Document:

Exhibit 4b to WINNEBAGO INDUSTRIES, INC. Form 10-Q dated 02-28-2004

Exhibit 4b  

LIMITED GUARANTY  

	Forest City, Iowa	 	Dated  February 27, 2004. 	 

        For
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, and to induce HCC Leasing Corporation (“Landlord”) to enter into a
certain Lease-Business Property, (“Lease”), a copy of which is attached hereto
and made a part of this Agreement, with CDI, LLC, an Indiana Limited Liability Company
(“Tenant”) the undersigned, Winnebago Industries, Inc. (the
“Guarantor”), hereby guarantees to Landlord the full reimbursement of the
interest-only loan payments made during the period of construction of the improvements and
the first 60 rental payments of the Lease which Tenant fails to pay pursuant to the terms
of the Lease. The attached schedule described as Exhibit A is the sole document reflecting
said payment schedule and interest-only payments. 

        In
the event of rental default, Landlord shall give Tenant, Jeffrey W. Schwartz and John V.
Bibbo, Jr. written notice, with copy to Guarantor, specifying the rental payment in
default and will pursue reasonable means of correcting the default from Tenant, Jeffrey W.
Schwartz and John V. Bibbo, Jr. as provided for in the terms of the Lease (Paragraph 21).
“Reasonable means” shall include written notice of default given by Landlord to
Tenant, Jeffrey W. Schwartz and John V. Bibbo, Jr. as provided herein, but shall not
require termination of the lease, notice to quit, forfeiture of the Lease, or filing suit,
either at law or in equity, against the Tenant during the sixty day period of Tenant,
Jeffrey W. Schwartz and John V. Bibbo, Jr. to correct the rental default. 

        In
the event Tenant, Jeffrey W. Schwartz and John V. Bibbo, Jr. fail to correct said default
within sixty (60) days from first notice of default, Landlord shall give Guarantor written
notice specifying Tenant’s, Jeffrey W. Schwartz’s and John V. Bibbo, Jr.’s
default and Landlord’s intent to terminate said Lease unless remedied by Guarantor.
Guarantor shall have thirty (30) days from receipt of said notice in which to take
appropriate action to remedy the default. Said remedy shall, at the sole discretion of
Guarantor, include but not be limited to: reimbursement to Landlord for default
arrearages, assumption of the Lease by Guarantor, or the exercise of the option to
purchase said real estate and improvements. Guarantor shall give written notice to
Landlord, with copy to Tenant, of its intentions and method to remedy the default within
thirty (30) days of receipt of notice of default from Landlord. Tenant’s copy
represents sufficient legal notice to Jeffrey W. Schwartz and John V. Bibbo, Jr. 

        In
the event of Guarantor’s exercise of option to reimburse Landlord for default
arrearages, Guarantor shall make prompt payment to Landlord for all overdue rents,
including all reasonable penalties, late fees and bank charges associated with the
default. Guarantor shall have the right to seek reimbursement from Tenant, Jeffrey W.
Schwartz and John V. Bibbo, Jr. for any and all advancements made to remedy the default of
the Lease. In the process of seeking reimbursement, Guarantor shall have the right to
withhold an amount equal to the payment(s) made to Landlord from its accounts payable to
Tenant as a result of services provided to Guarantor in conjunction with the Lease. 

        In
the event Guarantor elects to assume the Lease from Tenant, Guarantor shall provide a
Notice of Assignment that it has assumed the Tenant’s obligations under the Lease and
shall promptly pay all overdue rents, including all penalties, late fees and bank charges
associated with the default. Landlord shall have the right to rely on said Notice of
Assignment and shall recognize Guarantor as Tenant under the Lease including all rights
and privileges as Tenant associated with a capital lease. The Lease will continue unabated
until termination and the amortization of the remaining payments due during the term of
the Lease. At Guarantor’s sole discretion, Guarantor may elect to immediately
terminate the occupancy of Tenant or allow Tenant to retain occupancy as a subleasee of
the Guarantor. 

        In
the event of Guarantor’s exercise of option to purchase the real estate with
improvements from Landlord, the price of the real estate shall be the outstanding
indebtedness owed by Landlord as of the 

date of purchase by Guarantor which
Landlord incurred as a direct result of the purchase of said real estate and the
construction of the improvements pursuant to the plans and specifications referenced in
the Lease. The amortization schedule providing such indebtedness will be the sole document
reflecting said indebtedness. Future improvements not contemplated by the Lease but
completed as part of Tenant’s occupancy shall be included in the purchase at no
additional cost unless this Guaranty is specifically amended to reflect the cost of said
improvements and Landlord’s increased indebtedness. Landlord shall authorize its
lender holding the mortgage lien against the real estate that is the subject of the Lease
to disclose to Guarantor all information requested by Guarantor in connection with the
status of the payments and outstanding balance of the Landlord’s indebtedness. 

        At
the commencement of occupancy of the Tenant, Landlord will provide to Guarantor,
documented evidence of the actual cost of real estate and improvements and the
indebtedness incurred as a result. Included in the documentation shall be a listing of all
expenditures relating to the acquisition of said real estate and construction of the
improvements. Also included in the documentation shall be a copy of the indebtedness
arranged with any financial authority and the amortization schedule to retire said
indebtedness. Subject to the terms and conditions of this Limited Guaranty, Landlord
covenants that all monthly installments of principal and interest due and payable on the
mortgage indebtedness shall be paid in a timely manner when due and the amortization of
said indebtedness will continue unabated. 

        Landlord
shall, within a reasonable time after receipt of notice of exercise of option to purchase,
provide to Guarantor an Abstract of Title continued to the current date. After receipt of
the Abstract, Guarantor shall be allowed up to thirty (30) days for performance of due
diligence and examination of title and the making of objections thereto. Said objections
shall be made in writing or deemed to be waived. If any objections are so made, Landlord
shall be allowed up to ninety (90) days to make such title marketable. If said title is
not marketable and is not made so within ninety (90) days or less from the date of written
objection thereto, as above provided, any agreement to purchase resulting from the
exercise of such option shall, at the option of the Guarantor, become null and void. In
the event that Guarantor elects to purchase the real estate, Guarantor shall bring all
past due rental payments current, including penalties, late fees and bank charges
associated with the default, and continue to timely pay all monthly rental payments which
become due until closing. For the purpose of this paragraph, both Landlord and Guarantor
will pursue their representative obligations in good faith and with due diligence in an
effort to expedite the referenced transaction. 

        Landlord
shall, upon receiving from Guarantor the purchase price, execute and deliver a Warranty
Deed conveying marketable title to the property, free and clear of all encumbrances
subject only to restrictions and easements of record as of the date of the exercise of the
option to purchase. Landlord shall assign to Guarantor at closing all of Landlord’s
right, title and interest in its Lease to the Guarantor. The closing of said sale,
pursuant to the aforementioned exercise of option, shall be at the conclusion of
Landlord’s period to make title marketable unless an earlier date is agreed upon in
writing by the parties. Real estate taxes which would be delinquent if not paid shall be
paid current as of the date of closing, but shall not be pro-rated to date of closing. 

        Landlord
shall have the right to place a mortgage against the leased premises as security for a
loan to be obtained by Landlord; however, said loan shall expressly recognize and refer to
this Guaranty and the rights of the Guarantor hereunder, and shall not allow the lender to
add to, alter or modify the terms of this Guaranty. Landlord shall have the right to
assign, for security purposes, all of its right, title and interest in this Guaranty to
its Lender. However, such assignment will not affect the rights, obligations and duties of
each party to this Agreement. 

        Landlord
hereby agrees during the term of this Guaranty and the term of the lease, not to attempt
to refinance or alter the terms of its loan for the indebtedness of the real estate with
improvements without the express written consent of Guarantor. 

        This
Guaranty contains the entire agreement between the parties concerning the subject matter
hereof, and supercedes any and all previous agreements, whether oral or written. Any
modification of the terms of this Agreement shall be ineffective to change, modify,
discharge, or effect an abandonment 

        of
it, in whole or in part, unless modification is in writing and signed by the parties
against whom enhancement of the modification is sought. 

IN WITNESS WHEREOF, this Guaranty has
been duly executed by the undersigned the day and year first written above. 

WINNEBAGO INDUSTRIES, INC. 

	By:	 	/s/   Ed Barker	 
		
	
	Its:	 	Sr. Vice President – Chief Financial Officer	 
		
	
	 
	
Concur:
HCC LEASING CORPORATION 
	 
	By:	 	/s/   Charles S. Holland	 
		
	
	Its:	 	President	 
		
	
	 
	
Concur:
CDI, LLC  
	 
	By:	 	/s/   Jeff Schwartz	 
		
	
	Its:	 	Member	 
		
	
	 
	By:	 	/s/   John Bibbo	 
		
	
	Its:	 	MemberExhibit 10i to WINNEBAGO INDUSTRIES, INC. Form 10-Q dated 02-28-2004

Exhibit 10i  

OFFICERS LONG-TERM INCENTIVE PLAN  

FISCAL THREE-YEAR PERIOD  

2002, 2003 and 2004  

WINNEBAGO INDUSTRIES, INC.

OFFICERS LONG-TERM INCENTIVE PLAN

Fiscal Three-Year Period 2002, 2003 and 2004 

	1.  	  	Purpose.   The
purpose of the Winnebago Industries, Inc. Officers Long-Term Incentive Plan (the
“Plan”) is to promote the long-term growth and profitability of
Winnebago Industries, Inc. (the “Company”) by providing its officers
with an incentive to achieve long-term corporate profit objectives and to
attract and retain officers who will contribute to the achievement of growth and
profitability of the Company.  

	2.  	  	Administration.     

	  	a.  	  	Human Resources Committee.   The
Plan shall be administered by a Committee (the “Committee”) appointed
by the Board of Directors.  

	  	b.  	  	Powers and Duties.   The
Committee shall have sole discretion and authority to make any and all
determinations necessary or advisable for administration of the Plan and may
amend or revoke any rule or regulation so established for the proper
administration of the Plan. All interpretations, decisions, or determinations
made by the Committee pursuant to the Plan shall be final and conclusive.
 

	  	c.  	  	Annual Approval.   The Committee must approve the Plan prior to the beginning of each new fiscal
three (3) year plan period. Each year a new plan will be established for a new three-year
period.  

	3.  	  	Participation Eligibility.  

	  	a.  	  	Participants
must be an officer of the Company with responsibilities that can have a real
impact on the Corporation’s end results. 

	  	b.  	  	The Committee
will approve all initial participation prior to the beginning of each new
program except as provided for in section c. below. 

	  	c.  	  	The President of
Winnebago Industries, Inc. will make the determination on participation for new
participants, for partial awards due to retirement or disability and other
related partial year participation issues necessary to maintain routine and
equitable administration of the Plan. 

	4.  	  	Nature
of the Plan.   The long-term incentive award is based
upon financial performance of the Corporation as established by the three (3)
year Management Plan. The Plan is a three (3) year (fiscal) program that
provides for an opportunity for an incentive award based on the achievement of
long-term performance results as measured at the end of the three (3) year
fiscal period.  

	  	The financial
performance measurements for this Plan will be earnings per share and return on
equity of the Company for this period. These financial performance measurements
will provide an appropriate balance between quality and quantity of earnings.
The Company’s formal three-year financial plan will be the basis on which
actual performance will be measured. The beginning of the fiscal year
stockholders’ equity at the first year of this period will be used as the
base figure for the calculation of return on equity. Any stock repurchase
program, adopted or completed outside of the three (3) year Management Plan will
not be considered in the earnings per share and the return on equity
calculations. 

	5.  	  	Method of Payment.   The long-term incentive award will be paid in cash. The amount of the
participants’ long-term incentive award for the three (3) year fiscal period shall
be in direct proportion to the financial performance expressed as a percentage (Financial
Factor) against predetermined award targets for each participant. The results for the
fiscal three (3) year period will be used in identifying the Financial Factor to be used
for that plan period when calculating the participants long-term incentive awards.  

	  	The long-term
incentive for the officers provides for an opportunity of 25% of the annualized
base salary (Target) to be awarded in cash at 100% achievement of the financial
long-term objectives of earnings per share and return on equity. The annualized
base salary figure used shall be the salary in place for each participant as of
January 2002. A unit target opportunity shall be established by dividing the
base salary target by the mean stock price as of the first business day of the
three (3) year fiscal period. The resultant unit opportunity (at 100% of Plan)
will be adjusted up or down as determined by first, the actual financial
performance expressed as a percentage (Financial Factor) and second, the
resulting units will be valued at the mean stock price at the end of the three
(3) year fiscal period. 

	  	A participant
must be employed by Winnebago Industries, Inc. at the end of the fiscal three
(3) year period to be eligible for any long-term incentive award except as
waived by the President of Winnebago Industries, Inc. for normal retirement and
disability. 

	6.  	  	Change
in Control.   In the event the Company undergoes a change
in control during the fiscal three (3) year plan period including, without
limitation, an acquisition or merger involving the Corporation (“Change in
Control”), the Committee shall, prior to the effective date of the Change
in Control (the “Effective Date”), make a good faith estimate with
respect to the achievement of the financial performance through the end of the
Plan three (3) year period. In making such estimate, the Committee may compare
the achievement of the financial performance against the forecast through the
Plan three (3) year period and may consider such other factors as it deems
appropriate. The Committee shall exclude from any such estimate any and all
costs and expenses arising out of or in connection with the Change in Control.
Based on such estimate, the Committee shall make a full three (3) year Plan
award within 15 days after the Effective date to all participants.  

	  	“Change in
Control” for the purposes of the Officers Long-Term Incentive Plan
shall mean the time when (i) any Person becomes an Acquiring Person, or
(ii) individuals who shall qualify as Continuing Directors of the Company
shall have ceased for any reason to constitute at least a majority of the Board
of Directors of the Company, provided however, that in the case of either
clause (i) or (ii) a Change of Control shall not be deemed to have
occurred if the event shall have been approved prior to the occurrence thereof
by a majority of the Continuing Directors who shall then be members of such
Board of Directors, and in the case of clause (i) a Change of Control shall
not be deemed to have occurred upon the acquisition of stock of the Company by a
pension, profit-sharing, stock bonus, employee stock ownership plan or other
retirement plan intended to be qualified under Section 401(a) of the Internal
Revenue Code of 1986, as amended, established by the Company or any subsidiary
of the Company. (In addition, stock held by such a plan shall not be treated as
outstanding in determining ownership percentages for purposes of this
definition.)  

For the purpose of the
definition “Change of Control:” 

	  	(a)  	  	“Continuing
Director” means (i) any member of the Board of Directors of the Company,
while such person is a member of the Board, who is not an Affiliate or Associate
of any Acquiring Person or of any such Acquiring Person’s Affiliate or
Associate and was a member of the Board prior to the time when such Acquiring
Person shall have become an Acquiring Person, and (ii) any successor of a
Continuing Director, while such successor is a member of the Board, who is not
an Acquiring Person or any Affiliate or Associate of any Acquiring Person or a
representative or nominee of an Acquiring Person or of any affiliate or

	  	 associate of
such Acquiring Person and is recommended or elected to succeed the Continuing
Director by a majority of the Continuing Directors. 

	  	(b)  	  	“Acquiring
Person” means any Person or any individual or group of Affiliates or
Associates of such Person who acquires beneficial ownership, directly or
indirectly, of 20% or more of the outstanding stock of the Company if such
acquisition occurs in whole or in part, except that the term “Acquiring
Person” shall not include a Hanson Family Member or an Affiliate or
Associate of a Hanson Family Member. 

	  	(c)  	  	“Affiliate”
means a Person that directly or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, the person
specified. 

	  	(d)  	  	“Associate”
means (1) any corporate, partnership, limited liability company, entity or
organization (other than the Company or a majority-owned subsidiary of the
Company) of which such a Person is an officer, director, member, or partner or
is, directly or indirectly the beneficial owner of ten percent (10%) or more of
the class of equity securities, (2) any trust or fund in which such person
has a substantial beneficial interest or as to which such person serves as
trustee or in a similar fiduciary capacity, (3) any relative or spouse of
such person, or any relative of such spouse, or (4) any investment company
for which such person or any Affiliate of such person serves as investment
advisor. 

	  	(e)  	  	“Hanson
Family Member” means John K. Hanson and Luise V. Hanson (and the
executors or administrators of their estates), their lineal descendants (and the
executors or administrators of their estates), the spouses of their lineal
descendants (and the executors or administrators of their estates) and the
John K. and Luise V. Hanson Foundation. 

	  	(f)  	  	“Company”
means Winnebago Industries, Inc., an Iowa corporation. 

	  	(g)  	  	“Person” means
an individual, corporation, limited liability company, partnership, association, joint
stock company, trust, unincorporated organization or government or political subdivision
thereof.  

	7.  	  	Governing Law.   Except
to the extent preempted by federal law, the consideration and operation of the
Plan shall be governed by the laws of the State of Iowa.  

	8.  	  	Employment Rights.   Nothing
in this Plan shall confer upon any employee the right to continue in the employ
of the Company, or affect the right of the Company to terminate an
employee’s employment at any time, with or without cause.  

Approved by: 

	/s/   Bruce D. Hertzke	 	February 17, 2004	 
	
		
	
	Chairman of the Board, CEO and President	 	Dated	 
	 
	/s/   Frederick M. Zimmerman	 	February 16, 2004	 
	
		
	
	Human Resources Committee Chairman	 	Dated

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