Company: TR
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001558370-25-003853
Chunk: 31

Company: TOOTSIE ROLL INDUSTRIES INC
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 31
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 into a non-competition and non-solicitation covenant applicable for one year following the termination of his employment in order to receive these benefits. The Company generally may terminate these agreements prior to a change in control. A “change in control” for the purposes of these agreements generally consists of any of the following:

| ● | Acquisition by a person(s) or other entity(s) of 35% or more of the combined voting power of all the then outstanding voting securities of the Company (other than certain related party acquisitions); provided that such voting power is equal to or greater than the combined voting power of the voting securities held by the Gordon family |

| ● | The current members of the board (and their successors nominated by either the board or the Gordon family) ceasing to constitute a majority of the board |

| ● | Approval by the Company’s shareholders of a reorganization, merger, consolidation, or a sale of substantially all of the Company’s assets unless: |

| ● | The shareholders of the Company immediately prior to the transaction hold more than 50% of the voting power of the successor, |

| ● | No person (other than certain related parties) acquires combined voting power of the successor’s voting securities equal to or greater than the combined voting power of the voting securities held by the Gordon family or 35% of the combined voting power of all the then outstanding voting securities of the successor and |

| ● | The members of the board prior to the transaction constitute at least a majority of the board of the successor |

| ● | The liquidation or sale of the Company |

“Good reason” generally includes any of the following Company actions following a change in control without the named executive officer’s written consent:

| ● | Assigning duties that materially reduce the executive’s position, duties, responsibilities or status with the Company, failure to terminate the executive’s employment in compliance with the terms of the agreement or failing to re-elect the executive to any position held immediately before a change in control |

| ● | Reducing the executive’s annual base salary |

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| ● | Changing the office location where the executive is based by more than 50 miles |

| ● | Failing to continue any employee benefit plan or compensation plan in which the executive participates, including but not limited to the MIP, the EBP and the CAP (or successors to those plans), or failing to continue the executive’s level of participation in those plans |

| ● | Failing to continue to provide the executive with substantially similar welfare benefits or materially reducing any