Document:

EX-10.3

 Exhibit 10.3 

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

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“Effective Date”) and shall remain in effect until it is revised or rescinded by further action of the Board.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

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

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

  
 1 

 2. Equity Compensation. 

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

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

***** 

  
 2EX-10.8

 Exhibit 10.8 
 

 
 ________, 2021 

Re:    Waiver of Compensation  

Dear Jeremy: 

This letter serves to memorialize your agreement with Traeger, Inc. (together with its subsidiaries, the
“Company”) regarding certain compensation-related matters relating to your Employment Agreement and, in certain cases, during the Waiver Period (each, as defined below). Capitalized terms used but not otherwise defined herein
shall have the meaning set forth in the Amended and Restated Employment Agreement, dated as of September 25, 2017, between you, Traeger Pellet Grills LLC and TGP Holdings LP (the “Employment Agreement”), as in effect on
the date hereof. 
 You agree and acknowledge: 
  

	 	•	 	 Your annual Base Salary will be reduced from $750,000 (the “Original Base Salary”) to
$0 (the “Revised Base Salary”), effective as of the closing of the Company’s initial public offering (the “Effective Date”), continuing during the Waiver Period. 

 

	 	•	 	 You will not be eligible to receive an annual cash bonus from the Company for 2021 or with respect to any
other portion of the Waiver Period. 

  

	 	•	 	 During the Waiver Period, you (and your spouse and/or eligible dependents) will be eligible, at the sole cost
of the Company, to participate in and be covered under the health and welfare benefit plans and programs maintained by the Company for the benefit of its employees from time to time. If the Company is otherwise unable to continue to cover you under
its group health plans without violating law or incurring penalties (including, without limitation, pursuant to Section 2716 of the Public Health Service Act or the Patient Protection and Affordable Care Act) then, in either case, you agree
that the employee-portion of the relevant premium payment(s) will be taxable to you. You also acknowledge and agree that the premium paid with respect to the Company’s life insurance plan / program may be taxable to you. 

 

	 	•	 	 If, during the Waiver Period, you experience a severance-qualifying termination of employment pursuant to
Section 7(d) of the Employment Agreement, you will receive $0 in respect of your monthly Base Salary rate and the equity incentive awards then held by you shall be treated in accordance with the terms of the applicable award agreements and, if
applicable, the Traeger, Inc. 2021 Incentive Award Plan (the “2021 Plan”). For the avoidance of doubt, you will be eligible for continued benefits as set forth in Section 7(d)(iv) of the Employment Agreement.

	 	•	 	 That certain performance-based restricted stock unit award (the “PSU Award”) and that
certain time-based restricted stock unit award (the “RSU Award”) granted to you under the 2021 Plan on or around the date hereof, together with the arrangements described in the first bullet of this letter, constitute full
payment of wages earned by you for your employment with the Company and its affiliates during the Waiver Period. You also agree and acknowledge that, unless otherwise determined by the Board of Directors of the Company (the
“Board”) or the Compensation Committee of the Board in its sole discretion, you will not be eligible to receive a Company long-term incentive or equity-based compensatory award prior to calendar year 2027 or, if earlier, a
Change in Control (as defined in the 2021 Plan). 

  

	 	•	 	 References to Holdings and the Partnership Agreement (each as defined in the Employment Agreement) shall be
deemed removed from the Employment Agreement. 

  

	 	•	 	 Effective as of the Effective Date, (i) references in the Employment Agreement to the “Board”
shall refer to the Board of Directors of Traeger, Inc. and (ii) notwithstanding anything to the contrary contained in the Employment Agreement, matters pertaining to your nomination for election to the Board shall be governed by that certain
Management Stockholders’ Agreement by and between you and Traeger, Inc., dated as of July __, 2021. 

  

	 	•	 	 For purposes of the Employment Agreement, the definitions of “Cause” and “Good Reason”
shall be replaced with the definitions of Cause and Good Reason set forth in the Performance-Based Restricted Stock Award Agreement relating to the PSU Award. 

 

	 	•	 	 The reference to “Base Salary” in Section 10 of the Employment Agreement shall be replaced with
“Original Base Salary.” 

  

	 	•	 	 All references in the second and third sentences of Section 17 of the Employment Agreement to
(i) the “State of Delaware” shall be replaced with the “State of Utah” and (ii) the “United States District Court for the District of Delaware” shall be replaced with the “United States District Court for
the District of Utah.” 

 The “Waiver Period” shall mean the date beginning
on the Effective Date and ending on the earlier of December 31, 2026 or a Change in Control. 
 Other than as described
in this letter, all other terms and conditions of the Employment Agreement remain unchanged. You acknowledge and agree that neither any of the foregoing, nor entering into this letter, will constitute an event giving rise to “Good Reason”
for purposes of the Employment Agreement or any other agreement between you and the Company. 
 Please indicate your
acceptance and acknowledgement of, and agreement to, the foregoing by signing below. 
  

	
	 Sincerely,

	
	 By:

	 Its:

	
	 Agreed and Acknowledged:

	  

	 Name: Jeremy Andrus

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