SNAP ON INC
AGREEMENT BETWEEN COMPANY AND MICHAELS
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<DESCRIPTION>AGREEMENT BETWEEN COMPANY AND MICHAELS
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>AGREEMENT</U> </FONT> </H1>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
AGREEMENT by and between Snap-on Incorporated, a Delaware corporation (the
&#147;Company&#148;), and Jack D. Michaels (the &#147;Executive&#148;), is effective as of
December 3, 2004 (the &#147;Effective Date&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the parties are executing this Agreement to evidence the parties&#146; understanding with
respect to the payments and benefits that will be provided to the Executive in the event
that his employment is terminated by the Company without Cause during the Term. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, it is hereby agreed as follows: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>DEFINITIONS</U> </FONT></P>



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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>CAUSE</U>.&nbsp;&nbsp;&#147;Cause&#148; shall mean that prior to           the Executive&#146;s
termination of employment, the Executive shall have (i)           engaged in any act of
fraud, embezzlement, or theft in connection with his           duties as an executive or
in the course of employment with the Company or its           subsidiaries; (ii)
wrongfully disclosed any secret process or confidential           information of the
Company or its subsidiaries; (iii) participated without the           written consent of
the Company&#146;s Board of Directors (the &#147;Board&#148;)           in the management
of any business enterprise which manufactures or sells any           product or service
competitive with any product or service of the Company or its           subsidiaries
(other than the mere ownership of less than five (5) percent of the           securities
in any enterprise and exercise of any ownership rights related           thereto); and in
any such case the act shall have been determined by the Board           to have been
materially harmful to the Company; or (iv) willfully engaged in           conduct which
is demonstrably and materially injurious to the Company or its           subsidiaries,
monetarily or otherwise. </FONT>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>COVERED
PERIOD</U>.&nbsp;&nbsp;The &#147;Covered Period&#148; shall mean the period of           time
beginning on the Date of Termination and ending on December 3, 2007.  </FONT>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>DATE
OF TERMINATION</U>.&nbsp;&nbsp;The &#147;Date of Termination&#148; shall mean the           date on
which the termination of the Executive&#146;s employment is effective.  </FONT>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>TERM</U>.&nbsp;&nbsp;The
&#147;Term&#148; shall mean the period of time beginning on the           Effective Date
and ending on December 3, 2007.  </FONT>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>OBLIGATIONS
OF THE COMPANY UPON TERMINATION OF EMPLOYMENT OTHER THAN FOR           CAUSE</U>.&nbsp;&nbsp;If the
Company terminates the Executive&#146;s employment during the           Term for any
reason other than Cause, then, subject to the provisions of this           Agreement, the
Executive shall receive the payments and benefits described in           this Section 2.
The Company shall pay to the Executive an amount that is equal           to the base
salary that the Executive would have been paid during the Covered           Period, using the rate
that had been in effect immediately prior to the Date of Termination, had
the termination of employment not occurred (the &#147;Salary           Payment&#148;).
The Salary Payment shall be paid, in the sole discretion of the           Company, in a
lump sum payment within ten (10) business days following the Date           of
Termination or in substantially equal monthly payments over the Covered           Period.
The Company shall also pay to the Executive an annual incentive payment           for
each fiscal year of the Covered Period (the &#147;Annual Incentive           Payment&#148;).
The Annual Incentive Payment shall be (i) determined using the           Executive&#146;s
annual incentive opportunity immediately prior to the           Date of
Termination and the Executive&#146;s performance as assessed by the Board and (ii) paid within
sixty (60) days after the Annual
          Incentive Payment is calculated for the applicable fiscal year. During the
          Covered Period the Company shall also provide the Executive with continued
          health, disability, life and other insurance benefits substantially similar to
          the benefits provided during such period to the elected officers of the
Company.           The payments made hereunder shall not be included as compensation for
purposes           of calculating the Executive&#146;s retirement benefits from the
Company.  </FONT></P>






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>RESTRICTIVE
COVENANT</U>.  </FONT></P>




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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Executive shall be subject to the           restrictive covenant regarding
confidentiality set forth in Section 3(b) hereof           (the &#147;Restrictive Covenant&#148;)
and the Restrictive Covenant shall apply           indefinitely. In addition to any other
available remedies the Company may have           available to it, if the Executive
violates the Restrictive Covenant, then, (i)           to the extent that the Executive
is entitled to payment(s) under Sections 2, all           such payments which have not
yet been paid shall be immediately forfeited, and           (ii) any further continuation
of benefits (as set forth in Section 2 hereof)           shall immediately cease.  </FONT>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CONFIDENTIALITY</U>.
Except with the consent of the Company, the Executive           shall not take, disclose,
use, sell or otherwise transfer any confidential or           proprietary information of
the Company or any subsidiary or affiliate, including           but not limited to
information regarding current and potential customers,           clients, counterparts,
organization, employees, finances and financial results,           and methods of
operation, transactions and investments, so long as such           information has not
otherwise been disclosed to the public or is not otherwise           in the public
domain, except as required by law or pursuant to legal process;           and the
Executive shall return to the Company, promptly following the Date of
          Termination, any information, documents, materials, data, manuals, computer
          programs or device containing information relating to the Company or any
          subsidiary or affiliate, and each of their customers, clients and counterparts,
          which came into the Executive&#146;s possession or control during his
          employment.  </FONT>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NON-EXCLUSIVITY
OF RIGHTS</U>.&nbsp;&nbsp;Nothing in this Agreement shall limit or           otherwise
affect such rights as the Executive may have under any contract or           agreement
with the Company. Vested benefits and other amounts that the Executive           is
otherwise entitled to receive under any plan, policy, practice or program of,
          or any contract of agreement with, the Company on or after the Date of
          Termination shall be payable in accordance with the terms of each such plan,
          policy, practice, program, contract or agreement, as the case may be, except as
          explicitly modified by this Agreement.  </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>MISCELLANEOUS</U>.  </FONT></P>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The determination of whether Cause
exists, or whether the Executive&#146;s employment was constructively terminated because
the responsibilities of Executive&#146;s job, or the level of the Executive&#146;s
position within the Company is substantially reduced, shall be within the sole discretion
of the Board, which discretion shall not be exercised unreasonably. </FONT>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement shall be governed by, and construed in           accordance with, the laws
of the State of Wisconsin, without reference to           principles of conflict of laws.
The captions of this Agreement are not part of           the provisions hereof and shall
have no force or effect. This Agreement may not           be amended or modified except
by a written agreement executed by the parties           hereto or their respective
successors and legal representatives.  </FONT>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All
notices and other communications under this Agreement shall be in writing           and
shall be given by hand delivery to the other party or by registered or
          certified mail, return receipt requested, postage prepaid, addressed as
follows:  </FONT>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>





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     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">If to the Executive:       <BR>
<BR>
c/o Snap-on Incorporated   <BR>
10801 Corporate Drive      <BR>
P. O. Box 1430             <BR>
Pleasant Prairie, WI  53158
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     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">If to the Company:<BR>
<BR>
Snap-on Incorporated<BR>
2801 80th Street<BR>
Kenosha, WI  53141-1430<BR>
Attention: Chief Legal Officer
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>or to such other address as either
party furnishes to the other in writing in accordance with this Section 5(c). Notices and
communications shall be effective when actually received by the addressee. </FONT></P>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
invalidity or unenforceability of any provision of this Agreement shall not
          affect the validity or enforceability of any other provision of this Agreement.
          If any provision of this Agreement shall be held invalid or unenforceable in
          part, the remaining portion of such provision, together with all other
          provisions of this Agreement, shall remain valid and enforceable and continue
in           full force and effect to the fullest extent consistent with law.  </FONT>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Notwithstanding
any other provision of this Agreement, the Company may withhold           from amounts
payable under this Agreement all federal, state, local and foreign           taxes that
are required to be withheld by applicable laws or regulations.  </FONT>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Executive&#146;s or the Company&#146;s failure to insist upon strict           compliance
with any provisions of, or to assert any right under, this Agreement           shall not
be deemed to be a waiver of such provision or right or of any other           provision
of or right under this Agreement.  </FONT>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Executive and the Company acknowledge that, as of the Effective Date, this
          Agreement supersedes any other agreement between them concerning the subject
          matter hereof and that, following the Effective Date, no such agreement shall
be           of any further force or effect.  </FONT>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the Executive has hereunto set the Executive&#146;s hand and, pursuant to
the authorization of its Board, the Company has caused this Agreement to be executed in
its name on its behalf, all as of the day and year first above written. </FONT></P>


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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH COLSPAN="2" ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">SNAP-ON INCORPORATED</FONT></TH></TR>
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     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR></FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR>By:&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><I>/s/&nbsp;&nbsp;Bruce S. Chelberg</I> </FONT><HR WIDTH="90%" SIZE="1" COLOR="Black" ALIGN="Left"></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title:&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Director and Chairman of the Organization and Executive <BR>
Compensation Committee of the Board of Directors
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     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR></FONT></TD>
     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><I>/s/&nbsp;&nbsp;Jack D. Michaels</I> </FONT><HR WIDTH="90%" SIZE="1" COLOR="Black" ALIGN="Left"></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">EXECUTIVE
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