SEC Contract Filing

Filing Date: 2019-11-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex_160685.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.2</b></font></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Generac Holdings Inc.<br>
2019 Equity Incentive Plan</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><br>
<b>NONQUALIFIED STOCK OPTION AWARD AGREEMENT</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Upon acceptance by you through the online acceptance procedures set forth at www.computershare.com (&#8220;<b>Computershare</b>&#8221;), this Nonqualified Stock Option Award Agreement (this &#8220;<b>Agreement</b>&#8221;) is made effective as of the date set forth on your online award acceptance page on Computershare (&#8220;<b>Grant Date</b>&#8221;), which is incorporated by reference herein, between Generac Holdings Inc., a Delaware corporation (the &#8220;<b>Company</b>&#8221;) and you (the &#8220;<b>Participant</b>&#8221;).</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u>R</u> <u>E</u> <u>C</u> <u>I</u> <u>T</u> <u>A</u> <u>L</u> <u>S</u>:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">WHEREAS, the Company has adopted and the stockholders have approved the Generac Holdings Inc. 2019 Equity Incentive Plan (the &#8220;<b>Plan</b>&#8221;), which Plan is incorporated herein by reference and made a part of this Agreement. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">WHEREAS, the Company has adopted the Generac Power Systems, Inc. Executive Change in Control Policy (the &#8220;<b>CIC Policy</b>&#8221;); and</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">WHEREAS, the Committee has determined that it would be in the best interests of the Company and its stockholders to grant the option provided for herein to the Participant pursuant to the Plan and the terms set forth herein.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of the Option</u>. The Company hereby grants to the Participant the right and option (the &#8220;<b>Option</b>&#8221;) to purchase, on the terms and conditions hereinafter set forth, all or any part of an aggregate a certain number of Shares as set forth on the Participant&#8217;s online award acceptance page on Computershare. The Option is intended to be a Non-Qualified Stock Option.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:72pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Option </u><u>Exercise </u><u>Price</u>. The purchase price of the Shares subject to the Option shall equal the exercise price as defined and calculated pursuant to Section 7 of the Plan, and which corresponds to the Grant Date set forth on your online award acceptance page on Computershare and denoted as the award exercise price (the &#8220;<b>Exercise</b> <b>Price</b>&#8221;).</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Option Term</u>. The term of the Option shall be ten (10) years, commencing on the Date of Grant, unless terminated at an earlier time pursuant to <u>Section </u><u>6</u> (the &#8220;<b>Option Term</b>&#8221;). The Option shall automatically terminate upon the expiration of the Option Term, or at such earlier time specified herein or in the Pla