Document:

Form of Non-Qualified Stock Option Award Grant Notice

 Exhibit 10.9 

FORM OF 

AMERICAN OUTDOOR BRANDS, INC. 

2020 INCENTIVE COMPENSATION PLAN 

NON-QUALIFIED STOCK OPTION
AWARD GRANT NOTICE AND AGREEMENT 
 I.
NON-QUALIFIED STOCK OPTION AWARD GRANT NOTICE 

American Outdoor Brands, Inc. (the “Company”), pursuant to its 2020 Incentive Compensation Plan (as may be amended, the
“Plan”), hereby grants to the Optionee named below an option to purchase a number of shares of the Company’s Common Stock set forth below. This Non-Qualified Stock Option Award Grant
Notice and Agreement (the “Agreement”) is subject to all of the terms and conditions as set forth herein and in the Plan, which are agreed to by the Optionee and incorporated herein in their entirety. All capitalized terms in this
Agreement shall have the meaning assigned to them in this Agreement or, if such term is not defined in this Agreement, such term shall have the meaning assigned to it under the Plan. 

 

			
	Optionee:	 	  

		
	Address:	 	  

		
	Date of Grant:	 	  

		
	 Total Number
 of Shares:
	 	  

		
	 Exercise Price
 Per Share:
	 	  

 The Optionee has received a copy of the Company’s most recent prospectus describing the Plan and a
complete copy of the Plan document. The Optionee has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement, and fully understands all provisions of the Option
granted by this Agreement. 
  

							
	AMERICAN OUTDOOR BRANDS, INC.	  	OPTIONEE:
				
	By:	 	  
	  		  	
			
	Name:	 	  
	  	  

			
	Title:	 	  
	  	  

							
				
	Effective as of:	 	  
	  	Effective as of:	  	  

 II.
NON-QUALIFIED STOCK OPTION AGREEMENT 

1. Grant of Option. The Company hereby grants, as of the Date of Grant set forth in the above
Non-Qualified Stock Option Award Grant Notice (the “Notice of Grant”), to the Optionee named in the Notice of Grant, an option (the “Option”) to purchase up to the number of
shares of the Company’s Common Stock, $0.001 par value per share, set forth in the Notice of Grant (the “Shares”), at the exercise price per share set forth in the Notice of Grant. The Option shall be subject to the terms and
conditions set forth herein and in the Plan, under which this Option was granted. The Option is a nonqualified stock option, and not an Incentive Stock Option. The Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by
all of the terms and conditions hereof and thereof and all applicable laws and regulations. 
 2. Definitions. Unless otherwise
provided herein, terms used herein that are defined in the Plan and not defined herein shall have the meanings attributed to them under the Plan. 

3. Vesting Schedule. Except as otherwise provided in Sections 6 or 9 of this Agreement, or in the Plan, the Option shall vest in
the installments as provided below, which shall be cumulative. To the extent that the Option has become vested with respect to a percentage of Shares as provided below, the Option may thereafter be exercised by the Optionee, in whole or in part, at
any time or from time to time prior to the expiration of the Option as provided herein for such vested Shares. The following table indicates each date (the “Vesting Date”) upon which the Optionee shall be vested and thereby entitled
to exercise the Option with respect to the percentage of Shares granted as indicated beside the date, provided that the Continuous Service of the Optionee continues through and on the applicable Vesting Date: 

 

			
	 Percentage of Shares
	  	 Vesting Date

	 _____%
	  	The                      anniversary of the Date of Grant, such that the Option shall be fully vested, with respect to all
Shares subject to this grant, on the                      anniversary of the Date of Grant.

 Except as otherwise specifically provided herein, there shall be no proportionate or partial vesting in
the periods prior to each Vesting Date, and all vesting shall occur only on the appropriate Vesting Date. Upon the termination of the Optionee’s Continuous Service with the Company and its Related Entities, any unvested portion of the Option
shall terminate and be null and void. 
 4. Method of Exercise. The vested portion of this Option shall be exercisable in whole or in
part in accordance with the vesting schedule set forth in Section 3 hereof by written notice which shall state the election to exercise the Option, the number of vested Shares in respect of which the Option is being exercised, and such other
representations and agreements as to the holder’s investment intent with respect to such Shares as may be required by the Company pursuant to the provisions of the Plan. Such written notice shall be signed by the Optionee and shall be delivered
in person or by certified mail to the Secretary of the Company. The written notice shall be accompanied by payment of the exercise price. This 

 
Option shall be deemed to be exercised after both (a) receipt by the Company of such written notice accompanied by the exercise price and (b) arrangements that are satisfactory to the
Committee or the Board in its sole discretion have been made for the Optionee’s payment to the Company of the amount that is necessary to be withheld in accordance with applicable federal or state withholding requirements. No Shares will be
issued pursuant to the Option unless and until such issuance and such exercise shall comply with all relevant provisions of applicable law, including the requirements of any stock exchange upon which the Shares then may be traded. 

5. Method of Payment. Payment of the exercise price is due in full upon exercise of all or any part of the Option. The Optionee may
elect to make payment of the exercise price in one or more of the following ways: 
 (a) Cash or by check. 

(b) In the Company’s sole discretion at the time the Option is exercised and provided that at the time of exercise the
Common Stock is publicly traded, pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the Company or the
receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds. 
 (c) In the
Company’s sole discretion at the time the Option is exercised, delivery by Optionee of a promissory note in a form satisfactory to the Company, in the amount of the aggregate exercise price of the exercised Shares together with the execution
and delivery by the Optionee of a security agreement in a form satisfactory to the Company. The promissory note shall bear interest at a rate at least equal to the “applicable federal rate” prescribed under the Code and its regulations at
time of purchase, and shall be secured by a pledge of the Shares purchased by the promissory note pursuant to the security agreement. At any time that the Company is incorporated in Delaware, payment of the Common Stock’s “par value,”
as defined in the Delaware General Corporation Law, shall be made in cash and not by deferred payment. Notwithstanding the foregoing, payment by promissory note shall not be permitted to the extent such payment would violate the Sarbanes-Oxley Act
of 2002. 
 (d) Provided that at the time of exercise the Common Stock is publicly traded, by delivery of already-owned
shares of Common Stock either that Optionee has held for the period required to avoid a charge to the Company’s reported earnings (generally six (6) months) or that Optionee did not acquire, directly or indirectly from the Company, that
are owned free and clear of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value on the date of exercise. “Delivery” for these purposes, in the sole discretion of the Company at the time the
Optionee exercises the Option, shall include delivery to the Company of Optionee’s attestation of ownership of such shares of Common Stock in a form approved by the Company. Notwithstanding the foregoing, Optionee may not exercise the Option by
tender to the Company of Common Stock to the extent such tender would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s stock. 

 6. Termination of Option. 

(a) Any unexercised portion of the Option shall automatically and without notice terminate and become null and void at the time
of the earliest to occur of: 
 (i) three (3) months after the date on which the Optionee’s Continuous Service is
terminated other than by reason of (A) Cause, which, solely for purposes of this Agreement, shall mean the termination of the Optionee’s Continuous Service by reason of the Optionee’s willful misconduct or gross negligence, (B) a
Disability of the Optionee as determined by a medical doctor satisfactory to the Committee or the Board, or (C) the death of the Optionee; 

(ii) immediately upon the termination of the Optionee’s Continuous Service for Cause; 

(iii) twelve (12) months after the date on which the Optionee’s Continuous Service is terminated by reason of a
Disability as determined by a medical doctor satisfactory to the Committee or the Board; 
 (iv) twelve (12) months
after the date of termination of the Optionee’s Continuous Service by reason of the death of the Optionee; or 

(v) the tenth (10th) anniversary of the Date of Grant. 

(b) To the extent not previously exercised, (i) the Option shall terminate immediately in the event of (1) the
liquidation or dissolution of the Company, or (2) any reorganization, merger, consolidation or other form of corporate transaction in which the Company does not survive or the Shares are converted into or exchanged for securities issued by
another entity, unless the successor or acquiring entity, or an affiliate of such successor or acquiring entity, assumes the Option or substitutes an equivalent option or right pursuant to Section 10(c)(ii) of the Plan, and (ii) the
Committee or the Board in its sole discretion may by written notice (“cancellation notice”) cancel, effective upon the consummation of any corporate transaction described in Subsection 9(b)(ii) of the Plan in which the Company does
survive, the Option (or portion thereof) that remains unexercised on such date. The Committee or the Board shall give written notice of any proposed transaction referred to in this Section 6(b) a reasonable period of time prior to the closing
date for such transaction (which notice may be given either before or after approval of such transaction), in order that the Optionee may have a reasonable period of time prior to the closing date of such transaction within which to exercise the
Option if and to the extent that it then is exercisable (including any portion of the Option that may become exercisable upon the closing date of such transaction). The Optionee may condition his exercise of the Option upon the consummation of a
transaction referred to in this Section 6(b). 
 7. Transferability. The Option granted hereby is not transferable otherwise than
by will or under the applicable laws of descent and distribution, and during the lifetime of the Optionee the Option shall be exercisable only by the Optionee, or the Optionee’s guardian or legal representative. In addition, the Option shall
not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or
hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void. 

 8. No Rights of Stockholders. Neither the Optionee nor any personal representative
(or beneficiary) shall be, or shall have any of the rights and privileges of, a stockholder of the Company with respect to any Shares of Common Stock purchasable or issuable upon the exercise of the Option, in whole or in part, prior to the date of
exercise of the Option. 
 9. Acceleration of Exercisability of Option. This Option shall become immediately fully vested and
exercisable in the event that, prior to the termination of the Option pursuant to Section 6 hereof, there is a “Change in Control”, as defined in Section 9(b) of the Plan, that occurs during the Optionee’s Continuous Service
and such “Change in Control” was not approved by the Board of Directors of the Company. 
 10. No Right to Continuous
Service. Neither the Option nor this Agreement shall confer upon the Optionee any right to Continuous Service with the Company. 

11. Law Governing. This Agreement shall be governed in accordance with and governed by the internal laws of the State of Delaware.

 12. Interpretation / Provisions of Plan Control / Entire Agreement. This Agreement is subject to all the terms, conditions,
and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations, and interpretations relating to the Plan adopted by the Committee or the Board as may be in effect from time to time. If and
to the extent that this Agreement conflicts or is inconsistent with the terms, conditions, and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly. The Optionee accepts the Option subject to
all the terms and provisions of the Plan and this Agreement. The Optionee hereby accepts as binding, conclusive, and final all decisions or interpretations of the Committee or the Board upon any questions arising under the Plan and this Agreement.
Except as may be modified by any other agreement between the Company and the Optionee, whether executed before or after the Date of Grant, the Company and the Optionee acknowledge and agree that this Agreement and the Plan set forth the entire
understanding between the Optionee and the Company regarding the Option granted hereby and supersede all prior oral and written agreements on that subject. 

13. Notices. Any notice under this Agreement shall be in writing and shall be deemed to have been duly given when delivered
personally or when deposited in the United States mail, registered, postage prepaid, and addressed, in the case of the Company, to the Company’s President at American Outdoor Brands, Inc., 1800 North Route Z, Columbia, Missouri 65202, or if the
Company should move its principal office, to such principal office, and, in the case of the Optionee, to the Optionee’s last permanent address as shown on the Company’s records, subject to the right of either party to designate some other
address at any time hereafter in a notice satisfying the requirements of this Section. 

 14. Clawback of Benefits. The Company may (i) cause the cancellation of the
Options, (ii) require reimbursement of any benefit conferred under the Options to the Optionee, and (iii) effect any other right of recoupment of equity or other compensation provided under the Plan or otherwise in accordance with any Company
policies that currently exist or that may from time to time be adopted or modified in the future by the Company and/or applicable law (each, a “Clawback Policy”). In addition, the Optionee may be required to repay to the
Company certain previously paid compensation, whether provided under the Plan or this Agreement, in accordance with any Clawback Policy. By accepting this Award, the Optionee agrees to be bound by any existing or future Clawback Policy adopted by
the Company, or any amendments that may from time to time be made to the Clawback Policy in the future by the Company in its discretion (including without limitation any Clawback Policy adopted or amended to comply with applicable laws or stock
exchange requirements) and further agrees that all of the Optionee’s Award Agreements may be unilaterally amended by the Company, without the Optionee’s consent, to the extent that the Company in its discretion determines to be necessary
or appropriate to comply with any Clawback Policy.Form of Restricted Stock Unit Award Grant Notice

 Exhibit 10.10 

FORM OF 

AMERICAN OUTDOOR BRANDS, INC. 

2020 INCENTIVE COMPENSATION PLAN 

RESTRICTED STOCK UNIT AWARD GRANT NOTICE
AND AGREEMENT 
 I. Restricted Stock Unit Award Grant Notice 

American Outdoor Brands, Inc. (the “Company”), pursuant to its 2020 Incentive Compensation Plan (as may be amended, the
“Plan”), hereby grants to the Participant named below a right to receive the number of Shares set forth below. This Restricted Stock Unit Award Grant Notice and Agreement (the “Agreement”) is subject to all of the
terms and conditions as set forth herein and in the Plan, agreed to by the Participant, and incorporated herein in their entirety. Each capitalized term in this Agreement shall have the meaning assigned to it in this Agreement, or, if such term is
not defined in this Agreement, such term shall have the meaning assigned to it under the Plan. 
 Participant: 

Date of Grant: 
 Vesting Commencement Date: 

Number of Restricted Stock Units: 
  

			
	Termination Date:	  	Subject to forfeiture as provided in Section 3(b) of Part II of this Agreement.
		
	Vesting Schedule:	  	One-fourth of the Restricted Stock Unit Award will vest on each of the first, second, third and fourth anniversaries of the Vesting Commencement Date.
		
		  	All vesting is subject to the Participant’s Continuous Service with the Company, except as set forth in Part II of this Agreement.
		
	Delivery Schedule:	  	For each Restricted Stock Unit that vests (if any) the Participant will receive one Share, with the Share being delivered to the Participant [on the date on which the Restricted Stock Unit vests] [on the first anniversary of the
date on which the Restricted Stock Unit vests] whether pursuant to Section 3(a) or otherwise (the “Delivery Date”).
		
		  	If the Delivery Date falls on a day in which the NASDAQ Global Select Market is not open for active trading, the Delivery Date will fall on the next active trading day. An active trading day is defined as a day in which the NASDAQ
Global Select Market is open for trading, excluding after hours trading.

 Additional Terms/Acknowledgements; Amendment, Modification, and Entire Agreement: The undersigned
Participant acknowledges receipt of, and understands and agrees to, this Agreement (including Part II hereof). No provision of this Agreement may be modified, waived, or discharged unless that waiver, modification, or discharge is agreed to in
writing and signed by the Participant and the Company. This Agreement constitutes the entire contract between the parties hereto with regard to the subject matter hereof. The Participant acknowledges that a copy of the Company’s most recent
prospectus describing the Plan and a complete copy of the Plan document have been made available to the Participant, that the Participant has had reasonable opportunity to review the prospectus, the Plan and this Agreement in their entirety, that
the Participant has had an opportunity to obtain the advice of counsel prior to executing this Agreement and that the Participant fully understands all provisions of this Agreement. This Agreement is made pursuant to the provisions of the Plan and
shall in all respects be construed in conformity with the terms of the Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall govern. The Participant further acknowledges that as of the Date of Grant, this
Agreement and the Plan set forth the entire understanding between the Participant and the Company regarding the acquisition of Shares pursuant to this Agreement and supersede all prior oral and written agreements on that subject, with the exception
of (i) options and other awards previously granted and delivered to the Participant under the Plan, and (ii) the following agreements only: 
  

			
	Other Agreements:	  	NONE

 Without limiting the generality of the foregoing, the Participant acknowledges and agrees that no provision of any employment,
severance, or other agreement, policy, practice or arrangement, whether written or unwritten, as may be amended or modified from time to time, shall apply to or in any way modify or amend this Agreement. No agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. 

[Signature Page Follows] 

									
	AMERICAN OUTDOOR BRANDS, INC.	 		 	PARTICIPANT:
					
	By:	 	              
	 		 		 	
                 

	Name:	 		 		 	
	Title:	 		 		 	
			
	Effective as of:	 		 	Effective as of:

 [Signature Page to Restricted Stock Unit Award Grant Notice and Agreement] 

 II. Restricted Stock Unit Award Agreement 

The Company wishes to grant to the Participant named in Part I of this Agreement (the “Notice of Grant”) a Restricted Stock Unit Award (the
“Award”) pursuant to the provisions of the Plan. This Award will entitle the Participant to Shares from the Company if the Participant meets the vesting requirements described herein. 

1. Grant Pursuant to Plan. This Award is granted pursuant to the Plan, which is incorporated herein for all purposes. The Participant hereby
acknowledges that a copy of the Company’s most recent prospectus describing the Plan and a complete copy of the Plan document have been made available to the Participant, that the Participant has had reasonable opportunity to review the
prospectus, the Plan and this Agreement in their entirety, that the Participant has had an opportunity to obtain the advice of counsel prior to executing this Agreement and that the Participant fully understands all provisions of this Agreement.
Participant agrees to be bound by all of the terms and conditions of this Agreement and of the Plan. Each capitalized term in this Agreement shall have the meaning assigned to it in this Agreement, or, if such term is not defined in this Agreement,
such term shall have the meaning assigned to it under the Plan. 
 2. Restricted Stock Unit Award. The Company hereby grants to the Participant the
number of Restricted Stock Units listed in the Notice of Grant as of the Date of Grant. Such number of Restricted Stock Units may be adjusted from time to time pursuant to Section 10(c) of the Plan. 

3. Vesting and Forfeiture of Restricted Stock Units. 

(a) Vesting. The Participant shall become vested in the Restricted Stock Units in accordance with the vesting schedule contained in the
Notice of Grant. 
 (b) Forfeiture. The Participant shall forfeit any then unvested Restricted Stock Units (if any) in the event that
the Participant’s Continuous Service is terminated for any reason, except as otherwise determined by the Committee in its sole discretion, which determination need not be uniform as to all Participants. 

(c) Accelerated Vesting in Certain Circumstances. In the event that prior to the final vesting date, the Company terminates a
Participant without Good Cause (other than due to death or Disability) or the Participant resigns following an Adverse Change in Control Effect, in either case during a Potential Change in Control Protection Period or Change in Control Protection
Period, the Participant shall become immediately vested in any Restricted Stock Units then remaining unvested (if any). 
 (d) Certain
Definitions. For purposes of this Section 3, the following terms shall have the following meanings: 
 “Adverse Change in
Control Effect” means, during a Potential Change in Control Protection Period or Change in Control Protection Period, without the Participant’s written consent, (i) any material reduction in the Participant’s annual base
salary or target bonus percentage opportunity, (ii) any material adverse change in a Participant’s positions, titles, duties, responsibilities or reporting relationships compared to the Participant’s positions, titles, duties,
responsibilities or reporting relationships immediately prior to a Potential Change in Control (if such diminution occurs during the Potential Change in Control Protection Period) or Change in Control (if such diminution occurs during the Change in
Control Protection Period) or (iii) a relocation of the 

 
Participant’s principal place of business more than fifty (50) miles from his or her principal place of business immediately prior to a Potential Change in Control or Change in Control,
as applicable; provided, however, that a Participant may resign following an Adverse Change in Control Effect only if Participant delivers a written notice to the Company within thirty (30) days of the date on which the Participant becomes
aware of such condition and the Company does not cure such condition within sixty (60) days of such notice. 
 “Change in
Control Protection Period” means the period commencing on the date a Change in Control occurs and ending on the first anniversary of such date. 

“Good Cause” means (i) the Participant engaging in an act or acts involving a crime, moral turpitude, fraud, or
dishonesty, (ii) the Participant willfully taking any action that may be materially injurious to the business or reputation of the Company or (iii) the Participant willfully violating in a material respect the Company’s Corporate
Governance Guidelines, Code of Conduct and Ethics or any other applicable code of conduct, all as may be amended from time to time, including, without limitation, provisions thereof relating to conflicts of interest or related party transactions.

 “Potential Change in Control” means (i) the Company enters into an agreement, the consummation of which would result
in the occurrence of a Change in Control, (ii) the Company or any person publicly announces an intention to take or to consider taking actions which, if consummated, would constitute a Change in Control or (iii) the Board of Directors of
the Company adopts a resolution to the effect that, for purposes of this Award, a Potential Change in Control has occurred. 

“Potential Change in Control Protection Period” means the period beginning upon the occurrence of a Potential Change in
Control and ending upon the earliest to occur of (i) the consummation of the Change in Control or (ii) the abandonment of the transaction or series of transactions that constitute a Potential Change in Control (as determined by the
Committee in its sole discretion). 
 4. Settlement of Restricted Stock Unit Award. 

(a) Settlement of Units for Shares. The Company shall deliver to the Participant one Share for each Restricted Stock Unit subject to
this Award that vests on the applicable Delivery Date. The Company shall not have any obligation to settle this Award for cash. 
 (b)
Delivery of Shares. Shares shall be delivered on the Delivery Date. If the Delivery Date falls on a day in which the NASDAQ Global Select Market is not open for active trading, the Delivery Date will fall on the next active trading day. An
active trading day is defined as a day in which the NASDAQ Global Select Market is open for trading, excluding after hours trading. Once a Share is delivered with respect to a vested Restricted Stock Unit, such vested Restricted Stock Unit shall
terminate and the Company shall have no further obligation to deliver Shares or any other property for such vested Restricted Stock Unit. 
 5. No Rights
as Shareholder until Delivery. The Participant shall not have any rights, benefits, or entitlements with respect to any Shares subject to any Restricted Stock Unit. On or after delivery of any Shares, the Participant shall have, with respect to
any Shares delivered, all of the rights of an equity interest holder of the Company, including the right to vote the Shares and the right to receive all dividends (if any) as may be declared on Shares from time to time. 

 6. Tax Provisions. 

(a) Tax Consequences. The Participant has reviewed with the Participant’s own tax advisors the federal, state, local and foreign
tax consequences of this investment and the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant understands
that the Participant (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement. 

(b) Withholding Obligations. At the time this Award is granted, or at any time thereafter as requested by the Company, the Participant
hereby authorizes withholding from payroll and any other amounts payable to the Participant (other than any amount constituting nonqualified deferred compensation within the meaning of Section 409A of the Code), including the Shares deliverable
pursuant to this Award, and otherwise agrees to make adequate provision for, any sums required to satisfy the minimum federal, state, local, and foreign tax withholding obligations of the Company or a Related Entity (if any) which arise in
connection with this Award. 
 The Company, in its sole discretion, and in compliance with any applicable legal conditions or restrictions,
may withhold from fully vested Shares otherwise deliverable to the Participant pursuant to this Award a number of whole Shares having a Fair Market Value, as determined by the Company as of the date the Participant recognizes income with respect to
those Shares, not in excess of the minimum amount of tax required to be withheld by law (or such lower amount as may be necessary to avoid adverse financial accounting treatment). Any adverse consequences to the Participant arising in connection
with such Share withholding procedure shall be the Participant’s sole responsibility. 
 In addition, the Company, in its sole
discretion, may establish a procedure whereby the Participant may make an irrevocable election to direct a broker (determined by the Company) to sell sufficient Shares from this Award to cover the tax withholding obligations of the Company or any
Related Entity and deliver such proceeds to the Company. Unless the tax withholding obligations of the Company or any Related Entity are satisfied, the Company shall have no obligation to issue a certificate for such Shares. 

(c) Compliance with Section 409A. It is the intention of both the Company and the Participant that the benefits and
rights to which the Participant could be entitled pursuant to this Agreement either comply with or fall within an exception to Section 409A of the Code and the Treasury Regulations and other guidance promulgated or issued thereunder
(“Section 409A”), to the extent that the requirements of Section 409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that intention.
Notwithstanding the foregoing, the Company does not make any representation to the Participant that the Restricted Stock Units awarded pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company
shall have no liability or other obligation to indemnify or hold harmless the Participant or any beneficiary for any tax, additional tax, interest or penalties that the Participant or any beneficiary may incur in the event that any provision of this
Agreement, or any amendment or modification thereof or any other action taken with respect thereto is deemed to violate any of the requirements of Section 409A. Neither the Company nor the Participant, individually or in combination, may
accelerate any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this Agreement, and no amount that is subject to Section 409A shall be paid prior to the earliest date on
which it may be paid without violating Section 409A. 

 7. Consideration. With respect to the value of the Shares to be delivered pursuant to this Award,
such Shares are granted in consideration for the services the Participant shall provide to the Company during the vesting period. 
 8.
Transferability. The Restricted Stock Units granted under this Agreement are not transferable otherwise than by will or under the applicable laws of descent and distribution. In addition, this Award shall not be assigned, negotiated, pledged
or hypothecated in any way (whether by operation of law or otherwise), and this Award shall not be subject to execution, attachment or similar process. Upon any attempt by the Participant to transfer, assign, negotiate, pledge or hypothecate this
Award, or in the event of any levy upon this Award by reason of any execution, attachment or similar process as a result of any attempt by the Participant to transfer, assign, negotiate, pledge or hypothecate this Award, contrary to the provisions
hereof, this Award shall immediately become null and void. 
 9. General Provisions. 

(a) Employment At Will. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue in the service
of the Company or its Related Entities for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Related Entity employing or retaining the Participant) or of the Participant, which
rights are hereby expressly reserved by each, to terminate the Participant’s service at any time for any reason, with or without cause. 

(b) Notices. Any notice under this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally
or when deposited in the United States mail, registered, postage prepaid, and addressed, in the case of the Company, to the Company’s President at American Outdoor Brands, Inc., 1800 North Route Z, Columbia, Missouri 65202, or if the Company
should move its principal office, to such principal office, and, in the case of the Participant, to the Participant’s last permanent address as shown on the Company’s records, subject to the right of either party to designate some other
address at any time hereafter, upon ten (10) days’ advance written notice under this Section to all other parties to this Agreement. 

(c) No Limit on Other Compensation Arrangements. Nothing contained in this Agreement shall preclude the Company from adopting or
continuing in effect other or additional compensation arrangements, and those arrangements may be either generally applicable or applicable only in specific cases. 

(d) Severability. If any provision of this Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or would disqualify this Agreement or this Award under any applicable law, that provision shall be construed or deemed amended to conform to applicable law (or if that provision cannot be so construed or deemed amended without
materially altering the purpose or intent of this Agreement and this Award, that provision shall be stricken as to that jurisdiction and the remainder of this Agreement and this Award shall remain in full force and effect). 

 (e) No Trust or Fund Created. Neither this Agreement nor the grant of this Award
shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and the Participant or any other person. The Restricted Stock Units subject to this Agreement represent only the
Company’s unfunded and unsecured promise to issue Shares to the Participant in the future. To the extent that the Participant or any other person acquires a right to receive payments from the Company pursuant to this Agreement, that right shall
be no greater than the right of any unsecured general creditor of the Company. 
 (f) Cancellation of Award. If any Restricted Stock
Units subject to this Agreement are forfeited, then from and after such time, the person from whom such Restricted Stock Units are forfeited shall no longer have any rights to such Restricted Stock Units or the corresponding Shares. Such Restricted
Stock Units shall be deemed forfeited in accordance with the applicable provisions hereof. 
 (g) Participant Undertaking. The
Participant hereby agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either the
Participant or the Shares deliverable pursuant to the provisions of this Agreement. 
 (h) Governing Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of Delaware without regard to the conflict-of-laws rules thereof or of any other jurisdiction. 

(i) Waiver of Jury Trial. The Company and the Participant hereby waive, to the fullest extent permitted by applicable law, any right
either party may have to a trial by jury in respect to any litigation directly or indirectly arising out of, under or in connection with this Award. 

(j) Interpretation. The Participant accepts this Award subject to all the terms and provisions of this Agreement and the terms and
conditions of the Plan. The Participant hereby accepts as binding, conclusive, and final all decisions or interpretations of the Committee upon any questions arising under this Agreement. 

(k) Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its
successors and assigns and upon the Participant, the Participant’s assigns and the legal representatives, heirs and legatees of the Participant’s estate, whether or not any such person shall have become a party to this Agreement and have
agreed in writing to join herein and be bound by the terms hereof. The Company may assign its rights and obligations under this Agreement, including, but not limited to, the forfeiture provision of Section 3(b) of this Agreement to any person
or entity selected by the Board. 
 (l) Committee Discretion. Subject to the terms of this Agreement, the Committee shall have full
and plenary discretion with respect to any actions to be taken or determinations to be made in connection with this Award, and its determinations shall be final, binding and conclusive. 

(m) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument. 

 (n) Headings. Headings are given to the Sections and Subsections of this Agreement
solely as a convenience to facilitate reference. The headings shall not be deemed in any way material or relevant to the construction or interpretation of this Agreement or any provision thereof. 

10. Adjustments. If at any time while this Agreement is in effect and before any Shares have been delivered with respect to any Restricted Stock Units
there shall be any increase or decrease in the number of issued and outstanding Shares of the Company through the declaration of a stock dividend or through any recapitalization resulting in a stock split-up,
combination or exchange of such Shares, then and in that event, the Committee (or Board as applicable) shall make any adjustments it deems fair and appropriate, in view of such change, in the number of Shares subject to the Restricted Stock Units
then subject to this Agreement. If any such adjustment shall result in a fractional Share, such fraction shall be disregarded. 
 11. Amendments. Any
modification, amendment or waiver to this Agreement that shall materially impair the rights of the Participant with respect to the Restricted Stock Units shall require an instrument in writing to be signed by both parties hereto, except such a
modification, amendment or waiver made to cause the Plan or the Restricted Stock Units to comply with applicable law, tax rules, stock exchange rules or accounting rules and which is made to similarly situated participants. The waiver by either
party of compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement. 

12. Representations. The Participant acknowledges and agrees that the Participant has reviewed this Agreement in its entirety, has had an opportunity to
obtain the advice of counsel prior to executing and accepting this Award and fully understands all provisions of this Award. 
 13. Clawback of
Benefits. The Company may (i) cause the cancellation of the Restricted Stock Units, (ii) require reimbursement of any benefit conferred under the Restricted Stock Units to the Participant, and (iii) effect any other right of
recoupment of equity or other compensation provided under the Plan or otherwise in accordance with any Company policies that currently exist or that may from time to time be adopted or modified in the future by the Company and/or applicable law
(each, a “Clawback Policy”). In addition, the Participant may be required to repay to the Company certain previously paid compensation, whether provided under the Plan or this Agreement, in accordance with any Clawback Policy. By
accepting this Award, the Participant agrees to be bound by any existing or future Clawback Policy adopted by the Company, or any amendments that may from time to time be made to the Clawback Policy in the future by the Company in its discretion
(including without limitation any Clawback Policy adopted or amended to comply with applicable laws or stock exchange requirements) and further agrees that all of the Participant’s Award Agreements may be unilaterally amended by the Company,
without the Participant’s consent, to the extent that the Company in its discretion determines to be necessary or appropriate to comply with any Clawback Policy. 
  

  
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