Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) As previously disclosed, on July 20, 2020, Briggs & Stratton Corporation
(the "Company") and certain of its subsidiaries filed voluntary petitions (the
"Chapter 11 Cases") for relief under chapter 11 of title 11 of the United States
Code in the United States Bankruptcy Court for Eastern District of Missouri (the
"Bankruptcy Court").
In connection with the Chapter 11 Cases, on August 12, 2020, the Board of
Directors of the Company terminated the following compensation plans: (i)
Amended and Restated Deferred Compensation Plan for Directors (subject to
Bankruptcy Court approval, which was obtained on August 18, 2020), (ii) Amended
and Restated Key Employee Savings and Investment Plan (subject to Bankruptcy
Court approval, which was obtained on August 18, 2020), (iii) Amended and
Restated Supplemental Executive Retirement Plan, and (iv) Amended and Restated
Supplemental Employee Retirement Plan, such terminations effective July 20,
2020.
The Company cautions that trading in the Company's securities during the
pendency of the Chapter 11 Cases is highly speculative and poses substantial
risks. Trading prices for the Company's securities may bear little or no
relationship to the actual recovery, if any, by holders of the Company's
securities in the Chapter 11 Cases. The Company expects that its equity holders
will experience a complete loss on their investment, depending on the outcome of
the Chapter 11 process.
Cautionary Statement on Forward-Looking Statements
This Current Report on Form 8-K contains certain forward-looking statements that
involve risks and uncertainties that could cause actual results to differ
materially from those projected in the forward-looking statements. The words
"anticipate", "believe", "estimate", "expect", "forecast", "intend", "plan",
"project", and similar expressions are intended to identify forward-looking
statements. The forward-looking statements are based on the Company's current
views and assumptions and involve risks and uncertainties that include, among
other things, the Company's expectation that equity holders will experience a
complete loss on their investment and other factors disclosed from time to time
in the Company's filings with the SEC or otherwise, including the factors
discussed in Item 1A, Risk Factors, of the Company's most recent Annual Report
on Form 10-K, the Company's Quarterly Reports on Form 10-Q and the Company's
Current Reports on Form 8-K, including those factors associated with the Chapter
11 Cases. The Company therefore cautions readers against relying on these
forward-looking statements. All forward-looking statements attributable to the
Company or persons acting on the Company's behalf are expressly qualified in
their entirety by the foregoing cautionary statements. All such statements speak
only as of the date made, and, except as required by law, the Company undertakes
no obligation to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
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