EX-10.3





 Exhibit 10.3 

TRAEGER, INC. 
 NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM 
 Eligible Directors (as defined below) on the board of
directors (the “Board”) of Traeger, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director
Compensation Program (this “Program”). The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically as set forth herein and without further action of the Board, to each
member of the Board who is not an employee of the Company or any of its parents or subsidiaries and who is determined by the Board to be eligible to receive compensation under this Program (each, an “Eligible Director”), who
may be eligible to receive such cash or equity compensation, unless such Eligible Director declines the receipt of such cash or equity compensation by written notice to the Company. 

This Program shall become effective upon the closing of the initial public offering of the Company’s common stock (the
“Effective Date”) and shall remain in effect until it is revised or rescinded by further action of the Board. This Program may be amended, modified or terminated by the Board at any time in its sole discretion. No Eligible
Director shall have any rights hereunder, except with respect to equity awards granted pursuant to Section 2 of this Program. 
 1.
Cash Compensation. 
 a. Annual Retainers. Each Eligible Director shall be eligible to receive an annual cash
retainer of $75,000 for service on the Board. 
 b. Additional Annual Retainers. An Eligible Director shall be
eligible to receive the following additional annual retainers, as applicable: 
 (i) Chairperson/Lead Independent
Director. An Eligible Director serving as Chairperson or Lead Independent Director of the Board shall be eligible to receive an additional annual retainer of $75,000 for such service. 

(ii) Audit Committee. An Eligible Director serving as Chairperson of the Audit Committee shall be eligible to receive an
additional annual retainer of $20,000 for such service. 
 (iii) Compensation Committee. An Eligible Director serving
as Chairperson of the Compensation Committee shall be eligible to receive an additional annual retainer of $15,000 for such service. 

(iv) Nominating and Corporate Governance Committee. An Eligible Director serving as Chairperson of the Nominating and
Corporate Governance Committee shall be eligible to receive an additional annual retainer of $10,000 for such service. 
 c.
Payment of Retainers. The annual cash retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than 30 days following the end of each
calendar quarter. In the event an Eligible Director does not serve as a director, or in the applicable positions described in Section 1(b), for an entire calendar quarter, the retainer paid to such Eligible Director shall be prorated for the
portion of such calendar quarter actually served as a director, or in such position, as applicable. 

  
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 2. Equity Compensation. 

a. General. Eligible Directors shall be granted the equity awards described below. The awards described below shall be
granted under and shall be subject to the terms and provisions of the Company’s 2021 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the
“Equity Plan”) and may be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms approved by the Board prior to or in connection with such grants. All
applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of equity awards hereby are subject in all respects to the terms of the Equity Plan. Capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Equity Plan. 
 b. Initial Awards. Each Eligible Director who is initially elected or
appointed to serve on the Board after the Effective Date automatically shall be granted a Restricted Stock Unit award (each, an “Initial Award”). The number of Restricted Stock Units subject to an Initial Award will be
determined by dividing the Pro-Rated Value by the closing price for the Company’s common stock on the applicable grant date. Each Initial Award shall be granted on the date on which such Eligible Director
is appointed or elected to serve on the Board (the “Election Date”), and shall vest in full on the earlier to occur of (x) the one-year anniversary of the applicable grant date and
(y) the date of the next Annual Meeting (as defined below) following the grant date, subject to continued service through the applicable vesting date. The “Pro-Rated Value” shall
equal $192,500, multiplied by a fraction, (i) the numerator of which is the difference between 365 and the number of days from the immediately preceding Annual Meeting date (or the Effective Date, if there is no preceding Annual Meeting date)
through the appointment or election date and (ii) the denominator of which is 365. 
 c. Annual Awards. An
Eligible Director who is serving on the Board as of the date of the annual meeting of the Company’s stockholders (the “Annual Meeting”) each calendar year beginning with calendar year 2022 shall be granted a Restricted
Stock Unit award with a value of $192,500 (an “Annual Award”, together with the Initial Award, the “Director Award”). The number of Restricted Stock Units subject to an Annual Award will be determined
by dividing $192,500 by the closing price for the Company’s common stock on the applicable grant date. Each Annual Award shall vest in full on the earlier to occur of (x) the one-year anniversary of
the applicable grant date and (y) the date of the next Annual Meeting following the grant date, subject to continued service through the applicable vesting date. 

d. Accelerated Vesting Events. Notwithstanding the foregoing, an Eligible Director’s Director Award(s) shall vest
in full immediately prior to the occurrence of a Change in Control, to the extent outstanding at such time, if the Eligible Director will not become, as of immediately following such Change in Control, a member of the Board or the board of directors
of ultimate parent of the Company. 
 3. Compensation Limits. Notwithstanding anything to the contrary in this Program, all
compensation payable under this Program will be subject to any limits on the maximum amount of non-employee Director compensation set forth in the Equity Plan, as in effect from time to time. 

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