Document:

EX-10.3

 Exhibit 10.3 

BURGERFI INTERNATIONAL, INC. 

2020 OMNIBUS EQUITY INCENTIVE PLAN 

AMENDED AND RESTATED RESTRICTED STOCK UNIT AWARD AGREEMENT 

THIS AMENDED AND RESTATED RESTRICTED STOCK UNIT AWARD AGREEMENT (“Restricted Stock Unit Agreement” or “Award
Agreement”) is made and entered into as of January 3, 2022, by and between BurgerFi International, Inc., a Delaware corporation (the “Company”), and the Participant (the
“Participant”) named below. Any capitalized term used but not explicitly defined in this Award Agreement shall have the meaning ascribed to such term in the BurgerFi International, Inc. 2020 Omnibus Equity Incentive Plan (as
amended from time to time, the “Plan”), which is attached hereto as Exhibit A. 
 In consideration of the
covenants herein set forth, the parties hereto agree to the following terms of this Award Agreement, which amends and restates in its entirety that certain Restricted Stock Unit Award Agreement made and entered into by the parties as of
July 13, 2021: 
  

	1.	 Award Information. 

 

					
	a.	  	Legal Grant Date:	  	July 13, 2021
			
	b.	  	Participant Name:	  	Michael Rabinovitch
			
	c.	  	Number of Restricted Stock Unit(s) Awarded:	  	100,000

  

	2.	 Restricted Stock Unit Award. The Company hereby grants to the Participant the total number of Restricted
Stock Unit(s) (a “Restricted Stock Unit”) set forth above subject to the terms and conditions of this Award Agreement and the Plan, which is incorporated herein by this reference. A Restricted Stock Unit represents an
unsecured and unfunded promise by the Company to deliver, in accordance with the terms of the Plan, Shares with respect to each Restricted Stock Unit. The Restricted Stock Units have been credited to a bookkeeping account on the Participant’s
behalf. All amounts credited to the Participant’s account shall continue to be part of the general assets of the Company. The Restricted Stock Units shall be earned in whole, or in part, or not at all, as provided herein. 

 

	3.	 Vesting. Except as otherwise provided in this Section 3, Restricted Stock Units subject to this
grant shall vest as follows: 

 (a) 20,000 Restricted Stock Units shall vest, if during calendar year 2021 the last
reported closing price of the Company’s common stock for any twenty (20) trading days within any consecutive thirty (30) trading day period is greater than or equal to $19.00 per share; provided, however, that if the vesting condition
is not achieved during calendar year 2021, the 20,000 Restricted Stock Units discussed in this Section 3(a) shall roll over to calendar year 2022 and shall vest, if during calendar year 2022 the last reported closing price of the Company’s
common stock for any twenty (20) trading days within any consecutive thirty (30) trading day period is greater than or equal to $11.00 per share; 

(b) 20,000 Restricted Stock Units shall vest, if during calendar year 2022 the last reported closing price of the Company’s common stock
for any twenty (20) trading days within any consecutive thirty (30) trading day period equals or exceeds $11.00 per share; 
  

 (c) 20,000 Restricted Stock Units shall vest, if during calendar year 2023 the last reported
closing price of the Company’s common stock for any twenty (20) trading days within any consecutive thirty (30) trading day period is greater than or equal to $13.00 per share; and 

(d) 40,000 Restricted Stock Units shall vest, if during calendar year 2024 the last reported closing price of the Company’s common stock
for any twenty (20) trading days within any consecutive thirty (30) trading period is greater than or equal to $15.00 per share. 

In the event of the Participant’s Termination of Service by the Company without Cause or by resignation of the Participant due to Good
Reason (as defined in the Employment Agreement dated February 26, 2021 between the Company and the Participant), all unearned Restricted Stock Units awarded under this Award Agreement that could vest during the calendar year in which the
Termination of Service occurs shall vest immediately prior to the Termination of Service; provided, that in no event shall the number of unearned Restricted Stock units that can vest in 2022 in accordance with this Section exceed 20,000 Restricted
Stock Units. 
 Notwithstanding anything else contained herein, if there is a Change of Control prior to a Termination of Service, all
unearned Restricted Stock Units awarded under this Award Agreement shall vest immediately prior to the Change of Control. 
  

	4.	 Termination of Employment; Additional Forfeiture. 

(a) All Restricted Stock Units that are held by the Participant that are not vested as of the date of the Participant’s Termination of
Service for any reason shall automatically, and without notice, terminate and be forfeited upon the Termination of Service. 
 (b) All or a
portion of the Restricted Stock Units awarded hereunder may be forfeited pursuant to and in accordance with the Plan. 
 (c) The Participant
shall have no right or interest in any Restricted Stock Units that are forfeited and neither the Company nor any affiliate shall have any further obligations to the Participant under this Award Agreement. 

(d) Notwithstanding anything to the contrary, the Committee may, in its sole discretion, waive the forfeiture of any or all Restricted Stock
Units granted under this Award Agreement in accordance with the Plan. 
  

	5.	 Settlement of Awards; Delivery of Shares. The Company shall fully settle the vested Restricted Stock
Units consistent with Article X of the Plan by delivering Shares or cash in respect of each Restricted Stock Unit that has so vested as soon as practicable after such vesting date; provided that the Company may withhold a sufficient number of Shares
deliverable in satisfaction of such Restricted Stock Unit(s) to be settled to satisfy all or a portion of the tax withholding obligations relating to the vesting and settlement of such units. In no event shall the Participant be entitled to receive
any Shares with respect to any unvested or forfeited portion of the Restricted Stock Units awarded hereunder. Such distribution shall be made as soon as practicable after the vesting date, but in no event later than by the fifteenth (15th) day of
the third (3rd) calendar month following the end of the calendar year in which the Restricted Stock Unit first becomes vested. 

  
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	6.	 Withholding Taxes. The Company shall be entitled to deduct from compensation payable to the Participant
any sums required by federal, state, or local tax law to be withheld with respect to the settlement of the Restricted Stock Units, as determined by the Company (the “Withholding Obligation”), including withholding from vested
Shares to be issued by the Company in settlement of the Restricted Stock Unit (or portion thereof) that has vested, a number of Shares with an aggregate Fair Market Value that would satisfy the Withholding Obligation. In the alternative, the Company
may require the Participant to pay the Withholding Obligation directly to the Company. If the Participant is required to pay the Withholding Obligation directly to the Company, payment in cash (via cashier’s check or such other form acceptable
to the Company), or such other method as the Committee may approve, for the Withholding Obligation due shall be delivered to the Company within thirty (30) days following the vesting of such Restricted Stock Units. If the Participant desires to
pay the Withholding Obligation directly to the Company in lieu of the Company exercising its entitlement described in the first sentence hereof, payment in cash (via cashier’s check or such other form acceptable to the Company), or such other
method as the Committee may approve, for the Withholding Obligation shall be delivered to the Company within thirty (30) days prior to the vesting of such Restricted Stock Units. The Company shall have no obligation upon vesting of Restricted
Stock Units to issue the vested Shares otherwise deliverable upon such vesting until payment of the Withholding Obligation has been received or otherwise satisfied. 

 

	7.	 Participant Representation. By signing this Award Agreement, the Participant agrees to execute, upon
request, any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of the Restricted Stock Unit Agreement. The Participant acknowledges and agrees that the Participant
has reviewed this Award Agreement and the Plan in its entirety, had an opportunity to obtain the advice of counsel prior to executing and accepting this Award Agreement, and fully understands all provisions of the Restricted Stock Unit Agreement.
The Participant acknowledges that the Plan is intended to conform to the extent necessary with all provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and any and all regulations and rules
promulgated by the Securities and Exchange Commission thereunder, including, without limitation, the applicable exemptive conditions of Rule 16b-3. Notwithstanding anything herein to the contrary, the Plan
shall be administered, and the Restricted Stock Units are granted and may be settled, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Award Agreement shall be
deemed amended to the extent necessary to conform to such laws, rules and regulations. The Participant hereby acknowledges receipt or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the
Securities Act, which includes the Plan prospectus. The Participant further agrees not to sell any shares of Stock acquired pursuant to this Restricted Stock Unit Agreement at a time when applicable laws, regulations or the Company’s or any
applicable underwriter’s trading policies prohibit such sale. 

  

	8.	 Other Provisions. 

(a) Additional Commitments. If applicable, the Participant agrees, prior to the vesting of the Restricted Stock Units granted pursuant
to this Award Agreement that he or she shall deliver to the Secretary of the Company or the Secretary’s office, or such other place as may be determined by the Committee, payment in cash (via cashier’s check or such other form acceptable
to the Company), or such other method as the Committee may approve, for the Withholding Obligation, if the Participant desires to pay the Withholding Obligation in lieu of the Company exercising its entitlement in the first sentence of
Section 6 hereof. 

  
 3 

 (b) Restrictive Legends and Stop-Transfer Orders. 

(i) The Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate
“stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 

(ii) The Company shall not be required: (A) to transfer on its books any Shares that have been sold or otherwise transferred in violation
of any of the provisions of this Award Agreement, or (B) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such shares shall have been so transferred. 

(c) Adjustment. The number of Restricted Stock Units covered by this Restricted Stock Unit Agreement may be adjusted pursuant to the
terms of the Plan. The Restricted Stock Unit Agreement shall be subject to the terms of any agreement of merger, liquidation, reorganization or sale in the event the Company is the subject of such a transaction. 

(d) Unsecured Obligation. The award of Restricted Stock Units pursuant to this Award Agreement is unfunded, and the Participant shall be
considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares or make any payment pursuant to this Award Agreement. Nothing contained in this Award Agreement, and no action taken pursuant to
its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between the Participant and the Company or any other person. 

(e) Notices. Any notice to be given under the terms of this Award Agreement to the Company shall be addressed to the Company at its
principal executive offices in care of the Secretary of the Company, and any notice to be given to the Participant shall be addressed to the Participant at the most recent address for the Participant shown in the Company’s records. By a notice
given pursuant to this Section 8(e), either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via email or 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. 

(f) Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this
Award Agreement. 
 (g) Governing Law; Severability. This Award Agreement shall be administered, interpreted and enforced under the
laws of the State of Florida, without regard to the conflicts of law principles thereof. Should any provision of this Award Agreement be determined by a court of law to be illegal or unenforceable, the other provisions shall nevertheless remain
effective and shall remain enforceable. 
 (h) Conformity to Laws and Policies. This Award Agreement shall be subject to all
applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required and the Company may cancel the Restricted Stock Unit Agreement if it determines that such Restricted
Stock Units awarded hereunder would not be in material compliance with such laws and regulations. The Participant acknowledges that the Plan is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange
Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. To the extent permitted by applicable law, the Plan and this Award Agreement shall be deemed
amended to the extent necessary to conform to such laws, rules and regulations. 

  
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 (i) Stockholder Rights. Neither the Participant, nor the Participant’s estate or
heirs, have any rights as a stockholder of the Company, including the right to vote or receive dividends or any other rights as a stockholder of the Company with respect to the Restricted Stock Units unless and until the Restricted Stock Units
become vested and non-forfeitable and if Shares are delivered to the Participant in accordance with this Award Agreement. 

(j) Successors and Assigns. The Company may assign any of its rights under this Award Agreement to single or multiple assignees, and
this Award Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Award Agreement shall be binding upon the Participant and his or her heirs, executors,
administrators, successors and assigns. The Restricted Stock Units are not assignable or transferable by the Participant other than to (i) a beneficiary, (ii) by will or the laws of descent and distribution, and (iii) to family
members or entities (including trusts) established for the benefit of the Participant or the Participant’s family members. 
 (k)
Section 409A. This Award Agreement is intended to comply with the requirements of Section 409A of the Code (“Section 409A”), to the extent applicable, and shall be construed and
administered such that the Restricted Stock Units either (i) qualify for an exemption from the requirements of Section 409A or (ii) satisfy the requirements of Section 409A. If a Restricted Stock Unit is subject to
Section 409A, (i) distributions shall only be made in a manner and upon an event permitted under Section 409A, (ii) payments to be made upon a termination of employment shall only be made upon a “separation from
service” under Section 409A, (iii) and in no event shall the Participant, directly or indirectly, designate the calendar year in which a distribution is made except in accordance with Section 409A. Any Restricted Stock Unit that
is subject to Section 409A and that is to be distributed to a “specified employee,” as defined in Code Section 409A(a)(2)(B)(i) upon separation from service shall be administered so that any distribution with respect to such
Restricted Stock Unit shall be postponed for six (6) months following the date of the Participant’s separation from service, if required by Section 409A. If a distribution is delayed pursuant to Section 409A, the distribution
shall be paid within fifteen (15) days after the end of the six (6)-month period. If the Participant dies during such six (6)-month period, any postponed amounts shall be paid within ninety (90) days of the Participant’s death. The
determination of a specified employee, including the number and identity of persons considered specified employees and the identification date, shall be made by the Board or its delegate each year in accordance with Section 416(i) of the Code
and the “specified employee” requirements of Section 409A. 
 (Signature page follows.) 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Award Agreement as of the date
first stated above. 
  

							
	BURGERFI INTERNATIONAL, INC.	  	PARTICIPANT
			
	By:	  	 /s/ Ophir Sternberg
	  	 /s/ Michael Rabinovitch

	Name:	  	Ophir Sternberg	  	Michael Rabinovitch
	Title:	  	Executive Chairman of the Board	  		  	

 EXHIBIT A 

TO RESTRICTED STOCK UNIT AGREEMENT 

BURGERFI INTERNATIONAL, INC. 

2020 OMNIBUS EQUITY INCENTIVE PLANEX-10.1

   

  Exhibit 10.1

   

  Certain identified information has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

   

   

   

   

   

   

   

   

   

   

  LINDSAY CORPORATION

  MANAGEMENT INCENTIVE PLAN (MIP)

  2022

   Plan Year

   

   

   

   

   

   

   

   

   

   

  									____________________________

  									Senior Vice President - HR/Date

   

  	                                                                            ________________________

                     Chief Financial Officer/Date

   

  ________________________

  Chief Executive Officer/Date

   

   

  

   

  Table of Contents

   

  		
	1.	Purpose
	1

	2.	Definitions
	1

	3.	Effective Date
	2

	4.	Eligibility for Participation
	2

	5.	Enrollment in the Plan
	2&3

	6.	Determination of Target Payout Levels
	3&4

	7.	Basis of Awards
	4&5

	8.	Changes in Employment Status
	6

	9.	Administration
	6

	10.  Attachments	........7

   

   

  		 

  

   

  1.	Purpose

   

  The purpose of the Management Incentive Plan (the “Plan”) is to:

   

  	Encourage performance consistent with the Company’s business strategy. 

   

  	Focus on near-term performance results as well as progress toward the achievement of long-term objectives.
 

  	Strengthen the link between performance and pay by delivering awards based on measurable corporate and individual goals.

   

   

  2.	Definitions

   

  The terms used in this Plan have the meanings set forth below.

   

  A.	“Company” shall mean Lindsay Corporation.

   

  B.	“Committee” shall mean the Human Resources and Compensation Committee of the Company’s Board of Directors.

   

  C.	“Financial Performance Component” shall mean the portion of a Participant’s Plan award that is based on the Company’s and specific Market financial performance as defined in Section 7B.

   

  D.	"Named Executive Officers" shall mean the executives of the Company listed in the Executive Compensation section of the Company’s Proxy Statement, other executive officers of the Company for SEC reporting purposes and any other elected officers.

   

  E.	“Participant” shall mean a key employee eligible for awards under the terms outlined in Section 4 of this Plan.

   

  F.	“Plan” shall mean Lindsay Corporation Management Incentive Plan.

  G.	“Strategic Goal Performance Component” shall mean the portion of a Participant’s Plan award that is based on a Participant’s or the Company’s performance relative to certain individual objectives or strategic goals established in accordance with Section 7C.

   

   

   

  	         1

  

   

  3.	Effective Date

   

  The Plan shall be effective as of September 1, 2021 and will be in effect for the 2022 bonus year.  The 2022 bonus year is defined as September 1, 2021 through August 31, 2022.

   

   

  4.	Eligibility for Participation

   

  A.	Participation in the Plan is limited to individuals in positions which have significant responsibility for and impact on the Company’s corporate performance.

   

  B.	Only the Named Executive Officers are eligible to be considered for participation in the Plan.  

   

  C.	Participation in the Plan does not guarantee or entitle any employee to participate in any bonus plan enacted in the future.  Participation in the Plan at any target bonus level does not guarantee or entitle any employee to be eligible to participate at any similar target bonus level in any bonus plan which may be enacted in the future.

   

   

  5.	Enrollment in the Plan

   

  A.	Initial Enrollment
 

  At the beginning of the Plan year, each Participant must be enrolled in the Plan subject to the approvals and eligibility criteria set forth in Sections 4 and 6. The enrollment process is as follows: 
 

  i.	Plan Participants will participate in the Plan at the target percentage set forth opposite his or her name on Exhibit A. 

   

  ii.	The Company’s Chief Executive Officer will review the participant list and projected bonus costs of enrolled employees with the Committee.  The Committee provides final approval on the aggregate potential cost of the Plan.

   

   

   

  	         2

  

   

  B.	

   

   

  	         3

  

   

  Mid-year Enrollment
 

  When hiring or promoting employees during the Plan year who may be eligible for participation in the Plan, the following procedures must be followed:

   

  i.	Prior to the commencement of the recruiting or promotion process, the hiring manager consults with Human Resources to determine the position’s eligibility for participation in the Plan and the recommended target bonus amount.
 

  ii.	Offer letters indicating bonus Plan participation and target bonus award opportunities to new hires and/or promoted employees must be reviewed by the CEO or, in the case of a Named Executive Officer, by the Committee.  Target bonus recommendations must be approved before communication to a prospective Participant.  Generally, employees hired or promoted during the fourth quarter of fiscal 2022 are not eligible to participate in the 2022 Plan.

   

   

  6.	Determination of Target Payout Levels

   

  A.	Incentive awards will be calculated as a percentage of the Participant’s annual base salary received during the Plan year, provided that annual base salary increases which are made during the first quarter of the Plan year will be treated for purposes of calculating a Participant’s bonus as if they had been made at the beginning of the Plan year.  The impact of promotions or other adjustments to base pay made after the annual pay adjustment noted above will be prorated for the time in effect.  While award amounts will vary based on the range of award opportunity and an assessment of individual performance results, the target award opportunities for each Participant are set forth opposite his or her name on Exhibit A.  Actual participation is subject to approval by the CEO and by the Committee.  Actual participation is based on an assessment of the individual's position impact on the organization.

   

  B.	If a Participant’s Plan target award opportunity (Target % of Salary as set forth above) changes due to promotion into a grade level with a higher target bonus, the Participant’s bonus will be calculated based on his or her annual salary during the Plan year and a pro-rated bonus award.  The pro-rated bonus award will reflect the portion of the Plan year spent in each grade level (e.g., 26 weeks at 40% and 26 weeks at 50%).  In evaluating the performance of Participants who change positions during the Plan year, consideration will be given to the length of time and results in each position.  Actual award decisions will be made by the CEO or, in the case of a Named Executive Officer, by the Committee.  Generally, fourth quarter promotions will not result in an increase in a Participant’s target award opportunity. 
 

  C.	Examples of various award calculations are included with this Plan document as Attachment 

   

  	         4

  

   

  A.

 

  D.	The Committee will determine the award payments to the Named Executive Officers.
 

  E.	Award payments will be calculated on an annual basis and paid in accordance with the Company’s normal payroll cycle.  Payments will be made within 75 days following the Plan year.  The payment date may be changed at any time and for any reason at the discretion of the CEO, or in the case of a Named Executive Officer, with approval of the Committee, but may not be later than March 15 following the end of the Plan year for which the award is paid.
 

   

  7.	Basis of Awards

   

  A.	Measurable performance objectives for each Plan Participant will be established at the beginning of the Plan year (or at mid-year for mid-year hires or newly eligible employees).  For the 2022 bonus year, consideration will be given to:
 

  i.	Financial Performance Component:  Company and Market financial performance vs. Plan performance objectives in accordance with Section 7B.

  ii.	Strategic Goal Performance Component:  Participant’s or Company’s performance relative to individual objectives or strategic goals established in accordance with Section 7C. 

  iii.	Financial and Strategic Goal Performance Components will be added to reach a Participant’s total bonus. The relative weighting between these Components for each Participant is set forth opposite his or her name on Exhibit A.

   

  B.	At the beginning of the Plan year, the objectives for the Financial Performance Component are identified and approved by the Committee and are set forth on Exhibit B.

  i.	Recommended award amounts may range from 0 - 200% of the Financial Performance Component of the Participant’s target award, based on performance.	   

  ii.	Percentages between the threshold, intermediate, target, and maximum award will be interpolated.

  iii.	In the event of an acquisition, actual results for the selected financial performance metrics (e.g., revenue, operating margin) will be adjusted by subtracting the Board-approved business case for each acquisition for purposes of award payout calculations, unless the Committee approves a modification to 

   

  	         5

  

   

  include any such items.  Any transaction costs associated with any acquisition considered, pursued or closed shall be added back to profitability.

  iv.	In the event of a divestiture, actual results for the selected financial performance metrics will be adjusted by including the Board-approved budget (and removing actual performance results) for each divestiture for purposes of award payout calculations, unless the Committee approves a modification to any such items.  If a planned divestiture is not included in the budget, its financial performance metrics will not be included in the calculation of the Financial Performance Component if the divestiture is not complete by the end of the fiscal year.  Any transaction costs associated with any divestiture considered, pursued or closed shall be added back to profitability.  

  v.	Award payout calculations shall exclude the positive or negative impact of any adjustments to the accrual for environmental remediation liability or unbudgeted expenses related to the existing contamination at the Lindsay facility as disclosed in the Company’s SEC filings.

  vi.	Award payout calculations shall be adjusted to remove Project Foundation consulting fees, if any, from the resulting operating margin calculation which were not included in the annual budget.

  vii.	Award payout calculations may be adjusted for any items of gain, loss or expense (i) from non-cash impairments; (ii) related to loss contingencies identified in the Company’s 10-K; (iii) that are unusual in nature or infrequent in occurrence; (iv) related to the disposal of a segment of a business; or (v) related to a change in accounting principle. The Plan also permits adjustments to remove the effects of changes in the tax law.

   

  C.	At the beginning of the Plan year, the objectives for the Strategic Goal Performance Component are identified and approved by the Committee and are set forth on Exhibit B.  

   

  i.	Objectives under the Strategic Goal Performance Component may be linked to individual objectives or team-based goals, as appropriate.

   

  ii.	Recommended award amounts may range from 0% - 200% of the target amount under the Strategic Goal Performance Component.  Recommended award amounts will be based on an assessment of the Participant or Company’s performance, as applicable, relative to objectives established under the Strategic Goal Performance Component as set forth on Exhibit B. 

   

  iii.	The “Payout (as % of Target Individual Performance Component)” represents the payout relative to target award for the Strategic Goal Performance Component of the Plan.

   

   

   

  	         6

  

   

  8.	Changes in Employment Status

   

  A.	Participants who cease to be employees of the Company during the Plan year will not be eligible to receive an award.  Only active employees on the date that the bonus is paid will be eligible to receive an award.  Any exceptions will require the approval of the CEO, or in the case of a Named Executive Officer, the Committee.

   

  B.	In the event that a Participant transfers out of an eligible position into an ineligible position within the Company, the employee may be eligible for a prorated bonus award based upon the approval of the CEO, or in the case of a Named Executive Officer, the Committee.
 

  C.	In all cases awards will be calculated and paid according to the provisions in Sections 6 and 7 of this Plan document.

   

  9.		Administration

   

  A.	General authority for Plan administration and responsibility for ongoing Plan administration will rest with the Committee of the Company’s Board of Directors.  The Committee has sole authority for decisions regarding interpretation of the terms of this Plan.

   

  B.	The Company reserves the right to amend or change the Plan in whole or in part at any time during the Plan year.  Amendments to the Plan require the approval of the Committee.

   

  C.	Participation in the Plan does not constitute a contract of employment nor a contractual agreement of payment.  It shall not affect the right of the Company to discharge, transfer, or change the position of a Participant.  The Plan shall not be construed to limit or prevent the Company from adopting or changing, from time to time, any rules, standards or procedures affecting the Participant’s employment with the Company or any Company affiliate, including those which affect bonus payouts.

   

  D.	If any provision of this Plan is found to be illegal, invalid or unenforceable under present or future laws, that provision shall be severed from the Plan.  If such a provision is severed, this Plan shall be construed and enforced as if the severed provision had never been part of it and the remaining provisions of this Plan shall remain in full force and effect and shall not be affected by the severed provisions or by its severance from this Plan.  In place of any severed provision there shall be added automatically as part of this Plan a provision as similar in terms to the severed provision as may be possible and be legal, valid and enforceable.

   

  E. 	This is not an ERISA plan.  This is a bonus program. 

   

   

  	         7

  

   

  ATTACHMENT A

  Award Calculation Guidelines

   

  The following examples are to be used as guidelines in calculating bonus awards at the end of the 2022 Plan year.  Managers should use their discretion in calculating actual bonus awards and may consider exceptions to the calculations below when necessary.  Any such exceptions must be fully documented and are subject to review and approval by the Chief Executive Officer, or in the case of a Named Executive Officer, the Committee.

   

  				
	Full Year Participation
	 
	Mid-Year Promotion
	 

	 
	 
	 
	 

	Strategic Goal Performance Score:
	100
	Strategic Goal Performance Score:
	100

	Financial Performance Score:
	100.00%
	Financial Performance Score:
	100.00%

	 
	 

	 
	Pre-Promotion Calculation

	Strategic Goal Score
	100
	Strategic Goal Score
	100

	Total Incentive Plan %
	40%
	Total Incentive Plan %
	40%

	% Strategic to Total Incentive Plan Participation
	20%
	% Strategic to Total Incentive Plan Participation
	20%

	Base Salary
	$150,000
	Base Salary
	$150,000

	Strategic Goal Performance Payout
	$12,000
	Strategic Goal Performance Payout
	$12,000

	 
	 

	Financial Score
	100%
	Financial Score
	100%

	Total Incentive Plan %
	40%
	Total Incentive Plan %
	40%

	% Financial to Total Incentive Plan Participation
	80%
	% Financial to Total Incentive Plan Participation
	80%

	Base Salary
	$150,000
	Base Salary
	$150,000

	Financial Performance Payout
	$48,000
	Financial Performance Payout
	$48,000

	Incentive Amount
	$60,000
	Incentive Amount
	$60,000

	Time Period (weeks)
	52
	Time Period (weeks)
	26

	Proration Factor
	1
	Proration Factor
	0.5

	Prorated Payout for Time Period
	$60,000
	Prorated Payout for Time Period
	$30,000

	 
	 

	Partial Year Participation
	 
	 

	 
	 
	 

	Strategic Goal Performance Score:
	100
	 

	Financial Performance Score:
	100.00%
	 

	 
	 
	Post Promotion Calculation

	Strategic Goal Score
	100
	Strategic Goal Score
	100

	Total Incentive Plan %
	40%
	Total Incentive Plan %
	50%

	% Strategic to Total Incentive Plan Participation
	20%
	% Strategic to Total Incentive Plan Participation
	20%

	Base Salary
	$150,000
	Base Salary
	$200,000

	Strategic Goal Performance Payout
	$12,000
	Strategic Goal Performance Payout
	$20,000

	 
	 
	 

	Financial Score
	100%
	Financial Score
	100%

	Total Incentive Plan %
	40%
	Total Incentive Plan %
	50%

	% Financial to Total Incentive Plan Participation
	80%
	% Financial to Total Incentive Plan Participation
	80%

	Base Salary
	$150,000
	Base Salary
	$200,000

	Financial Performance Payout
	$48,000
	Financial Performance Payout
	$80,000

	Incentive Amount
	$60,000
	Incentive Amount
	$100,000

	Time Period (weeks)
	30
	Time Period (weeks)
	26

	Proration Factor
	0.57692
	Proration Factor
	0.5

	Prorated Payout for Time Period
	$34,615
	Prorated Payout for Time Period
	$50,000

	 
	 
	 
	 

	 
	Total Prorated Incentive Amount
	$80,000

   

   

   

   

  	         8

  

   

  [**The appendix that includes Financial Performance and Strategic Goal Component Elements and Weighting for Fiscal Year 2022 constitutes confidential information and has been omitted from this filing because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.**]

   

   

   

  	         9

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