Exhibit 10.1
Summary of Employment Arrangement with Erik Wilde, Executive Vice President – NAM Industrial
1. | Term – Employment at will, beginning July 27, 2016 |
2. | Compensation - $340,000 annually. Salary is eligible for review in 2017 in accordance with Generac’s normal policies. |
3. | Executive Management Incentive Program (EMIP). Employee is eligible to participate in the EMIP with target bonus of 50% of salary opportunity to earn up to 125% of base salary annually. Guaranteed minimum bonus of $100,000 for 2016. |
4. | Long-Term Incentive Compensation (LTIP). Employee is eligible to participate in Generac’s LTIP program. |
5. | Sign On Equity Grant. Employee received an aggregate amount of $250,000 of Company common stock determined by fair market value at time of grant. All shares are subject to the Company’s Equity Incentive Plan. |
6. | Benefits. Employee is eligible for the Generac benefits plan on the same terms as other employees. |
7. | Vacation. Vacation will accrue in accordance with the Company's practices. |
8. | Relocation. Moving expenses, temporary living accommodations and associated fees covered. |