Document:

Exhibit 10.1

 

2004 Stock Option Grant Terms and
Conditions - U. S. Employees

Pursuant to the Brunswick
Corporation 2003 Stock Incentive Plan (the “Plan”)

 

	
  Purpose

  	
  To promote Brunswick’s
  long term financial interests and growth.

   

  
	
  Stock Option

  Grant

  	
  Right to purchase a
  stated number of common shares of Brunswick at a stated price (subject to
  adjustment for changes in capitalization and similar changes as provided in
  the Plan) for a term of up to ten years.

   

  
	
  Exercise Price

  	
  $ Closing price as
  reported for the New York Stock Exchange — Composite Transactions on date of
  grant.

   

  
	
  Grant Date

  	
  February 10, 2004

   

  
	
  Vesting

  	
  Options vest and become
  exercisable the earlier of:

   

  •  One-fourth of
  the total shares granted on each of the first, second, third, and fourth anniversaries
  following grant, so long as you continue to be employed by Brunswick or its
  designated affiliates on each such anniversary,

  •  Termination
  due to death, permanent disability (as defined below), or if age and years of
  service equals 65 or more at termination, or

  •  A Change in
  Control (as defined in the Plan).

   

  
	
  Notice of 

  Option Exercise

  	
  To exercise an option,
  or any part of an option, give written notice to Shareholder Services (at the
  address noted below) specifying:

   

  •  Date of
  exercise,

  •  Number of
  shares to be purchased,

  •  Method of
  option price payment,

  •  Method of tax
  payment,

  •  How purchased
  shares should be registered — in your name only or jointly with one
  individual, and

  •  Where
  purchased shares should be delivered.

   

  
	
  Option Exercise

  Payment / Tax

  Withholding

  	
  On exercise, the
  purchase price and resulting tax withholding liability (to meet required
  FICA, federal, state, and local withholding) can be paid in any combination
  of the following:

   

  •  Cash or
  check,

  •  “Exchange” of
  shares of Brunswick common stock owned for at least six months prior to
  exercise with a total market value equal to or greater than the option
  exercise price and minimum tax withholding liability,

  •  “Cashless
  Exercise” - simultaneous exercise and sale through brokerage firm designated
  by Brunswick,* or

  •  By tendering
  option shares (reducing the number of shares actually delivered through the
  exercise of an option) — to cover minimum tax withholding liability only.*

   

  *  Involves a “sale” of stock.  Trading stock based on insider information
  is prohibited.  Contact the Corporate
  Legal Department if you have any questions before you exercise an option.

   

  

 

This document constitutes part of
a prospectus covering securities that have been registered under the Securities
Act of 1933.

2004 Stock Option Grant Terms and
Conditions

Brunswick Corporation - U. S.
Employees

Pursuant to the Brunswick
Corporation 2003 Stock Incentive Plan (the “Plan”) . . .

 

	
  Option Term

  	
  Stock options not
  exercised will be cancelled the earlier of:

   

  •  Ten years
  from date of grant, or

  •  Based on
  termination of employment in the following instances:

   

  •  Five years
  after termination due to death, permanent disability (as defined below), or
  if age and years of service equal 65 or more at the time of termination,

  •  Two years
  after termination following a Change in Control (as defined in the Plan),

  •  One year
  after involuntary termination without cause (for example, reductions-in-force
  or reorganization), or if your employer ceases to be a subsidiary of 

  Brunswick, unless the Committee provides otherwise,

  •  30 days after
  voluntary termination by you, or

  •  Last day of
  employment if involuntarily terminated for cause (willful misconduct in the
  performance of your duties).

   

  
	
  Transferability

  	
  Stock option rights may
  not be transferred, except as approved by the Human Resource and Compensation
  Committee of the Brunswick’s Board of Directors (the “Committee”) or by
  Brunswick’s Board of Directors.

   

  
	
  Additional

  Terms and

  Conditions

  	
  Stock option grants are
  subject to the terms of the Plan.  To
  the extent any provision herein conflicts with the Plan, the Plan shall
  govern.

   

  The Committee
  administers the Plan.  The Committee
  may interpret the Plan and adopt, amend and rescind administrative guidelines
  and other rules as deemed appropriate. 
  Committee determinations are binding.

   

  Permanent disability
  means the inability, by reason of a medically determinable physical or mental
  impairment, to engage in any substantial gainful activity, which condition,
  in the opinion of a physician selected by the Committee, is expected to have a duration of not less than 120 days.

   

  The Plan may be
  amended, suspended or terminated at any time.

   

  The Plan will be
  governed by the laws of the State of Illinois, without regard to the

  conflict of law provisions
  of any jurisdiction.

   

  

 

Nothing contained in these Terms and Conditions or the Plan constitutes
or is intended to create a contract of continued employment.  Employment is at-will and may be terminated
by either the employee or Brunswick (including its affiliates) for any reason
at any time.

 

Questions should be directed to Shareholder
Services at (847) 735-4294 or write:

 

Shareholder Services

Brunswick Corporation

1 N. Field Court

Lake Forest, Illinois 60045-4811Exhibit 10.2

 

2005 Restricted Stock Unit Grant
Terms and Conditions

Pursuant to the Brunswick Corporation 2003 Stock
Incentive Plan (the “Plan”)

 

	
  Purpose

  	
  To
  encourage retention of key managers so as to support the execution of
  business strategies and achieve future goals.

   

  
	
  Restricted

  Stock Unit

  Grant

   

  	
  Restricted
  Stock Units valued on the same basis as Brunswick Corporation common stock
  where one unit equals one share. 
  Dividend equivalents will be reinvested in additional restricted stock
  units.  There are no voting rights
  attached to restricted stock units.

   

  
	
  Grant
  Date

  	
  January
  31, 2005

  
	
  Vesting

  	
  Restricted
  stock units will vest three years from date of grant, subject to continued
  employment or on a Change in Control (as defined in the Plan).

   

  
	
  Termination
  of

  Employment

  	
  Forfeiture
  of restricted stock units in the event employment terminates prior to
  vesting, except:

  •    Prorata vesting if age and years of
  service equals 65 or more.

  •    Full vesting in the event of death or
  permanent and total disability (as defined below).

  
	
  Timing
  of

  Distribution

  	
  Distributions
  will occur as soon as practical after the vesting date.

   

  
	
  Tax

  Withholding

   

  	
  Tax
  withholding liability (to meet required FICA, federal, state, and local
  withholding) must be paid in cash or via share reduction upon distribution.

   

  
	
  Form
  of

  Distribution

   

  	
  Shares
  will be deposited to your existing Dividend Reinvestment Plan account or, if
  one is not currently on record, deposited into a newly created account.  Stock certificates will be issued on
  request.

   

  
	
  Additional

  Terms and

  Conditions

  	
  Grants
  are subject to the terms of the Plan. 
  To the extent any provision herein conflicts with the Plan, the Plan
  shall govern.  The Human Resources and
  Compensation Committee of the Board administers the Plan.  The Committee may interpret the Plan and
  adopt, amend and rescind administrative guidelines and other rules as deemed
  appropriate.  Committee determinations
  are binding.

   

  Permanent
  disability means the inability, by reason of a medically determinable
  physical or mental impairment, to engage in any substantial gainful activity,
  which condition, in the opinion of a physician selected by the Committee, is
  expected to have a duration of not less than 120 days.

   

  The
  Plan may be amended, suspended or terminated at any time.  The Plan will be governed by the laws of
  the State of Illinois, without regard to
  the conflict of law provisions of any jurisdiction.

  

 

Nothing contained in
these Terms and Conditions or the Plan constitutes or is intended to create a
contract of continued employment. 
Employment is at-will and may be terminated by either the employee or
Brunswick (including affiliates) for any reason at any time.

Questions should be directed
to

Lesley Harling

Shareholder Services

Brunswick Corporation

1 N. Field Court

Lake Forest, Illinois
60045-4811

847-735-4294

lesley.harling@brunswick.comExhibit
10.3

 

2005 Stock-Settled Stock
Appreciation Right Grant Terms and Conditions

Pursuant to the Brunswick Corporation 2003 Stock
Incentive Plan (the “Plan”)

 

	
  Purpose

  	
  To
  promote Brunswick’s long term financial interests and growth.

   

  
	
  Stock-Settled

  Stock

  Appreciation

  Right

  	
  The
  right to receive a payment in Brunswick stock equal to the excess of the
  stock’s market value at exercise over the exercise price as established on
  the date of grant attributable to the number of underlying Stock-Settled
  Stock Appreciation Rights granted.

   

  
	
  Grant
  Date

  	
  January
  31, 2005

   

  
	
  Exercise
  Price

  	
  $ Closing price as reported for the New York Stock Exchange — Composite
  Transactions on date of grant.

   

  
	
  Option
  Term

  	
  Stock
  settled SARs not exercised will be cancelled the earlier of:

  •   Ten years from date of grant, or

  •   Based on termination of employment in the
  following instances:

  •   Five years after termination due to death,
  permanent disability (as defined below),

  •   Five years after termination if age and
  years of service equal 65 or more at the time of termination (SARs continue
  to vest per normal vesting schedule after termination),

  •   Two years after termination following a
  Change in Control (as defined in the Plan),

  •   One year after involuntary termination
  without cause (for example, reductions-in-force or reorganization), or if
  your employer ceases to be a subsidiary of Brunswick, unless the Committee
  provides otherwise,

  •   30 days after voluntary termination by you,
  or

  •   Last day of employment if involuntarily
  terminated for cause (willful misconduct in the performance of your duties).

   

  
	
  Vesting

  	
  Stock
  Settled SARs vest and become exercisable the earlier of:

  •   One-fourth of the SARs granted on each of
  the first, second, third, and fourth anniversaries following grant, so long
  as you continue to be employed by Brunswick or its designated affiliates on
  each such anniversary.

  •   Termination due to death, permanent
  disability (as defined below), or

  •   A Change in Control (as defined in the
  Plan).

   

  
	
  Exercise

  Settlement-

  Payment

  	
  On
  exercise, the number of shares of Brunswick stock delivered will be
  determined as follows:

  •   The difference between the closing market
  price on date of exercise and the exercise price will be determined.

  •   This difference will be multiplied by the
  number of SARs being exercised to determine the total dollar gain.

  •   The total dollar gain will be divided by
  the closing market price on date of exercise.

   

  

 

 

	
  Tax

  Withholding

  	
  The
  resulting tax withholding liability (to meet required FICA, federal, state,
  and local withholding) can be paid in any combination of the following:

  •   Cash or check, or by

  •   Selling shares to cover minimum tax
  withholding liability only.*

  *Involves a “sale” of stock. 
  Trading stock based on insider information is prohibited.  Contact the Corporate Legal Department if
  you have any questions before you exercise a SAR

   

  
	
  Additional

  Terms and

  Conditions

  	
  Grants
  are subject to the terms of the Plan. 
  To the extent any provision herein conflicts with the Plan, the Plan
  shall govern.  The Human Resources and
  Compensation Committee of the Board administers the Plan.  The Committee may interpret the Plan and
  adopt, amend and rescind administrative guidelines and other rules as deemed
  appropriate.  Committee determinations
  are binding.

   

  Permanent
  disability means the inability, by reason of a medically determinable
  physical or mental impairment, to engage in any substantial gainful activity,
  which condition, in the opinion of a physician selected by the Committee, is
  expected to have a duration of not less than 120 days.

   

  The
  Plan may be amended, suspended or terminated at any time.  The Plan will be governed by the laws of
  the State of Illinois, without regard to
  the conflict of law provisions of any jurisdiction.

   

  

 

Nothing contained in these Terms and Conditions
or the Plan constitutes or is intended to create a contract of continued
employment.  Employment is at-will and
may be terminated by either the employee or Brunswick (including affiliates)
for any reason at any time.

 

Questions should be directed
to

Lesley Harling

Shareholder Services

Brunswick Corporation

1 N. Field Court

Lake Forest, Illinois
60045-4811

847-735-4294

lesley.harling@brunswick.com

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