Exhibit 10.2

 

LOCK-UP LETTER AGREEMENT

 

September 15, 2019

 

Winnebago Industries, Inc.

13200 Pioneer Trial, Suite 150

Eden Prairie, Minnesota 55347

 

Re:                             Shares of Winnebago Industries, Inc.

 

Ladies and Gentlemen:

 

This letter agreement (this “Agreement”) is made by the undersigned pursuant to
that certain Stock Purchase Agreement dated September 15, 2019, by and among
Octavius Corporation, a Delaware Corporation, Winnebago Industries, Inc., an
Iowa corporation (“Parent”), Newmar Corporation, an Indiana corporation, Dutch
Real Estate Corp., an Indiana corporation, New-Way Transport Corp., an Indiana
corporation, New-Serv, Inc., an Indiana corporation, the “Sellers” identified
therein, and Matthew Miller solely in his capacity as Sellers Agent thereunder
(the “Purchase Agreement”).  Capitalized terms used but not defined in this
Agreement shall have the respective meanings set forth in the Purchase
Agreement.

 

Pursuant to the Purchase Agreement, the undersigned will receive a portion of
the Closing Stock Consideration on the Closing Date.  In recognition of the
benefits that the Purchase Agreement will confer upon the undersigned, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the undersigned agrees with Parent that:

 

1.                                      Definitions.  As used in this Agreement,
the following capitalized terms have the following respective meanings:

 

a.                                      “Immediate Family” shall mean any
relationship by blood, marriage or adoption, not more remote than first cousin.

 

b.                                      “Lock-Up Shares” shall mean the Closing
Stock Consideration issued to the undersigned at the Closing and any shares of
capital stock of Parent issued (or issuable upon the conversion or exercise of
any warrant, right or other security) which is issued by Parent as a dividend or
other distribution with respect to or in exchange for or in replacement of such
Closing Stock Consideration.

 

c.                                       “Restricted Period” shall mean the
period of time from and after the Closing Date until the one (1) year
anniversary of the Closing Date.

 

d.                                      “Transfer” shall mean (i) any direct or
indirect sale, assignment, disposition or other transfer, either voluntary or
involuntary, of any capital stock or interest in any capital stock or (ii) in
respect of any capital stock or interest in any capital stock, to enter into any
swap or other agreement, transaction or series of transactions, in each case
that has an exercise or conversion privilege or a settlement or payment
mechanism determined with reference to or derived from the value of the capital
stock of Parent and that hedges or transfers in whole of in

 

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part, directly or indirectly, the economic consequences of such capital stock or
interest in such capital stock, whether any such transaction, swap or series of
transactions is to be settled by delivery of securities, in cash or otherwise;
provided, that no Transfer shall be deemed to have occurred as a result of the
entry into, modification of or existence of any bona fide pledge of the Lock-Up
Shares in connection with a secured borrowing transaction, the pledgee with
respect to which is a financial institution in the business of engaging in
secured lending and similar transactions and which has entered into such
transaction in the ordinary course of business.

 

2.                                      Restriction.  During the Restricted
Period, the undersigned will not, without the prior written consent of Parent,
Transfer any of the Lock-Up Shares.

 

3.                                      Full Shareholder Rights.  Nothing in
this Agreement limits the rights of the undersigned as a shareholder of Parent,
including, but not limited to, the right to vote and receive dividends on the
Lock-Up Shares.

 

4.                                      Exceptions.  Notwithstanding Section 2,
the undersigned may Transfer the Lock-Up Shares during the Restricted Period
with the prior written consent of Parent or may Transfer the Lock-Up Shares
without Parent’s consent: (i) as a bona fide gift or gifts, (ii) to any trust or
family limited partnership or similar entity for the direct or indirect benefit
of the undersigned and/or the Immediate Family of the undersigned and/or bona
fide charities, or (iii) (a) if the undersigned is a corporation, the
corporation may Transfer the Lock-Up Shares to any wholly owned subsidiary or
stockholder of the undersigned; (b) if the undersigned is a partnership or
limited partnership, the partnership or limited partnership may Transfer the
Lock-Up Shares to its partners or limited partners, as the case may be; and
(c) if the undersigned is a limited liability company, the limited liability
company may Transfer the Lock-Up Shares to its members; provided, however, that
in the case of any such Transfer, it shall be a condition to the Transfer that
(A) the donee, trustee, general partner of the family limited partnership,
shareholder, partner, limited partner, member or other transferee agree to be
bound in writing by the restrictions set forth herein; (B) such transferee shall
execute an agreement stating that the transferee is receiving and holding the
Lock-Up Shares subject to the provisions of this Agreement; and (C) there shall
be no further Transfer of such Lock-Up Shares by such transferee except in
accordance with this Agreement.

 

5.                                      Transfers in Violation.  Any Transfer or
attempted Transfer of Lock-Up Shares in violation of this Agreement shall, to
the fullest extent permitted by law be null and void ab initio), and Parent
shall not, and shall instruct its transfer agent and other third parties not to,
record or recognize any such purported transaction on the share register of
Parent,

 

6.                                      Implementation of Restrictions.  The
undersigned agrees and consents to the entry of stop transfer instructions with
Parent’s transfer agent and registrar against the Transfer of the Lock-Up Shares
except in compliance with this Agreement.  In furtherance of the foregoing,
Parent and its transfer agent are hereby authorized to decline to make any
Transfer of securities if such Transfer would constitute a violation or breach
of this Agreement.  Additionally, Parent’s transfer agent is hereby authorized
to note the

 

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restrictions against Transfer of the Lock-Up Shares of this Agreement in its
book entry records and, if any of the Lock-Up Shares are issued in certificated
form, Parent’s transfer agent is authorized to place a legend upon such
certificate stating the restrictions of this Agreement.

 

7.                                      Incorporation of Purchase Agreement
Provisions.  The provisions of Section 8.3(a) (Specific Performance),
Section 9.1 (Notices), Section 9.3 (Interpretation; Construction), Section 9.5
(Governing Law), Section 9.6 (Jurisdiction, Venue and Waiver of Jury Trial),
Section 9.9 (Severability; Blue-Pencil) and Section 9.10 (Counterparts) of the
Purchase Agreement shall apply to this Agreement as if fully set forth herein,
mutatis mutandis.

 

8.                                      Authority; Assigns.  The undersigned
represents and warrants that the undersigned has full power and authority to
enter into this Agreement and sole power and authority to agree to all of the
matters set forth in this Agreement, with no limitations, qualifications or
restrictions on such rights, subject to applicable federal securities laws and
the terms of this Agreement.  This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective heirs,
successors, executors, legal representatives, and permitted assigns.  The
undersigned may not assign any of its rights or obligations hereunder without
the prior written consent of Parent.

 

9.                                      Amendment and Modification, Waiver. 
This Agreement may only be amended, modified or supplemented by an agreement in
writing signed by the parties hereto.  No waiver by any party of any of the
provisions hereof shall be effective unless explicitly set forth in writing and
signed by the party so waiving.  Except as otherwise set forth in this
Agreement, no failure to exercise, or delay in exercising, any rights, remedy,
power or privilege arising from this Agreement shall operate or be construed as
a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege.

 

10.                               Entire Agreement.  This Agreement constitutes
the sole and entire agreement of the parties to this Agreement with respect to
the subject matter contained herein, and supersedes all prior and
contemporaneous understandings, agreements, representations and warranties, both
written and oral, with respect to such subject matter.

 

11.                               Effectiveness of this Agreement.
Notwithstanding the earlier execution and delivery of this Agreement the
effectiveness of this Agreement is conditioned on the Closing of the
transactions contemplated by the Purchase Agreement.  If the Closing shall
occur, this Agreement shall become effective concurrently with the Closing on
the Closing Date.  If the Purchase Agreement is terminated for any reason in
accordance therewith this Agreement shall be null and void ab initio.

 

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Very truly yours,

 

 

 

/s/ Matthew Utley

 

Matthew Utley

 

 

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Very truly yours,

 

 

 

/s/ Ronald Stichter

 

Ronald Stichter

 

 

Signature Page to Lock Up Letter

 

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Very truly yours,

 

 

 

/s/ Gary Shuder

 

Gary Shuder

 

 

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Very truly yours,

 

 

 

/s/ John Sammut

 

John Sammut

 

 

[Signature Page to Lock-Up Agreement]

 

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Very truly yours,

 

 

 

/s/ Joseph Shoemaker

 

Joseph Shoemaker

 

 

[Signature Page to Lock-Up Agreement]

 

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Very truly yours,

 

 

 

/s/ Joyce Helmuth

 

Joyce Helmuth

 

 

[Signature Page to Lock-Up Agreement]

 

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Very truly yours,

 

 

 

/s/ Keith Weirich

 

Keith Weirich

 

 

[Signature Page to Lock-Up Agreement]

 

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Very truly yours,

 

 

 

/s/ Kevin Bogan

 

Kevin Bogan

 

 

[Signature Page to Lock-Up Agreement]

 

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Very truly yours,

 

 

 

/s/ Kirk Bates

 

Kirk Bates

 

 

[Signature Page to Lock-Up Agreement]

 

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Very truly yours,

 

 

 

/s/ Lauranna Miller

 

Lauranna Miller

 

 

[Signature Page to Lock-Up Agreement]

 

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Very truly yours,

 

 

 

/s/ Linda Mast

 

Linda Mast

 

 

[Signature Page to Lock-Up Agreement]

 

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Very truly yours,

 

 

 

/s/ Lucretia Hochstetler

 

Lucretia Hochstetler

 

 

[Signature Page to Lock-Up Agreement]

 

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Very truly yours,

 

 

 

/s/ Mahlon Miller

 

Mahlon Miller

 

 

[Signature Page to Lock-Up Agreement]

 

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Very truly yours,

 

 

 

/s/ Marcus Miller

 

Marcus Miller

 

 

[Signature Page to Lock-Up Agreement]

 

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Very truly yours,

 

 

 

/s/ Matthew McQuown

 

Matthew McQuown

 

 

[Signature Page to Lock-Up Agreement]

 

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Very truly yours,

 

 

 

/s/ Matthew Miller

 

Matthew Miller

 

 

[Signature Page to Lock-Up Agreement]

 

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