Document:

SNAP-ON INCORPORATED

                           SPLIT-DOLLAR INSURANCE PLAN

                         AGREEMENT FOR _________________

          1. Introduction. This Agreement is a component of the Snap-on
Incorporated Split-Dollar Insurance Plan ("Plan"). Snap-on Incorporated, as an
inducement to continued employment of executives designated to participate in
the Plan, wishes to assist them with their personal life insurance program. The
Plan is intended to qualify as a life insurance employee benefit as described in
Revenue Ruling 64-328.

          2. Definitions.

               (a) "Change of Control" shall have the meaning given it in
Section ____ of the ___________ Agreement.

               (b) "Company" means Snap-on Incorporated, a Delaware corporation,
with offices in Kenosha, Wisconsin.

               (c) "Early Retirement" shall have the meaning given it in the
Company's Retirement Plan for Administrative and Field Employees except that the
Insured shall only have to satisfy the age requirements of such term.

               (d) "Effective Date" shall have the meaning given it in Section
____ of the __________ Agreement.

               (e) "Insured" means ____________.

               (f) "Insurer" means Northwestern Mutual Life.

               (g) "Owner" means ______________, who may or may not be the same
person as the Insured.

               (h) "Permanent Disability" shall have the meaning given it in the
Company's Health Benefit Plan for Administrative and Field Employees.

               (i) "Policy Interest" means the interest of the Company in a
Policy. Policy Interest is an amount equal to the total premiums paid by the
Company with respect to that Policy.

               (j) "Policy" means a policy of insurance on the life of the
Insured issued by the Insurer and listed on Exhibit A attached hereto together
with any supplementary contracts issued by the Insurer in conjunction therewith.

               (k) "Retirement" shall have the meaning given it in the Company's
Retirement Plan for Administrative and Field Employees.
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               (l) "___________ Agreement" means the __________ Agreement dated
_____________, between the Company and the Insured, including any amendments
thereto or successor agreements.

               (m) "Termination of Employment" shall have the meaning given it
in Section ______ of the ___________ Agreement without regard for any time
limits specified in such definition.

          3. Premium Payments.

               (a) Commencing with the date of this Agreement, the Company
agrees to pay successive annual premium payments on each Policy as listed on
Exhibit A as they become due.

               (b) The Company's obligation to make future premium payments
under Section 3(a) shall terminate if the Insured's employment is terminated
prior to the Effective Date for any reason other than (i) Retirement at normal
retirement age, (ii) Early Retirement or (iii) Permanent Disability.

               (c) The Company's obligation to make future premium payments
under Section 3(a) shall terminate if the Insured's employment is terminated
after the Effective Date for any reason other than (i) Retirement at normal
retirement age, (ii) Early Retirement, (iii) Permanent Disability or (iv)
Termination of Employment.

               (d) Policy dividends shall be applied to purchase paid-up
additional insurance protection.

               (e) The Insured shall, as a condition of Owner's participation in
this Plan, execute a limited waiver of participation in the Company's group term
life insurance plan, evidenced by filing with the Company a waiver in
substantially the form attached hereto.

          4. Policy Ownership.

               (a) Except as provided in Section 4(b), the Owner shall be the
sole and exclusive owner of each Policy. This includes all the rights of "owner"
under the terms of each Policy, including but not limited to the right to
designate beneficiaries and select settlement options.

               (b) In exchange for the Company's payment of its premium
contribution for a Policy under Section 3, the Owner shall assign to the Company
the following limited ownership rights in that Policy:

                    (1)  The right to recover its Policy Interest from the cash
                         value of a Policy in the event of the termination of
                         this Agreement as provided in Section 5.

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                    (2)  The right to recover its Policy Interest from the
                         proceeds of a Policy in the event of the Insured's
                         death.

               (c) To secure the Company's interest in a Policy the Owner shall
execute an Assignment of the Policy to the Company in substantially the form
attached hereto as Exhibit B.

               (d) It is agreed that benefits will be paid under a Policy by the
Insurer only by separate checks to the parties entitled thereto.

          5. Termination of Plan.

               (a) This Agreement shall be terminated upon the first to occur
of:

                    (1)  The death of the Insured.

                    (2)  The sixteenth (16th) anniversary of the issuance of a
                         Policy (but the Agreement shall only terminate with
                         respect to that Policy).

                    (3)  The date on which the Owner gives notice in writing to
                         the Company of the termination.

                    (4)  Termination of the Company's premium payment obligation
                         under Section 3(a) pursuant to Section 3(b) or 3(c).

               (b) In the event of termination of this Agreement the Owner
shall, at its election:

                    (1)  Repay to the Company within 60 days of the date of
                         termination an amount equal to the Company's Policy
                         Interest. Or,

                    (2)  Execute any and all instruments that may be required to
                         vest ownership of Policy in the Company. Thereafter,
                         Owner shall have no further interest in the Policy and
                         shall have no further obligation to the Company.

          6. Funding Upon a Change of Control.

               (a) In the event that a Change of Control of the Company occurs
and a Rating Event has not occurred, the Company shall immediately transfer to
the Snap-on Incorporated Master Split-Dollar Insurance Plan Trust dated August
1, 2000, or any successor thereto (the "Trust") an amount equal to the aggregate
unpaid premiums required to be paid by

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the Company under Section 3(a) assuming no termination of the Agreement under
Sections 3(c), 5(a)(1) or 5(a)(3).

               (b) The Trust is an administrative and funding vehicle for the
Company's general assets contributed to the Trust for the purpose of ultimately
satisfying obligations under this Agreement. In the event that the Company
transfers assets to the Trust for the express purpose of ultimately satisfying
its obligations under this Agreement then, subject to the terms of the Trust and
limited by assets available and held by the Trustees of the Trust for the
purpose of funding the benefits provided by this Agreement, payments may be made
from such Trust in satisfaction of Company's obligations hereunder. The transfer
of assets by the Company to the Trust for this purpose shall not increase,
decrease or vary in any way the rights and obligations of the parties to this
Agreement, nor shall the Insured or the Owner have any ownership rights with
respect to such assets nor shall the assets be treated as a trust fund of any
kind for the benefit of any such person; provided that as and when any such
payment is required to be made hereunder, the Owner may, subject to the terms of
the Trust and limited by the terms of this Agreement, require such payments to
be made from the Trust. The Owner may enforce and obtain satisfaction of such
payment rights against the assets held by the Trust for the purpose of
satisfying such obligations of the Company.

          7. The Insurer shall be bound only by the provisions of and
endorsements on a Policy, and any payments made or action taken by it in
accordance therewith shall fully discharge it from all claims, suits and demands
of all persons whatsoever. It shall in no way be bound by or be deemed to have
notice of the provisions of this Agreement.

          8. This Agreement may be amended at any time by the Owner and the
Company. Such amendment shall be in writing and signed by the Chairman of the
Organization and Executive Compensation Committee on behalf of the Company and
by the Owner.

          9. This Agreement shall bind and inure to the benefit of the Company
and its successors and assigns; Owner and its successor trustees and
beneficiaries; and any Policy beneficiary.

          10. Funding Upon a Rating Event.

               (a) In the event that a Rating Event (as defined below) occurs,
the Company shall immediately transfer to the Snap-on Incorporated Delaware
Benefits Trust dated February 1, 2000, or any successor thereto, an amount equal
to the aggregate unpaid premiums required to be paid by the Company under
Section 3(a) of this Agreement.

               (b) The term "Rating Event" means the date on which the Company's
debt rating drops below an Investment Grade Rating. "Investment Grade Rating"
means a rating at or above Baa3 by Moody's Investors Service, Inc. (or its
successors) or a rating at or above BBB by Standard & Poor's Corporation (or its
successors). Only one such rating at the required level is necessary for the
Company to have an Investment Grade Rating for purposes of this Section. If
either or both of these ratings cease to be available then an

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equivalent rating from a nationally prominent rating agency shall be substituted
by the Company.

               (c) The Company's satisfaction of its obligation under Section
10(a) in the event that a Rating Event occurs shall completely discharge its
payment obligations under Sections 3 and 4 of this Agreement.

          IN WITNESS WHEREOF the parties have signed and sealed this Agreement
this ____ day of ___________, 2002.

In the presence of                     SNAP-ON INCORPORATED
                                       --------------------

                                       By
----------------------------------       --------------------------------------

                                       Its

                                       OWNER

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                                    EXHIBIT A

<PAGE>
                                    EXHIBIT B

                           COLLATERAL ASSIGNMENT FORM

                SNAP-ON INCORPORATED SPLIT-DOLLAR INSURANCE PLAN

Insurer: Northwestern Mutual Life

Insured: ______________________

Policy No.        ______________________

          FOR VALUE RECEIVED, THIS ASSIGNMENT is made by the undersigned Owner
effective this ____ day of __________________, 2002.

          1. Definitions.

               (a) "Assignee" means Snap-on Incorporated, a Delaware
corporation, of Kenosha, Wisconsin.

               (b) "Insured" means _______________.

               (c) "Insurer" means Northwestern Mutual Life.

               (d) "Owner" means _______________.

               (e) "Policy" means the following policy or policies of insurance
issued by the Insurer on the life of the Insured, together with any
supplementary contracts issued in conjunction therewith:

          Policy Number _________        Face Amount $_________________

               (f) "Policy Interest" means the Assignee's "Policy Interest" as
set forth in the Split-Dollar Plan. The Insurer shall be entitled to rely on the
Assignee's certification of the amount of its Policy Interest.

               (g) "Split-Dollar Plan" means that certain plan of even date
herewith, between the Owner and the Assignee. The Insurer is not bound by nor
deemed to have notice of the provisions of the Split-Dollar Plan.

          2. Introduction. Under the Split-Dollar Plan, the Assignee has agreed
to assist the Owner in payment of premiums on the Policy. In consideration of
such premium payments by the Assignee, the Owner grants herein to the Assignee
certain limited interests in the Policy.
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          3. Assignment. The Owner hereby assigns, transfers and sets over to
the Assignee, its successors and assigns, the following specific rights in the
Policy and subject to the following terms and conditions:

               (a) The right to obtain one or more loans or advances on the
Policy to the extent of its Policy Interest, and to pledge or assign the Policy
for such loans and advances.

               (b) The right to recover its Policy Interest from the cash value
of the Policy in the event of the Policy's surrender by the Owner.

               (c) The right to recover its Policy Interest from the proceeds of
the Policy in the event of the Insured's death.

          4. Insurer. The Insurer is hereby authorized to recognize, and is
fully protected in recognizing:

               (a) The claims of the Assignee to rights hereunder, without
investigating the reasons for such action by the Assignee, or the validity or
the amount of such claims.

               (b) The Owner's request for surrender of the Policy with or
without the consent of the Assignee. Upon surrender, the Policy shall be
terminated and of no further force or effect.

          5. Release of Assignment. Upon payment to the Assignee of its policy
interest, the Assignee shall execute a written release of this assignment.

          IN WITNESS WHEREOF the Owner has executed this assignment on the date
first above written.

In the presence of

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---------------------------------

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                           GROUP TERM LIFE PLAN WAIVER

               I, the undersigned Insured under the Snap-on Incorporated
Split-Dollar Insurance Plan, waive participation in the Snap-on Incorporated
group term life insurance plan with regard to all coverage in excess of the
dollar amount set forth in Internal Revenue Code section 79(a)(1) ($50,000 as of
the date of this Agreement). This waiver is not effective until the life
insurance applied for by me under the Split-Dollar Insurance Plan is issued and
effective.

               In addition, this waiver shall no longer be effective if the
Split-Dollar Insurance Plan, as to my coverage and benefits, is terminated by
the Company. In such event, my coverage under the Snap-on group term life
insurance plan shall be immediately reinstated.

In the presence of

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Acknowledged and Accepted by Snap-on Incorporated.

                                       By:
                                          --------------------------------------

                                       Its:
                                           -------------------------------------Exhibit 10(h)

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                              Snap-on Incorporated

                   2002 Executive Management Incentive Program

                            Administrative Guidelines

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<PAGE>
                              Snap-on Incorporated

                   2002 Executive Management Incentive Program
                   -------------------------------------------

The Snap-on Incorporated 2002 Executive Management Incentive Program ("Executive
MIP") focuses Participants on financial and operational performance, providing
Participants with incentives to deliver results by providing the opportunity to
receive monetary payments based on Company, group, and/or business unit
performance.

The financial attainment levels set forth are part of the Executive MIP
guidelines, intended to be motivational and not intended to predict actual
Company results. Each Participant is responsible for treating Executive MIP
guidelines in accordance with Company policies, practices and procedures
including those applicable to confidential information.

ADMINISTRATION
Executive MIP Awards are granted under the 2001 Incentive Stock and Awards Plan
("Plan"). The Executive MIP will be administered under the provisions of the
Plan and as further specified under the guidelines contained in this document.
All capitalized terms contained within this document shall have the definitions
given in Section 14 of the Plan, with the addition of the terms defined at the
end of this document.

PARTICIPATION
Participants for the Executive MIP will be named by the Committee for each
Program Year. Participants for the Executive MIP will be the Chief Executive
Officer and other executive officers of Snap-on Incorporated designated by the
Committee as to whom the Committee determines that incentive compensation
payable to the executive officer would otherwise be subject to the limitations
set forth in Section 162(m) of the Code.

PROGRAM ELEMENTS
Executive MIP Awards will be based on financial and operational performance at
the Company, group and/or business unit level. The relative weighting of
performance at each of those organizational levels will be approved by the
Committee and, in the case of the Chief Executive Officer, by the Board of
Directors, based on each Participant's ability to influence Company, group, and
business unit performance.

Specific objectives for each Participant will be determined by the Committee
and, in the case of the Chief Executive Officer, by the Board of Directors, set
forth in an appendix hereto for the Program Year and communicated to each
Participant through a separate communication document.

AWARD OPPORTUNITIES
A target Executive MIP Award (expressed as a percentage of Base Salary) will be
established for each Participant. The dollar value calculated as the target
percentage multiplied by the Participant's Base Salary will be deemed the
Participant's target Executive MIP Award value.

Opportunity levels will also be established for each Participant as follows:
     (1)  Threshold opportunity - 25% of the target opportunity
     (2)  Target opportunity - 100% of the opportunity established at the
          beginning of the Program Year
     (3)  Outstanding opportunity - 200% of the target opportunity

The payout will be 0% of the target opportunity for performance below threshold.

The Committee and, in the case of the Chief Executive Officer, the Board of
Directors, will approve target Executive MIP Awards for each Participant as
outlined above. Each Program Year, actual Executive MIP Awards will be based on

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results relative to the objectives approved by the Committee and, in the case of
the Chief Executive Officer, by the Board of Directors. Actual Executive MIP
Awards will be interpolated for performance between opportunity levels.

PERFORMANCE MEASURES
Specific financial and operational performance measures shall be defined for
each Participant by the Committee and, in the case of the Chief Executive
Officer, by the Board of Directors, and set forth in an appendix hereto for the
Program Year.

PERFORMANCE OBJECTIVES
The Committee and, in the case of the Chief Executive Officer, the Board of
Directors, will be responsible for approving all financial and operational
performance objectives for each Program Year. The objectives will be based on
factors determined by the Committee and, in the case of the Chief Executive
Officer, by the Board of Directors.

Three levels of performance objectives will be defined for each financial or
operational performance measure:
     (1)  Threshold objective - The minimum level of performance for which an
          Executive MIP Award will be earned will be established as the
          threshold objective. Achieving the threshold objective will yield the
          threshold opportunity level.
     (2)  Target objective - The expected level of performance will be
          established as the target objective. Achieving the target objective
          will yield the target opportunity level.
     (3)  Outstanding objective - An outstanding level of performance will be
          established as the outstanding objective. Achieving the outstanding
          objective will yield the outstanding opportunity level.

Executive MIP Awards will be interpolated for performance between opportunity
levels.

ADJUSTMENTS TO PERFORMANCE OBJECTIVES
Except to the extent that doing so would cause an Executive MIP Award to fail to
qualify for the performance-based exception under Section 162(m) of the Internal
Revenue Code, the threshold, target and outstanding objectives will be adjusted
upward or downward as appropriate to eliminate the effects of acquisitions and
divestitures, subject to the limitations set forth in any appendix hereto.

The Committee will have discretion to adjust Executive MIP Award amounts
downward for any Participant in accordance with Section 162(m) of the Internal
Revenue Code. However, the Committee has no discretion to increase the amount of
compensation payable that would otherwise be due based on actual performance.

CALCULATION OF AWARDS
Financial and operational performance will be evaluated and approved by the
Committee and, in the case of the Chief Executive Officer, by the Board of
Directors, relative to the objectives approved by the Committee for each
Participant and, in the case of the Chief Executive Officer, by the Board of
Directors. The corresponding percentage will be applied to the portion of the
Participant's target Executive MIP Award that is based on each measure of
financial and operational performance.

The total Executive MIP Award earned for the Program Year will be the sum of the
amounts earned through each measure of financial and operational performance.

DISTRIBUTION OF AWARDS
The Executive MIP Award earned for the Program Year will be distributed by April
30 following the end of the Program Year. All Executive MIP Awards will be
distributed in cash, although participants in the Snap-on Incorporated Deferred
Compensation Plan who have made a timely election under that plan to defer
receipt of all or a portion of their earned Executive MIP Award will have the
payment of same deferred amount in accordance with their prior election.

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<PAGE>
FORFEITURE OF AWARDS
An Executive MIP Award is considered unearned until it is paid or credited to a
Participant under the Snap-on Incorporated Deferred Compensation Plan. In
general, a Participant will forfeit any unearned Executive MIP Award upon
termination of employment. Forfeiture will not occur as a result of death or
termination due to disability or retirement (as the form of the Company's option
agreement approved in 2002 defines such terms). In any such event, a
Participant's Executive MIP Award will be payable based on actual performance
relative to objectives over the full Program Year, pro-rated for the number of
whole months of the Program Year that elapsed before the termination of the
Participant's employment.

Forfeiture will occur as a result of any other termination of employment without
regard to the reason unless the Committee decides otherwise in its discretion in
special circumstances. Absence of a Participant on approved leave will not be
considered a termination of employment during the period of such leave.

Whether or not a divestiture of a subsidiary, division or other business unit
(including through the formation of a joint venture) results in termination of
employment with the Company and its subsidiaries will be at the discretion of
Committee, which discretion the Committee may exercise on a case by case basis.

NEW HIRE/CHANGE OF RESPONSIBILITY/LEAVE OF ABSENCE
At their discretion, the Committee may apply the foregoing terms, including
without limitation the performance objectives, to Executive MIP Awards to
persons such as new employees or those undergoing a change of responsibility
during a Program Year.

For new employees, target Executive MIP Award opportunity will be based on the
Participant's Base Salary, pro-rated based on the number of whole months of the
Program Year during which the employee was a Participant.

If a Participant is employed in multiple positions during a Program Year (i.e.
change of responsibility), the Participant's Executive MIP Award will be
pro-rated as of the first of the month in which the event occurs in accordance
with actual time and performance results in each position.

Participants who incur a paid or unpaid leave of absence during the Program Year
will not receive credit for Executive MIP Award purposes for the time
representing the leave. Exceptions, if any, must be approved by the Committee.

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                         2002 Executive MIP Definitions

All capitalized terms contained within this document shall have the definitions
give in Section 14 of the 2001 Incentive Stock and Awards Plan, with the
addition of the following terms not contained therein:

(1) Base Salary - a Participant's regular wages earned before deferrals for the
Program Year.

(2) Program Year - the fiscal year of Snap-on Incorporated.

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