Document:

Exhibit 101

		

			Exhibit 10.1

		

		
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			LINDSAY CORPORATION
		

		
			MANAGEMENT INCENTIVE PLAN (MIP)
		

		
			2018
		

		
			 Plan Year
		

		
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						Executive Vice President/Date

					
					
						 

				
	
					
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						Chief Financial Officer/Date

					
					
						 

				
	
					
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						Chief Executive Officer/Date

					
					
						 

				

		
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		Table of Contents
		

		
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						1.

					
					
						Purpose

					
					
						1

				
	
					
						2.

					
					
						Definitions

					
					
						1

				
	
					
						3.

					
					
						Effective Date

					
					
						2

				
	
					
						4.

					
					
						Eligibility for Participation

					
					
						2

				
	
					
						5.

					
					
						Enrollment in the Plan

					
					
						2&3

				
	
					
						6.

					
					
						Determination of Target Payout Levels

					
					
						3&4

				
	
					
						7.

					
					
						Basis of Awards

					
					
						4,5,&6

				
	
					
						8.

					
					
						Changes in Employment Status

					
					
						6&7

				
	
					
						9.

					
					
						Administration

					
					
						7

				
	
					
						10.

					
					
						Attachments

					
					
						8

				

		
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			1.   Purpose
		

		
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			The purpose of the Management Incentive Plan (the “Plan”) is to:
		

		
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			Encourage performance consistent with the Company’s business strategy. 

		
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			Focus on near-term performance results as well as progress toward the achievement of long-term objectives.

		
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			Strengthen the link between performance and pay by delivering awards based on measurable corporate and individual goals.

		
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			2.   Definitions
		

		
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			The terms used in this Plan have the meanings set forth below.
		

		
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			A.  “Company” shall mean Lindsay Corporation.
		

		
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			B.  “Compensation Committee” shall mean the Compensation Committee of the Company’s Board of Directors.
		

		
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			C.  “Financial Performance Component” shall mean the portion of a Participant’s Plan award that is based on the Company’s and specific Market financial performance as defined in Section 7B.
		

		
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			D.  “Individual Performance Component” shall mean the portion of a Participant’s Plan award that is based on a Participant’s performance relative to individual objectives established in accordance with Section 7C.
		

		
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			E.  "Named Executive Officers" shall mean the executives of the Company listed in the Executive Compensation section of the Company’s Proxy Statement, other executive officers of the Company for SEC reporting purposes and any other elected officers.
		

		
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			F.  “Participant” shall mean a key employee eligible for awards under the terms outlined in Section 4 of this Plan.
		

		
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			G.  “Plan” shall mean Lindsay Corporation Management Incentive Plan.
		

		
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			3.   Effective Date
		

		
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			The Plan shall be effective as of September 1,  2017 and will be in effect for the 2018 bonus year.  The 2018 bonus year is defined as September 1, 2017 through August 31, 2018.
		

		
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			4.   Eligibility for Participation
		

		
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			A.  Participation in the Plan is limited to individuals in positions which have significant responsibility for and impact on the Company’s corporate performance.
		

		
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			B.  Only the Chief Executive Officer and those employees in grades H through J (elected officers as noted in the annual report) are eligible to be considered for participation in the Plan.  
		

		
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			C.  Participation in the Plan does not guarantee or entitle any employee to participate in any bonus plan enacted in the future.  Participation in the Plan at any target bonus level does not guarantee or entitle any employee to be eligible to participate at any similar target bonus level in any bonus plan which may be enacted in the future.
		

		
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			5.   Enrollment in the Plan
		

		
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			A.  Initial Enrollment
		

		
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			At the beginning of the Plan year, each Participant must be enrolled in the Plan subject to the approvals and eligibility criteria set forth in Sections 4 and 6. The enrollment process is as follows: 
		

		
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			i.         Plan Participants will participate in the Plan at the standard target percent per grade level as listed in Section 6. 
		

		
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			ii.        The Company’s Chief Executive Officer will review the participant list and projected bonus costs of enrolled employees with the Compensation Committee.  The Compensation Committee provides final approval on the aggregate potential cost of the Plan.
		

		

		

		 

		

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			B.  Mid-year Enrollment
		

		
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			When hiring or promoting employees during the Plan year who may be eligible for participation in the Plan, the following procedures must be followed:
		

		
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			i.         Prior to the commencement of the recruiting or promotion process, the hiring manager consults with Human Resources to determine the position’s eligibility for participation in the Plan and the recommended target bonus amount.
		

		
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			ii.        Offer letters indicating bonus Plan participation and target bonus award opportunities to new hires and/or promoted employees must be reviewed by the CEO or, in the case of a Named Executive Officer, by the Compensation Committee.  Target bonus recommendations must be approved before communication to a prospective Participant.  Generally, employees hired or promoted during the fourth quarter 2018 are not eligible to participate in the 2018 Plan.
		

		
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			6.   Determination of Target Payout Levels
		

		
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			A.  Incentive awards will be calculated as a percentage of the Participant’s annual base salary received during the Plan year, provided that annual base salary increases which are made during the first quarter of the Plan year will be treated for purposes of calculating a Participant’s bonus as if they had been made at the beginning of the Plan year.  The impact of promotions or other adjustments to base pay made after the annual pay adjustment noted above will be prorated for the time in effect.  While award amounts will vary based on the range of award opportunity and an assessment of individual performance results, the target award opportunities for each grade level are shown below:
		

		
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						Grade

					
					
						Target % of Salary

					
					
						 

				
	
					
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						CEO

					
					
						100%

					
					
						 

				
	
					
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						J

					
					
						55%

					
					
						 

				
	
					
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						I

					
					
						50%

					
					
						 

				
	
					
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						H

					
					
						40%

					
					
						 

				

		
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			i.         Actual participation is subject to approval by the CEO and by the Compensation Committee.  Actual participation is based on an assessment of the individual's position impact on the organization.
		

		
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			ii.        Standard target percents per grade level should be followed for all Plan Participants.
		

		
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			B.  If a Participant’s Plan target award opportunity (Target % of Salary as set forth above) changes due to promotion into a grade level with a higher target bonus, the Participant’s bonus will be calculated based on his or her annual salary during the Plan year and a pro-rated bonus award.  The pro-rated bonus award will reflect the 
		

		

		

		 

		

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			portion of the Plan year spent in each grade level (e.g., 26 weeks at 40% and 26 weeks at 50%).  In evaluating the performance of Participants who change positions during the Plan year, consideration will be given to the length of time and results in each position.  Actual award decisions will be made by the CEO or, in the case of a Named Executive Officer, by the Compensation Committee.  Generally, fourth quarter promotions will not result in an increase in a Participant’s target award opportunity. 
		

		
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			C.  Examples of various award calculations are included with this Plan document as Attachment A.
		

		
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			D.  [Intentionally omitted.]
		

		
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			E.  The Compensation Committee will determine the award payments to the Named Executive Officers.
		

		
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			F.  Award payments will be calculated on an annual basis and paid in accordance with the Company’s normal payroll cycle.  Payments will be made within 75 days following the Plan year.  The payment date may be changed at any time and for any reason at the discretion of the CEO, or in the case of a Named Executive Officer, with approval of the Compensation Committee, but may not be later than March 15 following the end of the Plan year for which the award is paid.
		

		
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			7.   Basis of Awards
		

		
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			A.  Measurable performance objectives for each Plan Participant will be established at the beginning of the Plan year (or at mid-year for mid-year hires or newly eligible employees).  In 2018, consideration will be given to:
		

		
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			i.         Financial Performance Component:  Company and Market financial performance vs. Plan performance objectives in accordance with Section 7B.
		

		
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			ii.        Individual Performance Component:  Participant’s performance relative to individual goals established in accordance with Section 7C.
		

		
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			iii.       Individual and Financial Performance Components will be added to reach a Participant’s total bonus. The relative weighting will vary by grade in accordance with the following schedule:
		

		
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						Financial

					
					
						Individual

					
					
						 

				
	
					
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						Grade

					
					
						Performance

					
					
						Performance

					
					
						 

				
	
					
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						CEO

					
					
						80%

					
					
						20%

					
					
						 

				
	
					
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						J

					
					
						80%

					
					
						20%

					
					
						 

				
	
					
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						I

					
					
						80%

					
					
						20%

					
					
						 

				
	
					
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						H

					
					
						80%

					
					
						20%

					
					
						 

				

		
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			B.  At the beginning of the Plan year, the objectives for the Financial Performance Component are identified and approved by the Compensation Committee.
		

		
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			i.         Recommended award amounts may range from 0 - 200% of the Financial Performance Component of the Participant’s target award, based on performance.   
		

		
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			ii.        Percentages between the threshold, intermediate, target, and maximum award will be interpolated.
		

		
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			iii.       In the event of an acquisition, revenue, operating income,  expenses,  fees, assets, liabilities and acquisition fees resulting from the acquisition will be excluded from award payout calculations, unless the Compensation Committee approves a modification to include any such items.
		

		
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			iv.       Award payout calculations shall exclude the positive or negative impact of any adjustments to the accrual for environmental remediation liability or unbudgeted expenses related to the existing contamination at the Lindsay facility as disclosed in the Company’s SEC filings. 
		

		
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			C.  The Individual Performance Component will be based on written objectives set annually for Participants by their supervisors and approved by the CEO or, in the case of a Named Executive Officer, by the Compensation Committee.  Objectives will be based on the Participant’s position and may be financial, operational or strategic.
		

		
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			i.         Objectives under the Individual Performance Component may be linked to team-based goals, if appropriate
		

		
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			ii.        Examples of appropriate objectives under the Individual Performance Component include:
		

			
	
			
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			Safety

			
	
			
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			Customer Service

			
	
			
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			Market Share

			
	
			
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			On-time Delivery

			
	
			
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			Cost Reduction

			
	
			
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			Product Development

		

		

		 

		

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			iii.       Recommended award amounts may range from 0% - 200% of the target amount under the Individual Performance Component.  Recommended award amounts will be based on an assessment of the individual’s performance relative to objectives established under the Individual Performance Component, in accordance with the following guidelines:
		

		
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						Individual

					
						Performance

					
					
						Payout

					
						(as % of Target Individual

					
						Performance Component)

					
					
						 

				
	
					
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						Does not meet objectives

					
					
						0%

					
					
						 

				
	
					
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						Meets some objectives

					
					
						50%

					
					
						 

				
	
					
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						Meets most objectives

					
					
						75%

					
					
						 

				
	
					
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						Meets all objectives

					
					
						100%

					
					
						 

				
	
					
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						Exceeds objectives

					
					
						150%

					
					
						 

				
	
					
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						Significantly exceeds objectives

					
					
						200%

					
					
						 

				

		
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			iv.       The “Payout (as % of Target Individual Performance Component)” represents the payout relative to target award for the Individual Performance Component of the Plan.
		

		
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			v.        With respect to the CEO only, the CEO shall be entitled to an award amount equal to the maximum 200% of the target amount under his or her Individual Performance Component if the Company achieves at least $1 million of operating income in fiscal 2018.  Notwithstanding the foregoing, the Compensation Committee shall have negative discretion to reduce such award amount to an amount calculated based on the CEO’s Individual Performance in a manner consistent with the assessment of the performance of other executives relative to objectives established under their respective Individual Performance Components. 
		

		
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			8.   Changes in Employment Status
		

		
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			A.  Participants who cease to be employees of the Company during the Plan year will not be eligible to receive an award.  Only active employees on the date that the bonus is paid will be eligible to receive an award.  Any exceptions will require the approval of the CEO, or in the case of a Named Executive Officer, the Compensation Committee.
		

		
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			B.  In the event that a Participant transfers out of an eligible position into an ineligible position within the Company, the employee may be eligible for a prorated bonus award based upon the approval of the CEO, or in the case of a Named Executive 
		

		

		

		 

		

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			Officer, the Compensation Committee.
		

		
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			C.  In all cases awards will be calculated and paid according to the provisions in Sections 6 and 7 of this Plan document.
		

		
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			9.   Administration
		

		
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			A.  General authority for Plan administration and responsibility for ongoing Plan administration will rest with the Compensation Committee of the Company’s Board of Directors.  The Compensation Committee has sole authority for decisions regarding interpretation of the terms of this Plan.
		

		
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			B.  This plan is being adopted pursuant to and shall be subject to the terms of the Management Incentive Umbrella Plan as approved by stockholders on January 27, 2014.  
		

		
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			C.  The Company reserves the right to amend or change the Plan in whole or in part at any time during the Plan year.  Amendments to the Plan require the approval of the Compensation Committee.
		

		
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			D.  Participation in the Plan does not constitute a contract of employment nor a contractual agreement of payment.  It shall not affect the right of the Company to discharge, transfer, or change the position of a Participant.  The Plan shall not be construed to limit or prevent the Company from adopting or changing, from time to time, any rules, standards or procedures affecting the Participant’s employment with the Company or any Company affiliate, including those which affect bonus payouts.
		

		
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			E.  If any provision of this Plan is found to be illegal, invalid or unenforceable under present or future laws, that provision shall be severed from the Plan.  If such a provision is severed, this Plan shall be construed and enforced as if the severed provision had never been part of it and the remaining provisions of this Plan shall remain in full force and effect and shall not be affected by the severed provisions or by its severance from this Plan.  In place of any severed provision there shall be added automatically as part of this Plan a provision as similar in terms to the severed provision as may be possible and be legal, valid and enforceable.
		

		
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			E.  This is not an ERISA plan.  This is a bonus program. 
		

		
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			ATTACHMENT A
		

		
			Award Calculation Guidelines
		

		
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			The following examples are to be used as guidelines in calculating bonus awards at the end of the 2017 Plan year.  Managers should use their discretion in calculating actual bonus awards and may consider exceptions to the calculations below when necessary.  Any such exceptions must be fully documented and are subject to review and approval by the Chief Executive Officer, or in the case of a Named Executive Officer, the Compensation Committee.
		

		
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						Full Year Participation

					
					
						 

					
					
						 

					
					
						Mid-Year Promotion

					
					
						 

					
					
						 

				
	
					
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						Individual Score:

					100 
					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
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						Financial Performance Score:

					100.00% 
					
					
						 

					
					
						Individual Score:

					100 
					
					
						 

				
	
					
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						Financial Performance Score:

					100.00% 
					
					
						 

				
	
					
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						Individual Score

					100 
					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
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						Total Incentive Plan %

					40% 
					
					
						 

					
					
						Individual Score

					100 
					
					
						 

				
	
					
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						% Objectives to Total Incentive Plan Participation

					20% 
					
					
						 

					
					
						Total Incentive Plan %

					40% 
					
					
						 

				
	
					
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						Base Salary

					$150,000 
					
					
						 

					
					
						% Objectives to Total Incentive Plan Participation

					20% 
					
					
						 

				
	
					
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						Objectives Performance Payout

					$12,000 
					
					
						 

					
					
						Base Salary

					$150,000 
					
					
						 

				
	
					
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						Objectives Performance Payout

					$12,000 
					
					
						 

				
	
					
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						Financial Score

					100% 
					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
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						Total Incentive Plan %

					40% 
					
					
						 

					
					
						Financial Score

					100% 
					
					
						 

				
	
					
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						% Financial to Total Incentive Plan Participation

					80% 
					
					
						 

					
					
						Total Incentive Plan %

					40% 
					
					
						 

				
	
					
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						Base Salary

					$150,000 
					
					
						 

					
					
						% Financial to Total Incentive Plan Participation

					80% 
					
					
						 

				
	
					
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						Financial Performance Payout

					$48,000 
					
					
						 

					
					
						Base Salary

					$150,000 
					
					
						 

				
	
					
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						Incentive Amount

					$60,000 
					
					
						 

					
					
						Financial Performance Payout

					$48,000 
					
					
						 

				
	
					
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						Time Period (weeks)

					52 
					
					
						 

					
					
						Incentive Amount

					$60,000 
					
					
						 

				
	
					
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						Proration Factor

					1 
					
					
						 

					
					
						Time Period (weeks)

					26 
					
					
						 

				
	
					
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						Prorated Payout for Time Period

					$60,000 
					
					
						 

					
					
						Proration Factor

					0.5 
					
					
						 

				
	
					
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						Prorated Payout for Time Period

					$30,000 
					
					
						 

				
	
					
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						Partial Year Participation

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
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						Individual Score:

					100 
					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
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						Financial Performance Score:

					100.00% 
					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
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						Post Promotion Calculation

					
					
						 

					
					
						 

				
	
					
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						Individual Score

					100 
					
					
						 

					
					
						Individual Score

					100 
					
					
						 

				
	
					
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						Total Incentive Plan %

					40% 
					
					
						 

					
					
						Total Incentive Plan %

					50% 
					
					
						 

				
	
					
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						% Objectives to Total Incentive Plan Participation

					20% 
					
					
						 

					
					
						% Objectives to Total Incentive Plan Participation

					20% 
					
					
						 

				
	
					
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						Base Salary

					$150,000 
					
					
						 

					
					
						Base Salary

					$200,000 
					
					
						 

				
	
					
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						Objectives Performance Payout

					$12,000 
					
					
						 

					
					
						Objectives Performance Payout

					$20,000 
					
					
						 

				
	
					
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						Financial Score

					100% 
					
					
						 

					
					
						Financial Score

					100% 
					
					
						 

				
	
					
						﻿

					
					
						Total Incentive Plan %

					40% 
					
					
						 

					
					
						Total Incentive Plan %

					50% 
					
					
						 

				
	
					
						﻿

					
					
						% Financial to Total Incentive Plan Participation

					80% 
					
					
						 

					
					
						% Financial to Total Incentive Plan Participation

					80% 
					
					
						 

				
	
					
						﻿

					
					
						Base Salary

					$150,000 
					
					
						 

					
					
						Base Salary

					$200,000 
					
					
						 

				
	
					
						﻿

					
					
						Financial Performance Payout

					$48,000 
					
					
						 

					
					
						Financial Performance Payout

					$80,000 
					
					
						 

				
	
					
						﻿

					
					
						Incentive Amount

					$60,000 
					
					
						 

					
					
						Incentive Amount

					$100,000 
					
					
						 

				
	
					
						﻿

					
					
						Time Period (weeks)

					30 
					
					
						 

					
					
						Time Period (weeks)

					26 
					
					
						 

				
	
					
						﻿

					
					
						Proration Factor

					0.576923 
					
					
						 

					
					
						Proration Factor

					0.5 
					
					
						 

				
	
					
						﻿

					
					
						Prorated Payout for Time Period

					$34,615 
					
					
						 

					
					
						Prorated Payout for Time Period

					$50,000 
					
					
						 

				
	
					
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						Total Prorated Incentive Amount

					$80,000 
					
					
						 

				
	
					
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		**The appendix that includes Financial Performance Component Elements for Fiscal Year 2018 constitutes confidential information and has been omitted from this filing.  This appendix has been filed separately with the Securities and Exchange Commission.**
		

		
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			﻿Exhibit 10.4

 

 

 

BIOANALYTICAL SYSTEMS, INC.

 

EMPLOYEE STOCK OPTION AGREEMENT

 

THIS AGREEMENT, made
this ___ day of _________, ____, by and between Bioanalytical Systems, Inc., an Indiana corporation with its principal office at
2701 Kent Avenue, West Lafayette, Indiana (hereinafter called “Company”), and the undersigned employee of record of
the Company as of ________ __, ____ (hereinafter called the “Grantee”), pursuant to, and subject to, the terms, conditions
and limitations contained in the Company’s 2008 Stock Option Plan (hereinafter called the “Plan”), a copy of
which is available upon request.

 

WITNESSETH THAT:

 

WHEREAS, in the interests
of affording an incentive to the Grantee to give his or her best efforts to the Company as a company officer or employee, the Company
wishes to provide that the Grantee shall have an Option to buy Common Shares of the Company:

 

NOW, THEREFORE, it
is hereby mutually agreed to as follows:

 

1. Pursuant to, and
subject to, the terms, conditions and limitations contained in the Company’s 2008 Stock Option Plan (hereinafter called the
“Plan”), the Company hereby grants to the Grantee the right and Option to purchase, on the terms and conditions hereinafter
set forth, all or any part of an aggregate of ______ shares (hereinafter called “Subject Shares”) of the presently
authorized, but unissued, or treasury, Common Shares of the Company, hereinafter called the “Common Shares”) at a purchase
price of $___ per share, exercisable in whole or in part from time to time subject to the limitation that no Option may
be exercised with respect to fewer than twenty-five (25) shares then subject to Option hereunder, in which event any exercise must
be as to all such shares and subject to the further limitation that the Options represented by the Agreement shall first become
exercisable in three installments pursuant to the following sentence. The Option may be exercised as to the shares covered by the
first installment from and after the first anniversary of the grant of the Option, with the second and third installments becoming
exercisable on the two succeeding anniversary dates. The shares shall vest in this three year period on a 40%, 30%, and 30% schedule.
Except as otherwise provided herein, the Option will terminate as provided for in the Plan. Unless sooner terminated under the
terms of the Plan or this Agreement, the Option shall expire as to all shares subject to purchase hereunder on the 8th
anniversary date of this Agreement if not exercised on or before such date.

 

 

     

     

    

 

2. Notwithstanding
Section 8(c) of the Plan, in the event Grantee ceases to serve as an employee of the Company or any of its subsidiaries due to
a termination by the Company without Cause, as defined in the Plan, or a resignation by Grantee for Good Reason, as defined herein,
Grantee will be entitled to exercise any portion of the Option that is vested on the date Grantee’s employment terminated for a
period of sixty (60) days following such termination date. If the Company is subject to a Change in Control, as defined in the
Plan, before the Grantee’s employment terminates then immediately prior to the Change in Control the Option shall become
fully and unconditionally vested, unless the Option is assumed, converted, replaced, or continued by the continuing entity; provided,
however, that if the Grantee’s employment is terminated without Cause or the Grantee resigns for Good Reason within the 12
month period after such Change in Control, then the Option as so assumed, converted, replaced or continued shall become fully and
unconditionally vested and fully exercisable for a period of sixty (60) days following such termination date. For purposes of this
Agreement a resignation is for “Good Reason” if (a) such resignation follows Grantee’s demotion or reassignment to
a position that is not a Comparable Position and (b) the Grantee has given the Company at least 30 days written notice of the existence
of Good Reason hereunder and the Company has not taken the necessary steps to eliminate such Good Reason. A “Comparable Position”
is one with substantially equal or greater responsibility, the right to earn salary and other compensation equal to or greater
in value than that available under the prior position, and which does not require relocation of the Grantee’s primary workplace
to a location greater than 70 miles from the Company’s headquarters in West Lafayette, Indiana.

 

3. Subject to the limitations
specified herein and the terms and conditions of the Plan (including, but not limited to, the exercise provisions of Section 7
of the Plan, and the termination provisions of Section 8 of the Plan as modified herein), the Grantee may from time to time exercise
this Option by delivering a written notice of exercise and subscription agreement to the Secretary of the Company specifying the
number of whole shares to be purchased, accompanied by payment (i) in cash, (ii) by certified check or bank cashier’s check,
(iii) through the tender to the Company of Common Shares of the Company owned by the Grantee or by withholding of Common Shares
of the Company that are subject to the Option, which Common Shares shall be valued, for purposes of determining the extent to which
the purchase price has been paid, at their fair market value on the date of exercise as determined in Section 7(c) of the Plan,
or (iv) by a combination of the methods described in (i), (ii), or (iii). The Company may, in its sole discretion, refuse to withhold
Common Shares of the Company as payment of the exercise price of the Option. Such exercise shall be effective upon receipt by the
Secretary of such written notice, subscription agreement and payment of the purchase price. Only the Grantee may exercise the Option
during the lifetime of the Grantee. No fractional shares may be purchased at any time hereunder.

 

4. Upon the effective
exercise of the Option, or any part thereof, certificates representing the shares so purchased, marked fully paid and non-assessable,
shall be delivered to the person who exercised the Option, provided however, that in the Company’s discretion such shares
may be delivered in book-entry form. Until certificates representing such shares shall have been issued and delivered or such shares
are delivered in book-entry form, as applicable, the Grantee shall not have any of the rights or privileges of a shareholder of
the Company in respect of any such shares.

 

     

     

    

 

5. In the event that,
prior to the delivery by the Company of all the Subject Shares, there shall be an increase or reduction in the number of Common
Shares of the Company issued and outstanding by reason of any subdivision or consolidation of Common Shares or any other capital
adjustment, the number of shares then subject to this option shall be increased or decreased as provided in Section 11 of the Plan.

 

6. The option and the
rights and privileges conferred by this Option Agreement shall not be assigned or transferred by the Grantee in any manner except
by will or under the laws of descent and distribution. In the event of any attempted assignment or transfer in violation of this
Section 6, the Option, rights and privileges conferred by this Option Agreement shall become null and void.

 

7. Nothing herein contained
shall be deemed to create any limitation nor restriction upon such rights as the Company would otherwise have to terminate a person
as an employee of the Company.

 

8. The Option, rights
and privileges herein conferred are granted subject to the terms and conditions set forth herein and in the Plan.

 

9. This option is a
nonqualified stock option or an incentive stock option within the meaning of §422(b) of the Internal Code of 1986, as indicated:

 

x       Nonqualified
Stock Option              ̈       Incentive
Stock Option

 

10. Any notices to
be given or served under the terms of this Option Agreement shall be addressed to the Secretary of the Company at 2701 Kent Avenue,
West Lafayette, Indiana, and to the Grantee at the address set forth in the employment records of the Company, or such other address
or addresses as either party may hereafter designate in writing to the other. Any such notice shall be deemed to have been duly
given or served, and deposited in the United States mail.

 

11. The interpretation
by the Compensation Committee, appointed by the Company’s Board of Directors to administer the Plan, or any provisions of
the Plan or of this Option Agreement shall be final and binding on the Grantee unless otherwise determined by the Company’s
Board of Directors.

 

12. This Option Agreement
shall be governed by the laws of the State of Indiana.

 

     

     

    

 

IN WITNESS WHEREOF,
the Company and the Grantee have signed this Option Agreement as of the day and year first above written.

 

	 	“COMPANY”
	 	 
	 	BIOANALYTICAL SYSTEMS, INC.
	 	 
	 	By:
	 	 
	 	 
	 	Chairman of the Compensation Committee
	 	Board of Directors
	 	 
	 	“GRANTEE”
	 	 
	 	Print:
	 	 
	 	Sign:

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