Document:

exv10w1

Exhibit 10.1

AMENDED AND RESTATED

DEALER EXCLUSIVITY AGREEMENT

          This AMENDED AND RESTATED DEALER EXCLUSIVITY AGREEMENT (this “Agreement”) is dated as
of January 30, 2009, by and among Thor Industries, Inc., a Delaware corporation (“Thor”),
FreedomRoads Holding Company, LLC, a Minnesota limited liability company (“Holdings”),
FreedomRoads, LLC, a Minnesota limited liability company (“FreedomRoads”) and each of the
other FR Entities (as defined below) listed on the signature pages hereto.

RECITALS

          A. Thor, Holdings, FreedomRoads and each of the other FR Entities entered into an Exclusivity
Agreement dated January 15, 2009 (the “Original Agreement”).

          B The Stephen Adams Living Trust (the “Trust”) is the owner of approximately 90% of
the membership interests in Holdings. Stephen Adams (“Adams”) is the trustee of the Trust.

          C On January 15, 2009, Thor lent to Adams and the Trust, as co-borrowers (the
“Borrowers”), the principal amount of $10 million pursuant to that certain Credit
Agreement, dated as of January 15, 2009 (as amended or otherwise modified in accordance with the
provisions thereof, the “First Credit Agreement”), the proceeds of which Adams and the
Trust have agreed to contribute to Holdings as equity to be used solely to pay down floor plan debt
of FR Entities, in accordance with the terms of the First Credit Agreement (together with any
refinancing or replacement thereof, the “First Loan”).

          D On the date hereof, Thor is lending to the Borrowers, the additional principal amount of $10
million pursuant to that certain Credit Agreement, dated as of January 30, 2009 (as amended or
otherwise modified in accordance with the provisions thereof, the “Second Credit Agreement”
and together with the First Credit Agreement, the “Credit Agreements”), the proceeds of
which Adams and the Trust have agreed to (i) purchase new Thor Products (as defined below) or (ii)
contribute to Holdings as equity to be used solely to pay down floor plan debt of FR Entities, in
accordance with the terms of the Second Credit Agreement (together with any refinancing or
replacement thereof, the “Second Loan” and together with the First Loan the
“Loans”).

          F. In partial consideration of the Loans, the Borrowers have caused Holdings and FreedomRoads
to enter into this Agreement to govern the purchase of Thor Products by the FR Entities.

 

 

AGREEMENT

          NOW, THEREFORE, in consideration of the premises, and the mutual promises and agreements
contained herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereby
agree as follows:

ARTICLE I

DEFINITIONS

          Section 1.1 Definitions. Capitalized terms used but not otherwise defined in this Agreement shall have the meanings
set forth below:

          “Affiliate” means any Person who directly, or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, the Person
specified. For purposes of the definition of Affiliate, “control” means the possession, directly
or indirectly, of the power to direct, or to cause the direction of, the management and policies of
a Person, whether through the ownership of voting securities, by contract, or otherwise.

          “FR Dealerships” means the dealerships, stores and other locations that sell RV
Products, in each case which are owned or controlled by Holdings, FreedomRoads, Adams, the Trust
and/or any of their respective Affiliates.

          “FR Entity” means each Person or Persons that owns an FR Dealership.

          “Organizational Documents” means, the articles or certificate of incorporation,
charter, bylaws, articles or certificate of formation, articles or certificate of organization,
operating agreement, certificate of limited partnership, partnership agreement, memorandum of
association, trust instrument and all other similar documents, instruments and certificates
executed, adopted or filed in connection with the creation, formation or organization of a Person,
including any amendments thereto.

          “Person” means any individual, corporation, partnership, limited partnership, limited
liability company, joint venture, association, joint-stock company, trust, unincorporated
organization or other similar organization or entity.

          “Rental Inventory” means RV Products held in inventory by FR Entities for rental by FR
Entities in the ordinary course of business.

          “RV Products” means recreation vehicles of any type or class, including, without
limitation, Class A, Class B, Class C, fifth wheels, folding trailers, park models, travel
trailers, truck campers and van conversions.

          “Thor Products” means RV Products produced and marketed by Thor and its subsidiaries
from time to time.

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ARTICLE II

TERM; TERMINATION

          Section 2.1 Term. This Agreement shall be effective as of the date of the Original Agreement and shall remain
in full force and effect unless terminated in accordance with Section 2.2 (the
“Term”).

          Section 2.2 Termination. This Agreement shall terminate as follows:

               (a) By Thor, for any reason, with sixty (60) days written notice to Holdings;

               (b) Upon the written mutual consent of the parties;

               (c) Upon the payment in full to Thor of the entire principal amount of each of the Loans,
together with accrued and unpaid interest thereon and other amounts with respect thereto;

               (d) By Thor if any FR Entity has failed to perform, keep or observe any material obligation,
provision, representation, warranty or condition contained herein and such failure has not been
cured (if it is capable of being cured) within thirty (30) days of written notice thereof by Thor;
or

               (e) By Thor if any FR Entity at any time fails to make any payment when due under the terms of
this Agreement.

Holdings, FreedomRoads and the other FR Entities acknowledge that pursuant to the terms of the
Credit Agreements, the maturity date of the First Loan is January 15, 2014 and the maturity date
for the Second Loan is January 29, 2010, and that it is possible that, with the consent of Thor,
the maturity date could be extended or the Loans could be replaced or refinanced. Holdings,
FreedomRoads and the other FR Entities acknowledge that they do not control the timing of payments
under the Loans and consequently, unless the Loans are prepaid or this Agreement is sooner
terminated, the Term of this Agreement will be at least five years (and potentially longer if the
parties to the Credit Agreements extend the maturity date of the Loans or replace or refinance the
Loans).

          Section 2.3 Effect of Termination. The parties agree that upon termination of this Agreement, this Agreement shall be of no
further force and effect, provided that:

               (a) Liabilities and obligations of any party arising from any act, omission, default, breach,
violation or occurrence prior to termination shall remain with such party.

               (b) The parties’ rights and obligations under Section 4.1, Section 4.2, Article VI and this
Article II shall survive the termination of this Agreement and remain in full force and effect.

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ARTICLE III

SALE AND PURCHASE OF RECREATION VEHICLES

          Section 3.1 Exclusivity. As promptly as practicable after the date of the Original Agreement, Holdings, FreedomRoads
and each other FR Entity shall, and Holdings and FreedomRoads shall cause each other FR Entity to,
transition all purchases of new RV Products whereby the FR Entities will exclusively purchase new
RV Products from Thor and its subsidiaries on and subject to the terms and conditions set forth in
this Agreement.

               (a) During the first 12 months of the Term, not less than 80% of all new RV Products (by
dollar amount) purchased by the FR Entities (in the aggregate) shall be Thor Products. During
months 13 through 24 of the Term, not less than 85% of all new RV Products (by dollar amount)
purchased by the FR Entities (in the aggregate) shall be Thor Products. Commencing with month 25
of the Term and continuing through the end of the Term, not less than 90% of all new RV Products
(by dollar amount) purchased by the FR Entities (in the aggregate) in any 12 month period shall be
Thor Products. The foregoing percentage requirements shall not be applicable to the RV Products
purchased from a Person other than Thor and/or its subsidiaries in accordance with Section 3.1(b)
below.

               (b) Notwithstanding anything to the contrary set forth in Section 3.1(a), FR Entities
shall have the right to purchase RV Products from a Person other than Thor and its subsidiaries to
the extent either (i) Thor and its subsidiaries do not then produce an RV Product for a specific
market (“Non-Covered Products”) that an FR Entity wishes to purchase or (ii) Holdings makes
a request in writing to Thor to purchase Thor Products and either (x) Thor acknowledges in writing
to Holdings that Thor and its subsidiaries (in the aggregate) are unable or unwilling to supply a
sufficient number of Thor Products in a timely manner to satisfy market demand at specific FR
Dealerships or (y) Thor does not affirmatively agree to fulfill such request within fifteen (15)
days of receipt of such request. Consistent with the exception to exclusivity contained in the
foregoing clause (ii), nothing in this Agreement shall obligate any particular Thor subsidiary to
sell Thor Products to FR Entities. The list of Non-Covered Products as of the date hereof shall be
as set forth on Schedule A, which the parties shall mutually agree upon within ten (10)
business days following the date of the Original Agreement and which shall be updated from time to
time by mutual consent of the parties.

               (c) Notwithstanding anything to the contrary set forth in Section 3.1(a), FR Entities
shall have no obligation to purchase Thor Products for Rental Inventory of the FR Entities until
January 1, 2010, at which time the exclusivity provisions set forth in Section 3.1(a) shall
then apply to such Rental Inventory, unless Thor elects in writing, by written notice to Holdings
no later than July 1, 2009, to exclude such Rental Inventory from such exclusivity provisions.

          Section 3.2 Most Favored Nation. During the Term, Thor shall provide FR Entities with pricing levels and other incentives
and benefits that Thor and its subsidiaries offer to Thor dealers on a national, state or regional
basis, including, without limitation, rebates, marketing assistance and aged inventory assistance,
on terms no less favorable than provided by Thor and its subsidiaries to such dealers.

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          Section 3.3 Other Sale Terms. Any sales of Thor Products to FR Entities shall be pursuant to agreements, purchase orders
or other arrangements entered into by FR Entities and Thor and/or its subsidiaries from time to
time (“Other Sale Terms”). The Other Sale Terms shall govern the purchase and sale of Thor
Products except to the extent that a provision of this Agreement otherwise applies. In the event
of a conflict between the terms and conditions of this Agreement and any Other Sales Terms,
including, without limitation, any notice, shipment, specifications, purchase order, sales order,
acknowledgment or other document which may be used in connection with any sales of Thor Products to
FR Entities, the terms and conditions of this Agreement shall supersede and govern, unless
expressly waived in accordance with the terms of this Agreement.

ARTICLE IV

OTHER AGREEMENTS

          Section 4.1 Audit and Inspection. Holdings, FreedomRoads and each other FR Entity shall, and Holdings and FreedomRoads shall
cause each other FR Entity to, maintain such books and records as may be reasonably necessary to
verify compliance with their obligations under this Agreement. Such books and records shall be
open to audit and inspection by Thor and its officers, employees and accountants during normal
business hours during the Term and for a period of three (3) years thereafter.

          Section 4.2 Reports. Holdings and FreedomRoads will provide to Thor, as soon as available but in any event
within fifteen (15) days after the end of each month during the Term, a written report in
reasonable detail setting forth all purchases of RV Products by FR Entities during such month,
together with reasonable documentation related thereto, for the purpose of verifying compliance
with their obligations under this Agreement.

          Section 4.3 FR Entities. During the Term, Holdings and FreedomRoads will from time to time update Schedule 5.1(d) of
this Agreement as necessary to reflect any changes to the lists of FR Dealerships or FR Entities
required to be set forth on such schedule within fifteen (15) business days following any such
change. Holdings and FreedomRoads shall cause any FR Entity that is not a party to this Agreement
to execute an acknowledgement of agreement, in form and substance acceptable to Thor, to join as a
party to this Agreement and acknowledge its obligations hereunder, within fifteen (15) business
days of becoming an FR Entity.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

          Section 5.1 FR Representations and Warranties. Holdings and FreedomRoads hereby jointly and severally represent and warrant to Thor as of
the date hereof that:

               (a) Organization. Each FR Entity is duly formed, validly existing, and in good
standing under the laws of the jurisdiction of its creation, formation or organization and

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there is no pending or, to the knowledge of such FR Entity, threatened action for the
dissolution, liquidation, insolvency, or rehabilitation of such FR Entity.

               (b) Authority. Each FR Entity has the power and authority to execute and deliver this
Agreement and to perform its obligations hereunder. The execution, delivery, and performance by
such FR Entity of this Agreement has been duly authorized by all necessary action of such FR
Entity; and this Agreement has been duly executed and delivered by such FR Entity and is the legal,
valid and binding obligation of such FR Entity enforceable against such FR Entity in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
receivership, conservatorship, reorganization, liquidation, moratorium, or similar events affecting
such FR Entity or its assets, or by general principles of equity.

               (c) No Consents; No Violations.

                    (i) No authorization, approval or other action by, and no notice to or filing with, any
governmental, regulatory or legal authority or any other Person is required for the due execution,
delivery, and performance by such FR Entity of this Agreement (other than (x) such as has been
obtained, given, effected or taken prior to the date hereof and (y) routine filings that are
informational in nature and made in the ordinary course of business).

                    (ii) The execution, delivery, and performance of this Agreement and the performance by such FR
Entity of its obligations hereunder do not and will not result in any breach, violation or
contravention of (A) the Organizational Documents of any FR Entity, (B) any law, rule or regulation
of any Federal, state or local governmental or regulatory authority applicable to any FR Entity,
(C) any order, writ, injunction, judgment, decree or award of any court, arbitrator, or
governmental or regulatory authority to which any FR Entity or any of its properties is subject or
(D) any mortgage, contract, agreement, deed of trust, license, lease or other instrument,
arrangement, commitment, obligation, understanding or restriction of any kind to which any FR
Entity is a party or by which any of its properties is bound.

               (d) FR Dealerships; FR Entities. Schedule 5.1(d) sets forth a true, correct
and complete list of all FR Dealerships, together with the address of each such FR Dealership, and
the full legal names of all FR Entities.

          Section 5.2 Thor Representations and Warranties. Thor hereby represents and warrants to Holdings and FreedomRoads as of the date hereof
that:

               (a) Organization. Thor is a corporation validly existing and in good standing under
the laws of the State of Delaware.

               (b) Authority. Thor has the power and authority to carry on its business as now
conducted, to own or hold under lease its properties, and to execute and deliver this Agreement and
to perform its obligations hereunder. The execution, delivery, and performance by Thor of this
Agreement has been duly authorized by all necessary action; and this Agreement has been duly
executed and delivered by Thor and is the legal, valid and binding obligation of Thor enforceable
against Thor in accordance with its terms, except as such

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enforceability may be limited by bankruptcy, insolvency, receivership, conservatorship,
reorganization, liquidation, moratorium, or similar events affecting Thor or its assets, or by
general principles of equity.

               (c) No Consents; No Violations.

                    (i) No authorization, approval or other action by, and no notice to or filing with, any
governmental, regulatory or legal authority or any other Person is required for the due execution,
delivery, and performance by Thor of this Agreement (other than (x) such as has been obtained,
given, effected or taken prior to the date hereof and (y) routine filings that are informational in
nature and made in the ordinary course of business).

                    (ii) The execution, delivery, and performance of this Agreement and the consummation of the
transactions contemplated hereby do not and will not result in any breach, violation or
contravention of (i) the Organizational Documents of Thor, (ii) any law, rule or regulation of any
Federal, state or local governmental or regulatory authority applicable to Thor, (iii) any order,
writ, injunction, judgment, decree or award of any court, arbitrator, or governmental or regulatory
authority to which Thor or any of its properties is subject or (iv) any mortgage, contract,
agreement, deed of trust, license, lease or other instrument, arrangement, commitment, obligation,
understanding or restriction of any kind to which Thor is a party or by which any of its properties
is bound.

ARTICLE VI

MISCELLANEOUS

          Section 6.1 Entire Agreement. This Agreement, together with any exhibits and schedules attached hereto and any
certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes
the entire agreement and understanding of the parties in respect of the subject matter hereof and
supersedes all prior understandings, agreements or representations by or among the parties, written
or oral, to the extent they relate in any way to the subject matter hereof, including without
limitation the Original Agreement.

          Section 6.2 Assignment; Binding Effect. Except as otherwise expressly provided herein, the terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective successors (by merger, operation
of law, sale of business or assets or otherwise) and permitted assigns of each of the parties
hereto. No such assignment shall relieve the assignor from any liability hereunder. No party
shall be permitted to assign this Agreement, or any of its rights or obligations hereunder, without
the prior written consent of the other parties hereto. Any purported assignment made in violation
of this Section 6.2 shall be void and of no force and effect.

          Section 6.3 Notices. All notices, requests and other communications provided for or permitted to be given under
this Agreement must be in writing and shall be given by personal delivery, by certified or
registered United States mail (postage prepaid, return receipt requested), by a nationally
recognized overnight delivery service for next day delivery, by

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facsimile transmission or by electronic mail, as follows (or to such other address as any
party may give in a notice given in accordance with the provisions hereof):

If to Thor:

Thor Industries, Inc.

230 Park Avenue

Suite 618

New York, NY 10169

Fax: (212) 370-1759

Attn: Richard E. Riegel, III

and

Thor Industries, Inc.

3080 Windsor Court

Elkhart, IN 46514

Fax: (574) 970-7427

Attn: Christian G. Farman

If to Holdings, FreedomRoads or another FR Entity:

FreedomRoads Holding Company, LLC

Two Marriott Drive

Lincolnshire, IL 60089

Fax: (847) 808-7015

Attn: Marcus Lemonis

and

FreedomRoads Holding Company, LLC

Two Marriott Drive

Lincolnshire, IL 60089

Fax: (847) 808-7015

Attn: Brent Moody

All notices, requests or other communications will be effective and deemed given only as follows:
(i) if given by personal delivery, upon such personal delivery, (ii) if sent by certified or
registered mail, on the fifth business day after being deposited in the United States mail, (iii)
if sent for next day delivery by overnight delivery service, on the date of delivery as confirmed
by written confirmation of delivery, (iv) if sent by facsimile, upon the transmitter’s confirmation
of receipt of such facsimile transmission, except that if such confirmation is received after 5:00
p.m. (in the recipient’s time zone) on a business day, or is received on a day that is not a
business day, then such notice, request or communication will not be deemed effective or given
until the next succeeding business day, and (v) if sent by electronic mail, upon confirmation of
receipt by

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the addressee. Notices, requests and other communications sent in any other manner, will not be
effective.

          Section 6.4 Confidentiality. Each party agrees to, and shall cause its directors, officers, employees, agents, advisors
and representatives (“Representatives”) to, hold confidential and not use in any manner
detrimental to the other party or any of its subsidiaries all information they may have or obtain
concerning such other party or any of its subsidiaries and their respective assets, business,
operations, financial performance or prospects (“Confidential Information”); provided,
however, that the term “Confidential Information” does not include information that (a) is
already in such party’s possession, provided that such information is not subject to another
confidentiality agreement with or other obligation of secrecy to any person, (b) is or becomes
generally available to the public other than as a result of a disclosure, directly or indirectly,
by such party or such party’s Representatives, (c) has been independently developed by such party
without violating this Section 6.4 or (d) is or becomes available to such party on a
non-confidential basis from a source other than any of the parties hereto or any of their
respective Representatives, provided that such source is not known by such party to be bound by a
confidentiality agreement with or other obligation of secrecy to any person; provided further,
however, that nothing herein shall prevent any party hereto from disclosing Confidential
Information (i) upon the order of any court or administrative agency, (ii) upon the request or
demand of any regulatory agency or authority having jurisdiction over such party, (iii) to the
extent required by law, regulation or the rules of any stock exchange, (iv) to the extent necessary
in connection with any suit, action or proceeding relating to this Agreement or the exercise of any
remedy hereunder, and (v) to such party’s Representatives that need to know such information and
who agree to keep such information confidential on the terms set forth in this Section (it being
understood and agreed that, in the case of clause (i), (ii) or (iii), unless prohibited by law,
regulation, or any regulatory authority, to the extent not prohibited by applicable law, such party
shall notify the other parties hereto of the proposed disclosure as far in advance of such
disclosure as practicable and use reasonable efforts to ensure that any information so disclosed is
accorded confidential treatment, when and if available).

          Section 6.5 Governing Law; Jurisdiction. This Agreement, and any disputes hereunder, shall be governed by and construed in
accordance with the internal laws of the State of New York. In addition, each party (i)
irrevocably and unconditionally consents and submits to the personal jurisdiction of the state and
federal courts of the United States of America located in the County of New York, State of New York
(and the applicable appeals courts of such courts) solely for the purposes of any suit, action or
other proceeding between any of the parties hereto arising out of this Agreement, (ii) agrees that
it will not attempt to deny or defeat such personal jurisdiction by motion or other request for
leave from such court, (iii) waives any claim of improper venue or any claim that such courts are
an inconvenient forum for any action, suit or proceeding between any of the parties hereto arising
out of this Agreement or any transaction contemplated hereby, (iv) agrees that it will not bring
any action relating to this Agreement in any other court and (v) to the fullest extent permitted by
law, consents to service being made in accordance with the notice procedures set forth in
Section 6.3 hereof.

          Section 6.6 WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE

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UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH
SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY.

          Section 6.7 Amendments. This Agreement shall not be amended, supplemented or modified except by an instrument in
writing signed by each of the parties.

          Section 6.8 Extensions; Waivers. Any party may, for itself only, (a) extend the time for the performance of any of the
obligations of any other party under this Agreement, (b) waive any inaccuracies in the
representations and warranties of any other party contained herein or in any document delivered
pursuant hereto and (c) waive compliance with any of the agreements or conditions for the benefit
of such party contained herein. Any such extension or waiver will be valid only if set forth in a
writing signed by the party to be bound thereby. No waiver by any party of any default,
misrepresentation or breach of warranty or covenant hereunder, whether intentional or not, may be
deemed to extend to any prior or subsequent default, misrepresentation or breach of warranty or
covenant hereunder or affect in any way any rights arising because of any prior or subsequent such
occurrence. Neither the failure nor any delay on the part of any party to exercise any right or
remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right or remedy preclude any other or further exercise of the same or of any other
right or remedy.

          Section 6.9 Severability. The provisions of this Agreement will be deemed severable and the invalidity or
unenforceability of any provision will not affect the validity or enforceability of the other
provisions hereof; provided that if any provision of this Agreement, as applied to any party or to
any circumstance, is judicially determined not to be enforceable in accordance with its terms, the
parties agree that the court judicially making such determination may modify the provision in a
manner consistent with its objectives such that it is enforceable, and/or to delete specific words
or phrases, and in its modified form, such provision will then be enforceable and will be enforced.

          Section 6.10 No Third-Party Beneficiaries. The terms and provisions of this Agreement are intended solely for the benefit of the
parties hereto and their respective successors and permitted assigns, and it is not the intention
of the parties to confer third-party beneficiary rights upon any other person.

          Section 6.11 Counterparts; Effectiveness. This Agreement may be executed in two or more counterparts, each of which will be deemed an
original but all of which together will constitute one and the same instrument, and such
counterparts may be delivered by facsimile transmission or by electronic mail in portable document
format (.pdf) or tagged image file format (.tif). This Agreement will become effective when one or
more counterparts have been signed by each of the parties and delivered to the other parties.

[signature page follows]

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          IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year indicated
above.

	 	 	 	 	 
	 	THOR INDUSTRIES, INC.

 	 
	 	By:  	/s/
Peter Orthwein	 
	 	 	Name:  	Peter Orthwein	 
	 	 	Title:  	Vice Chairman	 
	 
	 	FREEDOMROADS HOLDING COMPANY, LLC

 	 
	 	By:  	/s/
Brent Moody	 
	 	 	Name:  	Brent Moody	 
	 	 	Title:  	Executive Vice President	 
	 
	 	FREEDOMROADS, LLC

 	 
	 	By:  	/s/
Brent Moody	 
	 	 	Name:  	Brent Moody	 
	 	 	Title:  	Executive Vice President	 
	 

[Signature page to Dealer Exclusivity Agreement]

 

 

Agreed to and acknowledged by each of the other

FR Entities as of the date first above written:

	 	 	 	 	 

	AMERICAN RV CENTERS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	ARIZONA RV CENTERS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	BLAINE JENSEN RV CENTERS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	BODILY RV, INC.	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	BURNSIDE RV CENTERS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	CAMPING TIME RV CENTERS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 

[Signature page to Dealer Exclusivity Agreement]

 

 

	 	 	 	 	 

	CAMPING WORLD RV SALES, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	DUSTY’S CAMPER WORLD, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	EMERALD COAST RV CENTER, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	FOLEY RV CENTER, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	FREEDOMROADS RV, INC.	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	GARY’S RV CENTERS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 

[Signature page to Dealer Exclusivity Agreement]

 

 

	 	 	 	 	 

	HOLIDAY KAMPER COMPANY OF COLUMBIA, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	K&C RV CENTERS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	MEYER’S RV CENTERS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	OLINGER RV CENTERS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	SHIPP’S RV CENTERS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	SIRPILLA RV CENTERS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 

[Signature page to Dealer Exclusivity Agreement]

 

 

	 	 	 	 	 

	SOUTHWEST RV CENTERS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	STIER’S RV CENTERS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	STOUT’S RV CENTER, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 
	 
	 	 	 	 
	WHEELER RV LAS VEGAS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Brent Moody	 	 
	 

	 	 

Name: Brent Moody
	 	 
	 

	 	Title: Executive Vice President	 	 

[Signature page to Dealer Exclusivity Agreement]

 

 

EXECUTION COPY

SCHEDULE 5.1(d)

FR Dealerships and FR Entities

AMERICAN RV CENTERS, LLC

      ANTHONY, TX

      ALBUQUERQUEE, NM

ARIZONA RV CENTERS, LLC

      MESA, AZ

BLAINE JENSEN RV CENTERS, LLC

      KAYSVILLE, UT

      DRAPER, UT

BODILY RV, INC.

      MERIDIAN, ID

BURNSIDE RV CENTERS, LLC

      HOUGUTON LAKE, MI

CAMPING TIME RV CENTERS, LLC

      OAKWOOD, GA

      WOODSTOCK, GA

      BYRON, GA

      POOLER, GA

CAMPING WORLD RV SALES, LLC

      DEFOREST (MADISON), WI

      STAFFORD, MO

      COUNCIL BLUFFS, ID

      LITTLE ROCK, AK

DUSTY’S CAMPER WORLD, LLC

      BARTOW, FL

EMERALD COAST RV CENTER, LLC

      ROBERTSDALE, AL

      GULF BREEZE, FL

      MIDWAY (TALLAHASSEE), FL

      DOTHAN, AL

      ST. AUGUSTINE, FL

      FT. MEYERS, FL

FOLEY RV CENTER, LLC

      BURLINGTON, WA

FREEDOMROADS RV, INC.

      ISLAND LAKE, IL

GARY’S RV CENTERS, LLC

      CHICHESTER, NH

HOLIDAY KAMPER COMPANY OF COLUMBIA, LLC

      COLFAX, NC

      STATESVILLE, NC

      SPARTANBURG, SC

      MYRTLE BEACH, SC

 

 

      CHARLESTON, SC

      ROANOKE, VA

K&C RV CENTERS, LLC

      LONGMONT, CO

      WHEATRIDGE, CO

      COLORADO SPRINGS, CO

MEYER’S RV CENTERS, LLC

      SYRACUSE, NY

      CHURCHVILLE, NY

      LAKEWOOD, NJ

      HARRISBURG, PA

OLINGER RV CENTERS, LLC

      WOOD VILLAGE, OR

      HILLSBORO, OR

SHIPP’S RV CENTERS, LLC

      CHATTANOOGA, TN

SIRPILLA RV CENTERS, LLC

      AKRON, OH

SOUTHWEST RV CENTERS, LLC

      KATY, TX

      NEW BRAUNFELS, TX

STIER’S RV CENTERS, LLC

      BAKERSFIELD, CA

      VALENCIA, CA

      SAN MARCOS, CA

      SACREMENTO, CA

STOUT’S RV CENTER, LLC

      GREENWOOD, IN

WHEELER RV LAS VEGAS, LLC

      LAS VEGAS, NVexv10w2

Exhibit 10.2

THOR INDUSTRIES, INC.

2010 EQUITY AND INCENTIVE PLAN

STOCK OPTION AGREEMENT

     This Stock Option Agreement (the “Agreement”) is made and entered into as of the date of grant
set forth below (the “Date of Grant”) by and between Thor Industries, Inc., a Delaware corporation
(the “Company”), and the participant named below (“Participant”). Capitalized terms not defined
herein shall have the meaning ascribed to them in the Company’s 2010 Equity and Incentive Plan (the
“Plan”).

	 	 	 

	Participant:
	 	 
	 

	 	 
	Address:
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	Total Option Shares:
	 	 
	 

	 	 
	Exercise Price Per Share:
	 	 
	 

	 	 
	Date of Grant:
	 	 
	 

	 	 
	Expiration Date:
	 	 
	 

	 	 

	 	 	 

	Type of Stock Option
	 	 
	(Check One):

	 	[     ] Incentive Stock Option
	 

	 	[     ] Nonstatutory Stock Option

     1. Grant of Option. The Company hereby grants to Participant an option (this
“Option”) to purchase the total number of shares of Common Stock of the Company set forth above as
Total Option Shares (the “Shares”) at the Exercise Price Per Share set forth above (the “Option
Exercise Price”), subject to all of the terms and conditions of this Agreement and the Plan. If
designated as an Incentive Stock Option above, the Option is intended to qualify as an “incentive
stock option” (an “ISO”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as
amended (the “Code”), although the Company makes no representation or guarantee that such Option
will qualify as an ISO. To the extent that the aggregate Fair Market Value (determined at the
time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for
the first time by Participant during any calendar year (under all plans of the Company and its
Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according to
the order in which they were granted) shall be treated as Nonstatutory Stock Options.

     2. Exercise Period; Vesting. Unless expired as provided in Section 3 of this
Agreement, this Option may be exercised from time to time after the Date of Grant set forth above
to the extent the Option has vested in accordance with the vesting schedule set forth herein. The
Shares issued upon exercise of the Option will be subject to the restrictions on transfer set forth
in Section 10 below. Provided Participant continues to provide Continuous Service to the Company or
any Affiliate, the Option will become vested and exercisable with

1

 

respect to 33 1/3% of the Shares subject thereto on each of the first three anniversaries of
the Date of Grant until the Option is 100% vested.

     A vested Option may not be exercised for less than a full share. If application of the vesting
percentage causes a fractional Share to otherwise become exercisable, such Share shall be rounded
down to the nearest whole Share for each year except for the last year in such vesting period, at
the end of which vesting period this Option shall become exercisable for the full remainder of the
unexercised Shares subject to the Option. Except as provided in the Plan, upon the occurrence of a
Change in Control, the Option shall become 100% vested and exercisable.

     3. Expiration. The Option shall expire on the Expiration Date set forth above or
earlier as provided in Section 4 below or under the terms of the Plan.

     4. Termination of Continuous Service.

          4.1 Forfeiture of Unvested Options; Cause. If Participant’s Continuous Service is
terminated for any reason other than Cause, the unvested portion of the Option shall terminate at
the close of business on the date of such termination, and Participant may exercise the vested
portion as provided in this Section 4. If Participant’s Continuous Service terminates for Cause,
outstanding Options (whether or not vested) shall terminate at the beginning of business on the
date of such termination.

          4.2 Termination for Any Reason Except Death, Disability or Cause. If Participant’s
Continuous Service is terminated for any reason, except death, Disability or Cause, the Option, to
the extent (and only to the extent) that it would have been exercisable by Participant immediately
prior to termination of Continuous Service, may be exercised by Participant until the earlier of
the Expiration Date or the date that is three (3) months following the termination of Participant’s
Continuous Service and the Option shall thereafter terminate and cease to be exercisable.

          4.3 Termination Because of Death or Disability. If Participant’s Continuous Service is
terminated because of death or Disability of Participant, the Option, to the extent that it is
exercisable by Participant on the date of termination, may be exercised by Participant (by
Participant’s estate, by a person who acquired the right to exercise the Option by bequest or
inheritance, or by a person designated to exercise the Option upon Participant’s death) no later
than twelve (12) months after the date of termination, but in any event no later than the
Expiration Date.

          4.4 No Obligation to Employ. Nothing in the Plan or this Agreement shall confer on
Participant any right to provide Continuous Service, or limit in any way the right of the Company
or any Affiliate to terminate Participant’s employment or other relationship at any time, with or
without Cause.

2

 

     5. Manner of Exercise.

          5.1 Stock Option Exercise Agreement. To exercise this Option, Participant (or in the
case of exercise after Participant’s death or incapacity, Participant’s executor, administrator,
heir or legatee, as the case may be) must deliver to the Company an executed stock option exercise
agreement in the form attached hereto as Exhibit A, or in such other form as may be
approved by the Administrator from time to time (the “Exercise Agreement”), which shall set forth,
inter alia, (a) Participant’s election to exercise the Option, (b) the number of Shares being
purchased, (c) any restrictions imposed on the Shares and (d) any representations, warranties and
agreements regarding Participant’s investment intent and access to information as may be required
by the Company to comply with applicable securities laws. If someone other than Participant
exercises the Option, then such person must submit documentation reasonably acceptable to the
Company verifying that such person has the legal right to exercise the Option. The entire Option
Exercise Price of this Option to purchase Shares of Common Stock issued under the Plan shall be
payable in full, to the extent permitted by applicable statutes and regulations, in cash or by
certified or bank check at the time of exercise for an amount equal to the aggregate Exercise Price
Per Share for the number of Shares being purchased or any other form of legal consideration that
may be acceptable to the Administrator.

          5.2 Tax Withholding. Prior to the issuance of the Shares upon exercise of the Option,
Participant must pay or provide for any applicable federal, state and local withholding obligations
of the Company. The Company has the right to withhold from any compensation paid to Participant.
If the Administrator permits, Participant also may provide for payment of withholding taxes upon
exercise of the Option by tendering a cash payment.

          5.3 Issuance of Shares. Provided that the Exercise Agreement and payment are in form
and substance satisfactory to counsel for the Company, the Company shall issue the Shares
registered in the name of Participant, Participant’s authorized assignee, or Participant’s legal
representative, and shall deliver certificates representing the Shares with the appropriate legends
affixed thereto.

     6. Notice Of Disqualifying Disposition Of ISO Shares. If the Option is an ISO, and if
Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or
before the later of (a) the date two (2) years after the Date of Grant, and (b) the date one (1)
year after transfer of such Shares to Participant upon exercise of the Option, Participant shall
immediately notify the Company in writing of such disposition. In the event any such disposition
causes the Company to incur additional federal, state, or local tax withholding obligations,
Participant will satisfy any such obligations in cash or out of the current wages or other
compensation payable to Participant.

     7. Compliance With Laws And Regulations. The exercise of the Option and the issuance
and transfer of Shares shall be subject to compliance by the Company and Participant with all
applicable requirements of federal and state securities laws and with all applicable requirements
of any stock exchange on which the Company’s Common Stock may be listed at the time of such
issuance or transfer. Participant understands that the Company is under no

3

 

obligation to register or qualify the Shares with the SEC, any state securities commission or
any stock exchange to effect such compliance.

     8. Nontransferability of Option. If the Option is an ISO, the Option may not be
transferred in any manner other than by will or by the laws of descent and distribution and may be
exercised during the lifetime of Participant only by Participant. If the Option is not an ISO,
upon written approval by the Administrator in its sole discretion, it may be transferred (a) by
gift or domestic relations order to a member of Participant’s immediate family (child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law,
including adoptive relationships), any person sharing Participant’s household (other than a tenant
or employee), a trust in which these persons have more than 50% of the beneficial interest, a
foundation in which these persons (or Participant) control the management of assets, and any other
entity in which these persons (or Participant) own more than 50% of the voting interests; (b) to
third parties designated by the Administrator in connection with a program established and approved
by the Administrator pursuant to which Participants may receive a cash payment or other
consideration in consideration for the transfer of such Option; or (c) to such other transferee as
permitted by the Administrator in its sole discretion. Notwithstanding the foregoing, Participant
may, by delivering written notice to the Company, in a form satisfactory to the Company, designate
a third party who, in the event of Participant’s death, shall be entitled to exercise the Option.

     9. Privileges of Stock Ownership. Participant shall not have any of the rights of a
Stockholder with respect to any Shares unless and until the Shares are issued to Participant.

     10. Securities Law Restrictions on Transfer. Regardless of whether the offering and
sale of Shares under the Plan have been registered under the Securities Act or have been registered
or qualified under the securities laws of any state, the Company at its discretion may impose
restrictions upon the sale, pledge or other transfer of such Shares (including the placement of
appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in
the judgment of the Company, such restrictions are necessary or desirable in order to achieve
compliance with the Securities Act, the securities laws of any state or any other law.

     11. Adjustments Upon Changes in Stock. This Award is subject to the adjustment
provisions set forth in the Plan.

     12. Restrictive Covenants

          12.1 Confidentiality. In consideration of the Option, Participant agrees to keep
confidential all information of a proprietary or confidential nature belonging to the Company or
any of its Affiliates, including but not limited to, business plans, files, records, data,
documents, plans, research, development, policies, customer or client lists, price lists, the name
and address of suppliers, customers or representatives, or any other matters of any kind or
description, relating to the products, devices, suppliers, customers, clientele, sales or business
of the Company or any of its Affiliates (i) obtained by Participant during Continuous Service and

4

 

(ii) not otherwise public knowledge (other than by reason of an unauthorized act by Participant).
After termination of Continuous Service, Participant shall not, without the prior written consent
of the Company, unless compelled pursuant to an order of a court or other body having jurisdiction
over such matter, communicate or divulge any such information, knowledge or data to anyone other
than the Company and those designated by it.

          12.2 Non-solicitation and Non-competition. In consideration of the Option,
Participant agrees not to (i) directly or indirectly, solicit or recruit any individual employed by
the Company or its Affiliates for the purpose of being employed directly or indirectly by
Participant or by any competitor of the Company on whose behalf Participant is acting as an agent,
representative or employee, or convey any confidential information or trade secrets regarding other
employees of the Company or its Affiliates to any other person during Continuous Service and for a
period of eighteen (18) months thereafter; or (ii) directly or indirectly, influence or attempt to
influence customers of the Company or any of its Affiliates to direct their business to any
competitor of the Company during Continuous Service and for a period of eighteen (18) months
thereafter; or (iii) compete with the Company in the recreational vehicle business or the bus
business while Participant is in Continuous Service and for a period of eighteen (18) months
thereafter.

     13. General.

          13.1 Interpretation. Any dispute regarding the interpretation of this Agreement shall
be submitted by Participant or the Company to the Administrator for review. The resolution of such
a dispute by the Administrator shall be final and binding on the Company and Participant.

          13.2 Entire Agreement. The Plan is incorporated herein by reference. This Agreement
and the Plan constitute the entire agreement of the parties and supersede all prior undertakings
and agreements with respect to the subject matter hereof. If any inconsistency should exist between
the nondiscretionary terms and conditions of this Agreement and the Plan, the Plan shall govern and
control.

          13.3 Notices. Any notice required to be given or delivered to the Company under the
terms of this Agreement shall be in writing and addressed to the Corporate Secretary of the Company
at its principal corporate offices. Any notice required to be given or delivered to Participant
shall be in writing and addressed to Participant at the address indicated above or to such other
address as such party may designate in writing from time to time to the Company. All notices shall
be deemed to have been given or delivered upon: (a) personal delivery; (b) five (5) days after
deposit in the United States mail by certified or registered mail (return receipt requested); (c)
two (2) business days after deposit with any return receipt express courier (prepaid); or (d) one
(1) business day after transmission by facsimile.

          13.4 Successors and Assigns. The Company may assign any of its rights under this
Agreement. This Agreement shall be binding upon and inure to the benefit of the successors and
assigns of the Company. Subject to the restrictions on transfer set forth herein, this

5

 

Agreement shall be binding upon and shall inure to the benefit of Participant and
Participant’s heirs, executors, administrators, legal representatives, successors and assigns.

          13.5 Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without giving effect to its conflict of law principles. If
any provision of this Agreement is determined by a court of law to be illegal or unenforceable,
then such provision will be enforced to the maximum extent possible and the other provisions will
remain fully effective and enforceable.

     14. Acceptance. Participant hereby acknowledges receipt of a copy of the Plan and this
Agreement. Participant has read and understands the terms and provisions thereof, and accepts the
Option subject to all the terms and conditions of the Plan and this Agreement. Participant
acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition
of the Shares and that Participant should consult a tax advisor prior to such exercise or
disposition.

[signature page follows]

6

 

          IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized representative and Participant has executed this Agreement, effective as of the Date of
Grant.

	 	 	 	 	 

	THOR INDUSTRIES, INC.	 	PARTICIPANT
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	Name:
	 	(Signature)
	 

	 	Title:	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	(Please print name)

 

 

EXHIBIT A

FORM OF STOCK OPTION EXERCISE AGREEMENT

	 	 	 	 	 

	[     ] Incentive Stock Option

	 	Optionee:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	[     ] Nonstatutory Stock Option

	 	Date:	 	 
	 

	 	 	 	 

STOCK OPTION EXERCISE NOTICE

Thor Industries, Inc.

419 W. Pike Street

Jackson Center, Ohio 45334-0629

Attention: Chief Financial Officer

Ladies and Gentlemen:

     1. Option. I was granted an option (the “Option”) to purchase shares of the common
stock (the “Shares”) of Thor Industries, Inc., a Delaware corporation (the “Company”), pursuant to
the Company’s 2010 Equity and Incentive Plan (the “Plan”) and my Stock Option Agreement (the “Stock
Option Agreement”) as follows:

	 	 	 	 	 

	Date of Option Grant:
	 	 	                    	 
	Number of Option Shares:
	 	 	                    	 
	Option Exercise Price per Share:
	 	$	                    	 

     2. Exercise of Option. I hereby elect to exercise the Option to purchase the following
number of Shares, all of which are vested Shares in accordance with the Stock Option Agreement:

	 	 	 	 	 	 	 	 	 

	Total Shares Purchased:
	 	 	                    	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Total Option Exercise Price
	 	(Total Shares X Price per Share)	 	$	                    	 

     3. Payments. I enclose payment in full of the total Option Exercise Price for the
Shares in the following form(s), as authorized by my Stock Option Agreement:

	 	 	 	 	 

	Cash:
	 	$	                    	 

 

 

	 	 	 	 	 

	Check:
	 	$	                    	 

     4. Tax Withholding. I authorize payroll withholding and otherwise will make adequate
provision for the federal, state, local and foreign tax withholding obligations of the Company, if
any, in connection with the Option.

     5. Optionee Information.

     My address is:

         
                   
                   
                    

         
                   
                   
                    

     My Social Security Number is:

         
                   
                   
                    

     6. Notice of Disqualifying Disposition. If the Option is an Incentive Stock Option, I
agree that I will promptly notify the Treasurer of the Company if I transfer any of the Shares
within one (1) year from the date I exercise all or part of the Option or within two (2) years of
the Date of Option Grant.

     7. Binding Effect. I agree that the Shares are being acquired in accordance with and
subject to the terms, provisions and conditions of the Stock Option Agreement to all of which I
hereby expressly assent. This letter shall inure to the benefit of and be binding upon my heirs,
executors, administrators, successors and assigns.

     I understand that I am purchasing the Shares pursuant to the terms of the Plan and my Stock
Option Agreement, copies of which I have received and carefully read and understand.

	 	 	 

	 

	 	Very truly yours,
	 
	 	 
	 

	 	 
	 

	 	(Signature)

Receipt of the above is hereby acknowledged.

THOR INDUSTRIES, INC.

	 	 	 	 	 

	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	Dated:

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