Document:

ryanoviatt-restrictedsto

    PROFIRE ENERGY, INC.  2014 EQUITY INCENTIVE PLAN  RESTRICTED STOCK AWARD AGREEMENT  This RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) is entered  into as of February 18, 2021 (the “Effective Date”), by and between Profire Energy, Inc., a  Nevada corporation (the “Company”), and Ryan W. Oviatt (“Participant”). All capitalized terms  used herein but not defined herein shall have the meanings given to them in the Profire Energy,  Inc. 2014 Equity Incentive Plan, as amended (the “Plan”).  1. Award. The Company hereby grants to Participant a restricted stock award of  18,852 shares (the “Shares”) of Common Stock, par value $0.001 per share, of the Company  according to the terms and conditions set forth herein and in the Plan. The Shares are Restricted  Stock granted under Section 6(c) of the Plan. A copy of the Plan will be furnished upon request  of Participant.   2. [Reserved.]     3. [Reserved.]      4. [Reserved.]  5. Miscellaneous.  (a) Issuance of Shares. The Shares granted pursuant to this Agreement may be  evidenced in such manner as the Committee may deem appropriate, including book-entry  registration or issuance of a stock certificate or certificates, which certificate or certificates shall  be held by the Company or held in nominee name by the stock transfer agent or brokerage  service selected by the Company to provide such services for the Plan.  Such certificate or  certificates shall be registered in the name of the Participant and shall bear an appropriate legend  referring to the restrictions applicable to such Restricted Stock.  Participant hereby agrees to the  retention by the Company of the Shares and, if a stock certificate is used, agrees to execute and  deliver to the Company a blank stock power with respect to the Shares as a condition to the  receipt of this award of Shares. Following payment of the applicable withholding taxes pursuant  to Section 5(b) of this Agreement, the Company shall promptly cause to be issued a certificate or  certificates, or through book-entry registration, registered in the name of Participant or in the  name of Participant’s legal representatives, beneficiaries or heirs, as the case may be, evidencing  such whole Shares (less any shares withheld to pay withholding taxes) and shall cause such  certificate or certificates to be delivered to Participant or Participant’s legal representatives,  beneficiaries or heirs, as the case may be, free of the legend or the stop-transfer order referenced  above. The value of any fractional Shares shall be paid in cash at the time certificates evidencing  the Shares are delivered to Participant.  (b) Income Tax Matters.  (i) In order to comply with all applicable federal or state income tax laws or  regulations, the Company may take such action as it deems appropriate to ensure that all  

 

2    applicable federal or state payroll, withholding, income or other taxes, which are the sole  and absolute responsibility of Participant, are withheld or collected from Participant.  (ii) In accordance with the terms of the Plan, and such rules as may be  adopted by the Committee under the Plan, Participant may elect to satisfy Participant’s  federal and state income tax withholding obligations arising from the receipt of, or the  lapse of restrictions relating to, the Shares, by (i) delivering cash, check (bank check,  certified check or personal check) or money order payable to the Company, (ii) having  the Company withhold a portion of the Shares otherwise to be delivered having a Fair  Market Value equal to the amount of such taxes, or (iii) delivering to the Company shares  of Common Stock already owned by Participant having a Fair Market Value equal to the  amount of such taxes. Any shares already owned by Participant must have been held by  the Participant for no less than six months prior to the date delivered to the Company if  such shares were acquired upon the exercise of an option of restricted stock units or other  restricted stock. The Company will not deliver any fractional Shares but will pay, in lieu  thereof, the Fair Market Value of such fractional Shares. Participant’s election must be  made on or before the date that the amount of tax to be withheld is determined.  (c) Plan Provisions Control. This Award is subject to the terms and conditions of the  Plan, but the terms of the Plan shall not be considered an enlargement of any benefits under this  Agreement.  In addition, this Award is subject to the rules and regulations promulgated pursuant  to the Plan, now or hereafter in effect.  A copy of the Plan will be furnished upon request of the  Participant.  In the event that any provision of the Agreement conflicts with or is inconsistent in  any respect with the terms of the Plan, the terms of the Plan shall control.  This Agreement (and  any addendum hereto) and the Plan together constitute the entire agreement between the parties  hereto with regard to the subject matter hereof.  (d) No Right to Employment. The issuance of the Award shall not be construed as  giving Participant the right to be retained in the employ, or as giving a director of the Company  or an Affiliate the right to continue as a director of the Company or an Affiliate, nor will it affect  in any way the right of the Company or an Affiliate to terminate such employment or position at  any time, with or without cause. In addition, the Company or an Affiliate may at any time  dismiss Participant from employment or terminate the term of a director of the Company or an  Affiliate, free from any liability or any claim under the Plan or the Agreement. Nothing in the  Agreement shall confer on any person any legal or equitable right against the Company or any  Affiliate, directly or indirectly, or give rise to any cause of action at law or in equity against the  Company or an Affiliate. The Award granted hereunder shall not form any part of the wages or  salary of Participant for purposes of severance pay or termination indemnities, irrespective of the  reason for termination of employment. Under no circumstances shall any person ceasing to be an  employee of the Company or any Affiliate be entitled to any compensation for any loss of any  right or benefit under the Agreement or Plan which such employee might otherwise have enjoyed  but for termination of employment, whether such compensation is claimed by way of damages  for wrongful or unfair dismissal, breach of contract or otherwise. By participating in the Plan,  Participant shall be deemed to have accepted all the conditions of the Plan and the Agreement  and the terms and conditions of any rules and regulations adopted by the Committee (as defined  in the Plan) and shall be fully bound thereby.  

 

3    (e) Governing Law. The validity, construction and effect of the Plan and the  Agreement, and any rules and regulations relating to the Plan and the Agreement, shall be  determined in accordance with the internal laws, and not the law of conflicts, of the State of  Nevada.  (f) Securities Matters. The Company shall not be required, and shall not have any  liability for failure, to deliver Shares until the requirements of any federal or state securities or  other laws, rules or regulations (including the rules of any securities exchange) as may be  determined by the Company to be applicable are satisfied.  (g) Severability. If any provision of the Agreement is or becomes or is deemed to be  invalid, illegal or unenforceable in any jurisdiction or would disqualify the Agreement under any  law deemed applicable by the Committee, such provision shall be construed or deemed amended  to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the  determination of the Committee, materially altering the purpose or intent of the Plan or the  Agreement, such provision shall be stricken as to such jurisdiction or the Agreement, and the  remainder of the Agreement shall remain in full force and effect.  (h) No Trust or Fund Created. Neither the Plan nor the Agreement shall create or be  construed to create a trust or separate fund of any kind or a fiduciary relationship between the  Company or any Affiliate and Participant or any other person.  (i) Headings. Headings are given to the Sections and subsections of the Agreement  solely as a convenience to facilitate reference. Such headings shall not be deemed in any way  material or relevant to the construction or interpretation of the Agreement or any provision  thereof.  (j) Consultation with Professional Tax and Investment Advisors. The holder of this  Award acknowledges that the grant, exercise, or any payment with respect to this Award, and the  sale or other taxable disposition of the Shares acquired pursuant to the exercise thereof, may  have tax consequences pursuant to the Internal Revenue Code of 1986, as amended, or under  local, state or international tax laws. The holder further acknowledges that such holder is relying  solely and exclusively on the holder’s own professional tax and investment advisors with respect  to any and all such matters (and is not relying, in any manner, on the Company or any of its  employees or representatives). Finally, the holder understands and agrees that any and all tax  consequences resulting from the Award and its grant, exercise, or any payment with respect  thereto, and the sale or other taxable disposition of the Shares acquired pursuant to the Plan, is  solely and exclusively the responsibility of the holder without any expectation or understanding  that the Company or any of its employees or representatives will pay or reimburse such holder  for such taxes or other items.    [Signature page follows] 

 

  [Signature page to Restricted Stock Award Agreement]    IN WITNESS WHEREOF, the Company and Participant have executed this Agreement  as of the Effective Date.  PROFIRE ENERGY, INC.      By: /s/ Cameron M. Tidball  Name: Cameron M. Tidball  Title: Co-CEO and Co-President      PARTICIPANT:      /s/ Ryan W. Oviatt  Ryan W. Oviattcamerontidball-restricte

    PROFIRE ENERGY, INC.  2014 EQUITY INCENTIVE PLAN  RESTRICTED STOCK AWARD AGREEMENT  This RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) is entered  into as of February 18, 2021 (the “Effective Date”), by and between Profire Energy, Inc., a  Nevada corporation (the “Company”), and Cameron M. Tidball (“Participant”). All capitalized  terms used herein but not defined herein shall have the meanings given to them in the Profire  Energy, Inc. 2014 Equity Incentive Plan, as amended (the “Plan”).  1. Award. The Company hereby grants to Participant a restricted stock award of  18,852 shares (the “Shares”) of Common Stock, par value $0.001 per share, of the Company  according to the terms and conditions set forth herein and in the Plan. The Shares are Restricted  Stock granted under Section 6(c) of the Plan. A copy of the Plan will be furnished upon request  of Participant.   2. [Reserved.]     3. [Reserved.]      4. [Reserved.]  5. Miscellaneous.  (a) Issuance of Shares. The Shares granted pursuant to this Agreement may be  evidenced in such manner as the Committee may deem appropriate, including book-entry  registration or issuance of a stock certificate or certificates, which certificate or certificates shall  be held by the Company or held in nominee name by the stock transfer agent or brokerage  service selected by the Company to provide such services for the Plan.  Such certificate or  certificates shall be registered in the name of the Participant and shall bear an appropriate legend  referring to the restrictions applicable to such Restricted Stock.  Participant hereby agrees to the  retention by the Company of the Shares and, if a stock certificate is used, agrees to execute and  deliver to the Company a blank stock power with respect to the Shares as a condition to the  receipt of this award of Shares. Following payment of the applicable withholding taxes pursuant  to Section 5(b) of this Agreement, the Company shall promptly cause to be issued a certificate or  certificates, or through book-entry registration, registered in the name of Participant or in the  name of Participant’s legal representatives, beneficiaries or heirs, as the case may be, evidencing  such whole Shares (less any shares withheld to pay withholding taxes) and shall cause such  certificate or certificates to be delivered to Participant or Participant’s legal representatives,  beneficiaries or heirs, as the case may be, free of the legend or the stop-transfer order referenced  above. The value of any fractional Shares shall be paid in cash at the time certificates evidencing  the Shares are delivered to Participant.  (b) Income Tax Matters.  (i) In order to comply with all applicable federal or state income tax laws or  regulations, the Company may take such action as it deems appropriate to ensure that all  

 

2    applicable federal or state payroll, withholding, income or other taxes, which are the sole  and absolute responsibility of Participant, are withheld or collected from Participant.  (ii) In accordance with the terms of the Plan, and such rules as may be  adopted by the Committee under the Plan, Participant may elect to satisfy Participant’s  federal and state income tax withholding obligations arising from the receipt of, or the  lapse of restrictions relating to, the Shares, by (i) delivering cash, check (bank check,  certified check or personal check) or money order payable to the Company, (ii) having  the Company withhold a portion of the Shares otherwise to be delivered having a Fair  Market Value equal to the amount of such taxes, or (iii) delivering to the Company shares  of Common Stock already owned by Participant having a Fair Market Value equal to the  amount of such taxes. Any shares already owned by Participant must have been held by  the Participant for no less than six months prior to the date delivered to the Company if  such shares were acquired upon the exercise of an option of restricted stock units or other  restricted stock. The Company will not deliver any fractional Shares but will pay, in lieu  thereof, the Fair Market Value of such fractional Shares. Participant’s election must be  made on or before the date that the amount of tax to be withheld is determined.  (c) Plan Provisions Control. This Award is subject to the terms and conditions of the  Plan, but the terms of the Plan shall not be considered an enlargement of any benefits under this  Agreement.  In addition, this Award is subject to the rules and regulations promulgated pursuant  to the Plan, now or hereafter in effect.  A copy of the Plan will be furnished upon request of the  Participant.  In the event that any provision of the Agreement conflicts with or is inconsistent in  any respect with the terms of the Plan, the terms of the Plan shall control.  This Agreement (and  any addendum hereto) and the Plan together constitute the entire agreement between the parties  hereto with regard to the subject matter hereof.  (d) No Right to Employment. The issuance of the Award shall not be construed as  giving Participant the right to be retained in the employ, or as giving a director of the Company  or an Affiliate the right to continue as a director of the Company or an Affiliate, nor will it affect  in any way the right of the Company or an Affiliate to terminate such employment or position at  any time, with or without cause. In addition, the Company or an Affiliate may at any time  dismiss Participant from employment or terminate the term of a director of the Company or an  Affiliate, free from any liability or any claim under the Plan or the Agreement. Nothing in the  Agreement shall confer on any person any legal or equitable right against the Company or any  Affiliate, directly or indirectly, or give rise to any cause of action at law or in equity against the  Company or an Affiliate. The Award granted hereunder shall not form any part of the wages or  salary of Participant for purposes of severance pay or termination indemnities, irrespective of the  reason for termination of employment. Under no circumstances shall any person ceasing to be an  employee of the Company or any Affiliate be entitled to any compensation for any loss of any  right or benefit under the Agreement or Plan which such employee might otherwise have enjoyed  but for termination of employment, whether such compensation is claimed by way of damages  for wrongful or unfair dismissal, breach of contract or otherwise. By participating in the Plan,  Participant shall be deemed to have accepted all the conditions of the Plan and the Agreement  and the terms and conditions of any rules and regulations adopted by the Committee (as defined  in the Plan) and shall be fully bound thereby.  

 

3    (e) Governing Law. The validity, construction and effect of the Plan and the  Agreement, and any rules and regulations relating to the Plan and the Agreement, shall be  determined in accordance with the internal laws, and not the law of conflicts, of the State of  Nevada.  (f) Securities Matters. The Company shall not be required, and shall not have any  liability for failure, to deliver Shares until the requirements of any federal or state securities or  other laws, rules or regulations (including the rules of any securities exchange) as may be  determined by the Company to be applicable are satisfied.  (g) Severability. If any provision of the Agreement is or becomes or is deemed to be  invalid, illegal or unenforceable in any jurisdiction or would disqualify the Agreement under any  law deemed applicable by the Committee, such provision shall be construed or deemed amended  to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the  determination of the Committee, materially altering the purpose or intent of the Plan or the  Agreement, such provision shall be stricken as to such jurisdiction or the Agreement, and the  remainder of the Agreement shall remain in full force and effect.  (h) No Trust or Fund Created. Neither the Plan nor the Agreement shall create or be  construed to create a trust or separate fund of any kind or a fiduciary relationship between the  Company or any Affiliate and Participant or any other person.  (i) Headings. Headings are given to the Sections and subsections of the Agreement  solely as a convenience to facilitate reference. Such headings shall not be deemed in any way  material or relevant to the construction or interpretation of the Agreement or any provision  thereof.  (j) Consultation with Professional Tax and Investment Advisors. The holder of this  Award acknowledges that the grant, exercise, or any payment with respect to this Award, and the  sale or other taxable disposition of the Shares acquired pursuant to the exercise thereof, may  have tax consequences pursuant to the Internal Revenue Code of 1986, as amended, or under  local, state or international tax laws. The holder further acknowledges that such holder is relying  solely and exclusively on the holder’s own professional tax and investment advisors with respect  to any and all such matters (and is not relying, in any manner, on the Company or any of its  employees or representatives). Finally, the holder understands and agrees that any and all tax  consequences resulting from the Award and its grant, exercise, or any payment with respect  thereto, and the sale or other taxable disposition of the Shares acquired pursuant to the Plan, is  solely and exclusively the responsibility of the holder without any expectation or understanding  that the Company or any of its employees or representatives will pay or reimburse such holder  for such taxes or other items.    [Signature page follows] 

 

  [Signature page to Restricted Stock Award Agreement]    IN WITNESS WHEREOF, the Company and Participant have executed this Agreement  as of the Effective Date.  PROFIRE ENERGY, INC.      By: /s/Ryan W. Oviatt  Name: Ryan W. Oviatt  Title: Co-CEO and Co-President      PARTICIPANT:      /s/ Cameron M. Tidball  Cameron M. Tidball

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