Document:

formofpsuawardagreement_

1   Exhibit 10.21      PERFORMANCE SHARE UNIT AWARD AGREEMENT    THIS AGREEMENT is made as of the date (the “Grant Date”) stated on the last page hereto  (the “Grant Award”) between JELD-WEN Holding, Inc., a Delaware corporation (the “Company”),  the individual named on the Grant Award (the “Recipient”).    WHEREAS, the Company desires to grant to the Recipient an award of performance share  units pursuant to the Company’s 2017 Omnibus Equity Plan, as may be amended from time to time  (the “Plan”); and    WHEREAS, the Company and the Recipient understand and agree that any capitalized terms  used herein, if not otherwise defined, shall have the same meanings as in the Plan (the Recipient being  referred to in the Plan as Participant).    NOW, THEREFORE, in consideration of the following mutual covenants and for other good  and valuable consideration, including specifically, entry into the JELD-WEN 2021 Non-Compete  Agreement, the parties agree as follows:  1. Award and Terms of Performance Share Units. The Company awards to the  Recipient under the Plan (the “Award”) a target of _________ Performance Share Units (the  “Target Award”), for the three-year period of January 1, 2021 to December 31, 2023 (the “Award  Period”), subject to the restrictions, conditions and limitations set forth in this Agreement and in  the Plan, which is incorporated herein by reference. The Recipient acknowledges receipt of a copy  of the Plan and acknowledges that the definitive records pertaining to the grant of this Award, and  settlement of rights hereunder, shall be retained by the Company.  (a) Rights under Performance Share Units. A Performance Share Unit (“PSU”)  obligates the Company, following the Award Period, to issue to the Recipient one Share, subject to  the provisions of this Agreement, including but in no way limited to the Performance Conditions  set forth in Section 2 of this Agreement.  (b) Award Period. The PSUs awarded under this Agreement shall initially be  100% unvested and subject to forfeiture. Subject to Sections 1(c), 2, and 3, the PSUs shall vest and  be released from the forfeiture provisions on the third anniversary of the Grant Date (the “Vesting  Date”), subject to verification of the satisfaction of the Performance Conditions in accordance with  this Agreement and the Plan.  (c) Forfeiture of PSUs on Termination. If the Recipient’s employment with the  Company or any of its subsidiaries is terminated for cause as determined in the sole discretion of  the Board or any committee of the Board, all outstanding but unvested PSUs awarded pursuant to  this Agreement shall be immediately and automatically forfeited to the Company, and the Recipient  shall have no right to receive the underlying Shares.   (d) Disability, Death and Retirement.  Upon the termination of the Recipient’s  employment with the Company or any of its subsidiaries by reason of Disability, Death or  Retirement prior to the Vesting Date, a number of the PSUs shall vest and be released from the  

 

2   forfeiture provisions on the Vesting Date equal to the (i) the Payout (as defined below) that the  Recipient would have received under this Agreement had the Recipient continued to be an Eligible  Individual on such Vesting Date multiplied by (ii) a fraction the numerator of which is the number  of [days] during the Award Period prior to the Recipient’s termination of employment and the  denominator of which is the number of [days] during the Award Period. For purposes of this  Agreement, an employee is eligible for “Retirement” at any time on or after attaining age fifty-five  (55) with ten (10) years of service with the Company and its subsidiaries. In no event does  Retirement include any termination for cause as determined in the sole discretion of the Board or  any committee of the Board.  (e) Restrictions on Transfer. The Recipient may not sell, transfer, assign,  pledge or otherwise encumber or dispose of the PSUs.  (f) No Stockholder Rights. The Recipient shall have no rights as a stockholder  with respect to the PSUs or the Shares underlying the PSUs until the underlying Shares are issued  to the Recipient.  (g) Delivery Date for the Shares Underlying the Vested PSU. As soon as  practicable, but in no event later than 30 days following the publication of the Annual Report for  the final year of the Award Period, the Company will determine the portion of the Award that has  vested and, subject to the Recipient’s deferral election, if any, shall issue to the Recipient the  Shares underlying the vested PSUs, subject to Section 1(h). The Shares will be issued in the  Recipient’s name or, in the event of the Recipient’s (i) Death, in the name of either (1) the  beneficiary designated by the Recipient on a form supplied by the Company or (2) if the Recipient  has not designated a beneficiary, the person or persons establishing rights of ownership by will or  under the laws of descent and distribution and (ii) Disability, in the name of the Recipient’s estate  or personal representative.  (h) Taxes and Tax Withholding. The Recipient acknowledges and agrees that  no election under Section 83(b) of the Internal Revenue Code of 1986, as amended, can or will be  made with respect to the PSUs. The Recipient acknowledges that on the date that Shares underlying  the PSUs are issued to the Recipient (the “Payment Date”), the Fair Market Value on that date of  the Shares so issued will be treated as ordinary compensation income for federal and state income  and FICA tax purposes, and that the Company will be required to withhold taxes on these income  amounts. To satisfy the required minimum withholding amount, the Company shall withhold from  the Shares otherwise issuable the number of Shares having a Fair Market Value equal to the  minimum withholding amount. Alternatively, the Company may, at its option, permit the Recipient  to pay such withholding amount in cash under procedures established by the Company.    (i) Dividend Equivalent Distributions. If a dividend or other distribution is  made in respect of Shares before the Payment Date, for each PSU that is delivered on the Payment  Date, Recipient will be entitled to receive (on the applicable Payment Date) the per Share amount  received by other stockholders in respect of a Share in connection with such dividend or distribution  (such dividends or distributions, the “Dividend Equivalent Distributions”). For the sake of  clarity, Dividend Equivalent Distributions that relate to PSUs that are not settled on a Payment  Date will be made if and when the Payment Date related to such PSUs occurs.  To the extent any  PSUs are forfeited or do not vest, any Dividend Equivalent Distributions associated with such  PSUs shall similarly be forfeited.    (j) Not a Contract of Employment. Nothing in the Plan or this Agreement shall  

 

3   confer upon the Recipient any right to be continued in the employment of the Company or any  Affiliate, or to interfere in any way with the right of the Company or any parent or subsidiary by  whom the Recipient is employed to terminate the Recipient’s employment at any time or for any  reason, with or without cause, or to decrease the Recipient’s compensation or benefits.    (k) Consent to be Bound by the JELD-WEN Non-Compete Agreement. As  additional consideration, the Recipient acknowledges and agrees to be bound by the terms of the  JELD-WEN 2021 Non-Compete Agreement attached hereto, which agreement is expressly granted  by signing and/or electronically accepting this Agreement.    2. Performance Conditions.    2.1 Payout. Subject to possible enhancement or reduction under Section 2.5, or  reduction under Section 3, the number of PSUs that vest (the “Payout”) shall be determined by  multiplying the Payout Factor (as defined below) by the Target Award, rounded down to the  nearest whole number (the “Target Share Amount”). The Payout Factor shall be determined  pursuant to Section 2.2; provided, however, that the Payout Factor shall not be greater than 150%  and the Payout Factor shall be 0% if the Performance Measure Result (as defined below) for all  Performance Conditions is less than Threshold.    2.2 Payout Factor.    (a) The “Payout Factor” shall be the weighted average of the  Performance Measure Payout Factor (as defined below) for each Performance Condition during  the Award Period. The Performance Measure Payout Factor achieved by the Company for each  Performance Condition during the Award Period shall be determined as follows:         If the result achieved by the Company during the Award Period for the Performance Measure  (“Performance Measure Result”) is between any two Performance Measure data points set forth  in the below table, the Performance Measure Payout Factor shall be interpolated as follows: The  excess of the Performance Measure Result over the Performance Measure of the lower data point  shall be divided by the difference between the Performance Measure of the higher data point and  the Performance Measure of the lower data point. The resulting fraction shall be multiplied by the  difference between the Performance Measure Payout Factors in the above table corresponding to  the two data points. The product of that calculation shall be rounded to the nearest hundredth of a  percentage point and then added to the Performance Measure Payout Factor corresponding to the   If the Performance Measure Result for a  Performance Condition is:  Then the “Performance Measure Payout  Factor” for that Performance Condition  shall be:  Less than Threshold 0%  Threshold 50%  Target 100%  Maximum 150%  

 

4   lower data point, and the resulting sum shall be the Performance Measure Payout Factor for that  Performance Condition.    (b) The “Performance Measures” for each Performance Condition,  together with the weight attributed to the Performance Measure Payout Factor for each  Performance Condition for purposes of calculating the Payout Factor is as follows:    Performance  Condition  Weight Performance Measure  Threshold Target Maximum  Adjusted Return on  Invested Capital  50% 11.0% 12.5%  14.5%  Total Shareholder  Return  50% 25th Percentile 50th Percentile >= 75th  Percentile    2.3 Adjusted Return on Invested Capital (“ROIC”).  For purposes of this  Agreement, Adjusted ROIC is defined as the cumulative annual ROIC as announced by the  Company in each of the three years of the Award Period, as may be adjusted pursuant to Section  2.5.     2.4 Total Shareholder Return (“TSR”). For purposes of this Agreement, the  TSR based on share price for the Award Period will be determined by the Committee. Should the  relative TSR to our peer group be at the 25th percentile of the Russell 3000 index, as determined in  the sole discretion of the Committee, the Payout Factor will be 50%. Should the relative TSR to  our peer group be at the 50th percentile of the Russell 3000 index, as determined in the sole  discretion of the Committee, the Payout Factor will be 100%. Should the relative TSR to our peer  group be at the 75th percentile of the Russell 3000 index, as determined in the sole discretion of the  Committee, the Payout Factor will be 150%.  Should the Russell 3000 index be unavailable or  inappropriate for use as determined by the Committee, as determined in its sole discretion, the  Committee shall determine and use a comparable index for purposes of calculating TSR under this  Section.     2.5 Adjustments. The Committee may, at any time, approve adjustments to the  calculation of a Performance Measure, Performance Measure Result, or the component parts thereof  to take into account such unanticipated circumstances or significant, non-recurring or unplanned  events as the Committee may determine in its sole discretion, and such adjustments may increase  or decrease the Performance Measure, Performance Measure Results, or the component parts  thereof. Circumstances that may be the basis for such adjustments include, but shall not be limited  to, any change in applicable accounting rules or principles; any gain or loss on the disposition of a  business; impairment of assets; dilution caused by acquiring a business; tax changes and tax impacts  of other changes; changes in applicable laws and regulations; changes in rate case timing; changes  in the Company’s structure; and any other circumstances outside of management’s control or the  ordinary course of business.    3. Prohibited Conduct; Restatements.    

 

5   (a) Consequences of Prohibited Conduct. If the Company determines that the  Recipient has engaged in any Prohibited Conduct (as defined in Section 3(b)), then:    (i) The Recipient shall immediately forfeit all outstanding PSUs  awarded pursuant to this Agreement and shall have no right to receive the underlying Shares; and    (ii) If the Payment Date for any PSUs has occurred, and the Company  determines that Prohibited Conduct occurred on or before the first anniversary of the Payment  Date for those PSUs, the Recipient shall repay and transfer to the Company (A) the number of  Shares issued to the Recipient under this Agreement on that Payment Date (the “Forfeited  Shares”), plus (B) the amount of cash equal to the withholding taxes paid by withholding Shares  (if any) from the Recipient on the respective Payment Date. If any Forfeited Shares have been  sold by the Recipient prior to the Company’s demand for repayment, the Recipient shall repay to the  Company (A) 100% of the proceeds of such sale or sales, plus (B) the amount of cash equal to the  withholding taxes paid by withholding Shares (if any) from the Recipient on the respective Payment Date.    (b) Prohibited Conduct. Each of the following constitutes  “Prohibited Conduct”:    (i) the conviction or entry of a plea of guilty or nolo contendere to    (A)    any felony or    (B) any crime (whether or not a felony) involving moral turpitude,  fraud, theft, breach of trust or other similar acts, whether under the laws of the United States  or any state thereof or any similar foreign law to which the person may be subject;    (ii) being engaged or having engaged in conduct constituting breach of  fiduciary duty, dishonesty, willful misconduct or material neglect relating to the Company or any  of its subsidiaries or the performance of a person’s duties;    (iii) appropriation (or an overt act attempting appropriation) of a material  business opportunity of the Company or any of its subsidiaries;    (iv) misappropriation (or an overt act attempting misappropriation) of  any funds of the Company or any of its subsidiaries;    (v) the willful failure to:    (A) follow a reasonable and lawful directive of the Company or  any of its subsidiaries at which a person is employed or provides services, or the Board of  Directors or  (B) comply with any written rules, regulations, policies or  procedures of the Company or a subsidiary at which a person is employed or to which he  or she provides services which, if not complied with, would reasonably be expected to have  more than a de minimis adverse effect on the business or financial condition of the  Company;     

 

6   (vi) violation of a person’s employment, consulting, separation or  similar agreement with the Company or any non-disclosure, non-solicitation or non-competition  covenant in any other agreement to which the person is subject;    (vii) during the Recipient’s employment or service with the Company or  at any time after termination for any reason, the Recipient, in violation of any Company policies  or agreements with the Company, discloses or misuses any of the Company’s trade secrets or other  confidential information regarding the Company, including without limitation, matters relating to  cost data, formulas, patterns, compilations, programs, devices, methods, techniques, processes,  manufacturing processes, business strategy and plans, customer information, pricing information,  supplier information, the Company’s policies and procedures and other financial data of the  Company;  (viii) deliberate and continued failure to perform material duties to the  Company or any of its subsidiaries;    (ix) violation of the Company’s Code of Business Conduct and Ethics,  as it may be amended from time to time; or    (x) during the Recipient’s employment or service with the Company or  at any time during the two-year period following termination for any reason, the Recipient:    (A) directly or indirectly competes with the Company, accepts  employment with any entity that directly or indirectly competes with the Company or otherwise  approaches, solicits or accepts business from any customer, supplier or vendor of the Company in  direct or indirect competition with the Company;    (B) approaches, counsels or attempts to induce any person who  is then in the employ of the Company to leave his or her employ; or employs or attempts to employ  any such person or any person who at any time during the preceding twelve (12) months was in  the employ of the Company; or    (C) aids, assists or counsels any other person, firm or corporation  to do any of the above.    (c) Restatement of Financial Statements. In addition to the other provisions in  this Section 3, this Agreement, or the Plan, the PSUs and any Shares issued under the PSUs shall  be subject to any policies of the Company in effect on the Grant Date or adopted by the Company  at any time thereafter that provide for forfeiture of the PSUs and recoupment of any Shares issued  under the PSUs or of any gain received by the Recipient in connection with the sale of Shares  received under the PSUs in the event of any restatement of the Company’s financial statements.    (d) Determinations. The Committee shall, in its sole discretion, make all  determinations regarding this Section 3, including whether any Prohibited Conduct has occurred,  and the determinations by the Committee shall be final and binding on all parties.    (e) Company and its Affiliates. All references in this Section 3 to the Company  shall include the Company and any of its Subsidiaries and Affiliates.    

 

7   4. Notices. All notices, consents and other communications required or permitted to  be given under or by reason of this Agreement shall be in writing and shall be delivered personally  or by e-mail or reputable overnight courier. If to the Company, notice shall be made at its principal  corporate headquarters, addressed to the attention of the Corporate Secretary. If to the Recipient,  notice shall be made at Recipient’s address on file with the Company. Either party may designate  at any time hereafter in writing some other address for notice.      5. Governing Law. This Agreement shall be construed and enforced in accordance  with the laws of the State of Delaware. Any litigation against any party to this Agreement arising out  of or in any way relating to this Agreement shall be brought in any federal or state court located in  the State of Delaware in New Castle County and each of the parties hereby submits to the exclusive  jurisdiction of such courts for the purpose of any such litigation; provided, that a final judgment in  any such litigation shall be conclusive and may be enforced in other jurisdictions by suit on the  judgment or in any other manner provided by law. Each party irrevocably and unconditionally agrees  not to assert (a) any objection which it may ever have to the laying of venue of any such litigation in  any federal or state court located in the State of Delaware in New Castle County, (b) any claim that  any such litigation brought in any such court has been brought in an inconvenient forum and (c) any  claim that such court does not have jurisdiction with respect to such litigation. To the extent that  service of process by mail is permitted by applicable law, each party irrevocably consents to the  service of process in any such litigation in such courts by the mailing of such process by registered or  certified mail, postage prepaid, at its address for notices provided for herein.    6. Binding Effect; Entire Agreement. This Agreement, together with the Plan, any  written employment agreement, and the JELD-WEN 2021 Non-Compete Agreement, contains the  entire agreement between the parties with respect to the subject matter hereof, supersedes any and all  prior understandings, agreements or correspondence between the parties, and shall be binding upon  the heirs, executors, administrators, successors and assigns of the parties hereto.    7. Severability. Each provision of this Agreement will be treated as a separate and  independent clause and unenforceability of any one clause will in no way impact the enforceability  of any other clause. Should any of the provisions of this Agreement be found to be unreasonable  or invalid by a court of competent jurisdiction, such provision will be enforceable to the maximum  extent enforceable by the law of that jurisdiction.    IN WITNESS WHEREOF, the Company and the Recipient have caused this Agreement to  be executed on their behalf, by their duly authorized representatives, all on the day and year stated in  the Grant Award.  

 

8   JELD-WEN 2021 Non-Compete Agreement  This Non-Compete Agreement (“Agreement”) is entered into by and between JELD-WEN, Inc.,  a Delaware Corporation, with its principal place of business located in Charlotte, North Carolina  (the “Employer”), on behalf of itself, its subsidiaries, and other corporate affiliates, and their  successors or assigns (collectively referred to herein as, the “Employer Group”), and the  Associate named in the award of Restricted Stock Units, Performance Share Units, and/or Stock  Options granted on the date of the Grant Award (the “Associate”), (the Employer and the  Associate are collectively referred to as the “Parties”), as of the Grant Award Date (the  “Effective Date”).  In consideration of the award of Restricted Stock Units, Performance Share Units, and/or stock  Options granted on the date indicated on the Grant Award, which the Associate acknowledges to  be good and valuable consideration for the associate's obligations hereunder, the Employer and  the Associate hereby agree as follows:    1. Confidential Information. The Associate understands and acknowledges that  during the course of employment by the Employer Group, the Associate will have access to and  learn about Confidential Information, as defined below.    (a) Confidential Information Defined.    For purposes of this Agreement, “Confidential Information”  includes, but is not limited to, all information not generally known to the public,  in spoken, printed, electronic, or any other form or medium, relating directly or  indirectly to: business processes, practices, methods, policies, plans, documents,  research, operations, strategies, techniques, agreements, contracts, terms of  agreements, transactions, potential transactions, negotiations, pending  negotiations, know-how, trade secrets, operating systems, work-in-process,  databases, manuals, records, systems, material, sources of material, supplier  information, vendor information, financial information, results, accounting  information, accounting records, legal information, marketing information,  advertising information, pricing information, credit information, design  information, payroll information, staffing information, personnel information,  associate lists, supplier lists, vendor lists, developments, internal controls, security  procedures, drawings, sketches, market studies, sales information, revenue, costs,  formulae, notes, communications, algorithms, product plans, designs, styles,  models, ideas, inventions, unpublished patent applications, discoveries,  experimental processes, experimental results, specifications, customer  information, customer lists, client information, client lists, manufacturing  information, distributor lists, and buyer lists of the Employer Group or its  businesses or any existing or prospective customer, supplier, investor, or other  associated third party, or of any other person or entity that has entrusted  information to the Employer Group in confidence.    The Associate understands that the above list is not exhaustive, and  that Confidential Information also includes other information that is marked or  

 

9   otherwise identified or treated as confidential or proprietary, or that would  otherwise appear to a reasonable person to be confidential or proprietary in the  context and circumstances in which the information is known or used.    The Associate understands and agrees that Confidential  Information includes information developed by the Associate in the course of the  Associate's employment by the Employer as if the Employer furnished the same  Confidential Information to the Associate in the first instance. Confidential  Information shall not include information that is generally available to and known  by the public at the time of disclosure to the Associate, provided that the  disclosure is through no direct or indirect fault of the Associate or person(s)  acting on the Associate's behalf.    (b) Employer Group Creation and Use of Confidential Information.    The Associate understands and acknowledges that the Employer  Group has invested, and continues to invest, substantial time, money, and  specialized knowledge into developing its resources, creating a customer base,  generating customer and potential customer lists, training its associates, and  improving its offerings in the field of door, window, trim, and building supplies  manufacturing and distribution. The Associate understands and acknowledges that  as a result of these efforts, Employer Group has created, and continues to use and  create, Confidential Information. This Confidential Information provides  Employer Group with a competitive advantage over others in the marketplace.    (c) Disclosure and Use Restrictions.    Nothing herein voids, alters, or modifies the associate's obligations  under the Employer’s Code of Business Conduct and Ethics, Associate’s  Employment Agreement, or any other confidentiality agreement entered into by  Associate and the Employer.    2. Restrictive Covenants.    (a) Acknowledgment.    The Associate understands that the nature of Associate's position  gives the Associate access to and knowledge of Confidential Information and  places the Associate in a position of trust and confidence with the Employer  Group. The Associate understands and acknowledges that the intellectual services  the Associate provides to the Employer Group are unique, special, or  extraordinary.    The Associate further understands and acknowledges that the  Employer Group's ability to reserve these for the exclusive knowledge and use of  the Employer Group is of great competitive importance and commercial value to  the Employer Group, and that improper use or disclosure by the Associate is  likely to result in unfair or unlawful competitive activity.  

 

10   (b) Non-Competition.    Because of Employer Group's legitimate business interest as  described in this Agreement and the good and valuable consideration offered to  the Associate, the receipt and sufficiency of which is acknowledged, during the  term of Associate's employment and for the one year beginning on the last day of  the Associate's employment with the Employer, whether terminated for any  reason or no reason, by the Associate or the Employer, (the "Restricted Period"),  the Associate agrees and covenants not to engage in Prohibited Activity within the  United States, or the geographical regions for which the Associate provides  services during the course of employment, whichever is larger.    For purposes of this non-compete clause, "Prohibited Activity" is  activity in which the Associate contributes the Associate's knowledge, directly or  indirectly, in whole or in part, as an associate, employer, owner, operator,  manager, advisor, consultant, contractor, agent, partner, director, stockholder,  officer, volunteer, intern, or any other similar capacity to an entity engaged in the  same or similar business as the Employer Group, including those engaged in the  business of manufacturing and distribution of doors, windows, trim, and other  building supplies manufactured or distributed by the Employer Group. Prohibited  Activity also includes activity that may require or inevitably require disclosure of  trade secrets, proprietary information, or Confidential Information.    The Employer Group regards as its primary, but not exclusive,  competitors the following: Masonite, Weather Shield, PlyGem, Pella, Andersen  Windows, Marvin Windows, Steve’s and Sons, Fortune Brands Door Division  (ThermaTru), Plastpro, Lynden Door, Haley Bros., Woodgrain Millwork, PGT,  Sierra Pacific, and Hurd.    Nothing herein shall prohibit Associate from purchasing or owning  less than five percent (5%) of the publicly traded securities of any corporation,  provided that such ownership represents a passive investment and that the  Associate is not a controlling person of, or a member of a group that controls,  such corporation.    This Section does not, in any way, restrict or impede the Associate  from exercising protected rights to the extent that such rights cannot be waived by  agreement or from complying with any applicable law or regulation or a valid  order of a court of competent jurisdiction or an authorized government agency,  provided that such compliance does not exceed that required by the law,  regulation, or order.    (c) Non-Solicitation of Associates.    The Associate agrees and covenants not to directly or indirectly  solicit, hire, recruit, or attempt to solicit, hire, or recruit, any associate of the  Employer Group ("Covered Associate"), or induce the termination of employment  

 

11   of any Covered Associate for a period of two years, beginning on the last day of  the Associate's employment with the Employer, regardless of the reason for the  employment termination.    (d) Non-Solicitation of Customers.    The Associate understands and acknowledges that because of the  Associate's experience with and relationship to the Employer Group, the  Associate will have access to, and will learn about, much or all of the Employer  Group's customer information. “Customer Information” includes, but is not  limited to, names, phone numbers, addresses, email addresses, order history, order  preferences, chain of command, pricing information, and other information  identifying facts and circumstances specific to the customer and relevant to  sales/services.    The Associate understands and acknowledges that loss of any such  customer relationship or goodwill will cause significant and irreparable harm to  the Employer Group.    The Associate agrees and covenants, for a period of two years,  beginning on the last day of the Associate's employment with the Employer,  whether terminated for any reason or no reason, by the Associate or the  Employer, not to directly or indirectly solicit, contact, or attempt to solicit or  contact, using any other form of oral, written, or electronic communication,  including, but not limited to, email, regular mail, express mail, telephone, fax,  instant message, or social media, including but not limited to Facebook, LinkedIn,  Instagram or Twitter, or any other social media platform, whether or not in  existence at the time of entering into this agreement, or meet with the Employer  Group's current customers for purposes of offering or accepting goods or services  similar to or competitive with those offered by the Employer Group.    This restriction shall only apply to:    • Customers or prospective customers the Associate contacted in any way during  the two years prior to the Associate’s termination of employment;  • Customers about whom the Associate has trade secret or confidential  information; or,  • Customers about whom the Associate has information that is not available  publicly.    3. Remedies. In the event of a breach or threatened breach by the Associate of any of  the provisions of this Agreement, the Associate hereby consents and agrees that the Employer  Group shall be entitled to, in addition to other available remedies, a temporary or permanent  injunction or other equitable relief against such breach or threatened breach from any court of  competent jurisdiction, without the necessity of showing any actual damages or that money  damages would not afford an adequate remedy, and without the necessity of posting any bond or  

 

12   other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal  remedies, monetary damages, or other available forms of relief.    4. Successors and Assigns.    (a) Assignment by the Employer.    To the extent permitted by state law, the Employer may assign this Agreement to any  subsidiary or corporate affiliate in the Employer Group or otherwise, or to any successor  or assign (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to  all or substantially all of the business or assets of the Employer. This Agreement shall  inure to the benefit of the Employer Group and permitted successors and assigns.    (b) No Assignment by the Associate.    The Associate may not assign this Agreement or any part hereof. Any purported  assignment by the Associate shall be null and void from the initial date of purported  assignment.    5. Choice of Law and Forum Selection. This Agreement, and all matters arising out  of or relating to this Agreement, whether sounding in contract, tort, or statute, are governed by,  and construed in accordance with, the laws of the State of North Carolina (including its statutes  of limitations), without giving effect to the conflict of laws provisions thereof to the extent such  principles or rules would require or permit the laws of any jurisdiction other than the State of  North Carolina to apply. Any action or proceeding by either Party to enforce this Agreement  shall be brought only in any state or federal court located in the state of North Carolina, county  of Mecklenburg. The Parties hereby irrevocably submit to the exclusive jurisdiction of such  courts and waive the defense of inconvenient forum to the maintenance of any such action or  proceeding in such venue.    6. Entire Agreement. Unless specifically provided herein, this Agreement contains  all the understandings and representations between the Associate and the Employer pertaining to  the subject matter hereof and supersedes all prior and contemporaneous understandings,  agreements, representations, and warranties, both written and oral, with respect to such subject  matter.    7. Modification and Waiver. No provision of this Agreement may be amended or  modified unless the amendment or modification is agreed to in writing and signed by the  Associate and by the Chief Executive Officer of the Employer. No waiver by either Party of any  breach of any condition or provision of this Agreement to be performed by the other Party shall  be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or  subsequent time, nor shall the failure of or delay by either Party in exercising any right, power,  or privilege under this Agreement operate as a waiver to preclude any other or further exercise of  any right, power, or privilege.    8. Severability. Should any provision of this Agreement be held by a court of  competent jurisdiction to be enforceable only if modified, or if any portion of this Agreement  shall be held as unenforceable and thus stricken, that holding shall not affect the validity of the  

 

13   remainder of this Agreement, the balance of which shall continue to be binding on the Parties  with any modification to become a part of and treated as though originally set forth in this  Agreement.    The Parties further agree that any such court is expressly authorized to modify  any unenforceable provision of this Agreement instead of severing the unenforceable provision  from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or  all of the offending provision, adding additional language to this Agreement, or by making any  other modifications it deems warranted to carry out the intent and agreement of the Parties as  embodied in this Agreement to the maximum extent permitted by law.    The Parties expressly agree that this Agreement as so modified by the court shall  be binding upon and enforceable against each of them. Should one or more of the provisions of  this Agreement be held to be invalid, illegal, or unenforceable in any respect, that invalidity,  illegality, or unenforceability shall not affect any other provisions of this Agreement, and if such  provision or provisions are not modified as provided above, this Agreement shall be construed as  if such invalid, illegal, or unenforceable provisions had not been set forth in this Agreement.    9. Counterparts. This Agreement may be executed in counterparts, each of which  shall be deemed an original, but all of which taken together shall constitute one and the same  instrument. Delivery of an executed counterpart of this Agreement by facsimile, electronic mail  in portable document format (.pdf), or by any other electronic means intended to preserve the  original graphic and pictorial appearance of a document, has the same effect as delivery of an  executed original of this Agreement.    10. No Preparation for Competition. During the term of the Associate's employment,  Associate agrees not to undertake preparations for competitive activity prohibited by this  Agreement.    11. Notice. If and when Associate's employment with Employer terminates, whether  voluntarily or involuntarily, Associate agrees to provide to any subsequent employer a copy of  this Agreement. In addition, Associate authorizes Employer to provide a copy of this  Agreement to third parties, including but not limited to, Associate's subsequent, anticipated, or  possible future employer.    12. Notwithstanding anything herein to the contrary, nothing in this Agreement shall  (x) prohibit Associate from making reports of possible violations of federal law or regulation to  any governmental agency or entity in accordance with the provisions of and rules promulgated  under Section 21F of the Securities Exchange Act of 1934, as amended, or Section 806 of the  Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of federal law  or regulation, or (y) require notification or prior approval by Employer of any such report;  provided that, Associate is not authorized to disclose communications with counsel that were  made for the purpose of receiving legal advice or that contain legal advice or that are protected  by the attorney work product or similar privilege. Furthermore, Associate shall not be held  criminally or civilly liable under any federal or state trade secret law for the disclosure of a  trade secret that is made (1) in confidence to a federal, state or local government official, either  directly or indirectly, or to an attorney, in each case, solely for the purpose of reporting or  investigating a suspected violation of law or (2) in a complaint or other document filed in a  lawsuit or proceeding, if such filings are made under seal.amendedandrestatedmippla

Exhibit 10.22  JELD-WEN HOLDING, INC.  2022 MANAGEMENT INCENTIVE PLAN    1. Purpose.   The purpose of this JELD-WEN Holding, Inc. Management Incentive Plan is to promote the interests  of the Company and its shareholders by motivating superior performance by executive officers and other  key personnel with annual bonus opportunities based upon corporate and individual performance.   2. Definitions.  (a) “Award” means an award granted to a Participant under the Plan subject to such terms  and conditions as the Plan Administrator may establish under the terms of the Plan.   (b) “Base Salary” means a Participant’s annual base salary determined as of the last day of a  Plan Year.  (c) “Board” means the Board of Directors of the Company.   (d) “Company” means JELD-WEN Holding, Inc. and its subsidiaries.   (e) “Participant” means an officer, key employee or consultant of the Company who is in a  position to make contributions to the growth and financial success of the Company and who has been  granted an Award under the Plan.  (f) “Performance Criteria” shall have the meaning set forth in Section 5(b) hereof.   (g) “Performance Goals” shall have the meaning set forth in Section 5(c) hereof.   (h) “Plan” means this JELD-WEN Holding, Inc. Management Incentive Plan, as it may be  amended and restated from time to time.   (i) “Plan Administrator” means the Compensation Committee of the Board, or such other  committee of the Board that the Board shall designate from time to time to administer the Plan.   (j) “Plan Year” means the twelve consecutive month period beginning each January 1 and  ending on the following December 31.   3. Plan Administration.  (a) General. The Plan shall be administered by the Plan Administrator. The Plan Administrator  shall have such powers and authority as may be necessary or appropriate for the Plan Administrator to carry  out its functions as described in the Plan. No member of the Plan Administrator shall be liable for any action  or determination made in good faith by the Plan Administrator with respect to the Plan or any Award  hereunder. The Plan Administrator may delegate, to any appropriate officer or employee of the Company,  responsibility for performing certain ministerial functions under this Plan.   (b) Discretionary Authority. Subject to the express limitations of the Plan, the Plan  Administrator shall have authority in its discretion to determine the time or times at which Awards may be  granted, the recipients of Awards, the Performance Criteria, the Performance Goals and all other terms of  

 

    an Award. The Plan Administrator shall also have discretionary authority to interpret the Plan, to make all  factual determinations under the Plan, and to make all other determinations necessary or advisable for the  administration of the Plan. The Plan Administrator may prescribe, amend, and rescind rules and regulations  relating to the Plan. All interpretations, determinations, and actions by the Plan Administrator shall be final,  conclusive, and binding upon all parties.   4. Eligibility and Participation.  Employees of the Company who hold a position as an executive officer of the Company shall be eligible  to participate in the Plan for a Plan Year on such basis and on such terms and conditions as determined by  the Plan Administrator. In addition, any other employees and consultants of the Company designated by  the Plan Administrator to receive an Award for a Plan Year shall become a Participant in the Plan with  respect to such Plan Year.    5. Awards.  (a) Amount of Awards. The Plan Administrator will determine in its discretion the amount of  an Award, the Performance Criteria, the applicable Performance Goals relating to the Performance Criteria,  and the amount and terms of payment to be made upon achievement of the Performance Goals for each  Plan Year. All Awards will be paid in cash; in no event may any Award payable to any Participant under  the Plan for any Plan Year exceed two hundred percent (200%) of the Participant’s Base Salary.   (b) Performance Criteria. For purposes of Awards granted under the Plan, the “Performance  Criteria” for a given Plan Year shall be one or any combination of the following, for an identified subsidiary  or business unit, as may be selected by the Plan Administrator in its sole discretion at the time of an Award,  : (i) earnings per share; (ii) operating income; (iii) return on equity or assets; (iv) cash flow; (v) net cash  flow; (vi) cash flow from operations; (vii) EBITDA and/or adjusted EBITDA; (viii) revenue growth,  product revenue and/or comparable sales growth; (ix) revenue ratios; (x) cost reductions; (xi) cost ratios or  margins; (xii) overall revenue or sales growth; (xiii) expense reduction or management; (xiv) market  position or market share; (xv) total shareholder return; (xvi) return on investment; (xvii) earnings before  interest and taxes (EBIT); (xviii) net income (before or after taxes); (xix) return on assets or net assets; (xx)  economic value added; (xxi) shareholder value added; (xxii) cash flow return on investment; (xxiii) net  operating profit; (xxiv) net operating profit after tax; (xxv) return on capital; (xxvi) return on invested  capital; (xxvii) customer growth; (xxviii) supply chain achievements, (xxix) financial ratios, including those  measuring liquidity, activity, profitability or leverage; (xxx) financing and other capital raising transactions  (xxxi); strategic partnerships or transactions net revenue; or (xxxii) any combination of or a specified  increase in any of the foregoing, or such other performance criteria determined to be appropriate by the  Plan Administrator in its sole discretion.  (c) Performance Goals. For purposes of Awards granted under the Plan, the “Performance  Goals” for a given Plan Year shall be the levels of achievement relating to the Performance Criteria as may  be selected by the Plan Administrator for the Award. Performance Goals shall be established for each  Participant each Plan Year. The Plan Administrator may establish such Performance Goals relative to the  applicable Performance Criteria as it determines in its sole discretion at the time of an Award. The  Performance Goals for the Global MIP pool calculation are applied individually to each Performance  Criteria.  The Award issued  for each Plan Year shall specify the Peformance Goal threshold, target, and  attainment levelsThe Performance Goals may be applied by the Plan Administrator after excluding charges  for restructurings, discontinued operations, extraordinary items and other unusual or non-recurring items,  and the cumulative effects of accounting changes, and without regard to realized capital gains. The Award  made to an individual Participant may be less (including no Award) than the percentage of the Target Award  determined based on the level of achievement of applicable Performance Goals. The Committee shall be  

 

    precluded from increasing the Target Award but may apply its discretion to increase, reduce or eliminate  such Award without the consent of the Participant, which determination shall be final and binding on the  Participant.  (d) Payment of Awards. The payment of awards under the Plan shall be made during the  calendar year following the applicable Plan Year and within thirty days following the Committee’s  certification of the achievement of applicable Performance Goals, which generally shall be within two and  one half months following the end of the applicable Plan Year.   (e) Form of Payment. Awards under the Plan shall be paid in cash.   (f) Tax Withholding. Any payment under this Plan shall be subject to applicable income and  employment taxes and any other amounts that the Company is required by law to deduct and withhold from  such payment. To the extent that shares of Company stock are used to satisfy withholding obligations of a  Participant (whether previously-owned shares or shares withheld from a stock award), they may be used  only to satisfy the minimum tax withholding required by law (or such other amount as will not have any  adverse accounting impact as determined by the Committee).   (g) Award Deductions.  Any Award under the Plan may be reduced by a Participant’s  outstanding debts owed to the Company at the time payment of the Award is made and shall be subject to  the terms of the Company’s Clawback Policy, as it may be amended from time to time.  6. Termination of Employment.  (a) General Rule. Subject to the provisions of Section 6(b) hereof, the obligation of the  Company to satisfy payment of an Award to a Participant hereunder is conditioned upon the continued  employment of the Participant with the Company at the time determined by the Plan Administrator for  payment of an Award. If the employment of a Participant with the Company is terminated for any reason,  at any time prior to the time determined by the Plan Administrator for payment of an Award hereunder, the  Award shall be forfeited and automatically be cancelled without further action of the Company, unless  otherwise provided by the Plan Administrator.   (b) Exceptions. The Plan Administrator may, in its discretion, provide for the payment of an  Award in the event a Participant’s employment with the Company is terminated as a result of the  Participant’s death or disability.   7. General Provisions.   (a) Effective Date. The Plan shall be effective commencing January 1, 2022.   (b) Amendment and Termination. The Company may, from time to time, by action of the  Board, amend, suspend or terminate any or all of the provisions of the Plan with respect to the then current  Plan Year and any future Plan Year, without the requirement of obtaining the consent of the affected  Participants. The Board shall not, without approval of a majority of the votes cast by the stockholders of  the Company at a meeting of stockholders at which a proposal to amend the Plan is voted upon, (i) increase  the maximum amount of compensation which may be awarded under the Plan to any individual, (ii) alter  the Performance Goals, or (iii) extend the term of the Plan. Subject to the above provisions, the Board and  the Committee shall have authority to amend the Plan to make changes that are consistent with the purpose  of the Plan or to take into account changes in law and tax and accounting rules, as well as other  developments and to make Awards which qualify for beneficial treatment under such rules without  shareholder approval.  

 

    (c) No Right to Employment. Nothing in the Plan shall be deemed to give any Participant the  right to remain employed by the Company or to limit, in any way, the right of the Company to terminate,  or to change the terms of, a Participant’s employment at any time.   (d) Governing Law. The Plan shall be governed by and construed in accordance with the laws  of Delaware, without regard to the choice-of-law rules thereof.   (e) Section 409A. The Company intends that that payments and benefits under this Plan will  either comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended  (the “Code”) and the regulations and guidance promulgated thereunder (collectively “Section 409A”) and,  accordingly, to the maximum extent permitted, this Plan shall be interpreted to be exempt from Section  409A or in compliance therewith, as applicable. Nothing contained herein shall constitute any  representation or warranty by the Company regarding compliance with Section 409A. The Company shall  have no obligation to take any action to prevent the assessment of any additional income tax, interest or  penalties under Section 409A on any person and the Company, its subsidiaries and affiliates, and each of  their respective employees or representatives, shall have no liability to any person with respect thereto. A  termination of employment shall not be deemed to have occurred for purposes of any provision of the Plan  providing for the payment of any amounts or benefits that are considered nonqualified deferred  compensation under Section 409A upon or following a termination of employment, unless such termination  is also a “separation from service” within the meaning of Section 409A and the payment thereof prior to a  “separation from service” would violate Section 409A. For purposes of any such provision of the Plan or  relating to any such payments or benefits, references to a “termination,” “termination of employment,” or  like terms shall mean “separation from service.” If an amount is paid in two or more installments, for  purposes of Section 409A, each installment shall be treated as a separate payment. Notwithstanding any  contrary provision in the Plan, any payment(s) of nonqualified deferred compensation (within the meaning  of Section 409A) that are otherwise required to be made under the Plan to a “specified employee” (as  defined under Section 409A) as a result of his or her separation from service (other than a payment that is  not subject to Section 409A) shall be delayed for the first six months following such separation from service  (or, if earlier, until the date of death of the specified employee) and shall instead be paid on the day that  immediately follows the end of such six-month period.

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