Document:

EX-10.2

 Exhibit 10.2 

LENNOX INTERNATIONAL INC. 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (the “Agreement”) is made by and between Lennox International Inc., a Delaware corporation (the
“Company”), and Alok Maskara (the “Indemnitee”), and is effective on Indemnitee’s commencement of employment with the Company (the “Effective Date”). 

Background Statement and Recitals 

Highly competent and experienced persons are becoming more reluctant to serve corporations as directors or in other capacities unless they
are provided with adequate protection through insurance and adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation. 

The Board of Directors of the Company (the “Board”) has determined that the inability to attract and retain such persons would be
detrimental to the best interests of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future. 

The Board has also determined that it is reasonable, prudent, and necessary for the Company, in addition to purchasing and maintaining
directors’ and officers’ liability insurance (or otherwise providing for adequate arrangements of self-insurance), contractually to obligate itself to indemnify such persons to the fullest extent permitted by applicable law so that they
will serve or continue to serve the Company free from undue concern that they will not be so indemnified. 
 Indemnitee is willing to
serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he be so indemnified. 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and other good and valuable consideration, the
sufficiency and receipt of which are hereby acknowledged, the parties hereby agree as follows: 

  
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 ARTICLE I 

CERTAIN DEFINITIONS 
 As
used herein, the following words and terms will have the following respective meanings: 
 “Beneficial Owner” means, with
reference to any securities, any Entity if: 
 1.    such Entity is the “beneficial owner” of
(as determined pursuant to Rule 13d-3 of the General Rules and Regulations under the Exchange Act, as in effect on the date of this Agreement) such securities; provided, however, that an Entity will not be
deemed the “Beneficial Owner” of, or to “beneficially own,” any security under this subsection (i) as a result of an agreement, arrangement or understanding to vote such security if such agreement, arrangement or
understanding: (x) arises solely from a revocable proxy or consent given in response to a public (i.e., not including a solicitation exempted by Rule 14a-2(b)(2) of the General Rules and
Regulations under the Exchange Act) proxy or consent solicitation made pursuant to, and in accordance with, the applicable provisions of the General Rules and Regulations under the Exchange Act and (y) is not then reportable by such Entity on
Schedule 13D under the Exchange Act (or any comparable or successor report); or 
 2.    such
Entity is a member of a group (as that term is used in Rule 13d-5(b) of the General Rules and Regulations under the Exchange Act) that includes any other Entity that beneficially owns such securities; 

provided, however, that an Entity will not be deemed the “Beneficial Owner” of, or to “beneficially own” any security held by a Norris
Family Trust with respect to which such Entity acts in the capacity of trustee, personal representative, custodian, administrator, executor or other fiduciary; provided, further, that nothing in this definition will cause an Entity engaged in
business as an underwriter of securities to be the Beneficial Owner of, or to “beneficially own,” any securities acquired through such Entity’s participation in good faith in a firm commitment underwriting until the expiration of
forty days after the date of such acquisition. For purposes hereof, “voting” a security will include voting, granting a proxy, consenting, or making a request or demand relating to corporate action (including, without limitation, a demand
for a stockholder list, to call a stockholder meeting or to inspect corporate books and records) or otherwise giving an authorization (within the meaning of Section 14(a) of the Exchange Act) in respect of such security. 

The terms “beneficially own” and “beneficially owning” will have meanings that are correlative to this definition of the
term “Beneficial Owner.” 

  
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 “Change of Control” means any of the following occurring on or after the date
hereof: 
 (i)    Any Entity (other than an Exempt Person) will become the Beneficial Owner of 35% or
more of the shares of Common Stock then outstanding or 35% or more of the combined voting power of the Voting Stock of the Company then outstanding; provided, however, that no Change of Control will be deemed to occur for purposes of this subsection
(i) if such Entity will become a Beneficial Owner of 35% or more of the shares of Common Stock or 35% or more of the combined voting power of the Voting Stock of the Company solely as a result of (x) an Exempt Transaction or (y) an
acquisition by an Entity pursuant to a reorganization, merger or consolidation, if, following such reorganization, merger or consolidation, the conditions described in clauses (x), (y), and (z) of subsection (iii) of this definition are
satisfied; 
 (ii)    Individuals who, as of the date hereof, constitute the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders,
was approved by a vote of at least a majority of the directors then comprising the Incumbent Board will be considered as though such individual were a member of the Incumbent Board; provided, further, that there will be excluded, for this purpose,
any such individual whose initial assumption of office occurs as a result of any actual or threatened election contest that is subject to the provisions of Rule 14a-11 under the Exchange Act; 

(iii)    Approval by the shareholders of the Company of a reorganization, merger or consolidation, in each
case, unless, following such reorganization, merger or consolidation, (x) more than 65% of the then outstanding shares of common stock of the corporation resulting from such reorganization, merger or consolidation and the combined voting power
of the then outstanding Voting Stock of such corporation is beneficially owned, directly or indirectly, by all or substantially all of the Entities who were the Beneficial Owners of the outstanding Common Stock immediately prior to such
reorganization, merger or consolidation (ignoring, for purposes of this clause (x), the first proviso in the definition of “Beneficial Owner” set forth in this Article I) in substantially the same proportions as their ownership immediately
prior to such reorganization, merger or consolidation of the outstanding Common Stock, (y) no Entity (excluding any Exempt Person or any Entity beneficially owning, immediately prior to such reorganization, merger or consolidation, directly or
indirectly, 35% or more of the Common Stock then outstanding or 35% or more of the combined voting power of the Voting Stock of the Company then outstanding) beneficially owns, directly or indirectly, 35% or more of the then outstanding shares of
common stock of the corporation resulting from such reorganization, merger or consolidation or the combined voting power of the then outstanding Voting Stock of such corporation and (z) at least a majority of the members of the board of
directors of the corporation resulting from such reorganization, merger or consolidation were members of the Incumbent Board at the time of the execution of the initial agreement or initial action by the Board providing for such reorganization,
merger or consolidation; or 

  
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 (iv)    Approval by the shareholders of the Company of
(x) a complete liquidation or dissolution of the Company, unless such liquidation or dissolution is approved as part of a plan of liquidation and dissolution involving a sale or disposition of all or substantially all of the assets of the
Company to a corporation with respect to which, following such sale or other disposition, all of the requirements of clauses (y)(A), (B) and (C) of this subsection (iv) are satisfied, or (y) the sale or other disposition of all or
substantially all of the assets of the Company, other than to a corporation, with respect to which, following such sale or other disposition, (A) more than 65% of the then outstanding shares of common stock of such corporation and the combined
voting power of the Voting Stock of such corporation is then beneficially owned, directly or indirectly, by all or substantially all of the Entities who were the Beneficial Owners of the outstanding Common Stock immediately prior to such sale or
other disposition (ignoring, for purposes of this clause (y)(A), the first proviso in the definition of “Beneficial Owner” set forth in this Article I) in substantially the same proportions as their ownership, immediately prior to such
sale or other disposition, of the outstanding Common Stock, (B) no Entity (excluding any Exempt Person and any Entity beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, 35% or more of the Common
Stock then outstanding or 35% or more of the combined voting power of the Voting Stock of the Company then outstanding) beneficially owns, directly or indirectly, 35% or more of the then outstanding shares of common stock of such corporation and the
combined voting power of the then outstanding Voting Stock of such corporation and (C) at least a majority of the members of the board of directors of such corporation were members of the Incumbent Board at the time of the execution of the
initial agreement or initial action of the Board providing for such sale or other disposition of assets of the Company. 

“Claim” means an actual or threatened claim or request for relief. 

“Common Stock” means the common stock, par value $0.01 per share, of the Company. 

“Corporate Status” means the status of a person who is or was a director, nominee for director, officer, employee, agent, or
fiduciary of the Company (including any predecessors to the Company), or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Company. 

“Disinterested Director,” with respect to any request by Indemnitee for indemnification hereunder, means a director of the Company
who neither is nor was a party to the Proceeding or subject to a Claim, issue, or matter in respect of which indemnification is sought by Indemnitee. 

“DGCL” means the Delaware General Corporation Law and any successor statute thereto as either of them may be amended from time to
time. 

  
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 “Entity” means any individual, firm, corporation, partnership, association,
trust, unincorporated organization, or other entity. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Exempt Person” means (i) the Company, any subsidiary of the Company, any employee benefit plan of the Company or any
subsidiary of the Company, and any Entity organized, appointed or established by the Company for or pursuant to the terms of any such plan and (ii) any Person who is shown under the caption “Principal and Selling Stockholders” in the
Company’s Registration Statement on Form S-1 related to the initial public offering of the Common Stock as beneficially owning (as determined pursuant to Rule 13d-3
of the General Rules and Regulations under the Exchange Act, as in effect on the date of this Agreement) five percent or more of the Common Stock unless and until such Person individually becomes the Beneficial Owner, other than as a result of a
distribution from a Norris Family Trust, of an amount of Common Stock that is 103% or more of the amount of such Common Stock beneficially owned by such Person on the date the Registration Statement is declared effective by the Securities and
Exchange Commission. 
 “Exempt Transaction” means an increase in the percentage of the outstanding shares of Common Stock or the
percentage of the combined voting power of the outstanding Voting Stock of the Company beneficially owned by any Entity solely as a result of a reduction in the number of shares of Common Stock then outstanding due to the repurchase of Common Stock
by the Company, unless and until such time as such Entity will purchase or otherwise become the Beneficial Owner of additional shares of Common Stock constituting 3% or more of the then outstanding shares of Common Stock or additional Voting Stock
representing 3% or more of the combined voting power of the then outstanding Voting Stock. 
 “Expenses” means all
attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses
of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or participating in (including on appeal), a Proceeding. 

“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
contemporaneously is, nor in the five years theretofore has been, retained to represent (a) the Company or Indemnitee in any matter material to either such party, (b) any other party to the Proceeding giving rise to a claim for
indemnification hereunder or (c) the beneficial owner, directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding voting securities (other than, in each such
case, with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements). Notwithstanding the foregoing, the term “Independent Counsel” will not include any
person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

  
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 “Norris Family Trust” means any trust, estate, custodianship or other fiduciary
arrangement (collectively, a “Family Entity”) formed, owned, held or existing primarily for the benefit of the lineal descendants of D.W. Norris, but only if such Family Entity will not at any time hold Common Stock or Voting Stock of the
Company with the primary purpose of effecting with respect to the Company (i) an extraordinary corporate transaction, such as a merger, reorganization or liquidation (ii) a sale or transfer of a material amount of assets, (iii) any
material change in capitalization, (iv) any other material change in business or corporate structure or operations, (v) changes in corporate charter or bylaws, or (vi) a change in the composition of the Board or of the members of
senior management. 
 “Person” will have the meaning ascribed to such term in Sections 13(d) and 14(d) of the Exchange Act. 

“Proceeding” means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism,
administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative and whether or not based upon events occurring, or actions taken, before the date hereof (except any of the foregoing initiated by Indemnitee
pursuant to Article VI or Section 7.8 to enforce his rights under this Agreement), and any inquiry or investigation that could lead to, and any appeal in or related to, any such action, suit, arbitration, alternative dispute resolution
mechanism, hearing or proceeding. 
 “Voting Stock” means, with respect to a corporation, all securities of such corporation of
any class or series that are entitled to vote generally in the election of directors of such corporation (excluding any class or series that would be entitled so to vote by reason of the occurrence of any contingency, so long as such contingency has
not occurred). 
 ARTICLE II 

SERVICES BY INDEMNITEE 

Section II.1    Services. Indemnitee agrees to serve, or continue to serve, as requested or may be requested from
time to time, as a director, officer, employee, agent, or fiduciary of the Company. Indemnitee and Company each acknowledge that they have entered into this Agreement as a means of inducing Indemnitee to serve, or continue to serve, the Company in
such capacities. Indemnitee may at any time and for any reason resign from such position or positions (subject to any other contractual obligation or any obligation imposed by operation of law). The Company will have no obligation under this
Agreement to continue Indemnitee in any such position or positions. 

  
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 ARTICLE III 

INDEMNIFICATION 
 Section
III.1    General. The Company will indemnify, and advance Expenses to, Indemnitee to the fullest extent permitted by applicable law in effect on the date hereof and to such greater extent as applicable law may thereafter
from time to time permit. The rights of Indemnitee provided under the preceding sentence will include, but will not be limited to, the right to be indemnified and to have Expenses advanced in all Proceedings to the fullest extent permitted by
Section 145 of the DGCL. The provisions set forth in this Agreement are provided in addition to and as a means of furtherance and implementation of, and not in limitation of, the obligations expressed in this Article III. 

Section III.2    Proceedings Other Than by or in Right of the Company. Indemnitee will be entitled to
indemnification pursuant to this Section 3.2 if, by reason of his Corporate Status, he was, is or is threatened to be made, a party to any Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this Section 3.2,
the Company will indemnify Indemnitee against Expenses, judgments, penalties, fines, and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with any such Expenses, judgments, penalties,
fines and amounts paid in settlement) actually and reasonably incurred by him or on his behalf in connection with such Proceeding or any Claim, issue or matter therein, if he acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe his conduct was unlawful. Nothing in this Section 3.2 will limit the benefits of Section 3.1 or any other Section
hereunder. 
 Section III.3    Proceedings by or in Right of the Company. Indemnitee will be entitled to
indemnification pursuant to this Section 3.3 if, by reason of his Corporate Status, he was, is or is threatened to be made, a party to any Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this
Section 3.3, the Company will indemnify Indemnitee against Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding or any Claim, issue, or matter therein, if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Company. Notwithstanding the foregoing, no indemnification against such Expenses will be made in respect of any Claim, issue or matter in such Proceeding as to which Indemnitee
will have been adjudged to be liable to the Company if applicable law prohibits such indemnification; provided, however, that, if applicable law so permits, indemnification against such Expenses will nevertheless be made by the Company in
such event if and only to the extent that the Court of Chancery of the State of Delaware or other court of competent jurisdiction (the “Court”), or the court in which such Proceeding is brought or is pending, shall so determine. Nothing in
this Section 3.3 will limit the benefits of Section 3.1 or any other Section hereunder. 
 ARTICLE IV 

EXPENSES 
 Section
IV.1    Expenses of a Party Who Is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement to the contrary (except as set forth in 

  
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Section 7.2(c) or 7.6), and without a requirement for any determination described in Section 5.2, the Company will indemnify Indemnitee against all Expenses actually and reasonably
incurred by him or on his behalf in connection with any Proceeding to which Indemnitee was or is a party by reason of his Corporate Status and in which Indemnitee is successful, on the merits or otherwise. If Indemnitee is not wholly successful, on
the merits or otherwise, in a Proceeding but is successful, on the merits or otherwise, as to any Claim, issue or matter in such Proceeding, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his
behalf relating to each successfully resolved Claim, issue, or matter. For purposes of this Section 4.1 and without limitation, the termination of a Claim, issue, or matter in a Proceeding by dismissal, with or without prejudice, will be deemed
to be a successful result as to such Claim, issue, or matter. 
 Section IV.2    Expenses of a Witness or Non-Party. Notwithstanding any other provision of this Agreement to the contrary, to the extent that Indemnitee is, by reason of his Corporate Status, a witness or otherwise participates in any Proceeding at a
time when he is not a party in the Proceeding, the Company will indemnify him against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. 

Section IV.3    Advancement of Expenses. The Company will pay all reasonable Expenses incurred by or on behalf of
Indemnitee in connection with any Proceeding, whether brought by or in the right of the Company or otherwise, in advance of any determination with respect to entitlement to indemnification pursuant to Article V within 15 days after the receipt
by the Company of a written request from Indemnitee requesting such payment or payments from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements will reasonably evidence the Expenses incurred by
Indemnitee. Indemnitee hereby undertakes and agrees that he will reimburse and repay the Company for any Expenses so advanced to the extent that it will ultimately be determined (in a final adjudication by a court from which there is no further
right of appeal or in a final adjudication of an arbitration pursuant to Section 6.1 if Indemnitee elects to seek such arbitration) that Indemnitee is not entitled to be indemnified by the Company against such Expenses. 

  
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 ARTICLE V 

PROCEDURE FOR DETERMINATION OF ENTITLEMENT 

TO INDEMNIFICATION 

Section V.1    Request by Indemnitee. To obtain indemnification under this Agreement, Indemnitee will submit
to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to
indemnification. The Secretary or an Assistant Secretary of the Company will, promptly upon receipt of such a request for indemnification, advise the members of the Board in writing that Indemnitee has requested indemnification. 

Section V.2    Determination of Request. Upon written request by Indemnitee for indemnification pursuant to
Section 5.1, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto will be made in the specific case as follows: 

(a) If a Change in Control occurs, by Independent Counsel in a written opinion to the Board, a copy of which shall be
delivered to Indemnitee unless Indemnitee requests that such determination be made by the Disinterested Directors, in which case in the manner provided for in clause (i) or (ii) of paragraph (b) below; 

(b) If a Change in Control has not occurred, (i) by a majority vote of the Disinterested Directors, even though less
than a quorum of the Board, (ii) by a committee of Disinterested Directors designated by majority vote of the Disinterested Directors, even though less than a quorum of the Board, (iii) if there are no Disinterested Directors, or if such
Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (iv) if Indemnitee and the Company mutually agree, by the stockholders of the Company; or 

(c) As provided in Section 5.4(b). 

If it is so determined that Indemnitee is entitled to indemnification hereunder, payment to Indemnitee will be made within 15 days after such determination.
Indemnitee will cooperate with the person or persons making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person upon reasonable advance request any documentation or information that
is not privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary for such determination. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee
in so cooperating with the person or persons making such determination will be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification), and the Company will indemnify and hold harmless
Indemnitee therefrom. 
 Section V.3    Independent Counsel. If a Change in Control has not occurred and
the determination of entitlement to indemnification is to be made by Independent Counsel, the 

  
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Independent Counsel will be selected by (a) a majority vote of the Disinterested Directors, even though less than a quorum of the Board or (b) if there are no Disinterested Directors,
by a majority vote of the Board, and the Company will give written notice to Indemnitee, within 10 days after receipt by the Company of Indemnitee’s request for indemnification, specifying the identity and address of the Independent Counsel so
selected. If a Change in Control has occurred and the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel will be selected by Indemnitee, and Indemnitee will give written notice to the
Company, within 10 days after submission of Indemnitee’s request for indemnification, specifying the identity and address of the Independent Counsel so selected (unless Indemnitee will request that such selection be made by the Disinterested
Directors, in which event the Company will give written notice to Indemnitee, within 10 days after receipt of Indemnitee’s request for the Disinterested Directors to make such selection, specifying the identity and address of the Independent
Counsel so selected). In either event, (i) such notice to Indemnitee or the Company, as the case may be, will be accompanied by a written affirmation of the Independent Counsel so selected that it satisfies the requirements of the definition of
“Independent Counsel” in Article I and that it agrees to serve in such capacity and (ii) Indemnitee or the Company, as the case may be, may, within seven days after such written notice of selection will have been given, deliver to the
Company or to Indemnitee, as the case may be, a written objection to such selection. Any objection to selection of Independent Counsel pursuant to this Section 5.3 may be asserted only on the ground that the Independent Counsel so selected does
not meet the requirements of the definition of “Independent Counsel” in Article I, and the objection will set forth with particularity the factual basis of such assertion. If such written objection is timely made, the Independent
Counsel so selected may not serve as Independent Counsel unless and until the Court has determined that such objection is without merit. In the event of a timely written objection to a choice of Independent Counsel, the party originally selecting
the Independent Counsel will have seven days to make an alternate selection of Independent Counsel and to give written notice of such selection to the other party, after which time such other party will have five days to make a written objection to
such alternate selection. If, within 30 days after submission of Indemnitee’s request for indemnification pursuant to Section 5.1, no Independent Counsel will have been selected and not objected to, either the Company or Indemnitee may
petition the Court for resolution of any objection that will have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Court or by
such other person as the Court will designate, and the person with respect to whom an objection is so resolved or the person so appointed will act as Independent Counsel under Section 5.2. The Company will pay any and all reasonable fees and
expenses incurred by such Independent Counsel in connection with acting pursuant to Section 5.2, and the Company will pay all reasonable fees and expenses incident to the procedures of this Section 5.3, regardless of the manner in which
such Independent Counsel was selected or appointed. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 6.1, Independent Counsel will be discharged and relieved of any further responsibility in such capacity
(subject to the applicable standards of professional conduct then prevailing). 

  
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 Section V.4    Presumptions and Effect of Certain Proceedings.

 (a)    Indemnitee will be presumed to be entitled to indemnification under this Agreement upon
submission of a request for indemnification pursuant to Section 5.1, and the Company will have the burden of proof in overcoming that presumption in reaching a determination contrary to that presumption. Such presumption will be used by
Independent Counsel (or other person or persons determining entitlement to indemnification) as a basis for a determination of entitlement to indemnification unless the Company provides information sufficient to overcome such presumption by clear and
convincing evidence. 
 (b)    If the person or persons empowered or selected under this Article V
to determine whether Indemnitee is entitled to indemnification will not have made a determination within 60 days after receipt by the Company of Indemnitee’s request for indemnification, the requisite determination of entitlement to
indemnification will be deemed to have been made and Indemnitee will be entitled to such indemnification, absent (i) a knowing misstatement by Indemnitee of a material fact, or knowing omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with Indemnitee’s request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person making the determination with respect to entitlement to indemnification in good faith requires such additional
time for the obtaining or evaluating of documentation and/or information relating to such determination; provided further, that the 60-day limitation set forth in this Section 5.4(b) will not apply
and such period will be extended as necessary (i) if within 30 days after receipt by the Company of Indemnitee’s request for indemnification under Section 5.1 Indemnitee and the Company have agreed, and the Board has resolved, to
submit such determination to the stockholders of the Company pursuant to Section 5.2(b) for their consideration at an annual meeting of stockholders to be held within 90 days after such agreement and such determination is made thereat, or a
special meeting of stockholders for the purpose of making such determination to be held within 60 days after such agreement and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by
Independent Counsel, in which case the applicable period will be as set forth in clause (c) of Section 6.1. 

(c)    The termination of any Proceeding or of any Claim, issue or matter by judgment, order, settlement
(whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not by itself adversely affect the rights of Indemnitee to indemnification or create a presumption that Indemnitee did not act
in good faith or in a manner that he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful.
Indemnitee will be deemed to have been found liable in respect of any Claim, issue, or matter only after he will have been so adjudged by the Court after exhaustion of all appeals therefrom. 

  
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 ARTICLE VI 

CERTAIN REMEDIES OF INDEMNITEE 

Section VI.1    Indemnitee Entitled to Adjudication in an Appropriate Court. If (a) a determination is made
pursuant to Article V that Indemnitee is not entitled to indemnification under this Agreement, (b) there has been any failure by the Company to make timely payment or advancement of any amounts due hereunder, or (c) the determination
of entitlement to indemnification is to be made by Independent Counsel and such determination will not have been made and delivered in a written opinion within 90 days after the latest of (i) such Independent Counsel’s being
appointed, (ii) the overruling by the Court of objections to such counsel’s selection or (iii) expiration of all periods for the Company or Indemnitee to object to such counsel’s selection, Indemnitee will be entitled to commence
an action seeking an adjudication in the Court of his entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the
commercial arbitration rules of the American Arbitration Association. Indemnitee will commence such action seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such
action pursuant to this Section 6.1, or such right will expire. The Company will not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 

Section VI.2    Adverse Determination Not to Affect any Judicial Proceeding. If a determination will have been
made pursuant to Article V that Indemnitee is not entitled to indemnification under this Agreement, any judicial proceeding or arbitration commenced pursuant to this Article VI will be conducted in all respects as a de novo trial or
arbitration on the merits, and Indemnitee will not be prejudiced by reason of such initial adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Article VI, Indemnitee will be presumed to be entitled to
indemnification or advancement of Expenses, as the case may be, under this Agreement and the Company will have the burden of proof in overcoming such presumption and to show by clear and convincing evidence that Indemnitee is not entitled to
indemnification or advancement of Expenses, as the case may be. 
 Section VI.3    Company Bound by
Determination Favorable to Indemnitee in any Judicial Proceeding or Arbitration. If a determination is made or deemed to have been made pursuant to Article V that Indemnitee is entitled to indemnification, the Company will be irrevocably
bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Article VI and will be precluded from asserting that such determination has not been made or that the procedure by which such determination was made is
not valid, binding and enforceable, in each such case absent (a) a knowing misstatement by Indemnitee of a material fact, or a knowing omission of a material fact necessary to make a statement by Indemnitee not materially misleading, in
connection with Indemnitee’s request for indemnification or (b) a prohibition of such indemnification under applicable law. 

  
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 Section VI.4    Company Bound by the Agreement. The Company
will be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Article VI that the procedures and presumptions of this Agreement are not valid, binding, and enforceable and will stipulate in any such court or
before any such arbitrator that the Company is bound by all the provisions of this Agreement. 

Section VI.5    Indemnitee Entitled to Expenses of Judicial Proceeding. If Indemnitee seeks a judicial
adjudication of or an award in arbitration to enforce his rights under, or to recover damages for breach of, this Agreement, Indemnitee will be entitled to recover from the Company, and the Company will indemnify Indemnitee against, any and all
expenses (of the types described in the definition of Expenses in Article I) actually and reasonably incurred by him in such judicial adjudication or arbitration but only if Indemnitee prevails therein. If it is determined in such judicial
adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advancement of expenses or other benefit sought, the expenses incurred by Indemnitee in connection with such judicial adjudication or
arbitration will be equitably allocated between the Company and Indemnitee. Notwithstanding the foregoing, if a Change in Control has occurred, Indemnitee will be entitled to indemnification under this Section 6.5 regardless of whether
Indemnitee ultimately prevails in such judicial adjudication or arbitration. 
 ARTICLE VII 

MISCELLANEOUS 
 Section
VII.1    Non-Exclusivity. The rights of Indemnitee to receive indemnification and advancement of Expenses under this Agreement will not be deemed exclusive of any other rights to
which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation or Bylaws of the Company, any other agreement, vote of stockholders or a resolution of directors, or otherwise. No amendment or alteration of
the Certificate of Incorporation or Bylaws of the Company or any provision thereof will adversely affect Indemnitee’s rights hereunder and such rights will be in addition to any rights Indemnitee may have under the Company’s Certificate of
Incorporation, Bylaws and the DGCL or otherwise. To the extent that there is a change in the DGCL or other applicable law (whether by statute or judicial decision) that allows greater indemnification by agreement than would be afforded currently
under the Company’s Certificate of Incorporation or Bylaws and this Agreement, it is the intent of the parties hereto that the Indemnitee will enjoy by virtue of this Agreement the greater benefit so afforded by such change. 

  
 13 

 Section VII.2    Insurance and Subrogation. 

(a)    To the extent the Company maintains an insurance policy or policies providing liability insurance
for directors, officers, employees, agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, Indemnitee will
be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee, agent or fiduciary under such policy or policies. 

(b)    In the event of any payment by the Company under this Agreement, the Company will be subrogated to
the extent of such payment to all of the rights of recovery of Indemnitee, who will execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to
bring suit to enforce such rights. 
 (c)    The Company will not be liable under this Agreement to make
any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under the Company’s Certificate of Incorporation or Bylaws or any insurance policy, contract, agreement
or otherwise. 
 Section VII.3    Certain Settlement Provisions. The Company will have no obligation to
indemnify Indemnitee under this Agreement for amounts paid in settlement of a Proceeding or Claim without the Company’s prior written consent. The Company will not settle any Proceeding or Claim in any manner that would impose any fine or other
obligation on Indemnitee without Indemnitee’s prior written consent. Neither the Company nor Indemnitee will unreasonably withhold their consent to any proposed settlement. 

Section VII.4    Duration of Agreement. This Agreement will continue for so long as Indemnitee serves as a
director, nominee for director, officer, employee, agent or fiduciary of the Company or, at the request of the Company, as a director, nominee for director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise, and thereafter will survive until and terminate upon the latest to occur of (a) the expiration of 10 years after the latest date that Indemnitee will have ceased to serve in any such capacity;
(b) the final termination of all pending Proceedings in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Article VI relating
thereto; or (c) the expiration of all statutes of limitation applicable to possible Claims arising out of Indemnitee’s Corporate Status. 

Section VII.5    Notice by Each Party. Indemnitee will promptly notify the Company in writing upon being served
with any summons, citation, subpoena, complaint, indictment, information or other document or communication relating to any Proceeding or Claim for which Indemnitee may be entitled to indemnification or advancement of Expenses hereunder;

  
 14 

 
provided, however, that any failure of Indemnitee to so notify the Company will not adversely affect Indemnitee’s rights under this Agreement except to the extent the Company has been
materially prejudiced as a direct result of such failure. The Company will notify promptly Indemnitee in writing, as to the pendency of any Proceeding or Claim that may involve a claim against the Indemnitee for which Indemnitee may be entitled to
indemnification or advancement of Expenses hereunder. 
 Section VII.6    Certain Persons Not Entitled to
Indemnification. Notwithstanding any other provision of this Agreement to the contrary, Indemnitee will not be entitled to indemnification or advancement of Expenses hereunder with respect to any Proceeding or any Claim, issue, or matter
therein, brought or made by Indemnitee against the Company or any affiliate of the Company, except as specifically provided in Article V or Article VI. 

Section VII.7    Indemnification for Negligence, Gross Negligence, etc. Without limiting the generality of any
other provision hereunder, it is the express intent of this Agreement that Indemnitee be indemnified and Expenses be advanced regardless of Indemnitee’s acts of negligence, gross negligence or intentional or willful misconduct to the extent
that indemnification and advancement of Expenses is allowed pursuant to the terms of this Agreement and under applicable law. 
 Section
VII.8    Enforcement. The Company agrees that its execution of this Agreement will constitute a stipulation by which it will be irrevocably bound in any court or arbitration in which a proceeding by Indemnitee for
enforcement of his rights hereunder will have been commenced, continued or appealed, that its obligations set forth in this Agreement are unique and special, and that failure of the Company to comply with the provisions of this Agreement will cause
irreparable and irremediable injury to Indemnitee, for which a remedy at law will be inadequate. As a result, in addition to any other right or remedy he may have at law or in equity with respect to breach of this Agreement, Indemnitee will be
entitled to injunctive or mandatory relief directing specific performance by the Company of its obligations under this Agreement. 

Section VII.9    Successors and Assigns. All of the terms and provisions of this Agreement will be binding upon,
will inure to the benefit of and will be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators, legal representatives. The Company will require and cause any direct or indirect successor
(whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, by written agreement in form and substance reasonably satisfactory to Indemnitee, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

Section VII.10     Amendment. This Agreement may not be modified or amended except by a written instrument
executed by or on behalf of each of the parties hereto. 
 Section VII.11     Waivers. The observance of any
term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the 

  
 15 

 
party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any
party hereto in exercising any right, power or privilege hereunder will operate as a waiver thereof, nor will any waiver on the part of any party hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or
privilege hereunder nor will any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 

Section VII.12     Entire Agreement. This Agreement and the documents expressly referred to herein constitute the
entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are expressly superseded by this
Agreement. 
 Section VII.13     Severability. If any provision of this Agreement (including any provision
within a single section, paragraph or sentence) or the application of such provision to any person or circumstance, will be judicially declared to be invalid, unenforceable or void, such decision will not have the effect of invalidating or voiding
the remainder of this Agreement or affect the application of such provision to other persons or circumstances, it being the intent and agreement of the parties that this Agreement will be deemed amended by modifying such provision to the extent
necessary to render it valid, legal and enforceable while preserving its intent, or if such modification is not possible, by substituting therefor another provision that is valid, legal and enforceable and that achieves the same objective. Any such
finding of invalidity or unenforceability will not prevent the enforcement of such provision in any other jurisdiction to the maximum extent permitted by applicable law. 

Section VII.14     Notices. All notices and other communications hereunder will be in writing and will be deemed
given upon (a) transmitter’s confirmation of a receipt of a facsimile transmission, (b) confirmed delivery of a standard overnight courier or when delivered by hand or (c) the expiration of five business days after the date
mailed by certified or registered mail (return receipt requested), postage prepaid, to the parties at the following addresses (or at such other addresses for a party as will be specified by like notice): 

 

					
		  	 If to the Company:
  

Lennox International Inc.
 2140 Lake Park Blvd.

Richardson, Texas 75080
  

		  	Attention:	  	Chief Executive Officer
		  	Facsimile:	  	(972) 497-6042

  
 16 

 If to Indemnitee, at his then current residential address. 

Section VII.15     Certain Construction Rules. 

(a)    The article and section headings contained in this Agreement are for reference purposes only and
will not affect in any way the meaning or interpretation of this Agreement. As used in this Agreement, unless otherwise provided to the contrary, (i) all references to days will be deemed references to calendar days and (ii) any reference
to a “Section” or “Article” will be deemed to refer to a section or article of this Agreement. The words “hereof,” “herein” and “hereunder” and words of similar import referring to this Agreement
refer to this Agreement as a whole and not to any particular provision of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they will be deemed to be followed by the
words “without limitation.” Unless otherwise specifically provided for herein, the term “or” will not be deemed to be exclusive. Whenever the context may require, any pronoun used in this Agreement will include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs will include the plural and vice versa. 

(b)    For purposes of this Agreement, references to “other enterprises” will include employee
benefit plans; references to “fines” will include any excise taxes assessed on a person with respect to any employee benefit plan; references to “serving at the request of the Company” will include any service as a director,
nominee for director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, nominee, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a
person who acted in good faith and in a manner he reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan will be deemed to have acted in a manner “not opposed to the best interests of the
Company” as referred to in this Agreement. 
 Section VII.16     Governing Law. This Agreement will be
governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. 

Section VII.17     Counterparts. This Agreement may be executed in two or more counterparts, each of which will be
deemed to be an original and all of which together will be deemed to be one and the same instrument, notwithstanding that both parties are not signatories to the original or same counterpart. 

  
 17 

 The signatures below confirm the parties’ acceptance of the terms of this Agreement. 

 

	
	LENNOX INTERNATIONAL INC.
	
	 /s/ Todd J. Teske

	Todd J. Teske
	Lead Independent Director
	
	Date: March 18, 2022
	
	INDEMNITEE
	
	 /s/ Alok Maskara

	Alok Maskara
	
	Date: March 18, 2022

  
 18EX-10.3

 Exhibit 10.3 

LENNOX INTERNATIONAL INC. 

CHANGE IN CONTROL AGREEMENT 

THIS CHANGE IN CONTROL AGREEMENT (this “Agreement”) is made by and between Lennox International Inc., a Delaware
corporation (the “Company”), and Alok Maskara (“Executive”), and is effective on Executive’s commencement of employment with the Company (the “Effective Date”). 

WHEREAS, the Company considers it essential to the best interests of its stockholders to foster the continued employment of key management
personnel; 
 WHEREAS, the Board (as defined in Appendix A) recognizes that, as is the case with many publicly held
corporations, the possibility of a change in control exists and that such possibility, and the uncertainty and questions which may raise among management, may result in the departure or distraction of management personnel to the detriment of the
Company and its stockholders; 
 WHEREAS, the Board has determined that appropriate steps should be taken to reinforce and encourage the
continued attention and dedication of key members of the Company’s management, including Executives, to their assigned duties without the distraction of potentially disturbing circumstances arising from the possibility of a change in control;

 WHEREAS, the Company wishes to enter into this Agreement to protect Executive’s reasonable expectations regarding compensation and
duties if a change in control of the Company occurs, thereby encouraging Executive to remain in the employ of the Company notwithstanding the possibility of a change in control; 

WHEREAS, it is understood that if Executive has an existing employment agreement (the “Employment Agreement”) with the
Company, then this Agreement is intended to provide certain protections to Executive that are not afforded by the Employment Agreement; however, this Agreement is not intended to provide benefits that are duplicative of Executive’s current
benefits; and 
 WHEREAS, upon the Effective Date, this Agreement will supersede all previous agreements, if any, between the Company and
Executive that provides benefits to Executive upon a change in control of the Company; 
 NOW, THEREFORE, the Company and Executive agree as
follows: 
 1.     Term of Agreement. The initial term of this Agreement will commence on the Effective Date and
continue in effect through December 31, 2022. On January 1, 2023 and each January 1 thereafter, the term will automatically renew for one additional year (the initial term and all renewals are collectively defined as the
“Term”). If a Change in Control (as defined in Appendix A) occurs during the Term, the Term will expire two years following the event that constitutes a Change in Control. 

 2.     Company’s Obligations. 

2.1    General Obligations. The Company agrees, under the conditions described in this Agreement, to pay Executive
the Severance Payments (as defined in Section 5.1 below) and the other payments and benefits described in this Agreement. No Severance Payments will be payable under this Agreement unless Executive’s employment is terminated
as described in Section 5.1. 
 2.2    Equity and Other Performance Based Awards. Notwithstanding anything
to the contrary in this Agreement, upon a Change in Control, each and every stock option, stock appreciation right, restricted stock award, restricted stock unit award, performance share unit award and other equity-based award and any other
performance award (including, but not limited to, cash performance unit award) granted to Executive that is outstanding immediately prior to the Change in Control will (i) immediately vest and become exercisable and any restrictions on the sale
or transfer of such shares (other than any such restriction arising by operation of law) with respect to such shares will terminate, and (ii) be considered to have vested at the highest possible award level with respect to each such award. 

2.3    Notice of Change in Control. The Company will promptly notify Executive in writing of the occurrence of a
Change in Control. 
 3.     Terms of Employment Post-CIC. 

3.1    Employment Period. Upon a Change in Control, the Company agrees to continue Executive in its employ, and
Executive agrees to remain in the employ of the Company, in accordance with, and subject to, the terms and provisions of this Agreement, for the period commencing on the date a Change in Control occurs and ending on the second anniversary of the
Change in Control (the “CIC Employment Period”). 
 3.2    Position and Duties. 

(i)    During the CIC Employment Period, (A) Executive’s position (including status, offices, titles and
reporting requirements), authority, duties, and responsibilities will be at least commensurate in all material respects with the most significant of those held, exercised and assigned by or to Executive at any time during the 90-day period immediately preceding the Change in Control, and (B) Executive’s services will be performed at the location where Executive was employed immediately preceding the Change in Control or at
another location within 35 miles thereof. 
 (ii)    During the CIC Employment Period and excluding any periods of
vacation and sick leave to which Executive is entitled, Executive agrees to devote reasonable attention and time to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to Executive under
this Agreement, to use Executive’s reasonable best efforts to faithfully and efficiently perform those responsibilities. To the extent any activities (including, but not limited to, service on corporate, civic, or charitable boards or
committees) have been conducted by Executive prior to the Change in Control, the continued conduct of those activities (or the conduct of activities similar in nature and scope) after the Change in Control will not be deemed to interfere with the
performance of Executive’s responsibilities to the Company. 

  
 2 

 3.3    Compensation and Benefits. 

(i)    Annual Base Salary. During the CIC Employment Period, Executive will receive an annual base salary not less
than the base salary in effect immediately prior to the Change in Control (“Annual Base Salary”), which will be paid in accordance with the normal business practice of the Company. During this period, the Annual Base Salary
will be reviewed at least annually and will be increased at any time and from time to time as substantially consistent with increases in base salary generally awarded in the ordinary course of business to executives of the Company and its affiliated
companies. Any increase in Annual Base Salary will not serve to limit or reduce any other obligation to Executive under this Agreement. Annual Base Salary will not be reduced after any such increase and the term “Annual Base
Salary” as used in this Agreement will refer to Annual Base Salary as so increased. As used in this Agreement, the term “affiliated companies” includes, when used with reference to the Company, any company
controlled by, controlling or under common control with the Company. 
 (ii)    Annual Bonus. In addition to
Annual Base Salary, Executive will be awarded, for each fiscal year or portion thereof during the CIC Employment Period, an annual bonus (the “Annual Bonus”) in cash equal to no less than the Executive’s target
short-term incentive bonus percentage immediately prior to the Change in Control multiplied by the Executive’s Annual Base Salary, prorated for any period consisting of less than twelve full months. The Annual Bonus awarded for a particular
fiscal year will be paid no later than the fifteenth day of the third month following the end of that year. 

(iii)    Equity and Performance Based Awards. During the CIC Employment Period, Executive will be granted on an
annual basis a long-term incentive package consisting of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance share unit awards, and other equity-based awards and performance awards, as
selected by the Company, with an aggregate value (as determined by an independent consulting firm selected by Executive and reasonably acceptable to the Company) that will be not less than the aggregate value of the most valuable long-term incentive
package awarded Executive in any of the three years immediately preceding the Change in Control. 

(iv)    Benefits. During the CIC Employment Period, Executive will be entitled to the following benefits, in each
such case, no less favorable, in the aggregate, than the most favorable plan, practice, program or policy of the Company and its affiliates applicable to similarly situated executives immediately in effect prior to the commencement of the Change in
Control or in effect at any time after the Change in Control: 
 (a)    profit-sharing, savings and retirement plans
that are tax-qualified under Section 401(a) of the Code (as defined in Appendix A), and all plans that are supplemental to any such
tax-qualified plans; and 
 (b)    welfare benefit plans, practices, policies,
and programs; and 

  
 3 

 (c)    prompt reimbursement for all reasonable expenses incurred by
Executive; and 
 (d)    fringe benefits and perquisites; and 

(e)    paid vacation. 

4.     Termination of Employment for Disability, Death and Cause. 

4.1    Disability. During the CIC Employment Period, during any period that Executive fails to perform
Executive’s duties with the Company as a result of incapacity due to physical or mental illness, the Company will pay Executive’s Annual Base Salary to Executive at the rate in effect at the commencement of any such period, together with
all compensation and benefits payable to Executive under the terms of the Company’s written plans as in effect during that period, until Executive’s employment is terminated by the Company for Disability (as defined in
Appendix A). 
 4.2    Death. During the CIC Employment Period, in the event of Executive’s death,
the Company will pay to Executive’s estate, Executive’s Annual Base Salary, together with all compensation and benefits payable to Executive under the terms of the Company’s written plans as in effect immediately prior to the date of
death, through the date Executive’s employment is terminated by death. 
 4.3    Cause. During the CIC
Employment Period, the Company may terminate Executive’s employment for Cause (as defined in Appendix A). In such event, the Company will pay Executive’s Annual Base Salary, together with all compensation and benefits
payable to Executive under the terms of the Company’s written plans as in effect immediately prior to the date the Executive’s employment is terminated for Cause. 

5.     Termination of Employment by Company without Cause or by Executive for Good Reason. 

5.1    Payments to Executive. If Executive’s employment is terminated following a Change in Control and
during the CIC Employment Period either (i) by the Company without Cause or (ii) by Executive with Good Reason (as defined in Appendix A), then the Company will pay Executive the amounts, and provide Executive the
benefits, set forth in this Section 5.1 (collectively referred to as, “Severance Payments”). 

(A)    Cash Payment. In lieu of (x) any further salary and bonus payments to Executive for periods subsequent
to the Date of Termination (as defined in Section 7.2 herein), and (y) any severance benefit otherwise payable to Executive under the Employment Agreement, if any, the Company will pay to Executive a lump sum severance
payment in cash, on the date that is six months and two days after Executive’s date of termination (the “Designated Date”) from the Company equal to: 

(i)    three (3) times the Executive’s Annual Base Salary, plus 

  
 4 

 (ii)    three (3) times the Executive’s target short-term
incentive bonus percentage immediately prior to the Change in Control or in effect at any time after the Change in Control, whichever is greater, multiplied by the Executive’s Annual Base Salary, plus 

(iii)    an amount equal to Executive’s target short-term incentive bonus percentage immediately prior to the Change
in Control or in effect at any time after the Change in Control, whichever is greater, multiplied by the Executive’s Annual Base Salary, prorated for any period consisting of less than twelve full months, plus 

(iv)    payment in lieu of any accrued but unused vacation as of Executive’s Date of Termination, plus 

(v)    an amount equal to 15% of Executive’s Annual Base Salary (this amount being paid in lieu of outplacement
services), plus 
 (vi)    an amount equal to 45% of Executive’s Annual Base Salary (this amount being paid in
lieu of the perquisites). 
 (B)    Health and Welfare Benefit Plans. For the
36-month period immediately following the Date of Termination, the Company will provide Executive and covered dependents as of Executive’s Date of Termination, medical and health benefits and group life
and supplemental group life substantially similar to those provided to Executive and such covered dependents immediately prior to the Date of Termination (such continuation of benefits referred to as “Welfare Benefit
Contribution”). The Company will timely pay or provide to Executive and/or Executive’s family any other amounts or benefits required to be paid or provided or which Executive and/or Executive’s family is eligible to receive
pursuant to this Agreement and under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies as in effect and applicable generally to other executives and their families on the Date of Termination.

 (C)    Certain Pre-Change in Control Terminations. Any provision in
this Agreement to the contrary notwithstanding, if a Change in Control occurs and if Executive’s employment with the Company has been terminated by the Company without Cause or by Executive with Good Reason in either case within six
(6) months prior to the date on which the Change in Control occurs, then Executive will be entitled to the Severance Payments and other benefits as if Executive’s termination had been following a Change in Control, payable on the
Designated Date. Any amounts to be paid to Executive will be reduced by and offset dollar-for-dollar by any severance benefits payable to Executive under the
Employment Agreement or any other separation agreement in connection with the termination. 
 5.2    Potential
Payment Reduction. 
 (A)    Notwithstanding any other provisions in this Agreement, in the event that any payment
or benefit received or to be received by Executive (including, without limitation, any payment or benefit received in connection with a Change of Control or the termination of the Participant’s employment, whether pursuant to the terms of this
Agreement or any other plan, program, arrangement or agreement) (all such payments and benefits, together, the “Total Payments”) would be subject (in whole or part) to any excise tax imposed under Section

  
 5 

 
4999 of the Code, or any successor provision thereto (the “Excise Tax”), then the Total Payments will be reduced (but in no event to less than zero) in the following order
to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax: (i) cash payments that do not constitute deferred compensation within the meaning of Section 409A of the Code;
(ii) cash payments that do constitute deferred compensation within the meaning of Section 409A of the Code; (iii) acceleration of vesting of equity and equity-based awards and
non-cash benefits that do not constitute deferred compensation within the meaning of Section 409A of the Code and (iv) acceleration of vesting of equity and equity-based awards and non-cash benefits that do constitute deferred compensation within the meaning of Section 409A of the Code (the payments and benefits in clauses (i), (ii), (iii), and (iv), together, the
“Potential Payments”); provided, however, that the Potential Payments will only be reduced if (x) the net amount of the Total Payments, as so reduced (and after subtracting the net amount of federal, state,
municipal and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater than or equal to (y) the
net amount of the Total Payment without such reduction (but after subtracting the net amount of federal, state, municipal and local income taxes on such Total Payments and the amount of Excise Tax to which Executive would be subject in respect of
such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). 

(B)    For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax:
(i) no portion of the Total Payments the receipt or enjoyment of which the Participant will have waived at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code will be
taken into account; (ii) no portion of the Total Payments will be taken into account if, in the opinion of the Company, such portion of the Total Payments does not constitute a “parachute payment” within the meaning of
Section 280G(b)(4)(A) of the Code) (including, without limitation, by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments will be taken into account which, in the opinion of
the Company, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the base amount (as set forth in Section 280G(b)(3) of the Code) that is allocable to
such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payment will be determined by the Company in accordance with the
principles of Sections 280G(d)(3) and (4) of the Code. The Company and Executive agree that the determinations described in this Section 5.2 will take the form of a letter from the Company accompanied by calculations prepared by the
Company and certified by a nationally recognized accounting firm selected by the Company. 
 6.     Non-exclusivity of Rights. Except as provided in Section 5 of this Agreement, nothing in this Agreement will prevent or limit Executive’s continuing or future participation in any plan, program,
policy, or practice provided by the Company or any of its affiliated companies and for which Executive may qualify, nor will anything in this Agreement limit or otherwise affect any rights Executive may have under any contract or agreement with the
Company or any of its affiliated companies. Amounts which are vested benefits or which Executive is otherwise entitled to receive under any plan, policy, practice, or program of or any contract or agreement with the Company or any of its affiliated
companies at or subsequent to the Date of Termination will be payable in accordance with such plan, policy, practice, or program or contract or agreement except as such plan, policy, practice, or program is expressly superseded by this Agreement.

  
 6 

 7.     Termination Procedures. 

7.1    Notice of Termination. Any termination by the Company for Cause, or by Executive for Good Reason, will be
communicated by Notice of Termination to the other party in accordance with Section 11 of this Agreement. The failure by a party to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or
Cause will not waive any right or preclude asserting such fact or circumstance in enforcing rights under this Agreement. A “Notice of Termination” means a notice that indicates the specific termination provision in this
Agreement relied upon and sets forth the Date of Termination. 
 7.2    Date of Termination. The term
“Date of Termination” means (i) if Executive’s employment is terminated by the Company for Cause, or by Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified
therein, (ii) if Executive’s employment is terminated by the Company other than for Cause, the Date of Termination will be the date specified by the Company when it notifies Executive of such termination and (iii) if Executive’s
employment is terminated by reason of death or Disability, the Date of Termination will be the date of Executive’s death or the date of Disability. Notwithstanding the preceding section, in the case of any amount or benefits which constitute
deferred compensation subject to Section 409A of the Code and where the date of payment or the payment commencement date under this Agreement is the Date of Termination (or equivalent term) of Executive, the date of Executive’s
Separation from Service will be deemed to be his Date of Termination (or equivalent term) for purposes of determining the date of payment or the payment commence date under this Agreement and with respect to the Executive. “Separation from
Services” will be determined in accordance with the regulations promulgated under Section 409A of the Code [using the default rule under such regulations]. 

8.     Full Settlement. Subject to the offset provided for in Section 5.1, the Company’s obligation to
make payments provided for in this Agreement and otherwise to perform its obligations under this Agreement will not be affected by any set-off, counterclaim, recoupment, defense, mitigation, or other claim,
right or action which the Company may have against Executive or others. The Company agrees to pay promptly as incurred, to the full extent permitted by law, all legal fees and expenses which Executive may reasonably incur as a result of any contest
(unless Executive’s claim is found by a court of competent jurisdiction to have been frivolous) by the Company, Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement (other than
Section 10 hereof) or any guarantee of performance thereof (including as a result of any contest by Executive about the amount of any such payment pursuant to this Agreement), plus in each case interest on any delayed payment at the
“applicable federal rate” in effect under Section 1274(d) of the Code; provided that any reimbursement payment by the Company pursuant to this sentence will be made on or before the last day of the calendar year immediately following
the calendar year the fee or expense was incurred. 

  
 7 

 9.     Successors; Binding Agreement. 

9.1    This Agreement is personal to Executive and without the prior written consent of the Company is not assignable by
Executive other than by will or the laws of descent and distribution. This Agreement will inure to the benefit of and be enforceable by Executive’s heirs, executors, and other legal representatives. 

9.2    This Agreement will inure to the benefit of and be binding upon the Company and may only be assigned to a
successor described in Section 9.3. 
 9.3    The Company will require any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. As used in this Agreement, “Company” means the Company as earlier defined and any successor to its business and/or assets which assumes and agrees to perform this
Agreement by operation of law, or otherwise. 
 10.    Confidential Information; Certain Prohibited Activities.

 10.1    Executive will hold in a fiduciary capacity for the benefit of the Company all secret or confidential
information, knowledge, or data relating to the Company or any of its affiliated companies, and their respective businesses, obtained by Executive during Executive’s employment by the Company or any of its affiliated companies and which has not
become public knowledge (other than by acts by Executive or representatives of Executive in violation of this Agreement). After Executive’s Date of Termination, Executive will not, without the prior written consent of the Company or as may
otherwise be required by law or legal process, communicate, or divulge any such information, knowledge, or data to anyone other than the Company and those designated by it. Except as provided in Subsection 10.4 below, in no event will an asserted
violation of the provisions of this Section 10 constitute a basis for deferring or withholding any amounts otherwise payable to Executive under this Agreement. Also, within 14 days of the termination of Executive’s employment for any
reason, Executive will return to the Company all documents and other tangible items of or containing Company information which are in Executive’s possession, custody, or control. 

10.2    Executive agrees that for a period of 36 calendar months following Executive’s Date of Termination,
Executive will not, either directly or indirectly, call on, solicit, induce, or attempt to induce any of the employees or officers of the Company whom Executive had knowledge of, or association with, during Executive’s employment with the
Company to terminate their association with the Company either personally or through the efforts of his or her subordinates. 

10.3    Executive agrees that for a period of 36 calendar months following the Executive’s Date of Termination,
Executive will not be employed with, or otherwise assist, any Competing Business in any state in the United States, any province in Canada, or in any substantially similar political subdivision of any other country where Executive has assisted the
Company in doing business while employed with the Company. The foregoing does not prohibit 

  
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ownership of less than 2% of the outstanding stock of a publicly traded company or passive mutual fund investments so long as Executive’s ownership does not involve a controlling interest or
other active role in such company. “Competing Business” means any person or entity engaged in activities that involve the conception, development, sale, servicing, or production of any goods or services that are substantially similar in
form or purpose to the Company’s goods or services or that would otherwise displace the business opportunities for the Company’s goods and services. Person or entity is broadly defined and will include Executive himself, whether operating
as sole proprietorship or in any other manner. 
 10.4    If Executive breaches any provision of this Section 10,
the Company will be entitled to (i) cease any Welfare Benefit Contribution entitlement provided pursuant to Section 5.1(B) hereof, (ii) relief by temporary restraining order, temporary injunction and/or permanent injunction,
(iii) recovery of all attorneys’ fees and costs incurred in obtaining such relief, and (iv) any other legal and equitable relief to which it may be entitled, including monetary damages. 

11.    Notices. Notices and all other communications provided for in this Agreement will be in writing and will be
deemed given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed, if to Executive, to the Executive’s then current residential address and, if to the Company, to the address set forth
below, or to such other address as either party may have furnished to the other in writing in accordance with this Section 11, except that notice of change of address will be effective only upon actual receipt: 

To the Company: 
 Lennox
International Inc. 
 2140 Lake Park Blvd. 

Richardson, TX 75080 

Attention: Chief Human Resources Officer 

12.    Miscellaneous. This Agreement may not be amended or modified except by a written agreement executed by the
parties or their respective successors and heirs, executors, and other legal representatives. Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right
Executive or the Company may have under this Agreement, including, without limitation, Executive’s right to terminate employment for Good Reason pursuant to Section 5.1, will not be a waiver of any provision or right of this Agreement.
This Agreement will be governed by and construed in accordance with the laws of the State of Texas, without reference to principles of conflict of laws. The captions of this Agreement will have no force or effect. All references to sections of the
Exchange Act or the Code will be deemed also to refer to any successor provisions to such sections. The Company may withhold from any amounts payable under this Agreement applicable federal, state, or local taxes as required to be withheld pursuant
to applicable law or regulation. 
 13.    Validity. The invalidity or unenforceability of any provision of this
Agreement will not affect the validity or enforceability of any other provision of this Agreement. 
 14.    Section
409A. This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended, and will be construed to give effect to such intention. 

  
 9 

 The parties will, if necessary, amend the terms of this Agreement to the limited extent
necessary and possible to comply with the requirements of Section 409A. Each payment due under this Agreement will be considered separate payments due to Executive and not one of a series of payments for purposes of Section 409A. 

The signatures below confirm the parties’ acceptance of the terms of this Agreement. 

 

	
	LENNOX INTERNATIONAL INC.
	
	 /s/ Todd J. Teske

	Todd J. Teske
	Lead Independent Director
	
	Date: March 18, 2022

  

	
	EXECUTIVE
	
	 /s/ Alok Maskara

	Alok Maskara
	
	Date: March 18, 2022

 APPENDIX A 

(A)    “Board” means the Company’s Board of Directors. 

(B)    “Cause” has the same meaning as set forth in the Employment Agreement, or, if no
employment agreement exists, means (a) any violation by Executive of the Company’s written policies as they may exist or be created or modified and made available to Executive from time to time in the future, including, as examples and not
as a limitation of the policies to which Executive may be subject, those policies prohibiting discrimination in the workplace, including the prohibition of harassment, on the ground of race, sex, religion, age or any other prohibited basis;
(b) any state or federal criminal conviction, including, but not limited to, entry of a plea of nolo contendere or deferred adjudication upon a felony or misdemeanor charge; (c) the commission by Executive of any material act of misconduct
or dishonesty related to Executive’s employment; (d) any intentional or grossly negligent action or omission to act which breaches any covenant, agreement, condition or obligation contained in this Agreement; or (e) acts that in any
way have a direct, substantial and adverse effect on the Company’s reputation. 
 (C)    “Change in
Control” will be deemed to have occurred upon the occurrence of any of the following events: 
 (i)    the
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of voting securities of the Company where such acquisition causes such Person to own 35% or more of the combined voting power of the then outstanding voting securities
of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions will not be deemed
to result in a Change in Control: (A) any acquisition by the Company or a Subsidiary, (B) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company
or (C) any acquisition by any Person pursuant to a transaction that complies with clauses (A), (B) and (C) of subsection (iii) below; provided, further, that if at least a majority of the members of the Incumbent Board determines in
good faith that a Person has acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of the Outstanding Company Voting Securities inadvertently, and
such Person divests as promptly as practicable a sufficient number of shares so that such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) less than 35% of the
Outstanding Company Voting Securities, then no Change in Control will have occurred as a result of such Person’s acquisition and provided, further, that if any Person’s beneficial ownership reaches or exceeds 35% as a result of a reduction
in the number of Common Shares then outstanding due to the repurchase of Common Shares by the Company, unless and until such time as such Person will purchase or otherwise become the beneficial owner of additional of voting securities of the Company
representing 1% or more of the Outstanding Company Voting Securities; 
 (ii)    individuals who, as of the Effective
Date, constitute the Board (the “Incumbent Board” as modified by this subsection (ii)) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a

  
 A-1 

 
director subsequent to the Effective Date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board (either by specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination) will be considered as though such individual
were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or
other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

(iii)    the consummation of a reorganization, merger or consolidation or sale or other disposition of all or
substantially all of the assets of the Company or the acquisition of assets of another corporation or other transaction (“Business Combination”) excluding, however, such a Business Combination pursuant to which (A) the
individuals and entities who were the beneficial owners of the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 65% of, respectively, the then outstanding shares
of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without
limitation, an entity that as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership
immediately prior to such reorganization, merger or consolidation of the outstanding Common Shares, (B) no Person (excluding any employee benefit plan (or related trust) of the Company, the Company or such entity resulting from such Business
Combination) beneficially owns, directly or indirectly, 30% or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the entity resulting from such Business Combination and
(C) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the
Board, providing for such Business Combination; or 
 (iv)    approval by the Company’s shareholders of a complete
liquidation or dissolution of the Company except pursuant to a Business Combination that complies with clauses (A), (B) and (C) of subsection (iii) above. 

(D)    “Code” means the Internal Revenue Code of 1986, as amended. 

(E)    “Committee” means the Compensation and Human Resources Committee of the Board. 

(F)    “Common Shares” means the common stock, par value $.01 per share, of the Company, and
includes stock of any successor, within the meaning of Section 9.3. 
 (G)    “Company”
means Lennox International Inc. and, except in determining under Section (C) of this Appendix A whether or not any Change in Control of the Company has occurred, includes any successor to its business and/or assets which assumes and agrees to
perform this Agreement by operation of law, or otherwise. 

  
 A-2 

 (H)    “Disability” means permanently disabled
(completely unable to perform Executive’s duties as defined in the Company’s benefit plans). 

(I)    “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 (J)    “Good Reason” means: 

(i)    any change in Executive’s position (including status, offices, titles and reporting requirements), authority,
duties or responsibilities, excluding for this purpose any de minimus changes and excluding an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given
by Executive, or any other assignment to Executive of any duties inconsistent in any respect with such position, authority, duties or responsibilities, other than de minimus inconsistencies or other than, in each case, any such change in duties or
such assignment that would clearly constitute a promotion or other improvement in Executive’s position; 

(ii)    any failure by the Company to comply with any of the provisions of this Agreement, other than an isolated,
insubstantial, and inadvertent failure not occurring in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by Executive; 

(iii)    the relocation of the principal place of Executive’s employment by more than thirty-five (35) miles
from Lennox’s company headquarters, which, as of the Effective Date, is in Richardson, Texas; 
 (iv)    any
failure by the Company to comply with and satisfy the requirements of Section 9.3 of this Agreement, provided that (x) the successor described in Section 9.3 has received, at least ten days prior to the Date of Termination, written
notice from the Company or Executive of the requirements of such provision and (y) such failure to be in compliance and satisfy the requirements of Section 9.3 continues as of the Date of Termination; 

(v)    in the event that Executive is serving as a member of the Board immediately prior to the Change in Control, any
failure to reelect Executive as a member of the Board, unless such reelection would be prohibited by the Company’s By-laws as in effect immediately prior to the Change in Control. 

  
 A-3

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