Document:

Amended and Restated Snap-on Incorporated 2001 Incentive Stock and Awards Plan

 Exhibit 10.1 
 SNAP-ON INCORPORATED 
 2001 INCENTIVE STOCK AND
AWARDS PLAN 
 (Amended and Restated as of April 27, 2006) 
 [Section 14(t) further amended on August 6, 2009] 
 1. Purpose and Construction. 
 (a) Purpose. The
Snap-on Incorporated 2001 Incentive Stock and Awards Plan has two complementary purposes: (i) to attract and retain outstanding people as officers, directors and employees and (ii) to increase shareholder value. The Plan will provide
participants incentives to increase shareholder value by offering the opportunity to acquire shares of the Company’s common stock, receive monetary payments based on the value of such common stock, or receive other incentive compensation, on
the potentially favorable terms that this Plan provides. 
 (b) Definitions. All capitalized terms used
in this Plan have the meanings given in Section 14. 
 2. Administration. 
 (a) Committee Administration. The Committee has full authority to administer this Plan, including the authority to
(i) interpret the provisions of this Plan, (ii) prescribe, amend and rescind rules and regulations relating to this Plan, (iii) correct any defect, supply any omission, or reconcile any inconsistency in any Award or agreement covering
an Award in the manner and to the extent it deems desirable to carry this Plan into effect, and (iv) make all other determinations necessary or advisable for the administration of this Plan. A majority of the members of the Committee will
constitute a quorum, and a majority of the Committee’s members must make all determinations of the Committee. The Committee may make any determination under this Plan without notice or meeting of the Committee by a writing that a majority of
the Committee members have signed. All Committee determinations are final and binding. Notwithstanding the foregoing, the Board of Directors will approve grants of Awards to Non-Employee Directors. With respect to Awards to Non-Employee Directors,
all references to the Committee in this Plan shall include the Board. 
 (b) Delegation to Other Committees
or Officers. To the extent applicable law permits, the Board may delegate to another committee of the Board or to one or more officers of the Company any or all of the authority and responsibility of the Committee. However, no such delegation is
permitted with respect to individuals who are Section 16 Participants at the time any such delegated authority or responsibility is exercised. The Board also may delegate to another committee of the Board consisting entirely of Non-Employee
Directors any or all of the authority and responsibility of the Committee with respect to individuals who are Section 16 Participants. If the Board has made such a delegation, then all references to the Committee in this Plan include such other
committee or one or more officers to the extent of such delegation. 
 (c) No Liability. No member of the
Committee, and no officer to whom a delegation under subsection (b) has been made, will be liable for any act done, or determination made, by the individual in good faith with respect to the Plan or any Award. The Company will indemnify and
hold harmless such individual to the maximum extent that the law and the Company’s bylaws permit. 
 3.
Eligibility. (a) The Committee may designate from time to time the Participants to receive Awards under this Plan. The Committee’s designation of a Participant in any year will not require the Committee to designate such person to
receive an Award in any other year. The Committee may consider such factors as it deems pertinent in selecting a Participant and in determining the types

  

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and amounts of Awards. In making such selection and determination, factors the Committee may consider include: (a) the Company’s financial condition; (b) anticipated profits for
the current or future years; (c) the Participant’s contributions to the profitability and development of the Company; and (d) other compensation provided to the Participant. 
 4. Types of Awards. 
 (a) Discretionary Grants of Awards. Subject to the terms of this Plan, the Committee has full power and authority to: (i) determine the type or types of Awards to be granted to each
Participant; (ii) determine the number of Shares with respect to which an Award is granted to a Participant, if applicable; and (iii) determine any terms and conditions of any Award granted to a Participant. Awards under this Plan may be
granted either alone or in addition to, in tandem with, or in substitution for any other Award (or any other award granted under another plan of the Company or any Affiliate). Tandem Awards may be granted either at the same time as, or at different
times from, the grant of the other Awards (or awards) to which they relate. 
 (b) Grants to Non-Employee
Directors. The Board will approve the grant of Awards to Non-Employee Directors. Subject to the terms of this Plan, the Board has full power and authority to: (i) determine the type or types of Awards to be granted to each Non-Employee
Director; (ii) determine the number of Shares with respect to which an Award is granted to a Non-Employee Director, if applicable; and (iii) determine any terms and conditions of any Award granted to a Non-Employee Director. Awards under
this Plan to Non-Employee Directors may be granted either alone or in addition to, in tandem with, or in substitution for any other Award (or any other award granted under another plan of the Company or any Affiliate). Tandem Awards may be granted
either at the same time as, or at different times from, the grant of the other Awards (or awards) to which they relate. Notwithstanding the foregoing, Non-Employee Directors may not be granted an Award that consists of, in whole or in tandem with
another type of Award, an annual incentive award. 
 5. Shares Reserved under this Plan. 
 (a) Plan Reserve. On April 27, 2001, the Company’s shareholders approved this Plan, under which an aggregate
of 5,000,000 Shares were then reserved for issuance. Effective upon approval of this Plan, as amended and restated, by the Company’s shareholders at a meeting duly called and held on April 27, 2006, an additional 2,800,000 Shares will be
reserved for issuance under this Plan. However, not more than 7,800,000 of the reserved Shares may be issued pursuant to incentive stock options. The number of Shares reserved for issuance under this Plan shall be reduced only by the number of
Shares delivered in payment or settlement of Awards. As to Awards that are (i) Restricted Stock, (ii) Performance Shares, or (iii) Performance Units that are paid in Shares or the value of which is based on the Fair Market Value of
Shares, the Company may not issue, or make payments as to, more than 3,800,000 Shares in the aggregate. The limitations of this subsection are subject to adjustments as provided in Section 12. 
 (b) Replenishment of Shares Under this Plan. If an Award lapses, expires, terminates or is cancelled without the
issuance of Shares or payment of cash under the Award, then the Shares subject to, reserved for or delivered in payment in respect of such Award may again be used for new Awards under this Plan as determined under subsection (a), including issuance
as Restricted Stock or pursuant to incentive stock options. If Shares are issued under any Award and the Company subsequently reacquires them pursuant to rights reserved upon the issuance of the Shares, or if previously owned Shares are delivered to
the Company in payment of the exercise price of an Award, then the Shares subject to, reserved for or delivered in payment in respect of such Award may again be used for new Awards under this Plan as determined under subsection (a), including
issuance as Restricted Stock, but such shares may not be issued pursuant to incentive stock options. 
  

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 (c) Addition of Shares from Predecessor Plan. After April 27,
2001, if any Shares subject to awards granted under the Amended and Restated Snap-on Incorporated 1986 Incentive Stock Program would again become available for new grants under the terms of such prior plan if the prior plan were still in effect,
then those Shares will be available for the purpose of granting Awards under this Plan, thereby increasing the Shares available under this Plan as determined under the first sentence of subsection (a). Any such Shares will not be available for
future awards under the terms of the Amended and Restated Snap-on Incorporated 1986 Incentive Stock Program. 
 (d) Participant Limitations. Subject to adjustment as provided in Section 12, no Participant may be granted Awards under this Plan that could result in such Participant: (i) receiving in any single fiscal year of the
Company Options for more than 1,000,000 Shares, (ii) receiving Awards of Restricted Stock in any single fiscal year of the Company relating to more than 200,000 Shares, (iii) receiving Performance Shares in any single fiscal year of the
Company relating to more than 100,000 Shares; (iv) receiving Awards of Performance Units in any single fiscal year of the Company, the value of which is based on the Fair Market Value of Shares, relating to more than 100,000 Shares; or
(v) receiving an annual incentive award in any single fiscal year of the Company that is more than $3,000,000. In all cases, determinations under this Section 5 should be made in a manner that is consistent with the exemption for
performance-based compensation that Code Section 162(m) provides. 
 6. Options. 
 (a) Eligibility. The Committee may grant Options to any Participant it selects. The Committee must specify whether the
Option is an incentive stock option or a nonqualified stock option, but only employees of the Company or a Subsidiary may receive grants of incentive stock options. 
 (b) Exercise Price. For each Option other than Director Options, the Committee will establish the exercise price, which may not be less than the Fair Market Value of the
Shares subject to the Option as determined on the date of grant. 
 (c) Terms and Conditions of Options.
An option will be exercisable at such times and subject to such conditions as the Committee specifies, except that the Option must terminate no later than 10 years after the date of grant. In all other respects, the terms of any incentive stock
option should comply with the provisions of Code section 422 except to the extent the Committee determines otherwise. 
 (d) Terms and Conditions of Non-Employee Director Options. Grants of stock options to Non-Employee Directors (“Director Options”) will, except as otherwise provided, terminate upon the earliest of: (i) 10 years from
the date of grant; (ii) if the Director is at least age 65 or has completed six years of service, three years after the Director ceases to serve on the Board for any reason other than death; (iii) if the Director is not age 65 and has not
completed six years of service, six months after the Director ceases to serve on the Board for any reason other than death of the Director; or (iv) 12 months after the date of death if the Director should die while serving, or within any period
after termination of his or her service during which the Director Option was exercisable. For each Director Option, the Board will establish the exercise price, which may not be less than the Fair Market Value of the Shares subject to the Director
Option as determined on the date of grant. 
 7. Performance and Stock Awards. 
 (a) Eligibility for Performance and Stock Awards. The Committee may grant awards of Restricted Stock, Performance
Shares or Performance Units to Participants the Committee selects. 
  

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 (b) Terms and Conditions. Each award of Restricted Stock, Performance
Shares or Performance Units may be subject to such terms and conditions as the Committee determines appropriate, including, without limitation, a condition that one or more Performance Goals be achieved for the Participant to realize all or a
portion of the benefit provided under the Award. However, except for Awards made to Non-Employee Directors, an award of Restricted Stock that requires the achievement of Performance Goals must have a restriction period of at least one year, and an
award of Restricted Stock that is not subject to Performance Goals must have a restriction period of at least three years. Notwithstanding the foregoing, the Committee may provide that the restrictions imposed on Restricted Stock are accelerated,
and that all or a portion of the Performance Goals subject to an Award are deemed achieved, upon a Participant’s death, disability or retirement. The Committee may determine to pay Performance Units in cash, in Shares, or in a combination of
cash and Shares. 
 8. Annual Management Incentive Awards. The Committee may grant annual incentive
awards each year to such executive officers of the Company as it selects. The Committee will determine all terms and conditions of the annual incentive award. However, the Committee must require that payment of all or any portion of the amount
subject to the annual incentive award is contingent on the achievement or partial achievement of one or more Performance Goals during the period the Committee specifies. An annual incentive award must relate to a period of at least one year except
that, if the award is made at the time of commencement of employment with the Company or on the occasion of a promotion, then the award may relate to a period shorter than one year. 
 9. Transferability. Each Award granted under this Plan is not transferable other than by will or the laws of descent
and distribution, except that a Participant may, to the extent the Committee allows and in a manner the Committee specifies designate in writing a beneficiary to exercise the Award after the Participant’s or Non-Employee Director’s death.

 10. Termination and Amendment of Plan; Amendment, Modification or Cancellation of Awards. 

(a) Term of Plan. This Plan will terminate, and no Award may be granted, more than ten (10) years after the
Effective Date, unless the Board earlier terminates this Plan pursuant to subsection (b). 
 (b) Termination
and Amendment. The Board may amend, alter, suspend, discontinue or terminate this Plan at any time, subject to the following limitations: 
 (i) the provisions of Section 6(d) may not be amended more than once every six (6) months other than to comport with changes in the Code, the Employee Retirement Income
Security Act of 1974, as amended, or the rules promulgated thereunder; 
 (ii) shareholders must
approve any amendment of this Plan if required by: (A) the rules and/or regulations promulgated under Section 16 of the Exchange Act (for this Plan to remain qualified under Rule 16b-3), (B) the Code or any rules promulgated
thereunder (to allow for incentive stock options to be granted under this Plan or to enable the Company to comply with the provisions of Section 162(m) of the Code so that the Company can deduct compensation in excess of the limitation set
forth in that section), or (C) the listing requirements of the New York Stock Exchange or any principal securities exchange or market on which the Shares are then traded (to maintain the listing or quotation of the Shares on that exchange); and

  

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 (iii) shareholders must approve any of the following Plan
amendments: (A) an amendment to materially increase any number of Shares specified in Section 5(a) or 5(d) (except as permitted by Section 12); (B) an amendment to shorten the restriction periods specified in Section 7(b);
or (C) an amendment to the provisions of Section 10(e). 
 (c) Amendment, Modification or
Cancellation of Awards. Except as provided in subsection (e) and subject to the requirements of this Plan, the Committee may modify or amend any Award or waive any restrictions or conditions applicable to any Award or the exercise of the
Award, and the terms and conditions applicable to any Awards may at any time be amended, modified or canceled by mutual agreement between the Committee and the Participant or any other persons as may then have an interest in the Agreement, so long
as any amendment or modification does not increase the number of Shares issuable under this Plan (except as permitted by Section 12). 
 (d) Survival of Committee Authority and Awards. Notwithstanding the foregoing, the authority of the Committee to administer this Plan and modify or amend an Award may extend beyond the date of this
Plan’s termination. In addition, termination of this Plan will not affect the rights of Participants with respect to Awards previously granted to them, and all unexpired Awards will continue in force and effect after termination of this Plan
except as they may lapse or be terminated by their own terms and conditions. 
 (e) Repricing Prohibited.
Notwithstanding anything in this Plan to the contrary, and except for the adjustments provided in Section 12, neither the Committee nor any other person may decrease the exercise price for any outstanding Option granted under this Plan after
the date of grant nor allow a Participant to surrender an outstanding Option granted under this Plan to the Company as consideration for the grant of a new Option with a lower exercise price. 
 (f) Foreign Participation. To assure the viability of Awards granted to Participants employed in foreign countries,
the Committee may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the Committee may approve such supplements to, or amendments, restatements or
alternative versions of this Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement or alternative versions that the Committee approves for purposes of using this Plan in a foreign country will not
affect the terms of this Plan for any other country. In addition, all such supplements, amendments, restatements or alternative versions must comply with the provisions of Section 10(b)(iii). 
 11. Taxes. The Company is entitled to withhold the amount of any tax attributable to any amount payable or Shares
deliverable under this Plan after giving the person entitled to receive such amount or Shares notice as far in advance as practicable, and the Company may defer making payment or delivery if any such tax may be pending unless and until indemnified
to its satisfaction. The Committee may permit a Participant to pay all or a portion of the federal, state and local withholding taxes arising in connection with (a) the exercise of a nonqualified stock option, (b) a disqualifying
disposition of Shares received upon the exercise of an incentive stock option, or (c) the lapse of restrictions on Restricted Stock, by electing to (i) have the Company withhold Shares otherwise issuable under the Award, (ii) tender
back Shares received in connection with such Award or (iii) deliver other previously owned Shares, in each case having a Fair Market Value equal to the amount to be withheld. However, the amount to be withheld may not exceed the total minimum
federal, state and local tax withholding obligations associated with the transaction. The election must be made on or before the date as of which the amount of tax to be withheld is determined and otherwise as the Committee requires. The Fair Market
Value of fractional Shares remaining after payment of the withholding taxes may be paid to the Participant in cash. 
  

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 12. Adjustment Provisions; Change of Control. 
 (a) Adjustment of Shares. In the event of any Change in Capitalization, a proportionate substitution or adjustment may
be made in (i) the aggregate number and/or kind of shares or other property reserved for issuance under the Plan and (ii) the number, kind and/or exercise price of shares or other property to be delivered under the Plan, in each case as
may be determined by the Committee in its sole discretion. Such other proportionate substitutions or adjustments may be made as shall be determined by the Committee in its sole discretion. “Change in Capitalization” means any increase,
reduction, change or exchange of shares of Common Stock for a different number or kind of shares or other securities or property by reason of a reclassification, recapitalization, merger, consolidation, reorganization, issuance of warrants or
rights, stock dividend, stock split or reverse stock split, combination or exchange of shares, repurchase of shares, change in corporate structure or otherwise; or any other corporate action, such as declaration of a special dividend, that affects
the capitalization of the Company. 
 (b) Issuance or Assumption. Notwithstanding any other provision of
this Plan, and without affecting the number of Shares otherwise reserved or available under this Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization, the Committee may authorize the issuance or
assumption of awards upon such terms and conditions as it may deem appropriate. 
 (c) Change of Control.
Except to the extent the Committee provides a result more favorable to holders of Awards, upon the occurrence of a Change of Control, 
 (i) all outstanding Options shall vest automatically; 
 (ii) the restrictions on Restricted Stock shall lapse; 
 (iii) within ten days
following the Change of Control, the Company shall pay each holder for each Performance Share and/or Performance Unit the amounts that have been earned but not yet paid; 
 (iv) each annual incentive award which has not yet been earned as of the Change of Control shall be deemed to
have been earned pro rata as if the Performance Goals were attained as of the Change of Control, by taking the product of (A) the Participant’s maximum award opportunity for the fiscal year and (B) a fraction, the numerator of which
is the number of full or partial months that have elapsed from the beginning of the fiscal year to the date of the Change of Control and the denominator of which is 12, and within ten days following the Change of Control, the Company shall pay each
holder of such an annual incentive award, in full settlement thereof, an amount in cash equal to the value of such pro rata award; 
 (v) within ten days following the Change of Control, the Company shall pay to each holder of an annual incentive award that has been earned but not yet paid, in full settlement thereof, an amount in cash
equal to the value of such award; and 
 (vi) within ten days following the Change in Control,
the Company shall pay to each holder of an Award with respect to which dividend equivalents or similar amounts have been credited and not yet paid pursuant to any other provision of this Section 12(c), a cash payment equal to the value of such
dividend equivalents or similar amounts. 
  

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 13. Miscellaneous. 
 (a) Other Terms and Conditions. The grant of any Award under this Plan may also be subject to other provisions
(whether or not applicable to the Award awarded to any other Participant) as the Committee determines appropriate, including, without limitation, provisions for: 
 (i) one or more means to enable Participants to defer the delivery of Shares or recognition of taxable income relating to Awards or cash payments derived from the Awards on such
terms and conditions as the Committee determines, including, by way of example, the form and manner of the deferral election, the treatment of dividends paid on the Shares during the deferral period or a means for providing a return to a Participant
on amounts deferred, and the permitted distribution dates or events (provided that no such deferral means may result in an increase in the number of Shares issuable under this Plan); 
 (ii) the purchase of Shares under Options in installments; 
 (iii) the payment of the purchase price of Options by delivery of cash or other Shares or other securities of
the Company (including by attestation) having a then Fair Market Value equal to the purchase price of such Shares, or by delivery (including by fax) to the Company or its designated agent of an executed irrevocable option exercise form together with
irrevocable instructions to a broker-dealer to sell or margin a sufficient portion of the Shares and deliver the sale or margin loan proceeds directly to the Company to pay for the exercise price; 
 (iv) provisions giving the Participant the right to receive dividend payments or dividend equivalent payments
with respect to the Shares subject to the Award (both before and after the Shares subject to the Award are earned, vested or acquired), which payments may be either made currently or credited to an account for the Participant, and may be settled in
cash or Shares, as the Committee determines; 
 (v) restrictions on resale or other disposition;
and 
 (vi) compliance with federal or state securities laws and stock exchange requirements.

 (b) No Fractional Shares. No fractional Shares or other securities may be issued or delivered pursuant
to this Plan, and the Committee may determine whether cash, other securities or other property will be paid or transferred in lieu of any fractional Shares or other securities, or whether such fractional Shares or other securities or any rights to
fractional Shares or other securities will be canceled, terminated or otherwise eliminated. 
 (c) Unfunded
Plan. This Plan is unfunded and does not create, and should not be construed to create, a trust or separate fund with respect to this Plan’s benefits. This Plan does not establish any fiduciary relationship between the Company and any
Participant, or other person. To the extent any person holds any rights by virtue of an Award granted under this Plan, such rights are no greater than the rights of the Company’s general unsecured creditors. 
 (d) Requirements of Law. The granting of Awards under this Plan and the issuance of Shares in connection with an
Award are subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required. Notwithstanding any other provision of this Plan or any award agreement, the
Company has no liability to deliver any Shares under this Plan or make any payment unless such delivery or payment would comply with all applicable laws and the applicable requirements of any securities exchange or similar entity. 
  

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 (e) Governing Law. This Plan, and all agreements under this Plan,
should be construed in accordance with and governed by the laws of the State of Wisconsin, without reference to any conflict of law principles, except for corporate law matters which are governed by the laws of the State of Delaware. Any legal
action or proceeding with respect to this Plan, any Award or any award agreement, or for recognition and enforcement of any judgment in respect of this Plan, any Award or any award agreement, may only be brought and determined in a court sitting in
the County of Kenosha, or the Federal District Court for the Eastern District of Wisconsin sitting in the County of Milwaukee, in the State of Wisconsin. 
 (f) Severability. If any provision of this Plan or any award agreement or any Award (i) is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any
person or Award, or (ii) would disqualify this Plan, any award agreement or any Award under any law the Committee deems applicable, then such provision should be construed or deemed amended to conform to applicable laws, or if it cannot be so
construed or deemed amended without, in the determination of the Committee, materially altering the intent of this Plan, award agreement or Award, then such provision should be stricken as to such jurisdiction, person or Award, and the remainder of
this Plan, such award agreement and such Award will remain in full force and effect. 
 14. Definitions.
Capitalized terms used in this Plan have the following meanings: 
 (a) “Affiliates” means any
corporation, partnership, joint venture, or other entity during any period in which the Company owns, directly or indirectly, at least twenty percent (20%) of the equity, voting or profits interest, and any other business venture that the
Committee designates in which the Company has a significant interest, as the Committee determines in its discretion. 
 (b) “Award” means grants of Options, Performance Shares, Performance Units, Restricted Stock or an annual incentive award under this Plan. 
 (c) “Board” means the Board of Directors of the Company. 
 (d) For purposes of this Plan, a “Change of Control” shall be deemed to have occurred on the first to occur of any one of the events set forth in the following paragraphs: 
 (i) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not
including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its COC Affiliates) representing 25% or more of either the then outstanding shares of common stock of the Company or the combined
voting power of the Company’s then outstanding voting securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (A) of paragraph (iii) below; or 
 (ii) the following individuals cease for any reason to constitute a majority of the
number of directors then serving: individuals who, on January 25, 2002, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest,
including but not limited to a consent solicitation, relating to the election of directors of the Company as such terms are used in Rule 14a-11 of Regulation 14A under the Exchange Act) whose appointment or election by the Board or nomination for
election by the Company’s shareholders was approved or recommended by a vote of at least two-thirds ( 2/3
) of the directors then still in office who either were directors on January 25, 2002 or whose appointment, election or nomination for election was previously so approved or
recommended; or 
  

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 (iii) there is consummated a merger or consolidation of the
Company or any direct or indirect subsidiary of the Company with any other corporation, other than (A) a merger or consolidation which would result in the voting securities of the Company 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 or any parent thereof) at least 60% of the combined voting power of the voting securities of the Company or
such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or
becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its COC Affiliates) representing 25% or more
of either the then outstanding shares of common stock of the Company or the combined voting power of the Company’s then outstanding voting securities; or 
 (iv) the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the
Company of all or substantially all of the Company’s assets (in one transaction or a series of related transactions within any period of 24 consecutive months), other than a sale or disposition by the Company of all or substantially all of the
Company’s assets to an entity, at least 75% of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to
such sale. 
 Notwithstanding the foregoing, no “Change of Control” shall be deemed to have occurred if there is
consummated any transaction or series of integrated transactions immediately following which the record holders of the common stock of the Company immediately prior to such transaction or series of transactions continue to have substantially the
same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions. 
 For purposes of this definition of Change of Control, “COC Affiliate” shall have the meaning of “affiliate,” as set forth in Rule 12b-2 promulgated under
Section 12 of the Exchange Act; “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act; and “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and
used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its
COC Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as
their ownership of stock of the Company or (v) any individual, entity or group which is permitted to, and actually does, report its Beneficial Ownership on Schedule 13G (or any successor schedule); provided that if any such individual, entity
or group subsequently becomes required to or does report its Beneficial Ownership on Schedule 13D (or any successor schedule), such individual, entity or group shall be deemed to be a Person for purposes hereof on the first date on which such
individual, entity or group becomes required to or does so report Beneficial Ownership of all of the voting securities of the Company Beneficially Owned by it on such date. 
  

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 (e) “Change of Control Price” means the higher of (i) the
Fair Market Value of the Shares, as determined on the date of the Change of Control; or (ii) the highest price per Share paid in the Change of Control transaction. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a specific provision of the Code includes any successor provision and the regulations
promulgated under such provision. 
 (g) “Committee” means the Organization and Executive Compensation
Committee of the Board (or such successor committee with the same or similar authority), which must be composed of not less than two Directors, each of whom must qualify as an “outside director” within the meaning of Code
Section 162(m) and as a “non-employee director” within the meaning of Rule 16b-3. 
 (h)
“Common Stock” means the common stock of the Company. 
 (i) “Company” means Snap-on
Incorporated, a Delaware corporation, or any successor to Snap-on Incorporated, a Delaware corporation. 
 (j)
“Director” means a member of the Board, and “Non-Employee Director” means a member of the Board who is not also an employee of the Company or its Affiliates. 
 (k) “Effective Date” means the date the Company’s shareholders approve this Plan. 
 (l) “Exchange Act” means the Securities Exchange Act of 1934, as amended. Any reference to a specific provision of
the Exchange Act includes any successor provision and the regulations and rules promulgated under such provision. 
 (m) “Fair Market Value” means, per Share on a particular date, the last sales price on such date on the national securities exchange on which the Common Stock is then traded, as reported in The Wall Street Journal, or if no
sales of Common Stock occur on the date in question, on the last preceding date on which there was a sale on such exchange. If the Shares are not listed on a national securities exchange, but are traded in an over-the-counter market, the last sales
price (or, if there is no last sales price reported, the average of the closing bid and asked prices) for the Shares on the particular date, or on the last preceding date on which there was a sale of Shares on that market, will be used. If the
Shares are neither listed on a national securities exchange nor traded in an over-the-counter market, the price determined by the Committee, in its discretion, will be used. 
 (n) “Option” means the right to purchase Shares at a stated price. “Options” may either be “incentive stock options” which meet the requirements of Code
section 422, or “nonqualified stock options” which do not meet the requirements of Code section 422. 
 (o) “Participant” means an officer or other employee of the Company or its Affiliates, or an individual that the Company or an Affiliate has engaged to become an officer or employee, or a Director, who the Committee designates to
receive an Award under this Plan. 
 (p) “Performance Goals” means any goals the Committee establishes
that relate to one or more of the following with respect to the Company or any one or more Subsidiaries or other business units: revenue; cash flow; net cash provided by operating activities; net cash provided by operating activities less net cash
used in investing activities; cost of goods sold; ratio of debt to debt plus equity; profit before tax; gross profit; net profit; net sales; earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; Fair
Market Value of Shares; basic earnings per share; diluted earnings per share; return on shareholder equity; average accounts receivable (calculated by taking the average of accounts receivable at the end of each month); average inventories
(calculated by taking the average of inventories at the end of each month); 
  

 A-10 
  
  

 return on average total capital employed; return on net assets employed before interest and
taxes; economic value added; return on year-end equity; and/or in the case of Awards that the Committee determines will not be considered “performance-based compensation” under Code section 162(m), such other goals as the Committee may
establish in its discretion. 
 (q) “Performance Shares” means the right to receive Shares to the
extent the Company or Participant achieves certain goals that the Committee establishes over a period of time the Committee designates consisting of one or more full fiscal years of the Company, but not in any event more than five years. 

(r) “Performance Units” means the right to receive monetary units with a designated dollar value or monetary
units the value of which is equal to the Fair Market Value of one or more Shares, to the extent the Company or Participant achieves certain goals that the Committee establishes over a period of time the Committee designates consisting of one or more
full fiscal years of the Company, but in any event not more than five years. 
 (s) “Plan” means this
Snap-on Incorporated 2001 Incentive Stock and Awards Plan, as amended from time to time. 
 (t)
[Superseded as of August 6, 2009] [“Restricted Stock” means Shares that are subject to a risk of forfeiture and/or restrictions on transfer, which may lapse upon the achievement or partial achievement of
Performance Goals during the period specified by the Committee and/or upon the completion of a period of service, as determined by the Committee.] 
 (t) [Amended language adopted August 6, 2009] “Restricted Stock” means Shares or units
that are subject to a risk of forfeiture and/or restrictions on transfer, which may lapse upon the achievement or partial achievement of Performance Goals during the period specified by the Committee and/or upon the completion of a period of
service, as determined by the Committee. Restricted Stock awards may consist of shares issued subject to forfeiture if specified conditions are not satisfied (“Restricted Stock Shares”) or agreements to issue Shares in the future if
specified conditions are satisfied (“Restricted Stock Units”). 
 (u) “Section 16
Participants” means Participants who are subject to the provisions of Section 16 of the Exchange Act. 
 (v) “Share” means a share of Common Stock. 
 (w) “Subsidiary” means any
corporation in an unbroken chain of corporations beginning with the Company if each of the corporations (other than the last corporation in the chain) owns stock possessing more than fifty percent (50%) of the total combined voting power of all
classes of stock in one of the other corporations in the chain. 
 ***** 
  

 A-11Form of Restricted Stock Unit for directors

 Exhibit 10.2 
 SNAP-ON INCORPORATED 
 RESTRICTED STOCK UNIT
AGREEMENT FOR DIRECTORS 
 THIS RESTRICTED STOCK UNIT AGREEMENT is granted by SNAP-ON INCORPORATED (the
“Company”) to each individual receiving and accepting the offer contained in the Restricted Stock Unit Offer Letter for Directors (each such person being known as a “Director”) pursuant to the Company’s 2001 Incentive Stock
and Awards Plan (the “Plan”). 
 WHEREAS, the Company believes it to be in the best interests of the
Company, its subsidiaries and its stockholders for its directors to have an incentive tied to the long term price of Common Stock of the Company in order that they will have a greater incentive to work for and manage the Company’s affairs in
such a way that its shares may become more valuable over an extended period of time; and 
 WHEREAS, the
Company has determined to grant its directors Restricted Stock Units pursuant to the terms of the Plan and this Agreement; 
 NOW, THEREFORE, in consideration of the premises and of the services to be performed by the Director, the Company and the Director hereby agree as follows: 
  

	1.	 Restricted Stock Units. 

 The Company hereby awards to the Director the number of restricted stock units (the “Restricted Stock Units”) set forth in the Restricted Stock Unit Offer Letter (the “Offer”) under
the column titled “Quantity Granted.” The Restricted Stock Units granted under this Agreement are units that will be reflected in a book account maintained by the Company until they become vested or have been forfeited. This award is
subject to the terms and conditions of this Agreement and the Plan. 
  

	2.	 Restricted Period. 

  

	 	(a)	 All restrictions for the Restricted Stock Units shall lapse upon the earliest of the Director’s retirement from the Board of Directors, the
Director’s death or a Change of Control (as defined in the Plan). The period prior to the lapse of the restrictions shall be referred to as the “Restricted Period.” 

  

	 	(b)	 During the Restricted Period, the Director will not have any right to vote the Restricted Stock Units. The Director will not be deemed a stockholder
of the Company with respect to any of the Restricted Stock Units. The Restricted Stock Units may not be sold, assigned, transferred, pledged, encumbered or otherwise disposed of during the Restricted Period. 

  

	 	(c)	 During the Restricted Period, the Director shall receive cash payments from the Company equal to any cash dividends paid with respect to the number
of shares of Common Stock relating to the Restricted Stock Units. 

  

	3.	 Share Issuance. 

  

	 	(a)	 Within thirty days after the end of the Restricted Period, the Company shall issue the Director one share of Common Stock for each Restricted Stock
Unit. 

  

 1 

	 	(b)	 Notwithstanding Section 3(a) above, the Company may permit the Director to defer delivery of the shares of Common Stock that would otherwise be
issued. The Company shall, in its sole discretion, establish the rules and procedures for any deferrals in a manner consistent with Section 409A of the Internal Revenue Code. 

  

	4.	 Beneficiary. 

 The person who the Director designates in writing to the Company as his or her beneficiary shall be referred to as the “Beneficiary” and shall be entitled to receive the Restricted Stock Units
that vest following the death of the Director. The Director may from time to time revoke or change his or her Beneficiary without the consent of any prior Beneficiary by filing a new designation with the Company. The last such designation that the
Company receives shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Company prior to the Director’s death, and in no event shall any designation be effective
as of a date prior to such receipt. If no such Beneficiary designation is in effect at the time of the Director’s death, or if no designated Beneficiary survives the Director or if such designation conflicts with law, then the Director’s
estate shall be entitled to receive the Restricted Stock Units that vest following the death of the Director. If the Company is in doubt as to the right of any person to receive such Restricted Stock Units, then the Company may retain such
Restricted Stock Units, without liability for any interest thereon, until the Company determines the person entitled thereto, or the Company may deliver such Restricted Stock Units to any court of appropriate jurisdiction, and such delivery shall be
a complete discharge of the liability of the Company therefor. 
  

	5.	 Adjustments in Event of Change in Stock. 

 In the event of any reclassification, subdivision or combination of shares of Common Stock, merger or consolidation of the Company or sale by the Company of all or a portion of its
assets, or other event which could, in the judgment of the Committee, distort the implementation of the Grant or the realization of its objectives, the Committee may make such adjustments in the number of Restricted Stock Units under this Agreement,
or in the terms, conditions or restrictions of this Agreement, as the Committee deems equitable; provided that in the absence of express action by the Committee, adjustments that apply generally to Restricted Stock Units granted under the Plan shall
apply automatically to the Restricted Stock Units under this Agreement. 
  

	6.	 Powers of the Company Not Affected. 

 The existence of the Grant shall not affect in any way the right or power of the Company or its stockholders to make or authorize any combination, subdivision or reclassification of
the Common Stock or any reorganization, merger, consolidation, business combination, exchange of shares, or other change in the Company’s capital structure or its business, or any issue of bonds, debentures or stock having rights or preferences
equal, superior or affecting the Common Stock or the rights thereof, or dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar
character or otherwise. Nothing in this Agreement shall confer upon the Director any right to continue in the service of the Company. 
  

 2 

	7.	 Miscellaneous. 

  

	 	(a)	 This Agreement shall be governed and construed in accordance with the laws of the State of Wisconsin applicable to contracts made and to be
performed therein between residents thereof. 

  

	 	(b)	 This Agreement may not be amended or modified except by the written consent of the parties hereto. 

  

	 	(c)	 The captions of this Agreement are inserted for convenience of reference only and shall not be taken into account in construing this Agreement.

  

	 	(d)	 Any notice, filing or delivery hereunder or with respect to the Grant shall be given to the Director at his or her home address as indicated in the
records of the Company, and shall be given to the Committee or the Company at 2801 80th Street, Kenosha, Wisconsin 53143, Attention: Vice President--Human Resources. All such notices shall be given by first class mail, postage pre-paid, or by personal delivery to the Director.

  

	 	(e)	 This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns and shall be binding upon and inure to
the benefit of the Director, the Beneficiary and the personal representative(s) and heirs of the Director, except that the Director may not transfer any interest in any Restricted Stock Units during the Restricted Period.

  

 3 

 SNAP-ON INCORPORATED 
 RESTRICTED STOCK UNIT OFFER LETTER 
 FOR DIRECTORS

 Dear «FirstName» «LastName», 
 The  Company  has  been  authorized  to  offer  you  a  Restricted  Stock  Unit  Award  grant  (the  “Grant”) 
pursuant  to  the  terms  of the Snap-on Incorporated 2001 Incentive Stock and Awards Plan (the “Plan”) and the Snap-on Incorporated Restricted Stock Unit Agreement (the “Agreement”). Set forth below are the
terms of the Grant which are specific to you. The Plan, the Agreement and the Plan Prospectus are available on the Snap-on intranet site at http://intranet1.snapon.com/display/router.asp?docid=390. Snap-on will also provide these documents to you in
print, at no charge, upon written request directed to compensation@snapon.com. 
 TERMS SPECIFIC TO THE DIRECTOR: 
  

							
	Grant Type	  	Grant Date	  	 Quantity
 Granted
	  	Vesting Schedule
	 Restricted Stock Unit
	  	                  , 2009
	  	 «StockActualQty»

	  	 As described in Section 3 of
 the Agreement.

 IMPORTANT NOTICES: 
 BY ACCEPTING THIS GRANT, YOU ACKNOWLEDGE AND AGREE THAT: 
  

	 	•	 	 A COPY OF EACH OF THE PLAN AND THE AGREEMENT HAVE BEEN MADE AVAILABLE TO YOU; 

  

	 	•	 	 IT IS SOLELY YOUR RESPONSIBILITY TO UNDERSTAND THE TERMS OF THIS GRANT; 

  

	 	•	 	 THIS RESTRICTED STOCK UNIT IS GRANTED UNDER AND PURSUANT TO THE PLAN, AND THAT THE PLAN AND THE AGREEMENT SHALL GOVERN ALL RIGHTS, INTERESTS,
OBLIGATIONS, AND UNDERTAKINGS OF BOTH THE COMPANY AND THE GRANTEE; AND 

  

	 	•	 	 ALL CAPITALIZED TERMS NOT OTHERWISE DEFINED IN THIS OFFER LETTER OR THE AGREEMENT SHALL HAVE THE MEANINGS ASSIGNED TO SUCH TERMS IN THE PLAN OR THE
AGREEMENT. 

 ACTION REQUIRED: 
 You are not required to take any action to accept this Grant offer on the terms described herein. You will be deemed to have accepted this Grant offer unless you send an e-mail to compensation@snapon.com
by                 , 2009 specifically stating that you have rejected the Grant offer. 
 Any attempt to modify the terms upon which this Grant is offered will constitute your irrevocable rejection of this offer. 
  

 4

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