EX-10.12





 Exhibit 10.12 

 

TRAEGER, INC. 

2021 INCENTIVE AWARD PLAN 


RESTRICTED STOCK UNIT GRANT NOTICE 

Traeger, Inc., a Delaware corporation (the “Company”), has granted to the participant listed below
(“Participant”) the Restricted Stock Units (the “RSUs”) described in this Restricted Stock Unit Grant Notice (this “Grant Notice”), subject to the terms and conditions of the
Traeger, Inc. 2021 Incentive Award Plan (as amended from time to time, the “Plan”) and the Restricted Stock Unit Agreement attached hereto as Exhibit A (the “Agreement”), both of which are
incorporated into this Grant Notice by reference. Capitalized terms not specifically defined in this Grant Notice or the Agreement have the meanings given to them in the Plan. 

 

			
	 Participant:
	  	 [To be specified]

		
	 Grant Date:
	  	 [To be specified]

		
	 Number of RSUs:
	  	 [To be specified]

		
	 Vesting Commencement Date:
	  	 [To be specified]

		
	 Vesting Schedule:
	  	 [To be specified]


 By accepting (whether in writing, electronically or otherwise) the RSUs, Participant agrees to
be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant
Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under
the Plan, this Grant Notice or the Agreement. 
  

							
	 TRAEGER, INC. 
	 		  	 PARTICIPANT

				
	 By:
	 	  
	 		  	  

	 Name:
	 	  
	 		  	 [Participant Name]

	 Title:
	 	  
	 		  	













 Exhibit A 

RESTRICTED STOCK UNIT AGREEMENT 

Capitalized terms not specifically defined in this Restricted Stock Unit Agreement (this “Agreement”)
have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan. 
 ARTICLE I. 

GENERAL 

1.1 Award of RSUs and Dividend Equivalent Rights. 

(a) The Company has granted the RSUs to Participant effective as of the Grant Date set forth in the Grant Notice (the
“Grant Date”). Each RSU represents the right to receive one Share as set forth in this Agreement. Participant will have no right to the distribution of any Shares until the time (if ever) the RSUs have vested. 

(b) The Company hereby grants to Participant, with respect to each RSU granted hereunder, a Dividend Equivalent for ordinary
cash dividends paid to substantially all holders of outstanding Shares with a record date after the Grant Date and prior to the date the applicable RSU is settled, forfeited or otherwise expires. Each Dividend Equivalent entitles Participant to
receive the equivalent value of any such ordinary cash dividends paid on a single Share. The Company will establish a separate Dividend Equivalent bookkeeping account (a “Dividend Equivalent Account”) for each Dividend
Equivalent and credit the Dividend Equivalent Account (without interest) on the applicable dividend payment date with the amount of any such cash paid. Any Dividend Equivalents granted in connection with the RSUs issued hereunder, and any amounts
that may become distributable in respect thereof, shall be treated separately from such RSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A. For clarity, the
Dividend Equivalents granted hereunder shall satisfy the right to receive Dividend Equivalents pursuant to Section 3.4 of the Deferred Compensation Plan (as defined below). 

1.2 Incorporation of Terms of Plan. The RSUs are subject to the terms and conditions set forth in this Agreement and the
Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control. 

1.3 Unsecured Promise. The RSUs and Dividend Equivalents will at all times prior to settlement represent an unsecured
Company obligation payable only from the Company’s general assets. 
 ARTICLE II. 

VESTING; FORFEITURE AND SETTLEMENT 

2.1 Vesting; Forfeiture. The RSUs will vest according to the vesting schedule in the Grant Notice except that any
fraction of an RSU that would otherwise be vested will be accumulated and will vest only when a whole RSU has accumulated. Dividend Equivalents (including any Dividend Equivalent Account balance) will vest upon the vesting of the RSUs with respect
to which the Dividend Equivalent (including the Dividend Equivalent Account) relates. In the event of Participant’s Termination of Service for any reason, (a) all unvested RSUs will immediately and automatically be cancelled and forfeited,
except as otherwise determined by the Administrator or provided in a binding written agreement between Participant and the Company and (b) Dividend Equivalents (including any Dividend Equivalent Account balance) will be forfeited upon the
forfeiture of the RSUs with respect to which the Dividend Equivalent (including the Dividend Equivalent Account) relates. 

  
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 2.2 Settlement. 

(a) Subject to and in accordance with the Deferred Compensation Plan, the RSUs, to the extent vested, and Dividend Equivalents
(including any Dividend Equivalent Account balance) will, in any case, be paid in Shares within 45 days following the earliest to occur of: (i) Participant’s “separation from service” (within the meaning of Section 409A);
(ii) a Change in Control (as defined below); (iv) Participant’s death; or (v) Participant’s Disability (as defined below) (in any case, such payment date, the “Payment Date”). Notwithstanding anything to the
contrary contained herein, the exact Payment Date shall be determined by the Company in its sole discretion (and Participant shall not have the right to designate the time of payment). 

(b) Notwithstanding the foregoing, the Company may delay any payment under this Agreement that the Company reasonably
determines would violate Applicable Law until the earliest date the Company reasonably determines the making of the payment will not cause such a violation (in accordance with Treasury Regulation
Section 1.409A-2(b)(7)(ii)); provided the Company reasonably believes the delay will not result in the imposition of excise taxes under Section 409A. 

2.3 Certain Definitions. 

(a) “Change in Control” shall, notwithstanding anything to the contrary herein or in the Plan, have the
meaning set forth in the Deferred Compensation Plan. 
 (b) “Deferred Compensation Plan” shall mean
the Traeger, Inc. Deferred Compensation Plan for Directors, as may be amended and/or restated from time to time. 
 (c)
“Disability” shall, notwithstanding anything to the contrary herein or in the Plan, have the meaning set forth in the Deferred Compensation Plan. 

ARTICLE III. 
 TAXATION
AND TAX WITHHOLDING 
 3.1 Representation. Participant represents to the Company that Participant has reviewed
with Participant’s own tax advisors the tax consequences of this award of RSUs and Dividend Equivalents (the “Award”) and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying
solely on such advisors and not on any statements or representations of the Company or any of its agents. 
 3.2 Tax
Withholding. 
 (a) Subject to Section 3.2(b), payment of the withholding tax obligations with respect to the Award
may be by any of the following, or a combination thereof, as determined by Participant or the Administrator: 

(i) Cash or check; 

(ii) In whole or in part by delivery of Shares, including Shares delivered by attestation and Shares retained
from the Award creating the tax obligation, valued at their Fair Market Value on the date of delivery; or 

(iii) In whole or in part by the Company withholding of Shares otherwise vesting or issuable under this Award
in satisfaction of any applicable withholding tax obligations. 

  
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 (b) Unless Participant or the Administrator otherwise determines, and
subject to Section 10.17 of the Plan, payment of the withholding tax obligations with respect to the Award shall be by delivery (including electronically or telephonically to the extent permitted by the Company) by Participant to the Company of
a copy of irrevocable and unconditional instructions to a broker acceptable to the Company that Participant has placed a market sell order with such broker with respect to Shares then-issuable upon settlement of the Award, and that the broker has
been directed to deliver promptly to the Company funds sufficient to satisfy the applicable tax withholding obligations; provided, that payment of such proceeds is then made to the Company at such time as may be required by the Administrator. 

(c) Subject to Section 9.5 of the Plan, the applicable tax withholding obligation will be determined based on
Participant’s Applicable Withholding Rate. Participant’s “Applicable Withholding Rate” shall mean (i) if Participant is subject to Section 16 of the Exchange Act, the greater of (A) the minimum
applicable statutory tax withholding rate or (B) with Participant’s consent, the maximum individual tax withholding rate permitted under the rules of the applicable taxing authority for tax withholding attributable to the underlying
transaction, or (ii) if Participant is not subject to Section 16 of the Exchange Act, the minimum applicable statutory tax withholding rate or such other higher rate approved by the Company; provided, however, that
(i) in no event shall Participant’s Applicable Withholding Rate exceed the maximum individual statutory tax rate in the applicable jurisdiction at the time of such withholding (or such other rate as may be required to avoid the liability
classification of the applicable award under generally accepted accounting principles in the United States of America); and (ii) the number of Shares tendered or withheld, if applicable, shall be rounded up to the nearest whole Share sufficient
to cover the applicable tax withholding obligation, to the extent rounding up to the nearest whole Share does not result in the liability classification of the RSUs under generally accepted accounting principles. 

(d) Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the
RSUs and Dividend Equivalents, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the RSUs or Dividend Equivalents. Neither the Company nor any Subsidiary makes
any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the RSUs or the Dividend Equivalents or the subsequent sale of Shares. The Company and its Subsidiaries do not
commit and are under no obligation to structure the RSUs or Dividend Equivalents to reduce or eliminate Participant’s tax liability. 

3.3 Section 409A. 

(a) General. To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A,
including without limitation any such regulations or other guidance that may be issued after the effective date of this Agreement. 

(b) Non-Qualified Deferred Compensation. Sections 10.6(b) and (c) of the
Plan shall apply to the RSUs, Dividend Equivalents and this Agreement. For purposes of Section 409A, each RSU (and the right to payment with respect to each RSU) is to be treated as a right to a separate payment. 

ARTICLE IV. 
 OTHER
PROVISIONS 
 4.1 Adjustments. Participant acknowledges that the RSUs and the Shares subject to the RSUs and
Dividend Equivalents are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan. 

  
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 4.2 Clawback. The Award and the Shares issuable hereunder shall be
subject to any clawback or recoupment policy in effect on the Grant Date or as may be adopted or maintained by the Company following the Grant Date, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations
promulgated thereunder. 
 4.3 Notices. Any notice to be given under the terms of this Agreement to the Company must
be in writing and addressed to the Company in care of the Company’s General Counsel at the Company’s principal office or the General Counsel’s then-current email address or facsimile number. Any notice to be given under the terms of
this Agreement to Participant must be in writing and addressed to Participant (or, if Participant is then deceased, to the Designated Beneficiary) at Participant’s last known mailing address, email address or facsimile number in the
Company’s personnel files. By a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will be deemed duly given when actually received, when sent by email, when
sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company
or upon receipt of a facsimile transmission confirmation. 
 4.4 Titles. Titles are provided herein for convenience
only and are not to serve as a basis for interpretation or construction of this Agreement. 
 4.5 Conformity to Securities
Laws. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform
to Applicable Laws. 
 4.6 Successors and Assigns. The Company may assign any of its rights under this Agreement to a
single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in this Agreement or the Plan, this Agreement will be binding upon and inure
to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
 4.7
Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement
and the RSUs and Dividend Equivalents will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3)
that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule. 

4.8 Entire Agreement; Amendment. The Plan, the Grant Notice and this Agreement (including any exhibit hereto, as
well as the Deferred Compensation Plan) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. To the extent
permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board; provided, however, that except as may otherwise be provided
by the Plan, no amendment, modification, suspension or termination of this Agreement shall materially and adversely affect the RSUs or Dividend Equivalents without the prior written consent of Participant. 

4.9 Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or
invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement. 

  
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 4.10 Limitation on Participant’s Rights. Participation in the
Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any
underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs and Dividend
Equivalents, and rights no greater than the right to receive cash or the Shares as a general unsecured creditor with respect to the RSUs and Dividend Equivalents, as and when settled pursuant to the terms of this Agreement. 

4.11 Not a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any
right to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services
of Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant. 

4.12 Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any electronic
signature, subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument. 

* * * * * 

  
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