Document:

EX-10.1

 Exhibit 10.1 
  

					
	

	  		  	
	  		  	Rewards - Compensation  
	  		  	Management Short-Term Incentive –  
	  		  	Executive Officers  
	  	 	  	(STI) Plan  
		  		  	

  

					
	Purpose	  	The STI plan provides an annual performance-based cash bonus opportunity for eligible employees. This is intended to achieve a number of goals including:
			
		  	•	  	Emphasizing the Company’s commitment to competitive compensation practices;
			
		  	•	  	Driving a high performance culture;
			
		  	•	  	Assuring accountability;
			
		  	•	  	Focusing on results, not activity; and
			
		  	•	  	Reinforcing the importance of measurable and aligned goals and objectives.
		
	Eligibility	  	 These guidelines apply to Executive Officers.
  

To receive payment under the STI Plan, the participant must be actively employed as of fiscal year-end.

		
	Plan Design	  	The plan design is based on the following financial metrics.
			
		  	•	  	Operating Income/EBITDA
			
		  	•	  	Organic Revenue
			
		  	•	  	Earnings Per Share
			
		  	•	  	Gross Margin
			
		  	•	  	Contribution Margin
		
		  	Each participant’s plan design will be based on the participant’s position. Details of the design are as follows:
			
		  	•	  	Region Standard

  

					
	Metric & Weighting Per Metric
	EPS	 	Region Organic
Revenue	 	Region Operating
Income ($)
	30%	 	30%	 	40%

  

					
		 	•	  	Corporate/Global

  

					
	Metric & Weighting Per Metric
	EPS	 	HBF Organic Revenue	 	HBF Operating
Income ($)
	30%	 	30%	 	40%

  
  

Page 1 of 7 

					
	

	  		  	
	  		  	Rewards - Compensation  
	  		  	Management Short-Term Incentive –  
	  		  	Executive Officers  
	  	 	  	(STI) Plan  
		  		  	

  

					
		  	•	  	VP Sr, Emerging Markets

  

									
	Metric & Weighting Per Metric
	EPS	 	Emerging
Markets
Organic
Revenue	 	Emerging
Markets
Contribution
Margin	 	Hygiene
Revenue	 	Hygiene
Gross
Margin
	30%	 	20%	 	20%	 	15%	 	15%

  

					
		  	•	  	VP Sr, Americas Adhesives

  

									
	Metric & Weighting Per Metric
	EPS	 	Americas Adhesives +
Construction
Products Organic
Revenue	 	Americas Adhesives +
Construction Products
Operating Income	 	Packaging
Revenue	 	Packaging
Gross Margin
	30%	 	20%	 	20%	 	15%	 	15%

  

					
		  	•	  	VP Sr, Market Development

  

							
	Metric & Weighting Per Metric
	EPS	 	HBF
Operating
Income	 	Durable
Assembly
Revenue	 	Durable
Assembly Gross
Margin
	30%	 	20%	 	25%	 	25%

  

							
		  	Target
			
		  	•	  	Each metric will have a target level of performance. Payout will be determined for each metric based on performance relative to target. The target levels of performance will be established at the beginning of each fiscal
year.
		
		  	Threshold
			
		  	•	  	Threshold performance levels will be established for each metric as follows:
				
		  		  	•	  	Sales, Organic Revenue: 90% of target
				
		  		  	•	  	Operating Income/EBITDA: 80% of target
				
		  		  	•	  	EPS: 80% of target
				
		  		  	•	  	Gross Margin, Contribution Margin: 80% of target
			
		  	•	  	Payout at the threshold level of performance will be 50% of the target allocated to that metric.

  
  

Page 2 of 7 

					
	

				
				Rewards - Compensation  
				Management Short-Term Incentive –  
				Executive Officers  
		 		(STI) Plan  
					    

  

							
		
			Superior
			
			•		Superior performance levels will be established for each metric as follows:
				
					•		Sales, Organic Revenue: 110% of target
				
					•		Operating Income/EBITDA: 115% of target
				
					•		EPS: 115% of target
				
					•		Gross Margin, Contribution Margin: 115% of target
			
			•		Payout at the superior level of performance will be 150% of the target allocated to that metric.

  

							
		
			Superior Stretch Goal – Executive Committee
			
			•		Additional superior goals will be established for metrics for the EC members as follows:
				
					•		Organic Revenue: 115% of target
				
					•		Operating Income/EBITDA: 125% of target
				
					•		EPS: 125% of target
				
					•		Gross Margin, Contribution Margin: 125% of target
			
			•		Payout at the superior stretch goal will be 200% of the target allocated to that metric

  

			
			See Appendix for payout schedule.
		
	Payment		 Payment will be made in cash, subject to taxes and deductions as applicable.

 
 Payment will be made as close as possible to January 31 following the conclusion of
the relevant Plan Year, but will be made no later than March 15th of the calendar year following the Plan Year.

		
	Participant Status Changes		 If a participant begins employment with the company during the Plan Year, bonus potential will be pro-rated for the time the participant was
employed during the Plan Year.
  
 If a participant transfers jobs and changes plan design
standards, potential bonus will be pro-rated for the time spent in each job.

		
	Administration		 Participants may direct questions about the STI Plan to their local management or human resources representatives.

 
 The Compensation Committee of the Board of Directors shall make a certification decision
with respect to performance of financial metrics and consider extraordinary circumstances that may have positively or negatively impacted the achievement of the objectives. The Board or management in their discretion, reserves the right at any time
to enhance, diminish or terminate all or any portion of any compensation plan or program, on a collective or individual basis.

		
	Relevant Terms		 Actively Employed - A full-time or part-time employee on the Company payroll. It excludes any employee who has been terminated from
employment with the Company – voluntarily or involuntarily – in advance of fiscal year-end.
  

Company - H.B. Fuller Company and its wholly owned subsidiaries.

  
  

Page 3 of 7 

					
	

				
				Rewards - Compensation  
				Management Short-Term Incentive –  
				Executive Officers  
		 		(STI) Plan  
					    

  

			
			 Eligible Earnings – To be determined by region/country.
  

Payment - The cash reward payable after conclusion of the Plan Year.
  

Plan Year – The relevant Company fiscal year.
  

Short Term Incentive (STI) Plan - The program described herein. May also be referred to as “STIP” or “STI Plan”.

  
  

Page 4 of 7 

					
	

	  		  	
	  		  	Rewards - Compensation  
	  		  	Management Short-Term Incentive –  
	  		  	Executive Officers  
	  	 	  	(STI) Plan  
		  		  	

  

 Appendix

			
	STIP Payment Schedule for
 EPS, Operating Income/EBITDA,

Gross Margin, Contribution Margin

		
	Metric
Performance	 	Payout (as % of
target)
	125%	 	    200.0%    
	124%	 	    195.0%    
	123%	 	    190.0%    
	122%	 	    185.0%    
	121%	 	    180.0%    
	120%	 	    175.0%    
	119%	 	    170.0%    
	118%	 	    165.0%    
	117%	 	    160.0%    
	116%	 	    155.0%    
	115%	 	    150.0%*  
	114%	 	    146.7%    
	113%	 	    143.3%    
	112%	 	    140.0%    
	111%	 	    136.7%    
	110%	 	    133.3%    
	109%	 	    130.0%    
	108%	 	    126.7%    
	107%	 	    123.3%    
	106%	 	    120.0%    
	105%	 	    116.7%    
	104%	 	    113.3%    
	103%	 	    110.0%    
	102%	 	    106.7%    
	101%	 	    103.3%    
	100%	 	    100.0%    
	  99%	 	      97.5%    
	  98%	 	      95.0%    
	  97%	 	      92.5%    
	  96%	 	      90.0%    
	  95%	 	      87.5%    
	  94%	 	      85.0%    
	  93%	 	      82.5%    
	  92%	 	      80.0%    
	  91%	 	      77.5%    
	  90%	 	      75.0%    
	  89%	 	      72.5%    
	  88%	 	      70.0%    
	  87%	 	      67.5%    
	  86%	 	      65.0%    
	  85%	 	      62.5%    
	  84%	 	      60.0%    
	  83%	 	      57.5%    
	  82%	 	      55.0%    
	  81%	 	      52.5%    
	  80%	 	      50.0%    

 

			
	    
 STIP Payment schedule for

Organic Revenue

		
	Metric
Performance	 	Payout (as % of
target)
	115%	 	    200.0%    
	114%	 	    190.0%    
	113%	 	    180.0%    
	112%	 	    170.0%    
	111%	 	    160.0%    
	110%	 	    150.0%*  
	109%	 	    145.0%    
	108%	 	    140.0%    
	107%	 	    135.0%    
	106%	 	    130.0%    
	105%	 	    125.0%    
	104%	 	    120.0%    
	103%	 	    115.0%    
	102%	 	    110.0%    
	101%	 	    105.0%    
	100%	 	    100.0%    
	  99%	 	      95.0%    
	  98%	 	      90.0%    
	  97%	 	      85.0%    
	  96%	 	      80.0%    
	  95%	 	      75.0%    
	  94%	 	      70.0%    
	  93%	 	      65.0%    
	  92%	 	      60.0%    
	  91%	 	      55.0%    
	  90%	 	      50.0%    
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	
		 	

 
 

	*	Executive Committee members have a maximum opportunity of 200%. 

  

					
		  	•	  	Payout is calculated for each incremental increase in performance (straight line interpolation).

  
  

Page 5 of 7 

					
	

				
				Rewards - Compensation  
				Management Short-Term Incentive –  
				Executive Officers  
		 		(STI) Plan  
					    

  

 Calculation Guidelines 
  

	 	1.	Company EPS. As reported adjusted for STIP & UPB accruals (see below). 

  

	 	2.	Organic Revenue. The reported revenue is adjusted for the following: 

  

	 	a.	Currency impact compared to budgeted exchange rates for Europe and Asia Pacific regions. 

  

	 	3.	HBF Operating Income. The reported operating income is adjusted for the following: 

  

	 	a.	STIP & UPB accruals (see below). 

  

	 	b.	Currency impact compared to budgeted exchange rates for the Europe and Asia Pacific regions. 

  

	 	4.	Fully allocated regional operating income. 

  

	 	a.	Regional operating income targets include corporate governance allocation at budget. 

  

	 	b.	For evaluating performance against target, the actual corporate governance allocation is adjusted to reflect Corporate STIP and UPB accruals at target. 

 

	 	c.	At the region level and one level below, corporate governance allocations will be included in determining targets and performance. Below these levels, the corporate governance allocation is not to be included in
determining targets or performance. 

  

	 	5.	Impact of STIP & UPB accruals. For income related metrics, performance is evaluated assuming the STIP and UPB accruals are at target. 

 

	 	6.	North America. Basis of targets is US dollars. For purposes of determining performance against targets, there is to be no adjustment back to budgeted exchange rates for Canada. 

 

	 	7.	Europe. 

  

	 	a.	Revenue and operating income are in Euros. 

  

	 	b.	The actual corporate governance allocation will be converted to Euros at the budgeted exchange rate for determining performance against the operating income target. 

 

	 	8.	Latin America. Basis of targets is the US dollar. For purposes of determining performance against targets, there is to be no adjustment back to budgeted exchange rates for individual countries. 

 

	 	9.	Asia Pacific. For revenue and income metrics expressed in US dollars, the budgeted exchange rates will be used to assess performance. 

  
  

Page 6 of 7 

					
	

				
				Rewards - Compensation  
				Management Short-Term Incentive –  
				Executive Officers  
		 		(STI) Plan  
					    

  

	 	10.	In calculating the results, the following adjustments will be made: 

  

	 	a.	Individual legal settlements (payments or receipts) with a value (net of insurance) of $3 million or greater will not be included in metric calculations. 

 

	 	b.	Any unbudgeted reorganization or restructuring-related items which cannot be offset by related benefits in the fiscal year will not be included in metric calculations. 

 

	 	c.	Unbudgeted acquisitions and divestitures will be excluded from all actual and target metric calculations, as applicable. 

  

	 	d.	Any unbudgeted asset write-downs in excess of $2 million will not be included in metric calculations. 

  

	 	e.	Adjustments needed to (1) correct any inadvertent errors or miscalculations made in setting a performance target for our key markets (such as Hygiene, Packaging, or Durable Assembly) and Emerging Markets or
(2) account for changes resulting from new accounting definitions, requirements or pronouncements. 

  
  

Page 7 of 7EX-4.4

 Exhibit 4.4 

DIRECTOR UNRESTRICTED SHARE AGREEMENT 

THIS AGREEMENT is made as of [●], 20[●] and effective as of [●], 20[●] (the “Grant Date”)
between 8point3 General Partner, LLC, a Delaware limited liability company (the “Company”), general partner of 8point3 Energy Partners LP, a Delaware limited partnership (the “Partnership”), and
                     (“Recipient”). 

The Company has adopted the 8point3 General Partner, LLC Long-Term Incentive Plan (the “Plan”). Pursuant to the Plan,
the Board of Directors of the Company has determined that it would be in the interest of the Company and the Partnership to grant the award of Class A shares of the Partnership (“Shares”) provided herein in order to provide
Recipient with additional remuneration for services rendered, to encourage Recipient to remain in the service of the Company as a Nonemployee Director and to increase Recipient’s personal interest in the continued success and progress of the
Company and the Partnership. In consideration of the mutual agreements and other matters set forth herein and in the Plan, the Company and Recipient hereby agree as follows: 

1. AWARD OF SHARES. As soon as administratively practicable following the Grant Date, the Company shall issue Shares with a total fair
market value of $[●] (“Unrestricted Shares”) to Recipient. For purposes of this award the fair market value per share shall be the initial public offering price of a Share. If the application of any provision of this Agreement
would yield a fractional share, such fractional share shall be rounded up to the next whole Share. Recipient acknowledges receipt of a copy of the Plan, and agrees that this award of Unrestricted Shares shall be subject to all of the terms and
conditions set forth herein and in the Plan, including future amendments thereto, if any, pursuant to the terms thereof, which Plan is incorporated herein by reference as a part of this Agreement. In the event of any conflict between the terms of
this Agreement and the Plan, the terms of the Plan shall govern.  
 2. LOCK UP. The Unrestricted Shares are not subject to any
forfeiture restrictions and are fully vested as of the Grant Date. The Unrestricted Shares are subject to a “lock-up” agreement to which Recipient will, as a condition of the receipt of the Unrestricted Shares, become a party effective as
of the Grant Date. 
 3. EVIDENCE OF GRANT. The Unrestricted Shares will be evidenced in book-entry form and held in an account in
Recipient’s name with Computershare. 
 4. INSIDER TRADING POLICY. Recipient acknowledges that the Unrestricted Shares are subject to
the Insider Trading Policy of the Company and the Partnership, as such may be in effect from time to time. 
 5. BINDING EFFECT. This
Agreement shall be binding upon and inure to the benefit of any successors to the Company and all persons lawfully claiming under Recipient. 

6. COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which
together will constitute one and the same Agreement. 
 7. GOVERNING LAW. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of Delaware. 

  
 1 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer
thereunto duly authorized, and Recipient has executed this Agreement, all effective as of the Grant Date. 
  

			
	8point3 General Partner, LLC
		
	By:		  

		
	Name:		  

		
	Title:		  

	
	Recipient
	
	  

		
	Name:		  

  
 2

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