Document:

EX-10.11

 Exhibit 10.11 

 

TRAEGER, INC. 

2021 INCENTIVE AWARD PLAN 

PERFORMANCE-BASED RESTRICTED STOCK UNIT GRANT NOTICE 

Traeger, Inc., a Delaware corporation (the “Company”), has granted to the participant listed below
(“Participant”) the performance-based Restricted Stock Units (the “PSUs”) described in this Performance-Based Restricted Stock Unit Grant Notice (this “Grant Notice”), subject
to the terms and conditions of the Traeger, Inc. 2021 Incentive Award Plan (as amended from time to time, the “Plan”) and the Performance-Based Restricted Stock Unit Agreement attached hereto as Exhibit A, the Vesting
Schedule attached as Exhibit B (Exhibits A and B, collectively, the “Agreement”) and the Release attached as Exhibit C, all of which are incorporated into this Grant Notice by reference. Capitalized terms not
specifically defined in this Grant Notice or the Agreement have the meanings given to them in the Plan. 
  

			
	 Participant:
	  	 [________]

		
	 Grant Date:
	  	 [Effective on later of closing of IPO and date Form S-8 filed]

		
	 Number of Total PSUs:
	  	 [________]

		
	 Expiration Date
	  	 [Tenth anniversary of IPO closing date]

		
	 Vesting Schedule:
	  	 Exhibit B

 By accepting (whether in writing, electronically or otherwise) the PSUs, Participant agrees to
be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant
Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under
the Plan, this Grant Notice or the Agreement. 
  

									
	 TRAEGER, INC. 
	 	 PARTICIPANT

					
	 By:
	 	  
	 		 		 	  

					
	 Name:
	 	  
	 		 		 	 [________]

					
	 Title:
	 	  
	 		 		 	

 Exhibit A 

PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT 

WHEREAS, the Company has granted the PSUs to Participant effective as of the Grant Date set forth in the Grant Notice (the
“Grant Date”); and 
 WHEREAS, in connection therewith, the parties desire to enter into this
Performance-Based Restricted Stock Unit Agreement (this “Agreement”). 
 NOW, THEREFORE, the Company
and Participant hereby agree as follows: 
 ARTICLE I. 

GENERAL 

1.1    Award of PSUs and Dividend Equivalents. 

(a)    Each PSU represents the right to receive one Share, as set forth in this Agreement. Participant
will have no right to the distribution of any Shares until the time (if ever) the PSUs have vested. 

(b)    The Company hereby grants to Participant, with respect to each PSU, a Dividend Equivalent for
ordinary cash dividends paid to substantially all holders of outstanding Shares with a record date after the Grant Date and prior to the date the applicable PSU is settled, forfeited or otherwise expires. Each Dividend Equivalent entitles
Participant to receive the equivalent value of any such ordinary cash dividends paid on a single Share. The Company will establish a separate Dividend Equivalent bookkeeping account (a “Dividend Equivalent Account”) for each
Dividend Equivalent and credit the Dividend Equivalent Account (without interest) on the applicable dividend payment date with the amount of any such cash paid. Any Dividend Equivalents granted in connection with the PSUs issued hereunder, and any
amounts that may become distributable in respect thereof, shall be treated separately from such PSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A. 

1.2    Incorporation of Terms of Plan. The PSUs and Dividend Equivalents are subject to the terms
and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. 

1.3    Unsecured Promise. The PSUs and Dividend Equivalents will at all times prior to settlement
represent an unsecured Company obligation payable only from the Company’s general assets. 

1.4    Definitions. Capitalized terms not specifically defined in this Agreement have the meanings
specified in the Grant Notice or in the Plan. In addition, the following defined terms shall apply: 

(a)    “Disability” means a permanent and total disability under Code
Section 22(e)(3). 
 (b)    “Qualifying Termination” means a termination of
Participant’s Service due to Participant’s death or Disability. 

(c)    “Restrictive Covenant Agreement” means that certain Non-Competition, Confidentiality, Non-Solicitation Agreement and Assignment of Invention Agreement by and between Traeger Pellet Grills, LLC and Participant, dated as of
[______]. 
 (d)    “Service” means Participant’s employment or service
with the Company or a subsidiary as an Employee. 

 ARTICLE II. 

VESTING; FORFEITURE; SETTLEMENT 

2.1    General Vesting. The PSUs will be earned and vest in connection with the achievement of Price
Per Share Goals as defined in and as set forth in Exhibit B, subject to Participant’s continued Service with the Company or its Affiliates through the applicable Vesting Date(s) (as defined in Exhibit B), except to the extent
provided in Sections 2.2 and 2.3 below. Dividend Equivalents (including any Dividend Equivalent Account balance) will vest upon the vesting of the PSUs with respect to which the Dividend Equivalent (including the Dividend Equivalent Account)
relates. 
 2.2    Change in Control. If (i) a Change in Control occurs,
(ii) Participant remains in continued Service until at least immediately prior to the Change in Control, and (iii) some or all PSUs remain outstanding as of immediately prior to such Change in Control, then: 

(a)    Any then-unvested Earned PSUs will vest immediately prior to the closing of such Change in Control.

 (b)    With respect to any PSUs that are not Earned PSUs, if a Price Per Share Goal is first achieved
based on the CIC Price (or, with respect to a Non-Transactional Change in Control, the Price Per Share as of the Change in Control date), then any PSUs to which such Price Per Share Goal applies shall become
Earned PSUs (as defined in Exhibit B) as of immediately prior to the closing of such Change in Control. In addition, if the CIC Price (or, with respect to a Non-Transactional Change in Control, the Price Per
Share as of the Change in Control date) falls between two Price Per Share Goals, then an additional number of PSUs shall become Earned PSUs immediately prior to the closing of such Change in Control equal to a number of PSUs determined using
straight line interpolation between the Price Per Share Goals between which such price falls. Any PSUs that become Earned PSUs in accordance with this Section 2.2(b) will vest immediately prior to the closing of such Change in Control.
Notwithstanding the generality of the foregoing, in the event that a Price Per Share Goal was achieved prior to the Change in Control, no additional PSUs shall become Earned PSUs pursuant to the first sentence of this Section 2.2(b) with
respect to such Price Per Share Goal. 
 (c)    Notwithstanding anything to the contrary contained in
Section 8.3 of the Plan, if, following the application of Sections 2.2(b), any PSUs have not become Earned PSUs as of (or in connection with) the Change in Control, then such PSUs automatically will be forfeited and terminated as of immediately
prior to such Change in Control without consideration therefor. 
 2.3    Termination of Service.

 (a)    If Participant experiences a Qualifying Termination, then (i) any PSUs that are Earned
PSUs as of such Qualifying Termination shall vest as of the termination date and (ii) any PSUs that are not Earned PSUs as of such Qualifying Termination will be forfeited and terminated without consideration therefor. 

(b)    The treatment set forth in Section 2.3(a) is subject to and conditioned upon Participant’s
(or Participant’s estate’s) timely execution, delivery and non-revocation of a general release of claims in the form attached hereto as Exhibit C (the “Release”) and
continued compliance with the Restrictive Covenants (as defined below). The Release shall be delivered to Participant (or Participant’s estate’s) within five business days following the termination date, and Participant shall have 21 days
thereafter (or 45 days, if necessary to comply with Applicable Law) to execute and deliver the Release to the Company. The Company may update the Release attached hereto to the extent necessary to reflect changes in law. 

  
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 (c)    If Participant experiences a termination of
Service for any reason other than a Qualifying Termination, all PSUs that have not become vested on or prior to the date of such termination of Service (including any Earned PSUs) automatically will be forfeited and terminated as of the termination
date without consideration therefor. 
 2.4    Forfeiture. 

(a)    Any PSUs that remain outstanding and are not Earned PSUs as of the close of business on the
Expiration Date automatically will be forfeited and terminated at the close of business on the Expiration Date without consideration therefor. 

(b)    Upon Participant’s material breach of any of the Restrictive Covenants, any PSUs underlying the
Award that remain outstanding as of the date of such breach (if any) automatically will be forfeited and terminated as of the date that such breach is determined by the Administrator in its good faith discretion. 

(c)    Dividend Equivalents (including any Dividend Equivalent Account balance) will be forfeited upon the
forfeiture of the PSUs with respect to which the Dividend Equivalent (including the Dividend Equivalent Account) relates. 

2.5    Settlement. 

(a)    The PSUs will be paid in Shares, and Dividend Equivalents (including any Dividend Equivalent Account
balance) will be paid in cash or Shares, as soon as practicable and in any event within 45 days after the vesting date of the applicable PSU, as determined pursuant to Section 2.2, Section 2.3(a) or Exhibit B. 

(b)    Notwithstanding the foregoing, the Company may delay any payment under this Agreement that the
Company reasonably determines would violate Applicable Law until the earliest date the Company reasonably determines the making of the payment will not cause such a violation (in accordance with Treasury Regulation
Section 1.409A-2(b)(7)(ii)); provided the Company reasonably believes the delay will not result in the imposition of excise taxes under Section 409A. For the avoidance of doubt, any Dividend
Equivalents granted in connection with the PSUs issued hereunder, and any amounts that may become distributable in respect thereof, shall be treated separately from such PSUs and the rights arising in connection therewith for purposes of the
designation of time and form of payments required by Section 409A. 
 (c)    If a Dividend
Equivalent is paid in Shares, the number of Shares paid with respect to the Dividend Equivalent will equal the quotient, rounded down to the nearest whole Share, of the Dividend Equivalent Account balance divided by the Fair Market Value of a Share
on the day immediately preceding the payment date. 
 ARTICLE III. 

TAXATION AND TAX WITHHOLDING 

3.1    Representation. Participant represents to the Company that Participant has reviewed with
Participant’s own tax advisors the tax consequences of this award of PSUs and Dividend Equivalents (the “Award”) and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying solely on
such advisors and not on any statements or representations of the Company or any of its agents. 

3.2    Tax Withholding. 

  
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 (a)    Payment of the withholding tax obligations with
respect to the Award may be by any of the following, or a combination thereof, as determined by [the Company in its sole discretion / Participant or the Administrator]1: 

(i)    Cash or check; 

(ii)    In whole or in part by delivery of Shares, including Shares delivered by
attestation and Shares retained from the Award creating the tax obligation, valued at their Fair Market Value on the date of delivery 

(iii)    In whole or in part by the Company withholding of Shares otherwise vesting or
issuable under this Award in satisfaction of any applicable withholding tax obligations. 

(b)    Unless [the Company / Participant or the Administrator] otherwise determines, and subject to
Section 10.17 of the Plan, payment of the withholding tax obligations with respect to the Award shall be by [delivery (including electronically or telephonically to the extent permitted by the Company) of an irrevocable and unconditional
undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to satisfy the applicable tax withholding obligations] / [delivery (including electronically or telephonically to the extent permitted by the
Company) by Participant to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company that Participant has placed a market sell order with such broker with respect to Shares then-issuable upon
settlement of the Award, and that the broker has been directed to deliver promptly to the Company funds sufficient to satisfy the applicable tax withholding obligations; provided, that payment of such proceeds is then made to the Company at such
time as may be required by the Administrator]2; or 

(c)    Subject to Section 9.5 of the Plan, the applicable tax withholding obligation will be
determined based on Participant’s Applicable Withholding Rate. Participant’s “Applicable Withholding Rate” shall mean (i) if Participant is subject to Section 16 of the Exchange Act, the greater of
(A) the minimum applicable statutory tax withholding rate or (B) with Participant’s consent, the maximum individual tax withholding rate permitted under the rules of the applicable taxing authority for tax withholding attributable to
the underlying transaction, or (ii) if Participant is not subject to Section 16 of the Exchange Act, the minimum applicable statutory tax withholding rate or such other higher rate approved by the Company; provided, however, that
(i) in no event shall Participant’s Applicable Withholding Rate exceed the maximum individual statutory tax rate in the applicable jurisdiction at the time of such withholding (or such other rate as may be required to avoid the liability
classification of the applicable award under generally accepted accounting principles in the United States of America); and (ii) the number of Shares tendered or withheld, if applicable, shall be rounded up to the nearest whole Share sufficient
to cover the applicable tax withholding obligation, to the extent rounding up to the nearest whole Share does not result in the liability classification of the RSUs under generally accepted accounting principles. 

(d)    Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed
in connection with the PSUs and the Dividend Equivalents, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the PSUs or Dividend Equivalents. Neither the
Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the PSUs or the Dividend Equivalents or the subsequent sale of Shares. The
Company and its 
  
  

	1 	 NTD: “Participant or the Administrator” for Section 16 individuals. “The Company”
for non-Section 16 individuals. 

	2 	 NTD: Use second bracketed language for Section 16 individuals.

  
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Subsidiaries do not commit and are under no obligation to structure the PSUs or Dividend Equivalents to reduce or eliminate Participant’s tax liability. 

ARTICLE IV. 
 OTHER
PROVISIONS 
 4.1    Adjustments. Participant acknowledges that the PSUs, the Shares subject
to the PSUs, the Dividend Equivalents and the Price Per Share Goals are subject to adjustment, modification and/or termination in certain events as provided in this Agreement and the Plan. For purposes of clarity, in connection with an Equity
Restructuring the Price Per Share Goals shall be subject to Section 8.1 of the Plan. 

4.2    Clawback. Notwithstanding Section 10.13 of the Plan, the Award and the Shares issuable
hereunder shall be subject to (i) any Company clawback or recoupment policy required in order to comply with Applicable Law, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated
thereunder and (ii) any Company clawback or recoupment policy approved by the Company’s Board which applies to the senior executives of the Company. The Company and Participant acknowledge that neither this Section 4.2 nor
Section 10.13 of the Plan are intended to limit any clawback and/or disgorgement of the Award and/or the Shares issuable hereunder pursuant to Section 304 of the Sarbanes-Oxley Act of 2002. 

4.3    Notices. Any notice to be given under the terms of this Agreement to the Company must be in
writing and addressed to the Company in care of the Company’s General Counsel at the Company’s principal office or the General Counsel’s then-current email address or facsimile number. Any notice to be given under the terms of this
Agreement to Participant must be in writing and addressed to Participant (or, if Participant is then deceased, to the Designated Beneficiary) at Participant’s last known mailing address, email address or facsimile number in the Company’s
personnel files. By a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will be deemed duly given when actually received, when sent by email, when sent by
certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or upon
receipt of a facsimile transmission confirmation. 
 4.4    Titles. Titles are provided herein
for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 

4.5    Conformity to Securities Laws. Participant acknowledges that the Plan, the Grant Notice and
this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws. 

4.6    Successors and Assigns. The Company may assign any of its rights under this Agreement to a
single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in this Agreement or the Plan, this Agreement will be binding upon and inure
to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

4.7    Limitations Applicable to Section 16 Persons. Notwithstanding any other
provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the PSUs and Dividend Equivalents will be subject to any additional limitations set forth in
any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable

  
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Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule. 

4.8    Restrictive Covenants. In consideration of the benefits being provided to Participant
pursuant to this Agreement, Participant agrees to be bound by the restrictive covenants (the “Restrictive Covenants”) contained in the Restrictive Covenant Agreement are incorporated herein by reference. 

4.9    Entire Agreement; Amendment. The Plan, the Grant Notice and this Agreement (including
any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. To the extent permitted by the Plan,
this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board; provided, however, that except as may otherwise be provided by the Plan, no
amendment, modification, suspension or termination of this Agreement shall materially and adversely affect the PSUs or Dividend Equivalents without the prior written consent of Participant. 

4.10    Agreement Severable. In the event that any provision of the Grant Notice or this Agreement
is held illegal or invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement. 

4.11    Limitation on Participant’s Rights. Participation in the Plan confers no rights or
interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of
itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the PSUs and Dividend Equivalents, and rights no greater than
the right to receive cash or the Shares as a general unsecured creditor with respect to the PSUs and Dividend Equivalents, as and when settled pursuant to the terms of this Agreement. 

4.12    Not a Contract of Service. Nothing in the Plan, the Grant Notice or this Agreement confers
upon Participant any right to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or
terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant. 

4.13    Counterparts. The Grant Notice may be executed in one or more counterparts, including by
way of any electronic signature, subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument. 

* * * * * 

  
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 Exhibit B 

EARNED PSUS; VESTING SCHEDULE 

Earned PSUs 
 The
PSUs will become “Earned PSUs” based on the achievement of Price Per Share Goals set forth in the table below during the Performance Period, subject to certification by the Administrator that the applicable Price Per Share
Goal has been achieved (provided that no such certification shall be required in the event one or more Price Per Share Goals are achieved as a result of the occurrence of a Change in Control other than a
Non-Transactional Change in Control). 
  

					
	 Vesting Tranche
	  	 Price Per Share Goal3
	  	 Number of Earned PSUs4

	 “First Vesting Tranche”
	  	$[___]	  	[____]
	 “Second Vesting Tranche”
	  	$[___]	  	[____]

 For the avoidance of doubt, each Price Per Share Goal for an Earned PSU may be achieved only
once during the Performance Period and more than one Price Per Share Goal may be achieved on a particular date. For example, if the first Price Per Share Goal of $[___] per share is determined by the Administrator to have been satisfied on
January 1, 2023, the Price Per Share thereafter drops below such level and again reaches $[___] per share during the 60 consecutive trading day period ending September 30, 2023, no additional PSUs shall become Earned PSUS as a result of
reaching the same Price Per Share Goal for a second time. 
 Vesting of Earned PSUs 

Except as otherwise provided in Sections 2.2 through 2.4 of the Agreement, with respect to any PSUs that become Earned PSUs,
such Earned PSUs shall vest as to (i) 50% of the Earned PSUs on the later of the first anniversary of the IPO Date and the date on which the Price Per Share Goal is achieved with respect to the applicable Vesting Tranche and (ii) 50% of the Earned
PSUs on the later of the second anniversary of the IPO Date and the first anniversary of the date on which the Price Per Share Goal is achieved with respect to the applicable Vesting Tranche (each, a “Vesting Date”). 

In no event may more than [______]5 PSUs vest pursuant to this Award.

 Definitions 

“CIC Price” means the price per share of Common Stock (or, in connection with a sale or other
disposition of all or substantially all of the Company’s assets, the implied price per share of Common Stock) paid by an acquiror in connection with such Change in Control or, to the extent that the consideration in the Change in Control
transaction is paid in stock of the acquiror or its affiliate, then, unless otherwise determined by the Administrator, the CIC Price shall mean the value of the consideration paid per Share based on the average of the closing trading prices of a
share of such acquiror stock on the principal exchange on which such shares are then traded for each trading day during the five consecutive trading days ending on and including the date on which a Change in Control occurs. In the event the
consideration in the Change 
  
  

	3 	 NTD: Initial price per share goal will equal 2x the IPO price, second price per share goal will equal 3x the
IPO price. 

	4 	 NTD: Each tranche will represent 50% of the total PSUs. 

	5 	 NTD: Will refer to total number of PSUs granted.

 
in Control takes any other form, the value of such consideration shall be determined by the Administrator in its good faith reasonable discretion in a manner intended to not diminish the value of
the Award to Participant. 
 “IPO Date” means the date on which the closing of the underwritten
public offering of the Company’s Common Stock occurs. 
 “Performance Period” means the period
beginning on (and including) the IPO Date and ending on (and including) the Expiration Date. 
 “Price Per
Share” means the Fair Market Value per Share. 
 “Price Per Share Goal” means a target
average Price Per Share as set forth in the table above measured over any 60 consecutive trading-day period during the Performance Period; provided, however, that if a Change in Control occurs, then the Price
Per Share Goals shall be evaluated solely by reference to the CIC Price (other than in connection with a Change in Control that is solely a Non-Transactional Change in Control). 

“Vesting Tranche” means each of the First Vesting Tranche and Second Vesting Tranche. 

  
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 Exhibit C 

GENERAL RELEASE 

1.    Release. For valuable consideration, the receipt and adequacy of which is hereby acknowledged,
the undersigned does hereby release and forever discharge the “Releasees” hereunder, consisting of Traeger, Inc., a Delaware corporation (“Company”), and the Company’s partners, subsidiaries,
associates, affiliates, successors, heirs, assigns, directors, officers and employees of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises,
liability, claims, demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called “Claims”), which the undersigned now has or may
hereafter have against the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof. The Claims released herein include, without limiting the generality of the foregoing, any
Claims in any way arising out of, based upon, or related to the employment or service, or termination of employment or service, of the undersigned by the Releasees, or any of them; any alleged breach of any express or implied contract of employment
or service; any alleged torts or other alleged legal restrictions on Releasees’ right to terminate the employment or service of the undersigned; and any alleged violation of any federal, state or local statute or ordinance including, without
limitation, Title VII of the Civil Rights Act of 1964, the Age Discrimination In Employment Act (“ADEA”), the Americans With Disabilities Act. 

2.    Claims Not Released. Notwithstanding the foregoing, this general release (the
“Release”) shall not operate to release any rights or claims of the undersigned (i) to payments or benefits under the performance-based restricted stock unit award agreement between the undersigned and the Company (to
which this Release is attached) or as a holder of any securities of the Company, (ii) to accrued or vested benefits the undersigned may have, if any, as of the date hereof under any applicable plan, policy, practice, program, contract or
agreement with the Company, (iii) to any Claims, including claims for indemnification and/or advancement of expenses arising under any indemnification agreement between the undersigned and the Company, under any directors’ and
officers’ liability insurance policy or under the bylaws, certificate of incorporation or other similar governing document of the Company, (iv) to any Claims which cannot be waived by an employee under applicable law or (v) with
respect to the undersigned’s right to communicate directly with, cooperate with, or provide information to, any federal, state or local government regulator. 

3.    Exceptions. Notwithstanding anything in this Release to the contrary, nothing contained in
this Release shall prohibit the undersigned from (i) filing a charge with, reporting possible violations of federal law or regulation to, participating in any investigation by, or cooperating with any governmental agency or entity or making
other disclosures that are protected under the whistleblower provisions of applicable law or regulation and/or (ii) communicating directly with, cooperating with, or providing information (including trade secrets) in confidence to, any federal,
state or local government regulator (including, but not limited to, the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, or the U.S. Department of Justice) for the purpose of reporting or investigating a
suspected violation of law, or from providing such information to the undersigned’s attorney or in a sealed complaint or other document filed in a lawsuit or other governmental proceeding. Pursuant to 18 USC Section 1833(b), (1) the
undersigned will 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: (x) in confidence to a federal, state, or local government official, either directly or
indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (y) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and
(2) the undersigned acknowledges that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret
information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. 

  
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 4.    Representations. The undersigned represents
and warrants that there has been no assignment or other transfer of any interest in any Claim which the undersigned may have against Releasees, or any of them, and the undersigned agrees to indemnify and hold Releasees, and each of them, harmless
from any liability, Claims, demands, damages, costs, expenses and attorneys’ fees incurred by Releasees, or any of them, as the result of any such assignment or transfer or any rights or Claims under any such assignment or transfer. It is
the intention of the parties that this indemnity does not require payment as a condition precedent to recovery by the Releasees against the undersigned under this indemnity. 

5.    No Action. The undersigned agrees that if the undersigned hereafter commences any suit
arising out of, based upon, or relating to any of the Claims released hereunder or in any manner asserts against Releasees, or any of them, any of the Claims released hereunder, then the undersigned agrees to pay to Releasees, and each of them, in
addition to any other damages caused to Releasees thereby, all attorneys’ fees incurred by Releasees in defending or otherwise responding to said suit or Claim. Notwithstanding the foregoing, this provision shall not apply to any suit or Claim
to the extent it challenges the effectiveness of this Release with respect to a claim under the ADEA. 

6.    No Admission. The undersigned further understands and agrees that neither the payment of any
sum of money nor the execution of this Release shall constitute or be construed as an admission of any liability whatsoever by the Releasees, or any of them, who have consistently taken the position that they have no liability whatsoever to the
undersigned. 
 7.    [OWBPA. The undersigned agrees and acknowledges that this Release
constitutes a knowing and voluntary waiver and release of all Claims the undersigned has or may have against the Company and/or any of the Releasees as set forth herein, including, but not limited to, all Claims arising under the Older Worker’s
Benefit Protection Act and the ADEA. In accordance with the Older Worker’s Benefit Protection Act, the undersigned is hereby advised as follows: 
  

	 	(i)	 the undersigned has read the terms of this Release, and understands its terms and effects, including the
fact that the undersigned agreed to release and forever discharge the Company and each of the Releasees, from any Claims released in this Release; 

  

	 	(ii)	 the undersigned understands that, by entering into this Release, the undersigned does not waive any Claims
that may arise after the date of the undersigned’s execution of this Release, including without limitation any rights or claims that the undersigned may have to secure enforcement of the terms and conditions of this Release;

  

	 	(iii)	 the undersigned has signed this Release voluntarily and knowingly in exchange for the consideration
described in this Release, which the undersigned acknowledges is adequate and satisfactory to the undersigned and which the undersigned acknowledges is in addition to any other benefits to which the undersigned is otherwise entitled;

  

	 	(iv)	 the Company advises the undersigned to consult with an attorney prior to executing this Release;

  

	 	(v)	 the undersigned has been given at least [21]6 days in
which to review and consider this Release. To the extent that the undersigned chooses to sign this Release prior to the expiration of such period, the undersigned acknowledges that the undersigned has done so voluntarily, had sufficient time to
consider the Release, to consult with counsel and that 

  

 

	6 	 NTD: Use 45 days in a group termination, and include information regarding terminated positions.

  
 C-2 

	 	 
the undersigned does not desire additional time and hereby waives the remainder of the [21]-day period; and 

 

	 	(vi)	 the undersigned may revoke this Release within seven days from the date the undersigned signs this Release
and this Release will become effective upon the expiration of that revocation period if the undersigned has not revoked this Release during such seven-day period. If the undersigned revokes this Release during
such seven-day period, this Release will be null and void and of no force or effect on either the Company or the undersigned and the undersigned will not be entitled to any of the payments or benefits which
are expressly conditioned upon the execution and non-revocation of this Release. Any revocation must be in writing and sent to [name], via electronic mail at [email address], on or before 11:59
p.m. Mountain time on the seventh day after this Release is executed by the undersigned.]7 

8.    Acknowledgement. The undersigned acknowledges that different or additional facts may be
discovered in addition to what is now known or believed to be true by the undersigned with respect to the matters released in this Release, and the undersigned agrees that this Release shall be and remain in effect in all respects as a complete and
final release of the matters released, notwithstanding any different or additional facts. 

9.    Governing Law. This Release is deemed made and entered into in the State of Utah, and in all
respects shall be interpreted, enforced and governed under the internal laws of the State of Utah, to the extent not preempted by federal law. 

IN WITNESS WHEREOF, the undersigned has executed this Release this ____ day of ___________, ____. 

[________] 
  

 

	7 	 NTD: Include as applicable. 

  
 C-3EX-10.12

 Exhibit 10.12 

 

TRAEGER, INC. 

2021 INCENTIVE AWARD PLAN 

RESTRICTED STOCK UNIT GRANT NOTICE 

Traeger, Inc., a Delaware corporation (the “Company”), has granted to the participant listed below
(“Participant”) the Restricted Stock Units (the “RSUs”) described in this Restricted Stock Unit Grant Notice (this “Grant Notice”), subject to the terms and conditions of the
Traeger, Inc. 2021 Incentive Award Plan (as amended from time to time, the “Plan”) and the Restricted Stock Unit Agreement attached hereto as Exhibit A (the “Agreement”), both of which are
incorporated into this Grant Notice by reference. Capitalized terms not specifically defined in this Grant Notice or the Agreement have the meanings given to them in the Plan. 

 

			
	 Participant:
	  	 [To be specified]

		
	 Grant Date:
	  	 [To be specified]

		
	 Number of RSUs:
	  	 [To be specified]

		
	 Vesting Commencement Date:
	  	 [To be specified]

		
	 Vesting Schedule:
	  	 [To be specified]

 By accepting (whether in writing, electronically or otherwise) the RSUs, Participant agrees to
be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant
Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under
the Plan, this Grant Notice or the Agreement. 
  

							
	 TRAEGER, INC. 
	 		  	 PARTICIPANT

				
	 By:
	 	  
	 		  	  

	 Name:
	 	  
	 		  	 [Participant Name]

	 Title:
	 	  
	 		  	

 Exhibit A 

RESTRICTED STOCK UNIT AGREEMENT 

Capitalized terms not specifically defined in this Restricted Stock Unit Agreement (this “Agreement”)
have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan. 
 ARTICLE I. 

GENERAL 

1.1 Award of RSUs and Dividend Equivalent Rights. 

(a) The Company has granted the RSUs to Participant effective as of the Grant Date set forth in the Grant Notice (the
“Grant Date”). Each RSU represents the right to receive one Share as set forth in this Agreement. Participant will have no right to the distribution of any Shares until the time (if ever) the RSUs have vested. 

(b) The Company hereby grants to Participant, with respect to each RSU granted hereunder, a Dividend Equivalent for ordinary
cash dividends paid to substantially all holders of outstanding Shares with a record date after the Grant Date and prior to the date the applicable RSU is settled, forfeited or otherwise expires. Each Dividend Equivalent entitles Participant to
receive the equivalent value of any such ordinary cash dividends paid on a single Share. The Company will establish a separate Dividend Equivalent bookkeeping account (a “Dividend Equivalent Account”) for each Dividend
Equivalent and credit the Dividend Equivalent Account (without interest) on the applicable dividend payment date with the amount of any such cash paid. Any Dividend Equivalents granted in connection with the RSUs issued hereunder, and any amounts
that may become distributable in respect thereof, shall be treated separately from such RSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A. For clarity, the
Dividend Equivalents granted hereunder shall satisfy the right to receive Dividend Equivalents pursuant to Section 3.4 of the Deferred Compensation Plan (as defined below). 

1.2 Incorporation of Terms of Plan. The RSUs are subject to the terms and conditions set forth in this Agreement and the
Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control. 

1.3 Unsecured Promise. The RSUs and Dividend Equivalents will at all times prior to settlement represent an unsecured
Company obligation payable only from the Company’s general assets. 
 ARTICLE II. 

VESTING; FORFEITURE AND SETTLEMENT 

2.1 Vesting; Forfeiture. The RSUs will vest according to the vesting schedule in the Grant Notice except that any
fraction of an RSU that would otherwise be vested will be accumulated and will vest only when a whole RSU has accumulated. Dividend Equivalents (including any Dividend Equivalent Account balance) will vest upon the vesting of the RSUs with respect
to which the Dividend Equivalent (including the Dividend Equivalent Account) relates. In the event of Participant’s Termination of Service for any reason, (a) all unvested RSUs will immediately and automatically be cancelled and forfeited,
except as otherwise determined by the Administrator or provided in a binding written agreement between Participant and the Company and (b) Dividend Equivalents (including any Dividend Equivalent Account balance) will be forfeited upon the
forfeiture of the RSUs with respect to which the Dividend Equivalent (including the Dividend Equivalent Account) relates. 

  
 1 

 2.2 Settlement. 

(a) Subject to and in accordance with the Deferred Compensation Plan, the RSUs, to the extent vested, and Dividend Equivalents
(including any Dividend Equivalent Account balance) will, in any case, be paid in Shares within 45 days following the earliest to occur of: (i) Participant’s “separation from service” (within the meaning of Section 409A);
(ii) a Change in Control (as defined below); (iv) Participant’s death; or (v) Participant’s Disability (as defined below) (in any case, such payment date, the “Payment Date”). Notwithstanding anything to the
contrary contained herein, the exact Payment Date shall be determined by the Company in its sole discretion (and Participant shall not have the right to designate the time of payment). 

(b) Notwithstanding the foregoing, the Company may delay any payment under this Agreement that the Company reasonably
determines would violate Applicable Law until the earliest date the Company reasonably determines the making of the payment will not cause such a violation (in accordance with Treasury Regulation
Section 1.409A-2(b)(7)(ii)); provided the Company reasonably believes the delay will not result in the imposition of excise taxes under Section 409A. 

2.3 Certain Definitions. 

(a) “Change in Control” shall, notwithstanding anything to the contrary herein or in the Plan, have the
meaning set forth in the Deferred Compensation Plan. 
 (b) “Deferred Compensation Plan” shall mean
the Traeger, Inc. Deferred Compensation Plan for Directors, as may be amended and/or restated from time to time. 
 (c)
“Disability” shall, notwithstanding anything to the contrary herein or in the Plan, have the meaning set forth in the Deferred Compensation Plan. 

ARTICLE III. 
 TAXATION
AND TAX WITHHOLDING 
 3.1 Representation. Participant represents to the Company that Participant has reviewed
with Participant’s own tax advisors the tax consequences of this award of RSUs and Dividend Equivalents (the “Award”) and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying
solely on such advisors and not on any statements or representations of the Company or any of its agents. 
 3.2 Tax
Withholding. 
 (a) Subject to Section 3.2(b), payment of the withholding tax obligations with respect to the Award
may be by any of the following, or a combination thereof, as determined by Participant or the Administrator: 

(i) Cash or check; 

(ii) In whole or in part by delivery of Shares, including Shares delivered by attestation and Shares retained
from the Award creating the tax obligation, valued at their Fair Market Value on the date of delivery; or 

(iii) In whole or in part by the Company withholding of Shares otherwise vesting or issuable under this Award
in satisfaction of any applicable withholding tax obligations. 

  
 2 

 (b) Unless Participant or the Administrator otherwise determines, and
subject to Section 10.17 of the Plan, payment of the withholding tax obligations with respect to the Award shall be by delivery (including electronically or telephonically to the extent permitted by the Company) by Participant to the Company of
a copy of irrevocable and unconditional instructions to a broker acceptable to the Company that Participant has placed a market sell order with such broker with respect to Shares then-issuable upon settlement of the Award, and that the broker has
been directed to deliver promptly to the Company funds sufficient to satisfy the applicable tax withholding obligations; provided, that payment of such proceeds is then made to the Company at such time as may be required by the Administrator. 

(c) Subject to Section 9.5 of the Plan, the applicable tax withholding obligation will be determined based on
Participant’s Applicable Withholding Rate. Participant’s “Applicable Withholding Rate” shall mean (i) if Participant is subject to Section 16 of the Exchange Act, the greater of (A) the minimum
applicable statutory tax withholding rate or (B) with Participant’s consent, the maximum individual tax withholding rate permitted under the rules of the applicable taxing authority for tax withholding attributable to the underlying
transaction, or (ii) if Participant is not subject to Section 16 of the Exchange Act, the minimum applicable statutory tax withholding rate or such other higher rate approved by the Company; provided, however, that
(i) in no event shall Participant’s Applicable Withholding Rate exceed the maximum individual statutory tax rate in the applicable jurisdiction at the time of such withholding (or such other rate as may be required to avoid the liability
classification of the applicable award under generally accepted accounting principles in the United States of America); and (ii) the number of Shares tendered or withheld, if applicable, shall be rounded up to the nearest whole Share sufficient
to cover the applicable tax withholding obligation, to the extent rounding up to the nearest whole Share does not result in the liability classification of the RSUs under generally accepted accounting principles. 

(d) Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the
RSUs and Dividend Equivalents, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the RSUs or Dividend Equivalents. Neither the Company nor any Subsidiary makes
any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the RSUs or the Dividend Equivalents or the subsequent sale of Shares. The Company and its Subsidiaries do not
commit and are under no obligation to structure the RSUs or Dividend Equivalents to reduce or eliminate Participant’s tax liability. 

3.3 Section 409A. 

(a) General. To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A,
including without limitation any such regulations or other guidance that may be issued after the effective date of this Agreement. 

(b) Non-Qualified Deferred Compensation. Sections 10.6(b) and (c) of the
Plan shall apply to the RSUs, Dividend Equivalents and this Agreement. For purposes of Section 409A, each RSU (and the right to payment with respect to each RSU) is to be treated as a right to a separate payment. 

ARTICLE IV. 
 OTHER
PROVISIONS 
 4.1 Adjustments. Participant acknowledges that the RSUs and the Shares subject to the RSUs and
Dividend Equivalents are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan. 

  
 3 

 4.2 Clawback. The Award and the Shares issuable hereunder shall be
subject to any clawback or recoupment policy in effect on the Grant Date or as may be adopted or maintained by the Company following the Grant Date, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations
promulgated thereunder. 
 4.3 Notices. Any notice to be given under the terms of this Agreement to the Company must
be in writing and addressed to the Company in care of the Company’s General Counsel at the Company’s principal office or the General Counsel’s then-current email address or facsimile number. Any notice to be given under the terms of
this Agreement to Participant must be in writing and addressed to Participant (or, if Participant is then deceased, to the Designated Beneficiary) at Participant’s last known mailing address, email address or facsimile number in the
Company’s personnel files. By a notice given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will be deemed duly given when actually received, when sent by email, when
sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company
or upon receipt of a facsimile transmission confirmation. 
 4.4 Titles. Titles are provided herein for convenience
only and are not to serve as a basis for interpretation or construction of this Agreement. 
 4.5 Conformity to Securities
Laws. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform
to Applicable Laws. 
 4.6 Successors and Assigns. The Company may assign any of its rights under this Agreement to a
single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in this Agreement or the Plan, this Agreement will be binding upon and inure
to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
 4.7
Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement
and the RSUs and Dividend Equivalents will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3)
that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule. 

4.8 Entire Agreement; Amendment. The Plan, the Grant Notice and this Agreement (including any exhibit hereto, as
well as the Deferred Compensation Plan) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. To the extent
permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board; provided, however, that except as may otherwise be provided
by the Plan, no amendment, modification, suspension or termination of this Agreement shall materially and adversely affect the RSUs or Dividend Equivalents without the prior written consent of Participant. 

4.9 Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or
invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement. 

  
 4 

 4.10 Limitation on Participant’s Rights. Participation in the
Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any
underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs and Dividend
Equivalents, and rights no greater than the right to receive cash or the Shares as a general unsecured creditor with respect to the RSUs and Dividend Equivalents, as and when settled pursuant to the terms of this Agreement. 

4.11 Not a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any
right to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services
of Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant. 

4.12 Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any electronic
signature, subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument. 

* * * * * 

  
 5

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