Document:

Exhibit 10.14

 

UTZ BRANDS, INC.

 

EXECUTIVE

 

CHANGE IN CONTROL SEVERANCE PLAN

 

Effective [Insert
Effective Date]

 

     

     

    

 

UTZ BRANDS, INC.

 

EXECUTIVE CHANGE IN CONTROL SEVERANCE
PLAN

 

Article
I

DEFINITIONS

 

1.1             
“Affiliate” means a parent or subsidiary corporation of the Company, as defined in Section 424 of the Code
(substituting “Company” for “employer corporation”), any other entity that is a parent or subsidiary of
the Company, including a parent or subsidiary which becomes such after the Effective Date of the Plan.

 

1.2             
“Annual Compensation Amount” means an Eligible Employee’s Base Salary and Bonus Amount, in each case,
immediately prior to the Termination Date and determined without giving effect to any reduction which is alleged to constitute
Good Reason.

 

1.3             
“Base Salary” means an Employee’s annual base salary and does not include any other compensation including
but not limited to incentive bonuses, car allowances or any other type of perquisites.

 

1.4             
“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange
Act, except that in calculating the beneficial ownership of any particular Person, such Person shall be deemed to have beneficial
ownership of all securities that such Person has the right to acquire by conversion or exercise of other securities, whether such
right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns,” “Beneficially
Owned” and “Beneficial Ownership” have a corresponding meaning.

 

1.5             
“Board” means the Board of Directors of the Company.

 

1.6             
“Bonus Amount” means an Eligible Employee’s target annual cash bonus.

 

1.7             
“Cause” means, if the Employee is a party to an employment agreement with the Company and such agreement
provides for a definition of Cause (or any term of similar effect), the definition contained therein; or if no such agreement exists,
or if such agreement does not define Cause (or any term of similar effect): (i) the commission of, or plea of guilty or no contest
to, a felony or other crime involving dishonesty, moral turpitude or the commission of any other act involving willful malfeasance
or breach of fiduciary duty with respect to the Company or an Affiliate; (ii) any acts, omissions or statements that are, or are
reasonably likely to be, detrimental or damaging to the reputation, operations, prospects or business relations of the Company
or an Affiliate; (iii) gross negligence or willful misconduct with respect to the Company or an Affiliate, or willful or repeated
failure or refusal to substantially perform assigned duties; (iv) violation of state or federal securities laws; (v) material violation
of the Company’s written policies or codes of conduct, including written policies related to discrimination, harassment,
performance of illegal or unethical activities, and ethical misconduct; (vi) any act of fraud, embezzlement, material misappropriation
or dishonesty against the Company or an Affiliate; (vii) any material breach of a written agreement with the Company or an Affiliate,
including, without limitation, a breach of any employment, consulting, confidentiality, non-competition, non-solicitation, non-disparagement
or similar agreement.

 

    1

     

    

 

1.8             
“Change in Control” means any of the following:

 

A transaction or series
of transactions (other than an offering of shares of Common Stock to the general public through a registration statement filed
with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses (i)
and (ii) of subsection (d) below) whereby any Person (other than the Company, any of its subsidiaries, an employee benefit plan
maintained by the Company or any of its subsidiaries or a Person that, prior to such transaction, directly or indirectly controls,
is controlled by, or is under common control with, the Company) directly or indirectly acquires Beneficial Ownership of securities
of the Company possessing more than 50% of the total combined voting power of the Company’s securities that are outstanding
immediately after such acquisition; or

 

(b) During any period
of 24 months, individuals who, at the beginning of such period, constitute the Board (the “Incumbent Directors”)
cease for any reason to constitute at least a majority of the Board; provided, that any Person becoming a Director subsequent
to the Effective Date, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent
Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such Person
is named as a nominee for Director, without written objection to such nomination) shall be an Incumbent Director; provided,
however, that no individual initially elected or nominated as a Director during such period as a result of an actual or
threatened election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, with respect
to Directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any Person
other than the Board shall be deemed to be an Incumbent Director; or

 

(c) The date that is
ten (10) business days prior to the complete liquidation or dissolution of the Company; or

 

(d) The consummation
by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries)
of (x) a merger, consolidation, reorganization, or business combination, (y) a sale or other disposition of all or substantially
all of the Company’s assets in any single transaction or series of related transactions, or (z) the acquisition of assets
or shares of another entity, in each case other than a transaction:

 

(i) which results
in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining
outstanding or by being converted into voting securities of the Company or the Person that, as a result of the transaction, controls,
directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or
otherwise succeeds to the business of the Company (the Company or such Person, the “Successor Entity”)) directly
or indirectly, more than 50% of the total combined voting power of the Successor Entity’s outstanding voting securities immediately
after the transaction, and

 

(ii) after which
no Person Beneficially Owns securities representing 50% or more of the total combined voting power of the Successor Entity;
provided, however, that no Person shall be treated for purposes of this clause (ii) as Beneficially Owning 50% or
more of the total combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior
to the consummation of the transaction.

 

    2

     

    

 

A Change in Control shall
not be deemed to have occurred if the Sponsor, any Family Member or any of their respective Affiliates Beneficially Own or acquire
more than 50% of the total combined voting power of the Company (or any successor to substantially all of the assets of the Company
and its subsidiaries) or any direct or indirect parent company.

 

Notwithstanding the foregoing,
if a Change in Control constitutes a payment event with respect to any Award (or portion of any Award) that provides for the deferral
of compensation that is subject to Section 409A, to the extent required to avoid the imposition of additional taxes under Section
409A, the transaction or event described in subsection (a), (b), (c) or (d) with respect to such Award (or portion thereof) shall
only constitute a Change in Control for purposes of the payment timing of such Award if such transaction also constitutes a “change
in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5).

 

The Committee shall have
full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control has
occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating
thereto; provided that any exercise of authority in conjunction with a determination of whether a Change in Control is a “change
in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such regulation.

 

1.9             
“Change in Control Termination” means any termination of employment of an Eligible Employee (a) either (i)
by the Company (other than for Cause and other than during an Eligible Employee’s Disability), (ii) by an Eligible Employee
for Good Reason, in each case within the ninety days (90) prior or two (2) years following a Change in Control, or (b) at the request
of an acquirer or potential acquirer in connection with, or prior to, a Change in Control, provided, that, any termination
of the employment of an Eligible Employee will not be considered a Change in Control Termination if the Eligible Employee is offered
comparable employment by the Company or any Affiliate of the Company, or any of their respective successors, regardless of whether
the Eligible Employee accepts such offer of employment. For the avoidance of doubt, a Change in Control Termination may apply to
the Chief Executive Officer of the Company even if a Good Reason Termination does not apply to the Chief Executive Officer of the
Company on account of the Change in Control Termination occurring after the two (2) year anniversary of the Effective Date.

 

1.10         
“Chief Executive Officer” means the Chief Executive Officer of the Company.

 

1.11         
“Chief Executive Officer Non-Change in Control Termination” means (a) a Good Reason Termination or (b) a
termination of employment of the Chief Executive Officer by the Company (other than for Cause and other than during the Chief Executive
Officer’s Disability), in each case of (a) and (b), that is not a Change in Control Termination.

 

1.12         
“Code” means the Internal Revenue Code of 1986, as amended.

 

1.13         
“Company” means Utz Brands, Inc. and its Affiliates.

 

    3

     

    

 

1.14         
“Disability” means that the Employee is unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be
expected to last for a continuous period of not less than 12 months. The determination of whether an individual has a Disability
shall be determined under procedures established by the Plan Administrator. The Plan Administrator may rely on any determination
that a Participant is disabled for purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate
in which the Employee participates.

 

1.15         
“Effective Date” means [Insert Date].

 

1.16         
“Eligible Employee” means the Chief Executive Officer and each member of the Executive Leadership Team.
In addition, the Plan Administrator, in its sole discretion, may select additional Employees of the Company to participate in the
Plan via written agreement. Any determination of whether individual is an Eligible Employee shall be made by the Plan Administrator,
in its sole discretion. Notwithstanding the foregoing, Eligible Employee shall exclude: (i) any Employee that has entered into
an employment or other agreement with the Company providing for severance benefits which, in the aggregate, exceed the benefits
available under this Plan, or (ii) any Employee whose terms and conditions of employment are governed by a collective bargaining
agreement, unless such agreement specifically provides for coverage under the Plan.

 

1.17         
“Employee” means any individual who is employed full-time by the Company and who is regularly scheduled
to work at least 37-1/2 hours per week for the Company.

 

1.18         
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

 

1.19         
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

1.20         
“Executive Leadership Team” means any Employee with a title of “Executive Vice President,”
or above (but excluding the Chief Executive Officer), and any other Employee designated by the Compensation Committee of the Company
from time to time.

 

1.21         
 “Family Member” means any of (a) Michael Rice, (b) the spouse and lineal descendants (whether natural or
adopted) of Michael Rice, (c) any spouse of any lineal descendants of Michael Rice, (d) a trust solely for the benefit of any individuals
described in the foregoing clauses (a) through (c), and (e) any entity in which the Persons described in the foregoing clauses
(a) through (d) own more than 50% of the voting interests.

 

1.22         
“Good Reason” means the occurrence of any one or more of the following without the Eligible Employee’s
written consent: (a) a material reduction in the Eligible Employee’s then-current Base Salary or Bonus Amount; (b) a material
diminution in the Eligible Employee’s authorities, duties, or responsibilities, or the assignment to the Eligible Employee
of duties inconsistent with the Eligible Employee’s then-current authorities, duties or responsibilities; (c) the Company’s
requiring the Eligible Employee to be based at an office location which is at least fifty (50) miles from his or her then-current
office location and which materially increases such Eligible Employee’s travel time from his or her then-current residence;
or (d) failure of any successor of the Company to expressly assume the Plan; provided, that the Eligible Employee may not
rely on any particular action or event as a basis for terminating his or her employment due to Good Reason unless he or she delivers
a notice based on that action or event within ninety (90) days after its occurrence and the Company has failed to correct the circumstances
cited by the Eligible Employee as constituting Good Reason within thirty (30) days of receiving such notice, and the Eligible Employee
terminates employment within sixty (60) days following the Company’s failure to correct. However, no event shall be considered
to constitute Good Reason if the Eligible Employee is offered comparable employment with respect to his or her position without
giving effect to the events allegedly constituting Good Reason, by the Company or any Affiliate of the Company, regardless of whether
the Eligible Employee accepts such offer of employment.

 

    4

     

    

 

1.23         
“Good Reason Termination” means, a voluntary termination by the Chief Executive Officer either for (a) Good
Reason prior to the two (2) year anniversary of the Effective Date or (b) Limited Good Reason on or after the two (2) year anniversary
of the Effective Date.

 

1.24         
“Limited Good Reason” means, with respect to the Chief Executive Officer, the occurrence of one or more
of the following without the Chief Executive Officer’s written consent: (a) a reduction of at least fifteen percent (15%)
of the Chief Executive Officer’s total annual compensation opportunity that is not part of a broad-based reduction applicable
to all Eligible Employees; or (b) the Company’s requiring the Chief Executive Officer to be based at an office location which
is at least fifty (50) miles from the Chief Executive Officer’s then-current office location or home and which materially
increases the Chief Executive Officer’s travel time from his or her then-current residence; provided, that the Chief
Executive Officer may not rely on any particular action or event as a basis for terminating the Chief Executive Officer’s
employment due to Limited Good Reason unless the Chief Executive Officer delivers a notice based on that action or event within
90 (ninety) days after its occurrence and the Company has failed to correct the circumstances cited by the Chief Executive Officer
as constituting Limited Good Reason within thirty (30) days of receiving such notice, and the Eligible Employee terminates employment
within sixty (60) days following the Company’s failure to correct.

 

1.25         
 “Person” means an individual, entity or group (within the meaning of Section 13(d)(3) of the Exchange Act).

 

1.26         
“Plan” means this Utz Brands, Inc. Executive Change In Control Severance Plan, as amended from time to time.

 

1.27         
“Plan Administrator” means the Compensation Committee of the Board (the “Compensation Committee”),
unless and until the Board designates another committee of the Board to serve in such capacity. The Compensation Committee may
delegate any or all of its powers and responsibilities as Plan Administrator to an individual, a committee, or both.

 

1.28         
“Restriction Period” means the date beginning on the Eligible Employee’s Termination and ending on
the last day of the Severance Period.

 

1.29         
 “Section 409A” refers to Section 409A of the Code.

 

    5

     

    

 

1.30         
“Severance Period” means the date beginning on the Eligible Employee’s Payment Commencement Date and
ending on the period specified in Section 3.1 or 3.2, as applicable.

 

1.31         
“Termination Date” means the date on which a Change in Control Termination or Chief Executive Officer Non-Change
in Control Termination occurs. For the avoidance of doubt, the determination of the Termination Date shall be made consistent with
the definition of “separation from service” under Section 409A.

 

Article
II

GENERAL SEVERANCE BENEFIT

 

2.1             
Severance Benefit. The Company shall provide severance benefits to the Chief Executive Officer and change in control
severance benefits to Eligible Employees as set forth in Article III, pursuant to the terms, conditions and limitations set forth
in the Plan and subject to the execution and non-revocation of a Release and Non-Competition Agreement by the Eligible Employee
in accordance with Section 3.6. Except with respect to the Utz Brands, Inc. Executive Severance Benefit Plan, after the Effective
Date of the Plan, the Plan supersedes all prior practices, policies, procedures, plans or agreements relating to severance benefits
from the Company and/or Affiliate or predecessor entities which would result in any duplication of benefits. No individual can
receive payment under this Plan and the Utz Brands, Inc. Executive Severance Benefit Plan and in the event that an individual becomes
eligible for payments under both this Plan and the Utz Brands, Inc. Executive Severance Plan, he or she shall receive payment under
this Plan.

 

Article
III

SEVERANCE BENEFITS

 

3.1             
Change in Control Termination Severance Benefits.  Except as otherwise provided herein, an Eligible Employee shall be
entitled to the following severance benefits under the Plan if such Eligible Employee experiences a Change in Control Termination
paid in cash as payroll continuation payments, beginning on the Payment Commencement Date and ending on the last day of the Severance
Period as set forth in the chart below, subject to any applicable withholding taxes.

 

	Eligible Employee	Severance Period	Cash Severance Amount
	Chief Executive Officer	2 years	2x Annual Compensation Amount
	Executive Leadership Team	1.5 years	1.5x Annual Compensation Amount

 

The Plan Administrator, in its sole discretion,
shall determine the amount of severance benefits, if any, for an Eligible Employee that is not the Chief Executive Officer or a
member of the Executive Leadership Team that is selected to participate in the Plan.

 

    6

     

    

 

Nothing in this Plan shall preclude the
Plan Administrator, in its complete discretion, from providing benefits under the Plan in addition to those set forth in this Section
3.1.

 

3.2             
Chief Executive Officer Severance Benefits. Except as otherwise provided herein, the Chief Executive Officer shall be
entitled to the following severance benefits under the Plan if the Chief Executive Officer experiences a Chief Executive Officer
Non-Change in Control Termination paid in cash as payroll continuation payments, beginning on the Payment Commencement Date and
ending on the last day of the Severance Period as set forth in the chart below, subject to any applicable withholding taxes:

 

	Eligible Employee	Severance Period	Cash Severance Amount
	Chief Executive Officer	1.5 years	1.5x Base Salary

 

Nothing in this Plan shall preclude the
Plan Administrator, in its complete discretion, from providing benefits under the Plan in addition to those set forth in this Section
3.2. For the avoidance of doubt, if the Chief Executive Officer is eligible for the severance benefits provided under Section
3.1, he or she shall not be eligible for the severance benefits provided under this Section 3.2.

 

3.3             
Annual Bonus. If an Eligible Employee experiences a Change in Control Termination or Chief Executive Officer Non-Change
in Control Termination and on the Termination Date was eligible to earn a performance based annual cash bonus pursuant to any Company
plan or other agreement or arrangement with the Company in respect of the fiscal year in which the Termination Date occurs, the
Eligible Employee shall receive a payment equal to the annual target bonus, calculated based on actual performance during the applicable
performance period as though such Eligible Employee continued in the employment of the Company. Such payment shall be prorated
based on the number of days during the applicable performance period that the Eligible Employee was employed by the Company, and
paid at such time that annual bonuses are paid to active employees of the Company.

 

3.4             
Outplacement Services. If an Eligible Employee experiences a Change in Control Termination or Chief Executive Officer
Non-Change in Control Termination, the Company shall, at its sole cost and expense, provide the Eligible Employee with outplacement
services during the Restriction Period with the Person of the Company’s choosing suitable to the Eligible Employee’s
position, as determined by the Company.

 

3.5             
Welfare Benefits. After the Termination Date, coverage under the Company medical, vision, dental and prescription benefits
will continue to be available to the Eligible Employee and his/her covered dependents by the Company for up to eighteen (18) months
pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). Until the earliest
of (i) eighteen (18) months following the Termination Date, (ii) last day of the Severance Period or (iii) the first day the Eligible
Employee becomes eligible for comparable benefits under the welfare benefit plans of a subsequent employer (such date, the “COBRA
Subsidy Cessation Date”), the Eligible Employee will be responsible for the payment of the same amount of premiums for
such coverage as would be paid by a similarly situated full-time employee of the Company, and the Company will pay all additional
premium amounts. Following the COBRA Subsidy Cessation Date and for the remainder of the eighteen (18) month period described above,
the Eligible Employee will be responsible for the full cost of any premiums associated with such coverage, in such amount as determined
by the Plan Administrator. The Plan Administrator has the right to modify or terminate such benefits or to increase the associated
costs of such benefits if such benefits are modified or terminated or the costs are increased with respect to similarly situated
employees employed by the Company. Nothing in the Plan shall be construed to limit the right of any Eligible Employee to any benefits
under COBRA. Except as set forth above, after the Termination Date, the Eligible Employee will not be entitled to participate in
any other health or welfare benefits, or insurance plans, maintained by the Company.

 

    7

     

    

 

3.6             
Release and Other Agreements. Notwithstanding any other provision in the Plan to the contrary, as consideration for
receiving severance benefits under the Plan, an Eligible Employee who is otherwise entitled to receive benefits under the Plan
must (a) execute and not revoke a release of claims attached hereto as Annex A (the “Release and Non-Competition
Agreement”), including any restrictive covenants contained therein, and such other documents and agreements as reasonably
required by the Plan Administrator, in the form and pursuant to the procedures reasonably established by the Plan Administrator,
and (b) return to the Company all confidential information of the Company, Company property, Company assets, written, recorded
or computer-readable information or materials (including copies thereof) regarding the Company, Company equipment (including computer
hardware or software and/or any memory storage devices), keys, credit cards and identification. If an Eligible Employee fails to
properly execute such Release and Non-Competition Agreement and other documents or agreements within 45 days following receipt
thereof, the Eligible Employee shall not be entitled to severance benefits under the Plan.

 

3.7             
Voluntary Termination/Employee’s Death or Disability. An Eligible Employee who voluntarily terminates employment
with the Company shall receive no severance benefits under the Plan except as otherwise specifically provided in this Plan or by
the Plan Administrator. An Employee will not be considered to have voluntarily terminated employment if such employee terminates
employment due to Good Reason following a Change in Control or due to a Good Reason Termination. Further, no benefits will be paid
under this Plan if the Eligible Employee’s termination of employment occurs following such Eligible Employee’s death
or during such Eligible Employee’s Disability.

 

3.8             
Termination for Cause. The Plan Administrator shall have absolute discretion to determine whether an Eligible Employee
has been terminated for Cause. If the Plan Administrator determines that an otherwise Eligible Employee has been terminated for
Cause, such Eligible Employee shall receive no severance benefits under the Plan. If after termination it is determined that an
Employee that is receiving severance benefits under this Plan could have been terminated for Cause, the Plan Administrator shall
have absolute discretion to terminate the Release and Non-Competition Agreement with that Employee, to terminate making any remaining
severance payments due under the Plan and seek to recover from such Employee any previously made severance payments made under
the Plan. Notwithstanding the foregoing, any termination of the Chief Executive Officer for “Cause” for the purposes
of this Plan may only be effected by a written resolution of a majority of the Board (excluding the Chief Executive Officer), and
the Chief Executive Officer and the Chief Executive Officer’s counsel (if the Chief Executive Officer chooses to have counsel
present) shall have a reasonable opportunity to be heard by the Board prior to the adoption of any such written resolution.

 

    8

     

    

 

3.9             
Form of Benefit. Provided a Release and Non-Competition Agreement has been delivered by the Eligible Employee and not
revoked in accordance with the terms of such Release and Non-Competition Agreement, and subject to Section 5.13 of the Plan and
continued compliance with the restrictive covenants set forth in the Release and Non-Competition Agreement, severance payments
hereunder shall commence as of the first day of the payroll period immediately following both (x) the Termination Date and (y)
the date on which the Release and Non-Competition Agreement becomes effective and non-revocable (the “Payment Commencement
Date”), provided, that if the consideration and revocation periods set forth in the Release and Non-Competition Agreement
begin in one calendar year and end in a second calendar year, then such Payment Commencement Date shall not occur before the first
day in the second of such two calendar years. Benefits shall be paid in cash as payroll continuation payments paid over the Severance
Period.

 

3.10         
No Other Benefits. An Employee receiving severance benefits under the Plan will not be eligible to continue participation
as an active employee in the qualified retirement plans maintained by the Company and no service will be counted with respect to
vesting under any other Company plan including without limitation the bonus and/or stock option plans. However, all amounts previously
deferred or accrued to the benefit of the Eligible Employee under any nonqualified deferred compensation plan sponsored by the
Company (including, without limitation, any vested amounts deferred under incentive plans) together with any accrued earnings thereon,
shall be paid in accordance with the terms of such plan.

 

Article
IV

LIMITATION ON PAYMENTS

 

4.1             
Excess Parachute Payments. Notwithstanding any other provision of the Plan, in the event that an Eligible Employee becomes
entitled to receive or receives any payments, options, awards or benefits (including, without limitation, the monetary value of
any non-cash benefits and the accelerated vesting of stock awards) under the Plan or under any other plan, agreement or arrangement
with the Company or an Affiliate, or with any person whose actions result in a Change in Control or an affiliate of such person
whose actions result in a Change in Control (collectively, the “Payments”) that may separately or in the aggregate
constitute “parachute payments” within the meaning of Section 280G of the Code and it is determined that, but for this
Section 4.1, any of the Payments will be subject to any excise tax pursuant to Section 4999 of the Code or any similar or successor
provision or any comparable state or local law provision (the “Excise Tax”), the Company shall pay to the Eligible
Employee either (i) the full amount of the Payments or (ii) an amount equal to the Payments reduced by the minimum amount necessary
to prevent any portion of the Payments from being an “excess parachute payment” (within the meaning of Section 280G
of the Code) (the “Capped Payments”), whichever of the foregoing amounts results in the receipt by the Eligible
Employee, on an after-tax basis (with consideration of all taxes incurred in connection with the Payments, including the Excise
Tax), of the greatest amount of Payments, notwithstanding that all or some portion of the Payments may be subject to the Excise
Tax. For purposes of determining whether the Eligible Employee would receive a greater after-tax benefit from receipt of the Capped
Payments than from receipt of the full amount of the Payments and for purposes of Section 4.3 (if applicable), the Eligible Employee
shall be deemed to pay federal, state and local taxes at the highest marginal rate of taxation for the applicable calendar year.

 

    9

     

    

 

4.2             
Calculation of Payments. All computations and determinations called for by Section 4.1 shall be made and reported in
writing to the Company and the Eligible Employee by a third-party service provider selected by the Plan Administrator (the “Tax
Advisor”), and all such computations and determinations shall be conclusive and binding on the Company and the Eligible
Employee. For purposes of such calculations and determinations, the Tax Advisor may rely on reasonable, good faith interpretations
concerning the application of Section 280G and Section 4999 of the Code. The Plan Administrator and the Eligible Employee shall
furnish to the Tax Advisor such information and documents as the Tax Advisor may reasonably request in order to make their required
calculations and determinations. The Company shall bear all fees and expenses charged by the Tax Advisor in connection with its
services.

 

4.3             
Order of Reduction of Payments.  In the event that Section 4.1 applies and a reduction is required to be applied to
the Payments thereunder, the Payments shall be reduced by the Company in the following order: (a) payments and benefits due under
Article III (if necessary, to zero) in such order with amounts that are payable last reduced first; provided, however,
that, in all events such payments which are not subject to Section 409A shall be reduced first; (b) payments and benefits due in
respect of any options to purchase shares of common stock of the Company shall be reduced second; (c) payments and benefits due
in respect of any fully valued equity (i.e., restricted shares of common stock, performance share units, or restricted stock units
of the Company) for which an election under Section 83(b) of the Code has not been made shall be reduced third, and (d) payments
and benefits due in respect of any fully valued equity (i.e., restricted shares of common stock or restricted stock units of the
Company) for which an election under Section 83(b) of the Code has been made shall be reduced fourth. Notwithstanding anything
to the contrary herein, any such reduction shall be structured in a manner intended to comply with Section 409A.

 

Article
V

GENERAL PROVISIONS

 

5.1             
Funding and Cost of Plan. The benefits provided herein shall be unfunded and shall be provided from the Company’s
general assets. The cost of providing benefits under the Plan shall be borne by the Company.

 

5.2             
Named Fiduciary. The Plan Administrator shall be the named fiduciary for purposes of ERISA.

 

5.3             
Administration. The Plan Administrator shall be responsible for the management and control of the operation and the
administration of the Plan, including without limitation, interpretation of the Plan, decisions pertaining to eligibility to participate
in the Plan, computation of Plan benefits, granting or denial of benefit claims, and review of claims denials. The Plan Administrator
has absolute discretion in the exercise of its powers and responsibilities; provided, however, that following a Change
in Control, the Plan Administrator shall be required to exercise its powers and responsibilities in good faith and in a reasonable
manner, and shall be subject to a de novo standard of review in any litigation proceeding with respect to the exercise of
its powers or in the execution of its duties and responsibilities. The Plan Administrator may delegate any or all of its powers
and responsibilities as Plan Administrator to an individual, a committee, or both. To the extent the Compensation Committee delegates
its responsibilities and powers as Plan Administrator, the Company shall, without limiting any rights that the delegate may have
under the Company’s charter or bylaws, applicable law or otherwise, indemnify and hold harmless each such delegate (and any
other individual acting on such delegate’s behalf) against any and all expenses and liabilities arising out of such Person’s
administrative functions or fiduciary responsibilities, excepting only expenses and liabilities arising out of the Person’s
own gross negligence or willful misconduct; expenses against which such Person shall be indemnified hereunder include without limitation
the amounts of any settlement, judgment, attorneys’ fees, costs of court, and any other related charges reasonably incurred
in connection with a claim, proceeding, settlement, or other action under the Plan.

 

    10

     

    

 

5.4             
Plan Year. The plan shall be administered on a calendar year basis. Accordingly, the plan year shall be the twelve-consecutive-month
period commencing January 1 of each year.

 

5.5             
Amendment and Termination; Successors.

 

(a)              
Amendment; Termination. The Plan may be amended, terminated or discontinued in whole or in part, at any time
and from time to time at the discretion of the Company; provided, however, that for a period that is the shorter
of (A) two (2) years following the Effective Date and (B) until the date of a Change in Control (the “Initial Amendment
Protection Period”) and for a period of two (2) years following a Change in Control (the “Change in Control
Amendment Protection Period”), the Plan may not be amended, terminated or discontinued in a manner adverse to any Eligible
Employee who is employed by the Company or receiving Plan benefits from the Company on the date of such amendment, termination
or discontinuation (any such amendment, termination or discontinuation, an “Adverse Plan Change”), except with
the written consent of such Eligible Employee; provided, further, that following the Initial Amendment Protection
Period but before the Change in Control Amendment Protection Period, the Company shall provide written notice to Eligible Employees
at least one (1) year prior to making any Adverse Plan Changes. For the avoidance of doubt, such notice may be provided within
the Initial Amendment Protection Period. Notwithstanding the foregoing, the Plan may be amended with respect to its administrative
provisions if such amendment is considered by counsel to be required pursuant to applicable law. The Plan shall expire and terminate
on the second (2nd) anniversary of a Change in Control.

 

(b)              
Successors. The Plan shall inure to the benefit of and be binding upon the Company and its successors. The
Company shall require any corporation, entity, individual or other Person who is the successor (whether direct or indirect by purchase,
merger, consolidation, reorganization or otherwise) to all or substantially all the business and/or assets of the Company to expressly
assume and agree to perform, by a written agreement in form and in substance satisfactory to the Company, all of the obligations
of the Company under the Plan. As used in the Plan, the term “Company” shall mean the Company as hereinbefore defined
and any successor to its business and/or assets as aforesaid that assumes and agrees to perform the Plan by operation of law, written
agreement or otherwise. It is a condition of the Plan, and all rights of each Person eligible to receive benefits under the Plan
shall be subject hereto, that no right or interest of any such Person in the Plan shall be assignable or transferable in whole
or in part, except by operation of law, including, but not by way of limitation, lawful execution, levy, garnishment, attachment,
pledge, bankruptcy, alimony, child support or qualified domestic relations order.

 

    11

     

    

 

5.6             
Claims Procedure and Review. In the event that any Eligible Employee or other individual believes he or she is entitled
to a benefit under the Plan which has not been paid, the Eligible Employee or other individual must bring a claim for benefits
under this Section 5.6. Claims for benefits under the Plan shall be made in writing to the Plan Administrator. If a claim for benefits
is wholly or partially denied, the Plan Administrator shall, within a reasonable period of time but no later than ninety days after
receipt of the claim (or 180 days after receipt of the claim if special circumstances require an extension of time for processing
the claim), notify the claimant of the denial. Such notice shall (i) be in writing, (ii) be written in a manner calculated to be
understood by the claimant, (iii) contain the specific reason or reasons for denial of the claim, (iv) refer specifically to the
pertinent Plan provisions upon which the denial is based, (v) describe any additional material or information necessary for the
claimant to perfect the claim (and explain why such material or information is necessary), (vi) explain the Plan’s claim
review procedure including steps to be taken if the claimant wishes to appeal the denial of the claim, and (vii) include a statement
of the claimant’s right to bring a civil action under ERISA upon completion of the Plan’s claim review procedure. Within
sixty (60) days of the receipt by the claimant of this notice, the claimant may file a written appeal with the Plan Administrator.
In connection with the appeal, the claimant may review plan documents and may submit written issues and comments. The Plan Administrator
shall deliver to the claimant a written decision on the appeal promptly, but not later than sixty days after the receipt of the
claimant’s appeal (or one hundred twenty (120) days after receipt of the claimant’s appeal if there are special circumstances
which require an extension of time for processing). Such decision shall (i) be written in a manner calculated to be understood
by the claimant, (ii) include specific reasons for the decision, (iii) refer specifically to the Plan provisions upon which the
decision is based, (iv) include a statement of the claimant’s right to bring a civil action under ERISA upon completion of
the Plan’s claim review procedure, and (v) include a statement of the claimant’s right to access and receive copies,
upon request and free of charge, of all documents and other information relevant to such claim for benefits. If a claimants claim
is denied, in whole or in part, the claimant (or any individual authorized by such claimant) will be provided, upon request and
free of charge, reasonable access to, and copies of, all documents, records and other information relevant (within the meaning
of 29 C.F.R. § 2560.503-l(m)(8)) to his or her claim. Likewise, a claimant (or any individual authorized by such claimant)
who submits a written request to appeal a denied claim shall have the right to submit any comments, documents, records or other
information relating to the claim that he or she wished to provide. If special circumstances require an extension for the Plan
Administrator to reach a decision, up to one hundred eighty (180) or one hundred twenty (120) days, whichever applies, the Plan
Administrator shall send written notice of the extension. This notice shall indicate the special circumstances requiring the extension
and state when the Plan Administrator expects to render the decision.

 

5.7             
Notice.  For the purpose of the Plan, notices and all other communications provided for in the Plan shall be in writing
and shall be deemed to have been duly given when actually delivered or mailed by United States registered mail, return receipt
requested, postage prepaid, addressed to the Company’s Chief Financial Officer at the Company’s corporate headquarters
address, and to the Eligible Employee (at the last address of the Eligible Employee on the Company’s books and records).

 

    12

     

    

 

5.8             
Payment of Legal Fees.  To the extent permitted by law, the Company shall reimburse all reasonable legal fees, costs
of litigation or arbitration, prejudgment or pre-award interest, and other expenses incurred in good faith by an Employee as a
result of seeking benefits under the Plan with respect to any termination of employment with the Company within ninety (90) days
before or two (2) years following a Change in Control, if such Employee prevails on at least one substantive claim for benefits
made in such litigation or arbitration. For the avoidance of doubt, to the extent that any reimbursements for fees, costs, interest
and other expenses described in the immediately preceding sentence (or any other provision of the Plan) are subject to Section
409A, then (i) any reimbursements shall be payable by the Company on or before the last day of the Employee’s taxable year
following the taxable year in which the fees, costs, interest and other expenses were incurred; (ii) the fees, costs, interest
and other expenses paid by the Company during any taxable year of the Employee will not affect the fees, costs, interest and other
expenses paid by the Company in another taxable year; and (iii) the right to reimbursement shall not be subject to liquidation
or exchange for another benefit.

 

5.9             
Not Contract of Employment. The adoption and maintenance of the Plan shall not be deemed to be a contract of employment
between the Company and any Person, to be consideration for the employment of any Person, or to have any effect whatsoever on the
at-will employment relationship. Nothing in the Plan shall be deemed to give any Person the right to be retained in the employ
of the Company or to restrict the right of the Company to discharge any Person at any time. Nothing in the Plan shall be deemed
to give the Company the right to require any Person to remain in the employ of such Company or to restrict any Person’s right
to terminate employment at any time.

 

5.10         
Governing Law. This Plan shall be interpreted under the laws of the State of Delaware, except to the extent preempted
by federal law.

 

5.11         
Gender; Number. Wherever appropriate herein, the masculine, neuter, and feminine genders shall be deemed to include
each other, and the plural shall be deemed to include the singular and vice versa.

 

5.12         
Independent Contractors.  Notwithstanding any provision of the Plan to the contrary, no individual who is designated,
compensated, or otherwise classified as an independent contractor shall be eligible for benefits under the Plan.

 

5.13         
Section 409A.

 

(a)              
It is intended that the Plan and its applicable provisions be in compliance with Section 409A of the Code (“Section
409A”) and that the Plan shall be administered and interpreted to maintain such compliance. Notwithstanding anything
in the Plan to the contrary, if any Plan provision or benefits under the Plan would result in the imposition of an additional tax
under Section 409A, that Plan provision or benefit will be reformed (without the consent of any Eligible Employee) to avoid imposition
of the applicable tax and no action to comply with Section 409A shall be deemed to adversely affect the Eligible Employee’s
right to benefits; provided, that, such reformation of the Plan shall to the extent practicable endeavor to maintain the original
intent and economics of the Plan.

 

    13

     

    

 

(b)              
Each of the payments of severance, continued medical and welfare benefits and outplacement benefits stated above
are designated as separate payments for purposes of Section 409A of the Code and Treasury Regulation Section 1.409A-2(b)(2)(iii)
and for purposes of the short-term deferral rules under Treasury Regulation Section 1.409A-l(b)(4)(i)(F), the exemption for involuntary
terminations under separation pay plans under Treasury Regulation Section 1 409A-1 (b)(9)(iii), the exemption for medical expense
reimbursements under Treasury Regulation Section 1.409A- l(b)(9)(v)(B) and the exemption for in-kind benefits under Treasury Regulation
Section 1.409A-l(b)(9)(v)(C). As a result, (i) payments that are made on or before the 15th day of the third month of the calendar
year following the applicable year of the Termination Date, and (ii) any additional payments that are made on or before the last
day of the second calendar year following the year of the Termination Date and do not exceed the lesser of two times the Eligible
Employee’s base salary in the year prior to his or her termination or two times the limit under Section 401(a)(17) then in
effect, are exempt from the requirements of Section 409A.

 

(c)              
Notwithstanding any provision in the Plan to the contrary, severance benefits, in excess of those described in the
preceding paragraph or that are otherwise subject to the six (6)-month payment delay requirements of Section 409A, to an Eligible
Employee who is a specified employee within the meaning of Treasury Regulation Section 1.409A-l(i) (a “Specified Employee”),
shall not commence until at least six (6) months after the Termination Date. To the extent the payments to be made during the first
six (6)-month period following a Specified Employee’s Termination Date exceed such exempt amounts described in Section 5.13(b)
or are otherwise subject to the six (6)-month payment delay requirements of Section 409A, those payments shall be withheld and
the amount of the payments withheld will be paid in a lump sum, without interest, on the first business day following the expiration
of such 6-month period (or within 30 days following the death of the Eligible Employee, if earlier).

 

5.14         
Overpayment. If, due to mistake or any other reason, a Person receives benefits under this Plan in excess of what the
Plan provides, that Person shall repay the overpayment to the Company in a lump sum within thirty days of notice of the amount
of overpayment. If that Person fails to so repay the overpayment, then without limiting any other remedies available to the Company,
the Company may deduct the amount of the overpayment from any other benefits which become payable to that Person under the Plan.

 

5.15         
Headings. The headings of the Articles and Sections are included solely for convenience. If the headings and the text
of the Plan conflict, the text shall control. All references to Articles and Sections are to the Plan unless otherwise indicated.

 

5.16         
Severability. If any provision of the Plan is held to be illegal or invalid for any reason, that holding shall not affect
the remaining provisions of the Plan. Instead, the Plan shall be construed and enforced as if such illegal or invalid provision
had not been contained herein.

 

    14

     

    

 

5.17         
Mitigation. An Eligible Employee will not be required to mitigate the amount of any payment required hereunder, and
no reduction of payment shall occur as a result of any future employment or as a result of any claims made by the Company for amounts
owed to the Company by an Eligible Employee except as set forth in this Plan.

 

5.18         
Withholding. The Company may withhold from any amounts payable under the Plan any federal, state or local taxes that
Company is required to withhold pursuant to any law or government regulation or ruling.

 

[Signature Page Follows]

 

    15

     

    

 

IN WITNESS WHEREOF,
Utz Brands, Inc. has approved this Utz Brands, Inc. Executive Change In Control Severance Plan effective as of the Effective Date.

 

	 	UTZ Brands, Inc.
	 	 
	 	By:	               
	 	Name:
	 	Title:

 

    

     

    

 

Annex A

Release and Non-Competition Agreement

 

This Release and Non-Competition
Agreement (“Agreement”), is entered into by and between Utz Brands, Inc. and its subsidiaries (collectively,
the “Company”) and ______________ (“Executive”). The Company and Executive will be jointly
referred to as the “Parties.” Capitalized terms used but not otherwise defined herein shall have the meaning ascribed
to such terms in the Utz Brands, Inc. Executive Change in Control Severance Plan (the “Plan”).

 

WHEREAS, the
Plan Administrator of the Plan has determined that Executive is an Eligible Employee under the terms of the Plan;

 

WHEREAS, the
Plan requires Executive to sign and not revoke this Agreement in order to be eligible for the benefits under the Plan; and

 

WHEREAS, Executive
has carefully read and fully understands all of the provisions and effects of this Agreement, which includes a general release
and post-employment restrictions on Executive.

 

NOW, THEREFORE,
Executive and the Company, for the good and sufficient consideration set forth below and intending to be legally bound, agree as
follows:

 

1.                 
Separation from Employment. Executive agrees that Executive’s employment with the Company terminates
or has been terminated effective _______________, 20__ (the “Separation Date”). Regardless of whether Executive
signs this Agreement, Executive will be paid for all of Executive’s accrued but unused paid time off through the Separation
Date. The Company will also pay Executive for all properly reported and reimbursable expenses incurred prior to the Separation
Date. Following the Separation Date, Executive shall not be, or represent that Executive is, an employee, agent, or representative
of the Company, any of the other Releasees (as defined below), or any of their respective funds or portfolio companies and Executive
shall take any actions required by the Company to effectuate the foregoing.

 

2.                 
Severance Benefits. As of the Effective Date of this Agreement set forth below, and subject to Executive’s
continued compliance with the provisions of this Agreement, Executive will receive the benefits set forth in Article III of the
Plan, in accordance with the terms of the Plan including but not limited to the Limitation of Payments in Article IV and the Section
409A provisions in Section 5.13 thereof.

 

3.                 
No Consideration Absent Execution of this Agreement. Executive understands and agrees that Executive would
not receive the consideration specified in Section 2, except for Executive’s execution and non-revocation of this
Agreement and the fulfillment of the promises contained herein.

 

    

     

    

 

4.                 
General Release of Claims.

 

(a)              
In exchange for the consideration provided to Executive pursuant to this Agreement, Executive, on behalf of Executive and
all of Executive’s spouse, heirs, executors, administrators, successors, and assigns (collectively, “Releasors”),
hereby knowingly and voluntarily releases and forever waives and discharges the Company and/or its current and former parents,
affiliates, subsidiaries, divisions, predecessor companies, related companies, their successors and assigns, their affiliated and
predecessor companies and the current and former employees, attorneys, representatives, insurers, shareholders, owners, members,
officers, general partners, limited partners, directors and agents thereof, and the current and former trustees or administrators
of any pension or other benefit plan applicable to Executive or former Executives of the Company, and investment funds (and the
other investment vehicles any of the foregoing manage and/or for which they perform services) (collectively, with the Company,
the “Company Group” and each a “Company Group Member”), and each Company Group Member’s
respective current and former directors, members, trustees, controlling shareholders, subsidiaries, general partners, limited partners,
affiliates, related companies, divisions, officers, employees, agents, insurers, representatives, and attorneys (collectively with
the Company Group, referred to throughout the remainder of this Agreement as “Releasees,” and each a “Releasee”),
of and from any and all claims, including statutory claims, regulatory claims and claims under this Agreement, demands, debts,
obligations, promises, controversies, compensatory damages, liquidated damages, punitive or exemplary damages, any other damages,
claims for costs and attorneys’ fees, rights, actions and causes of action, losses or liabilities of any nature whatsoever
in law and in equity and any other claims, liabilities or matters, known or unknown, suspected or unsuspected, foreseen or unforeseen,
whether accrued or contingent, which Executive or any of the other Releasors had, has or may have against the Releasees, or any
of them, as of the date of execution of this Agreement, by reason of, arising out of, connected with, or concerning Executive’s
employment with the Company and/or separation from the Company, from the beginning of the world up through the date of execution
of this Agreement, except claims that the law does not permit Executive or any of the Releasors to waive (collectively, the “Released
Claims”). Executive acknowledges that the Released Claims specifically include, but are not limited to, any and all claims
for fraud, breach of express or implied contract, breach of the implied covenant of good faith and fair dealing, interference with
contractual rights, violation of public policy, invasion of privacy, intentional or negligent infliction of emotional distress,
whistleblowing laws, intentional or negligent misrepresentation, defamation, libel, slander, or breach of privacy; claims for failure
to pay wages, benefits, deferred compensation, commissions, bonuses, vacation / PTO pay, expenses, severance pay, pay in lieu of
notice, attorneys’ fees, or other compensation of any sort; claims related to stock options, equity awards or costs, or other
grants, awards, or warrants; claims related to any tangible or intangible property of Employee that remains with the Company; claims
for retaliation, harassment or discrimination on the basis of race, color, sex, sexual orientation, national origin, ancestry,
religion, age, disability, medical condition, marital status, gender identity, gender expression, or any other characteristic or
criteria protected by law; any claim under Title VII of the Civil Rights Act of 1964 (Title VII, as amended), 42 U.S.C. §§
2000e, et seq., the Civil Rights Act of 1991, the Civil Rights Act of 1866, the Family and Medical Leave Act (“FMLA”),
29 U.S.C. §§ 2601, et seq., the Age Discrimination in Employment Act (“ADEA”), 29 U.S.C. §§
621 et seq., the Older Workers Benefit Protection Act, the Fair Labor Standards Act (“FLSA”), 29 U.S.C.
§§ 201, et seq., the Equal Pay Act, 29 U.S.C. §206(a), the Americans with Disabilities Act (“ADA”),
42 U.S.C. §§ 12101, et seq., the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”),
the Occupational Safety and Health Act (“OSHA”), the Uniformed Services Employment and Reemployment Rights Act
(“USERRA”), 38 U.S.C. §§ 4301-4333, the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), 29 U.S.C. §§ 301, et seq., the Vietnam Era Veterans Readjustment Act of 1974,
the Immigration Reform and Control Act of 1986, 8 U.S.C. §§ 1101, et seq., the Equal Pay Act, the Labor Management
Relations Act, the National Labor Relations Act, the Internal Revenue Code of 1986, as amended, the Worker Adjustment and Retraining
Notification Act (“WARN”), 29 U.S.C. §§ 2101 et seq., the Genetic Information Nondiscrimination
Act of 2008 (“GINA”) 42 U.S.C. §§ 2000ff, et seq., the Patient Protection and Affordable Care
Act (“ACA”) 42 U.S.C. §§ 18001, et seq., all claims arising under the Sarbanes-Oxley Act of
2002 (Public Law 107-204), including whistleblowing claims under 18 U.S.C.§§ 1513(e) and 1514A, and any and all other
foreign, federal, state, or local laws, common law, or case law, including but not limited to all statutes, regulations, common
law, and any other applicable law, as such laws are amended from time to time.

 

    

     

    

 

(b)              
This release is intended to be a general release and excludes only those claims under any statute or common law that Executive
is legally barred from releasing, including (i) claims for workers’ compensation or unemployment
benefits and vested retirement or welfare benefits, if any, under any Company sponsored plans; (ii) any right to enforce
any term of this Agreement; (iii) any claims based on acts or events occurring after Executive signs this Agreement, except for
claims arising from Executive’s employment or separation of employment with Company, which are being released by this Agreement;
(iv) any challenge to the validity of this Agreement; (v) the right to file a charge or complaint with, or provide testimony, assistance
or participation in, any investigation, proceeding or hearing conducted by any federal, state or local governmental agency, including
but not limited to the EEOC; or (vi) the right to report violations of any law administered by the Occupational Safety and Health
Administration (“OSHA”), or make other disclosures protected under the whistleblower provisions of state or
federal law. Notwithstanding the foregoing, if an administrative agency or court assumes jurisdiction
over any charge or complaint involving claims that are released by Section 4(a), Executive hereby agrees not to accept,
recover, or receive any resulting money damages or other relief that otherwise would be due; provided that Executive may
receive financial awards from OSHA, or any other federal agency for reporting possible violations of federal law or regulation
in cases where the law prohibits Executives from waiving their rights to receive such payments.

 

5.                 
Consult With an Attorney. The Company hereby advises Executive to consult with an attorney of Executive’s
choice (and at Executive’s expense) before Executive signs this Agreement.

 

6.                 
Affirmations. Executive represents and agrees by signing below that, other than the Severance Benefits set
forth in Section 2 above, Executive (a) has not been denied any leave or benefit requested, and has received all compensation
for all hours worked for the Company; (b) is not entitled to any compensation or benefits under any other severance policy or plan
maintained or followed by the Company; (c) has no known workplace injuries or occupational diseases; (d) is not aware of any alleged
violations of the law or the Company’s agreements or policies by Executive or any other employee or other party that have
not been reported in writing to the Company’s Chief Executive Officer or Chairperson of the Board of Directors; and (e) is
not aware of wrongdoing by the Company or its officers, including any alleged corporate fraud that should be reported to authorities.

 

    

     

    

 

7.                 
Confidentiality. The parties hereto agree that this Agreement and all matters relating to the terms and negotiation
of this Agreement are Confidential Information and shall not be disclosed to any other person except as may be mutually agreed
to in writing by the parties, as may be compelled by a valid order of a court of competent jurisdiction, or as may be reasonably
necessary to comply with the requirements of federal, state, or local authorities or codes, or as related and strictly limited
to statements made as part of Executive’s testimony, assistance or participation in an administrative investigation described
in Section 4(b) above. The Parties hereto agree that the terms of this Agreement may be disclosed to Executive’s immediate
family and each of the Parties’ accounting, payroll, legal, financial, and tax professionals and the appropriate members
of the Company’s management or ownership.

 

8.                 
Return of Company Property and Company Information. Executive agrees to return, on or before the Separation
Date, or earlier if directed by the Company, any and all of Company’s property in Executive’s possession, as well as
any and all records, files, correspondence, reports and computer disks relating to the Company’s operations, products and
potential products, marketing, research and development, production and general business plans, customer information, accounting
and financial information, distribution, sales, and confidential cost and price characteristics and policies in his possession
(including on any personal computer).

 

9.                 
Non-Disclosure of Confidential Information.

 

(a)              
The term “Confidential Information,” as used in this Agreement, shall mean any and all information (in whatever
form and whether or not expressly designated as confidential) relating directly or indirectly to the respective businesses, operations,
financial affairs, assets or technology of the Company, including, but not limited to, marketing and financial information, personnel,
sales and statistical data, plans for future development, computer programs, information and knowledge pertaining to the products
and services offered, inventions, innovations, designs, ideas, recipes, formulas, manufacturing processes, trade secrets, technical
data, computer source codes, software, proprietary information, construction, advertising, manufacturing, distribution and sales
methods and systems, pricing, sales and profit figures, customer and client lists, and relationships with customers, clients, suppliers,
distributors and others who have business dealings with the Company and information with respect to various ingredients, formulas,
manufacturing processes, techniques, procedures, processes and methods. Confidential Information also includes information received
by Executive from third parties in connection with Executive’s employment by the Company subject to an obligation to maintain
the confidentiality of such information. Confidential Information does not include information which (a) becomes generally known
to and available for use by the public other than as a result of Executive’s violation of this Agreement; (b) is or becomes
generally available within the relevant business or industry other than as a result of Executive’s violation of this Agreement;
or (c) is or becomes available to Executive on a non-confidential basis from a source other than the Company, which source
is not known by Executive, after reasonable inquiry, to be subject to a contractual or fiduciary obligation of secrecy to the Company.

 

(b)              
Executive acknowledges and agrees that all Confidential Information known or obtained by Executive, whether before or after
the Separation Date and regardless of whether Executive participated in the discovery or development of such Confidential Information,
is the property of the Company. Except as expressly authorized in writing by the Company or as necessary to perform Executive’s
services while an employee of the Company, Executive agrees that Executive will not, at any time, for any reason, directly or indirectly,
duplicate, use, make available, sell, misappropriate, exploit, remove, copy or disclose to any Person Confidential Information,
unless such information is required to be produced by Executive under order of a court of competent jurisdiction or a valid administrative
or congressional subpoena; provided, however, that upon receipt of any such order or subpoena, Executive shall promptly notify
the Company and shall provide the Company with an opportunity at its cost and expense to contest the propriety of such order or
subpoena or restrict or condition the disclosure of such Confidential Information or to arrange for appropriate safeguards against
any further disclosure by the court or administrative or other body seeking to compel disclosure of such Confidential Information.

 

    

     

    

 

10.             
Whistleblower Protection. Nothing in this Agreement is intended to conflict with the whistleblower provisions
of any United States federal, state or local law or regulation, including but not limited to Rule 21F-17 of the Securities Exchange
Act of 1934 or § 1833(b) of the Defend Trade Secrets Act of 2016. Accordingly, notwithstanding anything to the contrary herein,
nothing in this Agreement shall prohibit Executive from reporting possible violations of United States federal, state or local
law or regulation to any United States federal, state or local governmental agency or entity, including but not limited to the
Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or to an attorney,
or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation, or from disclosing
trade secrets and other confidential information in the course of such reporting; provided, that Executive uses Executive’s
reasonable efforts to (a) disclose only information that is reasonably related to such possible violations or that is requested
by such agency or entity and (b) requests that such agency or entity treat such information as confidential. Executive does not
need the prior authorization from the Company to make any such reports or disclosures and is not required to notify the Company
that it has made such reports or disclosures. In addition, Executive has the right to disclose trade secrets and other confidential
information in a document filed in a lawsuit or other proceeding; provided, that the filing is made under seal and protected from
public disclosure.

 

11.             
Restrictive Covenants. Executive agrees that during Executive’s employment, Executive has had access
to the Company’s Confidential Information. Such access and knowledge would put the Company at an unfair competitive disadvantage
were Executive to use it on behalf of another person or entity. Therefore, during the Restriction Period (as defined in the Plan),
Executive agrees that Executive shall not, directly or indirectly, for Executive’s own account, or on behalf of, or together
with, any other Person (other than on behalf of the Company) anywhere in any state of the United States or the District of Columbia:

 

(a)              
own, manage, operate, control, finance or participate in the ownership, management, operation, control or financing of,
render financial assistance to, be connected as an officer, director, stockholder, employee, partner, member, manager, principal,
agent, representative, consultant or otherwise with, use or permit Executive’s name to be used in connection with, or develop
products or services for, any Competing Business. “Competing Business” means any business which is engaged in
the development, manufacture, distribution, marketing or sale of snack foods; notwithstanding the foregoing, it shall not be a
breach of this Section 11(a) for Executive to own a passive investment of less than one percent (1%) of a class of stock
of a publicly held company that is traded on a national securities exchange or in the over the counter market;

 

    

     

    

 

(b)              
contact, solicit, induce or attempt to contact, solicit or induce any Person who is or was, within the one-year period prior
to termination of Executive’s employment with the Company, a customer, supplier or agent of the Company or with which the
Company or Executive had contact during Executive’s employment with the Company, to terminate their relationship with the
Company, or do any act which may interfere with or result in the impairment of the relationship, including any reduction in sales
or purchases, between the Company and such customers, suppliers or agents; or

 

(c)              
hire any Person who is or was, within the one-year period prior to termination of Executive’s employment with the
Company, an employee of the Company; or contact, solicit, induce or attempt to contact, solicit or induce any Person who is or
was, within the one-year period prior to termination of Executive’s employment with the Company, an employee of the Company
for the purpose of seeking to have such employee terminate his or her employment with the Company.

 

(d)              
 Executive will not, at any time during Executive’s employment with the Company and for a period of three (3) years
following the termination of Executive’s employment with the Company, make any statement that is intended to disparage: (i)
the Company or any of its businesses, products, services, directors or officers or (ii) Michael Rice, the spouse and lineal descendants
(whether natural or adopted) of Michael Rice or any spouse of any lineal descendants of Michael Rice (collectively, the “Rice
Family”). Notwithstanding the foregoing, in the event that Executive is the Chief Executive Officer or a member of the
Executive Leadership Team, such Executive will not, at any time, make any statement that is intended to disparage the Company or
any of its businesses, products, services, directors or officers or the Rice Family.

 

(e)              
In the event of a breach or threatened breach of this Section 11, the Company may, in addition to other rights and
remedies existing in its favor, apply to any court of competent jurisdiction for specific performance and/or temporary or permanent
injunctive or other equitable relief in order to enforce, or prevent any violations of, the provisions hereof (without posting
a bond or other security), without the necessity of showing any actual damages or that money damages would not afford an adequate
remedy. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other
available forms of relief. In addition to any other relief, the prevailing party in any such action shall be entitled to recover
its costs and attorney’s fees. If a court holds that the duration, scope, or area restrictions stated herein are unreasonable,
the parties agree that the court shall be allowed and directed to revise the restrictions to cover the maximum reasonable period,
scope and area permitted by law.

 

12.             
Acknowledgments. Executive acknowledges and agrees that: (a) Executive has occupied a position of trust and
confidence with the Company and has become familiar with Confidential Information; (b) the Confidential Information is of unique,
very substantial and immeasurable value to the Company; (c) the Company has required that Executive make the covenants set forth
in Sections 7 through 11 herein as a condition to the execution by the Company of this Agreement; (d) the provisions
of Sections 7 through 11 are reasonable with respect to duration, geographic area and scope and necessary to protect
and preserve the goodwill and ongoing business value of the Company, and will not, individually or in the aggregate, prevent Executive
from obtaining other suitable employment during the period in which Executive is bound by such provisions; (e) the scope of the
business of the Company is independent of location (such that it is not practical to limit the restrictions contained in Sections
7 through 11 to a specified county, city or part thereof); (f) the Company would be irreparably damaged if Executive
were to breach the covenants set forth in Sections 7 through 11; and (g) the potential benefits to Executive available
under this Agreement are sufficient to compensate Executive fully and adequately for agreeing to the terms and restrictions of
this Agreement.

 

    

     

    

 

13.             
Termination of Benefits for Violating this Agreement. In the event Executive breaches or fails to abide by
the terms of this Agreement, then in addition to any other remedies which the Company may have pursuant to this Agreement or in
equity or at law, the Company may permanently discontinue the Severance Benefits described in Section 2 above, and may seek
restitution of any benefits provided to, or on behalf of, Executive pursuant to this Agreement.

 

14.             
Governing Law, Jurisdiction and Costs. The law of the State of Delaware shall govern (a) all claims or matters
related to or arising from this Agreement (including any tort or non-contractual claims) and (b) any questions concerning the construction,
interpretation, validity and enforcement of this Agreement, without giving effect to any choice of law or conflict of law rules
or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Law of any jurisdiction
other than the State of Delaware. Executive hereby agrees to submit to personal jurisdiction of said courts, and waives any right
to challenge venue or claim that it is an inconvenient forum. Executive will reimburse the Company for all court costs and reasonable
attorneys’ fees incurred in connection with any action the Company brings for a breach or threatened breach by Executive
of any covenants contained in this Agreement if (i) Executive challenges the reasonableness or enforceability of such covenants
or (ii) the Company is the prevailing party in such action.

 

15.             
Severability. If any term, provision or paragraph of this Agreement is determined by a court of competent
jurisdiction to be invalid or unenforceable for any reason, such determination shall be limited to the narrowest possible scope
in order to preserve the enforceability of the remaining portions of the term, provision or paragraph, and such determination shall
not affect the remaining terms, provisions or paragraphs of this Agreement, which shall continue to be given full force and effect.

 

16.             
No Admission of Wrongdoing. Neither this Agreement nor the furnishing of the consideration for this Agreement
shall be deemed or construed at any time for any purpose as an admission by either of the parties or any of the Releasees of any
liability, or evidence of any liability, wrongful acts or unlawful conduct of any kind against Executive or any other person.

 

17.             
Cooperation. During Executive’s employment with the Company, Executive acknowledges that Executive has
been involved in business matters on behalf of the Company. As a further material inducement to the Company to make the payments
described herein, after the Separation Date, Executive hereby agrees to (a) provide Executive’s full and timely cooperation
to the Company regarding its business matters, specifically including but not limited to matters over which Executive had responsibility
or in which Executive was involved, as well as any legal, equitable, or business matters or proceedings which involve the Company
or any of its Executives, officers, or directors; (b) be reasonably available for questions or inquiries by phone, text, or email,
and at the Company’s reasonable request for any meetings or conferences deemed necessary to assist the Company; (c) cooperate
in the defense of any actual and potential claims, litigation, inquiry, investigation, or other matter, action, or proceeding filed
against the Company or its officers, directors, employees or agents, including but not limited to, any actual or potential claims
which may require Executive’s involvement post-employment; and (d) help transition Executive’s role and responsibilities
to other Company personnel, and provide information in response to the Company’s requests and inquiries, in connection with
Executive’s separation. The Company will pay reasonable travel and other expenses related to Executive’s cooperation
in this regard. The Company agrees to provide reasonable advance notice of the need for Executive’s cooperation.

 

    

     

    

 

18.             
Entire Agreement, Amendment and Construction. No prior or contemporaneous oral or written agreements or representations
may be offered to alter the terms of this Agreement which represents the entire agreement and understanding of the parties with
respect to the subject matter hereof. This Agreement may not be modified, altered or changed except in writing and signed by both
parties wherein specific reference is made to this Agreement. The captions appearing in this Agreement are inserted only as a matter
of convenience and in no way define, limit, construe or describe the scope or intent of such Sections. This Agreement shall be
construed without regard to the party that drafted it. The
language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent,
and no rule of strict construction shall be applied against any party. Any ambiguity shall not be interpreted against
either party but shall, instead, be resolved in accordance with other applicable rules concerning the interpretation of contracts.
The failure of the Company to enforce at any time any provision of this Agreement will in no way be construed to be a waiver of
such provision or of any other provision hereof.

 

19.             
Counterparts; Electronic Delivery. This Agreement may be executed and delivered in one or more counterparts
and by fax, email or other electronic transmission, each of which to be deemed an original and all of which shall be considered
one and the same agreement. No party shall raise the use of a fax machine or email to deliver a signature or the fact that any
signature or agreement or instrument was transmitted or communicated through the use of a fax machine or email as a defense to
the formation or enforceability of this Agreement and each party forever waives any such defense.

 

20.             
Assignment. Company and Releasees have the right to assign this Agreement, but Executive does not. This Agreement
inures to the benefit of the successors and assigns of the Company, who are intended third-party beneficiaries of this Agreement.

 

21.             
Time to Consider and Revoke. Executive understands that Executive has up to twenty-one (21) days to consider
the terms of this Agreement before signing it. Any modifications made to this Agreement, material or not, will not extend the twenty-one
(21) days period. Executive must execute this Agreement no sooner than the Separation Date and no later than twenty-one (21) days
immediately following the Separation Date. In addition, after Executive signs the Agreement, Executive has the right to revoke
and cancel this Agreement for seven (7) days after Executive signs it. Any such revocation must be in writing and postmarked or
delivered to the Company’s Chief Executive Officer, within seven (7) days of Executive’s signing this Agreement to
be effective. This Agreement will be effective, fully binding, enforceable, and irrevocable upon the expiration of the seven day
period if Executive does not revoke it (the “Effective Date”). If Executive does not sign this Agreement, or
signs it and then revokes Executive’s signature, this Agreement shall be null and void, and the Company shall have no obligation
to provide or pay any of the consideration described in Section 2 above.

 

    

     

    

 

IN WITNESS WHEREOF,
the parties hereto knowingly and voluntarily executed this Agreement as of the date set forth below:

 

 

 

	UTZ BRANDS, INC.	 	EXECUTIVE
	 	 	 
	 	 	 
	Date	 	DateExhibit 10.15

 

Utz Quality Foods, LLC

2020 Long-Term Incentive Plan

 

1.                 
Establishment of Plan. Effective February 27, 2018, Utz Quality Foods, LLC, a Delaware limited liability company
(the “Company”) established the Utz Quality Foods, LLC 2018 Long-Term Incentive Plan. Effective as of, and contingent
upon the occurrence of the Closing, the Company amended and restated the Plan into this Utz Quality Foods, LLC 2020 Long-Term Incentive
Plan (the “Plan”), which shall constitute a sub-plan under the Utz Brands, Inc. 2020 Omnibus Equity Incentive
Plan (the “PubCo Plan”).

 

2.                 
Purpose of Plan. The purpose of the Plan is to provide the Company with a means of attracting and retaining
highly qualified employees and aligning the interests of those employees with the financial success of the Company. Employees of
the Company are responsible for operating the day-to-day business of the Company and its subsidiaries. Accordingly, the Plan intends
to provide Participants with incentives that are aligned with the owners of the Company.

 

3.                 
Definitions.

 

“Account”
means a bookkeeping account established in the name of each Participant and maintained by the Company which is credited with either
Phantom Units or Restricted Stock Units awarded to the Participant from time to time, the value of which shall be calculated as
of the date of the Distribution Event.

 

“Adjusted Equity
Value” means the sum of the Company Equity Value plus $300 million.

 

“Beneficiary”
means any person or entity, designated in accordance with Section 10(a) entitled to receive benefits which are payable
upon or after a Participant’s death pursuant to the terms of the Plan.

 

“Board”
means the Board of Directors of Utz Brands, Inc., a Delaware corporation (“PubCo”), which is the ultimate parent
of the Company, as such board is constituted from time to time, or any successor board or other person or persons authorized to
oversee the activities of the Company, to establish management-related policies and to make decisions on major company issues.

 

“Capital Transaction
Proceeds” means the net proceeds from a financing or refinancing of the Company (other than net proceeds used to make
tax distributions or other distributions consistent with historic practice from or in respect of the Company) or from a sale, disposition
or other transfer of assets of the Company outside the ordinary course of the Company’s business.

 

“Cause”
means, if there is an employment agreement between the Participant and the Company and the agreement contains a definition of “Cause”
(or similar term, such as “For Cause”), the definition contained therein; otherwise “Cause” shall mean
any of the following:

 

		(a)	The Participant’s conviction of a felony under federal law or the law of the state in which
such action occurred;

 

    

     

    

 

		(b)	The Participant’s dishonesty in the course of fulfilling employment duties;

 

		(c)	The Participant’s disclosure of Company trade secrets;

 

		(d)	Willful and deliberate failure of the Participant to perform employment duties in any material
respect;

 

		(e)	The Participant’s unauthorized use of a controlled substance; or

 

		(f)	The Participant’s repeated failure to follow Company policies.

 

“Change in Control”
means the occurrence of either of the following:

 

		(a)	one person (or more than one person acting as a group) acquires ownership of equity interests of
the Company that, together with the equity interests held by such person or group, constitutes more than 50% of the total fair
market value or total voting power of the equity interests of the Company (or any holding company owning, directly or indirectly,
all of the equity interests in the Company); provided, however, that, a Change in Control shall not occur (i) if any person (or
more than one person acting as a group) owns more than 50% of the total fair market value or total voting power of the equity interests
and acquires additional equity interests; or (ii) if the equity interests are acquired from a person by the person’s family
members or trusts or entities established for their benefit; or

 

		(b)	one person (or more than one person acting as a group) acquires (or has acquired during the twelve
(12) month period ending on the date of the most recent acquisition) assets (other than in the ordinary course of business) from
the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of
the assets of the Company immediately before such acquisition or acquisitions.

 

Notwithstanding the foregoing, a Change
in Control shall occur only if such transaction constitutes a change in the ownership of the Company, a change in the effective
control of the Company, or a change in the ownership of a substantial portion of the Company’s assets under Section 409A
of the Code and the Rice Family Members, any corporation, partnership or other entity of which Rice Family Members are the direct,
indirect or beneficial owners of the ownership interests of such entity or any affiliate of any of the foregoing, individually
or collectively, fail to own at least a majority of the outstanding ownership interests of the Company (by vote or value). Any
acquisition of equity interests of the Company or its parent entities by PubCo shall not constitute a Change in Control under the
Plan with respect to Participants who (i) were active employees as of the date of the election described in Section 4(b);
and (ii) who elected to convert their Phantom Units into Restricted Stock Units and as a result to treat any acquisition of equity
interests of the Company or its parent entities by PubCo as not constituting a Change in Control under the Plan.

 

    2 

     

    

 

“Closing”
means the consummation of the transactions contemplated by the Business Combination Agreement, dated as of June 5, 2020, by and
among Collier Creek Holdings (which after such closing is referred to as PubCo), Utz Brands Holdings, LLC, Series U of UM Partners,
LLC, and Series R of UM Partners, LLC.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended, or any successor statute, and the Treasury Regulations and other authoritative
guidance issued thereunder.

 

“Committee”
means either (i) the Compensation Committee of the Board or (ii) if the Board fails to designate such a committee, the Board.

 

“Company”
means Utz Quality Foods, LLC, a Delaware limited liability company, or any successor thereto (including a corporation into which
the Company converts or merges).

 

“Company Equity
Value” means the fair market value of 100% of the equity interests in the Company, determined in accordance with Section
5(b).

 

“Distribution
Event” means the first to occur of a Change in Control with respect to such Participant or December 31, 2021.

 

“Effective Date”
means the date of the Closing.

 

“Election Form”
has the meaning described in Section 4(b).

 

“Eligible Employee”
means an Employee who is selected by the Committee to participate in the Plan.

 

“Employee”
means an employee of the Company.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“Good Reason”
means, if there is an employment agreement between the Participant and the Company and the agreement contains a definition of “Good
Reason” (or similar term, such as “For Good Reason”), the definition contained therein; otherwise “Good
Reason” shall mean, without the prior written consent of the Participant, any of the following:

 

		(a)	a material diminution in the Participant’s authority, title, duties, responsibilities or
reporting line;

 

		(b)	a material reduction in the Participant’s base salary (other than a reduction in connection
with an across-the-board reduction in the base salaries of the class of employees to which the Participant belongs) or maximum
bonus opportunity (if applicable); or

 

		(c)	a material breach of any material term of any written agreement between the Participant and the
Company (or any of its affiliates) by the Company (or applicable affiliate).

 

    3 

     

    

 

Notwithstanding the foregoing, no event
shall constitute grounds for a Good Reason termination unless the Participant notifies the Company in writing of the occurrence
of such event within ninety (90) days after the Participant first has (or reasonably should have had) knowledge of such occurrence,
the Company fails to cure such event to the Participant’s reasonable satisfaction within thirty (30) days after receipt of
such notice, and the Participant resigns within thirty (30) days after the end of such cure period.

 

“Hurdle”
means, (i) with respect to a Participant who became an Employee prior to January 1, 2018, $690 million and (ii) with respect to
a Participant who becomes an Employee on or after January 1, 2018, the value established by the Committee as the Hurdle as of January
1 of the year in which the Participant becomes an Employee (which generally will be equal to $300 million over the estimated value
of 100% of the equity interests in the Company as of January 1 of the applicable year); provided, however, that if
the Committee does not establish a new Hurdle for an applicable year prior to the date the Committee awards Phantom Units to a
Participant, the Hurdle with respect to the Participant shall be the most recently established prior Hurdle; provided further,
however, that the Hurdle automatically shall be increased by the amount of any equity capital contributions made to the
Company and shall be reduced by the amount of any Capital Transaction Proceeds distributed from or in respect of the Company (excluding
net proceeds from a transaction that constitutes a Change in Control).

 

“Net Equity
Value” means, with respect to a Participant, the amount the Adjusted Equity Value exceeds the applicable Hurdle.

 

“Participant”
means an Eligible Employee who was selected to participate in the Plan and received a Phantom Unit award and any former Eligible
Employee who continues to be entitled to a benefit under the Plan. An Eligible Employee became a Participant upon the Eligible
Employee’s acknowledgement, execution and delivery to the Company of the Phantom Unit Award Agreement.

 

“Payment Date”
means the date established by the Company on which the applicable Participant is entitled to receive a distribution of the value
of the Participant’s vested Account in connection with a Distribution Event, which date shall be no later than 30 days following
the date of the Distribution Event.

 

“Phantom Unit”
means an award of an unfunded, unsecured promise by the Company to pay to a Participant the Phantom Unit Value subject to the terms
and conditions of the Plan (which Phantom Units do not constitute issued and outstanding equity in the Company for any purposes
and do not confer on the Participant any voting rights or the right to receive dividends).

 

“Phantom Unit
Award Agreement” means a written agreement between the Company and a Participant that specifies the number of Phantom
Units awarded to the Participant and any additional terms as determined by the Committee.

 

“Phantom Unit
Value” means the value of one Phantom Unit, as determined in accordance with Section 5(c).

 

    4 

     

    

 

“Restricted
Stock Unit” means an award of an unfunded, unsecured promise by the Company to pay to a Participant, upon the occurrence
of a Distribution Event, one share of Class A common stock of PubCo, subject to the terms and conditions of the Plan. Restricted
Stock Units do not constitute issued and outstanding equity in the Company for any purposes and do not confer on the Participant
any voting rights or the right to receive dividends.

 

“Restricted
Stock Unit Award Agreement” means a written notice issued by the Company to a Participant that specifies the number of
Restricted Stock Units awarded to the Participant as a result of the conversion of Phantom Units held by such Participant.

 

“Plan”
means this Utz Quality Foods, LLC 2020 Long-Term Incentive Plan, a sub-plan under the PubCo Plan, each as amended from time to
time.

 

“Rice Family
Member” means Michael W. Rice, any spouse, lineal descendant or spouse of a lineal descendant of Michael W. Rice or any
trust created for the benefit of Michael W. Rice or of which any of the foregoing is a beneficiary.

 

4.                 
Eligibility and Conversion of Phantom Units into Restricted Stock Units.

 

(a)              
Eligibility for Conversion. Only individuals holding Phantom Units on the date of the Closing can hold Phantom Units
or Restricted Stock Units in the Plan. No further awards under the Plan shall be made on or after the date of Closing, other than
the conversion of existing Phantom Units into Restricted Stock Units.

 

(b)              
Conversion into Restricted Stock Units. Prior to, and contingent upon the occurrence of Closing, each Participant
received a written offer to elect to convert all of his or her Phantom Units into Restricted Stock Units (the “Election
Form”). Each Participant who elected to convert his or her Phantom Units into Restricted Stock Units shall receive a
Restricted Stock Unit Award Agreement that indicates the number of Restricted Stock Units issued to such Participant under the
terms of the offer to elect to convert. The number of Restricted Stock Units offered in connection with the election to convert
was determined by the Committee prior to the Closing, in its discretion. Effective upon conversion into Restricted Stock Units,
the Phantom Units are automatically cancelled and cease to be outstanding, and the Participant has no further rights with respect
to such Phantom Units.

 

5.                 
Accounts.

 

(a)              
Establishment of Accounts. The Company shall establish and maintain an Account for each Participant. Each Participant’s
Account shall be credited with either Phantom Units or Restricted Stock Units, and the value of the Participant’s Account
shall be equal to the number of vested Phantom Units or vested Restricted Stock Units credited to the Account (which Phantom Units
or Restricted Stock Units have not been forfeited pursuant to Section 6(c) or pursuant to the terms of the Participant’s
Phantom Unit Award Agreement or Restricted Stock Unit Award Agreement) multiplied by the Phantom Unit Value or Restricted Stock
Unit value, determined as of the date of the Distribution Event.

 

    5 

     

    

 

(b)              
Determination of the Company Equity Value. The Company Equity Value for purposes of Phantom Units shall be determined
as of the date of the Distribution Event as follows:

 

1.                 
if consideration paid in the Distribution Event includes cash, then the Company Equity Value shall be determined
by imputing the value of 100% of the equity interests in the Company based on the nature of the transaction in which the cash is
paid (for example, if the purchaser acquires 60% of the equity interests in the Company for $600 million in cash, the Company Equity
Value is equal to $1 billion); or

 

2.                 
if no portion of the consideration paid in the Distribution Event includes cash and consideration paid in the Distribution
Event includes stock listed on a public securities exchange, then the Company Equity Value shall be determined by imputing the
value of 100% of the equity interests in the Company based on the nature of the transaction in which the stock is paid and the
trading price of such stock as of the date of the Distribution Event;

 

3.                 
if no portion of the consideration paid in the Distribution Event includes cash or stock listed on a public securities
exchange or the Distribution Event is December 31, 2021, and if the equity interests in the Company are listed on a public securities
exchange as of the date of the Distribution Event, then the portion of the Company Equity Value relating to the Company shall be
equal to the trading closing price of 100% of the equity interests in the Company as of date of the Distribution Event; provided,
however, if a closing price is not quoted on a public securities exchange, then the determination shall be based upon the
mid-point between the bid and ask price for the Company’s equity interests as of the close of business on such date; and

 

4.                 
if no portion of the consideration paid in the Distribution Event includes cash or stock listed on a public securities
exchange or the Distribution Event is December 31, 2021, and if the equity interests in the Company are not listed on a public
securities exchange as of the date of the Distribution Event, then the Company Equity Value shall be equal to the fair market value
of 100% of the equity interests in the Company, using a valuation method selected by the Committee and consistent with the rules
set forth in Section 409A of the Code (including Treasury Regulations Section 1.409-1(b)(5)(iv)(B)), without taking into account
any discounts for lack of control or marketability.

 

(c)              
Determination of Phantom Unit Value. As of the date of the Distribution Event, the Phantom Unit Value shall be equal
to the Net Equity Value divided by 10,000. Example calculations of Phantom Unit Value are set forth on the attached Exhibit.

 

6.                 
Vesting.

 

(a)              
Vesting. The vesting provisions of a Phantom Unit or Restricted Stock Unit award shall be set forth in the Participant’s
Phantom Unit Award Agreement or Restricted Stock Unit Award Agreement. Such provisions notwithstanding, if the Distribution Event
is a Change in Control and either (i) the Participant is an Employee as of the date of the Distribution Event or (ii) the Participant
was an Employee within 180 days prior to the date of the Distribution Event and the Participant’s employment was terminated
for any reason before the date of the Distribution Event, excluding termination by the Company for Cause and excluding voluntary
termination by the Participant without the Company’s written consent other than for Good Reason, then 100% of the Phantom
Units or Restricted Stock Units awarded to the Participant shall vest as of the Distribution Event. In addition, the Committee
shall have the discretion to accelerate the vesting of any unvested Phantom Units or Restricted Stock Units awarded to a Participant
at any time (including if the Participant’s employment is terminated on or before December 31, 2021).

 

    6 

     

    

 

(b)              
Forfeiture of Unvested Phantom Units and Restricted Stock Units. Except as expressly set forth in a Participant’s
Phantom Unit Award Agreement or Restricted Stock Unit Award Agreement (or otherwise by the Committee vesting some or all of such
Phantom Units or Restricted Stock Units prior to the occurrence of such event in accordance with the final sentence of Section 6(a),
the Participant’s unvested Phantom Units or unvested Restricted Stock Units (if any) shall be forfeited on the earliest to
occur of: (i) 180 days after the date the Participant’s employment is terminated for any reason; (ii) the date the Participant’s
employment is terminated if the Participant’s employment is terminated by the Company for Cause or voluntarily by the Participant
without the Company’s written consent other than for Good Reason; or (iii) on December 31, 2021, if such date is the Distribution
Event.

 

(c)              
Forfeiture of Vested Phantom Units or Restricted Stock Units. Notwithstanding any other provision contained herein,
except for such additional occurrences expressly set forth in a Participant’s Phantom Unit Award Agreement or Restricted
Stock Unit Award Agreement, the Participant’s vested Phantom Units or vested Restricted Stock Units (if any) shall be forfeited
on the earlier to occur of: (i) the date the Participant’s employment is terminated if the Participant’s employment
is terminated by the Company for Cause or voluntarily by the Participant without the Company’s written consent other than
for Good Reason or (ii) 3 years after the date the Participant’s employment is terminated if a Distribution Event does not
occur by such 3-year anniversary date.

 

7.                 
Payment of Participant Accounts.

 

(a)              
Payment of Vested Accounts. The Company shall pay the value of the Participant’s Account on the Payment Date.
Any payment of the value of a Participant’s Account represented by Phantom Units shall be made in cash, publicly traded stock
that is listed on a securities exchange, or partly in cash and partly in publicly traded stock that is listed on a securities exchange,
at the sole discretion of the Company. Any payment of the value of a Participant’s Account represented by Restricted Stock
Units shall be made by the issuance of an equal number of shares of Class A common stock of PubCo.

 

(b)              
Payment Delay. Notwithstanding Section 7(a), to the extent permitted by Section 409A of the Code, payments
will be delayed if making the payment on the Payment Date specified herein would jeopardize the ability of the Company to continue
as a going concern. If a payment is delayed pursuant to this Section 7(b), the payment will be made during the first taxable
year in which making the payment would not so jeopardize the Company, together with simple interest computed on the deferred amount
at the applicable LIBOR rate of interest (or successor rate of interest if LIBOR is no longer reported) set forth in The Wall
Street Journal plus five percent for the period of time from the date of the Distribution Event until the date of actual payment.

 

    7 

     

    

 

(c)              
Determining Value of Accounts. The value of a Participant’s Account represented by Phantom Units shall be determined
as of the applicable Distribution Event and the Participant shall not be entitled to any increases in Phantom Unit Value thereafter.

 

8.                 
Plan Administration.

 

(a)              
Administration by Committee. The Plan shall be administered by the Committee, which shall have the authority to:

 

1.                 
Construe and interpret the Plan and apply its provisions;

 

2.                 
Promulgate, amend and rescind rules and regulations relating to the administration of the Plan;

 

3.                 
Authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the
Plan;

4.                 
Interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan
and any instrument or agreement relating to the Plan; and

 

5.                 
Exercise discretion to make any and all other determinations which it determines to be necessary or advisable for
the administration of the Plan.

 

(b)              
Non-Uniform Treatment. The Committee’s determinations under the Plan need not be uniform and any such determinations
may be made selectively among Participants.

 

(c)              
Committee Decisions Final. All decisions made by the Committee pursuant to the provisions of the Plan shall be final
and binding on the Company and the Participants, unless such decisions are determined by a court having jurisdiction or arbitrator,
if applicable, to be arbitrary and capricious.

 

(d)              
Indemnification. No member of the Committee or any designee shall be liable for any action, failure to act, determination
or interpretation made in good faith with respect to the Plan except for any liability arising from his or her own willful malfeasance,
gross negligence or reckless disregard of his or her duties. The Company shall indemnify and hold harmless each member of the Committee
against any liabilities, costs, fees and expenses associated with any action or failure to act with respect to the Plan (including
reasonable attorneys’ fees) absent a determination of willful malfeasance, gross negligence or reckless disregard of his
or her duties. If the Company advances any such indemnification amounts and the indemnified member of the Committee subsequently
is determined not to be entitled to such indemnification hereunder, then he or she promptly shall reimburse the Company for such
advances (and the advances by the Company shall be conditioned on the member of the Committee agreeing to such a reimbursement
obligation).

 

    8 

     

    

 

9.                 
Amendment and Termination. The Company may, at any time, and in its discretion, alter, amend, modify, suspend
or terminate the Plan or any portion thereof; provided, however, that no such amendment, modification, suspension
or termination shall, without the consent of a Participant, adversely affect such Participant’s rights with respect to amounts
credited to or accrued in his or her Account; and provided, further, that, no payment of benefits shall occur upon
termination of the Plan unless the requirements of Section 409A of the Code have been met. Notwithstanding anything to the contrary
set forth herein, upon the occurrence of a Distribution Event, the Plan shall terminate and the only right that a Participant shall
have with respect to the Plan (or the Participant’s Phantom Unit Award Agreement or Restricted Stock Unit Award Agreement)
shall be the right to receive payment on the Payment Date in accordance with Section 7(a) (subject to Section 7(b)
and any other relevant terms set forth in the Participant’s Phantom Unit Award Agreement or Restricted Stock Unit Agreement)
until paid in full.

 

10.             
Miscellaneous.

 

(a)              
No Employment or Other Service Rights. Nothing in the Plan or any instrument executed pursuant thereto shall confer
upon any Participant any right to continue to serve the Company or any subsidiary of the Company or interfere in any way with the
right of the Company or any subsidiary to terminate the Participant’s employment or service at any time with or without notice
and with or without cause.

 

(b)              
Other Benefits. Amounts paid under the Plan shall not be considered part of a Participant’s salary or compensation
for purposes of determining or calculating other benefits under any other employee benefit plan or program of the Company.

 

(c)              
Tax Withholding. The Company and its subsidiaries shall have the right to deduct from any amounts otherwise payable
under the Plan any federal, state, local, or other applicable taxes required to be withheld. A Participant may pay all or any part
of any applicable tax withholding required on the payment of the value of a Participant’s Account: (i) by certified or official
bank check or by wire transfer to an account designated by the Company, (ii) by having the Company “net settle” any
payment made in the form of shares by withholding from the shares paid to the Participant such shares with a market value sufficient
to satisfy the minimum withholding required with respect thereto as determined by the Committee, (iii) through any broker’s
cashless exercise procedure which has been approved by the Committee, or (iv) a combination of the foregoing, provided that the
combined value of all cash and cash equivalents and the market value of any such shares so tendered to the Company as of the date
of such tender is at least equal to the minimum withholding required.

 

(d)              
Governing Law. The Plan shall be administered, construed and governed in all respects under and by the laws of the
State of Delaware, without reference to the principles of conflicts of law (except and to the extent preempted by applicable federal
law).

 

(e)              
Section 409A of the Code. The Company intends that the Plan comply with the requirements of Section 409A of the Code
and shall be operated and interpreted consistent with that intent. Notwithstanding the foregoing, the Company makes no representation
that the Plan complies with Section 409A of the Code and shall have no liability to any Participant for any failure to comply with
Section 409A of the Code. Each Participant is fully responsible for any and all taxes or other amounts imposed by Section 409A
of the Code. The Plan shall constitute an “account balance plan” as defined in Treasury Regulations Section 31.3121(v)(2)-1(c)(1)(ii)(A).
For purposes of Section 409A of the Code, all amounts deferred under the Plan shall be aggregated with amounts deferred under other
account balance plans.

 

    9 

     

    

 

(f)               
Unfunded Benefit. All amounts provided under the Plan shall be paid from the general assets of the Company and no
separate fund shall be established to secure payment. To the extent that any person acquires a right to receive payment from the
Company under the Plan, such right shall be no greater than the right of any unsecured general creditor of the Company.

 

(g)              
Beneficiary Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries
to receive the Participant’s interest in the Plan in the event of the Participant’s death. Each designation will revoke
all prior designations by the same Participant, shall be in a form reasonably prescribed by the Committee and shall be effective
only when filed by the Participant in writing with the Company during the Participant’s lifetime. If a Participant does not
designate a beneficiary, then the Participant’s designated beneficiary shall be deemed to be the Participant’s estate.

 

(h)              
No Assignment. Neither a Participant nor any other person shall have any right to sell, assign, transfer, pledge,
anticipate or otherwise encumber, transfer, hypothecate or convey any amounts payable hereunder prior to the date that such amounts
are paid (except for the designation of beneficiaries pursuant to Section 10.(g)).

 

(i)                
Expenses. The costs of administering the Plan shall be paid by the Company.

 

(j)                
Severability. If any provision of the Plan is held to be invalid, illegal or unenforceable, whether in whole or in
part, such provision shall be deemed modified to the extent of such invalidity, illegality or unenforceability and the remaining
provisions shall not be affected.

 

(k)              
Headings and Subheadings. Headings and subheadings in the Plan are for convenience only and are not to be considered
in the construction of the provisions hereof.

 

(l)                
Conflict. With respect to Phantom Units and Restricted Stock Units issued under the Plan, in the event of a conflict
between the terms of the Plan and the terms of the PubCo Plan, the terms of the Plan shall prevail. Notwithstanding the foregoing,
the Phantom Units and Restricted Stock Units issued under the Plan shall be subject to the terms of Section 14.1 of the PubCo Plan.

 

IN WITNESS WHEREOF,
Utz Quality Foods, LLC has adopted this 2020 Utz Quality Foods, LLC Long-Term Incentive Plan as of the Effective Date written above.

 

	 	UTZ QUALITY FOODS, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    10 

     

    

 

EXHIBIT

 

Set forth below are
examples demonstrating the methodology to determine the value of the Phantom Units and the amount to be paid to each Participant
under the Plan. These examples are for illustrative purposes only and are not intended to be projections or otherwise represent
the expected value of the Phantom Units.

 

Example 1 – Sale of Company Assets:
Assume that an unrelated third party acquires all of the assets of the Company (but not any long-term debt) in exchange for cash
in the amount of or publicly traded stock of the acquirer (totaling less than 50% of the stock of the acquirer) with a value (based
on the trading price as of the date of the closing of the sale) equal to $2,700,000,000 prior to December 31, 2021, and assume
further that the aggregate outstanding long-term debt of the Company as of the date of sale is equal to $400,000,000. The sale
qualifies as Distribution Event (the earlier of a Change in Control or December 31, 2021) because a person acquires more than 50%
of the gross fair market value of the assets of the Company (and thus the sale qualifies as a Change in Control). The Company Equity
Value (the value of the equity interests in the Company) is equal to $2,300,000,000 (2,700,000,000 – 400,000,000 = 2,300,000,000).
The Adjusted Equity Value (the Company Equity Value plus $300,000,000) is equal to $2,600,000,000 (2,300,000,000 + 300,000,000
= 2,600,000,000). The Net Equity Value (the Adjusted Equity Value minus the Hurdle) is equal to $1,910,000,000 (2,600,000,000 –
690,000,000 = 1,910,000,000). The Phantom Unit Value (the value of one Phantom Unit) is equal to $191,000 (1,910,000,000/10,000
= 191,000). No later than 30 days after the date of the close of the sale, each Participant is entitled to payment in cash of an
amount equal to the product of $191,000 multiplied by the number of Phantom Units awarded to the Participant.

 

Example 2 – Sale of Company Equity:
Assume that an unrelated third party acquires all of the equity interests (either by direct acquisition of equity interests or
by merger) of all of the Company (subject to any long-term debt owed by the Company) in exchange for cash in the amount of or publicly
traded stock of the acquirer (totaling less than 50% of the stock of the acquirer) with a value (based on the trading price as
of the date of the closing of the sale) equal to $2,300,000,000 prior to December 31, 2021. The sale qualifies as a Distribution
Event (the earlier of a Change in Control or December 31, 2021) because a person acquires more than 50% of the equity interests
of the Company (and thus the sale qualifies as a Change in Control). The Company Equity Value (the value of the equity interests
in the Company) is equal to $2,300,000,000 (the amount of cash or the trading price of the shares of stock used to acquire the
Company). The Adjusted Equity Value (the Company Equity Value plus $300,000,000) is equal to $2,600,000,000 (2,300,000,000 + 300,000,000
= 2,600,000,000). The Net Equity Value (the Adjusted Equity Value minus the Hurdle) is equal to $1,910,000,000 (2,600,000,000 –
690,000,000 = 1,910,000,000). The Phantom Unit Value (the value of one Phantom Unit) is equal to $191,000 (1,910,000,000/10,000
= 191,000). No later than 30 days after the date of the close of the sale, each Participant is entitled to payment in cash of an
amount equal to the product of $191,000 multiplied by the number of Phantom Units awarded to the Participant.

 

    11 

     

    

 

Example 3 – IPO: Assume that
all of the equity interests in the Company are transferred to a corporate holding company (“Holdco”), and Holdco engages
in an initial public offering (“IPO”) of stock onto a public securities exchange prior to December 31, 2021. Although
listing the stock of Holdco on a public securities exchange (if the stock remains listed on the exchange) changes the method to
determine the Phantom Unit Value on the Determination Date (the earlier of a Change in Control or December 31, 2021), the IPO does
not qualify as a Distribution Event because more than 50% of the equity interests (or gross fair market value of assets) of the
Company are not acquired by persons acting as a group (and thus the IPO does not qualify as a Change in Control).
Assuming no other transfers occur involving the equity interests or assets of the Company prior to December 31, 2021, the Distribution
Event is December 31, 2021. Assume further that based on the trading price of Holdco’s stock, 100% of the stock of Holdco
has a value equal to $2,300,000,000 as of December 31, 2021. The Company Equity Value (the value of the equity interests in the
Company) is equal to $2,300,000,000 (the trading price of 100% of Holdco’s stock). The Adjusted Equity Value (the Company
Equity Value plus $300,000,000) is equal to $2,600,000,000 (2,300,000,000 + 300,000,000 = 2,600,000,000). The Net Equity Value
(the Adjusted Equity Value minus the Hurdle) is equal to $1,910,000,000 (2,600,000,000 – 690,000,000 = 1,910,000,000) (assuming
the IPO consists of entirely secondary equity sales and no new equity capital contribution, which new equity capital contribution
would increase the Hurdle). The Phantom Unit Value (the value of one Phantom Unit) is equal to $191,000 (1,910,000,000/10,000 =
191,000). No later than January 30, 2022, each Participant is entitled to payment in cash of an amount equal to the product of
$191,000 multiplied by the number of Phantom Units awarded to the Participant.

 

Example 4 – No Transaction Prior
to December 31, 2021: Assume that a Change in Control does not occur prior to December 31, 2021. The Distribution Event (the
earlier of a Change in Control or December 31, 2021) is December 31, 2021. Assume further that a qualified independent appraiser
determines (using a method consistent with the rules set forth in Section 409A of the Code) that as of December 31, 2021 (or
such earlier date as permitted to apply to the value as of December 31, 2021, under the rules set forth in Section 409A of the
Code), the Company Equity Value (the value of the equity interests in the Company) is equal to $2,300,000,000. The Adjusted Equity
Value (the Company Equity Value plus $300,000,000) is equal to $2,600,000,000 (2,300,000,000 + 300,000,000 = 2,600,000,000). The
Net Equity Value (the Adjusted Equity Value minus the Hurdle) is equal to $1,910,000,000 (2,600,000,000 – 690,000,000 = 1,910,000,000).
The Phantom Unit Value (the value of one Phantom Unit) is equal to $191,000 (1,910,000,000/10,000 = 191,000). No later than January
30, 2022, each Participant is entitled to payment in cash of an amount equal to the product of $191,000 multiplied by the number
of Phantom Units awarded to the Participant.

 

    12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}]]