Document:

EXHIBIT 10(t) 

FORM OF TERMINATION OF
SPLIT-DOLLAR
INSURANCE PLAN AGREEMENT 

        This
Agreement is entered into this __th day of December, 2003, by and between SNAP-ON
INCORPORATED, a Delaware corporation (“Company”), ________________
(“Executive”) and ___________________ (“Owner”). 

        WHEREAS,
the Company and the Owner entered into a Split-Dollar Insurance Plan Agreement dated ______________,
(“Split-Dollar Insurance Agreement”); and 

        WHEREAS,
the Split-Dollar Insurance Agreement provides for the splitting of the premium and death
benefit of one or more insurance policies (“Policy”) insuring the life of
Executive. 

        WHEREAS,
the Corporation has paid _____________________ in premiums which constitutes its Policy
Interest as defined in the Split-Dollar Insurance Agreement. 

        WHEREAS,
as a result of legal developments which may affect the Company’s ability to comply
with its obligations under the Split-Dollar Insurance Agreement or which may cause adverse
income and gift tax consequences to the Executive, the parties have determined that it is
in their best interests to terminate the Split-Dollar Insurance Agreement. 

        WHEREAS,
in consideration for the termination of its obligations under the Split-Dollar Agreement
the Company has agreed to release its Policy Interest and make the payment provided for
below to the Executive, which the parties agree is full and adequate consideration. 

        NOW,
THEREFORE, in consideration of the respective terms and conditions set forth herein, the
Company, the Executive and the Owner hereby agree as follows: 

        1.                 The
Split-Dollar Insurance Agreement is terminated effective immediately.  

        2.                 The
Company hereby releases its Policy Interest and will execute any documents           and
take any actions necessary to release its Collateral Assignment against the
          Policy. The Executive acknowledges that he will have taxable compensation
income           equal to the Policy Interest and will be treated as making a gift to the
Owner           equal to the Policy Interest. [This paragraph inserted for Elliott, Marrinan
and           Montemurro only.]  

        The
Company and the Executive hereby agree to execute any documents and take any actions
necessary to surrender the Policy. All proceeds shall be payable to the Company. The
Executive acknowledges that he will have taxable compensation income equal to the excess
of the Policy Interest over the proceeds received by the Company. [This paragraph inserted
for Biland and Brady only.] 

        3.                 The
Company will make a payment to the Executive of __________________           (“Cash
Payment”) less applicable withholding, if any, on January 2,           2004. The
Executive irrevocably elects to defer _______________ Dollars
          ($________________) of the Cash Payment pursuant to the Company’s Deferred
          Compensation Plan.  

        4.                 The
Owner will be the sole owner of the Policy after the termination of the
          Split-Dollar Insurance Agreement and the Company shall have no further interest
          in the Policy nor any obligation to make future premium payments. [This paragraph
          inserted for Elliott, Marrinan and Montemurro only.]  

        5.                 The
Company will provide Executive with insurance coverage through its group           term
insurance plan in an amount equal to two times base compensation during the
          term of the Executive’s employment by the Company; subject to any maximums
          or insurability requirements on such coverage imposed by the insurance company
          providing the group term insurance plan. [For Ms. Marrinan and Mr. Montemurro,
          the following clause was added in place of the clause that follows the
          semicolon. “provided that the Executive will not be required to provide
          evidence of insurability for any such insurance coverage.”]  

        6.                 The
Executive and the Owner release the Company from any and all claims which
          either of them may have against the Company related to the Split-Dollar
          Insurance Agreement and the Executive indemnifies the Company from any and all
          claims which either of them may have against the Company related to the
          Split-Dollar Insurance Agreement.  

        IN
WITNESS WHEREOF the parties have signed and sealed this Agreement on the date first above
written. 

	In the presence of	SNAP-ON INCORPORATED
	

_______________________________________	By  _________________________________
	
 	Its _________________________________
	
 	EXECUTIVE
	
_______________________________________	_______________________________________
	
 	OWNER
	
_______________________________________	_______________________________________

-2-EXHIBIT 10(aa) 

Snap-on
Incorporated
Section 406 of the Sarbanes-Oxley Act 
Code of Ethics  

INTRODUCTION 

        Snap-on
Incorporated expects that its Section 406 Officers (as defined below) will maintain
appropriate standards of honesty and ethical conduct in connection with the performance of
their duties on behalf of the Company. In recognition of this expectation, the Company has
adopted standards of conduct for its Section 406 Officers as provided in this Code of
Ethics (this “Code”). 

APPLICATION 

        This
Code will apply to the Company’s Chief Executive Officer, Chief Financial Officer,
Principal Accounting Officer and corporate Controller (each individually, a
“Section 406 Officer,” and collectively, the “Section 406
Officers”) with respect to actions and decisions in their capacities as officers
and employees of the Company. This Code will become effective as of March 15, 2004 and
will be applicable to all actions and decisions of the Section 406 Officers in the
foregoing capacities after that date. 

PURPOSE 

        The
purpose of this Code is to codify standards the Company believes are reasonably necessary
to deter wrongdoing and to promote: 

	 	• 	honest
and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships; 

	 	• 	avoidance
of conflicts of interest, including disclosure to the persons identified in this Code of
any material transaction or relationship that reasonably could be expected to give rise
to such a conflict; 

	 	• 	full,
fair, accurate, timely and understandable disclosure in reports and documents that the
Company files with, or submits to, the Securities and Exchange Commission (the “SEC”)
and in other public communications made by the Company; 

	 	         • 	compliance
with applicable governmental laws, rules and regulations;

	 	         • 	prompt
internal reporting to the persons identified in this Code of violations of this Code; and 

	 	         • 	accountability
for adherence to this Code.

1 

STANDARDS OF CONDUCT 

        Each
Section 406 Officer will be expected to adhere to the following standards in connection
with the performance of his or her duties as an officer and employee of the Company. 

        Honest
and Ethical Conduct 

        The
Company expects each Section 406 Officer to act honestly and ethically at all times and to
comply fully with the policies comprising this Code. 

        Avoidance
of Conflicts of Interest 

        Each Section
406 Officer is required to avoid conflicts between his or her personal interests and the
interests of the Company and to disclose any activities, financial interests or
relationships that may present an actual or potential conflict of interest. Section 406
Officers should therefore avoid any investment, interest or association that interferes or
might interfere with the objective or independent exercise of their best judgment or with
the performance of their responsibilities in the best interests of the Company. 

        Each
Section 406 Officer should promptly inform the Audit Committee of the Company’s Board
of Directors (the “Committee”) of any actual or potential conflicts of
interest, and the Committee will resolve any questions regarding conflicts of interest
involving any of the Section 406 Officers. 

        Accuracy
of Public Communications 

        Each
Section 406 Officer has a responsibility to supervise the establishment and maintenance of
adequate and effective disclosure controls and procedures. These controls are designed to
provide assurances to the Company and its shareholders that disclosures of material
information related to the Company and its consolidated subsidiaries in its periodic
reports filed with, or submitted to, the Securities and Exchange Commission and other
public communications are full, fair, accurate, timely and understandable. 

        Compliance
with Laws, Rules and Regulations 

        It
is the Company’s policy to promote compliance with all applicable laws, rules and
regulations in connection with the Company’s business. Section 406 Officers should
familiarize themselves with the legal standards and restrictions applicable to their
assigned duties and responsibilities. The Company requires and encourages compliance with
the spirit — as well as the letter — of the law. Even the appearance of illegal,
dishonest or inappropriate behavior could have a negative impact on the Company and its
employees. 

2 

        REPORTING
OF VIOLATIONS 

        Each Section
406 Officer will be responsible for promptly reporting any violation of this Code of which
he or she becomes aware to the Chairman of the Committee. Directors, officers and
employees of the Company may also report violations of this Code by the Section 406
Officers to the Chairman of the Committee. 

        ACCOUNTABILITY
FOR ADHERENCE TO THIS CODE 

        Each
Section 406 Officer will be individually responsible for adhering to the standards set
forth in this Code. Upon receiving a report of a violation of this Code, the Committee,
including its legal and other advisors, will have the full power and authority to
investigate the report and to determine what steps, if any, should be taken to resolve the
problem and avoid the likelihood of its recurrence. These steps may where appropriate
include the termination of a Section 406 Officer’s employment by the Company and the
commencement of appropriate legal proceedings. Each Section 406 Officer will be obligated
to cooperate fully with any investigation by the Committee. 

        Except
as provided in the preceding sentence and under “Reporting of Violations” above,
no Section 406 Officer will have any obligation or responsibility for adherence to this
Code by any other Section 406 Officer. 

        AMENDMENTS
AND WAIVERS 

        This
Code may not be amended or modified without the prior approval of the Committee. Any
waiver of this Code may be made only by the Committee. Any waiver of this Code will be
promptly disclosed on the Company’s Internet website, whose address and the
Company’s commitment to disclose these events is disclosed in the Company’s
annual report on Form 10-K. 

        MISCELLANEOUS 

        This
Code is intended to be interpreted and administered so as to comply with the requirements
applicable to a “code of ethics” as defined in the Section 406 of the
Sarbanes-Oxley Act of 2002 and the related rules of the SEC. No other ethics, legal
compliance or other policies or practices of the Company or its subsidiaries that may be
applicable to any of the Section 406 Officers, whether currently in effect or established
in the future and whether or not relating to the same subject matter as this Code, will be
deemed to be a part of this Code. 

        This
Code is not a contract and is not intended to create any contractual obligations on the
part of the Company. This Code also does not alter the at-will or other employment
relationship between the Company and any Section 406 Officer.

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