Document:

Exhibit 10.54

 

INDEMNIFICATION AGREEMENT

 

THIS
INDEMNIFICATION AGREEMENT (the “Agreement”)
is made and entered into as of [                        ],
2010 between GENERAC POWER SYSTEMS, INC., a Wisconsin corporation (the “Company”), and [                            ]
(“Indemnitee”).  Capitalized terms not defined elsewhere in
this Agreement are used as defined in Section 14.

 

WHEREAS, highly competent
persons have become more reluctant to serve corporations as directors or
officers or in other capacities unless they are provided with adequate
protection through insurance or adequate indemnification against inordinate
risks of claims and actions against them arising out of their service to and
activities on behalf of the corporation;

 

WHEREAS, the Board of Directors
of the Company (the “Board”)
has determined that, in order to attract and retain qualified individuals, the
Company will attempt to maintain on an ongoing basis, at its sole expense,
liability insurance to protect persons serving the Company and its affiliates
(including, without limitation, Generac Holdings Inc., a Delaware corporation
and the Company’s indirect parent (“Holdings”)) from certain
liabilities.  Although the furnishing of
such insurance has been a customary and widespread practice among United
States-based corporations and other business enterprises, the Company believes
that, given current market conditions and trends, such insurance may be
available to it in the future only at higher premiums and with more exclusions.  At the same time, directors, officers, and
other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to,
among other things, matters that traditionally would have been brought only
against the Company or business enterprise itself.  The Amended and Restated Articles of
Incorporation of the Company (the “Charter”) and the Amended and
Restated By-Laws of the Company (the “By-Laws”) require indemnification of the
officers and directors of the Company. 
Indemnitee may also be entitled to indemnification pursuant to the
Wisconsin Business Corporation Law (“WBCL”)
or the General Corporation Law of the State of Delaware (“DGCL”) in the
case of officers and directors of Holdings. 
The Charter, the By-Laws and the WBCL expressly provide that the
indemnification provisions set forth therein are not exclusive, and thereby
contemplate that contracts may be entered into between the Company and members
of the Board, officers and other persons with respect to indemnification;

 

WHEREAS, the
uncertainties relating to such insurance and to indemnification have increased
the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board has
determined that the increased difficulty in attracting and retaining such
persons is detrimental to the best interests of the Company’s shareholders and
that the Company should act to assure such persons that there will be increased
certainty of such protection in the future;

 

WHEREAS, it is
reasonable, prudent and necessary for the Company contractually to obligate
itself to indemnify, and to advance expenses on behalf of, such persons to the
fullest extent permitted by applicable law so that they will serve or continue
to serve the Company free from undue concern that they will not be so
indemnified;

 

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Charter and the By-Laws and any
resolutions adopted pursuant thereto, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

WHEREAS, the Company will
receive funds generated by the initial public offering (the “IPO”)
undertaken by Holdings, which funds will be contributed to the Company and used
by the Company for its corporate purposes, including reducing the Company’s
debt obligations;

 

WHEREAS, the board of
directors and officers of Holdings provide services, guidance and other
benefits to the Company; and

 

WHEREAS, Indemnitee does
not regard the protection available under the Company’s By-Laws and Charter (or
the By-laws or certificate of incorporation of Holdings, as applicable) and
insurance as adequate in the present circumstances, and may not be willing to
serve as an officer or director without adequate protection, and the Company
desires Indemnitee to serve in such capacity. 
Indemnitee is willing to serve, continue to serve and to take on
additional service for or on behalf of the Company on the condition that he be
so indemnified.

 

NOW, THEREFORE, in
consideration of (1) Indemnitee’s agreement to serve as a director or
officer of the Company and (2) in the case of a director or officer of
Holdings, the contribution of the proceeds generated by the IPO and the
services, guidance and other benefits such officer or director provides to the
Company, from and after the date hereof, the parties hereto agree as follows:

 

1.             Indemnity of Indemnitee. 
The Company hereby agrees to hold harmless and indemnify Indemnitee to
the fullest extent permitted by law, as such may be amended from time to
time.  In furtherance of the foregoing
indemnification, and without limiting the generality thereof:

 

(a)           Proceedings Other Than Proceedings by or in the Right
of the Company or Holdings.  Indemnitee
shall be entitled to the rights of indemnification provided in this Section l(a) if,
by reason of his Corporate Status, Indemnitee is, or is threatened to be made,
a party to or participant in any Proceeding other than a Proceeding by or in
the right of the Company or Holdings, applicable.  Pursuant to this Section 1(a),
Indemnitee shall be indemnified against all Expenses, judgments, penalties,
fines and amounts paid in settlement actually and reasonably incurred by him,
or on his behalf, in connection with such Proceeding or any claim, issue or
matter therein; provided, however no indemnification against such Expenses
shall be made if the liability was incurred because Indemnitee
breached or failed to perform a duty he owes to the Company or Holdings, as applicable, and the breach
or failure to perform constitutes any of the following:  (i) a willful failure to deal fairly
with the Company, Holdings or their shareholders in connection with a matter in
which Indemnitee has a material conflict of interest; (ii) a violation of
criminal law, unless Indemnitee had reasonable cause to believe his conduct was
lawful or no reasonable cause to believe his conduct was unlawful; (iii) a
transaction from which Indemnitee derived an improper personal profit; or (iv) willful
misconduct.

 

(b)           Proceedings by or in the Right of the Company or
Holdings.  Indemnitee shall be entitled to the rights of
indemnification provided in this Section 1(b) if, by 

 

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reason of his
Corporate Status, Indemnitee is, or is threatened to be made, a party to or
participant in any Proceeding brought by or in the right of the Company or
Holdings, as applicable.  Pursuant to
this Section 1(b), Indemnitee shall be indemnified against all
Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s
behalf, in connection with such Proceeding; provided, however no
indemnification against such Expenses shall be made if the liability
was incurred because Indemnitee breached or failed to perform a duty he owes to
the Company or
Holdings, as applicable, and the breach or failure to perform constitutes
any of the following:  (i) a willful
failure to deal fairly with the Company, Holdings or their shareholders in
connection with a matter in which Indemnitee has a material conflict of interest;
(ii) a violation of criminal law, unless Indemnitee had reasonable cause
to believe his conduct was lawful or no reasonable cause to believe his conduct
was unlawful; (iii) a transaction from which Indemnitee derived an
improper personal profit; or (iv) willful misconduct.  The termination of a proceeding by judgment,
order, settlement or conviction, or upon a plea of no contest or an equivalent
plea, does not, by itself, create a presumption that indemnification of
Indemnitee is not required under this subsection.

 

(c)           Indemnification for Expenses of a Party Who is Wholly
or Partly Successful.  Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is, by reason of his Corporate Status,
a party to and is successful, on the merits or otherwise, in any Proceeding, he
shall be indemnified to the maximum extent permitted by law, as such may be
amended from time to time, against all Expenses actually and reasonably
incurred by him or on his behalf in connection therewith.  If Indemnitee is not wholly successful in
such Proceeding but is successful, on the merits or otherwise, as to one or
more but less than all claims, issues or matters in such Proceeding, the
Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by him or on his behalf in connection with each successfully resolved
claim, issue or matter.  For purposes of
this Section 1(c) and without limitation, the termination of
any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, shall be deemed to be a successful result as to such claim, issue or
matter.

 

2.             Additional Indemnity. 
In addition to, and without regard to any limitations on, the
indemnification provided for in Section 1 of this Agreement, the Company
shall and hereby does indemnify and hold harmless Indemnitee against all
Expenses, judgments, penalties, fines and amounts paid in settlement actually
and reasonably incurred by him or on his behalf if, by reason of his Corporate
Status, he is, or is threatened to be made, a party to or participant in any
Proceeding (including a Proceeding by or in the right of the Company and/or
Holdings, as applicable), including, without limitation, all liability arising
out of the negligence or active or passive wrongdoing of Indemnitee.  The only limitation that shall exist upon the
Company’s obligations pursuant to this Agreement shall be that the Company
shall not be obligated to make any payment to Indemnitee that is finally
determined (under the procedures, and subject to the presumptions, set forth in
Sections 6 and 7 hereof) to be unlawful.

 

3.             Contribution.

 

(a)           Whether or not the indemnification provided in Sections
1 and 2 hereof is available, in respect of any threatened, pending
or completed Proceeding in which the Company and/or Holdings is jointly liable
with Indemnitee (or would be if joined in such Proceeding), the Company shall
pay, in the first instance, the entire amount of any judgment or

 

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settlement of such
action, suit or proceeding without requiring Indemnitee to contribute to such
payment and the Company hereby waives and relinquishes any right of
contribution it may have against Indemnitee. 
The Company shall not, without Indemnitee’s prior written consent, enter
into any such settlement of any Proceeding (in whole or in part) unless such
settlement (i) provides for a full and final release of all claims
asserted against Indemnitee and (ii) does not impose any Expense,
judgment, fine, penalty or limitation on Indemnitee.

 

(b)           Without diminishing or impairing the obligations of
the Company set forth in the preceding subparagraph, if, for any reason,
Indemnitee shall elect or be required to pay all or any portion of any judgment
or settlement in any threatened, pending or completed Proceeding in which the
Company and/or Holdings is jointly liable with Indemnitee (or would be if
joined in such Proceeding), the Company shall contribute to the amount of
Expenses, judgments, fines and amounts paid in settlement actually and
reasonably incurred and paid or payable by Indemnitee in proportion to the
relative benefits received by the Company and all officers, directors or
employees of the Company, other than Indemnitee, who are jointly liable with
Indemnitee (or would be if joined in such Proceeding), on the one hand, and
Indemnitee, on the other hand, from the transaction from which such Proceeding
arose; provided, however, that the proportion determined on the basis of
relative benefit may, to the extent necessary to conform to law, be further
adjusted by reference to the relative fault of the Company and/or Holdings and
all officers, directors or employees of the Company and/or Holdings other than
Indemnitee who are jointly liable with Indemnitee (or would be if joined in
such Proceeding), on the one hand, and Indemnitee, on the other hand, in
connection with the events that resulted in such expenses, judgments, fines or
settlement amounts, as well as any other equitable considerations which the law
may require to be considered.  The
relative fault of the Company and/or Holdings and all officers, directors or
employees of the Company and/or Holdings, other than Indemnitee, who are
jointly liable with Indemnitee (or would be if joined in such Proceeding), on
the one hand, and Indemnitee, on the other hand, shall be determined by
reference to, among other things, the degree to which their actions were
motivated by intent to gain personal profit or advantage, the degree to which
their liability is primary or secondary and the degree to which their conduct
is active or passive.

 

(c)           The Company hereby agrees to fully indemnify and hold
Indemnitee harmless from any claims of contribution which may be brought by
officers, directors or employees of the Company and/or Holdings, other than
Indemnitee, who may be jointly liable with Indemnitee.

 

(d)           To the fullest extent permissible under applicable
law, if the indemnification provided for in this Agreement is unavailable to
Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying
Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for
judgments, fines, penalties, excise taxes, amounts paid or to be paid in
settlement and/or for Expenses, in connection with any claim relating to an
indemnifiable event under this Agreement, in such proportion as is deemed fair
and reasonable in light of all of the circumstances of such Proceeding in order
to reflect (i) the relative benefits received by the Company and
Indemnitee as a result of the event(s) and/or transaction(s) giving
cause to such Proceeding; and/or (ii) the relative fault of the Company
and/or Holdings (and their respective directors, officers, employees and
agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

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4.             Indemnification for Expenses of a Witness. 
Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of his Corporate Status, a witness, or is made
(or asked to) respond to discovery requests, in any Proceeding to which
Indemnitee is not a party, he shall be indemnified against all Expenses
actually and reasonably incurred by him or on his behalf in connection
therewith.

 

5.             Advancement of Expenses. 
Notwithstanding any other provision of this Agreement, the Company shall
advance all Expenses incurred by or on behalf of Indemnitee in connection with
any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30)
days after the receipt by the Company of a statement or statements from
Indemnitee requesting such advance or advances from time to time, whether prior
to or after final disposition of such Proceeding.  Such statement or statements shall reasonably
evidence the Expenses incurred by Indemnitee and shall include or be preceded
or accompanied by a written undertaking by or on behalf of Indemnitee to repay
any Expenses advanced if it shall ultimately be determined that Indemnitee is
not entitled to be indemnified against such Expenses.  Any advances and undertakings to repay
pursuant to this Section 5 shall be unsecured and interest free.

 

6.             Procedures and Presumptions for
Determination of Entitlement to Indemnification.  It is the
intent of this Agreement to secure for Indemnitee rights of indemnity that are
as favorable as may be permitted under the WBCL and public policy of the State
of Wisconsin.  Accordingly, the parties
agree that the following procedures and presumptions shall apply in the event of
any question as to whether Indemnitee is entitled to indemnification under this
Agreement:

 

(a)           To obtain indemnification under this Agreement,
Indemnitee shall make a written request to the Company for indemnification, including therein or therewith such
documentation and information as is reasonably available to Indemnitee and is
reasonably necessary to determine whether and to what extent Indemnitee is
entitled to indemnification, which request shall designate one of the
following means for determining his right to indemnification:  (i) by a majority vote of a quorum of
the Board or a committee of directors, consisting of directors not at the time
parties to the same or related Proceedings; (ii) by Independent Counsel
selected by a quorum of the Board or its committee in the manner prescribed in
subsection (i) or, if unable to obtain such a quorum or committee, by
a majority vote of the full Board, including directors who are parties to the
same or related Proceedings; (iii) by a panel of three arbitrators
consisting of one arbitrator selected by those directors entitled under (ii) to
select Independent Counsel, one arbitrator selected by Indemnitee and one
arbitrator selected by the two arbitrators previously selected or (iv) by
the shareholders of the Company; provided, however, that if a Change in Control
has occurred, the determination with respect to Indemnitee’s entitlement to
indemnification shall be made by Independent Counsel.  Indemnitee may apply to a court of
competent jurisdiction for review of an adverse determination under this section.
The Secretary of the
Company shall, promptly upon receipt of such a request for indemnification,
advise the Board in writing that Indemnitee has requested indemnification.  Notwithstanding the foregoing, any failure of
Indemnitee to provide such a request to the Company, or to provide such a
request in a timely fashion, shall not relieve the Company of any liability
that it may have to Indemnitee unless, and to the extent that, such failure
actually and materially prejudices the interests of the Company.

 

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(b)           In the event the determination of entitlement to
indemnification is to be made by Independent Counsel, the Independent Counsel
shall be selected as provided in this Section 6(b).  If a Change in Control has not occurred the
Independent Counsel shall be selected by the Board (including a vote of a
majority of Disinterested Directors if obtainable), and the Company shall give
written notice to Indemnitee advising him of the identity of the Independent
Counsel so selected. Indemnitee may, within 10 days after such written notice
of selection shall have been given, deliver to the Company a written objection
to such selection; provided, however, that such objection may be asserted only
on the ground that the Independent Counsel so selected does not meet the
requirements of “Independent Counsel”
as defined in Section 14 of this Agreement, and the objection shall
set forth with particularity the factual basis of such assertion.  Absent a proper and timely objection, the
person so selected shall act as Independent Counsel.  If a written objection is made and
substantiated, the Independent Counsel selected may not serve as Independent
Counsel unless and until such objection is withdrawn or a court has determined
that such objection is without merit.  If
a Change in Control has occurred, the Independent Counsel shall be selected by
the Indemnitee (unless the Indemnitee shall request that such selection be made
by the Board of Directors, in which event the preceding sentence shall apply),
and  approved by the Board of Directors
(which approval shall not be unreasonably withheld). If (i) an Independent
Counsel is to make the determination of entitlement pursuant to this Section 6,
and (ii) within 20 days after submission by Indemnitee of a written
request for indemnification pursuant to Section 6(a) hereof,
no Independent Counsel shall have been selected and not objected to, either the
Company or Indemnitee may petition the court conducting the Proceeding or
another court of competent jurisdiction in the State of Wisconsin for
resolution of any objection which shall have been made by Indemnitee to the
Company’s selection of Independent Counsel and/or for the appointment as
Independent Counsel of a person selected by the court or by such other person
as the court shall designate, and the person with respect to whom all
objections are so resolved or the person so appointed shall act as Independent
Counsel under Section 6(a) hereof.  The Company shall pay any and all reasonable
fees and expenses of Independent Counsel incurred by such Independent Counsel
in connection with acting pursuant to Section 6(a) hereof, and
the Company shall pay all reasonable fees and expenses incident to the
procedures of this Section 6(b), regardless of the manner in which
such Independent Counsel was selected or appointed.

 

(c)           In making a determination with respect to entitlement
to indemnification hereunder, the person or persons or entity making such
determination shall presume that Indemnitee is entitled to indemnification
under this Agreement.  Anyone seeking to
overcome this presumption shall have the burden of proof and the burden of
persuasion by clear and convincing evidence. 
Neither the failure of the Company (including by its directors or
independent legal counsel) to have made a determination prior to the
commencement of any action pursuant to this Agreement that indemnification is
proper in the circumstances because Indemnitee has met the applicable standard
of conduct, nor an actual determination by the Company (including by its
directors or independent legal counsel) that Indemnitee has not met such
applicable standard of conduct, shall be a defense to the action or create a
presumption that Indemnitee has not met the applicable standard of conduct.

 

(d)           Indemnitee shall be deemed to have acted in good faith
if Indemnitee’s action is based on the records or books of account of the
Enterprise, including financial statements, or on information supplied to
Indemnitee by the officers of the Enterprise in

 

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the course of
their duties, or on the advice of legal counsel for the Enterprise or on
information or records given or reports made to the Enterprise by an
independent certified public accountant or by an appraiser or other expert
selected with reasonable care by the Enterprise.  In addition, the knowledge and/or actions, or
failure to act, of any director, officer, agent or employee of the Enterprise
shall not be imputed to Indemnitee for purposes of determining the right to
indemnification under this Agreement. 
Whether or not the foregoing provisions of this Section 6(d) are
satisfied, it shall in any event be presumed that Indemnitee has at all times
acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Company or Holdings, as applicable.  Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and
convincing evidence.

 

(e)           If the person, persons or entity empowered or selected
under this Section 6 to determine whether Indemnitee is entitled to
indemnification shall not have made a determination within sixty (60) days
after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall be deemed to have been
made and Indemnitee shall be entitled to such indemnification absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material
fact necessary to make Indemnitee’s statement not materially misleading, in
connection with the request for indemnification, or (ii) a prohibition of
such indemnification under applicable law; provided, however, that such 60-day
period may be extended for a reasonable time, not to exceed an additional
thirty (30) days, if the person, persons or entity making such determination
with respect to entitlement to indemnification in good faith requires such
additional time to obtain or evaluate documentation and/or information relating
thereto; and provided, further, that the foregoing provisions of this Section 6(e) shall
not apply if the determination of entitlement to indemnification is to be made
by the shareholders pursuant to Section 6(a) of this Agreement
and if (A) within fifteen (15) days after receipt by the Company of the
request for such determination, the Board or the Disinterested Directors, if
appropriate, resolve to submit such determination to the shareholders for their
consideration at an annual meeting thereof to be held within seventy-five (75)
days after such receipt and such determination is made thereat, or (B) a
special meeting of shareholders is called within fifteen (15) days after such
receipt for the purpose of making such determination, such meeting is held for
such purpose within sixty (60) days after having been so called and such
determination is made thereat.

 

(f)            Indemnitee shall cooperate with the person, persons or
entity making such determination with respect to Indemnitee’s entitlement to
indemnification, including providing to such person, persons or entity upon
reasonable advance request any documentation or information which is not
privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination.  Any Independent Counsel, member of the Board
or shareholder of the Company shall act reasonably and in good faith in making
a determination regarding Indemnitee’s entitlement to indemnification under
this Agreement.  Any costs or expenses
(including attorneys’ fees and disbursements) incurred by Indemnitee in so
cooperating with the person, persons or entity making such determination shall
be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees
to hold Indemnitee harmless therefrom.

 

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(g)           The Company acknowledges that a settlement or other
disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption and uncertainty.  In the event that any action, claim or
proceeding to which Indemnitee is a party is resolved in any manner other than
by adverse judgment against Indemnitee (including, without limitation,
settlement of such action, claim or proceeding with or without payment of money
or other consideration) it shall be presumed that Indemnitee has been
successful on the merits or otherwise in such action, suit or proceeding.  Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and
convincing evidence.

 

(h)           The termination of any Proceeding or of any claim,
issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise
expressly provided in this Agreement) of itself adversely affect the right of
Indemnitee to indemnification or create a presumption that Indemnitee did not
act in good faith and in a manner which he reasonably believed to be in or not
opposed to the best interests of the Company or Holdings, as applicable, or,
with respect to any criminal Proceeding, that Indemnitee had reasonable cause
to believe that his conduct was unlawful.

 

7.             Remedies of Indemnitee.

 

(a)           In the event that (i) a determination is made
pursuant to Section 6 of this Agreement that Indemnitee is not
entitled to indemnification under this Agreement, (ii) advancement of
Expenses is not timely made pursuant to Section 5 of this
Agreement, (iii) no determination of entitlement to indemnification is
made pursuant to Section 6(b) of this Agreement within 90 days
after receipt by the Company of the request for indemnification, (iv) payment
of indemnification is not made pursuant to this Agreement within ten (10) days
after receipt by the Company of a written request therefor or (v) payment
of indemnification is not made within ten (10) days after a determination
has been made that Indemnitee is entitled to indemnification or such
determination is deemed to have been made pursuant to Section 6 of
this Agreement, Indemnitee shall be entitled to an adjudication in an
appropriate court of the State of Wisconsin, or in any other court of competent
jurisdiction, of Indemnitee’s entitlement to such indemnification, contribution
or advancement of Expenses. 
Alternatively, Indemnitee, at his option, may seek an award in
arbitration to be conducted by a single arbitrator pursuant to the Commercial
Arbitration Rules of the American Arbitration Association.  Except as set forth herein, the provisions of
Wisconsin law (without regard to its conflict of law rules) shall apply to any
such arbitration.  The Company shall not
oppose Indemnitee’s right to seek any such adjudication or award in
arbitration.

 

(b)           In the event that a determination shall have been made
pursuant to Section 6(a) of this Agreement that Indemnitee is
not entitled to indemnification, any judicial proceeding commenced pursuant to
this Section 7 shall be conducted in all respects as a de novo
trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by
reason of the adverse determination under Section 6(a).  In any judicial proceeding or arbitration
commenced pursuant to this Section 7, Indemnitee shall be presumed
to be entitled to indemnification under this Agreement and the Company shall
have the burden of proving Indemnitee is not entitled to indemnification or
advancement of Expenses, as the case may be, and the Company may not

 

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refer to or
introduce into evidence any determination pursuant to Section 6(a) of
this Agreement adverse to Indemnitee for any purpose.  If Indemnitee commences a judicial proceeding
or arbitration pursuant to this Section 7, Indemnitee shall not be
required to reimburse the Company for any advances pursuant to Section 5
until a final determination is made with respect to Indemnitee’s entitlement to
indemnification (as to which all rights of appeal have been exhausted or
lapsed).

 

(c)           If a determination shall have been made pursuant to Section 6(a) of
this Agreement that Indemnitee is entitled to indemnification, the Company
shall be bound by such determination in any judicial proceeding commenced
pursuant to this Section 7, absent (i) a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to
make Indemnitee’s misstatement not materially misleading in connection with the
application for indemnification, or (ii) a prohibition of such
indemnification under applicable law.

 

(d)           In the event that Indemnitee, pursuant to this Section 7,
seeks a judicial adjudication of his rights under, or to recover damages for
breach of, this Agreement, or to recover under any directors’ and officers’
liability insurance policies maintained by the Company, the Company shall pay
on his behalf, in advance, any and all expenses (of the types described in the
definition of Expenses in Section 14 of this Agreement) actually
and reasonably incurred by him in such judicial adjudication, regardless of
whether Indemnitee ultimately is determined to be entitled to such
indemnification, advancement of expenses or insurance recovery.

 

(e)           The Company shall be precluded from asserting in any
judicial proceeding commenced pursuant to this Section 7 that the
procedures and presumptions of this Agreement are not valid, binding and
enforceable and shall stipulate in any such court that the Company is bound by
all the provisions of this Agreement. 
The Company shall indemnify Indemnitee against any and all Expenses and,
if requested by Indemnitee, shall (within ten (10) days after receipt by
the Company of a written request therefore) advance, to the extent not
prohibited by law, such expenses to Indemnitee, which are incurred by
Indemnitee in connection with any action brought by Indemnitee for
indemnification or advance of Expenses from the Company under this Agreement or
under any directors’ and officers’ liability insurance policies maintained by
the Company, regardless of whether Indemnitee ultimately is determined to be
entitled to such indemnification, advancement of Expenses or insurance
recovery, as the case may be.

 

(f)            Notwithstanding anything in this Agreement to the
contrary, no determination as to entitlement to indemnification under this
Agreement shall be required to be made prior to the final disposition of the
Proceeding.

 

8.             Non-Exclusivity; Survival of Rights;
Primacy of Indemnification; Subrogation.

 

(a)           The rights of indemnification and to receive
advancement of expenses as provided by this Agreement shall not be deemed
exclusive of any other rights to which Indemnitee may at any time be entitled
under applicable law, the Charter, the By-Laws,

 

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any agreement, a
vote of shareholders, a resolution of directors or otherwise, of the Company or
under applicable law, the certificate of incorporation, the by-Laws, any
agreement, a vote of shareholders, a resolution of directors or otherwise, of
Holdings, if applicable.  No amendment,
alteration or repeal of this Agreement or of any provision hereof shall limit
or restrict any right of Indemnitee under this Agreement in respect of any
action taken or omitted by such Indemnitee in his Corporate Status prior to
such amendment, alteration or repeal.  To
the extent that a change in the WBCL, whether by statute or judicial decision,
permits greater indemnification than would be afforded currently under the
Charter, By-Laws and this Agreement, it is the intent of the parties hereto
that Indemnitee shall enjoy by this Agreement the greater benefits so afforded
by such change.  No right or remedy
herein conferred is intended to be exclusive of any other right or remedy, and every
other right and remedy shall be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other right or remedy.

 

(b)           In the event of any payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all
action necessary to secure such rights, including execution of such documents
as are necessary to enable the Company to bring suit to enforce such rights.

 

(c)           The Company shall not be liable under this Agreement
to make any payment of amounts otherwise indemnifiable hereunder if and to the
extent that Indemnitee has otherwise actually received such payment under any
insurance policy, contract, agreement or otherwise.

 

(d)           The Company’s obligation to indemnify or advance
Expenses hereunder to Indemnitee who is or was serving at the request of the
Company and/or Holdings as a director, officer, employee or agent of any other
corporation, partnership, joint venture, trust, employee benefit plan or other
Enterprise shall be reduced by any amount Indemnitee has actually received as
indemnification or advancement of expenses from such other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise.

 

9.             Exception to Right of Indemnification. Notwithstanding any provision in this Agreement,
the Company shall not be obligated under this Agreement to make any indemnity
in connection with any claim made against Indemnitee:

 

(a)           for which payment has actually been made to or on
behalf of Indemnitee under any insurance policy or other indemnity provision,
except with respect to any excess beyond the amount paid under any insurance
policy or other indemnity provision;

 

(b)           for (i) an accounting of profits
made from the purchase and sale (or sale and purchase) by Indemnitee of
securities of the Company within the meaning of Section 16(b) of the
Exchange Act, or similar provisions of state statutory law or common law or (ii) reimbursement
to the Company of any bonus or other incentive-based or equity-based
compensation or of any profits realized by Indemnitee from the sale of
securities of the Company in each case as required under the Exchange Act; or

 

10

 

(c)           in connection with any Proceeding (or any
part of any Proceeding) initiated by Indemnitee, including any Proceeding (or
any part of any Proceeding) initiated by Indemnitee against the Company and/or
Holdings or their respective directors, officers, employees or other
indemnitees, unless (i) the Company has joined in or the Board authorized
the Proceeding (or any part of any Proceeding) prior to its initiation, (ii) the
Company provides the indemnification, in its sole discretion, pursuant to the
powers vested in the Company under applicable law, or (iii) the Proceeding
is one to enforce Indemnitee’s rights under this  Agreement.

 

10.           Non–Disclosure of Payments. Except as expressly
required by the securities laws of the United States of America, neither party shall
disclose any payments under this Agreement unless prior approval of the other
party is obtained. If any payment information must be disclosed, the Company
shall afford Indemnitee an opportunity to review all such disclosures and, if
requested, to explain in such statement any mitigating circumstances regarding
the events to be reported.

 

11.           Duration of Agreement. 
All agreements and obligations of the Company contained herein shall
continue upon the later of (a) ten (10) years after the date that
Indemnitee shall have ceased to serve as a director or officer of the Company
or a director, officer, trustee, partner, managing member, fiduciary, employee
or agent of any other corporation, partnership, joint venture, trust, employee
benefit plan or other Enterprise which Indemnitee served at the request of the
Company and/or Holdings; or (b) one (1) year after the final
termination of any Proceeding (including any rights of appeal thereto) in
respect of which Indemnitee is granted rights of indemnification or advancement
of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant to
Section 7 of this Agreement relating thereto (including any rights
of appeal of any Section 7 Proceeding.  This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their
respective successors (including any direct or indirect successor by purchase,
merger, consolidation or otherwise to all or substantially all of the business
or assets of the Company), assigns, spouses, heirs, executors and personal and
legal representatives.

 

12.           Security.  To the extent
requested by Indemnitee and approved by the Board, the Company may at any time
and from time to time provide security to Indemnitee for the Company’s obligations
hereunder through an irrevocable bank line of credit, funded trust or other
collateral.  Any such security, once
provided to Indemnitee, may not be revoked or released without the prior
written consent of Indemnitee.

 

13.           Enforcement.

 

(a)           The Company expressly confirms and agrees that it has
entered into this Agreement and assumes the obligations imposed on it hereby in
order to induce Indemnitee to serve as an officer, director or key employee of
the Company, and the Company acknowledges that Indemnitee is relying upon this
Agreement in serving as an officer, director or key employee of the Company.

 

(b)           Without limiting any of the rights of Indemnitee under
the Charter of By-Laws of the Company as they may be amended from time to time,
this Agreement

 

11

 

constitutes the
entire agreement between the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements and understandings, oral, written
and implied, between the parties hereto with respect to the subject matter
hereof.

 

14.           Definitions. 
For purposes of this Agreement:

 

(a)           “Beneficial Owner” shall have the meaning given
to such term in Rule 13d-3 under the Exchange Act; provided, however, that
Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner
by reason of the shareholders of the Company or Holdings, as applicable,
approving a merger of the Company or Holdings, as applicable, with another
entity.

 

(b)           “Change in Control” shall be deemed to occur
upon the earliest to occur after the date of this Agreement of any of the
following events:

 

(i)  Acquisition of Stock by Third Party.  Any Person (as defined below), other than
CCMP Capital Advisors, LLC and its affiliates and other than a trustee or other
fiduciary holding securities under an employee benefit plan of the Company or
Holdings, as applicable, or a corporation owned directly or indirectly by the
shareholders of the Company or Holdings, as applicable, in substantially the
same proportions as their ownership of stock of the Company or Holdings, as
applicable,  is or becomes the Beneficial
Owner (as defined above), directly or indirectly, of securities of the Company
or Holdings representing fifty (50%) or more of the combined voting power of
the Company’s or Holding’s, as applicable, then outstanding securities;

 

(ii)  Change in Board of Directors.  During any period of two (2) consecutive
years (not including any period prior to the execution of this Agreement),
individuals who at the beginning of such period constitute the board of
directors of Holdings (the “Holdings Board”), and any new director
(other than a director designated by a person who has entered into an agreement
with Holdings of the Company, as applicable, to effect a transaction described
in Section 14(b)(i), 14(b)(iii) or 14(b)(iv))
whose election by the Holdings Board or nomination for election by Holdings’
stockholders was approved by a vote of at least two-thirds of the directors
then still in office who either were directors at the beginning of the period
or whose election or nomination for election was previously so approved, cease
for any reason to constitute a least a majority of the members of the Holdings’
Board;

 

(iii) 
Corporate Transactions.  The effective date of a merger or
consolidation of the Company or Holdings with any other entity, other than a
merger or consolidation which would

 

12

 

result in the voting securities of the Company or
Holdings outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) more than 51% of the combined
voting power of the voting securities of the surviving entity outstanding
immediately after such merger or consolidation and with the power to elect at
least a majority of the board of directors or other governing body of such
surviving entity; and

 

(iv) 
Liquidation.  The approval by the shareholders of the
Company of a complete liquidation of the Company or an agreement or series of
agreements for the sale or disposition by the Company of all or substantially
all of the Company’s assets, or, if such approval is not required, the decision
by the Board to proceed with such a liquidation, sale, or disposition in one
transaction or a series of related transactions.

 

(c)           “Corporate
Status” describes the status of a person who is or was a director,
officer, employee, agent or fiduciary of the Company and/or Holdings, any
direct or indirect subsidiary of the Company and/or Holdings, or of any other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise that such person is or was serving at the request of the Company
and/or Holdings.

 

(d)           “Disinterested
Director” means a director of the Company who is not and was not a
party to the Proceeding in respect of which indemnification is sought by
Indemnitee.

 

(e)           “Enterprise”
shall mean the Company, Holdings and any other corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise that Indemnitee is or
was serving at the request of the Company as a director, officer, employee,
agent or fiduciary.

 

(f)            “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended.

 

(g)           “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating
costs, printing and binding costs, telephone charges, postage, delivery service
fees and all other disbursements or expenses of the types customarily incurred
in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, participating, or being or preparing to be a witness in a
Proceeding, or responding to, or objecting to, a request to provide discovery
in any Proceeding.  Expenses also shall
include Expenses incurred in connection with any appeal resulting from any
Proceeding and any federal, state, local or foreign taxes imposed on Indemnitee
as a result of the actual or deemed receipt of any payments under this
Agreement, including without limitation the premium, security for, and other
costs relating to any cost bond, supersede as bond, or other appeal bond or its
equivalent.  Expenses, however, shall not
include

 

13

 

amounts paid in
settlement by Indemnitee or the amount of judgments or fines against
Indemnitee.

 

(h)           “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced
in matters of corporation law and neither presently is, nor in the past five
years has been, retained to represent:  (i) the
Company, Holdings or Indemnitee in any matter material to either such party
(other than with respect to matters concerning Indemnitee under this Agreement,
or of other indemnitees under similar indemnification agreements), or (ii) any
other party to the Proceeding giving rise to a claim for indemnification
hereunder.  Notwithstanding the
foregoing, the term “Independent Counsel” shall not include any person who,
under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company, Holdings or
Indemnitee in an action to determine Indemnitee’s rights under this
Agreement.  The Company agrees to pay the
reasonable fees of the Independent Counsel referred to above and to fully
indemnify such counsel against any and all Expenses, claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant
hereto.

 

(i)            “Person” shall have the meaning as set forth in
Sections 13(d) and 14(d) of the Exchange Act; provided, however, that
Person shall exclude (i) the Company, (ii) Holdings, (iii) any
trustee or other fiduciary holding securities under an employee benefit plan of
the Company, and (iv) any corporation owned, directly or indirectly, by
the shareholders of the Company or Holdings in substantially the same
proportions as their ownership of stock of the Company or Holdings.

 

(j)            “Proceeding”
includes any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation, inquiry, administrative
hearing or any other actual, threatened or completed proceeding, whether
brought by or in the right of the Company or Holdings or otherwise and whether
civil, criminal, administrative or investigative, in which Indemnitee was, is
or will be involved as a party or otherwise, by reason of the fact that
Indemnitee is or was an officer or director of the Company or Holdings, by
reason of any action taken by him or of any inaction on his part while acting
as an officer or director of the Company or Holdings, or by reason of the fact
that he is or was serving at the request of the Company or Holdings as a director,
officer, employee, agent or fiduciary of another corporation, partnership,
joint venture, trust or other Enterprise; in each case whether or not he is
acting or serving in any such capacity at the time any liability or expense is
incurred for which indemnification can be provided under this Agreement;
including one pending on or before the date of this Agreement, but excluding
one initiated by an Indemnitee pursuant to Section 7 of this
Agreement to enforce his rights under this Agreement.

 

15.           Severability. 
If any provision or provisions of this Agreement shall be held to be
invalid, illegal or unenforceable for any reason whatsoever: (a) the
validity, legality, and enforceability of the remaining provisions of this
Agreement (including, without limitation, each portion of any Section,
paragraph or sentence of this Agreement containing any such provision held to
be invalid, illegal or unenforceable, that is not itself invalid, illegal or
unenforceable) shall not in any way be affected or impaired thereby and shall
remain enforceable to the fullest extent permitted by law; (b) such
provision or provisions shall be deemed reformed to the fullest extent
necessary to conform to applicable law and to give the maximum effect to

 

14

 

the intent of the
parties hereto; and (c) to the fullest extent possible, the provisions of
this Agreement (including, without limitation, each portion of any Section,
paragraph or sentence of this Agreement containing any such provision held to
be invalid, illegal or unenforceable, that is not itself invalid, illegal or
unenforceable) shall be construed so as to give effect to the intent manifested
thereby.  Without limiting the generality
of the foregoing, this Agreement is intended to confer upon Indemnitee
indemnification rights to the fullest extent permitted by applicable laws.

 

16.           Enforcement and Binding Effect.

 

(a)           The indemnification and advancement of expenses
provided by, or granted pursuant to this Agreement shall be binding upon and be
enforceable by the parties hereto and their respective successors and assigns
(including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business or assets of the Company),
shall continue as to an Indemnitee who has ceased to be a director, officer,
employee or agent of the Company, Holdings or of any other Enterprise at the
Company’s or Holding’s request, and shall inure to the benefit of Indemnitee
and his or her spouse, assigns, heirs, devisees, executors and administrators
and other legal representatives.

 

(b)           The Company shall require and cause any successor
(whether direct or indirect by purchase, merger, consolidation or otherwise) to
all, substantially all or a substantial part, of the business and/or assets of
the Company to expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to
perform if no such succession had taken place.

 

(c)           The Company and Indemnitee agree herein that a
monetary remedy for breach of this Agreement, at some later date, may be
inadequate, impracticable and difficult of proof, and further agree that such
breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto
agree that Indemnitee may enforce this Agreement by seeking injunctive relief
and/or specific performance hereof, without any necessity of showing actual
damage or irreparable harm and that by seeking injunctive relief and/or
specific performance, Indemnitee shall not he precluded from seeking or
obtaining any other relief to which he may be entitled. The Company and
Indemnitee further agree that Indemnitee shall be entitled to such specific
performance and injunctive relief, including temporary restraining orders,
preliminary injunctions and permanent injunctions, without the necessity of
posting bonds or other undertaking in connection therewith. The Company
acknowledges that in the absence of a waiver, a bond or undertaking may be
required of Indemnitee by the Court, and the Company hereby waives any such
requirement of such a bond or undertaking.

 

17.           Modification and Waiver. 
No supplement, modification, termination or amendment of this Agreement
shall be binding unless executed in writing by both of the parties hereto.  No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

 

18.           Notice By Indemnitee. 
Indemnitee agrees promptly to notify the Company in writing upon being
served with or otherwise receiving any summons, citation,

 

15

 

subpoena,
complaint, indictment, information or other document relating to any Proceeding
or matter which may be subject to indemnification covered hereunder.  The failure to so notify the Company shall
not relieve the Company of any obligation which it may have to Indemnitee under
this Agreement or otherwise.

 

19.           Notices.  All notices
and other communications given or made pursuant to this Agreement shall be in
writing and shall be deemed effectively given: 
(a) upon personal delivery to the party to be notified, (b) when
sent by confirmed electronic mail or facsimile if sent during normal business
hours of the recipient, and if not so confirmed, then on the next business day,
(c) five (5) days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (d) one (1) day
after deposit with a nationally recognized overnight courier, specifying next
day delivery, with written verification of receipt.  All communications shall be sent:

 

(a)           To Indemnitee at the address set forth below
Indemnitee signature hereto.

 

(b)           To the Company at:

 

Generac Power Systems, Inc.

S45 W29290 Hwy. 59

Waukesha, WI 53187

Attention: Chief
Executive Officer

 

or to such other
address as may have been furnished to Indemnitee by the Company or to the
Company by Indemnitee, as the case may be.

 

20.           Counterparts. 
This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same Agreement.  This
Agreement may also be executed and delivered by facsimile signature and in two
or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

 

21.           Headings.  The headings
of the paragraphs of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the
construction thereof.

 

22.           Usage of Pronouns. 
Use of the masculine pronoun shall be deemed to include usage of the
feminine pronoun where appropriate.

 

23.           Governing Law and Consent to Jurisdiction. 
This Agreement and the legal relations among the parties shall be
governed by, and construed and enforced in accordance with, the laws of the
State of Wisconsin, without regard to its conflict of laws rules. The Company
and Indemnitee hereby irrevocably and unconditionally (i) agree that any
action or proceeding arising out of or in connection with this Agreement shall
be brought only in a court of the State of Wisconsin located in Milwaukee,
Wisconsin (the “Wisconsin Court”),
and not in any other state or federal court in the United States of America or
any court in any other country, (ii) generally

 

16

 

and
unconditionally consent to submit to the exclusive jurisdiction of the
Wisconsin Court for purposes of any action or proceeding arising out of or in
connection with this Agreement, (iii) waive any objection to the laying of
venue of any such action or proceeding in the Wisconsin Court, and (iv) waive,
and agree not to plead or to make, any claim that any such action or proceeding
brought in the Wisconsin Court has been brought in an improper or inconvenient
forum.  The foregoing consent to
jurisdiction shall not constitute general consent to service of process in the
state for any purpose except as provided above, and shall not be deemed to
confer rights on any person other than the parties to this Agreement.

 

[SIGNATURE PAGE TO FOLLOW]

 

17

 

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement on and as of the day
and year first above written.

 

 

	
   

  	
  COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  INDEMNITEE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  

 

 

18Exhibit 10.62

 

December 15,
2009

 

Terry
Dolan

 

Dear
Terry,

 

We
are pleased to confirm our offer to you for the position of Senior Vice
President - Sales for Generac Power Systems, Inc (“Company”). This position is
a named executive officer for Generac and will report to Aaron Jagdfeld,
President and CEO. Your office will be located at our corporate headquarters in
Waukesha, WI. The purpose of this letter is to give you an overview of the
terms and conditions of your employment at Generac Power Systems, Inc.

 

Our
offer is comprised of the following:

 

·                  Compensation:
You will receive a bi-weekly salary of $9,230.77. There are 26 pay
periods per year. You also will be eligible for a pay review based on 2010
performance and market assessments.

 

·                  Executive
Incentive Program: You will also be eligible to participate in the 2010
Executive Management Incentive Program with a target bonus of 30% and an
opportunity to earn up to 90% of your base salary annually. The Company
reserves the right to modify the program. The 2010 bonus plan is being
finalized and all participants will receive a summary of the program details no
later than 90 days after the commencement of the start of the performance
period.

 

·                  Equity
Incentive Plan: A new long term incentive program is being developed
and will be offered in 2010. You will be eligible to participate in the Plan as
a named executive officer. You must be employed before any initial public
offering in order to be eligible for incentives offered at the IPO. If an IPO
does not occur, you will be eligible for participation in an alternative equity
program. Eligibility is also contingent upon relocating your family to the
Waukesha area. The Company shall have the authority to make such amendments to
any terms and conditions applicable to any award or grant. The Company may
amend, modify, suspend or terminate the Plan at any time.

 

 

·                  Additional Benefits: You will be eligible for
participation in the Generac Power Systems benefits plan. Your regular
insurance benefits will be available the first day of the month following your
8 week probationary period. However, Generac will provide you reimbursement for
50% of your COBRA coverage, up to a maximum of $600.00 per month, before your
regular Generac benefits begin. You will have access to a national doctor
network during your first year of employment.

 

·                  Vacation Accrual: Per our agreement, you will accrue 2.31 hours
of vacation per week (120 hours per calendar year). Vacation time is accrued
and used on a calendar year basis. Please note that the additional vacation you
accrue above our normal schedule below is not considered an earned benefit
until you reach 5 years of service with Generac. Accordingly, the additional 40
hours is not eligible for year-end payout or termination payout until your 5
year employment anniversary.

 

	
  Years
  of Service

  	
   

  	
  Hours/Week

  	
   

  	
  Total Hours

  	
   

  	
  Weeks

  	
   

  
	
  1-4

  	
   

  	
  1.54

  	
   

  	
  80.0

  	
   

  	
  2

  	
   

  
	
  5-10

  	
   

  	
  2.31

  	
   

  	
  120.0

  	
   

  	
  3

  	
   

  
	
  10-24

  	
   

  	
  3.08

  	
   

  	
  160.0

  	
   

  	
  4

  	
   

  
	
  25-29

  	
   

  	
  3.85

  	
   

  	
  200.0

  	
   

  	
  5

  	
   

  
	
  30+

  	
   

  	
  4.61

  	
   

  	
  240.0

  	
   

  	
  6

  	
   

  

 

·                  Relocation Program: You will be eligible for
relocation assistance and are expected to relocate your family no later than September 30,
2010. You will be expected to sign a Payback agreement for the amount of the
relocations benefit. The payback will be enforced should you leave the company
within one year of your relocation. To aid in your relocation Generac will
cover the cost of relocating your household goods. There is no cap on the
household goods move however this assumes standard arrangements and no unusual,
large or bulky items. All arrangements must be discussed with our relocation
coordinator, Mandy Morris, and approved in advance. Generac will provide three
house hunting trips to Wisconsin and will also provide temporary living
arrangements for you and or your family not to exceed 3 months to assist in
your transition to the area. You will be assigned to a corporate apartment if
the option is available. In the event a corporate apartment is not available,
you will be reimbursed for the cost of a furnished apartment up to a maximum of
$2000.00 per month. Any extensions must be approved through Human Resources.

 

·                  Relocation Bonus: Your offer includes a $50,000.00 sign-on
bonus. This bonus is a taxable benefit to be used to covered miscellaneous
expenses related to your relocation. The bonus will be paid within 30 days of
your start date with the agreement that should you terminate employment with
Generac within one year of payment, you will be responsible for repaying the
full amount of the bonus.

 

·                  Severance: Should your employment with the company be
terminated for any reason other than for cause, you will be entitled to a
severance package equal to

 

 

twelve
(12) months of the base salary at your time of hire. Additionally, for a period
of up to twelve (12) months after your termination, Generac will provide for
reimbursement of your COBRA costs until you become employed with another
employer.

 

This
offer is contingent upon successful completion of the following:

·                  Reference Check

·                  Driver’s Record Check if applicable to
position

·                  Employment Eligibility verification (1-9
Document)

·                  Non-compete Agreement

 

Please
understand this is not intended as a guarantee of employment for any specific
period. All employees have an “at will” employment relationship.

 

Terry,
we are excited that you have accepted our offer and will begin employment on or
before Monday, January 11, 2010. Your employee orientation will occur on
Monday, January 11th at our Waukesha facility promptly at 8:00am. When you
arrive, please ask for Gretchen Baron who will facilitate your orientation.
During your orientation you will be completing an I9-Employment Eligibility
Verification Form, we ask that you review the attached list of acceptable
documents and bring the necessary documentation to orientation to help
facilitate your initial paperwork. We look forward to a rewarding and
productive relationship. If you have any further questions, please let me know.

 

 

Sincerely,

 

 

	
  /s/
  Rhonda Matschke

  	
   

  
	
  Rhonda
  Matschke

  
	
  VP
  Human Resources

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