Document:

Exhibit 10k to Winnebago Industries, Inc. Form 10-K for fiscal year ended 8-29-2009

EXHIBIT
10k.

AMENDED AND RESTATED 

EXECUTIVE CHANGE OF CONTROL AGREEMENT

          This
EXECUTIVE CHANGE OF CONTROL AGREEMENT is made as of December 17, 2008, by and
between WINNEBAGO INDUSTRIES, INC., an
Iowa corporation (the “Company”), and William J. O’Leary (the “Executive”).

RECITALS:

          WHEREAS, the Executive is a senior
executive and officer of the Company and has made and is expected to continue
to make major contributions to the profitability, growth and financial strength
of the Company;

          WHEREAS, the Company recognizes that, as is
the case for most publicly held companies, the possibility of a Change of
Control (as hereafter defined) exists;

          WHEREAS, it is in the best interests of the
Company, considering the past and future services of the Executive, to improve
the security and climate for objective decision making by providing for the
personal security of the Executive upon a Change of Control.

          WHEREAS, THE Company and the Executive have
previously entered into the Executive Change of Control Agreement dated July
12, 2001.

          NOW, THEREFORE, in consideration of the
foregoing premises and the past and future services rendered and to be rendered
by the Executive to the Company and of the mutual covenants and agreements
hereinafter set forth, the parties agree to amend and restate the Agreement as
follows:

AGREEMENT:

          1.
Continued Service by Executive. In the event a person or entity, in order to effect a Change of
Control, commences a tender or exchange offer, circulates a proxy to
shareholders or takes other steps, the Executive agrees that the Executive will
not voluntarily leave the employ of the Company, and will render faithful
services to the Company consistent with Executive’s position and responsibilities,
until the person or entity has abandoned or terminated its efforts to effect
such Change of Control or until such Change of Control has occurred.

          2.
Change of Control. For purposes of this Agreement, the term “Change of Control” means the
time when (i) any Person becomes an Acquiring Person, or (ii) individuals who
shall qualify as Continuing Directors of the Company shall have ceased for any
reason to constitute at least a majority of the Board of Directors of the
Company; provided however, that
in the case of either clause (i) or (ii) a Change of Control shall not be
deemed to have occurred if the event shall have been approved prior to the
occurrence thereof by a majority of the Continuing Directors who shall then be
members of such Board of Directors, and in the case of clause (i) a Change of
Control shall not be deemed to have occurred upon the acquisition of stock of
the Company by a pension, profit-sharing, stock bonus, employee stock ownership
plan or other retirement plan intended to be qualified under Section 401(a) of
the Internal Revenue Code of 1986, as amended, established by the Company or
any subsidiary of the Company. (In addition, stock held by such a plan shall
not be treated as outstanding in determining ownership percentages for purposes
of this definition.)

          For
the purpose of the foregoing definition of “Change of Control”, the capitalized
terms shall have the following meanings:

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 “Continuing Director”
 means (i) any member of the Board of Directors of the Company, while such
 person as a member of the Board, who is not an Affiliate or Associate of any
 Acquiring Person or of any such Acquiring Person’s Affiliate or Associate and
 was a member of the Board prior to the time when such Acquiring Person shall
 have become an Acquiring Person, and (ii) any successor of a Continuing
 Director, while such successor is a member of the Board, who is not an
 Acquiring Person or any Affiliate or Associate of any Acquiring Person or a
 representative or nominee of an Acquiring Person or of any affiliate or
 associate of such Acquiring Person and is recommended or elected to succeed
 the Continuing Director by a majority of the Continuing Directors.

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 “Acquiring Person” means
 any Person or any individual or group of Affiliates or Associates of such
 Person who acquires beneficial ownership, directly or indirectly, of 20% or
 more of the outstanding stock of the Company if such acquisition occurs in
 whole or in part following date of that person’s agreement.

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 “Affiliate” means a Person
 that directly or indirectly through one or more intermediaries, controls, or
 is controlled by, or is under common control with, the person specified.

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 “Associate” means (1) any
 corporate, partnership, limited liability company, entity or organization
 (other than the Company or a majority-owned subsidiary of the Company) of
 which such a Person is an officer, director, member, or partner or is,
 directly or indirectly the beneficial owner of ten percent (10%) or more of the
 class of equity securities, (2) any trust or fund in which such person has a
 substantial beneficial interest or as to which such person serves as trustee
 or in a similar fiduciary capacity, (3) any relative or spouse of such
 person, or any relative of such spouse, or (4) any investment company for
 which such person or any Affiliate of such person serves as investment
 advisor.

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 “Person” means an
 individual, corporation, limited liability company, partnership, association,
 joint stock company, trust, unincorporated organization or government or
 political subdivision thereof.

 

          3. Termination Following a Change of Control.
If a change of Control shall have occurred while the Executive is still an
employee of the Company, and if the Executive’s employment with the Company is
terminated, within three years following such Change of Control, then the
Executive shall be entitled to the compensation and benefits provided in
Section 4, unless such termination is a result of: (a) the Executive’s death;
(b) the Executive’s Disability (as defined in Section 3(a) below); (c) the
Executive’s Retirement (as defined in Section 3(b) below); (d) the Executive’s
termination by the Company for Cause (as defined in Section 3(c) below); or (e)
the Executive’s decision to terminate employment other than for Good Reason (as
defined in Section 3(d) below).

                    (a)
Disability. If, as a result of
the Executive’s incapacity due to physical or mental illness, the Executive
shall have been absent from his duties with the Company on a full-time basis
for six months and within 30 days after written notice of termination is
thereafter given by the Company the Executive shall not have returned to the
full-time performance of the Executive’s duties, the Company may terminate the
Executive for “Disability.” 

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                    (b) Retirement.
The term “Retirement” as used in this Agreement shall mean
termination by the Company or the Executive of the Executive’s employment based
on the Executive having attained the age of 65 or such other age as shall have
been fixed in any arrangement established with the Executive’s consent with
respect to the Executive.

                    (c) Cause.
The Company may terminate the Executive’s employment for Cause. For
purposes of this Agreement only, the Company shall have “Cause” to terminate
the Executive’s employment hereunder only on the basis of (i) fraud,
misappropriation or embezzlement on the part of the Executive; or (ii)
intentional misconduct or gross negligence on the part of the Executive which
has resulted in material harm to the Company. Notwithstanding the foregoing,
the Executive shall not be deemed to have been terminated for Cause unless and
until there shall have been delivered to the Executive a copy of a resolution
duly adopted by the affirmative vote of not less than three-quarters of the
entire membership of the company’s Board of Directors at a meeting of the Board
called and held for the purpose (after reasonable notice to the Executive and
an opportunity for the Executive, together with the Executive’s counsel, to be
heard before the Board), finding that in the good faith opinion of the Board
the Executive was guilty of conduct set forth in the second sentence of this
Section 3(c) and specifying the particulars thereof in detail. Nothing herein
shall limit the right of the Executive or his beneficiaries to contest the
validity or propriety of any such determination.

                    (d) Good
Reason. The Executive may terminate the Executive’s employment for
Good Reason at any time during the term of this Agreement. For purposes of this
Agreement “Good Reason” shall mean any of the following (without the
Executive’s express written consent):

	
  

 	
  

 	
  

 
	
  

 	
           (i)
 the assignment to the Executive by the Company of duties inconsistent with
 the Executive’s position, duties, responsibilities and status with the
 Company immediately prior to a Change in Control of the Company, or a change
 in the Executive’s titles or offices as in effect immediately prior to a Change
 in Control of the Company, or any removal of the Executive from or any
 failure to re-elect the Executive to any of such positions, except in
 connection with the termination of his employment for Disability, Retirement
 or Cause or as a result of the Executive’s death or by the Executive other
 than for good Reason;

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
           (ii)
 a reduction by the Company in the Executive’s base salary as in effect on the
 date hereof or as the same may be increased from time to time during the term
 of this Agreement or the Company’s failure to increase (within 12 months of
 the Executive’s last increase in base salary) the Executive’s base salary
 after a Change in Control of the Company in an amount which at least equals,
 on a percentage basis, the average percentage increase in base salary for all
 officers of the company effected in the preceding 12 months.

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
           (iii)
 any failure by the Company to continue in effect any benefit plan or
 arrangement (including, without limitation, the Company’s 401(K) plan,
 nonqualified deferred compensation plan, profit sharing plan, group life
 insurance plan, and medical, dental, accident and disability plans) in which
 the Executive is participating at the time of a Change of Control (or any
 other plans providing the Executive with substantially similar benefits)
 (hereinafter referred to as “Benefit Plans”), or the taking of any action by
 the Company which would adversely affect the Executive’s participation in or
 materially reduce the Executive’s benefits under any such Benefit Plan or
 deprive the Executive of any material fringe benefit enjoyed by the Executive
 at the time of a Change in Control of the Company;

 	
  

 

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           (iv)
 any failure by the Company to continue in effect any incentive plan or
 arrangement (including, without limitation, the Company’s Officers Incentive
 Compensation Plan, Officers Long-Term Incentive Plan, bonus and contingent
 bonus arrangements and credits and the right to receive performance awards
 and similar incentive compensation benefits) in which the Executive is
 participating at the time of a Change of Control (or any other plans or
 arrangements providing him with substantially similar benefits) (hereinafter
 referred to as “Incentive Plans”) or the taking of any action by the Company
 which would adversely affect the Executive’s participation in any such
 Incentive Plan or materially reduce the Executive’s benefits under any such
 Incentive Plan by reducing such benefits, when expressed as a percentage of
 his base salary, by more than 10 percentage points in any fiscal year as
 compared to the immediately preceding fiscal year;

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
           (v)
 any failure by the Company to continue in effect any plan or arrangement to
 receive securities of the Company in which the Executive is participating at
 the time of a Change of Control (or plans or arrangements providing him with
 substantially similar benefits) (hereinafter referred to as “Securities
 Plans”) or the taking of any action by the Company which would adversely
 affect the Executive’s participation in or materially reduce the Executive’s
 benefits under any such Securities Plan;

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
           (vi)
 a relocation of the Company’s principal executive offices to a location
 outside of Forest City, Iowa, or the Executive’s relocation to any place
 other than the location at which the Executive performed the Executive’s
 duties prior to a Change in Control of the Company, except for required
 travel by the Executive on the Company’s business to an extent substantially
 consistent with the Executive’s business travel obligations at the time of a
 Change in Control of the Company;

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
           (vii)
 any failure by the Company to provide the Executive with the number of paid
 vacation days to which the Executive is entitled at the time of a Change in Control
 of the Company;

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
           (viii)
 any material breach by the Company of any provision of this Agreement;

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
           (ix)
 any failure by the Company to obtain the assumption of this Agreement by any
 successor or assign of the Company; or

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
           (x)
 any purported termination of the Executive’s employment which is not effected
 pursuant to a Notice of Termination satisfying the requirements of Section
 3(e) below.

 	
  

 

                    (e)
Notice of Termination. Any
termination by the Company pursuant to Section 3(a), (b) or (c) shall be
communicated by a Notice of Termination. For purposes of this Agreement, a
“Notice of Termination” shall mean a written notice which shall indicate those
specific termination provisions in this Agreement relied upon and which sets
forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of the Executive’s employment under the provisions so
indicated. For purposes of this Agreement, no such purported termination by the
Company shall be effective without such Notice of Termination.

4

                    (f)
Date of Termination. “Date of
Termination” shall mean (a) if this Agreement is terminated by the Company for
Disability, 30 days after Notice of Termination is given to the Executive
(provided that the Executive shall not have returned to the performance of the
Executive’s duties on a full-time basis during such 30-day period) or (b) if
the Executive’s employment is terminated by the Company for any other reason,
the date on which a Notice of Termination is given; provided that if within 30 days after any Notice of
Termination is given to the Executive by the Company the Executive notified the
Company that a dispute exists concerning the termination, the Date of
Termination shall be the date the dispute is finally determined, whether by
mutual agreement by the parties or upon final judgment, order or decree of a
court of competent jurisdiction (the time for appeal therefrom having expired
and no appeal having been perfected).

          4. Severance Compensation upon Termination of
Employment. If the Company shall terminate the Executive’s
employment other than pursuant to Section 5(a), (b) or (c) or if the Executive
shall terminate his employment for Good Reason, then the Company shall pay to
the Executive as severance pay in a lump sum, in cash, on the fifth day
following the Date of Termination, an amount equal to three (3) times the
average of the aggregate annual compensation paid to the Executive during the three
(3) fiscal years of the Company immediately preceding the Change of Control by
the Company subject to United States income taxes (or, such fewer number of
fiscal years if the Executive has not been employed by the Company during each
of the preceding three (3) fiscal years).

          5.
Excise Tax-Additional Payment.

                    (a) Notwithstanding anything in this
Agreement or any written or unwritten policy of the Company to the contrary,
(i) if it shall be determined that any payment or distribution by the Company
to or for the benefit of the Executive, whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement, any other agreement
between the Company and the Executive or otherwise (a “Payment”), would be
subject to the excise tax imposed by section 4999 of the Internal Revenue Code
of 1986, as amended, (the “Code”) or any interest or penalties with respect to
such excise tax (such excise tax, together with any such interest and
penalties, are hereinafter collectively referred to as the “Excise Tax”), or
(ii) if the Executive shall otherwise become obligated to pay the Excise Tax in
respect of a Payment, then the Company shall pay to the Executive an additional
payment (a “Gross-Up Payment”) in an amount such that after payment by the
Executive of all taxes (including any interest or penalties imposed with
respect to such taxes), including any Excise Tax, imposed upon the Gross-Up
Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise
Tax imposed upon such Payment.

                    (b) All determinations and computations
required to be made under this Section 5, including whether a Gross-Up Payment
is required under clause (ii) of paragraph 5(a) above, and the amount of any
Gross-Up Payment, shall be made by the Company’s regularly engaged independent
certified public accountants (the “Accounting Firm”). The Company shall cause
the Accounting Firm to provide detailed supporting calculations both to the
Company and the Executive within 15 business days after such determination or
computation is requested by the Executive. Any initial Gross-Up Payment
determined pursuant to this Section 5 shall be paid by the Company to the
Executive within 5 days of the receipt of the Accounting Firm’s determination.
A determination that no Excise Tax is payable by the Executive shall not be
valid or binding unless accompanied by a written opinion of the Accounting Firm
to the Executive that the Executive has substantial authority not to report any
Excise Tax on his federal income tax return. Any determination by the
Accounting Firm shall be binding upon the Company and the Executive, except to
the extent the Executive becomes obligated to pay an Excise Tax in respect of a
Payment. In the event that the Company or the subsidiary exhausts or waives its
remedies pursuant to paragraph 5(c) and the Executive thereafter shall become
obligated to make a payment of any Excise Tax,

5

and if the amount thereof
shall exceed the amount, if any, of any Excise Tax computed by the Accounting
Firm pursuant to this paragraph 5(b) in respect to which an initial Gross-Up
Payment was made to the Executive, the Accounting Firm shall within 15 days
after Notice thereof determine the amount of such excess Excise Tax and the
amount of the additional Gross-Up Payment to the Executive. All expenses and
fees of the Accounting Firm incurred by reason of this Section 5 shall be paid
by the Company.

                    (c)
The Executive shall notify the Company in writing of any claim by the Internal
Revenue Service that, if successful, would require the payment by the Company
of a Gross-Up Payment. Such notification shall be given as soon as practicable
but no later than ten business days after the Executive knows of such claim and
shall apprise the Company of the nature of such claim and the date on which
such claim is requested to be paid. The Executive shall not pay such claim
prior to the expiration of the thirty-day period following the date on which it
gives such notice to the Company (or such shorter period ending on the date
that any payment of taxes with respect to such claim is due). If the Company
notifies the Executive in writing prior to the expiration of such period that
it desires to contest such claim, the Executive shall:

	
  

 	
  

 
	
  

 	
           (i)
 give the Company any information reasonably requested relating to such claim,

 
	
  

 	
  

 
	
  

 	
           (ii) take such action in connection with contesting such claim as the Company
 shall reasonably request in writing from time to time, including, without
 limitation, accepting legal representation with respect to such claim by an
 attorney reasonably selected by the Company,

 
	
  

 	
  

 
	
  

 	
           (iii)
 cooperate with the Company in good faith in order effectively to contest such
 claim, and

 
	
  

 	
  

 
	
  

 	
           (iv)
 permit the Company to participate in any proceedings relating to such claim;

 

provided, however, that the Company shall bear and pay directly all costs and expenses
(including additional interest and penalties) incurred in connection with such
contest and shall indemnify and hold the Executive harmless, on an after-tax
basis, for any Excise Tax or income tax, including interest and penalties with
respect thereto, imposed as a result of such representation and payment of
costs and expenses. Without limitation on the foregoing provisions of this
paragraph 5(c), the Company shall control all proceedings taken in connection
with such contest and, at its sole option, may pursue or forgo any and all
administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect of such claim and may, at its sole option, either direct
the Executive to pay the tax claimed and sue for a refund or contest the claim
in any permissible manner, and the Executive agrees to prosecute such contest
to a determination before any administrative tribunal, in a court of initial
jurisdiction and in one or more appellate courts, as the Company or the
subsidiary shall determine; provided,
however, that if the Company or the subsidiary directs the Executive
to pay such claim and sue for a refund, the Company or the subsidiary shall
advance the amount of such payment to the Executive, on an interest-free basis
and shall indemnify and hold the Executive harmless, on an after-tax basis,
from any Excise Tax or income tax, including interest or penalties with respect
thereto, imposed with respect to such advance or with respect to any imputed
income with respect to such advance; and further provided, that any extension of the statue of limitations
relating to payment of taxes for the taxable year of the Executive with respect
to which such contested amount is claimed to be due is limited solely to such
contested amount. Furthermore, control of the contest by the Company shall be
limited to issues with respect to which a Gross-Up Payment would be payable
hereunder and the Executive shall be entitled to settle or contest, as the case
may be, any other issue raised by the Internal Revenue Service or any other
taxing authority. 

6

                    (d)
If, after the receipt by the Executive of an amount advanced by the Company or
the subsidiary pursuant to paragraph 5(c), the Executive becomes entitled to
receive any refund with respect to such claim, the Executive shall (subject to
compliance with the requirements of Section 5 by the Company or the subsidiary)
promptly pay to the Company or the subsidiary the amount of such refund
(together with any interest paid or credited thereon after taxes applicable
thereto). If, after the receipt by the Executive of an amount advanced by the
Company or the subsidiary pursuant to paragraph 5(c), a determination is made
that the Executive shall not be entitled to any refund with respect to such
claim and the Company does not notify the Executive in writing of its intent to
contest such denial of refund prior to the expiration of thirty days after such
determination, then such advance shall be forgiven and shall not be required to
be repaid and the amount of such advance shall off-set, to the extent thereof,
the amount of Gross-Up Payment required to be paid.

                    (e)
Both the Company and the Executive acknowledge that no legal right to receive a
Gross-Up Payment pursuant to this Section 5 shall exist unless and until such
time as an Excise tax has been assessed. The payment of severance benefits
pursuant to Section 4 of this Agreement (or the payment of any other benefits
under this Agreement) does not create a legal right on behalf of the Executive
to receive a Gross-Up Payment.

          6.
No Obligation To Mitigate Damages; No Effect on Other Contractual Rights.

                    (a)
The Executive shall not be required to mitigate damages or the amount of any
payment provided for under this Agreement by seeking other employment or
otherwise, nor shall the amount of any payment provided for under this
Agreement be reduced by any compensation earned by the Executive as the result
of employment by another employer after the Date of Termination, or otherwise.

                    (b)
The provisions of this Agreement, and any payment provided for hereunder, shall
not reduce any amounts otherwise payable, or in any way diminish the
Executive’s existing rights, or rights which would accrue solely as a result of
the passage of time, under any Benefit Plan, Incentive Plan or Securities Plan,
employment agreements or other contract, plan or arrangement.

          7.
Successor to the Company.

                    (a)
The Company will require any successor or assign (whether direct or indirect,
by purchase, merger, consolidation or otherwise) of all or substantially all of
the business and/or assets of the Company, by agreement in form and substance
satisfactory to the Executive, expressly, absolutely and unconditionally 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 it if no such succession
or assignment had taken place. Any failure of the Company to obtain such
agreement prior to the effectiveness of any such succession or assignment shall
be a material breach of this Agreement and shall entitle the Executive to
terminate the Executive’s employment for Good Reason. As used in this
Agreement, “Company” shall mean the Company as hereinbefore defined and any
successor or assign to its business and/or assets as aforesaid which executes
and delivers the agreement provided for in this Section 7 or which otherwise
becomes bound by all the terms and provisions of this Agreement by operation of
law.

                    (b)
This Agreement shall inure to the benefit of and be enforceable by the
Executive’s personal and legal representatives, executors, administrators,
successors, heirs, distributes, devisees and legatees. If the Executive should
die while any amounts are still payable to him hereunder, all such amounts,
unless otherwise provided herein, shall be paid in accordance with the terms of
this Agreement to the Executive’s devisee, legatee, or other designee or, if
there be no such designee, to the Executive’s estate.

7

          8.
No Guaranty of Employment. Nothing in this Agreement shall be deemed to entitle the Executive to
continued employment with the Company prior to a Change of Control, and the
rights of the Company to terminate the employment of the Executive, prior to a
Change of Control, shall continue as fully as if this Agreement were not in
effect.

          9.
Notice. For
purposes of this Agreement, notices and all other communications provided for
in the Agreement shall be in writing and shall be deemed to have been duly
given when delivered or mailed by United States registered mail, return receipt
registered, postage prepaid, as follows:

	
  

 	
  

 	
  

 
	
  

 	
 If to the Company:

 
	
  

 	
  

 
	
  

 	
  

 	
 Winnebago Industries, Inc.

 
	
  

 	
  

 	
 Attn: General Counsel

 
	
  

 	
  

 	
 605 W. Crystal Lake Road

 
	
  

 	
  

 	
 P.O. Box 152 

 
	
  

 	
  

 	
 Forest City, Iowa 50436

 
	
  

 	
  

 	
  

 
	
  

 	
 If to the Executive:

 
	
  

 	
  

 
	
  

 	
  

 	
 William J. O’Leary 

 
	
  

 	
  

 	
 765 11th Street
 Place 

 
	
  

 	
  

 	
 Garner, IA 50438

 

or such other address as
either party may have furnished to the other in writing in accordance herewith,
except that notices of change of address shall be effective only upon receipt.

          10.
Miscellaneous.
No provisions of this Agreement may be modified, waived or discharged unless
such waiver, modification or discharge is agreed to in writing signed by the
Executive and the Company. No waiver by either party hereto at any time of any
breach by the other party hereto of, or compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed
a waiver of similar or dissimilar provisions or conditions at the same or at
any prior or subsequent time. No agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have
been made by either party which are not set forth expressly in this Agreement.
This Agreement shall be governed by and construed in accordance with the laws
of the State of Iowa.

          11. Validity. The invalidity or
unenforceability of any provisions of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect.

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

          13. Legal Fees and Expenses. The
Company shall pay all legal fees and expenses which the Executive may incur as
a result of the Company’s contesting the validity, enforceability or the
Executive’s interpretation of, or determinations under, this Agreement.

8

          14.
Confidentiality. The
Executive shall retain in confidence any and all confidential information known
to the Executive concerning the Company and its business so long as such
information is not otherwise publicly disclosed.

          15.
Section 409A.
This Agreement is intended to satisfy the short-term deferral exception to
Internal Revenue code Section 409A and the regulations there under. This
Agreement shall be administered accordingly; and if necessary, amended to
ensure satisfaction of the short-term deferral exception.

          IN WITNESS WHEREOF, the parties have
executed this agreement on the date set out above.

	
  

 	
  

 	
  

 
	
  

 	
 COMPANY:

 
	
  

 	
  

 	
  

 
	
  

 	
 WINNEBAGO INDUSTRIES, INC.

 
	
  

 	
  

 
	
  

 	
 By:

 	

 
	
  

 	
  

 	
 

 
	
  

 	
  

 	
 Robert J. Olson
Chairman of the Board,
 Chief Executive Officer
and President

 
	
  

 	
  

 	
  

 
	
  

 	
 EXECUTIVE:

 
	
  

 	
  

 
	
  

 	

 
	
  

 	 

 
	
  

 	
 William J. O’Leary

 

9Exhibit 10l to Winnebago Industries, Inc. Form 10-K for fiscal year ended 8-29-2009

EXHIBIT
10l.

AMENDED AND RESTATED 

EXECUTIVE CHANGE OF CONTROL AGREEMENT

          This
EXECUTIVE CHANGE OF CONTROL AGREEMENT is made as of December 17, 2008, by and between WINNEBAGO INDUSTRIES, INC., an Iowa
corporation (the “Company”), and Sarah N. Nielsen (the “Executive”).

RECITALS:

          WHEREAS, the Executive is a senior
executive and officer of the Company and has made and is expected to continue
to make major contributions to the profitability, growth and financial strength
of the Company;

          WHEREAS, the Company recognizes that, as is
the case for most publicly held companies, the possibility of a Change of
Control (as hereafter defined) exists;

          WHEREAS, it is in the best interests of the
Company, considering the past and future services of the Executive, to improve
the security and climate for objective decision making by providing for the
personal security of the Executive upon a Change of Control.

          WHEREAS, THE Company and the Executive have
previously entered into the Executive Change of Control Agreement dated
November 14, 2005.

          NOW, THEREFORE, in consideration of the
foregoing premises and the past and future services rendered and to be rendered
by the Executive to the Company and of the mutual covenants and agreements
hereinafter set forth, the parties agree to amend and restate the Agreement as
follows:

AGREEMENT:

          1. Continued Service by Executive.
In the event a person or entity, in order to effect a Change of Control,
commences a tender or exchange offer, circulates a proxy to shareholders or
takes other steps, the Executive agrees that the Executive will not voluntarily
leave the employ of the Company, and will render faithful services to the
Company consistent with Executive’s position and responsibilities, until the
person or entity has abandoned or terminated its efforts to effect such Change
of Control or until such Change of Control has occurred. 

          2. Change of Control. For purposes
of this Agreement, the term “Change of Control” means the time when (i) any
Person becomes an Acquiring Person, or (ii) individuals who shall qualify as
Continuing Directors of the Company shall have ceased for any reason to
constitute at least a majority of the Board of Directors of the Company; provided however, that in the case of
either clause (i) or (ii) a Change of Control shall not be deemed to have
occurred if the event shall have been approved prior to the occurrence thereof
by a majority of the Continuing Directors who shall then be members of such
Board of Directors, and in the case of clause (i) a Change of Control shall not
be deemed to have occurred upon the acquisition of stock of the Company by a
pension, profit-sharing, stock bonus, employee stock ownership plan or other
retirement plan intended to be qualified under Section 401 (a) of the Internal
Revenue Code of 1986, as amended, established by the Company or any subsidiary
of the Company. (In addition, stock held by such a plan shall not be treated as
outstanding in determining ownership percentages for purposes of this
definition.) 

          For
the purpose of the foregoing definition of “Change of Control”, the capitalized
terms shall have the following meanings:

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 “Continuing Director”
 means (i) any member of the Board of Directors of the Company, while such
 person as a member of the Board, who is not an Affiliate or Associate of any
 Acquiring Person or of any such Acquiring Person’s Affiliate or Associate and
 was a member of the Board prior to the time when such Acquiring Person shall
 have become an Acquiring Person, and (ii) any successor of a Continuing
 Director, while such successor is a member of the Board, who is not an
 Acquiring Person or any Affiliate or Associate of any Acquiring Person or a
 representative or nominee of an Acquiring Person or of any affiliate or
 associate of such Acquiring Person and is recommended or elected to succeed
 the Continuing Director by a majority of the Continuing Directors. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 “Acquiring Person” means
 any Person or any individual or group of Affiliates or Associates of such
 Person who acquires beneficial ownership, directly or indirectly, of 20% or
 more of the outstanding stock of the Company if such acquisition occurs in
 whole or in part following date of that person’s agreement. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 “Affiliate” means a Person
 that directly or indirectly through one or more intermediaries, controls, or
 is controlled by, or is under common control with, the person specified. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 “Associate” means (1) any
 corporate, partnership, limited liability company, entity or organization
 (other than the Company or a majority-owned subsidiary of the Company) of
 which such a Person is an officer, director, member, or partner or is,
 directly or indirectly the beneficial owner of ten percent (10%) or more of
 the class of equity securities, (2) any trust or fund in which such person
 has a substantial beneficial interest or as to which such person serves as
 trustee or in a similar fiduciary capacity, (3) any relative or spouse of
 such person, or any relative of such spouse, or (4) any investment company
 for which such person or any Affiliate of such person serves as investment
 advisor. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 “Person” means an
 individual, corporation, limited liability company, partnership, association,
 joint stock company, trust, unincorporated organization or government or
 political subdivision thereof. 

 

          3. Termination Following a Change of Control.
If a change of Control shall have occurred while the Executive is still an
employee of the Company, and if the Executive’s employment with the Company is
terminated, within three years following such Change of Control, then the
Executive shall be entitled to the compensation and benefits provided in
Section 4, unless such termination is a result of: (a) the Executive’s death;
(b) the Executive’s Disability (as defined in Section 3(a) below); (c) the
Executive’s Retirement (as defined in Section 3(b) below); (d) the Executive’s
termination by the Company for Cause (as defined in Section 3(c) below); or (e)
the Executive’s decision to terminate employment other than for Good Reason (as
defined in Section 3(d) below).

                         (a)
Disability. If, as a result of
the Executive’s incapacity due to physical or mental illness, the Executive
shall have been absent from his duties with the Company on a full-time basis
for six months and within 30 days after written notice of termination is
thereafter given by the Company the Executive shall not have returned to the
full-time performance of the Executive’s duties, the Company may terminate the
Executive for “Disability.”

2

                    (b)
Retirement. The term “Retirement”
as used in this Agreement shall mean termination by the Company or the
Executive of the Executive’s employment based on the Executive having attained
the age of 65 or such other age as shall have been fixed in any arrangement
established with the Executive’s consent with respect to the Executive. 

                    (c)
Cause. The Company may terminate
the Executive’s employment for Cause. For purposes of this Agreement only, the
Company shall have “Cause” to terminate the Executive’s employment hereunder
only on the basis of (i) fraud, misappropriation or embezzlement on the part of
the Executive; or (ii) intentional misconduct or gross negligence on the part
of the Executive which has resulted in material harm to the Company.
Notwithstanding the foregoing, the Executive shall not be deemed to have been
terminated for Cause unless and until there shall have been delivered to the Executive
a copy of a resolution duly adopted by the affirmative vote of not less than
three-quarters of the entire membership of the company’s Board of Directors at
a meeting of the Board called and held for the purpose (after reasonable notice
to the Executive and an opportunity for the Executive, together with the
Executive’s counsel, to be heard before the Board), finding that in the good
faith opinion of the Board the Executive was guilty of conduct set forth in the
second sentence of this Section 3(c) and specifying the particulars thereof in
detail. Nothing herein shall limit the right of the Executive or his
beneficiaries to contest the validity or propriety of any such determination. 

                    (d)
Good Reason. The Executive may
terminate the Executive’s employment for Good Reason at any time during the
term of this Agreement. For purposes of this Agreement “Good Reason” shall mean
any of the following (without the Executive’s express written consent): 

	
  

 
	
           (i)
 the assignment to the Executive by the Company of duties inconsistent with
 the Executive’s position, duties, responsibilities and status with the
 Company immediately prior to a Change in Control of the Company, or a change
 in the Executive’s titles or offices as in effect immediately prior to a
 Change in Control of the Company, or any removal of the Executive from or any
 failure to re-elect the Executive to any of such positions, except in
 connection with the termination of his employment for Disability, Retirement
 or Cause or as a result of the Executive’s death or by the Executive other
 than for good Reason;

 
	
  

 
	
           (ii)
 a reduction by the Company in the Executive’s base salary as in effect on the
 date hereof or as the same may be increased from time to time during the term
 of this Agreement or the Company’s failure to increase (within 12 months of
 the Executive’s last increase in base salary) the Executive’s base salary
 after a Change in Control of the Company in an amount which at least equals,
 on a percentage basis, the average percentage increase in base salary for all
 officers of the company effected in the preceding 12 months.

 
	
  

 
	
           (iii)
 any failure by the Company to continue in effect any benefit plan or
 arrangement (including, without limitation, the Company’s 401(K) plan,
 nonqualified deferred compensation plan, profit sharing plan, group life
 insurance plan, and medical, dental, accident and disability plans) in which
 the Executive is participating at the time of a Change of Control (or any
 other plans providing the Executive with substantially similar benefits)
 (hereinafter referred to as “Benefit Plans”), or the taking of any action by
 the Company which would adversely affect the Executive’s participation in or
 materially reduce the Executive’s benefits under any such Benefit Plan or
 deprive the Executive of any material fringe benefit enjoyed by the Executive
 at the time of a Change in Control of the Company;

 

3 

	
  

 
	
           (iv)
 any failure by the Company to continue in effect any incentive plan or
 arrangement (including, without limitation, the Company’s Officers Incentive
 Compensation Plan, Officers Long-Term Incentive Plan, bonus and contingent
 bonus arrangements and credits and the right to receive performance awards
 and similar incentive compensation benefits) in which the Executive is
 participating at the time of a Change of Control (or any other plans or
 arrangements providing him with substantially similar benefits) (hereinafter
 referred to as “Incentive Plans”) or the taking of any action by the Company
 which would adversely affect the Executive’s participation in any such
 Incentive Plan or materially reduce the Executive’s benefits under any such
 Incentive Plan by reducing such benefits, when expressed as a percentage of
 his base salary, by more than 10 percentage points in any fiscal year as
 compared to the immediately preceding fiscal year;

 
	
  

 
	
           (v)
 any failure by the Company to continue in effect any plan or arrangement to
 receive securities of the Company in which the Executive is participating at
 the time of a Change of Control (or plans or arrangements providing him with
 substantially similar benefits) (hereinafter referred to as “Securities
 Plans”) or the taking of any action by the Company which would adversely
 affect the Executive’s participation in or materially reduce the Executive’s
 benefits under any such Securities Plan;

 
	
  

 
	
           (vi)
 a relocation of the Company’s principal executive offices to a location
 outside of Forest City, Iowa, or the Executive’s relocation to any place
 other than the location at which the Executive performed the Executive’s
 duties prior to a Change in Control of the Company, except for required
 travel by the Executive on the Company’s business to an extent substantially
 consistent with the Executive’s business travel obligations at the time of a
 Change in Control of the Company;

 
	
  

 
	
           (vii)
 any failure by the Company to provide the Executive with the number of paid
 vacation days to which the Executive is entitled at the time of a Change in
 Control of the Company;

 
	
  

 
	
           (viii)
 any material breach by the Company of any provision of this Agreement;

 
	
  

 
	
           (ix)
 any failure by the Company to obtain the assumption of this Agreement by any
 successor or assign of the Company; or

 
	
  

 
	
           (x)
 any purported termination of the Executive’s employment which is not effected
 pursuant to a Notice of Termination satisfying the requirements of Section
 3(e) below.

 

                    (e)
Notice of Termination. Any termination
by the Company pursuant to Section 3(a), (b) or (c) shall be communicated by a
Notice of Termination. For purposes of this Agreement, a “Notice of
Termination” shall mean a written notice which shall indicate those specific
termination provisions in this Agreement relied upon and which sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provisions so indicated.
For purposes of this Agreement, no such purported termination by the Company
shall be effective without such Notice of Termination.

4

                    (f)
Date of Termination. “Date of
Termination” shall mean (a) if this Agreement is terminated by the Company for
Disability, 30 days after Notice of Termination is given to the Executive
(provided that the Executive shall not have returned to the performance of the
Executive’s duties on a full-time basis during such 30-day period) or (b) if
the Executive’s employment is terminated by the Company for any other reason,
the date on which a Notice of Termination is given; provided that if within 30 days after any Notice of
Termination is given to the Executive by the Company the Executive notified the
Company that a dispute exists concerning the termination, the Date of
Termination shall be the date the dispute is finally determined, whether by
mutual agreement by the parties or upon final judgment, order or decree of a
court of competent jurisdiction (the time for appeal therefrom having expired
and no appeal having been perfected).

          4. Severance Compensation upon Termination of
Employment. If the Company shall terminate the Executive’s
employment other than pursuant to Section 5(a), (b) or (c) or if the Executive
shall terminate his employment for Good Reason, then the Company shall pay to
the Executive as severance pay in a lump sum, in cash, on the fifth day
following the Date of Termination, an amount equal to three (3) times the
average of the aggregate annual compensation paid to the Executive during the
three (3) fiscal years of the Company immediately preceding the Change of
Control by the Company subject to United States income taxes (or, such fewer
number of fiscal years if the Executive has not been employed by the Company
during each of the preceding three (3) fiscal years).

          5. Excise Tax-Additional Payment.

                    (a)
Notwithstanding anything in this Agreement or any written or unwritten policy
of the Company to the contrary, (i) if it shall be determined that any payment
or distribution by the Company to or for the benefit of the Executive, whether
paid or payable or distributed or distributable pursuant to the terms of this
Agreement, any other agreement between the Company and the Executive or
otherwise (a “Payment”), would be subject to the excise tax imposed by section
4999 of the Internal Revenue Code of 1986, as amended, (the “Code”) or any
interest or penalties with respect to such excise tax (such excise tax,
together with any such interest and penalties, are hereinafter collectively
referred to as the “Excise Tax”), or (ii) if the Executive shall otherwise
become obligated to pay the Excise Tax in respect of a Payment, then the
Company shall pay to the Executive an additional payment (a “Gross-Up Payment”)
in an amount such that after payment by the Executive of all taxes (including
any interest or penalties imposed with respect to such taxes), including any
Excise Tax, imposed upon the Gross-Up Payment, the Executive retains an amount
of the Gross-Up Payment equal to the Excise Tax imposed upon such Payment.

                    (b)
All determinations and computations required to be made under this Section 5,
including whether a Gross-Up Payment is required under clause (ii) of paragraph
5(a) above, and the amount of any Gross-Up Payment, shall be made by the
Company’s regularly engaged independent certified public accountants (the
“Accounting Firm”). The Company shall cause the Accounting Firm to provide
detailed supporting calculations both to the Company and the Executive within
15 business days after such determination or computation is requested by the
Executive. Any initial Gross-Up Payment determined pursuant to this Section 5
shall be paid by the Company to the Executive within 5 days of the receipt of
the Accounting Firm’s determination. A determination that no Excise Tax is
payable by the Executive shall not be valid or binding unless accompanied by a
written opinion of the Accounting Firm to the Executive that the Executive has
substantial authority not to report any Excise Tax on his federal income tax
return. Any determination by the Accounting Firm shall be binding upon the
Company and the Executive, except to the extent the Executive becomes obligated
to pay an Excise Tax in respect of a Payment. In the event that the Company or
the subsidiary exhausts or waives its remedies pursuant to paragraph 5(c) and
the Executive thereafter shall become obligated to make a payment of any Excise
Tax,

5

and if the amount thereof
shall exceed the amount, if any, of any Excise Tax computed by the Accounting
Firm pursuant to this paragraph 5(b) in respect to which an initial Gross-Up
Payment was made to the Executive, the Accounting Firm shall within 15 days
after Notice thereof determine the amount of such excess Excise Tax and the
amount of the additional Gross-Up Payment to the Executive. All expenses and
fees of the Accounting Firm incurred by reason of this Section 5 shall be paid
by the Company.

                    (c)
The Executive shall notify the Company in writing of any claim by the Internal
Revenue Service that, if successful, would require the payment by the Company
of a Gross-Up Payment. Such notification shall be given as soon as practicable
but no later than ten business days after the Executive knows of such claim and
shall apprise the Company of the nature of such claim and the date on which
such claim is requested to be paid. The Executive shall not pay such claim
prior to the expiration of the thirty-day period following the date on which it
gives such notice to the Company (or such shorter period ending on the date
that any payment of taxes with respect to such claim is due). If the Company
notifies the Executive in writing prior to the expiration of such period that
it desires to contest such claim, the Executive shall:

	
  

 	
  

 
	
  

 	
           (i)
 give the Company any information reasonably requested relating to such claim,

 
	
  

 	
  

 
	
  

 	
           (ii)
 take such action in connection with contesting such claim as the Company
 shall reasonably request in writing from time to time, including, without
 limitation, accepting legal representation with respect to such claim by an
 attorney reasonably selected by the Company,

 
	
  

 	
  

 
	
  

 	
           (iii)
 cooperate with the Company in good faith in order effectively to contest such
 claim, and

 
	
  

 	
  

 
	
  

 	
           (iv)
 permit the Company to participate in any proceedings relating to such claim;

 

provided, however, that the Company shall bear and pay directly all costs and expenses
(including additional interest and penalties) incurred in connection with such
contest and shall indemnify and hold the Executive harmless, on an after-tax
basis, for any Excise Tax or income tax, including interest and penalties with
respect thereto, imposed as a result of such representation and payment of costs
and expenses. Without limitation on the foregoing provisions of this paragraph
5(c), the Company shall control all proceedings taken in connection with such
contest and, at its sole option, may pursue or forgo any and all administrative
appeals, proceedings, hearings and conferences with the taxing authority in
respect of such claim and may, at its sole option, either direct the Executive
to pay the tax claimed and sue for a refund or contest the claim in any
permissible manner, and the Executive agrees to prosecute such contest to a
determination before any administrative tribunal, in a court of initial
jurisdiction and in one or more appellate courts, as the Company or the
subsidiary shall determine; provided,
however, that if the Company or the subsidiary directs the Executive
to pay such claim and sue for a refund, the Company or the subsidiary shall
advance the amount of such payment to the Executive, on an interest-free basis
and shall indemnify and hold the Executive harmless, on an after-tax basis,
from any Excise Tax or income tax, including interest or penalties with respect
thereto, imposed with respect to such advance or with respect to any imputed
income with respect to such advance; and further
provided, that any extension of the statue of limitations relating
to payment of taxes for the taxable year of the Executive with respect to which
such contested amount is claimed to be due is limited solely to such contested
amount. Furthermore, control of the contest by the Company shall be limited to
issues with respect to which a Gross-Up Payment would be payable hereunder and
the Executive shall be entitled to settle or contest, as the case may be, any
other issue raised by the Internal Revenue Service or any other taxing
authority.

6 

                    (d)
If, after the receipt by the Executive of an amount advanced by the Company or
the subsidiary pursuant to paragraph 5(c), the Executive becomes entitled to
receive any refund with respect to such claim, the Executive shall (subject to
compliance with the requirements of Section 5 by the Company or the subsidiary)
promptly pay to the Company or the subsidiary the amount of such refund
(together with any interest paid or credited thereon after taxes applicable
thereto). If, after the receipt by the Executive of an amount advanced by the
Company or the subsidiary pursuant to paragraph 5(c), a determination is made
that the Executive shall not be entitled to any refund with respect to such
claim and the Company does not notify the Executive in writing of its intent to
contest such denial of refund prior to the expiration of thirty days after such
determination, then such advance shall be forgiven and shall not be required to
be repaid and the amount of such advance shall off-set, to the extent thereof,
the amount of Gross-Up Payment required to be paid.

                    (e)
Both the Company and the Executive acknowledge that no legal right to receive a
Gross-Up Payment pursuant to this Section 5 shall exist unless and until such
time as an Excise tax has been assessed. The payment of severance benefits
pursuant to Section 4 of this Agreement (or the payment of any other benefits
under this Agreement) does not create a legal right on behalf of the Executive
to receive a Gross-Up Payment.

          6. No Obligation To Mitigate Damages; No Effect on
Other Contractual Rights.

                    (a)
The Executive shall not be required to mitigate damages or the amount of any
payment provided for under this Agreement by seeking other employment or otherwise,
nor shall the amount of any payment provided for under this Agreement be
reduced by any compensation earned by the Executive as the result of employment
by another employer after the Date of Termination, or otherwise.

                    (b)
The provisions of this Agreement, and any payment provided for hereunder, shall
not reduce any amounts otherwise payable, or in any way diminish the
Executive’s existing rights, or rights which would accrue solely as a result of
the passage of time, under any Benefit Plan, Incentive Plan or Securities Plan,
employment agreements or other contract, plan or arrangement.

          7. Successor to the Company.

                    (a)
The Company will require any successor or assign (whether direct or indirect,
by purchase, merger, consolidation or otherwise) of all or substantially all of
the business and/or assets of the Company, by agreement in form and substance
satisfactory to the Executive, expressly, absolutely and unconditionally 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 it if no such succession
or assignment had taken place. Any failure of the Company to obtain such
agreement prior to the effectiveness of any such succession or assignment shall
be a material breach of this Agreement and shall entitle the Executive to
terminate the Executive’s employment for Good Reason. As used in this
Agreement, “Company” shall mean the Company as hereinbefore defined and any
successor or assign to its business and/or assets as aforesaid which executes
and delivers the agreement provided for in this Section 7 or which otherwise
becomes bound by all the terms and provisions of this Agreement by operation of
law. 

                    (b)
This Agreement shall inure to the benefit of and be enforceable by the
Executive’s personal and legal representatives, executors, administrators,
successors, heirs, distributes, devisees and legatees. If the Executive should
die while any amounts are still payable to him hereunder, all such amounts,
unless otherwise provided herein, shall be paid in accordance with the terms of
this Agreement to the Executive’s devisee, legatee, or other designee or, if
there be no such designee, to the Executive’s estate. 

7

          8. No Guaranty of Employment.
Nothing in this Agreement shall be deemed to entitle the Executive to continued
employment with the Company prior to a Change of Control, and the rights of the
Company to terminate the employment of the Executive, prior to a Change of
Control, shall continue as fully as if this Agreement were not in effect. 

          9. Notice. For purposes of this
Agreement, notices and all other communications provided for in the Agreement
shall be in writing and shall be deemed to have been duly given when delivered
or mailed by United States registered mail, return receipt registered, postage
prepaid, as follows: 

	
  

 	
  

 	
  

 
	
  

 	
 If to the Company:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Winnebago Industries, Inc.

 
	
  

 	
  

 	
 Attn: General Counsel

 
	
  

 	
  

 	
 605 W. Crystal Lake Road

 
	
  

 	
  

 	
 P.O. Box 152

 
	
  

 	
  

 	
 Forest City, Iowa 50436

 
	
  

 	
  

 	
  

 
	
  

 	
 If to the Executive:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Sarah N. Nielsen

 
	
  

 	
  

 	
 31 Lido Road

 
	
  

 	
  

 	
 Clear Lake, IA 50428

 

or such other address as
either party may have furnished to the other in writing in accordance herewith,
except that notices of change of address shall be effective only upon receipt.

          10. Miscellaneous. No provisions of
this Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing signed by the Executive and
the Company. No waiver by either party hereto at any time of any breach by the
other party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, express
or implied, with respect to the subject matter hereof have been made by either
party which are not set forth expressly in this Agreement. This Agreement shall
be governed by and construed in accordance with the laws of the State of Iowa. 

          11. Validity. The invalidity or
unenforceability of any provisions of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect. 

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

          13. Legal Fees and Expenses. The
Company shall pay all legal fees and expenses which the Executive may incur as
a result of the Company’s contesting the validity, enforceability or the
Executive’s interpretation of, or determinations under, this Agreement. 

8

          14. Confidentiality. The Executive
shall retain in confidence any and all confidential information known to the
Executive concerning the Company and its business so long as such information
is not otherwise publicly disclosed. 

          15. Section 409A. This Agreement is
intended to satisfy the short-term deferral exception to Internal, Revenue code
Section 409A and the regulations thereunder. This Agreement shall be
administered accordingly; and if necessary, amended to ensure satisfaction of
the short-term deferral exception. 

          IN WITNESS WHEREOF, the parties have
executed this agreement on the date set out above.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 COMPANY:

 
	
  

 	
  

 	
  

 
	
  

 	
 WINNEBAGO INDUSTRIES, INC.

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Robert J. Olson

 
	
  

 	
  

 	
 Chairman of the Board,
 Chief Executive Officer
and President

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 EXECUTIVE:

 
	
  

 	
  

 
	
  

 	
            

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 Sarah N. Nielsen

 

9

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