Document:

Exhibit

EXHIBIT 10.25

POOL CORPORATION
STRATEGIC PLAN INCENTIVE PROGRAM 

ARTICLE I 
PURPOSE OF PROGRAM

Section 1.1     The purpose of the Strategic Plan Incentive Program (the “Program”) is to provide senior management with an additional incentive opportunity to be earned upon the achievement of specified earnings objectives related to the strategic plan for the growth of Pool Corporation (the “Company”). The Program is a cash-based, pay-for-performance program that effectively links the Company’s long-term financial performance with the total cash compensation paid to senior management. The Program serves to complement the Company’s annual bonus program and the longer-term value creation provided by stock option or other equity-based awards. Under the terms of the Program, discussed below, each senior manager is eligible to earn an award either in an amount equal to up to (i) 200% of his or her base salary (“Group I”), (ii) 100% of his or her base salary (“Group II”) or (iii) 50% of his or her base salary (“Group III”) based on the Company’s diluted earnings per share (“EPS”) growth over a three-year period. 

Section 1.2    This updated version of the Program is effective for performance periods beginning on or after January 1, 2019.

ARTICLE II
ADMINISTRATION OF THE PROGRAM

Section 2.1     The Program shall be administered by the Compensation Committee (the “Committee”) of the Board of Directors of the Company. The Committee shall have the sole discretion and authority to administer and interpret the Program.

Section 2.2     Subject to the express provisions and limitations set forth in the Program, the Committee shall be authorized and empowered to do all things necessary or desirable, in its sole discretion, in connection with the administration of the Program, including, without limitation, the following:

(a)    To prescribe, amend and rescind rules and regulations relating to the Program and to define terms not otherwise defined herein;
    
(b)    To determine which persons are eligible to be paid awards and to which of such participants, if any, awards hereunder are actually paid;
    
(c)    To verify the Company’s EPS, as defined herein, and the extent to which the Company has satisfied any other performance goals or other conditions applicable to the payment of awards under the Program;
    
(d)    To prescribe and amend the terms of any agreements or other documents under the Program (which need not be identical);
    
(e)    To determine whether, and the extent to which, adjustments are required pursuant to Article V;
    

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(f)    To interpret and construe the Program, any rules and regulations under the Program, and the terms and conditions of any award opportunities provided hereunder, and to make exceptions to any such provisions in good faith and for the benefit of the Company; and
    
(g)    To make all other determinations deemed necessary or advisable for the administration of the Program.

ARTICLE III
ELIGIBILITY FOR PARTICIPATION

Section 3.1     The Committee shall, on an annual basis, designate the senior management of the Company who shall participate in the Program for the performance period beginning in that year and identify them as either Group I, Group II, or Group III.

ARTICLE IV
PERFORMANCE CRITERIA

Section 4.1     Program participants shall be entitled to earn an award based upon the Company’s EPS growth at a compounded annual growth rate (“CAGR”) of at least 10% during the performance period. Thus, for example, the performance period for awards to be paid in 2022 shall be from January 1, 2019 through December 31, 2021 and the baseline EPS shall be 2018 EPS, adjusted as provided herein. The maximum payout amounts for Group I shall be 200% of base salary as of the end of the performance period, for Group II shall be 100% of base salary as of the end of the performance period, and for Group III shall be 50% of base salary as of the end of the performance period. 

No award shall be earned or paid unless the CAGR of the threshold EPS baseline established by the Committee is at least 10%.

Section 4.2     A CAGR of EPS of between 10% to 20% of the baseline established by the Committee shall result in a pro rata increase in the award based on the following criteria: (1) Group I: 10% EPS growth rate will result in an award to a participant equal to 50% of the participant’s base salary; 15% EPS growth rate will result in an award to a participant equal to 100% of the participant’s base salary; and a 20% EPS growth rate will result in an award to a participant equal to 200% of the participant’s base salary; (2) Group II: 10% EPS growth rate will result in an award to a participant equal to 25% of the participant’s base salary; 15% EPS growth rate will result in an award to a participant equal to 50% of the participant’s base salary; and a 20% EPS growth rate will result in an award to a participant equal to 100% of the participant’s base salary; and (3) Group III: 10% EPS growth rate will result in an award to a participant equal to 12.5% of the participant’s base salary; 15% EPS growth rate will result in an award to a participant equal to 25% of the participant’s base salary; and a 20% EPS growth rate will result in an award to a participant equal to 50% of the participant’s base salary. 

The following tables present the award opportunities, expressed as a percentage of a participant’s salary, to be earned in the performance period beginning 2019 through 2021, assuming baseline EPS of $5.26, which excludes the $0.36 per diluted share benefit of ASU 2016-09 from GAAP diluted EPS of $5.62 at December 31, 2018.  These tables are for illustration purposes, and the award opportunities for future performance periods will be based on the applicable baseline EPS. 

2

	
			
	Group I

	CAGR
	Ending EPS
	Salary %

	10%
	$7.00
	50%

	11%
	$7.19
	60%

	12%
	$7.39
	70%

	13%
	$7.59
	80%

	14%
	$7.79
	90%

	15%
	$8.00
	100%

	16%
	$8.21
	120%

	17%
	$8.42
	140%

	18%
	$8.64
	160%

	19%
	$8.86
	180%

	20%
	$9.09
	200%

	
			
	Group II

	CAGR
	Ending EPS
	Salary %

	10%
	$7.00
	25%

	11%
	$7.19
	30%

	12%
	$7.39
	35%

	13%
	$7.59
	40%

	14%
	$7.79
	45%

	15%
	$8.00
	50%

	16%
	$8.21
	60%

	17%
	$8.42
	70%

	18%
	$8.64
	80%

	19%
	$8.86
	90%

	20%
	$9.09
	100%

	
			
	Group III

	CAGR
	Ending EPS
	Salary %

	10%
	$7.00
	12.5%

	11%
	$7.19
	15.0%

	12%
	$7.39
	17.5%

	13%
	$7.59
	20.0%

	14%
	$7.79
	22.5%

	15%
	$8.00
	25.0%

	16%
	$8.21
	30.0%

	17%
	$8.42
	35.0%

	18%
	$8.64
	40.0%

	19%
	$8.86
	45.0%

	20%
	$9.09
	50.0%

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Section 4.3     Within the first 90 days of each performance period, the Committee shall establish in writing the EPS baseline for the performance period, as such baseline may be adjusted pursuant to Section 4.4 below. 

Section 4.4     The term “performance period” shall mean the period for which the award is payable. For calculation of the award, the term “EPS” shall mean the net income per weighted average common share outstanding, assuming dilution, for the performance period. EPS may be adjusted as necessary to reflect the following: acquisition-related charges and/or impact on results; the effects of changes in tax law, changes in accounting principles or other such laws or provisions affecting reported results; major capital restructuring; goodwill and other non-cash impairment charges; and any extraordinary items, including those defined in the Financial Accounting Standards Board Accounting Standards Codification 225-20, Extraordinary and Unusual Items, and/or described in management’s discussion and analysis of financial condition and results of operations appearing in the annual report to stockholders for the applicable year. EPS shall also be adjusted to reflect any other events or changes specified in writing by the Committee, which adjustments will generally be made within the first 90 days of the performance period. 

Section 4.5     An award shall be paid to a participant in cash no later than February 28 following the end of the performance period. Notwithstanding any other provision of the Program to the contrary, no participant shall be entitled to any payment with respect to any award unless the members of the Committee referred to in Section 2.1 hereof shall have certified the payout amount of the awards calculated as provided in this Article IV.

ARTICLE V
AMOUNT OF AWARD

Section 5.1     The maximum award for any Program participant per year shall be $1,500,000. In its sole discretion, the Committee may also reduce an individual’s award calculated under the formula set forth under this Program. In determining the amount of any reduced award, the Committee reserves the right to apply subjective, discretionary criteria to determine a revised amount.

ARTICLE VI
PAYMENT OF AWARD

Section 6.1     The payment of an award for a given performance period requires that the Program participant be on the Company payroll as of the last day of the performance period. The Committee may make exceptions to this requirement in the case of retirement, death or disability, as determined by the Committee in its sole discretion. 

ARTICLE VII
AMENDMENT AND TERMINATION

Section 7.1     The Board of Directors or the Committee may amend or terminate this Program at any time with respect to future services of participants, and such amendments may include amendments to the EPS targets from those provided herein. 

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ARTICLE VIII
TAX WITHHOLDING

Section 8.1     The Company shall have the right to make all payments or distributions pursuant to the Program to a participant, net of any applicable federal, state and local taxes required to be paid or withheld. The Company shall have the right to withhold from wages or other amounts otherwise payable to such participant such withholding taxes as may be required by law, or to otherwise require the participant to pay such withholding taxes. If the participant shall fail to make such tax payments as are required, the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to such participant or to take such other action as may be necessary to satisfy such withholding obligations.

ARTICLE IX
NON-ASSIGNABILITY

Section 9.1     Unless the Committee expressly states otherwise, no participant in the Program may sell, assign, convey, gift, pledge or otherwise hypothecate or alienate any award opportunity or amounts determined by the Committee to be payable under the Program, until such amounts (if any) are actually paid.

ARTICLE X
NON-EXCLUSIVITY OF PROGRAM

Section 10.1     The adoption of the Program by the Committee shall not be construed as creating any limitations on the power of the Board of Directors or the Committee to adopt such other compensation arrangements as either may deem desirable, including, without limitation, cash or equity-based compensation arrangements, either tied to performance or otherwise, and any such other arrangements as may be either generally applicable or applicable only in specific cases.

ARTICLE XI
EMPLOYMENT AT WILL

Section 11.1     Neither the Program, selection of a person as a participant in the Program nor the payment of any award to any participant under the Program nor any action by the Board of Directors or the Committee shall be held or construed to confer upon any person any right to be continued in the employ of the Company. The Company expressly reserves the right to discharge any participant whenever in the sole discretion of the Company its interest may so require.

ARTICLE XII
RIGHTS OF PARTICIPANTS

Section 12.1     At no time before the actual payout of an award to any participant under the Program shall any participant accrue any vested interest or right whatsoever under the Program, and the Company has no obligation to treat participants identically under the Program.

Section 12.2     The Program constitutes a mere promise by the Company to make benefit payments in the future and the rights of participants to benefits under this Program shall be solely those of general unsecured creditors of the Company. No participant shall have any interest in any fund or any specific asset of the Company.

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ARTICLE XIII
GOVERNING LAW

Section 13.1     The Program and any agreements and documents hereunder shall be interpreted and construed in accordance with the laws of the State of Louisiana and applicable federal law. The Committee may provide that any dispute concerning the Program shall be presented and determined in such forum as the Committee may specify, including through binding arbitration.

ARTICLE XIV
DEFERRAL OF AWARDS

Section 14.1     The awards payable hereunder are designed to constitute short-term deferrals that are not subject to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended and the regulations thereunder (“Section 409A”).

Section 14.2     The Company has in effect a Non-Qualified Deferred Compensation Plan (the “Deferred Compensation Plan”) under which certain employees are eligible to defer compensation, including awards granted under this Program. The requirements applicable to such deferrals, including the timing of deferral elections for any award, shall be made in compliance with the terms of the Deferred Compensation Plan and Section 409A.

6Exhibit

EXHIBIT 10.1

    
TRANSITION AGREEMENT
This Transition Agreement (the “Agreement”) is made by and between Akamai Technologies, Inc. (the “Company”) and Jim Benson (the “Executive”) (collectively, the “Parties”).

In consideration of the promises and conditions set forth herein, the receipt and sufficiency of which are hereby acknowledged, and provided this Agreement is signed no later than February 27, 2019 the Parties agree as follows:

		
	1.
	Resignation as Chief Financial Officer - On February 7, 2019, the Executive notified the Company of his intent to retire from his positions as Chief Financial Officer and Treasurer of the Company as well from any position as a director or officer of any subsidiary of the Company, with his resignation to be effective March 1, 2019. This resignation was accepted by the Company.

		
	2.
	Senior Advisor to the CEO - Beginning on March 1, 2019 and until the earlier of (x) September 30, 2019, and (y) the date that the Executive accepts employment with another entity (the “Transition Date”) the Executive will (a) serve as full-time Executive Advisor (March 1 - April 30) and part-time Executive Advisor (May 1 - September 30), reporting to the Chief Executive Officer (the “CEO”), and (b) receive his current compensation and benefits through April 30 and thereafter a base salary of $10,000 per month, continue to vest in equity awards held by him in accordance with their terms (except as provided below), and participate in the Company’s benefit plans, provided in each case that he abides by the terms of this Agreement.  The Executive’s employment with the Company shall end on the Transition Date.  The Transition Date may be extended by mutual written agreement of both the Executive and Akamai.        

		
	3.
	Payment Upon Termination of Employment - On the Transition Date, or as soon as is practical thereafter, the Company will provide the Executive a lump sum payment in the amount of $150,000 less applicable taxes and withholdings.  In addition, the Executive shall be entitled to vest in the Performance-Based Restricted Stock Units (PRSUs) (as identified and described below) notwithstanding any requirement under the grant agreement governing such PRSUs that the Executive be employed by the Company on the vesting date(s), provided that the Executive signs and returns on his Transition Date a mutually acceptable release containing customary terms releasing the Company from claims (the “Additional Release”) and does not revoke such Additional Release.

		
	•
	2017 Plan -- PRSUs earned (2017 & 2018 performance periods) will be certified in the ordinary course and awarded in 2020 regardless of retirement date. 

		
	•
	2018 Plan -- PRSUs earned (2018 performance period) will be certified in the ordinary course and awarded in 2021 regardless of retirement date. 

		
	•
	2019 Plan - no participation

	
				
	 
	Tranches (Units)

	Award Year
	1st
	2nd
	3rd

	2017
	6,640
	8,885
	0

	2018
	9,077
	0
	0

Notwithstanding anything to the contrary in any grant agreement governing the PRSUs, in the event of a Change in Control Event (as defined in the Akamai Technologies, Inc. 2013 Stock Incentive Plan, as amended) where (a) PRSUs are converted into time-vesting RSUs upon assumption by the acquirer, then the number of PRSUs to be converted shall be based on the actual PRSUs earned by the Executive as of the date of the Change in Control Event (rather than the target number) or where (b) PRSUs are not assumed by the acquirer such that vesting of such PRSUs shall accelerate as of immediately prior to the Change in Control Event, then the number of PRSUs as to which vesting shall accelerate shall be the actual number of 

PRSUs earned by the Executive as of the date of the Change in Control Event (rather than the target number).  
		
	4.
	Amendment - This Agreement, and the Additional Release when executed, shall be binding upon the Parties and may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the Parties hereto.  This Agreement, and the Additional Release when executed, are binding upon and shall inure to the benefit of the Parties and their respective agents, assigns, heirs, executors, successors and administrators.

		
	5.
	Applicable Law - This Agreement, and the Additional Release when executed, shall be interpreted and construed by the laws of the Commonwealth of Massachusetts, without regard to conflict of laws provisions.  The Executive hereby irrevocably submits to and acknowledges and recognizes the jurisdiction of the courts of the Commonwealth of Massachusetts, or if appropriate, a federal court located in Massachusetts (which courts, for purposes of this Agreement and the Additional Release, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out of, under or in connection with this Agreement or the Additional Release or the subject matter thereof.

		
	6.
	Entire Agreement - This Agreement, and the Additional Release when executed, contain and constitute the entire understanding and agreement between the Parties hereto with respect to the Executive’s retirement from the Company and his settlement of claims against the Company.  In addition, the Non-Competition, Non-Solicitation, Proprietary and Confidential Information and Development Agreement executed by the Parties as of February 10, 2012 (collectively, the "Confidentiality Agreement") shall remain. in full force and effect. Furthermore, and for the avoidance of doubt, following his retirement from employment, the Executive will be entitled to receive only the compensation and benefits set forth in this Agreement, and shall not be eligible to receive any compensation and benefits under the COC Agreement. 

		
	7.
	Counterparts.  This Agreement may be executed in two (2) signature counterparts, each of which shall constitute an original, but all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the Parties have freely and voluntarily entered into this Agreement effective as of the date set forth by the signatures of the Parties below.

AKAMAI TECHNOLOGIES, INC.

By: /s/ Aaron Ahola                   Date: February 25, 2019
      Aaron Ahola
      SVP & General Counsel    
 
Jim Benson

            
/s/ Jim Benson                       Date: February 25, 2019            

    

RELEASE OF CLAIMS
(to be signed on, but not before, Transition Date; not attached to agreement)
		
	1.
	Release - In consideration of the transition arrangement, money and benefits set forth in the Agreement, the receipt and sufficiency of which is hereby acknowledged, the Executive individually and for his heirs, executors, administrators, trustees, legal representatives and assigns hereby fully, forever, irrevocably and unconditionally releases, waives, remises and discharges the Company, its affiliates, subsidiaries, parent companies, predecessors, and successors, and all of their respective past and present officers, directors, stockholders, partners, members, employees, agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate capacities) (collectively, the “Released Parties”) from, and agrees to not in any manner institute, prosecute or pursue, any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature that he ever had or now has against any or all of the Released Parties, whether in law or equity, at common law or under any statute, rule, regulation, order or law, whether federal, international, state, or local, on any grounds whatsoever, including, but not limited to, any and all claims arising out of or relating to his employment with and/or separation from the Company, including, but not limited to, any claims under the federal or state Constitutions, Civil Rights Act of 1866, the Civil Rights Act of 1991, the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, the Immigration Reform and Control Act of 1986, Fair Labor Standards Act, the National Labor Relations Act, the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Older Workers Benefits Protection Act, the Equal Pay Act, the Rehabilitation Act of 1973, the Employee Retirement Income Security Act of 1974, as amended, the Racketeer Influenced and Corrupt Organizations Act, Section 1981 of Title 42 of the United States Code and/or any other state statutes, rules, regulations, orders or laws concerning payment of wages, civil rights, discrimination, disability, family leave and/or labor and employment as well as any claim for breach of contract (which shall include, without limitation, all claims arising out of or related to the Executive’s December 17, 2015 Change of Control and Severance Agreement).

The Executive understands that this release includes unknown claims.  The Executive waives and releases any and all rights he has or may have with respect to the Company under any state, local, or federal law, statute, rule, order or regulation that preserves unknown claims or affords rights substantially the same or similar to the following:
"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR."
The Executive hereby expressly agrees that this release shall extend and apply to all unknown, unsuspected and unanticipated injuries and damages as well as those that are now known or disclosed.  To the extent the Executive has any claims against the Company, which are not released herein and/or to the extent any statute, rule, or law would limit in any way the effectiveness or scope of this release, the Executive hereby assigns such claim(s) to the Company.
		
	2.
	Business Expenses and Compensation - The Executive acknowledges that he has been reimbursed by the Company for all business expenses incurred in conjunction with the performance of his employment and 

that no other reimbursements are owed to him.  The Executive further acknowledges that he has received payment in full for all services rendered in conjunction with his employment by the Company and that no other compensation is owed to him except as provided in the Agreement.
		
	3.
	Return of Company Property -- On or before your Separation Date, the Executive shall return to Akamai all Company documents (and all copies thereof) and other Company property that you have had in your possession at any time including, but not limited to Company reports, files, identification and access badges, notes, drawings, business plans and forecasts, financial information, specifications, memoranda, records, software, credit cards, door and file keys, computer equipment (hardware and software), access codes, disks and instructional manuals, as well as any materials that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof) and any and all other property of Akamai.

		
	4.
	Acknowledgments - The Executive acknowledges that he has been given at least forty-five (45) days to consider this Additional Release, and that the Company advised him to consult with an attorney of his own choosing prior to signing this Release of Claims.  The Executive understands that he may revoke this Additional Release for a period of seven (7) days after he signs it by notifying the CEO in writing, and the Additional Release shall not be effective or enforceable until the expiration of this seven (7) day revocation period.  The Executive understands and agrees that by entering into this Additional Release, he is waiving any and all rights or claims he might have under the Age Discrimination in Employment Act, as amended by the Older Workers Benefits Protection Act, and that he has received consideration beyond that to which he was previously entitled.

Jim Benson

            
____________________________           Date: ___________________                    

To be signed and returned on, but not before, the Transition Date.

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