Document:

EX-10.39

 Exhibit 10.39 

HAMILTON BEACH BRANDS HOLDING COMPANY 

SUPPLEMENTAL EXECUTIVE LONG-TERM INCENTIVE BONUS PLAN 

FORM OF AGREEMENT 
 Hamilton Beach Brands
Holding Company 
 4421 Waterfront Drive 
 Glen Allen, VA 23060

 Attention: Secretary 
  

	Re:	20     Grants of Award Shares under Supplemental Executive Long-Term Incentive Bonus Plan 

The undersigned is an employee of Hamilton Beach Brands Holding Company (the “Company”) or one of its wholly-owned subsidiaries
(together with the Company, the “Employers”) to whom grants of an award (the “Award”) consisting of [insert number] fully paid and nonassessable shares (the “Award Shares”) of Class A Common Stock, par value $0.01
per share, of the Company (“Class A Common”) were made on                     , 20     by the Compensation
Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) pursuant to the Hamilton Beach Brands Holding Company Supplemental Executive Long-Term Incentive Bonus Plan (the “Plan”). I hereby
accept the Award and acknowledge to and agree with the Company as follows: 
 1. Award. I acknowledge that the Committee has granted
the Award to me subject to the terms of the Plan for the January 1, 20     through December 31, 20     Award Term, the terms of the resolutions of the Committee pursuant to which the Award was
made and the terms of this Agreement, and I hereby acknowledge receipt of stock certificate numbered [number] for [number] shares of Class A Common representing the Award Shares. 

2. Restrictions on Transfer. I represent and covenant that, other than a Transfer (as defined below) (a) by will or the laws of
descent and distribution, (b) pursuant to a domestic relations order meeting the definition of a qualified domestic relations order under Section 206(d)(3)(B) of the Employee Retirement Income Security Act of 1974, as amended
(“QDRO”), (c) to a trust (a “Trust”) for my benefit or the benefit of my spouse, my children or my grandchildren (provided that Award Shares transferred to such a Trust shall continue to remain subject to the transfer
restrictions hereinafter set forth) or (d) as otherwise permitted under the Plan with the consent of the Committee, the Award Shares shall be non-transferable and I shall not make (or attempt to make) any
sale, assignment, transfer, exchange, pledge, hypothecation or encumbrance of the Award Shares (collectively, a “Transfer”). 
 3.
Lapse of Restrictions. I acknowledge that the transfer restrictions on the Award Shares set forth in paragraph 2 above shall lapse for all purposes and shall be of no further force or effect upon the earliest to occur of:
(a) December 31, 20__; (b) the date of my death or permanent disability; (c) five years after retirement in accordance with the terms of the Hamilton Beach Brands, Inc. Pension Plan (or, if I am not a member of such plan, five years
after my termination of employment with the Employers after reaching age 60 with at least 15 years of service with the Employers) (or earlier with the approval of the Committee); (d) an extraordinary release of transfer restrictions as described in
paragraph 3A below; (e) the Transfer of Award Shares pursuant to a QDRO, but only as to the shares so transferred; and (f) a lapse of transfer restrictions as determined by the Committee in its sole and

 
absolute discretion. As notice of such transfer restrictions, I acknowledge that there is affixed to each stock certificate representing Award Shares the following legend: 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN THE HAMILTON BEACH BRANDS HOLDING
COMPANY SUPPLEMENTAL EXECUTIVE LONG-TERM INCENTIVE BONUS PLAN (“PLAN”). SUCH RESTRICTIONS ON TRANSFER UNDER THE PLAN SHALL LAPSE FOR ALL PURPOSES AND SHALL BE OF NO FURTHER FORCE OR EFFECT AFTER DECEMBER 31,
20    , OR SUCH EARLIER TIME AS PROVIDED IN THE PLAN. 
 3A. Extraordinary Release of Transfer Restrictions. 

 

	 	(i)	A Participant may request in writing that a member of the Committee authorize the lapse of restrictions on Transfer of such Award Shares if the Participant desires to dispose of such Award Shares for (A) the
purchase of a principal residence for the Participant, (B) payment of medical expenses for the Participant, his spouse or his dependents, (C) payment of expenses for the education of the Participant, his spouse or his dependents for the
next 18 months or (D) any other extraordinary reason which the Committee has previously approved in writing. The Committee shall have the sole power to grant or deny any such request. Upon the granting of any such request, the Company shall
cause the release of restrictions pursuant to paragraph 3 of such number of Award Shares as the Committee shall authorize. 

  

	 	(ii)	A Participant who is employed by the Employers may request such a release at any time following the third anniversary of the date the Award Shares were issued; provided that the restrictions on no more than 20% of such
Award Shares may be released pursuant to this paragraph 3A. A Participant who is no longer employed by the Employers may request such a release at any time following the second anniversary of the date the Award Shares were issued; provided that the
restrictions on no more than 35% of such Award Shares may be released pursuant to this paragraph 3A. 

 4. Obligations.
I agree that each Trust and I shall fulfill the obligations imposed with respect to Award Shares by the Plan and this Agreement. 
 5.
Rights. I understand that, subject to the transfer restrictions set forth herein, I shall have all of the rights of a holder of Class A Common with respect to the Award Shares, including the right to vote such shares, to receive any
dividends paid thereon and to participate in any of the matters described in clauses (a) and (c) of Section 7 of the Plan. Any securities that I receive in respect to Award Shares in connection with any of such matters shall be deemed to
be Award Shares, and shall be subject to the transfer restrictions set forth herein to the same extent and for the same period as if such securities were the original Award Shares with respect to which they were issued (unless such restrictions are
modified or eliminated by the Committee). 
 6. Surrender of Certificates. I understand that: (a) in the case of a Transfer
under clause (a) or (b) of paragraph 2 above, on surrender to the Company by my successor or successors in interest to the Award Shares of the appropriate certificate or certificates reflecting the Award Shares, or (b) on 

  
 2 

 
surrender to the Company (or its delegate) of the appropriate certificate or certificates reflecting Award Shares with respect to which the transfer restrictions have otherwise lapsed in
accordance with paragraph 3 or 3A above, the Company shall cause a new certificate or certificates to be issued without any legend referring to such restrictions. 

7. Withholding. In order that the applicable Employer may satisfy its withholding obligations with respect to the compensation income
resulting from the grant of any Award Shares, I authorize and direct the applicable Employer to withhold from any amounts otherwise payable to me such amounts of taxes with respect to the income attributable to such shares and at such time or times
as may be required to be withheld, including, without limitation, taxes required to be withheld by reason of the compensation required to be reported for Federal income and employment tax purposes by me, all as determined in good faith in the sole
judgment of the applicable Employer. If there are no such amounts otherwise payable to me, or if such amounts are insufficient, I will reimburse or indemnify the applicable Employer or make provision satisfactory to the Board of Directors or the
Committee (or to any officer authorized for that purpose by the Board of Directors or the Committee) to reimburse or indemnify the applicable Employer for such amounts of taxes at such time and from time to time, as the applicable Employer may make
demand for such reimbursement or indemnity. If and to the extent that in the sole judgment of the Board of Directors or the Committee (or any officer authorized for that purpose by the Board of Directors or the Committee) it appears advisable to do
so, in order to enforce the Company’s rights under the Plan and this Agreement, the Company shall not issue or cause to be issued to me (or to my successor in interest), any new stock certificate without any legend referring to the transfer
restrictions with respect to the Award Shares as to which such restrictions have lapsed, unless and until such amounts of taxes have been withheld from amounts otherwise payable to me (or any of my successors in interest), or I (or such successor in
interest) reimburse or indemnify the applicable Employer for such amounts of such taxes or make other provisions for reimbursement or indemnification to the applicable Employer of such taxes, satisfactory in the sole judgment of the Board or the
Committee (or such officer) exercised in good faith. 
 8. No Right to Employment. I acknowledge that the grant of Award Shares to me
does not in any way entitle me to continued employment with the Employers and does not limit or restrict any right that the Employers otherwise may have to terminate my employment. 

 

	
	  

[name]

 ACCEPTED
                    , 20     

HAMILTON BEACH BRANDS HOLDING COMPANY 
  

			
	 By:
	 	  

		 	[name and title]

  
 3Exhibit (10)(a)

Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm

We consent to the reference to our firm under the caption "Independent Registered Public Accounting Firm" in Post-Effective Amendment No. 14 to the 1933 Act Registration Statement (Form N-4 No. 333-141755) and Amendment No. 40 to the 1940 Act Registration Statement (Form N-4 No. 811-07785), and to the use therein of our reports dated (a) March 31, 2017, with respect to the financial statements of Lincoln Life & Annuity Company of New York and (b) April 26, 2017, with respect to the financial statements of Lincoln Life & Annuity Variable Annuity Account L for the registration of interests in a separate account under group flexible payment deferred variable annuity contracts.

/s/ Ernst & Young LLP

Philadelphia, Pennsylvania

September 18, 2017

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