Document:

WD-40 Directors' Compensation Policy and Election Plan

 Exhibit 10(c) 
 WD-40 Directors’ Compensation Policy 
 and Election Plan

 October 9, 2012 
 The WD-40 Corporate Governance Committee has proposed, and the Board of Directors has adopted, the following Compensation Policy and Election Plan for directors (the “Election Plan”), effective
as of October 9, 2012 
 RESTRICTED STOCK UNITS 
 Each new non-employee director joining the Board after the adoption of this Election Plan will receive restricted stock units (“RSUs”) with a fair market value on the date of grant of $49,000 as
soon as practicable upon joining the Board. RSUs shall be granted by affirmative action of the full Board under the WD-40 Company 2007 Stock Incentive Plan (the “Incentive Plan”). Vesting will be immediate and the units will be settled in
Company stock upon termination of the director’s service on the Board for any reason, including upon death, resignation, retirement or removal from office (“Termination”.) The RSUs will carry dividend equivalents payable in cash as
and when declared on the Company’s stock in accordance with the Incentive Plan. The Award Agreements issued with respect to the RSUs shall not permit the director to accelerate or otherwise obtain benefits (other than the dividend equivalent
payments) with respect to the RSUs until Termination. All RSUs awarded pursuant to this Election Plan shall be subject to Award Agreements having the same terms and conditions for vesting, time of payment, dividend equivalents and acceleration
prohibition as provided for hereinabove and all references to RSUs in this Election Plan shall refer to RSUs subject to such Award Agreements. 

Each continuing non-employee director will receive annually an award of RSUs with a fair market value of $49,000 on the date of grant. The RSUs will be
granted by affirmative action of the full Board under the Incentive Plan at the organizational meeting of the Board immediately following the annual meeting of stockholders in December of each year. 

The award of RSUs to directors at the December meeting shall represent, in part, the full measure of compensation earned by each director for services
rendered in the month of December from and after such meeting. 
 ELECTION PLAN FOR PAYMENT OF ANNUAL BASE COMPENSATION IN CASH AND/OR BY
AWARD OF RESTRICTED STOCK UNITS 
 Annual base compensation for directors for services rendered during the calendar year
beginning on January 1st following the Company’s
annual meeting of stockholders through the date of the next annual meeting shall be $35,000. Such amount does not include board committee fees, director contribution fund donation or reimbursement for travel expenses. No separate compensation shall
be payable for special meetings of the directors. 
 Compensation for Directors to be Elected at the Annual Meeting 

Annual base compensation for each non-employee director will be paid in a combination of cash and/or RSUs. Each director may elect to receive all or a
portion of the annual base compensation in cash in increments of $1,000 and shall make this election by the date of the annual meeting. The cash compensation to be paid, if any, shall be paid on March 1 of the following year. RSUs having a

  
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fair market value as of the date of grant equal to the amount of annual base compensation not elected to be received in cash will be granted by affirmative action of the full Board under the
Incentive Plan immediately following the annual shareholders meeting in December, at which time, the director’s election shall become irrevocable. 
 Compensation for Directors Appointed During Year 
 Directors appointed during the year to
fill a vacancy on the Board will receive annual base compensation according to the following schedule: 
  

					
	 Appointment at or prior to the second quarter meeting:
	  	$	35,000	  
	 Appointment at or prior to the third quarter meeting:
	  	$	27,000	  
	 Appointment at or prior to the fourth quarter meeting:
	  	$	18,000	  

 Payment of such compensation shall be made on or about the first day of the second month following appointment to the
Board. Prior to the effective date of the new director’s election to the Board, the director may elect to receive all or part of such compensation in cash in increments of $1,000 and RSUs shall be awarded in the manner provided for elections
with respect to the receipt of annual base compensation as set forth above. The RSUs are to be granted by the full Board under the Incentive Plan at the next meeting of the Board following receipt of the director’s election in the same manner
in which RSUs are awarded to directors pursuant to their annual compensation elections. The new director’s election shall be irrevocable upon the effective date of his or her service as a director. 

Compensation for Directors Leaving During Year 
 If deemed practical by the Corporate Governance Committee, a departing director will be paid for the pro-rata portion of time actually served and may be required to return a pro rata portion of
compensation received or to forfeit a pro rata portion of RSUs awarded pursuant to the foregoing election provisions, as such required return of compensation or forfeiture may be determined by the Corporate Governance Committee in its reasonable
discretion. 
 IRC SECTION 409A PLAN 
 The foregoing provisions relating to the grant of RSUs under the Incentive Plan and a director’s election to receive all or part of the annual base compensation in cash are intended to constitute a
binding plan for purposes of Section 409A of the Internal Revenue Code. 
 BOARD CHAIRMAN COMPENSATION 

The Chairman of the Board will receive $14,000 as additional cash compensation annually. This amount will be pro-rated for partial year service as
Chairman. 

  
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 COMMITTEE COMPENSATION 
 Annual Committee service fees are as stated below: 
 Audit Committee 

$8,000 per member 
 Chairman $16,000 

Compensation Committee 
 $4,000 per
member 
 Chairman $10,000 

Corporate Governance Committee 
 $4,000
per member 
 Chairman $8,000 

Finance Committee 
 $4,000 per member

 Chairman $8,000 
 Payment of annual
committee service fees shall be made in lump sum on or about March 1 of each year covering committee services provided from the beginning of the calendar year following each annual meeting to the next annual meeting. 

ADDITIONAL BENEFITS 
 CHARITABLE
DONATIONS 
 Each director is allowed to designate $6,000 annually from WD-40 Company Director Contributions Fund to a qualified
(501(c)(3)) charitable organization. Newly elected directors will be eligible to make charitable funding designations for the fiscal year following the fiscal year in which they are elected. Any continuing director who serves any part of a
fiscal year shall be entitled to designate $6,000 for that year. 
 Continuing Education 

Each director will be reimbursed up to a total of $3,000 per year for education expenses, including appropriate travel costs. There is no
“carry-forward” if the amount is not utilized during the year. Directors wishing to receive reimbursement should obtain prior approval of the program they wish to attend from the chairman of the board and should provide a summary of the
learnings from the program to the Corporate Governance Committee for its next meeting. Approvals to reimburse are provided by the chairman of the board. 
  

	
	Adopted by the Board of Directors, October 9, 2012
	
	/s/ Maria M. Mitchell
	 WD-40 Company Corporate Secretary

  
 3Form of Performance Share Unit Award Agreement

 Exhibit 10(e) 
 WD-40 COMPANY 
 PERFORMANCE SHARE UNIT AWARD GRANT NOTICE AND ACCEPTANCE

 (WD-40 Company 2007 Stock Incentive Plan) 
 WD-40 Company (the “Company”), pursuant to the WD-40 Company 2007 Stock Incentive Plan (the “Plan”), hereby grants to you as the Award Recipient, an award for Performance Share
Units (“PSUs”) with respect to the number of shares of the Company’s Common Stock set forth below. This award of PSUs is subject to all of the terms and conditions as set forth herein and in the Performance Share Unit Award Agreement
(the “PSU Award Agreement”) and the Plan, each of which is incorporated herein by this reference. By your execution of this PSU Award Grant Notice and Acceptance, you acknowledge prior receipt of a copy of the Plan or delivery of a copy of
the Plan together with this PSU Award Grant Notice and Acceptance. 
  

					
		  	Award Recipient:	  	 
		  	Date of Grant:	  	 
		  	Performance Period:	  	Two (2) Year Performance Vesting
		  	Target Number of Shares:	  	 

 Additional Terms/Acknowledgements: The undersigned Award Recipient acknowledges receipt of, and understands and
agrees to, this PSU Award Grant Notice and Acceptance, the PSU Award Agreement and the Plan. Award Recipient further acknowledges that as of the Date of Grant, this PSU Award Grant Notice and Acceptance, the PSU Award Agreement and the Plan set
forth the entire understanding between Award Recipient and the Company regarding the acquisition of stock in the Company with respect to the PSUs described herein and they supersede all prior oral and written agreements with respect thereto.

  

									
	WD-40 COMPANY	 		 	AWARD RECIPIENT:
				
	By:	 	 	 		 	 
		 	Signature	 		 		 	Signature
	Title:	 	 	 		 	Date:	 	 
					
	Date:	 	 	 		 		 	

 ATTACHMENT: PSU Award Agreement 

 WD-40 COMPANY 
 2007 STOCK INCENTIVE PLAN 
 2011 PERFORMANCE SHARE UNIT AWARD AGREEMENT

 Pursuant to your Performance Share Unit Award Grant Notice and Acceptance (“Grant Notice”) and this Performance
Share Unit Award Agreement (“Agreement”), WD-40 Company, a Delaware corporation, (the “Company”) has awarded to you Performance Shares (referred to herein as Performance Share Units or “PSUs”) under the WD-40 Company
2007 Stock Incentive Plan (the “Plan”) with respect to the “Target Number” of shares of the Company’s Common Stock indicated in your Grant Notice. Defined terms not explicitly defined in this Agreement but defined in the
Plan shall have the same definitions as in the Plan. 
 The details of your PSUs are as follows: 

1. Number of Shares. The number of Shares to be issued to you upon payment of your PSUs (your “PSU Shares”) as
referenced in your Grant Notice will be determined under the performance vesting provisions in Paragraph 3 of this Agreement equal to a percentage (the “Applicable Percentage”) of the Target Number of PSU Shares set forth in your Grant
Notice. The Target Number of PSU Shares may be adjusted from time to time upon changes in capitalization of the Company pursuant to Section 18 of the Plan. 
 2. No Payment of Dividend Equivalents. Dividend Equivalents are not payable with respect to your PSUs. Upon issuance of your PSU Shares at the time of vesting or otherwise as provided for
herein, you will then be entitled to receive dividends as and when declared upon the Shares by the Company. 
 3.
Performance Vesting. Your PSUs vest following a performance measurement period of two full fiscal years ending as of the Company’s fiscal year end for the first full fiscal year following the Date of Grant (the “Measurement
Year”). Following the conclusion of the Measurement Year, the Committee shall meet, either at its regularly scheduled quarterly meeting or at a special meeting of the Committee called prior to the Company’s release of its annual earnings
for the Measurement Year, to certify achievement of the performance measures set forth on Exhibit A attached hereto and the vesting of your PSUs and the Applicable Percentage of the Target Number of PSU Shares to be issued to you. Except as
otherwise provided for herein, unless, prior to the effective date of the termination of your employment with the Company or a Subsidiary for any reason, including death, resignation or termination by the Company or Subsidiary (“Termination of
Employment”), the Committee has certified the performance vesting of your PSUs, all of your PSUs shall be forfeited. 
 4. Delivery of Shares upon Performance Vesting. The settlement date for delivery of your PSU Shares following certification of vesting by the Committee as provided for in Paragraph 3 above,
will be the date that is the 3rd business day following
the Company’s public release of its annual earnings for the Measurement Year (the “Settlement Date”). Upon settlement of your PSUs, the Applicable Percentage of the Target Number of PSU Shares shall be paid in Shares. Subject to the
provisions of Paragraphs 6 and 9 of this Agreement, the PSU Shares shall be issued and delivered to you or to your designated Beneficiary (as hereinafter defined) on the Settlement Date. Issuance of the PSU Shares may not be accelerated, deferred or
otherwise claimed by you for any reason or at any time other than upon the Settlement Date or otherwise as provided for herein. 

  
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 5. Change of Control Vesting. The provisions of Section 19 of the Plan
shall not apply to your PSUs in the event of a Change of Control of the Company, but your Change of Control Severance Agreement with the Company (“Severance Agreement”), including Section 5 thereof, shall apply to your PSUs. For
purposes of this Agreement, Change of Control shall have the meaning given to the term in your Severance Agreement, as it may be amended with respect to such term from time to time. In the event of a Change of Control prior to the end of the
Measurement Year, the performance vesting provisions shall be eliminated and your PSUs shall, instead, vest with an Applicable Percentage of one hundred percent (100%) as of the earlier of the Settlement Date or the termination of your
employment following the Change of Control under circumstances that would give rise to payment of the Change in Control Severance Amount (as defined in your Severance Agreement). If the performance vesting provisions of this Agreement have been
eliminated as provided for herein, your PSUs shall be treated as equivalent Restricted Stock Units having a Period of Restriction ending on the Settlement Date, subject to the terms and conditions of Section 5 of your Change of Control
Severance Agreement. If a Change of Control occurs after the end of the Measurement Year, but before the Committee has certified achievement of the performance goals, and you were employed by the Company on the date of the Change of Control, you
will have the right, on the Settlement Date, to receive your vested PSU Shares or the dollar value equivalent thereof, at the Company’s option, based on audited financial statements that include the Company’s financial results required for
purposes of determining the relative achievement of the performance goals. For purposes of the preceding sentence, the Settlement Date shall be deemed to be the date 3 business days following the date on which the company that survives the Change of
Control publicly or privately issues audited financial statements that include results of the Company’s Measurement Year, but in no event shall the Settlement Date be later than ninety (90) days following the end of the Measurement Year.
In the event your PSUs are vested upon termination of your employment pursuant to this Paragraph 5 following a Change of Control prior to the end of the Measurement Year, subject to the provisions of Paragraphs 6 and 9 of this Agreement, the Target
Number of PSU Shares set forth in your Grant Notice shall be issued to you as of a date that is thirty (30) days following the effective date the termination of your employment. 

6. Securities Law Compliance. Notwithstanding anything to the contrary contained herein, your PSU Shares may not be issued unless
the PSU Shares are then registered under the Securities Act of 1933, as amended (the “Securities Act”) or, if such Shares are not then so registered, the Committee or the Board has determined that such issuance would be exempt from the
registration requirements of the Securities Act. The issuance of your PSU Shares must also comply with other applicable laws and regulations governing your PSU Shares, and the issuance of your PSU Shares may be delayed if the Committee or the Board
determines that such issuance would not be in material compliance with such laws and regulations. 
 7. Transferability.
Your PSUs are not transferable, except by will or by the laws of descent and distribution. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party (your
“Beneficiary”) who, in the event of your death, shall then be entitled to receive the PSU Shares payable as of the date of your death, in any. 
 8. Agreement Not a Service Contract or Obligation to Continue Service. This Agreement is not an employment or service contract, and nothing in this Agreement shall be deemed to create in any way
whatsoever any obligation on your part to continue in the service of the Company or Subsidiary as an employee for any period of time. In addition, nothing in this Agreement shall obligate the Company or a Subsidiary to continue your employment for
any period of time. 

  
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 9. Withholding of PSU Shares to Cover Tax Withholding Obligations.

 (a) At the time of issuance of your PSU Shares, to the extent required by law or applicable regulation, the Company
shall withhold from the PSU Shares otherwise issuable to you, a number of whole Shares having a Fair Market Value as of the Settlement Date equal to of the minimum amount of taxes required to be withheld by law. The Fair Market Value of the withheld
whole number of PSU Shares that is in excess of the minimum amount of taxes required to be withheld shall be added to the deposit for your U.S. federal income tax withholding or, if you are an international taxpayer, such amount shall be added to
the largest deposit of withheld tax required to be made by the Company on your behalf. 
 (b) Your PSU Shares may not be
issued unless the tax withholding obligations of the Company, if any, are satisfied. Accordingly, the PSU Shares may not be issued within the time specified in Paragraphs 4 and 5 above and the Company shall have no obligation to issue a certificate
for such Shares until such tax withholding obligations are satisfied or otherwise provided for. 
 10. Notices. Any
notices provided for in the Plan or this Agreement shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States
mail, postage prepaid, addressed to you at the last address you provided to the Company. 
 11. Governing Plan Document.
This Agreement is subject to all the provisions of the Plan, the provisions of which are incorporated by reference in this Agreement. This Agreement is further subject to all interpretations, amendments, rules and regulations which may from time to
time be promulgated and adopted pursuant to the Plan. Except as specifically provided for herein, in the event of any conflict between the provisions of this Agreement and those of the Plan, the provisions of the Plan shall control. 

END OF PERFORMANCE SHARE UNIT AGREEMENT 
 (Refer to PSU Award Grant Notice and Acceptance for Specific Grant Information) 

  
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 EXHIBIT A 
 PERFORMANCE VESTING 
 Subject to Section 5 of the Performance Share Unit
Award Agreement, the PSUs shall vest with respect to the Applicable Percentage of the Target Number of PSU Shares set forth in the following table based on relative achievement of two equally weighted performance measures, “Aggregate Revenue
Growth” and “Gross Margin”, over the Company’s two fiscal years ending with the Measurement Year: 
  

					
	 Aggregate Revenue Growth
	  	Gross Margin	  	Applicable Percentage
	 > 20%
	  	> 52%	  	150%
	     20%
	  	    52%	  	150%
	     15%
	  	    50%	  	100%
	     10%
	  	    48%	  	50%
	 < 10%
	  	< 48%	  	0%

 In order to determine the Applicable Percentage of the Target Number of PSU Shares to be delivered upon
achievement of the performance measures, the Applicable Percentage is determined independently for each performance measure and the two Applicable Percentages so determined are given equal weight by taking the simple average of the two amounts.

 For each performance measure, the Applicable Percentage will be determined on a straight line sliding scale from the minimum
50% Applicable Percentage achievement level to the maximum 150% Applicable Percentage achievement level. For purposes of determining relative achievement, actual results are to be rounded to the nearest tenth of one percent and rounded upward from
the midpoint. For example, if Aggregate Revenue Growth for the two year performance measurement period is 9.94%, the Applicable Percentage for Aggregate Revenue Growth would be 0%; and if Gross Margin for the two year performance measurement period
is 51.25%, the Applicable Percentage for Gross Margin would be 132.5%; and the average of the two resulting percentages would give rise to an Applicable Percentage of 66.25% for the Target Number of PSU Shares. The number of PSU Shares to be issued
on the Settlement Date is to be rounded to the nearest whole share and rounded upward from the midpoint. 
 “Aggregate
Revenue Growth” is defined and shall be determined as follows: The annual percentage growth in world-wide consolidated net sales (revenues) for the Measurement Year as compared to the world-wide consolidated net sales (revenues) for the fiscal
year immediately preceding the two-fiscal year performance period (the “Base Year”). Revenues for the Measurement Year are to be measured by translation of all consolidated reporting entities’ actual local currency revenues (as
determined in accordance with the Company’s then applicable Generally Accepted Accounting Principles, currently U.S. GAAP) into U.S. dollars at the Base Year average foreign currency exchange rate applicable to each such entity. 

“Gross Margin” is defined and shall be determined as follows: Aggregate world-wide consolidated gross profit for the full
two-fiscal year performance period of the award as a percentage of aggregate world-wide consolidated net sales (revenues) for the full two-fiscal year performance period. 

  
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Gross profit and revenues for the full two-fiscal year performance period are to be measured by translation of all consolidated reporting entities’ actual local currency gross profits and
revenues (as determined in accordance with the Company’s then applicable Generally Accepted Accounting Principles, currently U.S. GAAP) at the actual foreign currency exchange rate applicable to each such entity for the period, as reported.

  
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