Document:

EX-10.1

 Exhibit 10.1 

MAYVILLE ENGINEERING COMPANY, INC. 

LONG-TERM INCENTIVE PLAN 

As Amended and Restated Effective May 13, 2019 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
	 1.1
	 	Affiliate	  	 	1	 
	 1.2
	 	Award Agreement	  	 	1	 
	 1.3
	 	Code	  	 	1	 
	 1.4
	 	Company	  	 	1	 
	 1.5
	 	Company Value	  	 	1	 
	 1.6
	 	Compensation Committee	  	 	2	 
	 1.7
	 	Employer	  	 	2	 
	 1.8
	 	ESOP	  	 	2	 
	 1.9
	 	Incentive Compensation Plan	  	 	2	 
	 1.10
	 	IPO	  	 	2	 
	 1.11
	 	Participant	  	 	2	 
	 1.12
	 	Performance Period	  	 	2	 
	 1.13
	 	Plan or LTIP	  	 	2	 
	 1.14
	 	Plan Administrator	  	 	2	 
	 1.15
	 	Truncated Awards	  	 	2	 
		
	 ARTICLE 2 ADMINISTRATION
	  	 	3	 
	 2.1
	 	Powers and Duties	  	 	3	 
	 2.2
	 	Delegation	  	 	3	 
		
	 ARTICLE 3 LTIP AWARDS
	  	 	3	 
	 3.1
	 	Nature of LTIP Awards	  	 	3	 
	 3.2
	 	Conditions for an LTIP Payment	  	 	3	 
	 3.3
	 	Amount of LTIP Payment	  	 	4	 
		
	 ARTICLE 4 AMENDMENT AND TERMINATION
	  	 	5	 
	 4.1
	 	Amendment or Termination	  	 	5	 
		
	 ARTICLE 5 GENERAL PROVISIONS
	  	 	5	 
	 5.1
	 	Status of Participants	  	 	5	 
	 5.2
	 	No Guaranty of Employment	  	 	5	 
	 5.3
	 	Delegation of Authority	  	 	6	 
	 5.4
	 	Legal Actions	  	 	6	 
	 5.5
	 	Applicable Law	  	 	6	 
	 5.6
	 	Rules of Construction	  	 	6	 
	 5.7
	 	Expenses of Administration	  	 	6	 
	 5.8
	 	Indemnification	  	 	6	 
	 5.9
	 	Facility of Payment	  	 	6	 

  

  
 i 

 RECITALS 

WHEREAS, the Company has maintained the Plan as a means to incentivize eligible management participants to create and maximize the
value of the Company and its affiliates; and 
 WHEREAS, since 1985, the trust created under the ESOP has owned part or all of the
Company’s issued and outstanding common stock; and 
 WHEREAS, the Company intends to issue common stock to the investing public
in an IPO, following which the Company’s common stock will be publicly-traded; and 
 WHEREAS, following the IPO, the Company
intends to provide incentive opportunities to eligible management participants through the Incentive Compensation Plan; and 

WHEREAS, in connection with the IPO, it is desirable to amend and restate, and to provide for the termination of, the Plan; 

NOW, THEREFORE, RESOLVED, that in light of, and contingent upon the completion of, the IPO, the Plan is amended and restated to read as
follows: 
 ARTICLE 1 

DEFINITIONS 
 When
the following words or phrases are used herein, they shall have the meanings set forth below unless otherwise specifically provided: 
 1.1
Affiliate. A business organization that is under common control with the Company, as determined under Sections 414(b) and (c) of the Code. 

1.2 Award Agreement. The individual agreement for a Participant for a particular Performance Period. 

1.3 Code. The Internal Revenue Code of 1986, as from time to time amended. 

1.4 Company. Mayville Engineering Company, Inc., and any successor or successors thereto. 

1.5 Company Value. Company Value means: 

(a) With respect to any determination other than the ending value under the Truncated Awards, the aggregate value of the
Company as determined for the periodic valuation, conducted in accordance with Code Section 401(a)(28), of a share of Company stock as determined by an independent appraiser under the ESOP as of the last day of the calendar year coincident with
or immediately preceding the first or last day of a Performance Period; and 

  
 1 

 (b) With respect to the ending value under the Truncated Awards, the
aggregate value of the Company determined by multiplying the number of shares of Company stock outstanding immediately following the IPO multiplied by the price at which Company stock is sold in the IPO. 

1.6 Compensation Committee. The Compensation Committee of the Board of Directors of the Company. Following the IPO, the Compensation
Committee will satisfy the independent director requirements under applicable law. 
 1.7 Employer. The Company and each Affiliate of
the Company with at least one employee who is a Participant. 
 1.8 ESOP. The Mayville Engineering Company, Inc. Employee Stock
Ownership Plan, as from time to time amended and in effect. 
 1.9 Incentive Compensation Plan. The Mayville Engineering Company, Inc.
Omnibus Incentive Compensation Plan as from time to time amended and in effect. 
 1.10 IPO. The Company’s sale of common stock
to the investing public through one or more underwriters and the consequent listing of the Company’s common stock on the New York Stock Exchange. 

1.11 Participant. The Chief Executive Officer of the Company and each other employee of an Employer who has been designated by the Plan
Administrator as being eligible to participate in the Plan. 
 1.12 Performance Period. The period of three (3) calendar years
[prior to January 1, 2013, two (2) calendar years] specified in the Award Agreement. The final awards issued under the Plan were issued in January, 2018 with respect to a Performance Period that began on January 1, 2018 and that, as
originally granted, was scheduled to expire on December 31, 2020. 
 1.13 Plan or LTIP. The Mayville Engineering Company,
Inc. Long-Term Incentive Plan, as set forth herein, and as amended from time to time. 
 1.14 Plan Administrator. With respect to
periods prior to the IPO, the Compensation Committee, except as otherwise provided in Section 3.3, and with respect to periods on or after the IPO, the Compensation Committee. 

1.15 Truncated Awards. The awards previously granted under the Plan that are outstanding as of the date of the IPO and for which the
Performance Period associated with the Award is not complete as of the date of the IPO, i.e., the awards granted in January, 2017 for the Performance Period that began on January 1, 2017 and that was originally scheduled to end on
December 31, 2019, and the awards granted in January, 2018 for the Performance Period that began on January 1, 2018 and that was originally scheduled to end on December 31, 2020. 

  
 2 

 ARTICLE 2 

ADMINISTRATION 

2.1 Powers and Duties. Full power and authority to construe, interpret, and administer this Plan is vested in the Plan Administrator.
In particular, the Plan Administrator shall make each determination provided for in this Plan and may adopt such rules, regulations, and procedures, as it deems necessary or desirable to the efficient administration of the Plan. The Plan
Administrator’s determinations need not be uniform, and may be made by it selectively among persons who may be eligible to participate in the Plan. The Plan Administrator shall have sole and exclusive discretion in the exercise of its powers
and duties hereunder, and all determinations made by the Plan Administrator shall be final, conclusive, and binding unless they are found by a court of competent jurisdiction to have been arbitrary and capricious. 

2.2 Delegation. Subject to Sections 3.3 and 4.1(b), the Plan Administrator may delegate part or all of its duties to any person(s) who
is an employee of the Company or an Affiliate, and may from time to time revoke such authority and delegate it to another such person or persons. Any delegate’s duty will terminate upon revocation of such authority by the Plan Administrator,
upon withdrawal of such person’s acceptance or upon the termination of such person’s employment with the Company or an Affiliate. Any person to whom administrative duties are delegated may, unless the delegation provides otherwise,
similarly delegate part or all of such duties to another person. 
 ARTICLE 3 

LTIP AWARDS 
 3.1
Nature of LTIP Awards. An LTIP award is an interest in a long-term cash incentive award with respect to a Performance Period. Actual payments are totally discretionary as described herein, and no Participant has any contractual right to a
future payment at any time. 
 3.2 Conditions for an LTIP Payment. Subject to Section 4.1(b) with respect to the Truncated
Awards, the minimum qualifying conditions for a payment with respect to an award covering any Performance Period are satisfaction of each of the following: 

(a) Unless otherwise waived or modified by the Plan Administrator, the Company Value at the end of the Performance Period has
increased a minimum of 12% (or such other amount specified by the Plan Administrator) from the Company Value immediately prior to the beginning of the Performance Period. 

  
 3 

 (b) The Participant must either (i) be employed with the Company or an
Affiliate on the date of the applicable cash payment hereunder after the end of the Performance Period or (ii) have retired after attaining age 65, died while actively employed or terminated employment on account of disability during the period
from the beginning of the Performance Period to the payment date for benefits hereunder. For this purpose, “disability” means the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, as determined by the Plan Administrator. 

3.3 Amount of LTIP Payment. (a) Satisfaction of the qualifying condition under Section 3.2 does not entitle a Participant to a
payment under the Plan. Payments remain subject to the Plan Administrator’s exercise of discretion under this Section 3.3. Subject to Section 4.1(b) with respect to the Truncated Awards, at the end of the applicable Performance
Period, the Plan Administrator shall review the performance of each Participant who has satisfied the applicable conditions for an LTIP payment. The actual benefit shall be the discretionary amount selected by the Plan Administrator from a minimum
of zero to a maximum of the amount specified in subsection (b) below and shall be based on such factors as the Plan Administrator deems appropriate for such Participant. For purposes of this Section 3.3, the Plan Administrator shall be the
Compensation Committee with respect to the Chief Executive Officer of the Company as the Participant, but the Chief Executive Officer of the Company will be the Plan Administrator with respect to all other Participants; provided that with respect to
the Truncated Awards, the Compensation Committee will be the Plan Administrator with respect to all Participants. 
 (b) For a qualifying
Participant who is employed throughout the Performance Period, the amount of the maximum benefit shall be the percentage designated in the Participant’s Award Agreement of the increase in the Company Value from the beginning of the Performance
Period. For a qualifying Participant who is not employed throughout the Performance Period due to retirement, death or disability as provided in Section 3.2(b), the maximum benefit shall be a fraction of the maximum benefit in the preceding
sentence, the numerator of which shall be the number of days from the beginning of the Performance Period through the date of termination of employment with the Employer and the denominator shall be the number of days in the Performance Period. 

(c) The date of payment shall be the date determined by the Plan Administrator which is as soon as practical after the amount has been
determined hereunder (and in no event later than the date required for the payment to qualify as a short-term deferral exempt from Code Section 409A). All benefits shall be paid in cash, subject to applicable withholding requirements. 

  
 4 

 ARTICLE 4 

AMENDMENT AND TERMINATION 

4.1 Amendment or Termination. (a) In General. The Compensation Committee may amend or terminate this Plan at any time and for
any reason, including the right to terminate any entitlement to a benefit that has not been paid with respect to an existing or completed Performance Period. 

(b) Termination of Plan Upon Consummation of IPO. The Plan will be terminated upon consummation of the IPO, and no additional awards
shall be granted under the Plan. Notwithstanding anything in the Plan to the contrary, the following rules shall apply with respect to the Truncated Awards: 

(i) The date on which the IPO is consummated will be deemed to be the last day of the Performance Period applicable to the
Truncated Awards. 
 (ii) The minimum qualifying conditions under Section 3.2 will apply, taking into account the
provisions of subsection (b)(i) above that the date of the IPO will be deemed to be the last day of the Performance Period. 

(iii) All determinations under Section 3.3 will be made by the Compensation Committee. The Compensation Committee will
evaluate the performance of each Participant who has satisfied the applicable conditions for an LTIP payment (taking into account the modifications provided in this subsection). The actual benefit shall be the amount selected by the Compensation
Committee (or calculated from a benefit formula approved by the Compensation Committee) from a minimum of zero to the maximum amount specified in Section 3.3(b). 

ARTICLE 5 
 GENERAL
PROVISIONS 
 5.1 Status of Participants. Each Participant shall be a general unsecured creditor of his or her Employer with
respect to amounts payable hereunder, this Plan constituting a mere promise by the Employer to make benefit payments in the future if the conditions herein are satisfied and the discretion herein is exercised in favor of a benefit payment. A
Participant’s right to receive payments under the Plan are not subject in any manner to anticipation, alienation, sale, assignment, pledge, encumbrance, attachment, or garnishment by the creditors of the Participant. 

5.2 No Guaranty of Employment. The establishment of this Plan shall not give a Participant any legal or equitable right to be continued
in the employ of an Employer, nor shall it interfere with an Employer’s right to terminate the employment of any of its employees, with or without cause. 

  
 5 

 5.3 Delegation of Authority. Whenever, under the terms of this Plan, an Employer is
permitted or required to do or perform any act, it shall be done or performed by the Board of Directors of the Employer, by any duly authorized committee thereof, or by any officer of the Employer duly authorized by the articles of incorporation,
bylaws, or Board of Directors of the Employer. 
 5.4 Legal Actions. No Participant or other person having or claiming to have an
interest in this Plan shall be a necessary party to any action or proceeding involving the Plan, and no such person shall be entitled to any notice or process, except to the extent required by applicable law. Any final judgment which is not appealed
or appealable that may be entered in any such action or proceeding shall be binding and conclusive on all persons having or claiming to have any interest in this Plan. 

5.5 Applicable Law. This Plan shall be construed and interpreted in accordance with the laws of the State of Wisconsin. 

5.6 Rules of Construction. Wherever any words are used herein in the masculine gender, they shall be construed as though they were also
used in the feminine gender in all cases where they would so apply, and wherever any words are used herein in the singular form they shall be construed as though they were also used in the plural form in all cases where they would so apply. Headings
of sections and subsections of this Plan are inserted for convenience of reference, are not a part of this Plan, and are not to be considered in the construction hereof. The words “hereof,” “herein,” “hereunder,” and
other similar compounds of the word “here” shall mean and refer to the entire Plan, and not to any particular provision or section. 

5.7 Expenses of Administration. All expenses and costs incurred in connection with the administration or operation of the Plan shall be
paid by the Employer. 
 5.8 Indemnification. Each Employer shall, to the extent permitted by its articles of incorporation and
bylaws, by the laws of the state in which it is incorporated, indemnify any employee or director of an Employer or an Affiliate providing services to the Plan against any and all liabilities arising by reason of any act or omission, made in good
faith pursuant to the provisions of the Plan, including expenses reasonably incurred in the defense of any claim relating thereto. 
 5.9
Facility of Payment. An Employer may make payments due to a legally incompetent person in such of the following ways as the Plan Administrator shall determine: 

(a) directly to such person; 

(b) to the legal representative of such person; or 

(c) to a near relative of such person to be used for the person’s benefit. 

Any payment made in accordance with the provisions of this section shall be a complete discharge of the Employer’s liability for the making of such
payment. 

  
 6EX-10.2

 Exhibit 10.2 

MAYVILLE ENGINEERING COMPANY, INC. 

2019 OMNIBUS INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD 

(NON-EMPLOYEE DIRECTOR FORM) 

[PARTICIPANTID] 
 [FIRSTNAME] [LASTNAME] 

You have been granted an award of Restricted Stock Units (this “Award”) of Mayville Engineering Company, Inc. (the “Company”) under the
Mayville Engineering Company, Inc. 2019 Omnibus Incentive Plan (the “Plan”), effective as of the Grant Date, with the following terms and conditions: 
  

			
		
	Grant Date:	  	[___________], [____]
		
	Vesting Commencement Date:	  	[___________], [____]
		
	Number of Restricted Stock Units:	  	[SHARESGRANTED]
		
	Vesting Schedule:	  	 The Restricted Stock Units will vest on the first anniversary of the Vesting Commencement Date (or, if the Vesting Commencement Date is the
date of the Company’s annual meeting of shareholders, on the earlier of the date of the Company’s annual meeting of shareholders in the following year or the first anniversary of the Vesting Commencement Date), provided that you
continuously serve as a Director until the applicable vesting date.
  
 If you cease to
be a Director as a result of your death or disability (as determined by the Administrator), then 100% of the Restricted Stock Units will vest in full on the date of such termination.

 
 Upon a Change of Control, Section 17(c) of the Plan will apply to this Award.

 
 Except as otherwise provided above, if you cease to be a Director prior to the date the
Restricted Stock Units are vested, you will forfeit the unvested Restricted Stock Units.

		
	Settlement of Restricted Stock Units:	  	 As soon as practicable after your Restricted Stock Units vest (but no later than two-and-one-half months from the end of the fiscal year in which vesting occurs), unless you have elected deferred settlement and the box below is therefore checked,
the Company will settle such vested Restricted Stock Units by issuing in your name certificate(s) or making an appropriate book entry for a number of Shares equal to the number of Restricted Stock Units that have vested.

 
 ☐    Deferred Settlement Until Separation from Service

 
 If you have elected deferred settlement and the box above is therefore checked, the
Company will settle any then-vested Restricted Stock Units upon your retirement from the Board or other “separation from service” within the meaning of Code Section 409A rather than as soon as practicable after they vest, subject to
any six month delay required for compliance with Code Section 409A if you are then a “specified employee” within the meaning of Code Section 409A.

			
		
	 Transferability of

Restricted Stock Units:
	  	You may not sell, transfer or otherwise alienate or hypothecate this Award or any of your Restricted Stock Units until they are vested. In addition, by accepting this Award, you agree not to sell any Shares acquired under this Award
other than as set forth in the Plan and at a time when applicable laws, Company policies or an agreement between the Company and its underwriters do not prohibit a sale. The Company also may require you to enter into a shareholder’s agreement
that will include additional restrictions on the transfer of Shares acquired under this Award.
		
	Rights as Shareholder:	  	You will not be deemed for any purposes to be a shareholder of the Company with respect to any of the Restricted Stock Units (including with respect to voting or dividends) unless and until a certificate for Shares is issued upon
vesting of the Restricted Stock Units.
		
	Market Stand-Off:	  	In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act of 1933, as amended, you agree that you shall not directly or
indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer or agree to engage
in any of the foregoing transactions with respect to, any Shares acquired under this Award without the prior written consent of the Company. Such restriction shall be in effect for such period of time following the date of the final prospectus for
the offering as may be determined by the Company. In no event, however, shall such period exceed one hundred eighty (180) days.
		
	Taxes:	  	 You understand that you (and not the Company or any Affiliate) shall be responsible for your own federal, state, local or foreign tax
liability and any of your other tax consequences that may arise as a result of the transactions contemplated by this Award. You shall rely solely on the determinations of your tax advisors or your own determinations, and not on any statements or
representations by the Company or any of its agents, with regard to all such tax matters.
  

To the extent that the receipt, vesting or settlement of the Restricted Stock Units, or other event, results in income to you for federal, state or local
income tax purposes, you shall deliver to the Company at the time the Company is obligated to withhold taxes in connection with such receipt, vesting, settlement or other event, as the case may be, such amount as the Company requires to meet its
withholding obligation under applicable tax laws or regulations. If you fail to do so, the Company has the right and authority to deduct or withhold from other compensation payable to you an amount sufficient to satisfy its withholding
obligations.

  
 2 

			
		  	To the extent permitted by the Company at the time a tax withholding requirement arises, you may satisfy the withholding requirement in whole or in part, by electing to have the Company withhold for its own account that number of
Shares otherwise deliverable to you upon settlement having an aggregate Fair Market Value on the date the tax is to be determined equal to the tax that the Company must withhold in connection with the vesting or settlement of such Restricted Stock
Units; provided that the amount so withheld shall not exceed the maximum statutory rate to the extent necessary to avoid an accounting charge. Your election must be irrevocable, in writing, and submitted to the Secretary of the Company before the
applicable vesting or settlement date. The Fair Market Value of any fractional Share not used to satisfy the withholding obligation (as determined on the date the tax is determined) will be paid to you in cash.
		
	Miscellaneous:	  	 •  The Plan and this Award constitute the entire understanding of the parties with
respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements between you and the Company with respect to the subject matter hereof. You expressly warrant that you are not accepting this Award in reliance
on any promises, representations, or inducements other than those contained herein.
  

•  By accepting the grant of the Restricted Stock Units, you agree not to sell any Shares acquired in
connection with the Restricted Stock Units other than as set forth in the Plan and at a time when applicable laws, Company policies or an agreement between the Company and its underwriters do not prohibit a sale.

 
 •  As a condition of the
granting of this Award, you agree, for yourself and your legal representatives or guardians, that this Award shall be interpreted by the Committee and that any interpretation by the Committee of the terms of this Award or the Plan and any
determination made by the Committee pursuant to this Award shall be final, binding and conclusive.
  

•  Subject to the terms of the Plan, the Committee may modify or amend this Award without your
consent as permitted by Section 15(c) of the Plan or: (i) to the extent such action is deemed necessary by the Committee to comply with any applicable law or the listing requirements of any principal securities exchange or market on which
Shares are then traded; (ii) to the extent the action is deemed necessary by the Committee to preserve favorable accounting or tax treatment of this Award for the Company; or (iii) to the extent the Committee determines that such action
does not materially and adversely affect the value of this Award or that such action is in the best interest of you or any other person who may then have an interest in this Award.

 
 •  This Award may be executed in
counterparts.

 This Award is granted under and governed by the terms and conditions of the Plan. The terms of the Plan to the extent not
stated herein are expressly incorporated herein by reference and in the event of any conflict between this Award and the Plan, the terms of the Plan shall govern, control and supersede over the provisions of this Award. Capitalized terms used in
this Award and not defined shall have the meanings given in the Plan. 

  
 3 

 BY ACCEPTING THIS AWARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED HEREIN AND IN THE PLAN. YOU
ALSO ACKNOWLEDGE RECEIPT OF THE PLAN. 
  

									
	MAYVILLE ENGINEERING COMPANY, INC.	 		 	PARTICIPANT
					
	By:	 	  
	 		 		 	  

		 	[EXECUTIVE]	 		 		 	[DIRECTOR]
		 	[POSITION]	 		 		 	
					
	Date:	 	  
	 		 		 	
		 		 		 		 	

  
 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]