Document:

EX-10.30

 Exhibit 10.30 

EXECUTIVE EMPLOYMENT AND NON-COMPETITION AGREEMENT 

This EXECUTIVE EMPLOYMENT AND NON-COMPETITION AGREEMENT (this “Agreement”), dated as of the 18th day of February, 2014
(“Effective Date”), by and between PMI Holdings, Inc., a Delaware corporation (the “Company”), and Dan Harmon, a resident of Vancouver, Washington (the “Executive”). 

WHEREAS, the purpose and business of the Company is to operate a ‘take and bake’ pizza franchising business (the
“Business”); 
 WHEREAS, the Company desires to be assured that the confidential information and goodwill of the Company
will be preserved for the exclusive benefit of the Company; 
 WHEREAS, the Company desires to be assured that the unique and expert
services of the Executive will be available to the Company, and that the Executive is willing and able to render such services on the terms and conditions hereinafter set forth; and 

NOW, THEREFORE, in consideration of such employment and the mutual covenants and promises herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive agree as follows: 
 1.
Employment. Executive is currently employed by Company and on July 30,2013, was promoted to Senior Vice President of Operations, and his employment as Senior Vice President of Operations shall be upon the terms and conditions
contained in this Agreement, to be effective on the date that Executive was so promoted (the “Effective Date”). Executive’s employment with the Company shall continue, subject to earlier termination of such employment pursuant
to the terms hereof, until May 5, 2015 after the Effective Date (the “Employment Period”). Notwithstanding anything herein to the contrary, this Agreement shall be of no force or effect until the Effective Date. On May 5,
2015 and on each anniversary thereof, the Employment Period shall be automatically extended for an additional twelve-month period. The Company or the Executive may elect to terminate the automatic extension of the Employment Period by giving written
notice of such election not less than ninety (90) days prior to the end of the then current Employment Period.  
 2. Duties.
During the Employment Period, Executive shall serve on a full-time basis and perform services in a managerial capacity in a manner consistent with Executive’s position as Senior Vice President of Operations of the Company and Executive’s
duties and responsibilities shall include those duties reasonably assigned to him from time to time by the Company’s Board of Directors (the “Board”). Executive shall devote his entire business time, attention and energies
(excepting vacation time, holidays, sick days and periods of disability) and use his best efforts in his employment with the Company; provided, however, that this Agreement shall not be interpreted as prohibiting Executive from managing his personal
affairs, engaging in charitable or civic activities, or serving as a director of or providing services to another business or enterprise (whether engaged in for profit or not; provided, however, with respect to for profit businesses, the Executive
shall be limited to serving as a director to three for-profit business enterprises other than the Company), so long as such activities do not interfere in any material respect with the performance of Executive’s duties and responsibilities
hereunder. 

  

 3. Compensation. 

3.1 Base Salary. 
 (a) In
consideration of the services rendered by the Executive under this Agreement, the Company shall pay the Executive a base salary (the “Base Salary”) at the rate of $200,000 per calendar year during his employment. 

(b) The Base Salary shall be paid in such installments and at such times as the Company pays its regularly salaried executives and shall be
subject to all necessary withholding taxes, FICA contributions and similar deductions in accordance with the Company’s customary payroll procedures. 

(c) The Base Salary will be reviewed on an annual basis by the Board and may be increased based on individual performance and/or the
performance of the Company. 
 3.2 Bonus. During the Employment Period, the Executive shall be eligible to receive an annual bonus
(the “Annual Bonus”), in an amount up to 40% of the Base Salary, payable in accordance with the Company’s incentive compensation policy; provided, that, such Annual Bonus shall in no event be paid later than March 15 of
the calendar year following the fiscal year to which such Annual Bonus relates. The Annual Bonus shall be based upon the attainment of certain targets as agreed upon by the Executive and the Board with respect to the Company’s financial
performance for any fiscal year ending during the Employment Period. The Annual Bonus shall be subject to all necessary withholding taxes, FICA contributions and similar deductions. 

3.3 Vacation. Executive shall be entitled to take vacation consistent with Company policy, such vacation to extend for such periods and
to be taken at such intervals as shall be appropriate and consistent with the proper performance of the Executive’s duties hereunder. 

3.4 Benefits. During the term of Executive’s employment under this Agreement, Executive shall be entitled to participate in any
benefit plans (excluding any severance or bonus plans unless specifically referenced in this Agreement) offered by the Company as in effect from time to time (collectively, “Benefit Plans”), on the same basis as that generally made
available to other senior executives of the Company, to the extent Executive may be eligible to do so under the terms of any such Benefit Plan. Executive understands that any such Benefit Plans may be terminated or amended from time to time by the
Company in its discretion. 
 4. Termination. Executive’s employment hereunder may be terminated as follows: 

4.1 Automatically in the event of the death of Executive; 

4.2 At the option of the Company, by written notice to Executive or his personal representative in the event of the Permanent Disability of
Executive. As used herein, the term “Permanent Disability” shall mean a physical or mental incapacity or disability which renders Executive unable to render the services required hereunder (A) for one hundred eighty
(180) days in any twelve (12) month period or (B) for a period of ninety (90) consecutive days; 

  
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 4.3 At the option of the Company for Cause (as defined in Section 5.4); 

4.4 At the option of the Company at any time without Cause; 

4.5 At the option of Executive, at any time, for any reason, on one-hundred eighty (180) days prior written notice to the Company; 

4.6 Immediately in the event of a breach by the Executive of Section 7 of this Agreement; or 

4.7 At the option of Executive for Good Reason (as defined in Section 5.5), on ninety (90) days prior written notice to the
Company. 
 5. Payments. 

5.1 Death or Permanent Disability. Upon the termination of Executive’s employment due to death or Permanent Disability, Executive
or his legal representatives shall be entitled to receive (i) an amount equal to Base Salary payable through the date of termination and (ii) a pro rata portion of Executive’s Annual Bonus, if any, for the applicable period of the
calendar year for which Executive was employed (which portion of the Annual Bonus shall be reasonably determined by the Board at the end of the year in which termination occurs in accordance with the Board’s bonus determination policies then in
effect), payable at the same time as such payment would have been made if not for Executive’s death or Permanent Disability. Executive or his legal representatives shall also be entitled to any accrued and unpaid vacation pay or other benefits
which may be owing in accordance with the Company’s policies. 
 5.2 Termination Without Cause or by Executive for Good Reason.
If Executive’s employment is terminated by the Company at any time during the Employment Period without Cause or by the Executive at any time during the Employment Period for Good Reason, Executive shall be entitled to receive (i) any
accrued but unpaid Base Salary through the date of termination, (ii) Base Salary through the one year anniversary of such date of termination, payable at the time such payments would have otherwise been payable under this Agreement had the
Executive not been terminated; provided, however, that no portion of such severance pay shall be paid to the Executive prior to the first regular payroll following the sixtieth (60th) day of the date of the Executive’s termination of
employment with the Company (the “First Payroll Date”); (iii) a pro rata portion of Executive’s Annual Bonus, if any, for the applicable period of the calendar year for which Executive was employed (which portion of the
Annual Bonus shall be reasonably determined by the Board at the end of the year in which termination occurs in accordance with the Board’s bonus determination policies then in effect), payable at the same time as such payment would have been
made if not for termination of Executive’s employment with the Company as set forth in Section 3.2 hereof, and (iv) continuation of group health plan benefits to the extent authorized by and consistent with 29 U.S.C: § 1161 et
seq. (commonly known as (“COBRA”)) starting on Executive’s termination of employment, with the cost of the regular premium for such benefits shared in the same relative proportion by the Company and the Executive as in effect
immediately prior to the date of termination, for a period of one year 

  
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after the date of termination; provided, that, if Executive does not execute a fully effective non-revocable release within sixty (60) days of the termination of employment, then, beginning
on the sixtieth (60th) day following the termination of employment, the Company shall cease to provide to Executive any such coverages and/or benefits under any of the applicable plans, except to the extent required by law. Executive shall also
be entitled to any accrued and unpaid vacation pay or other benefits which may be owing in accordance with the Company’s policies. In the case of clause (ii) in this Section 5.2, the portion of the severance pay that would have been
paid to the Executive during the period between the date of termination of Executive’s employment with the Company and the First Payroll Date shall be paid to the Executive in a lump sum on the First Payroll Date and, thereafter, the remaining
portion of the severance pay shall be paid without delay over the time period originally scheduled in this Section 5.2. 
 5.3
Termination for Cause, by Executive without Good Reason or by Nonrenewal. Except for Base Salary through the day on which Executive’s employment was terminated and any accrued and unpaid vacation pay or other benefits which may be owing
in accordance with the Company’s policies or applicable law, Executive shall not be entitled to receive severance or any other compensation or benefits after the last date of employment with the Company upon the termination of Executive’s
employment hereunder by the Company for Cause pursuant to Section 4.3, by Executive without Good Reason pursuant to Section 4.5 or as a result of non-renewal by the Company or Executive pursuant to Section 1. 

5.4 Cause Defined. For purposes of this Agreement, the following shall constitute “Cause” for termination: 

(a) dishonest statements or acts of the Executive with respect to the Company or any affiliate of the Company; 

(b) the commission by or indictment of the Executive for (A) a felony or (B) any misdemeanor involving moral turpitude, deceit,
dishonesty or fraud (“indictment,” for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination of probable or reasonable cause with respect to such offense is
made); 
 (c) gross negligence, willful misconduct or insubordination of the Executive with respect to the Company or any affiliate of the
Company; or 
 (d) material breach by the Executive of any of the Executive’s obligations to the Company; 

provided, that, in the case of clause (d), in the event that the Company provides written notice of termination for Cause in reliance upon this
Section 5.4, the Executive shall have the opportunity to cure such circumstances within thirty (30) days of receipt of such notice. 

5.5 Good Reason Defined. For purposes of this Agreement, the term “Good Reason” shall mean, without Executive’s
consent: 
 (a) the Company materially breached its obligations under this Agreement; 

  
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 (b) any material diminution of significant duties of the Executive; or 

(c) a reduction in Executive’s Base Salary of 10% or more, other than pursuant to a reduction applicable to all senior executives or
employees generally; 
 provided, that, in each case, in the event that Executive provides written notice of termination for Good Reason in reliance upon
this Section 5.5, the Company shall have the opportunity to cure such circumstances within thirty (30) days of receipt of such notice. 

5.6 Condition to Payment. All payments and benefits due to Executive under this Section 5 which are not otherwise required
by law shall be contingent upon (i) execution by Executive (or Executive’s beneficiary or estate) of a fully effective and non-revocable general release of all claims to the maximum extent permitted by law against the Company, its
affiliates and its current and former stockholders, directors, members, managers, employees and agents, in such form as determined by the Company in its sole discretion within sixty (60) days of the Executive’s termination of employment
and (ii) compliance by Executive with his obligations under this Agreement, including, without limitation, the restrictions on activities of Executive set forth in Section 7 and under any stockholders or other agreement to which the
Company and Executive are a party. 
 5.7 No Other Severance. Executive hereby acknowledges and agrees that, other than the severance
payment described in Sections 5.2 hereof, upon termination, Executive shall not be entitled to any other severance under any Company benefit plan or severance policy generally available to the Company’s employees or otherwise. 

5.8 Board Resignation. Upon termination of Executive’s employment for any reason, Executive agrees to resign, as of the date of
such termination and to the extent applicable, as an officer and director of the Company and all of its subsidiaries and affiliates. 
 5.9
Survival. This Section 5 shall survive any termination or expiration of this Agreement. 
 6. Reimbursement of Expenses.
The Company shall reimburse the Executive for all reasonable and necessary expenses actually incurred by the Executive directly in connection with the business and affairs of the Company and the performance of his duties hereunder, upon presentation
of proper receipts or other proof of expenditure and in accordance with such reasonable guidelines or limitations established by the Board from time to time. 

7. Non-Competition; Non-Solicitation; Confidentiality; Proprietary Rights. 

7.1 The Executive hereby agrees that during the period commencing on the date hereof and ending on the date that is one year following the date
of the termination of Executive’s employment with the Company (the “Noncompetition Period”), the Executive will not, without the express written consent of the Company, directly or indirectly, anywhere in the United States or
in any foreign country in which the Company has conducted business, is conducting business or is then contemplating conducting business, engage in any activity which is, or participate or invest in, or provide or facilitate the provision of
financing to, or assist (whether as owner, part-owner, shareholder, member, partner, director, officer, trustee, 

  
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employee, agent or consultant, or in any other capacity), any business, organization or person other than the Company (or any subsidiary or affiliate of the Company), and including any such
business, organization or person involving, or which is, a family member of the Executive, whose business, activities, products or services are competitive with any of the business, activities, products or services conducted, offered or then
contemplated to be conducted or offered by the Company or its subsidiaries or affiliates; provided, however, nothing herein shall prohibit the Executive from being employed by any business, organization or person that operates in the quick service
restaurant industry and derives less than 10% of its total revenue from the sale of pizza. Without implied limitation, the foregoing covenant shall be deemed to prohibit (i) hiring or engaging or attempting to hire or engage for or on behalf of
the Executive or any such competitor any officer or employee of the Company or any of its direct and/or indirect subsidiaries and affiliates, or any former employee of the Company and any of its direct and/or indirect subsidiaries and affiliates who
was employed during the six (6) month period immediately preceding the date of such attempt to hire or engage, (ii) encouraging for or on behalf of the Executive or any such competitor any such officer or employee to terminate his or his
relationship or employment with the Company or any of its direct or indirect subsidiaries and affiliates, (iii) soliciting for or on behalf of Executive or any such competitor any client (including all franchisees) of the Company or any of its
direct or indirect subsidiaries and affiliates, or any former client (including all franchisees) of the Company or any of its direct or indirect subsidiaries and affiliates who was a client (including all franchisees) during the six (6) month
period immediately preceding the date of such solicitation and (iv) diverting to any person (as hereinafter defined) any client (including all franchisees) or business opportunity of the Company or any of its direct or indirect subsidiaries and
affiliates. 
 Notwithstanding anything herein to the contrary, the Executive may make passive investments in any enterprise the shares of which are
publicly traded if such investment constitutes less than two percent (2%) of the equity of such enterprise. Neither the Executive nor any business entity controlled by the Executive is a party to any contract, commitment, arrangement or
agreement which could, following the date hereof, restrain or restrict the Company or any subsidiary or affiliate of the Company from carrying on its business or restrain or restrict the Executive from performing his employment obligations, and as
of the date of this Agreement the Executive has no business interests whatsoever in or relating to the industries in which the Company or its subsidiaries or affiliates currently engage, and other than passive investments in the shares of public
companies of less than two percent (2%). 
 7.2 In the course of performing services hereunder, on behalf of the Company (for purposes of
this Section 7 including all predecessors of the Company) and its affiliates, Executive has had and from time to time will have access to Confidential Information (as defined below). Executive agrees (i) to hold the Confidential
Information in strict confidence, (ii) not to disclose the Confidential Information to any person (other than in the regular business of the Company or its affiliates), and (iii) not to use, directly or indirectly, any of the Confidential
Information for any purpose other than on behalf of the Company and its affiliates. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information, that are furnished to
Executive by the Company or are produced by Executive in connection with Executive’s employment will be and remain the sole property of the Company. Upon the termination of Executive’s employment with the Company for any reason and as and
when otherwise requested by the Company, all Confidential 

  
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Information (including, without limitation, all data, memoranda, customer lists, notes, programs and other papers and items, and reproductions thereof relating to the foregoing matters) in
Executive’s possession or control, shall be immediately returned to the Company. Executive recognizes that the Company and its affiliates possess a proprietary interest in all of the Confidential Information and have the exclusive right and
privilege to use, protect by copyright, patent or trademark, or otherwise exploit the processes, ideas and concepts described therein to the exclusion of Executive, except as otherwise agreed between the Company and Executive in writing. Executive
expressly agrees that any products, inventions, discoveries or improvements made by Executive or Executive’s agents or affiliates in the course of Executive’s employment shall be the property of and inure to the exclusive benefit of the
Company. Executive further agrees that any and all products, inventions, discoveries or improvements developed by Executive (whether or not able to be protected by copyright, patent or trademark) during the course of his employment, or involving the
use of the time, materials or other resources of the Company or any of its affiliates, shall be promptly disclosed to the Company and shall become the exclusive property of the Company, and Executive shall execute and deliver any and all documents
necessary or appropriate to implement the foregoing. 
 7.3 During and after Executive’s employment, Executive shall cooperate fully
with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company that relate to events or occurrences that transpired while Executive was employed by
the Company. The Company shall reimburse Executive for any reasonable out-of-pocket expenses incurred in connection with Executive’s performance of obligations pursuant to this Section 7.3. 

7.4 The term “Confidential Information” shall mean information belonging to the Company which is of value to the Company or with
respect to which Company has right in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the Company. Confidential Information includes information, whether or not patentable or
copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium, including, by way of example and without limitation, trade secrets, ideas, concepts, designs, configurations, specifications, drawings,
blueprints, diagrams, models, prototypes, samples, flow charts processes, techniques, formulas, software, improvements, inventions, data, know-how, discoveries, copyrightable materials, marketing plans and strategies, sales and financial reports and
forecasts, customer lists, studies, reports, records, books, contracts, instruments, surveys, computer disks, diskettes, tapes, computer programs and business plans, prospects and opportunities (such as possible acquisitions or dispositions of
businesses or facilities) which have been discussed or considered by the management of the Company. Confidential Information includes information developed by Executive in the course of Executive’s employment by the Company, as well as other
information to which Executive may have access in connection with Executive’s employment. Confidential Information also includes the confidential information of others with which the Company has a business relationship. Notwithstanding the
foregoing, Confidential Information does not include information in the public domain, unless due to breach of Executive’s duties under Section 7.2. 

8. Remedies. It is specifically understood and agreed that any breach of the provisions of Section 7 of this Agreement is
likely to result in irreparable injury to the Company and that the remedy at law alone will be an inadequate remedy for such breach, and that in addition to any  

  
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other remedy it may have, the Company shall be entitled (a) to enforce the specific performance of this Agreement by the Executive and to seek both temporary and permanent injunctive relief
(to the extent permitted by law) without bond and without liability should such relief be denied, modified or violated and (b) to cease making any payments or providing any benefit otherwise required by this Agreement, including, without
limitation, any severance payment required under Section 5.2, in each case in addition to any other remedy to which the Company may be entitled at law or in equity. 

9. Severable Provisions. The provisions of this Agreement are severable and the invalidity of any one or more provisions shall not affect
the validity of any other provision. In the event that a court of competent jurisdiction shall determine that any provision of this Agreement or the application thereof is unenforceable in whole or in part because of the duration or scope thereof,
the parties hereto agree that said court in making such determination shall have the power to reduce the duration and scope of such provision to the extent necessary to make it enforceable, and that the Agreement in its reduced form shall be valid
and enforceable to the full extent permitted by law. 
 10. Notices. All notices hereunder, to be effective, shall be in writing
and shall be deemed effective when delivered by hand or mailed by (a) certified mail, postage and fees prepaid, or (b) nationally recognized overnight express mail service, as follows: 

If to the Company: 
 PMI
Holdings, Inc. 
 c/o Papa Murphy’s International LLC 

8000 N.E. Parkway Drive, Suite 350 

Vancouver, WA 98662 
 With copies
to (which shall not constitute notice): 
 Papa Murphy’s Holdings, Inc. 

c/o Lee Equity Partners, LLC 
 650
Madison Avenue, 21 st Floor 
 New York, NY 10022 

Attn: Ben Hochberg 

Yoo Jin Kim 

Facsimile: (646) 781-3700 

If to the Executive: 
  

			
		 	Dan Harmon
		 	  

		 	  

		 	  

 or to such other address as a party may notify the other pursuant to a notice given in accordance with this
Section 10. 

  
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 11. Miscellaneous. 

11.1 Executive Representation. Executive hereby represents to the Company that the execution and delivery of this Agreement by Executive
and the Company and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, or be prevented, interfered with or hindered by, the terms of any employment agreement or other
agreement or policy to which Executive is a party or otherwise bound. 
 11.2 Entire Agreement; Amendment. This Agreement constitutes
the entire Agreement between the parties hereto with regard to the subject matter hereof, superseding all prior understandings and agreements, whether written or oral. This Agreement may not be amended or revised except by a writing signed by the
parties. 
 11.3 Assignment and Transfer. The provisions of this Agreement shall be binding on and shall inure to the benefit of the
Company and any successor in interest to the Company. Neither this Agreement nor any of the rights, duties or obligations of the Executive shall be assignable by the Executive, nor shall any of the payments required or permitted to be made to the
Executive by this Agreement be encumbered, transferred or in any way anticipated, except as required by applicable laws. All rights of the Executive under this Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal or legal representatives, estates, executors, administrators, heirs and beneficiaries. All amounts payable to the Executive hereunder shall be paid, in the event of the Executive’s death, to the Executive’s estate, heirs or
representatives. 
 11.4 Waiver of Breach. A waiver by either party of any breach of any provision of this Agreement by the other
party shall not operate or be construed as a waiver of any other or subsequent breach by the other party. 
 11.5 Withholding. The
Company shall be entitled to withhold from any amounts to be paid or benefits provided to the Executive hereunder any federal, state, local or foreign withholding, FICA contributions, or other taxes, charges or deductions which it is from time to
time required to withhold. The Company shall be entitled to rely on advice of counsel if any question as to the amount or requirement of any such withholding shall arise. 

11.6 Set Off. The Company’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall
be subject to set-off, counterclaim or recoupment of amounts owed by Executive to the Company or its affiliates; provided, however, this set-off right is limited to actual amounts owed by Executive to the
Company (which, for the avoidance of doubt, shall exclude any consequential or indirect damages). 
 11.7 Section 409A. 

(a) If any payment, compensation or other benefit provided to Executive in connection with his employment termination is determined, in whole
or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and Executive is a specified employee as defined in
Section 409A(a)(2)(B)(i), then no portion of such “nonqualified deferred compensation” shall be paid before the day that is six (6) months plus one (1) day after the date 

  
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of termination (the “New Payment Date”). The aggregate of any payments that otherwise would have been paid to Executive during the period between the date of termination and the
New Payment Date shall be paid to Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally
scheduled, in accordance with the terms of this Agreement. Notwithstanding the foregoing, to the extent that the foregoing applies to the provision of any ongoing welfare benefits to Executive that would not be required to be delayed if the premiums
therefor were paid by Executive, Executive shall pay the full cost of premiums for such welfare benefits during the six-month period and the Company shall pay Executive an amount equal to the amount of such premiums paid by Executive during such
six-month period promptly after its conclusion. 
 (b) The parties hereto acknowledge and agree that the interpretation of Section 409A
and its application to the terms of this Agreement is uncertain and may be subject to change as additional guidance and interpretations become available. Anything to the contrary herein notwithstanding, all benefits or payments provided by the
Company to Executive that would be deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A are intended to comply with Section 409A. If, however, any such benefit or payment is deemed to not
comply with Section 409A, the Company and Executive agree to renegotiate in good faith any such benefit or payment (including, without limitation, as to the timing of any severance payments payable hereof) so that either
(i) Section 409A will not apply or (ii) compliance with Section 409A will be achieved; provided, that, neither the Company nor its employees or representatives shall have liability to Executive with respect hereto. 

(c) Notwithstanding anything to the contrary contained in this Agreement, all reimbursements for costs and expenses under
this Agreement shall be paid in no event later than the end of the taxable year following the taxable year in which Executive incurs such expense. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind
benefits, except as permitted by Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursements or
in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year, provided, however, that the foregoing clause (ii) shall not be violated
with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Internal Revenue Code of 1986, as amended, solely because such expenses are subject to a limit related to the period the arrangement is in effect. 

(d) If under this Agreement, an amount is paid in two or more installments, for purposes of Section 409A, each installment shall be
treated as a separate payment. 
 (e) A termination of employment shall not be deemed to have occurred for purposes of any provision of this
Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of employment unless such termination is also a “separation from service” as defined in Section 1.409A-1(h) of the
Department of Treasury final regulations, including the default presumptions, and for purposes of any such provision of this Agreement, references to a “resignation,” “termination,” “terminate,” “termination of
employment” or like terms shall mean separation from service. 

  
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 11.8 Governing Law. This Agreement shall be construed under and enforced in accordance
with the laws of the State of Delaware, without regard to the conflicts of law provisions thereof. 
 11.9 Arbitration of Disputes.
Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of the termination of the Executive’s employment (including, without limitation, any claims of unlawful employment
discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American
Arbitration Association (“AAA”) in the city of New York, NY, in the borough of Manhattan in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to
the selection of arbitrators. In the event that any person or entity other than the Executive or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such
other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section 11.9 shall be specifically enforceable. Notwithstanding the foregoing, this
Section 11.9 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any
other relief shall be pursued through an arbitration proceeding pursuant to this Section 11.9. 
 11.10 Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and shall have the same effect as if the signatures hereto and thereto were on the same instrument. 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written. 

 

			
	COMPANY:
	
	PMI HOLDINGS, INC.
		
	By:	 	 /s/ Ken Calwell

		 	Ken Calwell, Chief Executive Officer
	
	EXECUTIVE:
	
	 /s/ Dan Harmon

	Dan Harmon

  
 11EX-10.1

 Exhibit 10.1 

ARMSTRONG WORLD INDUSTRIES, INC. 

2011 LONG-TERM INCENTIVE PLAN 

NONQUALIFIED STOCK OPTION GRANT 

TERMS AND CONDITIONS 

1. Grant.
 (a) Subject to the
terms set forth below, Armstrong World Industries, Inc. (the “Company”) has granted to the designated employee (the “Grantee”) a nonqualified stock option (the “Option”) to purchase shares of common
stock of the Company (the “Company Stock”) as specified in the 2014 Long-Term Stock Option Grant letter to which these Grant Conditions relate (the “Grant Letter”) at the exercise price specified in the Grant
Letter. The “Date of Grant” is February 25, 2014.
 (b) These Terms and Conditions (the “Grant
Conditions”) are part of the Grant Letter. This grant is made under the Armstrong World Industries, Inc. 2011 Long-Term Incentive Plan (the “Plan”). Any terms not defined herein shall have the meanings set forth
in the Plan.
 2. Exercisability of Option. 

(a) The Option shall become exercisable on the following dates, if the Grantee continues to be employed by the Company or its subsidiaries
or affiliates (collectively the “Employer”) on the applicable dates listed below (each individually, a “Vesting Date”): 
  

					
	 Vesting Date
	  	Shares for Which the
Option is Exercisable	 
	 February 25, 2015
	  	 	33.33	% 
	 February 25, 2016
	  	 	33.33	% 
	 February 25, 2017
	  	 	33.33	% 

 (b) The exercisability of the Option is cumulative, but shall not exceed 100% of the shares subject to
the Option. If the foregoing schedule would produce fractional shares, the number of shares for which the Option becomes exercisable shall be rounded to the nearest whole share.

3. Term of Option; Termination of Employment.

(a) Term. The Option shall have a term of ten years from the Date of Grant and shall terminate at the expiration of that period
(5:00 p.m. EST on the day prior to February 25, 2024) (the “Expiration Date”), unless it is terminated at an earlier date pursuant to the provisions of the Grant Letter, the Grant Conditions or the Plan.

 (b) Termination of Employment. Except as described below, if the Grantee
ceases to be employed by the Employer, the Option (including any vested and unvested portions) shall be forfeited as of the termination date and shall cease to be outstanding.  

(c) “55 / 5” Rule Termination. If, after ten months following the Date of Grant, the Grantee ceases to be employed
by the Employer on account of “55 / 5” Rule Termination (as defined below), the Option will thereafter become exercisable as if the Grantee had continued to be employed by the Employer after the date of such termination. In the event
of any “55 / 5” Rule Termination, the Option will terminate upon the earlier of the Expiration Date or the end of the five year period following the Grantee’s “55 / 5” Rule Termination date.  

(d) Involuntary Termination. If the Grantee ceases to be employed by the Employer on account of an Involuntary Termination
(as defined below), the Option shall be exercisable only with respect to that number of shares for which the Option is exercisable on the Grantee’s termination date. The exercisable portion of the Option shall terminate upon the earlier of
the Expiration Date or the end of the three month period following the Grantee’s termination date. Any unexercisable portion of the Option will be forfeited as of the termination date.  

(e) Voluntary Termination. If the Grantee ceases to be employed by the Employer on account of a voluntary termination
other than for Cause, the Option shall be exercisable only with respect to that number of shares for which the Option is exercisable on the Grantee’s termination date. The exercisable portion of the Option shall terminate upon the earlier
of the Expiration Date or the end of the one month period following the Grantee’s termination date. Any unexercisable portion of the Option will be forfeited as of the termination date.  

(f) Death or Long-Term Disability. If the Grantee ceases to be employed by the Employer on account of death or the
Grantee incurs a Long-Term Disability (as defined below), the Option shall become fully and immediately exercisable. The Option may be exercised at any time prior to the earlier of the Expiration Date or the end of the 12 month period following
the date of the Grantee’s death or Long-Term Disability.  
 (g) Restricted Period. If, pursuant to
the foregoing provisions, the vested Option would terminate (other than upon termination of employment for Cause) at a time when trading in Company Stock is prohibited by law or by the Company’s insider trading policy, the vested Option may be
exercised until the earlier of the Expiration Date or the 30th day after expiration of such prohibition.  
 4. Change in Control Involuntary
Termination. Subject to Section 14 of the Plan, and notwithstanding Section 3 above, if the Grantee has an Involuntary Termination upon or within two years after a Change in Control, the Option shall become fully and immediately
exercisable and may be exercised at any time prior to the earlier of the Expiration Date or the end of the three month period following the Grantee’s termination date (or, if applicable, as set forth in Section 4(c)
above). Notwithstanding the foregoing, if the Grantee has a change in control agreement in effect with the Company, the terms of the change in control agreement and not the foregoing sentence shall govern exercisability of the Option in the
event of termination of employment upon, after or in connection with a Change in Control, to the extent that such change in control agreement conflicts with the terms of these Grant Conditions. 

 5. Definitions. For purposes of these Grant Conditions and the Grant Letter: 

(a) “Cause” shall mean any of the following, as determined in the sole discretion of the Employer: (1) commission of
a felony or a crime involving moral turpitude; (2) fraud, dishonesty, misrepresentation, theft or misappropriation of funds with respect to the Employer; (3) violation of the Employer’s Code of Conduct or employment policies, as in
effect from time to time; (4) breach of any written noncompetition, confidentiality or nonsolicitation covenant of the Grantee with respect to the Employer; or (5) gross negligence or misconduct in the performance of the
Grantee’s duties with the Employer. 
 (b) “Involuntary Termination” shall mean the Employer’s termination of
the Grantee’s employment other than for Cause.
 (c) “Long-Term Disability” shall mean the Grantee is receiving
long-term disability benefits under the Employer’s long-term disability plan. 
 (d) ““55 / 5” Rule
Termination” shall mean the Grantee’s termination of employment other than for Cause after the Grantee has attained age 55 and has completed five years of service with the Employer. 

6. Exercise Procedures. Subject to Sections 2, 3 and 4 above, the Grantee may exercise the portion of the Option that has become exercisable,
in whole or in part, by delivering a notice of exercise to the Company in the manner prescribed by the Management Development and Compensation Committee (the “Committee”). The Grantee shall pay the exercise price (i) in
cash, (ii) if permitted by the Committee, by withholding shares of Company Stock subject to the exercisable Option, which have a Fair Market Value on the date of exercise equal to the exercise price, (iii) by delivering shares of Company
Stock (or by attestation to ownership of shares), which shall be valued at their Fair Market Value on the date of exercise, and which shall have a Fair Market Value on the date of exercise equal to the exercise price, (iv) by payment through a
broker in accordance with procedures acceptable to the Committee and permitted by Regulation T of the Federal Reserve Board, or (v) by such other method as the Committee may approve. The Committee may impose such limitation as it deems
appropriate on the use of shares to exercise the Option.
 7. Restrictions on Exercise. Except as the Committee may otherwise permit
pursuant to the Plan, only the Grantee may exercise the Option during the Grantee’s lifetime and, after the Grantee’s death, the Option shall be exercisable as described in Section 14 below to the extent that the Option is exercisable
pursuant to the Grant Letter and these Grant Conditions.
 8. Delivery of Shares. The Company’s obligation to deliver shares upon
exercise of the Option shall be subject to applicable laws, rules and regulations and also to such approvals by governmental agencies as may be deemed appropriate to comply with relevant securities laws and regulations.

9. No Shareholder Rights. Neither the Grantee, nor any person entitled to exercise the Grantee’s rights in the event of the
Grantee’s death, shall have any of the rights and privileges of a shareholder with respect to the shares subject to the Option, until shares have been issued upon the exercise of the Option.

 10. No Right to Continued Employment. The grant of the Option shall not confer upon the Grantee any
right to continued employment with the Employer or interfere with the right of the Employer to terminate the Grantee’s employment at any time. 

11. Incorporation of Plan by Reference. The Grant Letter and these Grant Conditions are made pursuant to the terms of the Plan, the terms of
which are incorporated herein by reference, and shall in all respects be interpreted in accordance therewith. The decisions of the Committee shall be conclusive upon any question arising hereunder. The Grantee’s receipt of the Option
constitutes the Grantee’s acknowledgment that all decisions and determinations of the Committee with respect to the Plan, the Grant Letter, these Grant Conditions, and the Option shall be final and binding on the Grantee and any other person
claiming an interest in the Option.  
 12. Withholding Taxes. The Employer shall have the right to deduct from all payments
made hereunder and from other compensation an amount equal to the federal (including FICA), state, local and foreign taxes required by law to be withheld with respect to the Option. The Employer will withhold shares of Company Stock payable
hereunder to satisfy the tax withholding obligation on amounts payable in shares, unless the Grantee provides a payment to the Employer to cover such taxes, in accordance with procedures established by the Committee. The share withholding
amount shall not exceed the Grantee’s minimum applicable withholding tax amount. 
 13. Company Policies. All amounts payable under
the Grant Letter and these Grant Conditions shall be subject to any applicable clawback or recoupment policies, share trading policies and other policies that may be implemented by the Company’s Board of Directors from time to time.

14. Assignment. The Grant Letter and these Grant Conditions shall bind and inure to the benefit of the successors and assignees of the
Company. The Grantee may not sell, assign, transfer, pledge or otherwise dispose of the Option, except, in the event of the Grantee’s death, to the executor or administrator of the estate of the Grantee or the person or persons to whom the
Grantee’s rights under the Option shall pass by will or the laws of descent and distribution. 
 15. Governing Law. The validity,
construction, interpretation and effect of the Grant Letter and these Grant Conditions shall be governed by, and determined in accordance with, the applicable laws of the Commonwealth of Pennsylvania, excluding any conflicts or choice of law rule or
principle.
 *        *        *

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