Document:

Exhibit

Exhibit 10.2

J. C. PENNEY COMPANY, INC. 2016 LONG-TERM INCENTIVE PLAN

NOTICE OF RESTRICTED STOCK UNIT AWARD
 NON-ASSOCIATE DIRECTOR ANNUAL GRANT 

Name:

Restricted Stock Unit Grant
A restricted stock unit grant for [NUMBER] was granted to you on [GRANT DATE].  Each restricted stock unit shall at all times be deemed to have a value equal to the then-current fair market value of one share of J. C. Penney Company, Inc. Common Stock of 50¢ par value (“Common Stock”).  This grant is subject to all the terms, rules, and conditions of the J. C. Penney Company, Inc. 2016 Long-Term Incentive Plan (“Plan”).  In the event of a change in capitalization of the Company or other similar event, the number of units shall be adjusted as provided in the Plan.  

If the Company declares a dividend, you will be credited with a quarterly distribution of an amount equivalent to the dividend declared on Common Stock on the restricted stock units until such time as the units are converted to shares of Common Stock.  Any such dividends shall be converted into a number of additional restricted stock units equal to the aggregate dividend which would have been paid with respect to the number of restricted stock units then credited to you under this grant divided by the closing price of the Common Stock on the New York Stock Exchange on the day on which such dividends are paid.  Any such additional restricted stock units shall vest at the same time as the restricted stock units granted hereunder.  

Payment Date
Upon your separation from Board service, the restricted stock units will vest.  Your vested restricted stock units shall be paid out in shares of Common Stock as soon as practicable following the date of your separation from Board service, but in no event later than 21⁄2 months following the end of the calendar year in which you separate from Board service.  You shall not be allowed to defer the payment of your shares of Common Stock to a later date.  If your separation from Board service is for any reason other than a Qualifying Termination as defined in the Plan, the restricted stock units will be forfeited.  The beneficiary listed on your J. C. Penney Company, Inc. Beneficiary Designation Form will receive the vested shares upon separation due to death.  

Taxes
At the time the Company issues to you, in cancellation of the restricted stock units, shares of Common Stock, the fair market value of the shares on the vesting date (the closing price of the Common Stock on the New York Stock Exchange, or if the Common Stock does not trade on such date, the closing price reported in the composite transaction table on the last trading date immediately preceding such date) multiplied by the number of vested shares will be reported to the Internal Revenue Service on a Form 1099.  The fair market value is subject to Federal Income Tax and Social Security Self-Employment Tax.Exhibit

Exhibit 10.5(a)

AMENDMENT TO THE
BRIGGS & STRATTON CORPORATION
2014 OMNIBUS INCENTIVE PLAN
(the “Plan”)
Effective as of April 21, 2016

Section 6.4 of the Plan is hereby amended to read, in its entirety, as follows:

6.4 Exercise of Option.  An Option shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall in each instance approve, which terms and restrictions need not be the same for each grant or for each Participant.  To the extent the vested and exercisable portion of an Option remains unexercised as of the close of business on the stated expiration date of the Option (i.e., at the end of its term, not at any earlier expiration date resulting from a termination of employment), that portion of the Option will be exercised without any action by the Participant if the Fair Market Value of a Share on that date exceeds the Option Price by an amount equal to or greater than one percent (1%) of the Option Price and the exercise will result in the Participant receiving at least one Share.

Section 7.4 of the Plan is hereby amended to read, in its entirety, as follows:

7.4 Exercise of SAR.  An SAR shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall in each instance approve, which terms and restrictions need not be the same for each grant or for each Participant.  To the extent the vested and exercisable portion of an SAR remains unexercised as of the close of business on the stated expiration date of the SAR (i.e., at the end of its term, not at any earlier expiration date resulting from a termination of employment), that portion of the SAR will be exercised without any action by the Participant if the Fair Market Value of a Share on that date exceeds the Grant Price by an amount equal to or greater than one percent (1%) of the Grant Price and, if payment is to be made in Shares, the exercise will result in Participant receiving at least one Share.Exhibit

Exhibit 10.5(e)

Effective 8-16-16

BRIGGS & STRATTON CORPORATION

OFFICER LONG TERM INCENTIVE AWARD PROGRAM

Formerly the Stock Option and Stock Award Program, as adopted by the Compensation Committee on April 20, 2004, amended as of October 15, 2014 and further amended as of August 16, 2016

BRIGGS & STRATTON CORPORATION
OFFICER LONG TERM INCENTIVE AWARD PROGRAM

1    Objectives

The Officer Long Term Incentive Award Program (“Officer LTI Program”) is designed to build upon the Company’s Annual Incentive Plan (“AIP”) by tying the interests of designated senior executives (“Senior Executives”) to the long term consolidated results of the Company.  In this way, the objectives of Senior Executives throughout the Company will be more closely aligned with the Company’s shareholders.  Whereas the AIP provides for near and intermediate term rewards, the Officer LTI Program provides a longer term focus by allowing Senior Executives to participate in the long-term appreciation in the equity value of the Company and to earn cash bonuses based on the Company’s financial performance over time.

The Officer LTI Program is structured such that each year a Senior Executive is eligible for awards of restricted stock or restricted stock units of the Company's Stock ("Restricted Stock"), options on the Company’s Stock (“SOs”), and/or performance share units of the Company’s Stock or performance units payable in cash (“Performance Units”) in such amounts as the Compensation Committee determines.  

2    Restricted Stock Awards

For each Plan Year, the Committee shall establish a formula that will create a pool of shares from which Restricted Stock may be awarded to certain Senior Executives designated by title.  The formula shall reflect the Company’s intention to qualify, to the extent possible, the awards as performance-based compensation under Section 162(m) of the Code.  The number of shares in the pool shall be determined based upon performance against the pre-established performance target(s) in the formula.  From the available pool, the Committee shall determine the number of shares of Restricted Stock awarded to each designated Senior Executive.  In addition, the Committee shall determine the number of shares of Restricted Stock to be awarded to other Senior Executives.  In each case, the number of shares awarded shall be determined by dividing (a) the dollar amount of such Restricted Stock award by (b) the Fair Market Value of Company Stock on the date of grant as determined by the Committee, rounded (up or down) to the nearest 10 shares.  

The Committee shall determine whether such stock awards shall consist of shares of restricted stock, restricted stock units or a mix of each type of stock, and may consider each senior executive’s preference in making such determination.  All shares of Restricted Stock shall vest on the third anniversary of the date of grant regardless of whether such vesting date occurs before or after retirement and shall have such other terms and conditions as the Committee shall determine, including any that the Committee determines are necessary and appropriate to qualify them for tax deductibility by the Company.

3    Stock Option Awards

For each Plan Year, the number of SOs awarded to each Senior Executive shall be determined by the Committee.  The number of SOs awarded shall be determined by dividing (a) the dollar amount of such SO award by (b) the Black-Scholes value of a share of Company stock based on its Fair Market Value on the date of the grant as determined by the Committee, rounded (up or down) to the nearest 10 shares.

1
 

All SOs shall vest and be exercisable beginning on the third anniversary of the date of grant and shall terminate on the tenth anniversary of the date of grant unless sooner exercised, unless the Committee determines other dates.

The exercise price for SOs shall be the Fair Market Value per share of the Company's stock on the date of grant.  SOs shall have such other terms and conditions as the Committee shall determine.

4    Performance Unit Awards

For each Plan Year, the Committee may award Performance Units to Senior Executives which may be earned based on the achievement of pre-established performance goals over a designated performance period determined by the Committee.  The performance goals shall reflect the Company’s intention to qualify, to the extent possible, the awards as performance-based compensation under Section 162(m) of the Code.  The number of Performance Units awarded to each Senior Executive, the pre-established performance goals and the performance period shall be determined by the Committee.

5    Limitations on Awards

All awards of Restricted Stock, SOs and Performance Units are granted under and are subject to the terms and conditions of the 2014 Omnibus Incentive Plan (the “Plan”), including without limitation the limits on awards stated in Section 4.3 and 4.4 of the Plan.

The Committee shall have the right to modify or amend the Officer LTI Program from time to time, or suspend it or terminate it entirely.  The Committee may suspend or terminate an award of Restricted Stock, SOs or Performance Units for a Plan Year at any time prior to delivery of the award agreement to the Senior Executive.

6    Incentive Stock Options

Except as modified herein, SOs are Incentive Stock Options under the Plan as amended from time to time to the extent they are eligible for treatment as such under Section 422 of the Code.  If not eligible for ISO treatment, the SOs shall constitute nonqualified stock options.  Except as specifically modified herein, SOs shall be governed by the terms of the Plan, and shall be granted as described in this Program annually unless the Committee modifies or terminates either the AIP or the Plan.

7    Definitions

All capitalized terms used herein that are not otherwise defined shall have the same meaning given to them in the Company’s AIP and the Plan.

8    Effective Date

The amendments to the Officer LTI Program adopted by the Committee on August 16, 2016 shall be effective for awards made on and after such date. 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]