Document:

EX-10.3

 Exhibit 10.3 

BRIGGS & STRATTON CORPORATION 

2017 OMNIBUS INCENTIVE PLAN 

PERFORMANCE UNIT AWARD AGREEMENT 

(PAYABLE IN CASH) 
  

			
	Participant:	  	[Insert name]
	Performance Units:	  	  

	Performance Period:	  	Plan Year              through Plan Year             
	Performance Measures:	  	Cumulative Operating Income (“COI”)

 BRIGGS & STRATTON CORPORATION (the “Company”), a Wisconsin corporation, hereby awards to
the above-named employee (the “Participant”) under the Briggs & Stratton Corporation 2017 Omnibus Incentive Plan (as the same may be amended from time to time, the “Plan”) the number of Performance Units set forth above,
all in accordance with and subject to the attached Performance Unit Terms and Conditions. 
 If there is any inconsistency between this
Agreement and the Plan, the Plan shall supersede the conflicting terms and conditions of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein. 

IN WITNESS WHEREOF, this Performance Unit Award Agreement has been duly executed as of
                . 
  

			
	BRIGGS & STRATTON CORPORATION
		
	By	 	
                 

	Todd J. Teske
	Chairman, President and CEO
	
	PARTICIPANT
	
	  

	«Name»

 Briggs & Stratton Corporation 

Performance Unit Terms and Conditions 

Section 1. Performance Period 

The Performance Period commences on the first day of the three-year performance period stated on the first page of the award and ends on the
last day of such period. 
 Section 2. Achievement of Performance Measures and Payout of Performance Units 

(a) The amount payable pursuant to this Agreement shall be based upon the achievement of a level of COI as approved by the Compensation
Committee (the “Committee”) of the Company’s Board of Directors for the Performance Period, in accordance with the following table: 
  

					
	 Performance Level
	  	 COI
	  	
Percentage of Target Earned

	 Minimum
	  	$XXX million	  	25%
	 Target      
	  	$YYY million	  	100%
	 Maximum
	  	$ZZZ million	  	200%

 (b) “COI” means the Company’s Income from Operations as reported in its consolidated financial
statements filed with the SEC for the relevant Performance Period or relevant portion thereof as adjusted by the Committee to exclude or adjust significant nonbudgeted or uncontrollable capital investments or gains or losses from actual financial
results in order to properly measure performance. 
 (c) The amount earned shall be equal to the number of Performance Units subject to the
award times the Percentage of Target Earned per the table above times $1, provided that the Performance Units will have no value if COI during the Performance Period is less than the Minimum Performance Level and in no event will the Percentage of
Target Earned exceed 200%. Straight line interpolation shall be used to determine the payout in the event the ranking does not fall directly on one of the ranks listed in such table. For example, if the award is for 50,000 Performance Units and the
Percentage of Target Earned is 117.25%, the payout would be $58,625 (i.e., 50,000 x 117.25% x $1 = $58,625). 
 Section 3.
Restrictive Covenants 
 It shall be a condition to the effectiveness of this Agreement that the Participant shall have signed an
employment or other agreement containing customary provisions relating to noncompetition during employment, nonsolicitation of employees and customers following employment, confidentiality and assignment of inventions to the Company, in the form
proposed by the Company. 

 Section 4. Termination Provisions 

(a) Except as provided below, the Participant shall be eligible for payment of the Performance Units as determined in Section 2 only if
the Participant’s employment with the Company (or one of its affiliates) continues through the end of the Performance Period. 
 (b) If
the Participant’s employment terminates prior to the end of the Performance Period by reason of the occurrence of such Participant’s Retirement, Disability or death, a pro-rated payment will be
provided as follows: 
 (i) In the event of Retirement or Disability, the pro-rated payment will be
computed as of the end of the Performance Period. The proration shall be based on the number of full months that the Participant was employed during the Performance Period prior to the Retirement or Disability. 

(ii) In the event of death, COI will be computed as of the end of the Company’s fiscal quarter subsequent to the date of death and
compared to Target COI during the same period. The amount paid shall equal the amount that would be payable based on such comparison, prorated to reflect the number of full months that the Participant was employed during the Performance Period prior
to death. Such amount shall be paid in cash to the estate of the Participant as soon as practicable after the computations described above. 

(c) If the Committee determines that (i) the Participant has breached any of the obligations contained in the agreements referenced in
Section 3 of this Agreement during the Performance Period or (ii) the Performance Units were awarded with respect to (A) a plan year for which there has been a material restatement of the Company’s annual report to the SEC due to
negligence or misconduct by one or more persons or (B) any subsequent plan year having awards materially affected by the restatement, the Company shall be entitled to declare all or any portion of the Performance Units awarded under this
Agreement to be forfeited. 
 (d) As used in this Section of this Agreement, “Disability” shall have the meaning stated in Article
2.15 of the Plan and “Retirement” shall mean any termination of employment by the Employee or the Company for reason other than death after the Participant has achieved 30 years of service, age 62 with at least 10 years of service or age
65. 
 Section 5. Form and Timing of Payment of Performance Units 

(a) The amount to be paid in respect of the Performance Units as finally calculated herein shall be paid to the Participant in cash no later
than two and one-half months after the end of the Performance Period. 
 (b) The Participant may not
receive a cash payment in any calendar year under the Performance Units of more than $3,500,000. In the event that the maximum amount that may be paid under this Agreement, when combined with any other Performance Units payable to the Participant in
cash for a calendar year, would cause the Participant to exceed the limit, the amount to be paid to the Participant shall be reduced so that the limit is met. The amount subject to such reduction shall be paid to the Participant in the following
calendar year if the Participant continues in employment for 12 months, provided that any payment in the following calendar year shall also be subject to the foregoing limit and, if the limit would be exceeded, the same process shall be repeated
until payment can be made without exceeding the limit or the Participant’s employment is terminated. 

  
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 Section 6. Nontransferability 

The Performance Units may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the
laws of descent and distribution. Further, except as otherwise provided in this Agreement, the Participant’s rights under the Plan shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s
legal representative. 
 Section 7. Administration 

This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan as amended from time to
time, as well as such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the
administration of the Plan and this Agreement, all of which shall be binding upon the Participant. Any inconsistency between this Agreement and the Plan shall be resolved in favor of the Plan. 

Section 8. Miscellaneous 

(a) This Agreement shall not give the Participant any right to be retained in the employ of the Company. The right and power of the Company to
dismiss or discharge the Participant is specifically reserved. The Participant or any person claiming under or through the Participant shall not have any right or interest in the Plan or any award thereunder, unless and until all terms, conditions,
and provisions of the Plan that affect the Participant have been complied with as specified herein. 
 (b) This Agreement shall be subject
to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. To the extent not preempted by federal law, this Agreement shall be governed by, and construed in
accordance with, the laws of the State of Wisconsin. 
 (c) The Company shall have the power and right to deduct or withhold, or require the
Participant to remit to the Company, the minimum statutory amount to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising under this Agreement. 

(d) In the event of a Change in Control as defined in Article 2.8 of the Plan, all performance conditions shall be deemed satisfied as if
target performance was achieved, and awards will be settled pro rata based on the proportion of the applicable Performance Period that lapsed through the date of the Change in Control in compliance with any payment limitations of Article 17(c) of
the Plan. Such deemed earned Performance Units shall be paid out in cash as soon as practicable. 

  
 3EX-10.4

 Exhibit 10.4 

BRIGGS & STRATTON CORPORATION 

RESTRICTED STOCK AWARD AGREEMENT 

THIS RESTRICTED STOCK AWARD AGREEMENT, dated as of this          day of
                    , 20    , is made by BRIGGS & STRATTON CORPORATION (the “Company”) to
«Name» (the “Employee”). 
 WHEREAS, the Company believes it to be in the best interests of the Company and its
shareholders to provide an incentive for certain of its key employees to work for and manage the affairs of the Company in such a way that its shares become more valuable; and 

WHEREAS, the Employee is a key employee of the Company or one of its subsidiaries or affiliates. 

NOW, THEREFORE, in consideration of the premises, the Company hereby awards Restricted Stock to the Employee on the terms, conditions
and restrictions hereinafter set forth. 
 1. AWARD. The Company hereby awards to the Employee «Number» shares of
Restricted Stock on the date hereof (the “Award Date”). Restricted Stock means shares of the common stock of the Company, par value $0.01 per share, granted in accordance with this Agreement and Article 8 of the Company’s 2017 Omnibus
Incentive Plan (as the same may be amended from time to time, the “Plan”). 
 2. PERIOD OF RESTRICTION. The
Restricted Stock shall be forfeitable as described below until the shares become vested upon the first to occur, if any, of the following events: 

(a) The termination of the Employee’s employment with the Company or a subsidiary by reason of Disability or death. 

(b) Three (3) years from the Award Date. 

(c) A Change in Control of the Company as defined in Article 2.8 of the Plan. 

The period of time during which the Restricted Stock is forfeitable is referred to as the “Period of Restriction.” If the
Employee’s employment with the Company or one of its subsidiaries or affiliates terminates during the Period of Restriction for any reason other than Retirement, Disability or death, the Restricted Stock shall be forfeited to the Company on the
date of such termination, without any further obligations of the Company to the Employee and all rights of the Employee with respect to the Restricted Stock shall terminate. If the Compensation Committee of the Company’s Board of Directors
determines that (i) the Employee has breached any of the obligations contained in the agreements referenced in Section 3 of this Agreement during the Period of Restriction or (ii) the Restricted Stock was awarded with respect to
(A) a plan year for which there has been a material restatement of the Company’s annual report to the SEC due to negligence or misconduct by one or more persons or (B) any subsequent plan year having awards materially affected by the
restatement, the Company shall be entitled to declare all or any portion of any unvested Restricted Stock awarded under this Agreement to be forfeited. 

  
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 Notwithstanding any provisions to the contrary, the Employee may not extend the Period of
Restriction. 
 As used in this Section of this Agreement, “Disability” shall have the meaning stated in Article 2.15 of the Plan,
and “Retirement” shall mean any termination of employment by the Employee or the Company for reason other than death after the Employee has achieved 30 years of service, age 62 with at least 10 years of service or age 65. 

3. RESTRICTIVE COVENANTS. It shall be a condition to the effectiveness of this Agreement that the Employee shall have signed an
employment or other agreement containing customary provisions relating to noncompetition during employment, nonsolicitation of employees and customers following employment, confidentiality and assignment of inventions to the Company, in the form
proposed by the Company. 
 4. RIGHTS DURING PERIOD OF RESTRICTION. During the Period of restriction, the Employee shall have
the right to vote the Restricted Stock and to receive cash dividends, stock dividends and other distributions made with respect to the Restricted Stock; however, all such stock dividends and other non-cash
distributions shall be forfeitable and subject to the same restrictions as exist regarding the original shares of Restricted Stock. The Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered during the Period of
Restriction, except by will or the laws of descent and distribution. 
 5. CUSTODY. The Restricted Stock may be credited to
the Employee in book entry form and held, along with any stock dividends relating thereto, in custody by the Company or an agent for the Company until the applicable restrictions have expired and the Employee provides other instructions. If any
certificates are issued for shares of Restricted Stock or any such stock dividends during the Period of Restriction, such certificates shall bear an appropriate legend as determined by the Company referring to the applicable terms, conditions and
restrictions and the Employee shall deliver a signed, blank stock power to the Company relating thereto. 

  
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 6. TAX WITHHOLDING. The Employee may satisfy any tax withholding obligations
arising with respect to the Restricted Stock in whole or in part by tendering a check to the Company for any required amount, by election to have a portion of the shares withheld to defray all or a portion of any applicable taxes as provided in
Section 22.2(b) of the Plan, or by election to have the Company or its subsidiaries withhold the required amounts from other compensation payable to the Employee. In the event that the Employee recognizes income tax prior to the end of the
Period of Restriction, the Employee may then elect to apply shares of Restricted Stock that are the subject of this award to the Employee’s tax withholding payments as provided in Section 22.2(b) of the Plan. 

7. IMPACT ON OTHER BENEFITS. The value of the Restricted Stock awarded hereunder, either on the Award Date or at the time such
shares become vested, shall not be includable as compensation or earnings for purposes of any other benefit plan or program offered by the Company or its subsidiaries. 

IN WITNESS WHEREOF, this Restricted Stock Award Agreement is executed by the parties as of the date set forth above. 

 

			
	BRIGGS & STRATTON CORPORATION
		
	By:	 	
                     

		 	Todd J. Teske
		 	Chairman, President and Chief Executive Officer
	
	  

	«Name»

  
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