Document:

Exhibit 101 - Side Letter Agreement

		

			Exhibit *10.1

		

		
			SIDE LETTER AGREEMENT
		

		
			This Side Letter Agreement (this “Agreement”)  is entered into by and among Green Plains, Inc., an Iowa corporation (“GPRE”), its wholly owned subsidiary Green Plains II LLC, a Delaware limited liability company (“GPRE Holding Company”), and Kenneth M. Simril, an individual (“Executive”), effective as of this 22nd day of October 2018, concurrent with the Company’s and Executive’s entry into the Executive Employment Agreement, dated this 22nd day of October.
		

		
			In consideration of the promises and mutual covenants contained herein, the parties hereto agree as follows:
		

			
	
			
				 1.
			Definitions.

			
	
			
				 1.1
			“Code” means the Internal Revenue Code of 1986, as amended, and the regulations and other guidance issued thereunder.

			
	
			
				 1.2
			“Company” means Fleischmann’s Vinegar Company, Inc., a Delaware corporation and a wholly owned operating subsidiary of GPRE Holding Company.

			
	
			
				 1.3
			“Effective Time” means the time of the consummation of the Sale.

			
	
			
				 1.4
			“Existing Employment Agreement” means the Employment Agreement entered into by and among GPRE, the Company and Executive as of on or around September 30, 2016 and effective as of October 3, 2016, as amended in accordance with its terms from time to time.

			
	
			
				 1.5
			“Sale” means a merger or combination of, or a sale to a third party, of all or substantially all of the outstanding equity interests in, or all or substantially all of the assets of, the Company, for which the gross purchase price is at least $350,000,000 and which closes by January 31, 2019.

			
	
			
				 2.
			Vesting of GPRE Equity Awards. Effective as of immediately prior to, but contingent upon, the consummation of the Sale, all then-outstanding and unvested equity and equity-based awards covering GPRE shares and held by Executive (as set forth on Schedule 1 to this Agreement) shall, without limiting the terms and conditions of Section 7.2(b) of the Existing Employment Agreement and subject to the terms and conditions of Section 4,  become fully vested and released from any restrictions on transfer (it being acknowledged and agreed for this purpose that any outstanding equity and equity-based awards held by Executive which are then-unvested and subject to performance-based vesting criteria shall be deemed to have been earned and vested based on “target”-level performance or the actual level of performance in effect as of immediately prior to the Effective Time, whichever is greater).  To the extent applicable and subject to the terms of the applicable award agreements, any GPRE shares underlying equity-based awards that become vested pursuant to this Section 2 will be settled and delivered to Executive as soon as practicable following the consummation of the Sale and in all events prior to March 15 of the year following the year in which such vesting occurs, subject to applicable withholding for taxes.    

			
	
			
				 3.
			Bonuses – Additional Terms and Conditions.  In the event of a termination of Executive’s employment with or services to the Company for any reason at any time prior to the 
		

		 

 

		

			 

		

		

			 

		

			Effective Time, other than a termination by the Company for “Cause” (as defined in the Existing Employment Agreement) or a resignation by Executive without “Good Reason” (as defined in the Existing Employment Agreement), then, upon the Effective Time, GPRE shall pay a bonus to Executive equal to $2,000,000.

			
	
			
				 4.
			Compliance with Code Sections 409A and 280G. 

			
	
			
				 4.1
			Code Section 409A.  Notwithstanding any provision in this Agreement to the contrary, all payments and amounts hereunder are intended to be “short-term deferrals” that are not subject to Section 409A of the Code, and this Agreement shall be interpreted consistent with such intent.  If any payment under this Agreement is deemed to be a payment of deferred compensation that is subject to Code Section 409A, then (i) to the extent required in order to avoid accelerated taxation and/or tax penalties under Code Section 409A, Executive shall not be considered to have terminated employment with the Company for purposes of this Agreement and no payment shall be due to Executive under this Agreement until Executive would be considered to have incurred a “separation from service” from the Company within the meaning of Code Section 409A, (ii) each amount to be paid or benefit to be provided to Executive pursuant to this Agreement shall be construed as a separate identified payment for purposes of Code Section 409A, and (iii) if, on the date of Executive’s separation from service (as defined in Treasury Regulation §1.409A-1(h)), Executive is a specified employee (as defined in Code Section 409A and Treasury Regulation §1.409A-1(i)), no payment due to Executive’s separation from service shall be made under this Agreement at any time during the six (6)-month period following the Employee’s separation from service of any amount that results in the “deferral of compensation” within the meaning of Treasury Regulation §1.409A-1(b), after application of the exemptions provided in Treasury Regulation §§1.409A-1(b)(4) and 1.409A-1(b)(9)(iii) and (v), and any amounts otherwise payable during such six (6)-month period shall be paid in a lump sum on the first payroll payment date following expiration of such six (6)-month period.  Notwithstanding anything to the contrary, GPRE does not make any representations that the payments and benefits provided under this Agreement are exempt from or are in compliance with Code Section 409A, and in no event shall GPRE be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Executive on account of Code Section 409A.

			
	
			
				 4.2
			Code Section 280G.  If any payment or benefit that Executive would receive pursuant to this Agreement (“Payment”) would (a) constitute a “parachute payment” within the meaning of Code Section 280G, and (b) but for this sentence, be subject to the excise tax imposed by Code Section 4999 (the “Excise Tax”), then such Payment shall be adjusted, consistent with the requirements of Code Section 409A to the extent applicable, so that it equals the Reduced Amount.  The “Reduced Amount” shall be the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax.  If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, any such reduction will occur in a manner necessary to provide Executive with the greatest post-reduction economic benefit.  If more than one manner of reduction of Payments necessary to arrive at the Reduced Amount yields the greatest economic benefit to Executive, the Payments will be reduced pro rata.

			
	
			
				 5.
			Amendment. Concurrent with the Sale, Executive shall sign an amendment to the Existing Employment Agreement releasing GPRE from the Existing Employment Agreement. 

		 

		

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				 6.
			Withholding Taxes.  Executive will be solely responsible for any federal, state, local or payroll taxes imposed in connection with the vesting of the equity or equity-based awards described in Section 2 or the delivery of the shares pursuant thereto, and Executive authorizes GPRE or its affiliates to pay any withholding for taxes which GPRE deems necessary or proper in connection therewith, subject to the terms of the award agreements for such equity or equity-based awards.  

			
	
			
				 7.
			Assignment.  This Agreement is not assignable or delegable in whole or in part by Executive without the consent of the Chief Executive Officer of GPRE (Mr. Todd Becker).

			
	
			
				 8.
			Waiver or Modification.  Any waiver, modification or amendment of any provision of this Agreement shall be effective only if in writing in a document that specifically refers to this Agreement and such document is signed by the parties hereto.

			
	
			
				 9.
			Entire Agreement.  This Agreement constitutes the full and complete understanding and agreement of the parties hereto with respect to the specific subject matter covered herein and supersedes all prior oral or written understandings and agreements with respect to such specific subject matter.

			
	
			
				 10.
			Severability.  If any provision of this Agreement is found to be unenforceable by a court of competent jurisdiction, the remaining provisions shall nevertheless remain enforceable in full force and effect, and the court making such determination shall modify, among other things, the scope, duration, or geographic area of such affected provision to preserve the enforceability thereof to the maximum extent then permitted by law.

			
	
			
				 11.
			Notices.  All notices thereunder shall be in writing addressed to the respective party as set forth below and may be personally served, sent by facsimile transmission, sent by overnight courier service, or sent by United States mail, return receipt requested.  Such notices shall be deemed to have been given: (i) if delivered in person, on the date of delivery; (ii) if delivered by facsimile transmission, on the date of transmission if transmitted by 5:00 p.m. (local time, Omaha, Nebraska) on a business day or, if not, on the next succeeding business day; provided that a copy of such notice is also sent the same day as the facsimile transmission by any other means permitted herein; (iii) if delivered by overnight courier, on the date that delivery is first attempted; or (iv) if by United States mail, on the earlier of two (2) business days after depositing in the United States mail, postage prepaid and properly addressed, or the date delivery is first attempted.  Notices shall be addressed as set forth as set forth on the signature page hereof, or to such other address as the party to whom such notice is intended shall have previously designated by written notice to the serving party.  Notices shall be deemed effective upon receipt.

			
	
			
				 12.
			Governing Law.    This Agreement shall be governed by and construed in accordance with the laws of the State of Nebraska, without reference to the choice of law provisions thereof.  Any action, suit or proceeding based upon, arising out of or related to this Agreement or the transactions contemplated hereby shall be brought in any federal court of the United States of America sitting in the State of Nebraska, and each of the parties irrevocably submits to the exclusive jurisdiction of each such court in any such action, suit or proceeding, waives any objection it may now or hereafter have to personal jurisdiction, venue or to convenience of forum, agrees that all claims in respect of the action, suit or proceeding shall be heard and determined 
		

		 

		

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			only in any such court, and agrees not to bring any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in any other court.

			
	
			
				 13.
			Attorneys’ Fees.  In the event an action or proceeding is brought by any party under this Agreement to enforce or construe any of its terms, the party that prevails by enforcing this Agreement shall be entitled to recover, in addition to all other amounts and relief, its reasonable costs and attorneys’ fees incurred in connection with such action or proceeding.

			
	
			
				 14.
			Construction.   Whenever the context requires, the singular shall include the plural and the plural shall include the singular, the whole shall include any part thereof, and any gender shall include all other genders. The headings in this Agreement are for convenience only and shall not limit, enlarge, or otherwise affect any of the terms of this Agreement.  Unless otherwise indicated, all references in this Agreement to sections refer to the corresponding sections of this Agreement.  This Agreement shall be construed as though all parties had drafted it and each party acknowledges that they have had adequate time to consult with their own legal counsel.

			
	
			
				 15.
			Counterparts.   This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. Counterparts and signatures transmitted by facsimile shall be valid, effective and enforceable as originals.

		
			 
		

		

		

		 

		

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		IN WITNESS WHEREOF, Executive has signed this Agreement personally and GPRE has caused this Agreement to be executed by its duly authorized representative.
		

		
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			GREEN PLAINS INC. 
		

		
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			By: /s/ Todd Becker
		

		
			Name:  Todd Becker
		

		
			Title: Chief Executive Officer
		

		
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			GREEN PLAINS II LLC
		

		
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			By: /s/ Todd Becker
		

		
			Name:  Todd Becker
		

		
			Title: Chairman of the Board
		

		
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			Address for GPRE:
		

		
			Green Plains Inc.
		

		
			450 Regency Parkway Suite 400
		

		
			Omaha, NE 68114
		

		
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			Executive
		

		
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			/s/ Kenneth M. Simril,  individually
		

		
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			Address for Executive:
		

		
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			Mr. Kenneth M. Simril
		

		
			12604 Hidden Creek Way, Suite A
		

		
			Cerritos, California 90703 
		

		
			 
		

		

		

		 

		

			 

		

 

		

			 

		

		SCHEDULE I
		

		
			Outstanding Equity and Equity-Based Awards Held by Executive
		

		
			[See Attached]
		

		
			﻿Document

Exhibit 10.01
UNDER ARMOUR, INC.
2019 NON-EMPLOYEE DIRECTOR COMPENSATION PLAN
WHEREAS, Under Armour, Inc. (the “Company”) has utilized various arrangements pursuant to which Non-Employee Directors of the Company have been compensated for their services as a director of the Company;
WHEREAS, the Board of Directors of the Company (the “Board”) wishes to align director compensation more directly with the shareholder’s interest;
WHEREAS, the Board has now determined the terms and conditions of the Under Armour, Inc. 2019 Non-Employee Director Compensation Plan (the “Plan”) and wishes to formally establish the Plan;
NOW, THEREFORE, the Company through this instrument establishes the Under Armour, Inc. 2019 Non-Employee Director Compensation Plan, in accordance with the terms as set forth herein, which plan is an amendment and restatement of the 2017 Non-Employee Director Compensation Plan.  
Section 1Interpretation
1.1 Purposes
The purposes of the Plan are:
(a)to develop a mechanism to compensate Non-Employee Directors for their services to the Company; and
(b)to provide a financial incentive that will help the Company to attract and retain highly qualified individuals to serve as Non-Employee Directors of the Company. 
1.2 Definitions
Wherever used in the Plan, unless otherwise defined, the following terms shall have the meanings set forth below: 
(a) “Affiliate” means a subsidiary, division or affiliate of the Company, as determined in accordance with Section 414(b), (c) or (m) of the Code.
(b) “Award Agreement” means an award agreement by and between a Non-Employee Director and the Company, entered into pursuant to the terms of the Omnibus Incentive Plan.

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(c) “Audit Committee” means the Audit Committee of the Board of Directors.
(d) “Board” or “Board of Directors” means those individuals who serve from time to time as the Board of Directors of the Company.
(e) “Change in Control” has the meaning given to it in the Omnibus Incentive Plan.
(f) “Code” means the United States Internal Revenue Code of 1986, as amended.
(g) “Committee” means the committee of the Board of Directors to which the Board of Directors has delegated power to act under or pursuant to the provisions of the Plan, initially the Compensation Committee.
(h) “Committee Chair” means the individual who chairs a committee or a sub-committee of the Board to which the Board has delegated authority with respect to certain functions, including the Audit Committee, the Compensation Committee, Corporate Governance Committee and the Finance and Capital Planning Committee and any other committee or sub-committee established by the Board.
(i) “Compensation Committee” means the Compensation Committee of the Board of Directors.
(j) “Company” means Under Armour, Inc., a Maryland corporation, and any successor to all or substantially all of its assets or business.
(k) “Disability” has the meaning given to it in the Omnibus Incentive Plan.
(l) “Deferred Stock Unit” means an interest credited under the DSU Plan.  Each DSU represents the Company’s obligation to issue one share of common stock in accordance with the terms of the DSU Plan.
(m) “DSU Plan” means the Under Armour, Inc. 2006 Non-Employee Directors Deferred Stock Unit Plan, as amended and restated from time to time.  
(n) “Effective Date” of the Plan is January 1, 2019.
(o) “Finance and Capital Planning Committee” means the Finance and Capital Planning Committee of the Board of Directors.
(p) “Grant Date” means the date of an annual shareholder meeting; provided however, that with respect to an Initial Restricted Stock Unit Grant made to a Non-Employee Director in accordance with Section 4.1 below, “Grant Date” means the first day of the month coincident with or next following the date the Non-Employee Director commences Board service.

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(q) “Initial Restricted Stock Unit Grant” means an equity grant made under Section 4.1 of this Plan.
(r) “Lead Director” Independent Director appointed by the Board to act as liaison between Directors, CEO and other members of Management.
(s) “Corporate Governance Committee” means the Corporate Governance Committee of the Board of Directors.
(t) “Non-Employee Director” means a member of the Board of Directors who is not an employee of the Company or any Affiliate of the Company.
(u) “Omnibus Incentive Plan” means the Under Armour, Inc. 2005 Omnibus Long-Term Incentive Plan, as amended and restated from time to time. 
(v) “Plan” means this Under Armour, Inc. 2019 Non-Employee Director Compensation Plan, as amended and restated from time to time. 
(w) “Plan Year” means the twelve month period beginning on January 1 and ending on December 31 of each year.
(x) “RSU” means a restricted stock unit granted under the Omnibus Incentive Plan. 
(y) “Quarter” means each Company fiscal calendar quarter, which begins on January 1, April 1, July 1, and October 1 of each year.
(z) “Separation from Service” or “Separate from Service” means a Non-Employee Director ceasing to be a member of the Board for any reason, determined in accordance with Code Section 409A and the guidance issued thereunder, including Proposed Treas. Reg. Section 1.409A-1(h) (or any successor rule or regulation thereto). 
Section 2 Eligibility
Each Non-Employee Director shall be eligible to participate in the Plan on the date he or she is first appointed or nominated to the Board, in accordance with its terms.
Section 3 Compensation
3.1 Annual Retainer
(a) Subject to the other provisions of this Plan, each Non-Employee Director shall receive an annual retainer of Seventy-Five Thousand Dollars ($75,000) in installments of Eighteen Thousand Seven Hundred Fifty Dollars ($18,750) each Quarter, paid in arrears.  

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(b) Non-Employee Directors who Separate from Service during a Quarter shall receive a pro-rata payment for that Quarter based on the number of days of service as a Board member in the Quarter. 
(c) A Non-Employee Director may elect to defer all of the value of the Annual Retainer as DSUs under the DSU Plan, in accordance with its terms.  
3.2 Annual Retainer for Lead Director 
(a) The Lead Directors shall receive an annual retainer of Seventy-Five Thousand Dollars ($75,000) in installments of Eighteen-Thousand Seven Hundred and Fifty Dollars ($18,750) each Quarter, paid in arrears.
(b) Lead Director may elect to defer all of the value of the Annual Retainer for Lead Director as DSUs under the DSU Plan, in accordance with its terms.
3.3 Expenses 
  Each Non-Employee Director shall be reimbursed for his or her reasonable expenses incurred for attending meetings and otherwise acting on the Company’s behalf. To the extent that any reimbursement under the Plan provides for a “deferral of compensation” within the meaning of Section 409A of the Code, (i) the amount eligible for reimbursement in one calendar year may not affect the amount eligible for reimbursement in any other calendar year, (ii) the right to reimbursement is not subject to liquidation or exchange for another benefit, and (iii) any such reimbursement of an expense must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred
3.4 Committee Chairs
(a) In addition to fees otherwise paid hereunder, each Committee Chair shall be paid a Committee Chair annual retainer, as follows:
						
	Committee Chair	Annual Retainer
	Audit Committee	$20,000 
	Compensation Committee	$17,500 
	Corporate Governance Committee	$15,000 
	Finance and Capital Planning Committee	$15,000 

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(b) Whether the Committee Chair of an additional committee or sub-committee established by the Board is entitled to a Committee Chair annual retainer, and the amount of such retainer, if any, shall be determined by the Board, solely in its discretion.
(c) Committee Chair annual retainer fees shall be paid in equal Quarterly payments, in arrears, and subject to the rules set forth at Section 3.1 (b) above.  
(d) A Non-Employee Director may elect to defer all of the value of the Committee Chair annual retainer as DSUs under the DSU Plan, in accordance with its terms.  
3.5 Committee Member Fees 
(a) In addition to fees otherwise paid hereunder, each Non-Employee Director serving as a member of the Audit Committee, Compensation Committee, Corporate Governance Committee or Finance and Capital Planning Committee (other than a Committee Chair) shall be paid a Committee member annual retainer per Committee of Ten Thousand Dollars ($10,000).
(b) Whether the Committee member of an additional committee or sub-committee established by the Board is entitled to a Committee member annual retainer, and the amount of such retainer, if any, shall be determined by the Board, solely in its discretion.
(c) Committee member annual retainer fees shall be paid in equal Quarterly payments, in arrears, and subject to the rules set forth at Section 3.1 (b) above.  
(d) A Non-Employee Director may elect to defer all of the value of the Committee Member annual retainer as DSUs under the DSU Plan, in accordance with its terms.  
Section 4 Equity Grants
4.1 Initial Restricted Stock Unit Grant
(a) On the Grant Date applicable to Initial Restricted Stock Unit Grants, each new Non-Employee Director shall be granted an RSU with an equivalent value as of the Grant Date of One Hundred Thousand Dollars ($100,000).  

(b) RSUs will be granted under and pursuant to the terms of the Omnibus Incentive Plan and subject to the terms of an Award Agreement by and between each Non-Employee Director and the Company.  Each RSU shall vest 1/3rd annually while the Non-Employee Director continues to serve as a Board member, starting with the first anniversary of the Grant Date.  Upon vesting, each RSU shall be settled in the form of a DSU, and shall be deferred in accordance with the terms of the
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 DSU Plan.  DSU interests shall be settled in the form of Company stock on the date that is six (6) months from the date the Board member incurs a Separation from Service and otherwise in accordance with Section 4 of the DSU Plan.

(c) Non-Employee Directors who are Board Members on the Effective Date are not eligible for this RSU grant.

4.2 Annual Restricted Stock Unit Grant
Each Non-Employee Director who serves as a Board Member at the close of each annual shareholder meeting of the Company shall be awarded the number of RSUs equivalent in value as of the Grant Date to One Hundred Fifty Thousand Dollars ($150,000).  Annual RSUs shall 100% vest on the date of the next shareholder meeting following the Grant Date, if the Non-Employee Director is a Board member at that time.  Upon vesting, each RSU shall be immediately settled in the form of a DSU, and shall be deferred in accordance with the terms of the DSU Plan.  DSU interests shall be settled in the form of Company stock on the date that is six (6) months from the date the Board member incurs a Separation from Service, and otherwise in accordance with Section 4 of the DSU Plan.

4.3 Rules Applicable to Equity Grants
(a) The Board, in its discretion, shall determine whether and to what extent a grant under this Section 4.2 to a Non-Employee Director who begins service as a Board member other than at an annual shareholders meeting shall be prorated for the first year of Board service.

(b) Notwithstanding anything contained herein to the contrary, all grants under this Section 4 shall 100% vest upon the death or Disability of a Non-Employee Director, or upon a Change in Control.  Upon vesting pursuant to this Section 4.3(b), RSUs shall be settled in the form of shares of Company common stock (with fractional shares settled in cash), issued directly to the Non-Employee Director or his beneficiary, and shall not be settled as DSUs in the DSU Plan.

Section 5 General
5.1 Successors and Assigns
The Plan shall be binding on the Company and its successors and assigns and each Non-Employee Director and his or her heirs and legal representatives and on any receiver or trustee in bankruptcy or representative of creditors of the Company or Non-Employee Director, as the case may be.

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5.2 Amendment or Termination of the Plan
The Board shall have the right and power at any time and from time to time to amend the Plan in whole or in part and at any time to terminate the Plan; provided, however, that an amendment to the Plan may be conditioned on the approval of the shareholders of the Company if and to the extent the Board determines that such approval is necessary or appropriate. No termination, amendment, or modification of the Plan shall adversely affect in any material way any award previously granted under the Plan, without the written consent of the affected Non-Employee Director. 
5.3 Limitations on Rights of Non-Employee Directors
(a) Any and all of the rights of the Non-Employee Directors respecting payments under the Plan shall not be transferable or assignable other than by will or the laws of descent and distribution, nor shall they be pledged, encumbered or charged, and any attempt to do so shall be void.
(b) Any liability of the Company to any Non-Employee Director with respect to receipt of payment under this Plan shall be based solely upon contractual obligations created by the Plan.  Neither the Committee nor the Board shall be liable for any actions taken in accordance with the terms of the Plan.
5.4 Compliance with Law
The obligations of the Company with respect to payments hereunder are subject to compliance with all applicable laws and regulations.  In connection with the Plan, each Non-Employee Director shall comply with all applicable laws and regulations and shall furnish the Company with any and all information and undertakings as may be required to ensure compliance therewith.
5.5 Governing Law
The Plan shall be governed by and construed in accordance with the laws of Maryland.  The Plan is also intended to comply with the requirements of section 409A of the Code, to the extent such section applies, and to the extent applicable, this Plan shall be interpreted in a manner consistent with that intent.
5.6 Administration
The Committee shall have complete discretionary authority and power to (i) construe, interpret and administer the Plan and any agreement or instrument entered into under the Plan, (ii) establish, amend and rescind any rules and regulations relating to the Plan, (iii) make any other determinations that the Committee deems necessary or desirable for the administration of the Plan, including without limitation decisions regarding eligibility to participate and the amount and value of any payment, and (iv) delegate to other persons any duties and
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 responsibilities relating to the administration of the Plan.  The Committee may correct any defect or supply any omission or reconcile any inconsistency or ambiguity in the Plan in the manner and to the extent the Committee deems, in its sole and absolute discretion, necessary or desirable.  No member of the Committee shall be liable for any action or determination made in good faith.  Any decision of the Committee with respect to the administration and interpretation of the Plan shall be binding and conclusive for all purposes and on all persons, including the Company, all Non-Employee Directors and any other person claiming an entitlement or benefit through any Non-Employee Director.  All expenses of administration of the Plan shall be borne by the Company.  
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