Document:

Form of Change In Control Agreement

 Exhibit 10.1 
 CHANGE IN CONTROL AGREEMENT 
 THIS AGREEMENT (the “Agreement”) is made this
         day of                     , 20    , by and between H.B.
Fuller Company, a Minnesota corporation (the “Company”) and [Executive] (the “Executive”). 
 W I
T N E S S E T H: 
 WHEREAS, the Company considers the recruitment and
maintenance of sound and vital management to be essential to protecting and enhancing its best interests and those of its shareholders; and 
 WHEREAS, the Company recognizes that the potential for a change in control may make it difficult to hire and retain strong management personnel; and 
 WHEREAS, the Company recognizes that the possibility of a change in control of the Company may exist and that, in the event negotiations are commenced to bring about such a change in control, uncertainty and questions
may arise among management that could result in the distraction or departure of management personnel to the detriment of the Company and the shareholders; and 
 WHEREAS, the Company has determined that appropriate steps should be taken to reinforce and encourage the Executive’s continued attention and dedication as an executive officer to his or her assigned duties
without distraction in the face of potentially disruptive circumstances arising from the possibility of a change in control of the Company; 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the Company and the Executive hereby agree as follows: 
 1. Definitions. For the purposes of this Agreement: 
 (a) “Affiliated
Organization” means any corporation that would be a member of a controlled group of corporations (within the meaning of section 414(b) of the Code) that includes the Company, and any trade or business (whether or not incorporated) that would be
controlled (within the meaning of section 414(c) of the Code) by the Company, if the phrase “at least 70%” were substituted for the phrase “at least 80%” each place it appears in section 1563(a)(1) of the Code and in regulations
under section 414(c) of the Code. 
 (a) “Cause” means any act by the Executive that is materially inimical to the
best interests of the Company and that constitutes common law fraud, a felony or other gross malfeasance of duty on the part of the Executive. 
 (b) “Change in Control” means: 
 (i) a public announcement (which, for purposes
hereof, shall include, without limitation, a report filed pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that any individual, 

 
corporation, partnership, association, trust or other entity becomes the beneficial owner (as defined in Rule 13(d)(3) promulgated under the Exchange Act),
directly or indirectly, of securities of the Company representing 15% or more of the voting power of the Company then outstanding; 
 (ii) the individuals who, as of the date of this Agreement, are members of the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board (provided, however, that
if the election or nomination for election by the Company’s shareholders of any new director was approved by a vote of at least a majority of the Incumbent Board, such new director shall be considered to be a member of the Incumbent Board);

 (iii) the approval of the shareholders of the Company of: (A) any consolidation, merger or statutory share exchange of
the Company with any person in which the surviving entity would not have as its directors at least 60% of the Incumbent Board, and as a result of which those persons who were shareholders of the Company immediately prior to such transaction would
not hold, immediately after such transaction, at least 60% of the voting power of the Company then outstanding or the combined voting power of the surviving entity’s then outstanding voting securities; (B) any sale, lease, exchange or
other transfer in one transaction or series of related transactions of substantially all of the assets of the Company; or (C) the adoption of any plan or proposal for the complete or partial liquidation or dissolution of the Company; or

 (iv) a determination by a majority of the members of the Incumbent Board, in their sole and absolute discretion, that there
has been a Change in Control of the Company. 
 The Company shall notify the Executive promptly of the occurrence of a Change in Control.

 (c) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a specific provision of the Code
will include a reference to such provision as it may be amended from time to time and to any successor provision. 
 (d)
“Company” means the Company as hereinbefore defined and any successor or assign to its business and/or assets which executes and delivers the agreement provided for in Section 8 or which otherwise becomes bound by all the terms and
provisions of this Agreement by operation of law. If at any time during the term of this Agreement the Executive is employed by an Affiliated Organization, the term “Company” as used in this Agreement (other than in Sections 1(b) and 8(a)
hereof) shall in addition include such Affiliated Organization. In such event, the Company agrees that it shall pay or provide, or shall cause such Affiliated Organization to pay or provide, any amounts or benefits due the Executive pursuant to this
Agreement. 
 (e) “Date of Termination” means the date of the Executive’s Separation from Service. 

 (f) “Disability” or “Disabled” means leaving active employment and
qualifying for and receiving disability benefits under the Company’s long-term disability plan as in effect from time to time. 
 (g) “Good Reason” means: 
 (i) a material change in the Executive’s pay consisting of a 10% or more
reduction in total cash compensation opportunity as in effect immediately prior to the Change in Control (unless such reduction is part of an across-the-board uniformly applied reduction affecting all senior executives of the Company); or

 (ii) a significant diminution in the Executive’s authority and duties as in effect immediately prior to the Change of
Control (excluding an isolated, insubstantial or inadvertent action not taken in bad faith that is remedied promptly by the Company after receiving notice); provided, however, that a change of the individual or officer to whom the Executive reports,
in and of itself, would not constitute diminution; or 
 (iii) a change of the Executive’s principal work location of 50
or more miles from that immediately prior to the Change in Control. 
 The Executive shall not be deemed to have terminated employment for
Good Reason unless the termination occurs within 180 days after the Executive is notified by the Company of the event constituting Good Reason or, if later, within 180 days after the occurrence of such event. 
 (h) “Present Value” shall be determined based on the actuarial assumptions in use for the purpose of determining the amount of
lump sum distributions under the H.B. Fuller Company Retirement Plan, as in effect at the time Present Value is determined for the purposes of this Agreement. 
 (i) “Protected Period” means the 24-month period immediately following each and every Change in Control. 
 (j) The Executive shall be deemed to have had a “Separation from Service,” or to have “Separated from Service,” when
the employment relationship between the Executive and all of the Affiliated Organizations has terminated for reasons other than the Executive’s death. For such purpose, the employment relationship will be treated as continuing while the
Executive is on military leave, sick leave, or other bona fide leave of absence (such as temporary employment by the government) if the period of such leave does not exceed six months, or any longer period during which the Executive’s right to
reemployment is provided for by statute or contract. If the period of a leave exceeds six months and the Executive’s right to reemployment is not provided for by statute or contract, the employment relationship will be deemed to have terminated
on the first date immediately following such six month period. Notwithstanding the foregoing, if the Executive ceases to be an employee of any Affiliated Organization, but continues to perform services for such Affiliated Organization or another
Affiliated Organization that 

 
would cause the termination of employment not to constitute a separation from service for the purposes of section 409A of the Code, the later date on which
such a separation from service occurs shall be the date of the Executive’s Separation from Service. Conversely, if the Executive continues to be an employee of an Affiliated Organization, but fails to perform sufficient services to prevent a
separation from service from occurring for the purposes of section 409A of the Code, the earlier date on which such a separation from service occurs shall be the date of the Executive’s Separation from Service. 
 (k) “Termination Benefits” means those benefits described in Sections 3 and 6 of this Agreement. 
 2. Term. The term of this Agreement shall commence on the date hereof and shall end on the third anniversary of such date; provided, that on
each anniversary of the date on which the term begins, the term shall be extended for one additional year unless, prior to an anniversary date, the Company gives written notice to the Executive that the term shall not be so extended, whereupon the
term shall end on the date which is three years after the date of such notice. Notwithstanding the foregoing, the expiration of the term shall not relieve the Company of its obligation to provide any Termination Benefits that become payable as a
result of the Executive’s Separation from Service during the term. 
 3. Benefits Upon Termination of Employment. If, during the
term of this Agreement, the Executive Separates from Service during a Protected Period because: (A) the Executive’s employment is terminated by the Company other than for Cause or Disability, or (B) because the Executive’s
employment is terminated by the Executive for Good Reason, the Executive shall be entitled to the following payments and benefits: 
 (a) Base Salary and Bonus Through Date of Termination. The Company shall
promptly pay to the Executive his or her full base salary through the Date of Termination at the rate in effect at the time notice of termination is given. In addition, the Company shall pay to the Executive the amount of any bonus or incentive for
the year in which the Date of Termination occurs (based on the target bonus for the Executive for the year) prorated to the Date of Termination (without application of any denial provisions based on unsatisfactory personal performance or any other
reason). Such bonus or incentive shall be paid promptly (and in no event more than 2 1/2 months) after the
Executive’s Date of Termination; provided, that if the bonus or incentive: 
 (i) is payable for a performance
period that began before the first day of the calendar year or the first day of the corporate fiscal year (whichever is earlier) in which the Date of Termination occurs; or 
 (ii) was awarded to the Executive before the first day of the calendar year or the first day of the corporate fiscal year (whichever is
earlier) in which the Date of Termination occurs; 
 such payment, together with interest thereon, shall be made on the earlier of:
(A) the date that is six months after the Executive’s Date of Termination, or (B) the date of the Executive’s death. Interest shall be calculated from the Executive’s Date of Termination to the date of payment at the rate
used for the purpose of determining Present Value. 

 (b) Severance Pay. The Company shall pay to the Executive a severance payment in
an amount equal to three times the sum of: (A) the Executive’s highest base salary, on an annualized basis, established by the Company during the period commencing three months prior to the occurrence of the Change in Control and ending on
the Date of Termination; plus (B) the Executive’s target annual incentive compensation established by the Company and in effect immediately prior to the Change in Control. Such payment, together with interest thereon, shall be made in a
lump sum on the earlier of: (i) the date that is six months after the Executive’s Date of Termination, or (ii) the date of the Executive’s death. Interest shall be calculated from the tenth day following the Executive’s Date
of Termination to the date of payment at the rate used for the purpose of determining Present Value. If the Executive is also entitled to severance payments which would be made in the absence of a change in control under any plan or program of, or
contract with, the Company, or under the laws of any federal, state, local or foreign jurisdiction, the amount payable to the Executive pursuant to this paragraph (b) (prior to the crediting of interest) shall be reduced (but not below zero) by
the Present Value of such other severance payments. Payments under this paragraph (b) shall not be considered in determining the amount of the Executive’s benefits under any pension, profit sharing, stock bonus or other employee benefit
plan of the Company or any Affiliated Organization. 
 (c) Medical and Dental Coverage. The Executive shall be entitled
to continued coverage under any medical or dental plan (but not under other Company benefit plans) maintained by the Company in which the Executive was participating at the time of the Executive’s termination of employment, for a period of
three years following the Executive’s Date of Termination. Rules comparable to those governing the provision of continuation coverage under section 602 of ERISA shall apply to the coverage provided under this paragraph, except that: 

(i) the coverage may not be discontinued prior to the expiration of the period specified in this paragraph (c), except for the
Executive’s failure to make a required contribution; 
 (ii) the contributions required of the Executive for such
coverage may not exceed the contributions required for the same coverage from a similarly situated active employee; and 
 (iii) if the Company discontinues the plan or plans in which the Executive was participating prior to the expiration of such three year period, the Company shall substitute equivalent coverage under one or more other plans or, if there are
no other plans, under one or more individual insurance policies. 
 It is the intent of the Company that neither the coverage provided
pursuant to this paragraph (c), nor the benefits received as a result of such coverage, shall be subject to U.S. income taxation to the Executive. Accordingly, if the Company determines that the 

 
coverage to be provided under this paragraph (c) would cause a self-insured plan maintained by the Company or an Affiliated Organization to be in
violation of the nondiscrimination requirements of section 105(h) of the Code, it shall substitute insured coverage providing equivalent benefits, at no greater cost to the Executive, to the extent necessary to avoid such discrimination. 

(d) Outplacement Services. The Company shall pay for any outplacement services provided to the Executive that directly relate to
the termination of services for the Company; provided, that the total amount paid for such services shall not exceed $25,000 and, provided further, that such expenses are incurred no later than the last day of the Executive’s second taxable
year following the taxable year in which the Executive’s Separation from Service occurred. The Employer shall pay (or, at its option, reimburse the Executive) for such services within ten days after its receipt of a statement from the service
provider; provided, that in no event shall reimbursements be paid to the Executive after the last day of the Executive’s third taxable year following the taxable year in which the Executive’s Separation from Service occurs. 
 4. Terminations That Do Not Require Payment of Benefits. No Termination Benefits will be provided to the Executive pursuant to this Agreement if
the Executive’s employment is terminated by the Executive for any reason other than for Good Reason, by the Company for Cause or Disability, by death, or by either the Executive or the Company for any reason at any time other than during a
Protected Period. 
 5. No Mitigation. The Executive’s benefits hereunder shall be in consideration of the Executive’s past
service and the Executive’s continued service from the date of this Agreement, and the Executive’s entitlement thereto shall not be governed by any duty to mitigate damages by seeking further employment nor offset by any compensation which
the Executive may receive from future employment. 
 6. Limitation; Gross-Up Payment. 
 (a) In the event it shall be determined that any payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Section 6, (a “Payment”) would be subject to the tax imposed by section
4999 of the Code (which tax, together with any interest and penalties thereon, is referred to herein as the “Excise Tax”), and if the amount of the Executive’s total “parachute payments” (as defined in section 280G(b)(2) of
the Code) with respect to the same Change in Control does not exceed 330% of the Executive’s “base amount” (as defined in section 280G(b)(3) of the Code), then the Payment shall be adjusted until the amount of the Executive’s
parachute payments equals 299% of such base amount. The adjustments shall be made in such manner, and to such payments or other benefits, as the Executive and the Company shall mutually agree. 
 (b) In the event it shall be determined that a Payment would be subject to the Excise Tax and the amount of the Executive’s total parachute payments
with respect to the same Change in Control exceeds 330% of the base amount, or in the event an Excise Tax is actually 

 
assessed with respect to a Payment, then the Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such
that after payment by the Executive of all taxes, net of any tax benefits that result from the deductibility by the Executive of such taxes, (including, in each case, any interest or penalties imposed with respect to such taxes), including, without
limitation, any income taxes (and any interest and penalties imposed on them) and Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. 
 (c) Subject to the provisions of paragraph (d) of this Section 6, all determinations required to be made under this Section 6, including
whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by a nationally recognized public accounting firm as may be designated by the
Company (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the receipt of notice from the Executive that there has been a Payment, or such earlier
time as is requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 6, shall be paid by the Company to or for the benefit of the
Executive within five days of the receipt of the Accounting Firm’s determination. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. Notwithstanding any other provision of this Section 6, the
Company may withhold and pay over to the Internal Revenue Service, for the benefit of the Executive, all or any portion of the Gross-Up Payment that it determines in good faith it is required to withhold. Executive consents to such withholding. As a
result of the uncertainty in the application of section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Company should have been
made (“Underpayment”), consistent with the calculations required to be made. In the event that the Company exhausts its remedies pursuant to paragraph (d) of this Section 6 and the Executive is required to make a payment of any
Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall promptly be paid by the Company to or for the benefit of the Executive. 
 (d) The Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the
Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business days after the Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim and the
date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which it gives such notice to the Company (or such shorter period ending on the date that any
payment of taxes with respect to such claim is due). If the Company notifies the Executive in writing prior to the expiration of such period that it desires to contest such claim, the Executive shall: 
 (i) give the Company any information reasonably requested by the Company relating to such claim; 

 (ii) take such action in connection with contesting such claim as the Company shall
reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company; 
 (iii) cooperate with the Company in good faith in order effectively to contest such claim; and 
 (iv) permit the Company to participate in any proceedings relating to such claim; 
 provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such
contest and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and
expenses. Without limitation on the foregoing provisions of this paragraph (d), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals,
proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and the
Executive agrees to prosecute such contest to a determination before an administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs
the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Executive, on an interest-free basis and shall indemnify and hold the Executive harmless, on an after-tax basis, from any Excise Tax or
income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of limitations relating
to payment of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues
with respect to which a Gross-Up Payment would be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
 (e) If, after the receipt by the Executive of an amount advanced by the Company pursuant to paragraph (b) or (d) of this Section 6, the
Executive becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Company’s complying with the requirements of paragraph (d) of this Section 6) promptly pay to the Company the amount of
such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Executive of an amount advanced by the Company pursuant to paragraph (d) of this Section 6, a determination is
made that the Executive shall not be entitled to any refund with respect to such claim and the Company does not notify the Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such
determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset the amount of Gross-Up Payment required to be paid. 

 (f) Notwithstanding the foregoing provisions of this Section 6: 
 (i) No payments shall be made to or on behalf of the Executive pursuant to this Section 6 until the earlier of: (A) the date
that is six months after the Executive’s Date of Termination, or (B) the date of the Executive’s death. 
 (ii)
A Gross-Up Payment shall be paid no later than the last day of the Executive’s taxable year next following the taxable year in which the related taxes are remitted to the taxing authority. 
 (iii) Any reimbursement of expenses incurred by the Executive due to a tax audit or litigation addressing the existence or amount of a tax
liability shall be paid no later than the last day of the Executive’s taxable year following the taxable year in which the taxes that are the subject of the audit or litigation are remitted to the taxing authority or, where as a result of such
audit or litigation no taxes are remitted, no later than the last day of the Executive’s taxable year following the taxable year in which the audit is completed or there is a final and nonappealable settlement or other resolution of the
litigation. 
 7. Notice of Termination. During the Protected Period, any purported termination by the Company of the Executive’s
employment for Cause or Disability, or by the Executive for Good Reason, shall be communicated by notice of termination to the other party. A notice of termination shall include the specific reason for termination relied upon and shall set forth in
reasonable detail, the facts and circumstances claimed to provide a basis for termination of employment. Any dispute by a party hereto regarding a notice of termination delivered to such party must be conveyed to the other party within 30 days after
the notice of termination is given. If the particulars of the dispute are not conveyed within the 30-day period, then the disputing party’s claims regarding the termination shall be deemed forever waived. 
 8. Successors; Binding Agreement. 
 (a) The Company will require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by agreement in form and substance
satisfactory to the Executive, expressly, absolutely and unconditionally to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had
taken place. Any failure of the Company to obtain such agreement prior to the effectiveness of any such succession or assignment shall be a material breach of this Agreement and shall entitle the Executive to terminate the Executive’s
employment for Good Reason, whereupon the Executive shall be entitled to receive the payments and other benefits described in this Agreement as though such termination had occurred upon or after the occurrence of a Change in Control. 
 (b) This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal and legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any amounts are still payable to the Executive hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with
the terms of this Agreement to the Executive’s devisee, legatee, or other designee or, if there be no such designee, to the Executive’s estate. 

 9. Notice. For purposes of this Agreement, notices and all other communications provided for in
the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail (or its equivalent for overseas delivery), return receipt requested, postage prepaid, and addressed as follows:

 If to the Company: 
 H.B.
Fuller Company 
 P.O. Box 64683 
 St. Paul, MN 55164-0683 
 Attention: General Counsel; or 
 If to the Executive, to the Executive’s 
 most recent address on file with the Company; 
 or to such other address as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt. 
 10. Modifications; Waiver. No provision of
this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and the Company. No waiver by either party hereto at any time of any breach by the other party of, or
compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 11. Legal Expenses. If the Executive institutes or defends any legal action to enforce the Executive’s rights under, or to defend the
validity of, this Agreement, and if the Executive prevails in such legal action, the Executive shall be entitled to recover from the Company any actual expenses for attorney’s fees and disbursements incurred by the Executive during the period
commencing on the Executive’s Date of Termination and ending on the date of the Executive’s death. Any reimbursement of expenses incurred by the Executive for such purposes shall be paid no later than the last day of the Executive’s
taxable year following the taxable year in which the expenses are incurred, and no earlier than: (i) the date that is six months after the Executive’s Date of Termination, or (ii) the date of the Executive’s death, whichever
first occurs. 
 12. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Minnesota. 
 13. Severability; Code Section 409A. If any provision of this Agreement is held by a court of competent
jurisdiction to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this
Agreement. This Agreement is intended to satisfy the requirements for nonqualified deferred compensation plans set forth in Section 409A of the Code, and it shall be interpreted, administered and construed consistent with said intent.

 14. Restrictive Covenants. In consideration of the payments and benefits provided to the Executive
pursuant to this Agreement, the Executive agrees as follows: 
 (a) The Executive agrees that he or she will not make
statements, publicly or otherwise, which disparage or are adverse to the interests of the Company. 
 (b) The Executive agrees
that all information, facts or occurrences relating to: (i) all negotiations leading to any Change in Control; (ii) the existence and contents of this Agreement; and (iii) all formulas, processes, customer lists, computer user
identifiers and passwords, and all purchasing, engineering, accounting, marketing and other information, not generally known and proprietary to the Company, including but not limited to, information relating to research, development, manufacturing,
marketing or sale of the Company’s products shall be and are hereby deemed to be confidential information (“Confidential Information”) of the Company. The Executive agrees not to use or disclose any Confidential Information except by
written consent of the Company. 
 If the Executive breaches this provision, the Company retains the right to seek equitable or other legal relief, including
an immediate refund of moneys paid hereunder. 
 15. Other Benefits. The specific arrangements referred to in this Agreement are not
intended to exclude Executive’s participation in other benefits available to executive personnel generally, or to preclude other compensation or benefits as may be authorized by the Company from time to time; provided, that: 
 (a) any benefits provided to the Executive under this Agreement will be in lieu of any contingent termination payments payable pursuant to
any non-competition agreement between the Company and the Executive; and 
 (b) severance pay provided to the Executive
pursuant to Section 3(b) is subject to offset for other severance benefits, as provided therein. 
 16. Entire Agreement. This
Agreement contains all of the representations, agreements, and understandings between the Company and the Executive pertaining to the payment of Termination Benefits in the event of a change in control, and supersedes any other agreements regarding
the provision of Termination Benefits. 
 * * * * * 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

			
	H.B. FULLER COMPANY
		
	By:	 	  

	As its:	 	  

	
	  

	[Executive]EXHIBIT 10.12

 Exhibit 10.12 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This Agreement is made as of
                    , 2007 by and between Triplecrown Acquisition Corp. (the “Company”) and Continental Stock Transfer &
Trust Company (“Trustee”). 
 WHEREAS, the Company’s registration statement on Form S-1, No. 333-144523
(“Registration Statement”), for its initial public offering of securities (“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission (capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and 
 WHEREAS, Citigroup Global Markets
Inc. (“Citigroup”) is acting as the representative of the underwriters in the IPO; and 
 WHEREAS, as described in the Registration
Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $390,250,000 of the gross proceeds of the IPO and sale of the Sponsors’ Warrants (or $448,150,000 if the underwriters’ over-allotment
option is exercised in full) will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company and the holders of the Company’s common stock, par value $.0001 per share, issued in the IPO as hereinafter
provided (the amount to be delivered to the Trustee will be referred to herein as the “Property”, the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the
Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and 
 WHEREAS, the Company and the
Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property; 
 IT IS AGREED: 
 1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: 
 (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (“Trust
Account”) established by the Trustee; 
 (b) Manage, supervise and administer the Trust Account subject to the terms and conditions set
forth herein; 
 (c) In a timely manner, upon the instruction of the Company, to invest and reinvest the Property in United States
“government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 having a maturity of 180 days or less, and/or in any open ended investment company registered under the Investment Company Act of
1940 that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as determined by the Company; 
 (d) Collect and receive, when due, all principal and income arising from the Property, which shall become part of the “Property,” as such term
is used herein; 

 (e) Notify the Company and Citigroup of all communications received by it with respect to any Property
requiring action by the Company; 
 (f) Supply any necessary information or documents as may be requested by the Company in connection with
the Company’s preparation of the tax returns for the Trust Account; 
 (g) Participate in any plan or proceeding for protecting or
enforcing any right or interest arising from the Property if, as and when instructed by the Company and/or Citigroup to do so; 
 (h) Render
to the Company and to Citigroup, and to such other person as the Company may instruct, monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; and 

(i) Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter
(“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B hereto, signed on behalf of the Company by its President or Chairman of the Board and Secretary or Assistant Secretary or
other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided,
however, that in the event that a Termination Letter has not been received by the Trustee by the 24-month anniversary of the effective date of the Registration Statement (“Last Date”), the Trust Account shall be liquidated in
accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the stockholders of record on the Last Date. In all cases, the Trustee shall provide Citigroup with a copy of any Termination Letters
and/or any other correspondence that it receives with respect to any proposed withdrawal from the Trust Account promptly after it receives same. The provisions of this Section 1(i) may not be modified, amended or deleted under any
circumstances. 
 2. Limited Distributions of Income from Trust Account. 
 (a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the
Trustee shall distribute to the Company the amount requested by the Company to cover any income or franchise tax obligation owed by the Company; 
 (b) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D, the Trustee shall distribute to the Company the amount requested by the Company to cover
expenses related to investigating and selecting a target business and other working capital requirements; provided, however, that the aggregate amount of all such distributions shall not exceed $5,000,000 and the Company will not be allowed to
withdraw interest income earned on the trust account unless there is sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then due at that time; and 
  

 2 

 (c) The limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income
collected on the Property. Except as provided in Section 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) hereof. 
 3. Agreements and Covenants of the Company. The Company hereby agrees and covenants to: 
 (a) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board or President or other authorized
officer. In addition, except with respect to its duties under paragraphs 1(i), 2(a) and 2(b) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith
believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing; 
 (b) Hold the Trustee harmless and indemnify the Trustee from and against, any and all expenses, including reasonable counsel fees and disbursements, or
loss suffered by the Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way arises out of or relates to this Agreement, the services
of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful misconduct. Promptly after the receipt by the Trustee of
notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim (hereinafter referred to as the
“Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which
consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be unreasonably withheld. The Company may participate in such action with
its own counsel; 
 (c) Pay the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made
pursuant to Section 2 as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees unless and until it is
distributed to the Company pursuant to Section 2. The Company shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date. The Trustee shall
refund to the Company the annual fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Fund. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this
Section 3(c) and as may be provided in Section 3(b) hereof (it being expressly understood that the Property shall not be used to make any payments to the Trustee under such Sections); 
 (d) In connection with any vote of the Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate
of a firm regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes (which firm may be the Trustee) verifying the vote of the Company’s stockholders regarding such Business Combination. 
  

 3 

 4. Limitations of Liability. The Trustee shall have no responsibility or liability to: 
 (a) Take any action with respect to the Property, other than as directed in paragraphs 1 and 2 hereof and the Trustee shall have no liability to any
party except for liability arising out of its own gross negligence or willful misconduct; 
 (b) Institute any proceeding for the collection
of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and
the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto; 
 (c) Change the investment of
any Property, other than in compliance with paragraph 1(c); 
 (d) Refund any depreciation in principal of any Property; 
 (e) Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in
such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee; 
 (f) The other parties
hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee may
rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the
proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee
signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto; 
 (g) Verify the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company or any other action taken by it is as contemplated by the
Registration Statement; and 
 (h) File information returns with the United States Internal Revenue Service and payee statements with the
Company, documenting the taxes payable by the Company, if any, relating to interest earned on the Property. 
  

 4 

 5. Termination. This Agreement shall terminate as follows: 
 (a) If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to
locate a successor trustee. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of
the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event that the
Company does not locate a successor trustee within ninety days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United
States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or 
 (b) At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of paragraph 1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this
Agreement shall terminate except with respect to Paragraph 3(b). 
 6. Miscellaneous. 
 (a) The Company and the Trustee each acknowledge that the Trustee will follow the procedures set forth below with respect to funds transferred from the
Trust Account. Upon receipt of written instructions, the Trustee will confirm such instructions with an Authorized Individual at an Authorized Telephone Number listed on the attached Exhibit E. In executing funds transfers, the Trustee will rely
upon account numbers or other identifying numbers of a beneficiary, beneficiary’s bank or intermediary bank, rather than names. The Trustee shall not be liable for any loss, liability or expense resulting from any error in an account number or
other identifying number, provided it has accurately transmitted the numbers provided. 
 (b) This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. It may be executed in several
original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument. 
 (c)
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Section 1(i) (which may not be amended under any circumstances), this Agreement or any provision hereof
may only be changed, amended or modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the prior written consent of Citigroup. As to any claim, cross-claim or
counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. 
 (d) The parties hereto consent to the
jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan, for purposes of resolving any disputes hereunder. 
  

 5 

 (e) Any notice, consent or request to be given in connection with any of the terms or provisions of this
Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile transmission: 
 if to the Trustee, to: 
 Continental Stock Transfer 
   & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven G. Nelson 
 Fax No.: (212) 509-5150 
 if to the Company, to: 
 Triplecrown Acquisition Corp. 
 970 West Broadway, PMB 402 
 Jackson, Wyoming 83001 
 Attn: Jonathan J. Ledecky, President 
 Fax No.: (        )
        -             
 in
either case with a copy to: 
 Citigroup Global Markets Inc. 
 388 Greenwich Street 
 New York, New York 10013 
 Attn: David Spivak 
 Facsimile: (212) 723-8871 
 and 
 Akin Gump Strauss Hauer & Feld LLP 
 590 Madison Avenue 
 New York, New York 10022 
 Attn: Bruce Mendelsohn, Esq. 
 Fax No.: (212) 872-1002 
 (f) This Agreement may not be assigned by the Trustee without the prior consent of the Company and Citigroup. 
  

 6 

 (g) Each of the Trustee and the Company hereby represents that it has the full right and power and has
been duly authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of
set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. 
 (h) Each of the Company and the Trustee
hereby acknowledge that Citigroup is a third party beneficiary of this Agreement. 
  

 7 

 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the
date first written above. 
  

			
	 CONTINENTAL STOCK TRANSFER
 & TRUST
COMPANY, as Trustee

		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	TRIPLECROWN ACQUISITION CORP.
		
	By:	 	 
	Name:	 	
	Title:	 	

  

 8 

 SCHEDULE A 
  

						
	 Fee Item
	  	 Time and method of payment
	  	Amount
	 Initial acceptance fee
	  	Initial closing of IPO by wire transfer	  	$	1,000
	 Annual fee
	  	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	  	$	3,000
	Transaction processing fee for disbursements to Company under Section 2	  	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	  	$	250

  

 9 

 EXHIBIT A 
 [Letterhead of Company] 
                       [Insert date] 
 Continental Stock Transfer 
   & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn:
Steven Nelson 
  

	 	Re:	Trust Account No.                  Termination Letter 

 Gentlemen: 
 Pursuant to paragraph 1(i) of the Investment
Management Trust Agreement between Triplecrown Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2007 (“Trust Agreement”), this is to advise you that the Company has entered into an agreement (“Business
Agreement”) with                      (“Target Business”) to consummate a business combination with Target Business
(“Business Combination”) on or about [insert date]. The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation Date”). 
 In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account to the effect that, on the
Consummation Date, all of funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation Date. 
 On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated
(“Counsel’s Letter”) and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of
                    , which verifies the vote of the Company’s stockholders in connection with the Business Combination and
(b) written instructions with respect to the transfer of the funds held in the Trust Account (“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt
of the Counsel’s Letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will
notify the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account
pursuant to the terms hereof, the Trust Agreement shall be terminated and the Trust Account closed. 
 In the event that the Business
Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then the funds held in the Trust Account shall be reinvested
as provided in the Trust Agreement on the business day immediately following the Consummation Date as set forth in the notice. 
  

			
	Very truly yours,
	
	TRIPLECROWN ACQUISITION CORP.
		
	By:	 	 
		 	Eric J. Watson, Chairman of the Board
		
	By:	 	 
		 	Jonathan J. Ledecky, Secretary

 cc: Citigroup Global Markets Inc. 
  

 10 

 EXHIBIT B 
 [Letterhead of Company] 
                       [Insert date] 
 Continental Stock Transfer 
   & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn:
Steven Nelson 
  

	 	Re:	Trust Account No.                  Termination Letter 

 Gentlemen: 
 Pursuant to paragraph 1(i) of the Investment
Management Trust Agreement between Triplecrown Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2007 (“Trust Agreement”), this is to advise you that the Company has been unable to effect a Business
Combination with a Target Company within the time frame specified in the Company’s Certificate of Incorporation, as described in the Company’s prospectus relating to its IPO. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you, to commence liquidation of the Trust Account as promptly as practicable to
stockholders of record on the Last Date (as defined in the Trust Agreement). You will notify the Company in writing as to when all of the funds in the Trust Account will be available for immediate transfer (“Transfer Date”) in accordance
with the terms of the Trust Agreement and the Certificate of Incorporation of the Company. You shall commence distribution of such funds in accordance with the terms of the Trust Agreement and the Certificate of Incorporation of the Company and you
shall oversee the distribution of the funds. Upon the distribution of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated. 
  

			
	Very truly yours,
	
	TRIPLECROWN ACQUISITION CORP.
		
	By:	 	 
		 	Eric J. Watson, Chairman of the Board
		
	By:	 	 
		 	Jonathan J. Ledecky, Secretary

 cc: Citigroup Global Markets Inc. 
  

 11 

 EXHIBIT C 
 [Letterhead of Company] 
                       [Insert date] 
 Continental Stock Transfer 
   & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn:
Steven Nelson 
  

	 	Re:	Trust Account No. 

 Gentlemen: 
 Pursuant to paragraph 2(a) of the Investment Management Trust Agreement between Triplecrown Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of                     , 2007 (“Trust Agreement”), the Company
hereby requests that you deliver to the Company $             of the income earned on the Property as of the date hereof. The Company needs such funds to pay for the tax obligations
as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the
Company’s operating account at: 
 [WIRE INSTRUCTION INFORMATION] 
  

			
	Very truly yours,
	
	TRIPLECROWN ACQUISITION CORP.
		
	By:	 	 
		 	Eric J. Watson, Chairman of the Board
		
	By:	 	 
		 	Jonathan J. Ledecky, Secretary

 cc: Citigroup Global Markets Inc. 
  

 12 

 EXHIBIT D 
 [Letterhead of Company] 
                       [Insert date] 
 Continental Stock Transfer 
   & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn:
Steven Nelson 
  

	 	Re:	Trust Account No.  

 Gentlemen: 
 Pursuant to paragraph 2(b) of the Investment Management Trust Agreement between Triplecrown Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of                     , 2007 (“Trust Agreement”), the Company
hereby requests that you deliver to the Company $             of the income earned on the Property as of the date hereof, which does not exceed, in the aggregate with all such prior
disbursements pursuant to paragraph 2(b), if any, the maximum amount set forth in paragraph 2(b). The Company needs such funds to cover its expenses relating to investigating and selecting a target business and other working capital requirements. In
accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at: 
 [WIRE INSTRUCTION INFORMATION] 
  

			
	Very truly yours,
	
	TRIPLECROWN ACQUISITION CORP.
		
	By:	 	 
		 	Eric J. Watson, Chairman of the Board
		
	By:	 	 
		 	Jonathan J. Ledecky, Secretary

 cc: Citigroup Global Markets Inc. 
  

 13 

 EXHIBIT E 
  

			
	 AUTHORIZED INDIVIDUAL(S)
 FOR TELEPHONE CALL BACK
	  	 AUTHORIZED
 TELEPHONE NUMBER(S)

		
	Company:	  	
		
	 Triplecrown Acquisition Corp.
 970 West Broadway, PMB
402
 Jackson, Wyoming 83001
 Attn: Jonathan J. Ledecky, President

	  	(307) 734-2645
		
	Trustee:	  	
		
	 Continental Stock Transfer
 & Trust
Company
 17 Battery Place
 New York, New York 10004
 Attn: Steven G. Nelson, Chairman
	  	(212) 845-3200

  

 14

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