Document:

Document

EXHIBIT 10.2

LCI INDUSTRIES
2018 OMNIBUS INCENTIVE PLAN

Performance Stock Unit Award Agreement

LCI Industries (the “Company”), pursuant to its 2018 Omnibus Incentive Plan (the “Plan”), hereby grants an award of Performance Stock Units to you, the Participant named below.  The terms and conditions of this Award are set forth in this Performance Stock Unit Award Agreement (the “Agreement”), consisting of this cover page, the Terms and Conditions on the following pages and the attached Annex A, and in the Plan document, a copy of which has been provided to you.  Any capitalized term that is used but not defined in this Agreement shall have the meaning assigned to it in the Plan as it currently exists or as it is amended in the future. 

									
	Name of Participant:	[[FIRSTNAME]] [[LASTNAME]]
	Target Number of 
Performance Stock Units:
	[[SHARESGRANTED]]
	Grant Date:	[[GRANTDATE]]
	Measurement Period:	January 1, 2022 – December 31, 2024
	Scheduled Vesting Date:	The number of Units determined in accordance with Annex A to have been achieved as of the end of the Measurement Period will vest* on March 1, 2025, subject to earlier vesting or termination as provided in the attached Terms and Conditions

	Performance Goals:	See Annex A

	* Except as set forth in this Agreement, assuming that your Service has been continuous from the Grant Date to the vesting date.	

    By signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed these documents.  With respect to this Award, if there is any conflict between the provisions of this Agreement and any other agreement between you and the Company (including any employment agreement), the provisions of this Agreement will govern.  

PARTICIPANT:    LCI INDUSTRIES: 
[[SIGNATURE]]        By:_______________________________ 
[[SIGNATURE_DATE]]                                     Title:  _____________________________
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EXHIBIT 10.2

LCI INDUSTRIES
2018 Omnibus Incentive Plan
Performance Stock Unit Award Agreement

Terms and Conditions

1.Award of Performance Stock Units.  The Company hereby confirms the grant to you, as of the Grant Date and subject to the terms and conditions of this Agreement and the Plan, of an award of Performance Stock Units (the “Units”) in an amount initially equal to the Target Number of Performance Stock Units specified on the cover page of this Agreement.  The number of Units that may actually be achieved and become eligible to vest pursuant to this Award can be between 0% and 200% of the Target Number of Units (excluding any dividend equivalent Units credited to you pursuant to Section 6 below). Each Unit that is determined to be achieved as a result of the performance goals specified in Annex A to this Agreement having been satisfied and which thereafter vests represents the right to receive one Share of the Company’s common stock. Prior to their settlement or forfeiture in accordance with the terms of this Agreement, the Units granted to you will be credited to a performance stock unit account in your name maintained by the Company. This account will be unfunded and maintained for book-keeping purposes only, with the Units simply representing an unfunded and unsecured contingent obligation of the Company.

2.    Restrictions Applicable to Units.  Neither this Award nor the Units subject to this Award may be sold, assigned, transferred, exchanged or encumbered, voluntarily or involuntarily, other than a transfer upon your death in accordance with your will, by the laws of descent and distribution or pursuant to a beneficiary designation submitted in accordance with Section 6(d) of the Plan. Following any such transfer, this Award shall continue to be subject to the same terms and conditions that were applicable to this Award immediately prior to its transfer.  Any attempted transfer in violation of this Section 2 shall be void and without effect.  The Units and your right to receive Shares in settlement of any Units under this Agreement shall be subject to forfeiture except to extent the Units have been achieved and thereafter vest as provided in Section 4.   

3.    No Shareholder Rights.  The Units subject to this Award do not entitle you to any rights of a holder of the Company’s common stock.  You will not have any of the rights of a shareholder of the Company in connection with any Units granted or achieved pursuant to this Agreement unless and until Shares are issued to you in settlement of achieved and vested Units as provided in Section 5.

4.    Vesting and Forfeiture of Units.  Subject in all cases to Section 8 of this Agreement, the Units shall vest at the earliest of the following times and to the degree specified.  

(a)Determination of Units Achieved; Scheduled Vesting.  The Committee will determine (i) the degree to which the applicable performance goals for the Measurement Period have been satisfied, and (ii) the number of Units that have been achieved during the Measurement Period, each as determined in accordance with Annex A, typically following the Measurement Period (and in any event no later than March 10, 2025).  The achieved Units, if any, will vest on the earlier of (i) the Scheduled Vesting Date set forth on the cover page of this Agreement, so long as you have provided continuous Service from the Grant Date to the Scheduled Vesting Date, or  (ii) the occurrence of an event described in Section 4(b)-(f).

(b)Disability.  If your Service terminates by reason of your Disability prior to the Scheduled Vesting Date, then the number of Units deemed achieved and vested shall be determined as follows: 

    (i)    if your termination of Service due to Disability occurs before the last day of the Measurement Period, the Target Number of Units, prorated to reflect the portion of the Measurement Period (the “Proration Period”) that had passed prior to the date of the termination of your Service; and 
        (ii)    if your termination of Service due to Disability occurs on or after the last day of the Measurement Period, the number of Units will be determined in accordance with Section 4(a) and Annex A hereof based on the actual level of achievement of the performance goals set forth in Annex A.  
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EXHIBIT 10.2

The Units achieved and calculated as set forth above shall be fully vested as of the date of your termination of Service due to Disability.
(c)Death.  If you die prior to the Scheduled Vesting Date, then the number of Units deemed achieved and vested shall be determined as follows: 

        (i)    if your death occurs before the last day of the Measurement Period, the Target Number of Units, prorated to reflect the portion of the Proration Period that had passed prior to the date of your death; and 
        (ii)     if your death occurs on or after the last day of the Measurement Period, the number of Units will be determined in accordance with Section 4(a) and Annex A hereof based on the actual level of achievement of the performance goals set forth in Annex A.  
The Units achieved and calculated as set forth above shall be fully vested as of the date of your death.
(d)    Retirement.  If your Service terminates by reason of your Approved Retirement (as defined in Section 9):

    (i)    before the last day of the Measurement Period, then the number of Units deemed achieved shall be the number of Units determined in accordance with Section 4(a) and Annex A hereof based on the actual level of achievement of the performance goals set forth in Annex A, prorated to reflect the portion of the Measurement Period from the first day of the Measurement Period through the date of your Approved Retirement, as compared to the length of the Measurement Period, and the Units so achieved shall vest on the Scheduled Vesting Date; or 

    (ii)    prior to the Scheduled Vesting Date but on or after the last day of the Measurement Period, then the number of Units deemed achieved and vested shall be determined in accordance with Section 4(a) and Annex A hereof based on the actual level of achievement of the performance goals set forth in Annex A, and the Units so achieved shall vest on the Scheduled Vesting Date. 

(e)    Qualifying Termination.  If your Service is terminated by the Company without Cause, or is terminated by you for Good Reason (as defined in Section 9 below) (and such termination does not occur within twenty-four (24) months after a Change in Control, which termination is governed by Section 4(f) hereof) (a “Qualifying Termination”) prior to the Scheduled Vesting Date, then the number of Units deemed achieved and vested shall be determined as follows:

(i)    if your termination of Service as a result of a Qualifying Termination occurs before the last day of the Measurement Period, then the number of Units deemed achieved and vested shall be the number of Units determined in accordance with Section 4(a) and Annex A hereof based on the actual level of achievement of the performance goals set forth in Annex A, prorated to reflect the portion of the Measurement Period from the first day of the Measurement Period through the date of the Qualifying Termination, as compared to the length of the Measurement Period, and the Units so achieved shall be fully vested on the Scheduled Vesting Date; and

(ii)    if termination of Service as a result of a Qualifying Termination occurs on or after the last day of the Measurement Period, then the number of Units deemed achieved and vested shall be determined in accordance with Section 4(a) and Annex A hereof based on the actual level of achievement of the performance goals set forth in Annex A, and the Units so achieved shall vest on the Scheduled Vesting Date. 

(f)    Change in Control.  If a Change in Control occurs while you continue to be a Service Provider and prior to the Scheduled Vesting Date, the following provisions shall apply:
(i)If, within twenty-four (24) months after a Change in Control (A) described in paragraphs (1) or (2) of Section 2(g) of the Plan or (B) that constitutes a Corporate Transaction as defined in paragraph (3) of Section 2(g) of the Plan and in connection with which the surviving or successor entity (or its Parent) has continued, assumed or replaced this Award, you experience an 
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EXHIBIT 10.2

involuntary termination of Service for reasons other than Cause or you terminate your Service for Good Reason, then the Units shall be deemed to have been achieved and vested as of such termination date to the degree and in the manner provided in Section 4(f)(iii).
(ii)If this Award is not continued, assumed or replaced in connection with a Change in Control that constitutes a Corporate Transaction, then the Units shall be deemed to have been achieved and vested immediately prior to the effective time of the Corporate Transaction to the degree and in the manner provided in Section 4(f)(iii).  
(iii)The number of Units that would be deemed achieved and vested pursuant to Section 4(f)(i) and Section 4(f)(ii) will be equal to (A) if the accelerated vesting event occurs before the last day of the Measurement Period, the Target Number of Units, prorated to reflect the portion of the Proration Period that had passed prior to the date of the Change in Control or the termination of Service, as applicable, or (B) if the accelerated vesting event occurs on or after the last day of the Measurement Period, the number of Units will be determined in accordance with Section 4(a) and Annex A hereof based on the actual level of achievement of the performance goals set forth in Annex A.
(g)Forfeiture of Unvested Units.  Any Units that do not vest on the applicable vesting date as provided in Sections 4(a) through (f) shall immediately be forfeited.  If your Service terminates prior to the Scheduled Vesting Date under circumstances other than as set forth in Sections 4(b) through (f), all unvested Units shall immediately be forfeited.

5.    Settlement of Units.  Subject to Section 8 below, as soon as practicable after any date on which Units vest (but no later than the 15th day of the third calendar month following the applicable vesting date), the Company shall cause to be issued and delivered to you (or to your personal representative or your designated beneficiary or estate in the event of your death, as applicable) one Share in payment and settlement of each vested Unit.  Delivery of the Shares shall be effected by the issuance of a stock certificate to you, by an appropriate entry in the stock register maintained by the Company’s transfer agent with a notice of issuance provided to you, or by the electronic delivery of the Shares to a brokerage account, and shall be subject to the tax withholding provisions of Section 7 and compliance with all applicable legal requirements as provided in Section 17(c) of the Plan, and shall be in complete satisfaction and settlement of such vested Units.  The Company will pay any original issue or transfer taxes with respect to the issue and transfer of Shares to you pursuant to this Agreement, and all fees and expenses incurred by it in connection therewith.  If the Units that vest include a fractional Unit, the Company shall round the number of vested Units to the nearest whole Unit prior to issuance of Shares as provided herein.  

6.    Dividend Equivalents.  The following provisions shall apply if the Company pays cash dividends on its Shares while any Units subject to this Agreement are outstanding.

(a)Prior to Scheduled Vesting Date. Prior to the Scheduled Vesting Date, on each dividend payment date, a dividend equivalent dollar amount equal to the Target Number of Units pursuant to this Agreement as of the dividend record date times the dollar amount of the cash dividend per Share shall be deemed reinvested in additional Units as of the dividend payment date and such additional Units shall be credited to your performance stock unit account.  The number of additional Units so credited shall be determined based on the Fair Market Value of a Share on the applicable dividend payment date.  Any additional Units so credited will be subject to the same terms and conditions, including the timing of vesting and settlement, applicable to the underlying Units to which the dividend equivalents relate.

(b)As of Scheduled Vesting Date.  As of the Scheduled Vesting Date, you will be credited with an additional number of Units if and to the extent that your performance stock unit account would have been credited with additional Units under Section 6(a) had the determination of additional Units in Section 6(a) been based on the actual number of Units achieved under this Agreement, as determined by the Committee in accordance with Annex A.  The calculation of such additional number of Units pursuant to this Section 6(b) will be determined according to the same formula as set forth in Section 6(a).  The additional number of Units credited pursuant to this Section 6(b) will be fully vested and subject to settlement at the same time as the underlying Units as provided in Section 5 above.

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EXHIBIT 10.2

7.    Tax Consequences and Withholding.  No Shares will be delivered to you in settlement of vested Units unless you have made arrangements acceptable to the Company for payment of any federal, state, local or foreign withholding taxes that may be due as a result of the delivery of the Shares.  You hereby authorize the Company (or any Affiliate) to withhold from payroll or other amounts payable to you any sums required to satisfy such withholding tax obligations, and otherwise agree to satisfy such obligations in accordance with the provisions of Section 14 of the Plan.  You may elect to satisfy such withholding tax obligations by having the Company withhold a number of Shares that would otherwise be issued to you in settlement of the Units and that have a Fair Market Value equal to the amount of such withholding tax obligations by notifying the Company of such election.  
8.    Forfeiture of Award and Compensation Recovery.
(a)    Financial Restatements.  In the event of a restatement of the Company’s financial statements, the Committee shall have the right to review this Award, the amount, payment or vesting of which was based on an entry in the financial statements that is the subject of the restatement. If the Committee determines, based on the results of the restatement, that a lesser amount or portion of this Award should have been paid or vested, it may (i) cancel all or any portion of this Award and (ii) require you or any other person to whom any payment has been made or shares or other property have been transferred in connection with this Award to forfeit and pay over to the Company, on demand, all or any portion of the value realized (whether or not taxable) on the vesting or payment of this Award. 
  
(b)    Forfeiture Conditions.  Notwithstanding anything to the contrary in this Agreement, (i) if your Service is terminated for Cause, (ii) if the Committee determines that the payment of the Award was based on an incorrect determination that financial or other criteria were met, (iii) if you breach any of the covenants or provisions described in Section 8(c) below unless compliance with the applicable portion of such covenants has been waived in writing by the Committee in its discretion, or (iv) if you breach any other agreement between you and the Company, including, without limitation, any employment agreement, then, in the discretion of the Committee: (A) any unsettled portion of this Award may be reduced, cancelled or forfeited, and (B) any settled portion of this Award may be rescinded and recovered within one (1) year after the Company becomes aware of such activity, conduct or event.  The Company shall notify you in writing of any such reduction, cancellation, forfeiture, rescission or recovery. Immediately after receiving such notice, you shall forfeit this Award as well as the right to receive Shares that have not yet been issued pursuant to Section 5 to the extent indicated therein.  If the written notice mandates the rescission or recovery of any settled portion of this Award, then within ten (10) days of the date of such notice, you are required to (y) return to the Company the number of Shares that you received upon settlement of this Award which have not been sold and (z) pay to the Company in cash an amount equal to the Fair Market Value of such Shares as of the respective settlement dates of the underlying Units (with respect to Shares received hereunder that you previously sold). The Company also shall be entitled to set-off against the amount of any such gain any amount owed to you by the Company.

(c)Restrictive Covenants.  

(1) Non-Disclosure and Return of Confidential Information.  You have or will be given access to and provided trade secrets, confidential and proprietary information, and other non-public information and data of or about the Company (and its Affiliates) and its business (“Confidential Information”) in the course of your Service which is of unique value to the Company. Examples of Confidential Information include, without limitation, hard copy or electronically stored information, documents or records including any sensitive, confidential, proprietary, or trade secret information related to: confidential business or manufacturing processes; research and development information; inventions, improvements and designs; new product or marketing plans; business strategies and plans; merger and acquisition targets; financial and pricing information; computer programs, source codes, models and databases; analytical models; human resources strategies; the skills and compensation of the Company’s (and its Affiliates’) employees, contractors, and any other service providers of the Company (or its Affiliates); customer lists and information; information received from or about third parties that the Company is obligated to keep confidential; supplier and vendor lists; the existence or content of any business discussions, negotiations, or agreements between the Company (or any of its Affiliates) and any Customer or Restricted Prospective Customer, or any other third party; and other information which is not generally available to the public. You agree not 
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EXHIBIT 10.2

to disclose, publish or use Confidential Information, either during or after your Service is terminated, except (1) as necessary to perform your duties during your term of Service, (2) as the Company may consent in writing, (3) as required by law or judicial process, provided you (unless prohibited by applicable law) promptly notify the Company in writing of any subpoena or other judicial request for disclosure involving Confidential Information or trade secrets, and reasonably cooperate with any effort by the Company to obtain a protective order preserving the confidentiality of the Confidential Information or trade secrets, or (4) in connection with reporting possible violations of law or regulations to any governmental agency or from making other disclosures protected under any applicable whistleblower laws. The confidentiality obligations set forth herein shall continue indefinitely, for so long as the Confidential Information remains confidential (and you understand that you will not be relieved of your obligations if the Confidential Information loses its confidential nature because of a breach of any of your obligations to the Company or its Affiliates). If this Agreement is enforced by a court applying the law of a jurisdiction where a time frame is required for a non-disclosure provision to be enforceable with respect to information that does not rise to the level of a trade secret, then your obligations with respect to such information will be in effect during your term of Service and for three (3) years thereafter. You further agree to return any and all Confidential Information, whether in hard or electronic format, regardless of the location on which such information may reside, no later than three (3) business days following the termination of your Service or at any other time at the Company’s request.  You understand that access or use of the Company’s electronic databases, computer network and electronically stored information is for the Company’s benefit only and that any use of the Company’s electronic databases, computer network or electronically stored information or removal or use of information from the Company’s electronic databases, computer network or other electronically stored information for any other purpose is unauthorized or prohibited.  Notwithstanding anything to the contrary herein or in any policy of the Company, you may 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 (A) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney if such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law or for pursuing an anti-retaliation lawsuit; or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and you do not disclose the trade secret except pursuant to a court order.  In the event a disclosure is made, and you file a lawsuit against the Company alleging that the Company retaliated against you because of your disclosure, you may disclose the relevant trade secret or confidential information to your attorney and may use the same in the court proceeding only if (x) you ensure that any court filing that includes the trade secret or confidential information at issue is made under seal; and (y) you do not otherwise disclose the trade secret or confidential information except as required by court order.
(2)    No Solicitation of or Competitive Business with Customers.  During the Restricted Period, you shall not, directly or indirectly, (i) provide, sell, market, attempt to provide, sell or market, or assist any person or entity in the provision, sale or marketing of any Competitive Product to any Customer with respect to whom, at any time during the twenty-four (24) months immediately preceding the termination of your Service, you sold, provided, or assisted in or supervised the sale or provision of, any products or services on behalf of the Company (or an Affiliate), you designed, developed or manufactured, or assisted in or supervised the design, development or manufacture of any product on behalf of the Company (or an Affiliate), you had any business contact on behalf of the Company (or an Affiliate), you had any relationship, business development, sales, service or account responsibility (including, without limitation, any supervisory or managerial responsibility) on behalf of the Company (or an Affiliate), or you had access to, or gained knowledge of, any Confidential Information concerning the Company’s (or an Affiliate’s) business with such Customer, or (ii) otherwise solicit or communicate with any such Customer as described in (i) above for the purpose of selling or providing any Competitive Product.  For avoidance of doubt, the foregoing covenant prohibits, among other things, you from being employed or engaged by or providing Competitive Services to any Customer in any manner in which you will be developing, producing, providing, or managing the development, production or provision of, any Competitive Product to or for the benefit of such Customer if such Competitive Product displaces, diminishes the need for, or serves as a substitute for, any products that the Company or any of its Affiliates provided, or could provide, to such Customer.
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EXHIBIT 10.2

(3)    No Solicitation of or Competitive Business with Restricted Prospective Customers. During the Restricted Period, you shall not, directly or indirectly, (i) provide, sell, market, attempt to provide, sell or market, or assist any person or entity in the provision, sale or marketing of any Competitive Product to any Restricted Prospective Customer or (ii) otherwise solicit or communicate with any Restricted Prospective Customer for the purpose of selling or providing any Competitive Product.  For avoidance of doubt, the foregoing covenant prohibits, among other things, you from being employed or engaged by or providing Competitive Services to any Restricted Prospective Customer in any manner in which you will be developing, producing, providing, or managing the development, production or provision of, any Competitive Product to or for the benefit of the Restricted Prospective Customer if such Competitive Product displaces, diminishes the need for, or serves as a substitute for, any product that the Company or any of its Affiliates provided, or could provide, to such Restricted Prospective Customer.

(4)    No Hire.  During the Restricted Period, you shall not, directly or indirectly: (i) solicit, recruit, hire, employ, engage the services of or attempt to hire, employ or engage the services of any individual who is an employee or contractor of the Company or an Affiliate (or who was, within the six (6) months prior to the termination of your Service, an employee or contractor of the Company or an Affiliate); (ii) assist any person or entity in the recruitment, hiring or engagement of any individual who is an employee or contractor of the Company or an Affiliate (or who was, within the six (6) months prior to the termination of your Service, an employee or contractor of the Company or an Affiliate); (iii) urge, induce or seek to induce any individual to terminate his/her employment or engagement with the Company or an Affiliate; or (iv) advise, suggest to or recommend to any Competitor or other entity with which you are employed or otherwise associated that it employ, engage the services of or seek to employ or engage the services of any individual who is an employee or contractor of the Company or an Affiliate (or who was, within the six (6) months prior to the termination of your Service, an employee or contractor of the Company or an Affiliate).
(5)    No Competition.  During the Restricted Period, you shall not, directly or indirectly, on your own behalf or on behalf of any person or entity other than the Company or an Affiliate, including as a proprietor, principal, agent, partner, officer, director, shareholder, employee, member of any association, consultant or otherwise, perform Competitive Services in the Restricted Area for or on behalf of any Competitor, with respect to Competitive Products.
(6)    Non-Disparagement.  During your term of Service and afterward, you shall not, directly or indirectly, criticize, make any negative comments about or otherwise disparage the Company, its Affiliates or any persons or entities associated with any of them, whether orally, in writing, electronically or otherwise, directly or by implication, to any person or entity, including Company customers or agents; provided, however, that nothing in this Section 8(c)(6) is intended to prohibit you from (A) making any disclosures or statements in good faith in the normal course of performing your duties or responsibilities for the Company during your Service; (B) making any disclosures as may be required or compelled by law or legal process; or (C) making any disclosures or providing any information to a governmental agency or entity, including without limitation in connection with a complaint by you against the Company or the investigation of any complaint against the Company.
(7)    No Injurious, Detrimental or Prejudicial Conduct.  Except as otherwise permitted in Section 8(c)(6), during your term of Service or afterward, you shall not, directly or indirectly, engage in any conduct or inaction, or omit to take any action, which conduct, action or inaction is reasonably determined by the Committee to be injurious, detrimental or prejudicial to the business or reputation of the Company or its Affiliates or any interest of the Company and its Affiliates, including, but not limited to, a violation of any material Company or Affiliate policy or a violation of any federal or state securities laws, rules or regulations or of any rule or other requirement of any securities exchanges on which the Company’s Shares may, at the time, be listed.
(d)Compensation Recovery Policy. In addition to those provisions in Sections 8(a), 8(b) and 8(c), to the extent that this Award and any compensation associated therewith is considered “incentive-based compensation” within the meaning and subject to the requirements of Section 10D of the Exchange Act, this Award and any compensation associated therewith shall be subject to potential forfeiture or recovery by the 
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EXHIBIT 10.2

Company in accordance with any compensation recovery policy adopted by the Board or the Committee in response to the requirements of Section 10D of the Exchange Act and any implementing rules and regulations thereunder, or as otherwise required by law.  This Agreement may be unilaterally amended by the Committee to comply with any such compensation recovery policy.
(e)Remedies.  The parties expressly agree that the forfeiture and repayment obligations contained in this Section 8 are in addition to, and not in lieu of, any and all other legal and/or equitable remedies, including without limitation, injunctive relief, that may be available to the Company in connection with your breach of Section 8(c), and the Company reserves it rights to pursue all such remedies.  You acknowledge and agree that your breach of Section 8(c) will cause irreparable injury to the Company and that money damages will not be adequate relief for such injury and, accordingly, you agree that the Company shall be entitled to obtain equitable relief, including, but not limited to, temporary restraining orders, preliminary injunctions and/or permanent injunctions, without having to post any bond or other security, to restrain or enjoin such breach, in addition to all other remedies which may be available to the Company.

9.    Definitions.  
(a)    Affiliate.  “Affiliate” means any entity that directly, or indirectly through one or more intermediaries, is owned or controlled by, owns or controls, or is under common ownership or control with, the Company; for this purpose, “control” of an entity means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of the entity, whether through the ownership of voting securities, by contract or otherwise.
(b)    Approved Retirement.  “Approved Retirement” means any voluntary termination of employment on or after the date on which the sum of your age and years of employment with the Company or its Affiliates equals at least sixty-five (65) with the approval of the Committee, or any other termination of employment that the Committee determines to qualify as an Approved Retirement.
(c)    Competitive Products. “Competitive Products” are products and/or services that are the same as or substantially similar to (in terms of type, brand or purpose)the products and/or services offered by the Company or its Affiliates in its business, including but not limited to products: (i) regarding which you performed any services for the Company or its Affiliates at any time during the twenty-four (24) month period immediately preceding the termination of your Service; and/or (ii) about which you had access to any Confidential Information at any time during the twenty-four (24) month period immediately preceding the termination of your Service. 
(d)    Competitive Services. “Competitive Services” means services that are the same as or substantially similar to (in terms of type or purpose) the services you performed for or on behalf of the Company or its Affiliates at any time during the twenty-four (24) month period immediately preceding the termination of your Service. 
(e)    Competitor. “Competitor” means any individual or entity (including a Customer) that engages in the business (in whole or in any part) of the Company or its Affiliates, and which manufactures, markets, sells or distributes products and/or services that are the same as or substantially similar to (in terms of type, brand or purpose) the products and/or services  manufactured, marketed, sold or distributed by the Company or its Affiliates, as of the date on which your Service terminates.
(f)    Customer. “Customer” means any individual or entity as to which, with or to whom, within the twenty-four (24) month period immediately preceding the termination of your Service: (i) any products or services were provided by the Company, or (ii) any contract was entered into with the Company for the provision of any products or services.
(g)    Good Reason.  “Good Reason” means the existence of one or more of the following conditions without your written consent, so long as you provided written notice to the Company of the existence of the condition not later than 90 days after the initial existence of the condition, the condition has not been remedied by the Company within 30 days after its receipt of such notice and you terminate your Service no later than 130 days after the condition’s initial occurrence: (i) a material reduction in your base salary other than in connection with a general reduction affecting a group of employees; (ii) a relocation of 
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EXHIBIT 10.2

your primary work location by more than 100 miles; or (iii) any material reduction in your authority, duties or responsibilities.
(h)    Restricted Area. Because of the nature of the Company’s business and the nature of your duties and responsibilities for the Company, your obligations under Section 8(c)(5) shall apply in each of the following geographic areas, which shall collectively be defined as the “Restricted Area”: (i) the State of Indiana; (ii) Elkhart County, Indiana, and the contiguous counties thereto (including the contiguous counties in the State of Michigan); and (iii) the area(s) within a 100 mile radius of any office, facility and/or manufacturing operation of the Company (or of any Affiliate) to which you were assigned to work or report, at which you worked or performed services or for which you were responsible, in whole or in part, for managing for or on behalf of the Company (or any Affiliate) as of the termination of your Service or at any time during the twenty-four (24) months immediately preceding the termination of your Service.
(i)    Restricted Period.  “Restricted Period” means during the term of your Service and for the twenty-four (24) month period immediately after the termination of your Service, regardless whether such termination was voluntary or involuntary.
(j)    Restricted Prospective Customer.  “Restricted Prospective Customer” means: (i) any person or entity whom you, on behalf of the Company (or any Affiliate), solicited, assisted in the solicitation of, or engaged in marketing, sales or business development efforts towards, at any time during the twelve (12) months immediately preceding the termination of your Service; and/or (ii) any person or entity to whom the Company (or any Affiliate) submitted a quotation, bid or sales proposal at any time during the twelve (12) months immediately preceding the termination of your Service if you were involved in or aware of such quotation, bid or sales proposal during your Service.
10.    Notices.  Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered (including electronically) to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided.  Unless and until some other address is so designated, all notices or communications by you to the Company shall be mailed or delivered to the Company, to the attention of its Vice President- Chief Legal Officer at the Company’s offices located at 4100 Edison Lakes Pkwy, Suite 210, Mishawaka, IN 46545, legal@lci1.com.  All notices or communications by the Company to you may be given to you personally or may be mailed or, if you are still a Service Provider, emailed to you at the address indicated in the Company’s records as your most recent mailing or email address.

11.    Additional Provisions.
(a)    Standing.  The Company’s Affiliates are intended third-party beneficiaries of this Agreement and this Agreement may be enforced by the Company and/or its Affiliates, either singularly or jointly.

(b)    No Right to Continued Service.  This Agreement does not give you a right to continued Service with the Company or any Affiliate, and the Company or any such Affiliate may terminate your Service at any time and otherwise deal with you without regard to the effect it may have upon you under this Agreement.

(c)    Governing Plan Document.  This Agreement and the Award are subject to all the provisions of the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee pursuant to the Plan.  If there is any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan will govern.

(d)    Governing Law; Venue; Waiver of Jury Trial.  To the extent not pre-empted by federal law, this Agreement, the parties’ performance hereunder, and the relationship between them shall be governed by, construed, and enforced in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof.  Each party hereto agrees that any legal action arising out of or relating to this Agreement shall be commenced and maintained exclusively before any state or federal court having appropriate subject matter jurisdiction located in St. Joseph County, Indiana.  Further, each party hereto irrevocably consents and submits to the personal jurisdiction and venue of such courts located in St. Joseph County, Indiana, and waives any right to challenge or otherwise object to personal jurisdiction or venue 
9

EXHIBIT 10.2

(including, without limitation, any objection based on inconvenient forum grounds) in any action commenced or maintained in such courts located in St. Joseph County, Indiana; provided, however, the foregoing shall not affect any applicable right a party may have to remove a legal action to federal court.  EACH PARTY HERETO VOLUNTARILY AND IRREVOCABLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

(e)    Severability.  The provisions of this Agreement shall be severable and if any provision of this Agreement is found by any court to be unenforceable, in whole or in part, the remainder of this Agreement shall nevertheless be enforceable and binding on the parties.  You also agree that any trier of fact may modify any invalid, overbroad or unenforceable provision of this Agreement so that such provision, as modified, is valid and enforceable under applicable law.

(f)    Independent Covenants.  To the extent you are or become subject to any other agreements with the Company or any Affiliate that contain restrictive covenants, including, but not limited to, any employment agreement, non-competition agreement, non-disclosure agreement or non-solicitation agreement, the restrictive covenants set forth in Section 8 of this Agreement are independent of, supplement and do not supersede such other agreements.

(g)    Binding Effect.  This Agreement will be binding in all respects on your heirs, representatives, successors and assigns, and on the successors and assigns of the Company.

(h)    Section 409A of the Code.  The award of Units as provided in this Agreement and any issuance of Shares or payment pursuant to this Agreement are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (“Section 409A”), to the extent subject thereto, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith.  If at the time of your separation from service (as defined in Code Section 409A), you are a “specified employee”, then the Company will defer the payment or commencement of any nonqualified deferred compensation subject to Code Section 409A payable upon separation from service (without any reduction in such payments or benefits ultimately paid or provided to you) until the date that is six (6) months following your separation from service or, if earlier, the earliest other date as is permitted under Code Section 409A (and any amounts that otherwise would have been paid during this deferral period will be paid in a lump sum on the day after the expiration of the six (6) month period or such shorter period, if applicable). The term “specified employee” means an individual determined by the Company to be a specified employee under Treasury regulation Section 1.409A-1(i).  The Company makes no representation that any or all of the payments described in this Agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment. You understand and agree that you shall be solely responsible for the payment of any taxes, penalties, interest or other expenses incurred by you on account of non-compliance with Section 409A.

(i)    Electronic Delivery and Acceptance.  The Company may deliver any documents related to this Award by electronic means and request your acceptance of this Agreement by electronic means.  You hereby consent to receive all applicable documentation by electronic delivery and to participate in the Plan through an on-line (and/or voice activated) system established and maintained by the Company or the Company’s third-party stock plan administrator.

By signing the cover page of this Agreement or otherwise accepting this Agreement in a manner approved by the Company, you agree to all the terms and conditions described above and in the Plan document.
10

Annex A
ROIC Metric 

The Units can be achieved if ROIC for the Measurement Period exceeds a threshold percentage, and the number of Units achieved will be determined in proportion to the ROIC percentage for the Measurement Period over the threshold ROIC percentage up to the maximum ROIC percentage, in accordance with the chart below.  Except as otherwise provided in Section 4, the number of Units that shall be achieved will be determined by the Committee in its sole discretion.
The term “ROIC”, or “Return on Invested Capital”, means Operating Profit divided by Average Invested Capital, where: (i) “Operating Profit” is the Company’s fiscal year consolidated operating profit, as detailed in the Company’s financial statements filed with the U.S. Securities and Exchange Commission (“SEC”); and (ii) “Average Invested Capital” is the average of the prior year end and current year quarterly (Total Stockholders Equity + Indebtedness) – (Cash, Cash Equivalents and Short-Term Investments).  
 “Total Stockholders’ Equity” is the Company’s total stockholders’ equity as of the particular measurement date, as detailed in the Company’s financial statements filed with the SEC.
“Indebtedness” is the Company’s indebtedness as of the particular measurement date, as detailed in the Company’s financial statements filed with the SEC.  For the purpose of this ROIC calculation, Indebtedness shall include bank lines of credit, bonds, mortgages, and capital leases, but shall exclude obligations relating to operating lease obligations.  
“Cash, Cash Equivalents and Short-Term Investments” is the sum of the cash, cash equivalents and short-term investments as of the particular measurement date, as detailed in the Company’s financial statements filed with the SEC.  
In addition, the Committee may adjust ROIC to exclude the impact of the following: (i) accretion expense; (ii) goodwill impairment; (iii) charges for reorganizing or restructuring; (iv) charges from asset write-downs; (v) acquisitions or divestitures; (vi) foreign exchange gains or losses; (vii) changes in accounting principles or tax laws, rules or regulations, including, without limitation, the effect of the U.S. tax reform act signed into law on December 22, 2017; and (viii) extraordinary, unusual, transition, one-time and/or non-recurring items as determined by the Committee from time to time.
Calculation of Units at end of Measurement Period

						
	ROIC Performance	Multiple of Target Number of Units
	16% (Threshold)	0.40x
	20% (Target)	1.00x
	24% (Maximum)	2.00x

When ROIC performance is between inflection points, linear interpolation will be used to determine the number of Units. 

ROIC will be measured each fiscal year as a 3-year rolling average calculation.

The ROIC calculation will be un-adjusted for acquisition purposes.

11
			
	US.137065302.09Document

EXHIBIT 10.3

EXECUTIVE EMPLOYMENT AGREEMENT

This Executive Employment Agreement (“Agreement”) is made this ____ day of ___________, 20__, between ____________________ ("Executive") and Lippert Components, Inc. (the "Corporation"), and is effective as of ____________________ (the "Effective Date"). This Agreement's purposes are to set forth certain terms of Executive's employment by the Corporation or one of its affiliates and to protect the Corporation's knowledge, expertise, customer relationships, and confidential information. The Corporation has several divisions and certain relationships with related companies and other affiliates, including but not limited to LCI Industries ("LCI Industries") and Lippert Components Manufacturing, Inc., as well as other entities (each, an "Affiliate"). To the extent Executive is assigned to an Affiliate by the Corporation, performs services for an Affiliate, and/or has access to confidential or proprietary information of an Affiliate, the term "Corporation" as used in this Agreement only, shall also be deemed to include any other Affiliate to which Executive is assigned, for which Executive performs any services, and/or about which Executive is exposed to confidential or proprietary information during Executive's employment relationship with the Corporation.

1.Employment and Duties.

A.Employment. The Corporation hereby employs Executive, and Executive accepts employment, under this Agreement's terms, for the period beginning the Effective Date and ending on December 31, 20__ (the "Employment Period"), unless sooner terminated pursuant to the terms of Section 3 of this Agreement. The Employment Period shall automatically be extended for successive additional one-year periods on January 1st commencing on January 1, 20__ unless either party to this Agreement provides the other party with notice of termination of this Agreement at least sixty (60) days prior to the date on which the Employment Period would be automatically extended for an additional one year, or unless otherwise sooner terminated pursuant to the terms of Section 3 of this Agreement. The principal place of employment and the location of Executive's principal office and normal place of work shall be at the Corporation's principal executive offices within Elkhart County or St. Joseph County, Indiana. Given the geographic scope of the Corporation's business and the fact that Executive's duties and responsibilities will be as co-extensive, geographically, as the scope of the Corporation's business, Executive will be expected to travel to other locations, as necessary, in the performance of Executive's duties; provided, however, Executive shall at no time be required to change the locale of his residence without his consent.

B.Title and Duties. Executive will be employed as the __________________ of Lippert Components, Inc., will be duly appointed an officer of  Lippert Components, Inc., and will report directly to the _______________________ of Lippert Components, Inc.  Executive will perform such duties, and exercise such supervision and control with regard to the business of the Corporation, as are commonly associated with Executive's position.  Executive will devote substantially all of Executive's business time and energy to Executive's duties at the Corporation.  Executive will maintain operations in Executive's area of responsibility, and make every reasonable effort to ensure that the employees within that area of responsibility act, in compliance with applicable law and the Corporation's Guidelines for Business Conduct, as amended from time to time. Executive is subject to all of the Corporation's employment policies and procedures (except as specifically superseded by this Agreement).

			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

2.Compensation and Benefits.

A.Base Salary. Executive's initial aggregate annual base salary will be $______, less applicable withholdings and deductions, payable according to the Corporation's regular payroll schedule. Executive's base salary shall be reviewed annually and may be increased in the Corporation's sole discretion from time to time.

B.Short-term Incentive Compensation.  Executive will be eligible to participate in the Corporation's management incentive compensation plans, adopted by the Corporation from time to time, in the Corporation's discretion and in accordance with such plans' terms and conditions. Executive's target short-term incentive compensation for fiscal year 20__, payable in fiscal year 20__, shall be $_________, which equals Executive’s base salary multiplied by _____.  The target necessary to earn such incentive compensation shall be established by the Corporation in its 20__ management incentive compensation plans.

C.Equity Awards. Executive will be eligible for stock-based awards in the Corporation's discretion from time to time.  The total amount of Executive's target stock-based awards for fiscal year 20__, to be granted in fiscal year 20__, shall be equal to $___________, in restricted stock unit (“RSU”) value, which amount equals Executive’s base salary multiplied by ______, and $________ in performance stock unit (“PSU”) value, which amount equals Executive’s base salary multiplied by ______.  The RSUs and PSUs shall be governed by those certain award agreements entered into between the Executive and the Corporation upon the grant of such awards.  The target(s) necessary to earn such stock based awards shall be established by the Corporation in its 20__ management incentive compensation plans.

D.Employee Benefits. Executive will be eligible to participate in the Corporation's employee welfare plans (health, dental, life, short-term and long-term disability insurance coverage), retirement or savings plans, and other benefit plans on the same basis as other similarly situated executives, in accordance with the terms of the plans. The Corporation reserves the right to amend or discontinue any plan or policy at any time in its sole discretion. Executive agrees to have an annual comprehensive physical examination at the expense of the Corporation (to the extent not covered by insurance) by a physician of his choice. In addition to the Corporation's generally available benefits, the Corporation shall provide Executive, at the Corporation's expense during the term of Executive's employment:

i.The Executive shall be eligible to participate in any pension, retirement, deferred compensation, or profit-sharing plan adopted by the Corporation for the benefit of its executives. 

ii.To supplement standard long-term disability coverage, the Corporation shall maintain, to the extent such coverage is available on commercially reasonable terms (as determined by the Corporation in its discretion), at no cost to Executive, disability insurance (subject to the terms and conditions of the underlying policy) providing for weekly payments to Executive, in the event Executive shall fail or be unable to perform his obligations hereunder, in the amount of not less than $120,000 per year. Such payments shall continue for the maximum available term after the commencement of disability.
			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

iii.The Corporation will provide an automobile allowance of $750 per month, less applicable withholdings, in accordance with the Corporation's automobile policy, together with reimbursement for gasoline, customary insurance, maintenance, and registration fees on presentation of expense vouchers, to be used in connection with the business of the Corporation.

iv.Executive shall be entitled to a vacation in each  year  during  the Employment Period of not less than 3 weeks. Executive shall not be entitled to any additional payout for unused vacation during any given year.

E.Expenses. All travel and other expenses incident to the rendering of services by Executive hereunder in accordance with the travel policies of the Corporation will be paid by the Corporation. If any such expenses are paid in the first instance by Executive, the Corporation will reimburse him therefore on presentation of expense vouchers.

3.Term and Termination of Employment.

A.Term. This Agreement shall continue in full force and effect during the Employment Period until terminated as set forth in Section 1 or as otherwise set forth under Section 3.B below.

B.Termination.

i.    By Mutual Agreement. The parties may terminate Executive's employment at any time by mutual agreement.

ii.    By the Corporation without Cause. The Corporation may terminate Executive's employment without Cause upon 90 days' prior written notice.

iii.    By the Corporation with Cause. The Corporation may terminate Executive's employment at any time for Cause. "Cause" means Executive's (a) willful and continued failure to follow the Corporation's reasonable direction or to perform any duties reasonably required of Executive (other than any such failure resulting from his disability or from termination by Executive for Good   Reason),   after   written  demand   for  substantial   performance is delivered to Executive specifying in reasonable detail the manner in which Executive has not performed, and Executive has not remedied such failure within 30 days after notice thereof, (b) material violation of, or failure to act upon or report known or suspected violations of, the Corporation's Guidelines for Business Conduct, as amended or replaced from time to time, (c) conviction of, or a plea of nolo contendere with respect to, any felony, (d) commission of any criminal, fraudulent, or dishonest act in connection with Executive's employment, (e) material breach of this Agreement which, if capable of remedy, continues for a period of 30 days without remedy thereof by Executive after notice thereof, or two or more such breaches in any two month period, or (f) one or more instances of willful misconduct or gross negligence that, individually or in the aggregate, is materially detrimental to the 
			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

Corporation's interests. In such event, Executive shall be entitled to no further compensation or payments from the Corporation other than earned but unpaid salary or benefits. In any instance where the Corporation may have grounds for Cause, failure by the Corporation to provide written notice of the grounds for Cause within 120 days of discovery shall be a waiver of its right to assert the subject conduct as a basis for termination for Cause.

iv.     By Executive without Good Reason. Executive may resign and terminate Executive's employment at any time for any reason, including due to Executive's retirement, upon 90 days' prior written notice. In such event, Executive shall be entitled to no further compensation or payments from the Corporation other than earned but unpaid salary or benefits.

v.     By Executive for Good Reason. Executive may terminate Executive's employment for Good Reason, as defined below, upon 90 days' prior written notice. Executive must give the Corporation written notice specifying in reasonable detail the circumstances constituting Good Reason, within 120 days after becoming aware of such circumstances, or such circumstances will not constitute Good Reason. If the circumstances constituting Good Reason are reasonably capable of being remedied, the Corporation will have 90 days to remedy such circumstances. "Good Reason" will exist if the Corporation takes any of the following actions, without Executive's consent: (a) materially reduces Executive's base salary other than in connection with a general reduction affecting a group of employees or, to the extent deemed minimally necessary by the Board in good faith, in response to the Board's failure to receive stockholder approval, on an advisory basis, of the Corporation's executive compensation program at the Annual Meeting of Stockholders of LCI Industries; (b) moves Executive's primary work location more than 100 miles; (c) assigns to Executive any duties materially inconsistent in any respect with Executive's position (including status, offices, titles, and reporting relationships) as contemplated by Section 1 or otherwise makes changes that substantially diminish Executive's position, authority, duties, or responsibilities, excluding an insulated, insubstantial, and inadvertent action not taken in bad faith and which is promptly remedied by the Corporation; or (d) any other material breach of this Agreement by the Corporation that is not remedied within the time period specified above after written notice thereof.

vi.     Due to Executive's Death. Executive's employment  will terminate automatically if Executive dies, effective as of the date of Executive's death. 

vii.    Due to Executive’s Disability. The Corporation may, upon 30 days' prior written notice to Executive from the Corporation, terminate Executive's 
			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

employment due to Executive's physical or mental disability that renders Executive incapable of performing the essential functions of Executive's job, with or without reasonable accommodation, and which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. The Corporation will determine whether Executive has incurred a disability based on its own good faith determination, and may require Executive to submit to reasonable physical and mental examinations for this purpose. In the absence of agreement between the Corporation and Executive (or his legal representative), each party shall nominate a qualified physician and the two physicians so nominated shall select a third physician who shall make the determination as to disability.

4.Severance and Death/Disability  Benefits.

A.Circumstances under Which Severance Benefits Payable. Executive will be entitled to the severance benefits described in Section 4.B ("Severance Benefits") only if Executive's employment during the Employment Period is terminated by the Corporation without Cause under Section 3.B(ii) (including if the Corporation terminates Executive's employment without Cause within 120 days following the expiration of the original Employment Period or any subsequent one-year period as described in Section 1, as applicable, but excluding death or disability) or is terminated by Executive for Good Reason under Section 3.B(v). Whether Executive has had a termination of employment will be determined in a manner consistent with the definition of "Separation from Service" under Section 409A of the Internal Revenue Code of 1986 and its accompanying regulations ("Section 409A") and will be referred to herein as a "Termination." For purposes of this Agreement, Executive will be considered to have experienced a Termination as of the date that the facts and circumstances indicate that it is reasonably anticipated that Executive will provide no further services after such date or that the level of bona fide services that Executive is expected to perform permanently decreases to no more than 20% of the average level of bona fide services that Executive performed over the immediately preceding 36-month period. In consideration of the Severance Benefits in this Agreement, Executive waives any payments or benefits to which Executive otherwise might be or become entitled under any severance plan or program of the Corporation.

B.Severance Benefits. Subject to Section 4.C, Executive shall be entitled to the following Severance Benefits if Executive experiences a Termination under the circumstances described in Section 4.A above:

i.    An amount equivalent to two times Executive's annual base salary (at the highest annualized rate in effect at any time within two years of the date of Executive's Termination).

ii.     An amount equivalent to two times Executive's average bonus or incentive compensation actually paid to Executive, if any, during the 36-month period immediately preceding his Termination (excluding equity awards, payments under any long-term or similar benefit plan, or any other special or one-time bonus or incentive compensation payments, and provided that the three-year average shall not exceed Executive's then-current annual base salary).

			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

iii.        Amounts payable under a then-current management incentive plan will be paid out to Executive in accordance with the terms thereof. All stock-based awards granted to Executive that vest solely on the passage of time and which have not vested as of the date of Executive's Termination shall immediately vest and become exercisable pursuant to the terms thereof. Awards that vest upon the achievement of one or more performance goals, such as performance stock awards, will terminate in accordance with their terms.

iv.       A lump sum payment, minus applicable deductions, including deductions for tax withholding, to offset costs of COBRA equal to the current COBRA premium in effect at the date of Termination, multiplied by 12, which amount will be paid within 30 days following the Starting Date (defined below).

v.        Outplacement services, for a time period (not less than 6 months following the Starting Date (defined below)) established by the Corporation, consistent with those provided to similarly situated executives provided by an outplacement firm selected by the Corporation in its sole discretion, and at the expense of the Corporation.

Except as provided in Section 4.F or as otherwise provided herein, the Severance Benefits in Sections 4.B(i)-(ii) will be paid out, minus applicable deductions, including deductions for tax withholding, in equal weekly payments on the regular payroll cycle over the 24-month period following Executive's Termination. Except as provided in Section 4.F or as otherwise provided herein, commencement of the Severance Benefits shall begin on the first payroll date following the date on which Executive's release of claims under Section 4.C becomes effective (but only if such release becomes effective within the 75-day period following Executive's  Termination) (the "Starting Date"); provided, that the payment of Severance Benefits required under this Section 4 shall be made or commence (as applicable) in the second calendar year if such 75-day period begins in one calendar year and ends in the subsequent calendar year. If Executive revokes or does not sign the Release Agreement during such 75-day period, no severance or other benefits shall be payable hereunder. The first payment on the Starting Date shall include those payments that would have been previously paid if the payments of the severance compensation had begun on the first payroll date following the date of Executive's Termination. Executive's entitlement to the payments of the severance compensation described in Sections 4.B(i)-(ii) shall be treated as the entitlement to a series of separate payments for purposes of Section 409A. Executive shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise; nor shall the amount of any payment or benefit provided for under this Agreement be reduced by any compensation earned by Executive as a result of employment by another employer or by any other benefits received by Executive from another employer, except as provided in Section 4.C below.

C.Separation Agreement and Release Required. In order to receive any Severance Benefits or Disability Benefits (defined in Section 4.E below) under this Agreement, Executive must timely sign and not revoke a separation agreement and release of claims (containing a full and complete release by Executive of any and all claims of every kind and nature against the Corporation) in a form acceptable to and determined by the Corporation in its discretion. The 
			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

Corporation shall provide to Executive a form of separation agreement and release of claims no later than three (3) days following Executive's date of Termination. If Executive does not timely execute and deliver to the Corporation such separation agreement and release, or if Executive does so, but then revokes it if permitted by and within the time required by applicable law, the Corporation will have no obligation to pay or provide any of the Severance Benefits or Disability Benefits to Executive. It is expressly understood that the Corporation's payment obligations under Section 4.B or 4.E, respectively, shall cease in the event Executive breaches any of his agreements in Section 5 hereof and, in the event of any such breach, Executive shall repay in cash immediately to the Corporation any amounts previously paid to Executive under Section 4.B or 4.E, respectively.

D.Death Benefits. In addition to earned but unpaid salary and benefits, Executive (and his estate, beneficiaries, or any other person legally claiming through him) shall be entitled to the following compensation if Executive experiences a Termination because of death ("Death Benefits"): The Corporation shall continue to pay to the heir or designee of Executive (i) Executive's base salary for a period of one year from the date of death of Executive, and (ii) Executive's incentive compensation (excluding equity awards), which Executive would have been entitled to receive at the completion of the year of Executive's death but for such termination. The base salary portion of Death Benefits will be paid out, minus applicable deductions, including deductions for tax withholding, in equal weekly payments on the regular payroll cycle. Incentive compensation will be calculated and paid in accordance with the terms of the applicable plan. All stock-based awards granted to Executive, other than awards granted under a long-term incentive plan, which have not vested as of the date of Executive's Termination, which, for the purpose of this Section 4.D., is the date of Executive’s death, shall immediately vest and become exercisable pursuant to the terms thereof. Awards granted under a long-term incentive plan, such as performance stock awards, will remain outstanding subject to their terms. All shares of stock deliverable pursuant to outstanding PSUs awarded to Executive will be delivered to the heir or designee of Executive pursuant to the terms thereof.

E.Disability Benefits. In addition to earned but unpaid salary and benefits, Executive shall be entitled to the following compensation if Executive 
			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

experiences a Termination because of disability ("Disability Benefits"): The Corporation shall pay to Executive (i) the difference between Executive's base salary and the amount of disability payments received by the Executive pursuant to disability insurance provided in accordance with this Agreement, for a period of one year from the date of Executive's Termination, and (ii) Executive's incentive compensation (excluding equity awards), which Executive would have been entitled to receive at the completion of the year of Executive's Termination but for such termination. Except as provided in Section 4.F or as otherwise provided herein, the base salary portion of Disability Benefits will be paid out, minus applicable deductions, including deductions for tax withholding, in equal weekly payments on the regular payroll cycle. Incentive compensation will be calculated and paid in accordance with the terms of the applicable plan. All stock-based awards granted to Executive, other than awards granted under a long-term incentive plan, which have not vested as of the date of Executive's Termination shall immediately vest and become exercisable pursuant to the terms thereof. Awards granted under a long-term incentive plan, such as performance stock awards, will remain outstanding subject to their terms. All shares of stock deliverable pursuant to outstanding PSUs awarded to Executive will be delivered pursuant to the terms thereof. Additionally, a lump sum payment, minus applicable deductions, including deductions for tax withholding, to offset costs of COBRA equal to the current COBRA premium in effect at the date of Termination, multiplied by 12, which amount will be paid within 30 days following Termination.

F.Compliance with Section 409A. If Executive is a "Specified Employee" (within the meaning of Section 409A and determined pursuant to procedures adopted by the Corporation) at the time of Executive's Termination and any amount that would be paid to Executive during the six-month period following Termination constitutes "Deferred Compensation" (within the meaning of Section 409A), such amount shall not be paid to Executive until the later of (i) six months after the date of Executive's Termination, and (ii) the payment date or commencement date specified in this Agreement for such payment(s). On the first regular payroll date following the expiration of such six-month period (or if Executive dies during the six-month period, the first payroll date following the death), all payments that were delayed pursuant to the preceding sentence shall be paid to Executive in a single lump sum and thereafter all payments shall be made as if there had been no such delay. All Severance Benefits described in Section 4.B shall be paid by, and no further severance compensation shall be paid or payable after, December 31 of the second calendar year following the year in which Executive's Termination occurs. Severance Benefits under this Agreement are intended to be exempt from section 409A of the Code under the "separation pay exception," to the maximum extent applicable. Any payments hereunder that qualify for the "short-term deferral" exception or another exception under section 409A of the Code shall be paid under the applicable exception. All reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of section 409A of the Code, including, where applicable, the requirement that (a) any reimbursement is for expenses incurred during Executive's lifetime (or during a shorter period of time specified in this Agreement), (b) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (c) the reimbursement of an eligible expense will be made on or before the last day of the taxable year following the year in which the expense is incurred, and (d) the right to reimbursement is not subject to liquidation or exchange for another benefit.
			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

5.Property Rights. Confidentiality. Non-Disparagement, and Restrictive Covenants.

A.The Corporation's Property.

i.    Assignment of Property Rights. Executive must promptly disclose in writing to the Corporation all inventions, designs, discoveries, processes, procedures, methods, and works of authorship, and any improvements or modifications thereon, whether or not patentable or copyrightable, that Executive alone or jointly conceives, makes, discovers, writes, or creates, during working hours or on Executive's own time, during this Agreement's term (the "Works"). Executive hereby assigns to the Corporation all Executive's rights, including copyrights and patent rights, and any applications with respect thereto, to all Works, whether or not marketed or utilized by the Corporation. The Corporation or its designee shall have the sole and exclusive right to take whatever action it deems appropriate to establish and protect its ownership thereof, and Executive must assist the Corporation as it reasonably requires to perfect, protect, and use its rights to the Works. This provision does not apply to any Work for which no Corporation equipment, supplies, facility, or trade secret information was used and: (1) which does not relate directly to the Corporation's business or actual or demonstrably anticipated research or development, or (2) which does not result from any work performed for the Corporation.

ii.    No Removal of Property. Executive may not remove from the Corporation's premises, electronic databases or computer network any Corporation records, documents, data, electronically stored information, or other property, in either original or duplicate form, except as necessary in the ordinary course of the Corporation's business.

iii.    Return of Property. Executive must immediately deliver to the Corporation, upon termination of employment, or at any other time at the Corporation's request, all Corporation property, including records, documents, data (electronically stored or otherwise), and equipment, and all copies of any such property, including any records or data Executive prepared during employment. Additionally, Executive will, if required by the Corporation, provide the Corporation with a signed written statement disclosing and verifying whether Executive has returned all Corporation property previously in Executive's possession, custody, or control.  Executive understands that access or use of the Corporation’s documents, equipment, data, electronic databases, computer network and electronically stored information is for the Corporation’s benefit only and that any use of the Corporation’s documents, equipment, data, electronic databases, computer network or electronically stored information or removal or use of information from the Corporation’s documents, equipment, data, electronic databases, computer network or other electronically stored information for any other purpose is unauthorized and prohibited.

B.Confidential Information. Executive has been and will be given access to and provided with sensitive, confidential, proprietary, and trade secret information ("Confidential Information") in the course of Executive's employment which is of unique value to the Corporation. Examples of Confidential Information include, 
			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

without limitation, hard copy or electronically stored information, documents or records including any sensitive, confidential, proprietary, or trade secret information related to: inventions, improvements, and designs; new product or marketing plans; business strategies and plans; merger and acquisition targets; financial and pricing information; computer programs, source codes, models, and databases; analytical models; human resources strategies; the skills and compensation of the Corporation’s employees, contractors, and any other service providers of the Corporation; customer lists and information; information received from or about third parties that the Corporation is obligated to keep confidential; supplier and vendor lists; the existence or content of any business discussions, negotiations, or agreements between the Corporation and any Customer or Restricted Prospective Customer, or any other third party; and other information which is not generally available to the public. Executive agrees not to disclose, publish, or use Confidential Information, either during or after Executive's employment with the Corporation, except as necessary to perform Executive's duties or as the Corporation may consent in writing, and for no other purpose. The confidentiality obligations set forth herein shall continue indefinitely, for so long as the Confidential Information remains confidential (and Executive understands that Executive will not be relieved of Executive's obligations if the Confidential Information loses its confidential nature because of a breach of any of Executive's obligations to the Corporation). If this Agreement is enforced by a court applying the law of a jurisdiction where a time frame is required for a non-disclosure provision to be enforceable with respect to information that does not rise to the level of a trade secret, then Executive's obligations with respect to such information will be in effect during Executive's employment with the Corporation and for three years thereafter. Notwithstanding anything to the contrary herein or in any policy of the Corporation, Executive may 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 (i) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney if such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law or for pursuing an anti-retaliation lawsuit; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and Executive does not disclose the trade secret except pursuant to a court order.  In the event a disclosure is made, and Executive files a lawsuit against the Corporation alleging that the Corporation retaliated against Executive because of Executive’s disclosure, Executive may disclose the relevant trade secret or confidential information to Executive’s attorney and may use the same in the court proceeding only if (x) Executive ensures that any court filing that includes the trade secret or confidential information at issue is made under seal; and (y) Executive does not otherwise disclose the trade secret or confidential information except as required by court order.

C.Non-Disparagement. Executive agrees not to criticize, make any negative comments about, or otherwise disparage the Corporation or those associated with it, whether orally, in writing, electronically, or otherwise, directly or by implication, to any person or entity, including Corporation customers or agents.

D.Restrictive Covenants. Executive agrees to the restrictive covenants in this Section 5.D in consideration of Executive's employment and/or continued employment and the Corporation providing Executive access to Confidential Information, which consideration Executive agrees is adequate and good. The restrictive covenants in this Section 5.D apply during Executive's employment and for 24 months immediately following the termination of Executive's 
			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

employment relationship with the Corporation, regardless of how, when, or why the relationship terminates (the "Restricted Period"). During the Restricted Period, Executive agrees that he will not, without the Corporation's prior written consent, directly or indirectly, engage in any of the following activities: 
i.    Non-Solicitation. Executive will not, directly or indirectly:

(a)(1) provide, sell, market, attempt to provide, sell or market, or assist any person or entity in the provision, sale, or marketing of any Competitive Product to any Customer with respect to whom, at any time during the twenty-four (24) months immediately preceding the termination of Executive’s employment with the Corporation, (i) Executive sold, provided, or assisted in or supervised the sale or provision of, any products or services on behalf of the Corporation, (ii) Executive designed, developed or manufactured, or assisted in or supervised the design, development or manufacture of any product on behalf of the Corporation, (iii) Executive had any business contact on behalf of the Corporation, (iv) Executive had any relationship, business development, sales, service or account responsibility (including, without limitation, any supervisory or managerial responsibility) on behalf of the Corporation, or (v) Executive had access to, or gained knowledge of, any Confidential Information concerning the Corporation’s business with such Customer, or (2) otherwise solicit or communicate with any Customer as described in (i) above for the purpose of selling or providing any Competitive Product; 

(b)(1) provide, sell, market, attempt to provide, sell or market, or assist any person or entity in the provision, sale or marketing of any Competitive Product to any Restricted Prospective Customer or (2) otherwise solicit or communicate with any Restricted Prospective Customer for the purpose of selling or providing any Competitive Product;

(c)Raid, hire, or employ any individual who is (or who was, within the six (6) months prior to the termination of Executive's employment relationship with the Corporation) a Corporation employee or consultant; 

(d)Solicit or recruit for employment any individual who is (or who was, within the six (6) months prior to the termination of Executive's employment relationship with the Corporation) a Corporation employee or consultant; 

(e)(1) solicit or recruit for the purpose of hiring or engaging the services of any Restricted Employee; (2) hire, employ or engage the services of any Restricted Employee; (3) assist any person or entity in the recruitment, hiring or engagement of the services of any Restricted Employee; (4) urge, induce or seek to induce any Restricted Employee to terminate their employment with the Corporation; (5) advise, suggest to or recommend to any Competitor that it employ, engage the services of, or seek to employ or engage the services of any Restricted Employee; or (6) interfere with the Corporation’s employment relationship with 
			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

any Restricted Employee or any other Corporation employee or consultant; 

(f)Induce or influence any Corporation consultant who possesses Confidential Information of the Corporation to terminate his, her, or its employment or other relationship with the Corporation; 

(g)Interfere with the legal rights of an employee of the Corporation to seek subsequent employment, unless such employee’s conduct violates any statutory, common law or contractual obligations to the Corporation; or

(h)Assist anyone in any of the activities listed above.

ii.    Non-Competition. Executive will not:

(a)Perform Competitive Services in the Restricted Area for or on behalf of any Competitor, with respect to Competitive Products; or

(b)Assist anyone in any of the activities listed above.

iii.    Definitions.

(a)"Restricted Area." Because of the nature of the Corporation's business and the nature of Executive's duties and responsibilities for the Corporation, Executive's obligations under this Section 5.D shall apply in each of the following geographic areas, which shall collective be defined as the "Restricted Area": (1) the State of Indiana, (2) Elkhart County and St. Joseph County, Indiana, and the contiguous counties thereto (including the contiguous counties 
			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

in the State of Michigan), and (3) an area within a 100 mile radius of any office, facility, and/or manufacturing operation of the Corporation at which or from which Executive performed any executive, operational, managerial, supervisory, and/or related administrative services for or on behalf of the Corporation at any time during the 24 months immediately preceding the termination of Executive's employment relationship with the Corporation.

(b)"Competitor" is any individual or entity (including a Customer) that engages in the business (in whole or in any part) of the Corporation, and which manufactures, markets, sells or distributes products and/or services that are the same as or substantially similar to (in terms of type, brand, or purpose), the products and/or services manufactured, marketed, sold or distributed by the Corporation, as of the date on which Executive's employment relationship with the Corporation terminates.

(c)"Competitive Products" are products and/or services that are the same as or substantially similar to (in terms of type, brand or purpose) the products and/or services offered by the Corporation in the business, including, but not limited to, products: (i) regarding which Executive performed any services for the Corporation at any time during the 24-month period preceding the termination of Executive's employment relationship with the Corporation; and/or (ii) about which Executive had access to any Confidential Information at any time during the 24-month period preceding the termination of Executive's employment relationship with the Corporation.

(d)"Competitive Services" are services that are the same as or substantially similar to (in terms of type or purpose) the services Executive performed for or on behalf of the Corporation at any point during the 24-month period preceding the termination of Executive's employment relationship with the Corporation.

(e)"Customer" means any individual or entity as to which, with, or to whom, within the 24-month period immediately preceding the termination of Executive's employment with the Corporation: (i) any products or services were provided by the Corporation, or (ii) any contract was entered into with the Corporation for the provision of any products or services.

(f)“Restricted Prospective Customer” means (i) any person or entity whom Executive, on behalf of the Corporation, solicited, assisted in the solicitation of, or engaged in marketing, sales or business development efforts towards, at any time during the twelve (12) months immediately preceding the termination of Executive’s employment; and/or (ii) any person or entity to whom the Corporation submitted a quotation, bid or sales proposal at any time during the twelve (12) months immediately preceding the termination of Executive’s employment if Executive was involved in or aware of such quotation, bid or sales proposal during Executive’s employment.
			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

(g)“Restricted Employee” means any individual employed with the Corporation during Executive’s employment with the Corporation provided the following two conditions are satisfied with respect to such individual: (1) as of the time of the action in question, such individual is then, or within the immediately preceding ninety (90) day period was, employed by the Corporation; and (2) such individual (i) regularly received, helped create or had access to any of the Corporation’s trade secrets and/or Confidential Information during their employment with the Corporation, (ii) possesses or has had access to any of the Corporation’s information that would give a Competitor an unfair advantage if such individual were to be employed by a Competitor, and/or (iii) is or was involved in a software development role, sales role, business development role, managerial role, or customer relationship management role for the Corporation.

iv.     To the extent Executive and the Corporation agree at any time to enter into separate agreements containing restrictive covenants with different or inconsistent terms than those contained herein, Executive and the Corporation acknowledge and agree that such different or inconsistent terms shall not in any way affect, have relevance to, or supersede the restrictive covenants contained herein, and the provisions in any such separate agreements and in this Agreement shall be interpreted in such a manner to give the Corporation its maximum rights and enforceability with respect to the restrictive covenants contained herein and the restrictive covenants contained in any separate agreements to which Executive and the Corporation are parties.

v.     The foregoing shall not be deemed to prevent Executive from investing in securities if such class of securities in which the investment is made is listed on a national securities exchange or is of a company registered under Section 12(g) of the Securities Exchange Act of 1934 and, if the company in which such investment is made competes with the Corporation, such investment represents less than one (1%) percent of the outstanding securities of such class.

Executive has carefully considered the nature and extent of the restrictions placed upon Executive, and the rights and remedies of the Corporation contained in Section 5 of this Agreement, and acknowledges and agrees that they are reasonable as to time, territory, and activity; are designed to eliminate unfair competition to the Corporation; do not stifle Executive's inherent skill and experience or prohibit Executive from being gainfully employed in Executive's chosen profession; are fully required to protect the legitimate interests of the Corporation; and do not confer a benefit upon the Corporation disproportionate to the restrictions imposed upon Executive, or the consideration given therefor.

E.Cooperation and Indemnification. Executive agrees to cooperate fully (i) with the Corporation in the investigation, prosecution, or defense of any potential claims or concerns regarding the Corporation's business about which Executive has relevant 
			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

knowledge, including by providing truthful information and testimony as reasonably requested by the Corporation, and (ii) with all government authorities on matters pertaining to any investigation, litigation, or administrative proceeding concerning the Corporation. The Corporation will reimburse Executive for any reasonable travel and out-of-pocket expenses incurred by Executive in providing such cooperation. The Corporation will indemnify Executive, in accordance with the Delaware General Corporation Law, for all claims and other covered matters arising in connection with Executive's employment.

F.Injunctive Relief. Executive agrees that Executive's agreements and undertakings contained herein are valuable and unique and that in the event of a breach, or threatened breach, by Executive of the terms hereof (a) legal remedies (money damages) for any breach of Section 5 will be inadequate, (b) the Corporation will suffer immediate and irreparable harm from any such breach, and (c) the Corporation will be entitled to injunctive relief from a court in addition to any legal remedies the Corporation may seek. If a court determines that Executive has breached any provision of Section 5, Executive agrees to pay to the Corporation its reasonable costs and attorney's fees incurred in enforcing that provision. Any claim Executive has against the Corporation shall not be used by Executive as a defense to the enforcement of the provisions of Section 5 of this Agreement and will not be used to prohibit the Corporation from seeking or obtaining injunctive relief against Executive.

6.Miscellaneous.

A.Recoupment. Any and all payments made or required to be made and pursuant to this Agreement shall be subject to repayment to the Corporation by Executive (and the successors, assigns, heirs, estate, and personal representative of the Executive) pursuant to the terms of any clawback, recoupment, or other policy implemented from time to time by the Corporation, as amended (the "Recoupment Policy"). As additional consideration for any payment or award granted to Executive, Executive agrees to be bound by and subject to the Recoupment Policy as in effect at any time and from time to time, as amended (whether before, at, or after the granting or payment of any award).

B.Adequacy of Consideration. Executive acknowledges and agrees that he has received, prior to or contemporaneously with the Effective Date, adequate consideration from the Corporation to enter into this Agreement.

C.Survival. The provisions of Sections 5 and 6 shall survive any termination of this Agreement. The parties also agree that Executive's obligations under Section 5 remain in effect regardless of any reason that his employment with the Corporation ends.

D.Tax Withholding. All compensation payable under this Agreement will be subject to applicable tax withholding and other required or authorized deductions.

			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

E.Compensation Subject to Plan. All compensation, in whatever form, payable pursuant to this Agreement shall be subject in all respects to the terms, provisions, and conditions of the LCI Industries 2018 Omnibus Incentive Plan, as amended and restated from time to time.

F.Notices. For all purposes of this Agreement, all communications, including without limitation notices, consents, requests, or approvals, required or permitted to be given hereunder will be in writing and will be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt thereof orally confirmed), or five business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid, or three business days after having been sent by a nationally recognized overnight courier service such as FedEx or UPS, addressed to the Corporation (to the attention of the Secretary of the Corporation) at its principal executive office and to Executive at Executive's principal residence, or to such other address as any party may have furnished to the other in writing and in accordance herewith, except that notices of changes of address will be effective only upon receipt.

G.Assignment. This Agreement shall inure to the benefit of and be binding upon the Corporation, its successors, and assigns, and the Executive, his heirs, executors, administrators, and legal representatives. Executive may not assign this Agreement. The Corporation may assign this Agreement. This Agreement shall not be terminated, voluntarily or involuntarily, by the liquidation or dissolution of the Corporation or by the merger or consolidation of the Corporation with or into another corporation. Any successor to the Corporation will be deemed to be the Corporation under this Agreement.

H.Entire Agreement: Amendment. This Agreement contains the parties' entire agreement regarding its subject matter. Except as modified by a court of competent jurisdiction pursuant to the blue pencil doctrine or otherwise, this Agreement may only be amended in a writing signed by the parties. This Agreement supersedes any and all prior oral or written employment agreements (including letters and memoranda) between Executive and the Corporation or its predecessors. This Agreement does not supersede the terms of any stock option, restricted stock, or stock appreciation rights plan or award. Nothing in this Agreement, nor any fixing of compensation in the form of base salary, bonus, stock-based awards, deferred compensation, or otherwise, shall prevent the Corporation from granting to Executive additional compensation in the form of cash, salary increase, stock-based awards, deferred compensation, or otherwise.

I.Choice of Law. This Agreement shall be governed by the internal laws of the State of Indiana without giving effect to principles of conflicts of law. Each party hereto hereby irrevocably submits to the exclusive jurisdiction and venue of the United States District Court located in Indianapolis, Indiana over any suit, action, or proceeding arising out of or relating to this Agreement. Each party hereby irrevocably waives to the fullest extent permitted by law, (i) the right to a trial by jury; (ii) any objection that they may now or hereafter have to the venue of any such suit, action, or proceeding brought in any such court; or (iii) any claim that any such suit, action, or proceeding has been brought in an inconvenient forum. Final judgment in any suit, action, or proceeding brought in any such court shall be conclusive and binding upon each party duly served with process therein and 
			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

may be enforced in the courts of the jurisdiction of which either party or any of their property is subject, by a suit upon such judgment.

J.Waivers. No party's failure to exercise, or delay in exercising, any right or remedy under this Agreement will be a waiver of such right or remedy, nor will any single or partial exercise of any right or remedy preclude any other or further exercise of such right or remedy.

K.Headings. The headings of this Agreement are for the convenience of reference only and shall not affect in any manner any of the terms and conditions hereof.

L.Narrowed Enforcement and Severability. If any provision or clause of this Agreement, or any portion thereof, shall be held by any court or other tribunal of competent jurisdiction to be illegal, invalid, or unenforceable in such jurisdiction, the remainder of such provision shall not thereby be affected and shall be given full force and effect, without regard to the invalid portion. It is the intention of the parties that each of the restrictions in Section 5.D be severable, and, if any court construes any provision or clause of this Agreement, or any portion thereof, to be illegal, invalid, or unenforceable because of the duration of such provision or the area or matter covered thereby, such court shall reduce the duration, area, or matter of such provision, and in its reduced form, such provision shall then be enforceable and shall be enforced.

M.Attorney' s Fees. In the event of any proceeding involving a claim or dispute arising under this Agreement, the prevailing party (by motion, on the merits, or otherwise) shall be entitled to recover, in addition to any remedy awarded in such proceeding, all costs and expenses, including actual attorney's fees, incurred by the prevailing party in such proceeding.

N.Payment of Deferred Compensation - Section 409A. To the extent applicable, it is intended that the compensation arrangements under this Agreement be in full compliance with Section 409A. This Agreement shall be construed in a manner to give effect to such intention. In no event whatsoever shall the Corporation be liable for any tax, interest, or penalties that may be imposed on Executive under Section 409A. The Corporation shall have no obligation to indemnify or otherwise hold Executive harmless from any such taxes, interest, or penalties, or from liability for any damages related thereto.

			
	

			
	Executive Employment Agmt. 

EXHIBIT 10.3

O.     Electronic Transmission/Counterparts.  The executed  version  of this Agreement may be delivered by facsimile or email, and upon receipt, such transmission shall be deemed delivery of an original. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, and all of which together will constitute one document.

LIPPERT COMPONENTS, INC.            EXECUTIVE

By:                                By:                    

			
	

			
	Executive Employment Agmt.

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