 percent of the
total fair market value or total voting power of the stock of the Company.

b) a change in the effective control of the Company pursuant to Treasury Regulation §
1.409A-3(g)(5)(vi), pursuant to which either:

(1) any one person, or more than one person acting as a group, acquires (or has acquired during the
12-month period ending on the date of the most recent acquisition by such person or persons)
ownership (including acquisition of beneficial ownership) of stock of the Company possessing 35
percent or more of the total voting power of the stock of the Company; or

(2) a majority of members of the Company’s board of directors is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority of the members of
the Company’s board of directors prior to the date of the appointment or election;

c) a change in the ownership of a substantial portion of the Company’s assets pursuant to Treasury
Regulation § 1.409A-3(g)(5)(vii) pursuant to which any one person or group acquires (or has
acquired during the 12-month period ending on the date of the most recent acquisition by such
person or persons) assets from the Company that have a total gross fair market value (as defined in
1.409A-3(g)(5)(vii)) equal to or more than 40 percent of the total gross fair market value of all
of the assets of the Company immediately prior to such acquisition or acquisitions.

d) For purposes of this Exhibit B, the following terms shall have the following meanings:

i) “person” shall mean a person as defined in Section 3(a)(9) of the 1934 Act.

ii) “beneficial ownership” shall be determined in accordance with Rule 13d-3 promulgated under the
1934 Act or any successor regulation.

iii) “group” shall mean a group as described in Rule 13d-5 promulgated under the 1934 Act or any
successor regulation provided such group falls within the purview of Treas. Reg. §§
1.409A-3(g)(v)(B), 1.409A-3(g)(5)(vi)(D), or 1.409A-3(g)(5)(vii)(C), as applicable. (The formation
of a

 

 

group hereunder shall have the effect described in paragraph (b) of Rule 13d-5 promulgated under
the Securities Exchange Act of 1934 or any successor regulation.)

WITNESS execution of this amendment on December 19, 2008, on behalf of the Company by its duly
authorized officer.

	 	 	 	 	 
	 	TECUMSEH PRODUCTS COMPANY

 	 
	 	By  	/s/ Tim Atzinger
 	 
	 	 	Its    VP Global Human Resources 	 
	 

-2-EX-10.25

Exhibit 10.25

AMENDMENT TO

TECUMSEH PRODUCTS COMPANY

DIRECTOR RETENTION PHANTOM STOCK PLAN PLAN

The Tecumseh Products Company Director Retention Phantom Stock Plan (“Plan”) is amended, effective
January 1, 2005, so that Exhibit A reads as follows:

Exhibit A

For any portion of an Account becoming vested after December 31, 2004, “Company Change in Control,”
solely for the purposes of this Plan, shall mean (and be limited to) any change that qualifies as a
change of control event pursuant to Section 409A of the Internal Revenue Code of 1986, as amended,
Treasury Regulation § 1.409A-3(g)(5), and all subsequent relevant authority, including any one or
more of the following events:

a) a change in the ownership of the Company in compliance with Treasury Regulation §
1.409A-3(g)(5)(v) pursuant to which any person or group acquires ownership of stock of the Company
that, together with stock held by that person or group, constitutes more than 50 percent of the
total fair market value or total voting power of the stock of the Company.

b) a change in the effective control of the Company pursuant to Treasury Regulation §
1.409A-3(g)(5)(vi), pursuant to which either:

(1) any one person, or more than one person acting as a group, acquires (or has acquired during the
12-month period ending on the date of the most recent acquisition by such person or persons)
ownership (including acquisition of beneficial ownership) of stock of the Company possessing 35
percent or more of the total voting power of the stock of the Company; or

(2) a majority of members of the Company’s board of directors is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority of the members of
the Company’s board of directors prior to the date of the appointment or election;

c) a change in the ownership of a substantial portion of the Company’s assets pursuant to Treasury
Regulation § 1.409A-3(g)(5)(vii) pursuant to which any one person or group acquires (or has
acquired during the 12-month period ending on the date of the most recent acquisition by such
person or persons) assets from the Company that have a total gross fair market value (as defined in
1.409A-3(g)(5)(vii)) equal to or more than 40 percent of the total gross fair market value of all
of the assets of the Company immediately prior to such acquisition or acquisitions.

d) For purposes of this Exhibit B, the following terms shall have the following meanings:

i) “person” shall mean a person as defined in Section 3(a)(9) of the 1934 Act.

ii) “beneficial ownership” shall be determined in accordance with Rule 13d-3 promulgated under the
1934 Act or any successor regulation.

iii) “group” shall mean a group as described in Rule 13d-5 promulgated under the 1934 Act or any
successor regulation provided such group falls within the purview of Treas. Reg. §§ 1.409A-

 

 

3(g)(v)(B), 1.409A-3(g)(5)(vi)(D), or 1.409A-3(g)(5)(vii)(C), as applicable. (The formation of a
group hereunder shall have the effect described in paragraph (b) of Rule 13d-5 promulgated under
the Securities Exchange Act of 1934 or any successor regulation.)

WITNESS execution of this amendment on December 19, 2008, on behalf of the Company by its duly
authorized officer.

	 	 	 	 	 
	 	TECUMSEH PRODUCTS COMPANY

 	 
	 	By  	/s/ Tim Atzinger
 	 
	 	 	Its    VP Global Human Resources 	 
	 	 	 	 

-2-EX-10.29

Exhibit 10.29

DECEMBER 2008 AMENDMENT

TO

EMPLOYMENT AGREEMENT

     This 2008 Amendment to Employment Agreement, dated as of the 22nd day of December, 2008 (the
“Amendment”) by and between TECUMSEH PRODUCTS COMPANY, a Michigan corporation (the
“Company”), and EDWIN L. BUKER (“Executive”).

WITNESSETH:

     WHEREAS, Executive and the Company are parties to that certain Employment Agreement dated
August 1, 2007 (the “Employment Agreement”); and

     WHEREAS, the parties desire to amend the Employment to assure compliance with certain
requirements of Section 409A of the Internal Revenue Code and Regulations thereunder.

     THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree
as follows:

1. Amendment of Employment Agreement. Section 8(e) of the Employment Agreement is deleted
in its entirety and replaced with the following:

     (e) Termination Payments — Without Cause. If the Company terminates Executive’s
employment without Cause, then Executive shall be entitled to receive: (i) a cash payment in
an amount equal to the aggregate of (A) accrued but unpaid Base Salary; (B) unused vacation
days; (C) the Target Bonus on a pro rata basis through the Termination Date; (D) one and
one-half (1.5) times the Base Salary then in effect; and (E) one (1) times the annual Target
Bonus; and (ii) the ability to exercise any then vested Initial Incentive Award and Annual
Awards in accordance with their terms for up to 180 days after the Termination Date. In
addition, other than a continuation of Company-paid health insurance for up to one (1) year,
Executive will not be entitled to receive any other post-termination payments or severance
following such resignation. Any cash payments pursuant to Sections 8(e)(i)(A), (B) and (D)
due under this Section 8(e) shall be payable in a lump sum within ninety (90) days of the
Termination Date, provided that payment occurs no later than March 15 of the year following
the year in which the Termination Date falls.

2. Conflicts. In the event there is a conflict between the terms of the Employment
Agreement and the terms of this Amendment, the terms of this Amendment shall control.

 

 

3. Employment Agreement. The Employment Agreement, as hereby amended, shall continue in
full force and effect, to the fullest extent not inconsistent with this Amendment.

4. Applicable Law. This Amendment shall be governed by and construed in accordance with
the laws of the State of Michigan applicable to contracts made and to be performed within such
State without regards to the principles of conflicts of law.

5. Counterparts. This Amendment may be executed in two or more counterparts, each of which
shall be deemed to be an original but all of which together shall constitute one and the same
instrument.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above
written.

	 	 	 	 	 
	 	TECUMSEH PRODUCTS COMPANY

 	 
	 	By:  	/s/ Tim Atzinger
 	 
	 	 	Its: VP Global Human Resources 	 
	 	 	 	 
	 
	 	EXECUTIVE

 	 
	 	/s/ Edwin L. Buker
 	 
	 	Edwin L. Buker

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