Document:

Third Amendment to License Agreement

 EXHIBIT 10.1* 

THIRD AMENDMENT 
 TO 
 LICENSE AGREEMENT 

THIS THIRD AMENDMENT (this “Third Amendment”), dated as of June 1, 2011 (the
“Effective Date”), to the License Agreement dated as of November 15, 2005 (together with its amendments, the “License Agreement”) by and between L.C. Licensing, Inc. a Delaware corporation with an office at c/o
Liz Claiborne, Inc., 1441 Broadway, New York 10018 on the one hand (“Licensor”), and Movado Group, Inc., a New York Corporation with an office at 650 From Road, Paramus, New Jersey 07652 and Swissam Products Limited, a Hong Kong
corporation with an office at 1406 World Finance Centre, North Tower, Harbour City, Tsimshatsui, Kowloon, Hong Kong together on the other hand (jointly and severally, “Licensee”). 

WHEREAS, the Licensor and Licensee (together the “parties”) are parties to the License Agreement;
and, 
 WHEREAS, the parties now desire to amend certain terms of the License Agreement, on and subject
to the provisions herein. 
 NOW THEREFORE, in consideration of the premises, the mutual promises set
forth below and for other good and valuable consideration, the sufficiency of which are hereby acknowledged, the parties agree as follows: 
  

	 	1.	 The term of the License Agreement is hereby extended for an additional five (5) years corresponding to the Renewal Term, as set forth on
Schedule 3.1(c) of the License Agreement, on and subject to all of the provisions thereof. 

  

	 	2.	 The following Schedules of the License Agreement are each hereby amended by deleting each such Schedule in its entirety and replacing it with the
corresponding Schedule attached hereto: 

  

	 	(a)	 Schedule 3.3(g) (MINIMUM NET SALES) 

  

	 	(b)	 Schedule 7.2 (NATIONAL ADVERTISING, MARKETING AND COOP.) 

 

	 	(c)	 Schedule 8.2 (GUARANTEED MINIMUM ROYALTIES) 

  

	 	3.	 Except to the extent expressly modified by this Third Amendment, the License Agreement and all of its terms and conditions remain in full force and
effect. 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly
authorized officers to execute this Third Amendment as of the Effective Date. 
  

									
	L.C. LICENSING, INC.	 		 	MOVADO GROUP, INC.
					
	By:	 	/s/ Mark Weisz	 		 	By:	 	/s/ Sallie A. DeMarsilis
		 	Name: Mark Weisz	 		 		 	Name: Sallie A. DeMarsilis
		 	Title: CFO JC	 		 		 	Title: SVP/CFO
			
		 		 	SWISSAM PRODUCTS LIMITED
					
	 	 	 	 		 	By:	 	/s/ Timothy F. Michno
		 		 		 		 	Name: TF Michno
		 		 		 		 	Title: Director

  

	*	 CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED FROM SCHEDULES 3.3(g), 7.2 AND 8.2 AND FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION (“SEC”) PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (“1934 ACT”). 

 SCHEDULE 3.3(g) MINIMUM NET SALES 

Licensee shall achieve Net Sales of Licensed Merchandise in the U.S. of $0 in Year 1 (2005) and * in Year 2 (2006). In each year
thereafter, Licensee shall achieve Net Sales equal * 
 Initial Term: 

 

			
	 YEAR
	  	SALES
	 Year 3 (2007)
	  	
	 Year 4 (2008)
	  	
	 Year 5 (2009)
	  	*
	 Year 6 (2010)
	  	
	 Year 7 (2011)
	  	

 Renewal Term: 
  

			
	 YEAR
	  	SALES
	 Year 8 (2012)
	  	
	 Year 9 (2013)
	  	
	 Year 10 (2014)
	  	*
	 Year 11 (2015)
	  	
	 Year 12 (2016)
	  	

  

	*	 CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC PURSUANT TO RULE 24b-2 OF THE 1934 ACT 

  
 2 

 SCHEDULE 7.2 NATIONAL ADVERTISING, MARKETING AND COOP. 

 

			
	 Contract Year 1 (2005)
	  	 0

		
	 Contract Years 2-7 (2006-2011)
	  	 * of Net Sales of Licensed Merchandise in the current Contract Year or * , whichever is greater.

		
	 Each Contract Year of the
 Renewal Term (2012-2016)
	  	 * of Net Sales of Licensed Merchandise in the current Contract Year or * , whichever is greater. Without limiting the foregoing, Licensee shall expend no less
than * of actual Net Sales of Licensed Merchandise made to Licensor on co-op marketing efforts with Licensee’s retail and e-commerce operations for expenditures related to the promotion of the Licensed Mark in the following manners/mediums (and
any other manners/mediums Licensor may hereafter pre-approve in writing): national advertising (in addition to Image Fund), co-op advertising, digital medias, display materials and shop-in-shops, samples for merchandising, promotions and
incentives.

  

	*	 CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC PURSUANT TO RULE 24b-2 OF THE 1934 ACT 

  
 3 

 SCHEDULE 8.2 GUARANTEED MINIMUM ROYALTIES (GMR) 

The minimum royalty shall be $0 in Year 1 (2005) and * in Year 2 (2006). In each subsequent year, the minimum shall be * and the
following base amount for such year: 
 Initial Term: 
  

			
	 YEAR
	  	MINIMUM ROYALTY
	 Year 3 (2007)
	  	
	 Year 4 (2008)
	  	
	 Year 5 (2009)
	  	*
	 Year 6 (2010)
	  	
	 Year 7 (2011)
	  	

 Renewal Term: 
  

			
	 YEAR
	  	MINIMUM ROYALTY
	 Year 8 (2012)
	  	
	 Year 9 (2013)
	  	
	 Year 10 (2014)
	  	*
	 Year 11 (2015)
	  	
	 Year 12 (2016)
	  	

 For the Second Contract Year, royalties in excess of the GMR will only be payable on sales that generate
royalty revenue in excess of * . 
 Payment of Guaranteed Minimum Royalties: The minimum royalty for each Contract Year
shall be paid in advance in four (4) equal quarterly installments, on the first day of Licensor’s fiscal quarters commencing January 1, 2006. 
  

	*	 CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE SEC PURSUANT TO RULE 24b-2 OF THE 1934 ACT 

  
 4Amended and Restated Economic Value Added Incentive Compensation Plan

 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES 

2011 ANNUAL REPORT ON FORM 10-K 
  

EXHIBIT 10.2 
  

AMENDED AND RESTATED OPERATING ECONOMIC VALUE 
 ADDED INCENTIVE COMPENSATION PLAN 

  
 1 

 Effective 7-4-11 
 BRIGGS & STRATTON CORPORATION 
 OPERATING ECONOMIC
VALUE ADDED 
 INCENTIVE COMPENSATION PLAN 

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

As adopted by the Compensation Committee on April 20, 2004 and amended through August 2, 2011 

  
 2 

 BRIGGS & STRATTON CORPORATION 

OPERATING ECONOMIC VALUE ADDED INCENTIVE COMPENSATION PLAN 

 
  

	I.	Plan Objectives 

  

	 	A.	 To promote the maximization of shareholder value over the long term by providing incentive compensation to key employees of Briggs &
Stratton Corporation (the “Company”) in a form which is designed to financially reward participants for an increase in the value of the Company to its shareholders. 

 

	 	B.	 To provide competitive levels of compensation to enable the Company to attract and retain employees who are able to exert a significant impact on
the value of the Company to its shareholders. 

  

	 	C.	 To encourage teamwork and cooperation in the achievement of Company goals. 

 

	 	D.	 To recognize differences in the performance of individual participants. 

 

	II.	 Plan Administration 

 The Compensation Committee of the Board of Directors (the “Committee”) shall be responsible for the design, administration, and interpretation of the Plan. 

 

	III.	 Definitions 

  

	 	A.	 “Accrued Bonus” means the bonus which is calculated in the manner set forth in Section V.A. 

 

	 	B.	 “Actual EVA” means the EVA as calculated for the relevant Plan Year. 

 

	 	C.	 “Base Salary” means the amount of a Participant’s base compensation earned during the Plan Year without adjustment for
bonuses, salary deferrals, value of benefits, imputed income, special payments, amounts contributed to a savings plan or similar items. 

  

	 	D.	 “Capital” means the Company’s weighted average monthly operating capital for the Plan Year, calculated as follows:

  

			
		 	Current Assets
	 -
	 	Non-operating Investments
	 +
	 	Bad Debt Reserve
	 +
	 	LIFO Reserve
	 -
	 	 Deferred Tax Liabilities or Assets
 Classified as Current Assets

	 -
	 	Current Noninterest-Bearing Liabilities
	 +
	 	Warranty Reserve
	 +
	 	Environmental Reserve
	 +
	 	Property, Plant, Equipment, Net
	 -
	 	Construction in Progress
	 +

-
	 	 Other Assets (not including prepaid Pension Costs)
 Goodwill

	 (+/-)
	 	Unusual Capital Items

 Capital will exclude cash on hand in excess of $30 million, except that such excess
shall be included in Capital after it has been held by the Company for 36 months. 
  

	 	E.	 “Capital Charge” means the deemed opportunity cost of employing Capital in the Company’s businesses, determined as follows:

 Capital Charge = Capital X Cost of Capital 

  
 3 

	 	F.	 “Cost of Capital” means 10.0%, except that the Committee may decide annually to change the Cost of Capital to the extent the
Company’s actual cost of capital increases or decreases by more than 1% up or down from the prior Plan Year. The Company’s actual cost of capital will be determined (to the nearest tenth of a percent) by the Committee consistent with the
following methodology: 

  

	 	a)	 Cost of Equity = Risk Free Rate + (Business Risk Index X Average Equity Risk Premium) 

 

	 	b)	 Debt Cost of Capital = Debt Yield X (1-Tax Rate) 

  

	 	c)	 The weighted average of the Cost of Equity and the Debt Cost of Capital is determined by reference to the actual debt-to-capital ratio

 where the Risk Free Rate is the average daily closing yield rate on 10 year U.S. Treasury
Bonds for the month of june immediately preceding the relevant Plan Year, the Business Risk Index is determined by using an average of the Beta available in the four (4) most recent Value Line reports on the Company. The Average Equity Risk
Premium is 6%, the Debt Yield is the weighted average yield of all borrowing included in the Company’s permanent capital, and the tax rate is the combination of the relevant federal and state effective income tax rates. 

 

	 	G.	 “Designated Key Contributor” means those Participants named by the Chief Executive Officer as a Designated Key Contributor under
the Plan. 

  

	 	H.	 “Divisional EVA Performance Factor” means an Individual Performance Factor calculated in the same manner as the Company Performance
Factor as set forth in Section VI.A., except that EVA, Actual EVA, Target EVA, NOPAT, Capital, Capital Charge and other relevant terms shall be defined by reference to the particular operating division, service division or sales group, not by
reference to the entire Company. 

  

	 	I.	 “Economic Value Added” or “EVA” means the NOPAT that remains after subtracting the Capital Charge, expressed as follows:

			
		 	NOPAT
	Less:    	 	Capital Charge
	Equals:	 	EVA

 EVA may be positive or negative. 

 

	 	J.	“Key Managers” mean those Participants designated as Key Managers by the Committee with respect to any Plan Year. 

 

	 	K.	“NOPAT” means cash adjusted net operating profits after taxes for the Plan Year, calculated as follows: 

 

			
		 	Pretax Income
	 +

+
	 	 Interest Expense
 Stock
Compensation Expense

	 -
	 	Normal Pension Costs
	 +/-
	 	Pension Income/Expense
	 +/-
	 	Change in LIFO Reserve
	 +/-
	 	Change in Bad Debt Reserve
	 +/-
	 	Change in Post Retire Health Care Reserve
	 +/-
	 	Change in Warranty Reserve
	 +/-
	 	Other Income & Expense on Non-Operating Investments
	 +/-
	 	Unusual Charges
	 +/-
	 	Amortization of Unusual Income or Expense Items
	 -
	 	Taxes on the above using the Company’s effective tax rate

  
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	 	L.	 “Plan Year” means the one year period coincident with the Company’s fiscal year. 

 

	 	M.	 “Senior Executives” means those Participants designated as Senior Executives by the Committee with respect to any Plan Year.

  

	 	N.	 “Target EVA” means the target level of EVA for the Plan Year determined by the Committee. 

 

	IV.	 Eligibility 

  

	 	A.	 Eligible Positions. In general, all Company Officers, Division General Managers, Key Managers and members of the corporate operations group,
and certain direct reports of such individuals may be eligible for participation in the Plan. However, actual participation will depend upon the contribution and impact each eligible employee may have on the Company’s value to its shareholders,
as determined by the Chief Executive Officer of the Company, and approved by the Committee. 

  

	 	B.	 Nomination and Approval. Each Plan Year, the Chief Executive Officer of the Company will nominate eligible employees of the Company and its
subsidiaries and affiliates to participate in the Plan for the next Plan Year. The Committee will have the final authority to select Plan participants (the “Participants”) among the eligible employees nominated by the Chief Executive
Officer of the Company. Continued participation in the Plan is contingent on approval of the Committee. Selection normally will take place, and will be communicated to each Participant, prior to the beginning of the pertinent Plan Year.

  

	V.	 Individual Participation Levels 

  

	 	A.	 Calculation of Accrued Bonus. Each Participant’s Accrued Bonus will be determined as a function of the Participant’s Base Salary,
the Participant’s Target Incentive Award (provided in paragraph V.B., below), Company Performance Factor (provided in Section VI.A.) and the Individual Goal Achievement Factor (provided in Section VI.B.) for the Plan Year. Each
Participant’s Accrued Bonus will be calculated as follows: 

  

																																			
	     30%    
	  	 Participant’s
 Base Salary
	  	 	x	  	  	Target
Incentive
Award	  	 	x	  	  	Company
Performance
Factor	  	 	+	  	  	70%	 	Participant’s
Base Salary	  	 	x	  	  	Target
Incentive
Award	  	 	x	  	  	Individual
Goal Achievement
Factor

 In no case may the Accrued Bonus exceed two times the Target Incentive Award or be less than zero.

  

	 	B.	Target Incentive Awards. The Target Incentive Awards will be determined according to the following schedule: 

 

			
	 Executive Position
	  	Target Incentive Award
 (% of
Base Salary)

	 Chief Executive Officer
	  	100%
	 Chief Operating Officer
	  	80%
	 Executive Vice President & Senior Vice Presidents
	  	60%
	 Other Elected Officers
	  	40%
	 Division General Managers
	  	40%
	 Key Managers
	  	40%
	 Designated Key Contributors
	  	25%
	 All Others
	  	20%

  

	VI.	Performance and Goal Achievement Factors 

  

	 	A.	 Company Performance Factor Calculation. For any Plan Year, the Company Performance Factor will be calculated from a table approved by the
Compensation Committee that states the Company Performance Factor that applies to achievement of various percentages of the Target EVA for the Plan Year. 

  
 5 

	 	B.	 Individual Goal Achievement Factor Calculation. Determination of the Individual Goal Achievement Factor will be the responsibility of the
individual to whom the participant reports. This determination will be subject to approval by the Committee and should be in conformance with the process set forth below: 

 

	 	(1)	 Quantifiable Goal Achievement Factors. The Individual Goal Achievement Factor of the Accrued Bonus calculation will be based on the
accomplishment of individual, financial and/or other goals. Whenever possible, individual performance will be evaluated according to quantifiable benchmarks of success. These factors will represent an achievement percentage continuum that ranges
from 0% to 200% of the individual target award opportunity, and will be enumerated from 0 to 2.0 based on such continuum. If the Quantifiable Goal Achievement Factor is based on divisional EVA, it shall be calculated in the same manner as the
Company Performance Factor set forth in Section VI.A, unless the Compensation Committee has approved a different method of calculating divisional EVA. 

 

	 	(2)	 Non-Quantifiable Goal Achievement Factors. When performance cannot be measured according to a quantifiable monitoring system, an assessment
of the Participant’s overall performance may be made based on a Non-Quantifiable Goal Achievement Factor (or Factors). The person to whom the Participant reports will evaluate the Participant’s performance, and this evaluation will
determine the Participant’s Goal Achievement Factor (or Factors) according to the following schedule: 

  

					
	 Individual
	  		  	
	 Goal Achievement Rating
	  	Goal Achievement Factor	  	
			
	
                        
    Outstanding
	  	1.3 - 1.5            	  	
	
                        
    Excellent
	  	1.1 - 1.3            	  	
	
                        
    Good
	  	.9 - 1.1            	  	
	
                        
    Satisfactory
	  	.5 - .9            	  	
	
                        
    Unsatisfactory
	  	0                	  	

  

	 	(3)	 Aggregate Individual Goal Achievement Factor. The Individual Goal Achievement Factor to be used in the calculation of the Accrued Bonus shall
be equal to the average (or weighted average) of one or more Quantifiable and/or Non-Quantifiable Goal Achievement Factors according to relative importance, except that the Non-Quantifiable Goal Achievement Factor shall account for no more than 15%
of the Accrued Bonus. 

  

	VII.	 Change in Status During the Plan Year 

  

	 	A.	 New Hire, Transfer, Promotion, Demotion 

A newly hired employee or an employee transferred, promoted, or demoted during the Plan Year to a position qualifying for
participation (or leaving the participating class) may accrue (subject to discretion of the Committee) a pro rata Accrued Bonus based on the percentage of the Plan Year (actual weeks/full year times a full year award amount for that position) the
employee is in each participating position. 
  

	 	B.	 Discharge 

 An employee discharged during the Plan Year shall not be eligible for an Accrued Bonus, even though his or her service arrangement or contract extends past year-end, unless the Committee determines that
the conditions of the termination indicate that a prorated Accrued Bonus is appropriate. The Committee shall have full and final authority in making such a determination. 

 

	 	C.	 Resignation 

 An employee who resigns during the Plan Year to accept employment elsewhere (including self-employment) will not be eligible for an Accrued Bonus. 

 

	 	D.	 Death, Disability, Retirement 

  
 6 

 If a Participant’s employment is terminated during a Plan Year by
reason of death, disability, or normal or early retirement under the Company’s retirement plan, a tentative Accrued Bonus will be calculated as if the Participant had remained employed as of the end of the Plan Year. The final Accrued Bonus
will be calculated by multiplying the tentative Accrued Bonus by a proration factor. The proration factor will be equal to the number of full weeks of employment during the Plan Year divided by fifty-two. For purposes of this section, the date a
participant is deemed to be terminated pursuant to disability shall be the date the employee begins receiving a monthly Long Term Disability Benefit under the Company's Group Insurance Plan. 

Each employee may name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any
benefit under this Plan is to be paid in case of the employee’s death. 
 Each such designation shall
revoke all prior designations by the employee, shall be in the form prescribed by the Committee, and shall be effective only when filed by the employee in writing with the Committee during his or her lifetime. 

In the absence of any such designation, benefits remaining unpaid at the employee’s death shall be paid to the
employee’s estate. 
  

	 	E.	 Leave of Absence 

 An employee whose status as an active employee is changed during a Plan Year as a result of a leave of absence may, at the discretion of the Committee, be eligible for a pro rata Accrued Bonus determined
in the same way as in paragraph D. of this Section. 
  

	VIII.	 Bonus Paid 

  

	 	A.	 All Accrued Bonuses of Participants shall be paid in cash, less amounts required by law to be withheld for income and employment tax purposes,
during the 60 day period following the end of the Plan Year in which the Accrued Bonus was earned. 

  

	IX.	 Administrative Provisions 

  

	 	A.	 Amendments, Suspension, Termination and Recovery. The Committee shall have the right to modify or amend this Plan from time to time, or
suspend it or terminate it entirely. The Committee may suspend or terminate an Accrued Bonus for a Plan Year at any time prior to its payment to the Participant. The Committee may also recover all or any portion of a Total Bonus Payout to a Senior
Executive or Key Manager with respect to (1) a Plan Year for which there occurs within the three (3) years following the award a material restatement of the Company’s annual report filed with the SEC due to the negligence or
misconduct of one or more persons, and (2) any subsequent Plan Year in which an Accrued Bonus was materially affected by the restatement. Such recovery may include without limitation reducing the Participant’s Bank Balance.

  

	 	B.	 Interpretation of Plan. Any decision of the Committee with respect to any issues concerning individual selected for awards, the amount,
terms, form and time of payment of awards, and interpretation of any Plan guideline, definition, or requirement shall be final and binding. 

  

	 	C.	 Effect of Award on Other Employee Benefits. By acceptance of a bonus award, each recipient agrees that such award is special additional
compensation and that it will not affect any employee benefit, e.g., life insurance, etc., in which the recipient participates, except as provided in paragraph D. below. 

 

	 	D.	 Retirement Programs. Awards made under this Plan shall be included in the employee’s compensation for purposes of the Company Retirement
Plans and Savings Plan. 

  

	 	E.	 Right to Continued Employment; Additional Awards. The receipt of a bonus award shall not give the recipient any right to continued
employment, and the right and power to dismiss any employee is specifically reserved to the Company. In addition, the receipt of a bonus award with respect to any Plan Year shall not entitle the recipient to an award with respect to any subsequent
Plan Year. 

  
 7 

	 	F.	 Adjustments to Performance or Achievement Goals. When a performance or achievement goal is based on Economic Value Added or other
quantifiable financial or accounting measure, it may be necessary to exclude or adjust significant nonbudgeted or noncontrollable capital investments or gains or losses from actual financial results in order to properly measure performance. The
Committee will decide those items that shall be considered in adjusting actual results. For example, some types of items that may be considered for exclusion or adjustment are: 

 

	 	(1)	 Any gains or losses which will be treated as extraordinary in the Company’s financial statements. 

 

	 	(2)	 Profits or losses of any entities acquired by the Company during the Plan Year, assuming they were not included in the budget and/or the goal.

  

	 	(3)	 Material gains or losses not in the budget and/or the goal which are of a nonrecurring nature and are not considered to be in the ordinary course of
business. Some of these would be as follows: 

  

	 	(a)	 Gains or losses from the sale or disposal of real estate or property. 

 

	 	(b)	 Gains resulting from insurance recoveries when such gains relate to claims filed in prior years. 

 

	 	(c)	 Losses resulting from natural catastrophes, when the cause of the catastrophe is beyond the control of the Company and did not result from any
failure or negligence on the Company’s part. 

  

	 	(4)	 Capital incurred for a major acquisition for a reasonable period following such acquisition. 

 

	 	(5)	 Restructuring charges and related amortization periods. 

 

	 	G.	 Vesting. All amounts due but unpaid to any Participant under this plan shall vest, subject to the terms of this EVA Plan, upon actual
termination of employment of the Participant. 

  

	X.	 Miscellaneous 

  

	 	A.	 Indemnification. Each person who is or who shall have been a member of the Committee or of the Board, or who is or shall have been an
employee of the Company, shall not be liable for, and shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with any claim,
action, suit, or proceeding to which he or she may be a party by reason of any action taken or failure to act under this Plan. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons
may be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

 

	 	B.	 Expenses of the Plan. The expenses of administering this Plan shall be borne by the Company. 

 

	 	C.	 Withholding Taxes. The Company shall have the right to deduct from all payments under this Plan any Federal or state taxes required by law to
be withheld with respect to such payments. 

  

	 	D.	 Governing Law. This Plan shall be construed in accordance with and governed by the laws of the State of Wisconsin.

  

	 	E.	 Section 409A. To facilitate compliance with Internal Revenue Code Section 409A, a payment otherwise required to be paid under this
Plan shall be neither accelerated nor deferred nor shall there otherwise be a change in the time at which any payment due hereunder is to be paid, except pursuant to a specific written amendment adopted by the Board of Directors of Briggs &
Stratton Corporation, which amendment is consistent with the requirements of applicable regulations under Internal Revenue Code Section 409A. Further, no individual shall be deemed to have a termination of employment for purposes of this Plan
unless such termination of employment also constitutes a separation from service within the meaning of Code Section 409A. 

  
 8

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