EX-10.1



 Exhibit 10.1 

AMERICAN VANGUARD CORPORATION 

AMENDED AND RESTATED STOCK INCENTIVE PLAN 

PERFORMANCE-BASED RESTRICTED STOCK UNITS AWARD AGREEMENT 

May 23, 2014 

American Vanguard Corporation, a Delaware Corporation, (“Company”) hereby grants to
                     (“Grantee”), a Participant in the American Vanguard Corporation Amended and Restated Stock Incentive Plan, as amended
from time-to-time (“Plan”), a Performance-Based Restricted Stock Units Award (“Award”) for Units (“Units”) representing shares of the common stock of the Company (“Stock”). This agreement to grant Stock Units
(“Award Agreement” or “Grant Agreement”) is made effective as of the 23rd day of May, 2014 (“Grant Date”). If Grantee is a Covered Employee, this Award is designated as a “Performance Compensation Award” and
as such is granted pursuant to Article 11 of the Plan. 
 RECITALS 

A. The Board of Directors of the Company (“Board”) has adopted the Plan as an incentive to retain employees, officers, and
non-employee Directors of, and Consultants to, the Company and to enhance the ability of the Company to attract, retain and motivate individuals upon whose judgment, interest and special effort the successful conduct of the Company’s operation
is largely dependent. 
 B. Under the Plan, the Board has delegated its authority to administer the Plan to the Compensation
Committee of the Board (“Committee”). 
 C. The Committee has approved the granting of Units to the Grantee pursuant to the
Plan to provide an incentive to the Grantee to focus on the long-term growth of the Company. 
 D. The Committee, which consists of
three outside directors, has established the performance goals set forth herein. 
 E. To the extent not specifically defined herein
or in the Grantee’s employment agreement or comparable agreement, as amended from time to time (“Employment Agreement”), each of the capitalized terms used in this Award Agreement shall have the meaning set forth in the Plan unless a
contrary meaning is set forth in the Employment Agreement. 
 In consideration of the mutual covenants and conditions hereinafter set forth
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Grantee agree as follows: 

1. Grant of Units. The Company hereby grants to the Grantee a Performance-Based Restricted Stock Units Award for
             Units (“Granted Units”), representing the right to receive payment of the same number of shares of Stock, subject to the terms and conditions of this Award Agreement
and the provisions of the Plan, which terms are incorporated herein by reference. 







 2. Earning Units and Related Information. 

2.1 Earning Units. Subject to the terms and conditions set forth in this Grant Agreement, the Grantee shall be entitled to
receive payment for the number of Units earned by the Grantee over the period that begins on April 1, 2014 and ends on December 31, 2016 (“Performance Measurement Period”). 

2.2 Performance Goals: There shall be three performance goals, weighted as follows for purposes of determining the potential incentive
units for each participant: an EBIT (earnings before income tax) goal weighted at fifty percent (50%), a Net Sales goal weighted at thirty (30%), and a Total Shareholder Return goal weighted at twenty percent (20%). 

2.3 EBIT Goal. The EBIT Goal shall mean the relative growth of the Company’s EBIT (earnings before income taxes) for the
Performance Measurement Period (as reported in the financial statements included in the Company’s Forms 10-Q and 10-K) as compared to the median growth of EBIT (computed in terms of compound annual growth) of a peer group (namely, Syngenta,
Bayer, BASF, Dow, Monsanto, DuPont, MAI, Nufarm, FMC, Cheminova, United Phosphorus, Chemtura and Isagro, collectively, the “AgPeers Group”). The Company’s reported EBIT for the Performance Measurement Period, for purposes of
determining performance goal attainment, shall be adjusted to factor out the effect of the adoption of any new accounting standards or other changes in accounting principles. 

2.4 Net Sales Goal: The Net Sales Goal shall mean the relative growth of the Company’s net sales for the Performance Measurement
Period (as reported in the financial statements included in the Company’s Forms 10-Q and 10-K) as compared to the median growth of net sales (computed in terms of compound annual growth) for the AgPeers Group. The Company’s reported net
sales for the Performance Measurement Period, for purposes of determining performance goal attainment, shall be adjusted to factor out the effect of the adoption of any new accounting standards or other changes in accounting principles. 

2.5 Total Shareholder Return Goal: The Total Shareholder Return Goal shall mean the relative growth of the fair market value of the
Company’s stock price over the course of the Performance Measurement Period as compared to that of (x) the Russell 2000 Index (“R2000 TSR”) and (y) the median fair market value of the common stock of the comparator companies
identified in the Corporation’s 2014 Proxy Statement (“Comparator Group TSR”). 
 2.6 Calculation of Units Earned. The
number of Units earned hereunder shall equal the sum of: 
 (a) the product of ((number of Granted Units) x (EBIT Performance Factor) x
(0.5)) plus  
 (b) the product of ((number of Granted Units) x (Net Sales Performance Factor) x (0.3)) plus  

(c) the product of ((number of Granted Units) x (TSR Performance Factor for R2000 TSR) x (0.1)) plus 

(d) the product of ((number of Granted Units) x (TSR Performance Factor for Comparator Group TSR) x (0.1)). 

 

  
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 2.7 Performance Factors – EBIT and Net Sales Goals. A performance factor
(“Performance Factor”) for Units based on each of the EBIT and Net Sales Goals shall be calculated based upon the table set forth below, it being understood that the 100% Goal for both EBIT and Net Sales shall be the median growth for the
AgPeers group for each measure: 
 Table 1 - PERFORMANCE FACTORS – EBIT & Net Sales 

 

			
	 % Goal Achieved
	  	
% Target Payout1

	 3125%
	  	200%
	 117.5%-124.9%
	  	150%
	 110%-117.4%
	  	125%
	 100%
	  	100%
	 80%
	  	50%
	 <80%
	  	0%

 Table 2 - PERFORMANCE FACTORS – TSR Goal 

 

			
	 % Goal Achieved
	  	
% Target Payout2

	
380thpercentile
	  	200%
	 60th percentile
	  	150%
	 50th percentile
	  	100%
	 40th percentile
	  	75%
	 30th percentile
	  	50%
	 <30th percentile
	  	0%

 Note: Tables 1 and 2 present performance factors where the peers’ median is a positive number. In the
event that the peers’ median is negative, and the Company’s performance is also negative, the % Target Payout column will be the inverse of that presented above; thus, for example, with respect to EBIT, the maximum target payout
(200%) will apply where the Company achieves 80% or less than the median, the target payout (100%) will apply where the Company achieves the median, and the minimum target payout (50%) will apply where the Company achieves 125% of the
median (and 0% if the Company achieves more than 125% of the median). In the event that the peers’ median is negative and the Company’s performance is positive, then the award shall be the maximum payout amount, subject to reduction by the
Committee in its discretion. 
  

	1 	For performance between 80% and 109.9% of target, the payout percentage is interpolated on a linear basis between points on the “% Goal Achieved” scale. 


	2 	For performance between 30th%ile and 80th%ile, the payout percentage is interpolated on a linear basis between
points on the “% Goal Achieved” scale. 


  
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 Any Units that are unearned as of the end of the Performance Measurement Period will be
forfeited. The number of earned Units that will become vested shall be determined pursuant to paragraph 3 below. Whether the Performance Goals for the Performance Measurement Period have been achieved shall be determined by the Company or Committee,
as applicable, pursuant to paragraph 2.8 below. 
 2.8 Final Determination of Performance Goals Attained. The Company, or the
Committee with respect to grants to employees who are Covered Employees, shall be responsible for determining in good faith whether, and to what extent, the Performance Goals set forth in this Grant Agreement have been achieved. The Company, or the
Committee, as applicable, may reasonably rely on information from, and representations by, individuals within the Company in making such determination and when made such determination shall be final and binding on the Grantee. No payment shall be
made hereunder until the Committee has determined that the performance goals and any other material terms have been satisfied. 
 3.
Vesting of Earned Units. Subject to paragraph 4 below, the Units earned pursuant to paragraph 2.1 shall vest in their entirety on the third anniversary of the date of award, that is, on May 23, 2017. 

4. Termination of Employment.  

4.1 General. Subject to the provisions of paragraph 4.2 below, (a) if the Company terminates Grantee’s employment
without Cause or Grantee’s employment is terminated due to death or disability prior to the Vesting Date, then Units shall vest on a pro-rated basis corresponding with Grantee’s actual service during the Performance Period; and (b) if
Company terminates Grantee’s employment for Cause, or Grantee terminates employment with the Company voluntarily, any unvested Units will be canceled and forfeited as of the date of Grantee’s termination of employment. In other words,
except as otherwise expressly provided to the contrary in paragraphs 4.1 and 4.2, Grantee must be continuously employed by the Company through the Vesting Date in order to receive any payment with respect to the Units that are scheduled to vest on
such Vesting Date. 
 4.2 Change in Control. In the event the Company terminates the Grantee’s employment without Cause
(including, if applicable, a termination for Good Reason as defined in the Grantee’s Employment Agreement or similar document) within two (2) years following a Change in Control, then all Units earned pursuant to paragraph 2.1 but unvested
shall become immediately vested. The Vesting Date for any such earned Units that vest pursuant to this paragraph 4.2 shall be the date of the Grantee’s termination of employment. 

5. Time and Form of Payment. Subject to the provisions of this Award Agreement and the Plan, as Units vest on the Vesting Dates
set forth in paragraph 3, 4.1 or 4.2, as the case may be, the Company will deliver to the Grantee the same number of whole shares of Stock, rounded up or down. Subject to paragraph 21, the Company shall deliver the vested shares (if any) within
thirty (30) days of the applicable Vesting Date. 

  
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 6. Nontransferability. The Units granted by this Grant Agreement
shall not be transferable by the Grantee or any other person claiming through the Grantee, either voluntarily or involuntarily, except by will or the laws of descent and distribution or as otherwise provided under Article 13 of the Plan. 

7. Adjustments. In the event of a stock dividend or in the event the Stock shall be changed into or exchanged for a different
number or class of shares of stock of the Company or of another corporation, whether through reorganization, recapitalization, stock split-up, combination of shares, merger or consolidation, there shall be substituted for each such remaining share
of Stock then subject to this Grant Agreement the number and class of shares of stock into which each outstanding share of Stock shall be so exchanged, all as set forth in Section 5.3 of the Plan. 

8. Delivery of Shares. No shares of Stock shall be delivered under this Award Agreement until: (i) the Units vest pursuant
to paragraph 3, 4.1 or 4.2 above, as the case may be; (ii) approval of any governmental authority required in connection with the Award Agreement, or the issuance of shares thereunder, has been received by the Company; (iii) if required by
the Committee, the Grantee has delivered to the Company documentation (in form and content acceptable to the Company in its sole and absolute discretion) to assist the Company in concluding that the issuance to the Grantee of any share of Stock
under this Grant Agreement would not violate the Securities Act of 1933 or any other applicable federal or state securities laws or regulations; (iv) the Grantee has complied with paragraph 14 below of this Award Agreement in order for the
proper provision for required tax withholdings to be made; and (v) the Grantee has executed and returned this Grant Agreement to the Company (which, in the case of a Grant Agreement provided to the Grantee in electronic
format, requires that the Grantee click the “ACCEPT” button). This Grant Agreement must be executed by Grantee no later than, the earlier of (i) three (3) months from the Grant Date; or (ii) the date preceding the
first Vesting Date described in paragraph 3 of this Grant Agreement. 
 9. Securities Act. The Company shall not be
required to deliver any shares of Stock pursuant to the vesting of Units if, in the opinion of counsel for the Company, such issuance would violate the Securities Act of 1933 or any other applicable federal or state securities laws or regulations.

 10. Voting and Other Stockholder Related Rights. The Grantee will have no voting rights or any other rights as a
stockholder of the Company (e.g., no rights to cash dividends) with respect to unvested Units until the Units become vested and the Company issues shares of Stock to the Grantee. 

11. Delivery of Documents and Notices. Any document relating to participation in the Plan or any notice required or permitted
hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Grant Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail
address, if any, provided for the Grantee by the Company or an Affiliate, or upon deposit in the U.S. Post Office or foreign postal service, or with a nationally recognized 

  
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overnight courier service, with postage and fees prepaid, addressed to the other party at the current address on file with the Company or at such other address as such party may designate in
writing from time-to-time to the other party. 
 11.1 Description of Electronic Delivery. The Plan documents, which may
include but do not necessarily include: the Plan, a grant notice, this Grant Agreement, the Plan Prospectus, and any reports of the Company provided generally to the Company’s stockholders, may be delivered to the Grantee electronically. In
addition, the Grantee may deliver electronically any grant notice and this Grant Agreement to the Company or to such third party involved in administering the Plan as the Company may designate from time-to-time. Such means of electronic delivery may
include but do not necessarily include the delivery of a link to a Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery
specified by the Company. 
 11.2 Consent to Electronic Delivery. The Grantee acknowledges that Grantee has read paragraph
11.1 and consents to the electronic delivery of the Plan documents and any grant notice. The Grantee acknowledges that Grantee may receive from the Company a paper copy of any documents delivered electronically at no cost by contacting the Company
by telephone or in writing. 
 12. Administration. This Award Agreement is subject to the terms and conditions of the Plan and
the Plan shall in all respects be administered by the Committee in accordance with the terms and provisions of the Plan. The Committee shall have the sole and complete discretion with respect to all matters reserved to it by the Plan and decisions
of the majority of the Committee with respect to the Plan and this Award Agreement shall be final and binding upon the Grantee and the Company. In the event of any conflict between the terms and conditions of this Grant Agreement and the Plan, the
provisions of the Plan shall control. 
 13. Continuation of Employment. This Grant Agreement shall not be construed to confer
upon the Grantee any right to continue employment with the Company and shall not limit the right of the Company, in its sole and absolute discretion, to terminate Grantee’s employment at any time. 

14. Responsibility for Taxes and Withholdings. Regardless of any action the Company or the Grantee’s actual employer
(“Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related items related to the Grantee’s participation in the Plan and legally applicable to the Grantee
(“Tax-Related Items”), the Grantee acknowledges that the ultimate liability for all Tax-Related Items is and remains the Grantee’s responsibility and may exceed the amount actually withheld by the Company or the Employer. The Grantee
further acknowledges that the Company and/or the Employer: (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Units, including the grant of the Units, the vesting of
Units, the conversion of the Units into shares or the receipt of an equivalent cash payment, the subsequent sale of any shares acquired at vesting and the receipt of any dividends and/or dividend equivalents; and (ii) do not commit to and are
under no obligation to structure the terms of the grant or any aspect of the Units to reduce or eliminate the Grantee’s liability for Tax-Related 

  
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Items or achieve any particular tax result. Further, if the Grantee has become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable event, the
Grantee acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. 

Prior to any relevant taxable or tax withholding event, as applicable, the Grantee shall pay, or make adequate arrangements satisfactory to
the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, pursuant to Article 17 of the Plan, if permissible under local law and unless otherwise provided by the Committee prior to the vesting of the shares, the Grantee
authorizes the Company or the Employer, or their respective agents, to withhold all applicable Tax-Related Items in shares of Stock to be issued upon vesting/settlement of the Units. Alternatively, or in addition, the Grantee authorizes the Company
and/or the Employer, or their respective agents, at the Company’s discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from the Grantee’s wages or other
cash compensation paid to the Grantee by the Company and/or the Employer; (ii) withholding from proceeds of the sale of shares of Stock acquired upon vesting/settlement of the Units either through a voluntary sale or through a mandatory sale
arranged by the Company (on the Grantee’s behalf pursuant to this authorization); (iii) personal check or other cash equivalent acceptable to the Company; or (iv) any other means as determined appropriate by the Company or the
Committee, including, without limitation, election by Grantee to forfeit a portion of the Vested shares on the vesting date as consideration for Tax-Related Items. 

The Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable
withholding rates. If the obligation for Tax-Related Items is satisfied by withholding a number of shares of Stock as described herein, for tax purposes, the Grantee shall be deemed to have been issued the full number of shares of Stock subject to
the Award, notwithstanding that a number of the shares of Stock are held back solely for the purpose of paying the Tax-Related Items due as a result of the Grantee’s participation in the Plan. 

Finally, the Grantee shall pay to the Company or to the Employer any amount of Tax-Related Items that the Company or the Employer may be
required to withhold or account for as a result of the Grantee’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver shares or the proceeds of the sale of shares of
Stock if the Grantee fails to comply with his or her obligation in connection with the Tax-Related Items. 
 15. Amendments.
Unless otherwise provided in the Plan or this Grant Agreement, this Grant Agreement may be amended only by a written agreement executed by the Company and the Grantee. 

16. Integrated Agreement. Any grant notice, this Grant Agreement and the Plan shall constitute the entire understanding and
agreement of the Grantee and the Company with respect to the subject matter contained herein or therein and supersedes any prior agreements, understandings, restrictions, representations, or warranties between the Grantee and the Company with
respect to such subject matter other than those as set forth or provided for herein 

  
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or therein. To the extent contemplated herein or therein, the provisions of any grant notice and this Grant Agreement shall survive any settlement of the Award and shall remain in full force and
effect. 
 17. Severability. If one or more of the provisions of this Grant Agreement shall be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and the invalid, illegal or unenforceable provisions shall be deemed null and void; however, to
the extent permissible by law, any provisions which could be deemed null and void shall first be construed, interpreted or revised retroactively to permit this Grant Agreement to be construed so as to foster the intent of this Grant Agreement and
the Plan. 
 18. Counterparts. Any grant notice and this Grant Agreement may be executed in counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. 
 19. Governing Law and Venue.
This Grant Agreement shall be interpreted and administered under the laws of the State of Delaware. For purposes of litigating any dispute that arises under this grant or this Award, the parties hereby submit to and consent to the jurisdiction of
the State of California, agree that such litigation shall be conducted in the courts of Orange County, California, or the federal courts for the United States for the District of California, where this grant is made and/or to be performed. 

20. Other. The Grantee represents that the Grantee has read and is familiar with the provisions of the Plan and this Grant
Agreement, and hereby accepts the Award subject to all of their terms and conditions. 
 21. Section 409A Compliance. The
Company believes, but does not and cannot warrant or guaranty, that the payments due pursuant to this Grant Agreement qualify for the short-term deferral exception to Section 409A of the Code as set forth in Treasury Regulation
Section 1.409A-1(b)(4). Notwithstanding anything to the contrary in this Grant Agreement, if the Company determines that neither the short-term deferral exception nor any other exception to Section 409A applies to the payments due pursuant
to this Grant Agreement, to the extent any payments are due on the Grantee’s termination of employment, the term “termination of employment” shall mean “separation from service” as defined in Treasury Regulation
Section 1.409A-1(h). In addition, if Grantee is a “specified employee” (as defined in Treasury Regulation Section 1.409A-1(i)) and any payments due pursuant to this Award Agreement are payable on the Grantee’s
“separation from service,” then such payments shall be paid on the first business day following the expiration of the six month period following the Grantee’s “separation from service.” This Grant Agreement shall be operated
in compliance with Section 409A or an exception thereto and each provision of this Grant Agreement shall be interpreted, to the extent possible, to comply with Section 409A or to qualify for an applicable exception. The Grantee remains
solely responsible for any adverse tax consequences imposed upon the Grantee by Section 409A. 
 22. Confidentiality. The
Grantee acknowledges and agrees that the terms of this Award Agreement are considered proprietary information of the Company. The Grantee hereby 

  
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agrees that Grantee shall maintain the confidentiality of these matters to the fullest extent permitted by law and shall not disclose them to any third party. If the Grantee violates this
confidentiality provision, without waiving any other remedy available, the Company may revoke this Award without further obligation or liability, and the Grantee may be subject to disciplinary action, up to and including the Company’s
termination of the Grantee’s employment for Cause. 
 23. Appendix. Notwithstanding any provisions in this Grant
Agreement, the grant of the Units shall be subject to any special terms and conditions set forth in any appendix (or any appendices) to this Grant Agreement for the Grantee’s country (the “Appendix”). Moreover, if the Grantee
relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to the Grantee, to the extent the Company determines that the application of such terms and conditions is necessary or advisable
in order to comply with local law or facilitate the administration of the Plan. The Appendix constitutes part of this Grant Agreement. 

24. Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Grantee’s
participation in the Plan, on the Units and on any shares of Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to
require the Grantee to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. Further, the Award and profits under this Grant Agreement are subject to the Company’s compensation recovery policy or
policies (and related Company practices) as such may be in effect from time-to-time, as a result of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended, and similar or related laws, rules and regulations.


  
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 IN WITNESS WHEREOF, the Company has caused this Grant Agreement to be signed by its duly
authorized representative and the Grantee has signed this Grant Agreement as of the date first written above. 
  

			
	AMERICAN VANGUARD CORPORATION
		
	By:	 	  

		 	  

		 	Its:
	
	GRANTEE
		
	By:	 	  




  
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