Document:

Exhibit 10.47

 

Generac Power Systems, Inc.

S45 W29290 Hwy. 59

Waukesha, Wisconsin 53187

 

December 29,
2009

 

Clement Feng

 

 

 

RE:          Position change

 

This letter is to confirm
a change in your position to Senior Vice President - Marketing. In this new
position you will continue to report to me and will remain a Named Executive
Officer of Generac.

 

Your salary will change
to $8,846.15 per bi-weekly pay period and you will continue to be eligible to
participate in the Executive Incentive Compensation Plan, with a target bonus
of 30% and an opportunity to earn up to 90% of your base salary annually. You
will no longer be eligible for the Quarterly Bonus Program and will not be
eligible for a 2009 compensation review. Your new position and salary will be
effective Monday, January 4, 2010.

 

You will also be eligible
for a one-time bonus payment of $10,000.00. The bonus will be paid within 30
days of receipt of your acknowledgement.

 

The Promissory Note
issued December 27, 2007 shall be repaid to Generac in accordance with the
terms of the letter agreement between you and Generac dated December 28,
2009 (the Note Satisfaction Letter”).

 

You shall continue to be
eligible to participate in the employee benefit programs offered by the Company
as in effect from time to time.

 

This letter and the Note
Satisfaction Letter shall constitute the entire agreement between the parties
with regard to the subject matter hereof, superseding all prior understandings
and agreements, whether written or oral.

 

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  GENERAC POWER SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Aaron Jagdfeld

  
	
   

  	
   

  	
  Aaron Jagdfeld

  

 

 

ACKNOWLEDGED and AGREED

as of the date first written above by:

 

 

	
  /s/ Clement Feng

  	
   

  
	
  CLEMENT FENG

  	
   

  

 

 

cc:           Anita Marcheske

 

SIGNATURE PAGE TO

C FENG LETTER AGREEMENTExhibit 10.48

 

Generac
Power Systems, Inc.

S45 W29290 Hwy. 59

Waukesha, Wisconsin 53187

 

December 28,
2009

 

Clement Feng

 

 

 

Re:
Promissory Note Repayment

 

Reference is made to that
certain Promissory Note and Pledge Agreement, dated December 27, 2007 (the
“Promissory Note”), by Clement Feng (“you”) in favor of Generac
Power Systems, Inc. (the “Company”). All capitalized terms used
herein but not otherwise defined shall have the meanings ascribed to such terms
in the Promissory Note.

 

On the date hereof, you
shall (i) be entitled to a special cash bonus from the Company in the
aggregate amount of $219,742.45(1) (the “Special Bonus”), from
which the Company shall apply $147,337.31 to repay and discharge in full all
amounts due and owing under the Promissory Note (the “Repayment”), and (ii) deliver,
surrender and transfer to the Company all of the Pledged Collateral, including
the Pledged Stock together with stock powers in respect thereof, duly executed
in blank (the “Stock Return”). The Company shall also be entitled to
deduct from payment of the Special Bonus any applicable withholding taxes. Upon
the occurrence of the Repayment and the Stock Return, the Promissory Note shall
be satisfied, terminated and cancelled in all respects, and you shall have no
remaining obligations thereunder.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  GENERAC POWER SYSTEMS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Aaron Jagdfeld

  
	
   

  	
   

  	
  Aaron Jagdfeld

  
	
   

  	
   

  	
  President and Chief
  Executive

  Officer

  

 

ACKNOWLEDGED and AGREED

as of the date first written above by:

 

 

	
  /s/ Clement Feng

  	
   

  
	
  CLEMENT FENG

  	
   

  

 

(1) $132,987.00
principal plus 5.25% interest
compounded annually plus gross up
for taxes.Exhibit 10.49

 

GENERAC POWER SYSTEMS, INC.

P.O. Box 295

Waukesha, Wisconsin 53187

 

September 22, 2008

 

Edward
A. LeBlanc

 

 

 

Dear
Ed:

 

This
letter (the “Separation Agreement”)_sets
forth the terms and conditions of the executive transition and
consulting arrangements you have discussed with the Board of GPS CCMP
Acquisition Corp. (“Holdings”). We are pleased that you have chosen to continue
working with Generac as a consultant and member of the board of directors.

 

1.             Transition
Period. Effective as of September 30, 2008 (the “Separation Date”),
you will resign as, and by executing the Separation Agreement, you are
hereby resigning as, the Chief Executive Officer and any other officer position
of Holdings and Generac Power Systems, Inc. (“Generac” of the “Company”)
and any subsidiary of either Holdings or Generac. For the transition period
commencing the date of this letter through the Separation Date you will
transition your responsibilities as Chief Executive Officer to Aaron Jagdfeld.
During this transition period, you will continue to receive a salary based on
an annual salary of $500,000, less payroll tax deductions required by law and
payable in accordance with Generac’s customary payroll practices.

 

2.             Consulting
Position. Commencing with the Separation Date and continuing
for a period of 12 months thereafter, you will be a consultant to Holdings and
Generac. During this period, you will spend up to one week a month working with
Generac on activities mutually agreed upon by the Board, Aaron Jagdfeld, and you.
You will remain a member of the board of directors of Generac, Holdings and
Generac Acquisition Corp.; it being understood that the shareholders of
Holdings have the right to elect and appoint directors. This consulting
arrangement may by renewed by mutual agreement on an annual basis after the
expiration of the initial consulting term referred to above. During such time
as you are a consultant to the Company, you shall not be entitled to additional
compensation for your service in any capacity to Holdings or Generac or any of
their subsidiaries, or as a director of any such entities.

 

3.             Equity
Arrangements. Pursuant to that certain letter, dated October 23,
2007, between the Company and you regarding your employment as Chief Executive
Officer of Generac (the “Employment Letter”), it was contemplated: (1) the
purchase by you of shares of class A common stock and (2) the loan to you
of funds to purchase 100 shares of class B voting common stock of GPS CCMP
Acquisition Corp. As you know, neither of these transactions has been
consummated and you are hereby agreeing to forfeit and waive any right to these
equity arrangements and that Section 3 of the Employment Letter is
terminated in all respects.

 

 

However,
you have purchased for cash a total of 20.9075 shares of class B voting common
stock of Holdings in two transactions (February 2007 and June 2008),
and will retain these shares.

 

4.             Severance. Subject to
your execution and the effectiveness of the release attached hereto as Exhibit A
hereto (the “Release of Claims”), in addition to any salary
payments and payments for unused vacation time owing for or through the final
payroll period through the Separation Date, you shall receive the following
payments and benefits for the periods indicated, less any payroll deductions
required by law, which shall be in lieu of any other payments or benefits
(including vacation or other paid leave time) to which you otherwise might be
entitled:

 

a.               payment of an amount equal
to $150,000 annually, less payroll tax deductions required by law, payable in
accordance with the standard payroll practices of the Company. All other
benefits, perquisites or allowances will terminate effective the Separation
Date; provided the Company will reimburse your reasonable expenses for travel
and accommodation related to your position as consultant to the Company and you
will be entitled to reimbursement for any outstanding expenses for which you
are entitled to reimbursement under the Employment Letter. During such time as
you are a consultant to the Company, you shall not be entitled to additional
compensation for your service in any capacity to Holdings or Generac or any of
their subsidiaries, or as a director of any such entities;

 

b.              the Company shall maintain
Continued Benefits for the continued benefit of yourself, your spouse and your
dependants for a period of 19 months commencing on the Separation Date (the “Continued Benefits Period”);  and

 

c.               following the Continued
Benefits Period, you shall be entitled to full COBRA rights; provided,  however,
if you elect to utilize rights under COBRA after the Separation Date, you shall
be responsible for all premiums in respect thereof, as permitted by law.

 

5.             Conditions. As a
consultant to the Company, you hereby agree to abide by the Company’s policies
and procedures which may be implemented from time to time.

 

6.             Not an
Employment Agreement. You acknowledge that effective as of the
Separation Date and during the period in which you are providing consulting
services to the Company hereunder, you will be an independent contractor, and
not an employee, of the Company. This letter is not intended to and does not
constitute an employment agreement between you and the Company or any of its
affiliates, and does not create an obligation by the Company or its affiliates
to employ or to continue employ you for any period.

 

7.             Miscellaneous. This letter
constitutes the complete understanding between us with respect to your
resignation as our Chief Executive Officer and your provision of consulting
services and supersedes any other prior written or oral agreements or
understandings between us (including the Employment Letter); it being
understood that the Employment Letter shall remain in effect until the
Separation Date. This Separation Agreement may be executed in one or more

 

2

 

counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

 

To
confirm that this letter accurately reflects our understanding, please sign the
enclosed copy of this Separation Agreement in the space below.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GENERAC
  POWER SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Aaron P. Jagdfeld

  
	
   

  	
   

  	
  Name:

  	
  Aaron P. Jagdfeld

  
	
   

  	
   

  	
  Title: 

  	
  C.E.O.

  
	
   

  	
   

  	
   

  
	
   

  	
  GPS
  CCMP ACOUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  [ILLEGIBLE]

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  ACCEPTED
  AND AGREED

  	
   

  
	
  this
  22nd day of September, 2008

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  Edward A. Leblanc

  	
   

  
	
  EDWARD
  A. LEBLANC

  	
   

  

 

3

 

Exhibit A

 

RELEASE OF CLAIMS

 

A
release is required as a condition for receiving the benefits described in Section 3
of the Separation Agreement, dated as of September 22, 2008, by and among
GENERAC POWER SYSTEMS, INC. (the “Company”)  and Edward A. LeBlanc (“Executive);  thus, by executing this
release (“Release”),  you have advised us that you
hold no claims against the Company, its predecessors, successors or assigns,
affiliates, shareholders or members (including, without limitation, GPS CCMP
ACQUISITION CORP. and GENERAC ACQUISITION CORP.) and each of their respective
officers, directors, agents and employees (collectively, the “Releasees”),  and by execution of this Release you agree to waive
and release any such claims, except relating to any compensation, severance pay
and benefits described in.

 

You
understand and agree that this Release will extend to all claims, demands,
liabilities and causes of action of every kind, nature and description
whatsoever, whether known, unknown or suspected to exist, which you ever had or
may now have against the Releasees in your capacity as an employee of the
Company, GPS CCMP Acquisition Corp. and Generac Acquisition Corp., including,
without limitation, any claims, demands, liabilities and causes of action
arising from your employment with the Releasees and the termination of that
employment, including any claims for severance or vacation pay, business
expenses, and/or pursuant to any federal, state, county, or local employment
laws, regulations, executive orders, or other requirements, including, but not
limited to, Title VII of the 1964 Civil Rights Act, the 1866 Civil Rights Act,
the Age Discrimination in Employment Act as amended by the Older Workers
Benefit Protection Act, the Americans with Disabilities Act, the Civil Rights
Act of 1991, the Workers Adjustment and Retraining Notification Act and any
other local, state or federal fair employment laws, and any contract or tort
claims.

 

It
is further understood and agreed that you are waiving any right to initiate an
action in state or federal court by you or on your behalf alleging
discrimination on the basis of race, sex, religion, national origin, age,
disability, marital status, or any other protected status or involving any
contract or tort claims based on your termination from the Company, GPS CCMP
Acquisition Corp. and Generac Acquisition Corp. It is also acknowledged that
your termination is not in any way related to any work-related injury.

 

Based
on executing this Release, it is further understood and agreed that you
covenant not to sue to challenge the enforceability of this Release. It also is
understood and agreed that the remedy at law for breach of the Separation
Agreement and/or this Release shall be inadequate, and the Company shall be
entitled to injunctive relief in respect thereof.

 

Your
ability to receive payments and benefits under the terms of the Separation
Agreement will remain open for a 21-day period after your Termination Date to
give you an opportunity to consider the effect of this Release. At your option,
you may elect to execute this Release on an earlier date. Additionally, you
have seven days after the date you execute this Release to revoke it. As a
result, this Release will not be effective until eight days after you

 

4

 

execute
it. We also want to advise you of your right to consult with legal counsel
prior to executing a copy of this Release.

 

Finally,
this is to expressly acknowledge:

 

·                  You understand that you are not waiving any
claims or rights that may arise after the date you execute this Release.

 

·                  You understand and agree that the
compensation and benefits described in the Separation Agreement offer you
consideration greater than that to which you would otherwise be entitled.

 

I
hereby state that I have carefully read this Release and that I am signing this
Release knowingly and voluntarily with the full intent of releasing the
Releases from any and all claims, except as set forth herein. Further, if
signed prior to the completion of the 21 day review period, this is to
acknowledge that I knowingly and voluntarily signed this Release on an earlier
date.

 

 

	
   

  	
   

  	
  /s/
  Edward A. Leblanc

  
	
  Date
    September 22, 2008

  	
   

  	
  EDWARD
  A. LEBLANC

  

 

5

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