Document:

EX-10.5

 Exhibit 10.5 

FRONT YARD RESIDENTIAL CORPORATION 

AMENDED AND RESTATED CHANGE IN CONTROL SEVERANCE AGREEMENT 

THIS AMENDED AND RESTATED CHANGE IN CONTROL SEVERANCE AGREEMENT (the “Agreement”) is dated as of October 19, 2020 (the
“Effective Date”), by and between Front Yard Residential Corporation, a Maryland corporation (the “Company”), and Michael G. Lubin (the “Executive”). 

RECITALS 
 WHEREAS, as of
the Effective Date, Altisource Asset Management Corporation, a United States Virgin Islands corporation (the “Manager”), serves as the external manager of the Company pursuant to the Asset Management Agreement (as defined below);

 WHEREAS, the Executive is an employee of the Manager or one of its subsidiaries, and in such capacity provides management services to the
Company; 
 WHEREAS, the Company and the Executive previously entered into the Change in Control Severance Agreement dated May 26,
2017, as amended on January 14, 2019 (the “Original Agreement”) in recognition of the value of the Executive to the Company and to ensure the Company of the Executive’s continued attention and dedication to duty, and to
ensure the availability of the Executive’s continued service, including in the event of a Change in Control of the Company; 
 WHEREAS,
pursuant to the Termination and Transition Agreement dated as of August 13, 2020 by and between the Company, Front Yard Residential, L.P., a Delaware limited partnership (“FYR LP”), and the Manager (such agreement, the
“Termination Agreement”), the Asset Management Agreement will be terminated effective as of the Termination Date (as such term is defined in the Termination Agreement), and in connection therewith the employment of the Executive
with the Manager or its subsidiaries (as applicable) will be terminated and Executive will commence employment with the Company or one of its subsidiaries; and 

WHEREAS, in order to fulfill the above purposes, and recognizing that the Executive shall be entitled to rely on various benefits, the
Compensation Committee of the Board of Directors of the Company has determined that it is appropriate and in the best interests of the Company to amend and restate the Original Agreement to reflect the aforementioned transfer of Executive’s
employment, the termination of the Asset Management Agreement, and the other actions contemplated by the Termination Agreement. 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby covenant and agree as follows: 

1. Term. This Agreement shall have an initial three-year term beginning on the Effective Date and shall renew thereafter for successive one-year terms, unless the Company provides written notice to the Executive at least 90 days prior to any then-applicable expiration date of its intent not to renew the Agreement. If, however, this Agreement is in
effect at the time of a Change in Control (as defined below), then it shall not terminate prior to the second anniversary of such Change in Control; provided, that if a Qualifying Termination should occur during such period, this Agreement shall
terminate when the Company’s payment obligations hereunder are satisfied. Notwithstanding the foregoing, this Agreement shall automatically terminate upon a termination of Executive’s employment with the Employer other than as a result of
a Qualifying Termination. 

 2. Definitions. All capitalized terms used but not otherwise defined herein shall have the meaning
set forth below: 
 (a) “Affiliate” means, with respect to a Person, any other Person directly or indirectly controlling,
controlled by or under common control with such Person. 
 (b) “Asset Management Agreement” means that certain Amended and
Restated Asset Management Agreement dated May 7, 2019, between the Manager, the Company, and FYR LP, as may be amended from time to time. 

(c) “Base Salary” means the Executive’s annual base salary in effect on the Termination Date, disregarding any reduction
in anticipation of, or following, a Change in Control. 
 (d) “Cause” means gross or willful neglect of duty that is not
corrected after 30 days’ written notice thereof; misconduct, malfeasance, fraud or dishonesty that materially and adversely affects the Company or the Employer or their respective reputations in the industry (in the reasonable determination of
the Company); or the commission of a felony or a crime involving moral turpitude. All determinations as to Cause shall be made by the Board of Directors of the Company, or a committee thereof, in its reasonable sole discretion. 

(e) “Cayman Subsidiary” means AAMC Cayman SEZC Ltd., a Cayman Islands exempted company and indirect subsidiary of the Manager,
or any of its successors or assigns. 
 (f) “Change in Control” means: 

(i) The date that a reorganization, merger, consolidation, recapitalization, or similar transaction involving the Company (other than a
spinoff, exchange offer or similar transaction to or with the Company’s shareholders) is consummated, unless: (i) at least 50% of the outstanding voting securities of the surviving or resulting entity (including without limitation, an
entity which as a result of such transaction owns the Company either directly or through one or more subsidiaries) (“Resulting Entity”) are beneficially owned, directly or indirectly, by the persons who were the beneficial owners of
the outstanding voting securities of the Company immediately prior to such transaction in substantially the same proportions as their beneficial ownership, immediately prior to such transaction, of the outstanding voting securities of the Company
and (ii) immediately following such transaction no person or persons acting as a group beneficially owns capital stock of the Resulting Entity possessing thirty-five percent (35%) or more of the total voting power of the stock of the Resulting
Entity; 
 (ii) The date that a majority of members of the Company’s Board of Directors is replaced during any twenty-four (24 month
period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s Board of Directors before the date of the appointment or’ election; provided that no individual shall be considered to be so
endorsed if such individual initially assumed office as a result of either an actual or threatened “Election Contest” (as described in Rule 14a-11 promulgated under the Securities Exchange Act of
1934) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Election
Contest or Proxy Contest; 

  
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 (iii) The date that any one person, or persons acting as a group, other than an employee
benefit plan of the Company or one of its Affiliates, or a trust thereof, or any underwriter, acquires (or has or have acquired as of the date of the most recent acquisition by such person or persons) beneficial ownership of stock of the Company
possessing thirty-five percent (35%) or more of the total voting power of the stock of the Company; or 
 (iv) The date that any one person
acquires, or persons acting as a group acquire (or has or have acquired as of the date of the most recent acquisition by such person or persons), assets from the Company that have a total gross fair market value equal to or more than forty percent
(40%) of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions. 
 (g)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (h) “Employer” means FYR LP, Manager, the
Cayman Subsidiary or any of their Affiliates, successors or assigns, as applicable, in such entity’s capacity as the legal employer of the Executive at the relevant time. 

(i) “Good Reason” means, without the consent of the Executive: (i) a reduction in the Executive’s Base Salary or
annual bonus amount1 from the Base Salary or annual bonus amount for the year immediately preceding the year in which the Change of Control occurs, (ii) the notification of the Executive by
the Employer that the Employer shall require the Executive to relocate his or her primary place of service with the Employer to a site that is more than 50 miles from both the Executive’s current primary place of service and the
Executive’s primary residence, or (iii) a material reduction in the scope of responsibility or authority of the Executive, including, without limitation, the Executive no longer having responsibility to manage the primary assets owned by
the Company immediately prior to a Change in Control; provided, however, that no act or omission described above shall be treated as “Good Reason” under this Agreement unless (a) the Executive delivers to the Employer a written
statement of the basis for Executive’s belief that Good Reason exists within 120 days following the date such basis first arises, (b) the Employer fails to cure the grounds constituting Good Reason within 30 days following Executive’s
delivery of such written statement, and (c) Executive actually resigns within 90 days of such failure to cure. 
 (j)
“Person” has the meaning ascribed to such term in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder, and used in Sections 13(d) and 14(d)
thereof, and shall include a “group” as defined in Section 13(d) thereof. 
  

	1 	 “Bonus amount” shall include the cash bonus and preferred stock dividend, if any, paid to Executive.

  
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 (k) “Protection Period” means the period commencing upon the date of public
announcement that the Company has entered into a definitive agreement the consummation of 
 which would result in a Change in Control, and expiring on the
second anniversary of the consummation date of the Change in Control; provided that if such definitive transaction agreement is terminated pursuant to its terms prior to consummation of the Change in Control, the Protection Period shall expire on
the date of such termination. 
 (l) “Qualifying Termination” means the occurrence of any of the following during the
Protection Period: 
 (i) A termination of the Executive’s employment by the Employer without Cause; or 

(ii) Executive’s resignation from the Employer with Good Reason. 

Notwithstanding the foregoing, the termination of Executive’s employment with the Manager in connection with the termination of the Asset
Management Agreement and contemporaneous re-hire by the Company or one of its subsidiaries or Affiliates (as contemplated by this Agreement) shall not constitute or serve as the basis for a “Qualifying
Termination” hereunder. 
 (m) “Termination Date” means the date that Executive experiences a Qualifying Termination.

 3. Severance Benefits. 
 (a)
Components. Subject to Section 5, if the Executive experiences a Qualifying Termination, the Company shall provide Executive with the following payments and benefits: 

(i) Salary Payment. An amount equal to 1.5 times Executive’s Base Salary (the “Salary Payment”); 

(ii) Bonus Payment. An amount equal to 1.5 times the Executive’s annual bonus
amount2 for the year immediately preceding the year in which the Change of Control occurs (the “Bonus Payment”); 

(iii) Prorated Bonus Payment. An amount equal to the product of (A) Executive’s annual bonus amount3 for the year immediately preceding year in which the Change of Control occurs and (B) a fraction, the numerator of which is the number of days from January 1 through the Termination Date,
and the denominator of which is 365 (such amount, the “Prorated 
 Bonus Payment”); 

 

	2 	 “Bonus amount” shall include the cash bonus and preferred stock dividend, if any, paid to Executive.

	3 	 “Bonus amount” shall include the cash bonus and preferred stock dividend, if any, paid to Executive.

  
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 (iv) Medical Benefits. An amount equal to 18 times the monthly premium (if any) paid
by Employer for medical, dental and vision insurance coverage for the Executive and his eligible dependents immediately prior to the Qualifying Termination (the “Medical Benefits”); 

(v) Equity Acceleration. Immediate vesting, lapse of restriction and full exercisability with respect to all equity or equity-based
awards granted to the Executive under any Company equity plans (the “ Equity Acceleration”); 
 (vi) Prior-Year Bonus. To
the extent not paid as of the Termination Date, the annual bonus (if any) earned by the Executive for the year immediately preceding the year in which the Executive’s Termination Date occurs determined in good faith on a basis consistent with
the Employer’s annual incentive compensation program as in effect immediately prior to the Change of Control, and payable on the later of (i) the payment date determined pursuant to Section 3(b) below and (ii) the date that such
bonus would have been paid had the Executive remained employed; and 
 (vii) Accrued Benefits. All base salary earned or accrued but
unpaid through the Termination Date; reimbursement for any and all monies advanced in connection with the Executive’s service for reasonable and necessary business expenses incurred by the Executive through the Termination Date; and all other
payments and benefits to which the Executive may be entitled following Executive’s Qualifying Termination under the terms and conditions of any then-existing employee compensation or benefit plan, program, policy or arrangement of the Employer
(collectively, the “Accrued Benefits”). 
 (b) Timing. Except as otherwise required by law or set forth above, any amounts
payable hereunder shall be made in a lump-sum payment in cash on the 60th day following the Termination Date, provided that if the Qualifying Termination occurs prior to the Change in Control, such lump-sum cash payment will instead be made on the 60th day following the Change in Control (provided only in such case that such Change in Control is also a “change in the ownership or effective control
of” the Company or “a change in the ownership of a substantial portion of the assets of” the Company as determined under Treasury Regulation Section 1.409A-3(i)(5) (without regard to any
alternative definition thereunder)) (the “Payment Date”). 
 (c) Offset. Notwithstanding anything herein to the
contrary, the amount of all payments under Section 3(a) hereof shall be reduced (but not below zero) by the value of any comparable severance benefits, but excluding any equity or equity-based severance benefits, to which Executive may be
entitled from the Company, the Manager or any of their respective Affiliates pursuant to any plan, agreement, contract or other arrangement, including, without limitation, any payments made to the Executive prior to the Change in Control pursuant to
an employment agreement between the Executive and FYR LP. 
 4. Minimum Base Salary and Prior Annual Bonus until 2022. If the Executive experiences a
Qualifying Termination at any time prior to January 1, 2022, (a) for all purposes under Sections 2(i), 3(a)(i) and 3(a)(vii), the “Base Salary” will be deemed to be $350,000, (b) for all purposes under Sections 2(i), 3(a)(ii) and
3(a)(iii), the Executive’s annual bonus amount for the year immediately preceding the year in which the Change in Control occurs will be deemed to be $350,000, in both cases, only if such dollar amount is higher than the “Base Salary”
amount or annual bonus amount (as applicable) that would otherwise be applicable pursuant to such sections. 

  
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 5. Release of Claims and Covenant Not to Sue. The Company’s obligation to provide the Salary
Payment, Bonus Payment, Prorated Bonus Payment, Medical Benefits and Equity Acceleration (the “Severance Benefits”) shall be subject to and contingent upon (a) the Executive’s execution and delivery to the Company of a general
release of claims and covenant not to sue substantially in the form attached hereto as Exhibit A (the “Release Agreement”) on or within 21 days following the Termination Date, and (b) such Release Agreement becoming
effective and irrevocable within 29 days following the Termination Date in accordance with its terms. For the avoidance of doubt, the Executive shall forfeit the Severance Benefits if the Release Agreement has not been timely executed and delivered
to the Company and become effective and irrevocable. The parties agree that, except as set forth in Section 5 hereof or as otherwise required by law, the Executive shall not be entitled to receive any compensation or benefits after the
Te1mination Date. 
 6. Section 280G Reduction. In the event that it is determined that any payments or benefits provided hereunder, together
with any payments or benefits to be provided under any other plan, program, arrangement or agreement, would constitute “parachute payments” within the meaning of Section 280G of the Code and would, but for this Section 6, be
subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax under state or local law or any interest or penalties with respect to such taxes (the “Excise Tax”), then
the amounts of any such payments or benefits under the Plan and such other arrangements shall be either (i) paid in full or (ii) reduced to the minimum extent necessary to ensure that no portion of the payments or benefits is subject to
the Excise Tax, whichever of the foregoing (i) or (i) results in the Executive’s receipt on an after-tax basis of the greatest amount of payments and benefits after taking into account the applicable
federal, state, local and foreign income, employment and excise taxes (including the Excise Tax). Any such reduction shall be made by the Company in its sole discretion consistent with the requirements of Section 409A and shall include prompt
repayment by Executive of any payments or benefits that are determined to be subject to such reduction and that have previously been paid or provided to Executive. Any determination required under this Section 6 shall be made in writing in good
faith by a nationally recognized public accounting firm selected by the Company, whose determination shall be final and binding. The Company and the Executive shall provide the accounting firm with such information and documents as the accounting
firm may reasonably request in order to make a determination under this Section 6. 
 7. General Provisions. 

(a) Withholding. The Company shall be entitled to deduct or withhold, or require the Executive to remit to the Company, the minimum
statutory amount necessary to satisfy federal, state or local taxes required by law or regulation to be withheld with respect to any payment or benefit provided hereunder. 

  
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 (b) Notices. All notices and other communications required or permitted hereunder
shall be in writing and shall be deemed given when delivered personally, delivered by certified or registered mail, postage prepaid, return receipt requested, or delivered by overnight courier (provided that a written acknowledgment of receipt is
obtained by the overnight courier) to any party concerned at the address indicated below or to such changed address as such party may subsequently give such notice of: 
  

			
	 If to Company:
	  	 Front Yard Residential Corporation
 c/o Front
Yard Residential, L.P.
 4201 Congress Street, Suite 475

Charlotte, North Carolina 28209
 Attention: General
Counsel

 If to Executive, at Executive’s then-current primary mailing address as indicated in the Company’s
records. 
 (c) Successors and Binding Agreement. This Agreement shall be binding upon and inure to the benefit of the Company and any
successor of or to the Company, including, without limitation, any purchaser of all or substantially all of the assets or equity interests of the Company. This Agreement shall inure to the benefit of and be enforceable by Executive’s personal
or legal representatives, executors, administrators, successors, heirs, distributees and/or legatees. 
 (d) Waiver. No provision of
this Agreement may be modified, amended or waived unless such modification, amendment or waiver is agreed to in writing signed by the Executive and the Company. No waiver by any party hereto at any time of any breach by any other party hereto shall
be deemed a waiver of similar or dissimilar provisions at the same or at any prior or subsequent time. 
 (e) Entire Agreement;
Interaction with Other Agreements. This Agreement shall supersede any and all prior understandings, representations or presentations, whether written or oral, relating to the subject matter hereof. 

(f) Governing Law. Any dispute, controversy or claim of whatever nature arising out of or relating to this Agreement or breach thereof
shall be governed by and interpreted under the laws of the State of Maryland without regard to conflict-of-law or choice-of-law principles. 
 (g) Section 409A. 

(i) The parties agree that this Agreement shall be interpreted to comply with or be exempt from Section 409A of the Code and the
regulations and guidance promulgated thereunder to the extent applicable (collectively, “Section 409A”), and all provisions of this Agreement shall be construed in a manner consistent with the requirements for
avoiding taxes or penalties under Section 409A. In no event whatsoever will the Company or the Manager be liable for any additional tax, interest or penalties that may be imposed on Executive under Section 409A or any damages for failing
to comply with Section 409A. 
 (ii) A termination of employment shall not be deemed to have occurred for purposes of any provision of
this Agreement providing for the payment of any amounts or benefits considered “nonqualified deferred compensation” under Section 409A upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references 

  
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to a “termination,” “termination of employment” or like terms shall mean “separation from service.” If Executive is deemed on the date of termination to be a
“specified employee” within the meaning of that term under Section 409A(a)(2)(B) of the Code, then with regard to any payment or the provision of any benefit that is considered nonqualified deferred compensation under
Section 409A payable on account of a “separation from service,” no such payment or benefit shall be made or provided prior to the earlier of (A) the expiration of the six-month period
measured from the date of such “separation from service” of Executive, and (B) the date of Executive’s death (the “Delay Period”). All payments and benefits delayed pursuant to this
Section 7(g)(ii) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed on the first business day following the expiration of the Delay
Period to Executive in a lump sum without interest, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. 

(iii) For purposes of Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be treated
as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within 10 business days following the date of
termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company. All expenses or other reimbursements as provided herein shall be payable in accordance with the Company’s policies in
effect from time to time, but in any event shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Executive; no such reimbursement or expenses eligible for reimbursement in
any taxable year shall in any way affect the expenses eligible for reimbursement in any other taxable year; and Executive’s right to reimbursement or in-kind benefits shall not be subject to liquidation
or exchanged for any other benefit. 
 (h) Counterparts. This Agreement may be signed in counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 [remainder of page intentionally
left blank; signature page follows] 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date
first written above. 
  

			
	FRONT YARD RESIDENTIAL CORPORATION
		
	By:	 	 /s/ George G. Ellison

		 	Name: George G. Ellison
		 	Title: Chief Executive Officer
	
	EXECUTIVE
	
	 /s/ Michael G. Lubin

	Name: Michael G. Lubin

  
 9lnn-ex1013_16.htm

 

EXHIBIT 10.13

 

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (the “Agreement”) is made on the 17th day of August 2020 by and between LINDSAY CORPORATION, a Delaware corporation (the “Company” or “Lindsay”) and Randy Wood (the “Executive”).

 

WITNESSETH:

WHEREAS, the Company desires to employ Executive as Chief Operating Officer; and

WHEREAS, the Company and Executive desire to obtain assurances of continued employment of Executive for the period provided in this Agreement;

NOW, THEREFORE, in consideration of the foregoing and the mutual promises and agreements hereinafter set forth, the Company and the Executive agree as follows:

ARTICLE I
EMPLOYMENT AND DUTIES

1.1Position and Responsibilities.  The Company hereby employs the Executive to render full-time exclusive services (as defined in Section 1.3 hereof) to the Company during the Term (as hereinafter defined), subject to the direction of the President of Lindsay (the “President”) or such other person as the President or the Board of Directors of Lindsay (the “Board”) may designate from time to time (the President or such other person so designated, the “Supervisor”).  In such capacity and subject to such direction, the Executive shall (i) devote his full professional time and attention, best efforts, energy and skills to the services required of him as an employee of the Company, except for paid time off taken in accordance with the Company’s policies and practices, and subject to the Company’s policies pertaining to reasonable periods of absence due to sickness, personal injury or other disability; (ii) use his best efforts to promote the interests of the Company; (iii) comply with all applicable governmental laws, rules and regulations and with all of the Company’s policies, rules and/or regulations applicable to the employees of the Company, including, without limitation, the Code of Business Conduct and Ethics of the Company as amended from time to time; and (iv) discharge his responsibilities in a diligent and faithful manner, consistent with sound business practices and in accordance with the Supervisor’s directives.  As of the Effective Date of this Agreement, the Executive will serve as the Chief Operating Officer of the Company.

1.2Acceptance.  The Executive hereby accepts such employment and agrees to render the services described above in the manner described above.

1.3Exclusive Service.  It is understood and agreed that the Executive may not engage in other business activities during the Term, whether or not for profit or other pecuniary advantage; provided, however, that the Executive may make financial investments which do not involve his active participation and may engage in other activities such as participation in charitable, educational, religious, civic and similar type organizations and similar types of 

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activities and, with the consent of the President, may serve as an outside director on the board of directors of other corporations which are not affiliates or competitors of the Company or any of its affiliates, all to the extent that such activities do not hinder or interfere with the performance of his duties under this Agreement or conflict with the policies of Lindsay concerning conflicts of interest or with the businesses of Lindsay or any of its affiliates in any material way.

ARTICLE II
TERM

2.1Term.  Beginning on September 1, 2020 (the “Effective Date”), the Executive will be employed by the Company for a period of twelve (12) months, unless his employment is terminated at an earlier date in accordance with ARTICLE IV (the “Term”), provided that on each date thereafter the Term shall automatically be extended for an additional day, unless the Company notifies Executive in writing that it does not wish to further extend the Term.  Accordingly, this Agreement shall have a remaining Term of twelve (12) months from the date when the Company notifies the Executive in writing that it does not wish to further extend the Term.  Those obligations which by their terms survive the termination of this Agreement shall not be extinguished by the expiration of the Term or the termination of this Agreement.

ARTICLE III
COMPENSATION

3.1Basic Salary.  As of the Effective Date, the Executive’s annual base salary (“Salary”) will be $402,000.  Executive’s Salary may be increased from time to time based on merit or such other considerations as the Human Resources and Compensation Committee of the Board (“Compensation Committee”) may deem appropriate, and prior to a Change in Control (as defined in Section 4.8 herein) may be reduced as part of a general across the board Salary reduction that is applicable to all senior executives with comparable responsibility, title or stature.  The Salary shall be payable in periodic installments in accordance with the Company’s regular payroll practices as in effect from time to time.

3.2Bonus; Equity Incentives.  In addition to the Salary:

(a)The Executive shall be eligible to receive an annual bonus (“Bonus”), in the discretion of the Compensation Committee, based on the performance of the Company relative to financial objectives and the performance of the Executive relative to personal objectives, in each case as such objectives are set forth in the Company’s annual management incentive plan.  The Executive’s target Bonus shall be 55% of his Salary beginning on the Effective Date stated in Section 2.1 above, subject to change in the discretion of the Compensation Committee prior to a Change in Control.  

(b)The Executive shall be eligible to receive annual performance stock units, restricted stock units and/or other equity or long-term incentives, in the discretion of the Compensation Committee.

3.3Pro-ration and Payment of Taxes.  All required employment taxes, withholding and deductions shall be deducted from the Salary and the Bonus.  If the Executive does not work 

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any full year or this Agreement has been terminated before the end of any year, the Salary shall be pro-rated for the period actually worked.

3.4Benefits.  The Executive shall be eligible to participate in and receive the benefits under any deferred compensation plan, health, life, accident and disability insurance plans or programs, relocation programs and any other employee benefit or fringe benefit plans or arrangements that the Company makes available generally to other senior executives of the Company, pursuant to the provisions of such plans or arrangements as in effect from time to time.

3.5Vacations.  The Executive will be entitled to vacation and sick days in accordance with the policies of the Company for its employees generally, as in effect from time to time.  Vacation must be taken by the Executive at such time or times as reasonably approved by the President.

3.6Expenses.  The Company shall pay or reimburse the Executive for all reasonable, ordinary and necessary business expenses incurred or paid by the Executive during the Term in the performance of the Executive’s services under this Agreement in accordance with the applicable policies and procedures of the Company as in effect from time to time, upon the presentation of proper expense statements or such other supporting documentation as the Company may reasonably require.

ARTICLE IV
TERMINATION OF EMPLOYMENT

4.1General.  The Executive’s employment may be terminated by the Company during the Term as provided in this ARTICLE IV.  Upon termination of employment, the Term shall end and the Executive shall be paid the pro-rated portion of the Salary accrued but unpaid to the date of his termination.  The Executive’s rights under the Company’s employee benefit plans shall be determined under the provisions of such plans and/or applicable law and any payments due under such plans shall be distributed pursuant to the provisions thereof.

4.2Death or Disability.  The Executive’s employment hereunder shall terminate automatically as of the date of his death, and the Company may at any time at its option, exercised by notice to the Executive, terminate his employment for “disability” (as hereinafter defined).  In the event of termination for death or disability, the Company, subject to the provisions of Section 4.1, shall have no further obligations or liabilities to the Executive hereunder.  For purposes of this Agreement, the term “disability” means any physical or mental illness, disability or incapacity which, in the good faith determination of the Board, prevents the Executive from performing the essential functions of his position hereunder for a period of not less than ninety consecutive days (or for shorter periods totaling not less than one hundred and twenty days) during any period of twelve consecutive months.

4.3Cause.  The Company may, at any time, at its option, exercised by notice to the Executive, terminate his employment for cause when cause exists.  In the event of termination for cause, the Company, subject to the provisions of Section 4.1, shall have no further obligations or liabilities to the Executive hereunder.  For purposes of this Agreement, the term 

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“cause” means (i) any conviction of the Executive for a felony or misdemeanor (other than for minor motor vehicle offenses or other minor offenses); (ii) any material breach by the Executive of this Agreement or the willful failure of the Executive to comply with any lawful directive of the Supervisor, the President or the Board or any lawful policy of the Company; or (iii) dishonesty or gross negligence by the Executive in the performance of his duties hereunder.

4.4Other Than For Cause.  The Company may, at any time, at its option, terminate the employment of the Executive other than for cause, death or disability, in which event the Company shall pay to Executive in a lump sum, within ninety (90) days of such termination, an amount equal to one (1) times Executive’s Salary (or Executive’s Salary plus target Bonus in the event of termination other than for cause, death or disability within one year following a Change in Control), at the rate in effect on the date of his termination, subject to execution of the release referred to in Section 4.6 below and the expiration of all revocation periods under applicable law with respect to such release (and subject to continued compliance by the Executive with ARTICLE V).  This amount shall be in lieu of and shall be reduced by any termination or severance pay representing Salary or Bonus which is payable to Executive under any Proprietary Matters Agreement, offer of employment letter or other agreement with the Company or any of its affiliates.  

In the event the Executive voluntarily terminates his employment with the Company for Good Reason (as defined below) at any time within one year after a Change in Control, such event shall be considered equivalent to a termination without cause, and the Executive shall be entitled to receive the same payment provided in the previous paragraph for termination without cause within one year after a Change in Control.  “Good Reason” will exist if:  (a) Executive’s Salary, target Bonus or total compensation opportunity (including Salary, target Bonus and long-term incentive compensation opportunity) is reduced below the level in effect immediately prior to the Change in Control, (b) Executive’s title, duties or responsibilities with the Company are significantly reduced from those in effect immediately prior to the Change in Control, or (c) Executive is required to relocate his principal office to a location more than fifty (50) miles from its location immediately prior to the Change in Control, provided that the Executive must furnish written notice to the Company setting forth the reasons for Executive’s intention to terminate employment for Good Reason under this paragraph, and the Company shall have an opportunity to cure the actions or omissions forming the basis for such intended termination, if possible, within thirty (30) days after receipt of such written notice. 

4.5Extension.  Any extension of the Term (other than automatic extensions under Section 2.1) must be agreed upon in writing by both parties hereto.

4.6Satisfaction of Liabilities.  No amounts shall be payable by the Company to the Executive under this ARTICLE IV until the Executive executes a general release in a form reasonably acceptable to the Company.  Upon the delivery of such executed general release to the Company and subject to the Company’s compliance with Section 4.4, the Company shall have no further liability of any kind or nature whatsoever to the Executive under this Agreement.

4.7Assistance to Company.  The Executive agrees that in the event any administrative or legal proceeding is instituted against the Company or any of its affiliates in connection with any action taken while the Executive was in the Company’s employ, the 

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Executive will provide reasonable assistance and cooperation in defense of such action or proceeding.   

4.8Change in Control.  For purposes of this Agreement, “Change in Control” shall mean any of the following events:  (a) a dissolution or liquidation of the Company, (b) a sale of substantially all of the assets of the Company, (c) a merger or combination involving the Company after which the owners of Common Stock of the Company immediately prior to the merger or combination own less than 50% of the outstanding shares of common stock of the surviving corporation, or (d) the acquisition of more than 50% of the outstanding shares of Common Stock of the Company, whether by tender offer or otherwise, by any “person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934) other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company.  

ARTICLE V
COVENANTS AND REPRESENTATIONS

5.1Proprietary Matters Agreement.  The Executive acknowledges that he has previously entered into a Proprietary Matters Agreement with the Company and agrees to comply with and be bound by all of the provisions of the Proprietary Matters Agreement that apply to him, and Executive agrees that the payments provided for under this Agreement shall be in lieu of and shall be reduced by any amounts which are payable to Executive under the Proprietary Matters Agreement.

5.2Enforcement.  If the Executive commits a material breach of any of the provisions of the Proprietary Matters Agreement referred to in Section 5.1, the Executive shall forfeit all rights to receive any amounts of any nature whatsoever from the Company under this Agreement or otherwise, and the Company will be entitled to the remedies provided under the Proprietary Matters Agreement and any other rights and remedies the Company may have pursuant to applicable laws. 

5.3Representation.  The Executive represents and warrants to the Company that he has full power to enter into this Agreement and perform his duties hereunder and that his execution and delivery of this Agreement and his performance of his duties hereunder shall not result in a breach of or constitute a default under any agreement or understanding, oral or written, to which he is a party or by which he may be bound.

ARTICLE VI
MISCELLANEOUS

6.1Voluntary Nature.  The Executive represents, warrants and acknowledges that he is voluntarily agreeing to the provisions of this Agreement.  The Executive has been urged to, and hereby represents, warrants and acknowledges that he has had the opportunity to, obtain the advice of his own attorney unrelated to the Company or any of its affiliates prior to executing and delivering this Agreement.

6.2Notice.  Any notice required or permitted to be given under this Agreement shall be sufficient if it is in writing and is delivered in person or sent by certified mail, return receipt to (i) his current residence, in the case of the Executive, or (ii) the President at Lindsay’s principal 

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corporate office, in the case of the Company.  Notice shall be deemed effective upon receipt if made by personal delivery or upon deposit in the United States mail.

6.3Non-Assignability.  Neither of the parties hereto shall have the right to assign this Agreement or any rights or obligations hereunder without the prior written consent of the other party; provided, however, that the Company may assign this Agreement without the prior written consent of the Executive to any purchaser of the Company or of all or substantially all of the Company’s assets, or to the surviving entity upon any merger or consolidation of the Company with or into another entity.

6.4Applicable Law.  This Agreement and the relationship of the parties in connection with the subject matter of this Agreement shall be construed and enforced according to the laws of the state of Nebraska without giving effect to the conflict of law rules thereof.

6.5Effect of Prior Agreements.  This Agreement (together with the Proprietary Matters Agreement) contains the full and complete agreement of the parties relating to the employment of the Executive hereunder.  For the sake of clarity, this Agreement supersedes and replaces any prior employment agreements between the Company and Executive and any prior employment agreements shall cease to be in effect as of the Effective Date.  This Agreement may not be amended, modified or supplemented and no provision or requirement may be waived except by written instrument signed by the party to be charged.

6.6Severability.  Wherever possible, each provision of this Agreement will be interpreted in a manner to be effective and valid, but if any provision is held invalid or unenforceable by any court of competent jurisdiction, then such provision will be ineffective only to the extent of such invalidity or unenforceability, without invalidating or affecting in any manner the remainder of such provision or the other provisions of this Agreement.  

6.7Absence of Waiver.  The failure to enforce at any time any of the provisions of this Agreement or to require at any time performance by the other party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either the validity of this Agreement or any part hereof or the right of either party thereafter to enforce each and every provision in accordance with the terms of this Agreement.

6.8Arbitration.  Any dispute, disagreement or other question arising under this Agreement or the interpretation thereof shall be settled by final and binding arbitration before a single arbitrator under the arbitration provisions of the Employment Dispute Resolution Rules of the American Arbitration Association then in effect, and judgment upon the award may be entered in any court having jurisdiction thereof.

6.9I.R.C. §409A.  Exhibit A which is attached to this Agreement modifies and clarifies certain terms and condition of this Agreement in order to comply with Section 409A of the Internal Revenue Code.  It is hereby incorporated by reference as part of this Agreement as if set forth herein.

6.10Counterparts.  This Agreement may be executed in counterparts, each of which shall constitute one and the same instrument.

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6.11Certain Protections. You have the right under federal law to certain protections for cooperating with or reporting legal violations to the SEC and/or its Office of the Whistleblower, as well as certain other governmental entities and self-regulatory organizations. As such, nothing in this Agreement or otherwise prohibits or limits you from disclosing this Agreement to, or from cooperating with or reporting violations to or initiating communications with, the SEC or any other such governmental entity or self-regulatory organization, and you may do so without notifying the Company. The Company may not retaliate against you for any of these activities, and nothing in this Agreement or otherwise requires you to waive any monetary award or other payment that you might become entitled to from the SEC or any other governmental entity or self-regulatory organization. Moreover, nothing in this Agreement or otherwise prohibits you from notifying the Company that you are going to make a report or disclosure to law enforcement. Notwithstanding anything to the contrary in this Agreement or otherwise, as provided for in the Defend Trade Secrets Act of 2016, you will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, if you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret information in the court proceeding, if you (x) file any document containing the trade secret under seal, and (y) do not disclose the trade secret, except pursuant to court order.

[Remainder of Page Left Blank Intentionally]

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IN WITNESS WHEREOF, the parties have executed and delivered this agreement as of the date first above written.

 

	
Company:
	
LINDSAY CORPORATION

 

 

By:   /s/ Tim Hassinger

Name: Tim Hassinger

Title: President and CEO

 

 

 

Executive:/s/ Randy Wood

  Name:  Randy Wood

 

 

 

 

 

 

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EXHIBIT A TO LINDSAY CORPORATION

EMPLOYMENT AGREEMENT

I.R.C. § 409A

 

 

This Exhibit A to the Lindsay Corporation Employment Agreement (“Agreement”) modifies and clarifies certain terms and conditions of the Employment Agreement between Lindsay Corporation (“Company”) and the Executive (herein referred to as “Employee”).  The purpose of this Exhibit A is to comply with Section 409A of the Internal Revenue Code (“Section 409A”)

 

1.Termination of Employment.  To the extent that the Agreement provides for any termination payments to be made or provided to Employee as a result of involuntary termination of employment without cause or by Employee for Good Reason, Employee will be considered to have experienced a termination of employment when Employee has a “separation from service” within the meaning of Section 409A.  

 

In general, Employee will have a “separation from service” within the meaning of Section 409 as of the date that the level of bona fide services that Employee is expected to perform permanently decreases to no more than 20% of the average level of bona fide services that Employee performed over the immediately preceding 36-month period (or the full period of services if Employee has been providing services less than 36 months).  

 

For these purposes, “services” include services that Employee provides as an employee or as an independent contractor.  In addition, in determining whether Employee has experienced a “separation from service,” the Company is obligated to take into account services Employee provides both for it and for any other corporation that is a member of the same “controlled group” of corporations as the Company under Section 414(b) of the Internal Revenue Code or any other trade or business (such as a partnership) which is under common control with the Company as determined under Section 414(c) of the Internal Revenue Code, in each case as modified by Section 409A.  In general, this means that the Company will consider services Employee provides to any corporation or other entity in which Lindsay Corporation, directly or indirectly, possesses at least 50% of the total voting power or at least 50% of the total value of the equity interests.

 

2.Release and Timing of Termination Payments.  The Release which Employee is required to deliver to the Company in order to receive termination payments under the Agreement shall be delivered to Company not later than 30 days following Employee’s “separation from service.”  Except as provided in Paragraph 3 below, Employee’s lump sum termination payment shall be paid in full on the first regular payday following Employee’s “separation from service” after Employee’s right to revoke the Release pursuant to applicable law has lapsed, but in no event later than ninety (90) days following Employee’s “separation from service.”

 

3.Required Delay in Payment for “Specified Employees”.  Each of the payments under this Agreement shall be considered a separate payment for purposes of Section 409A.  

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Notwithstanding any provision to the contrary in this Agreement, if (a) Employee is a “specified employee” within the meaning of Section 409A for the period in which any payment or benefit under this Agreement would otherwise commence or be made, and (b) such payment or benefit under this Agreement would otherwise subject Employee to any tax, interest or penalty imposed under Section 409A if the payment or benefit were to commence or be made within six months of Employee’s termination of employment with the Company, then all such payments or benefits that would otherwise be paid during the first six months after Employee’s “separation from service”  within the meaning of Section 409A shall be accumulated and shall be paid on the earlier of (1) the first day which is at least six months after Employee’s “separation from service” within the meaning of Section 409A or (2) the date of Employee’s death.

 

4.Reimbursements.  If Employee is entitled to receive during or following termination of employment any reimbursements that constitute deferred compensation for purposes of Section 409A, (a) any such reimbursements shall be paid no later than the last day of the calendar year following the calendar year in which the related expense was incurred; (b) the amounts eligible for reimbursement in any calendar year shall not affect the amounts eligible for reimbursement in any other calendar year, and (c) the right to reimbursement is not subject to liquidation in exchange for any other payment or benefit.

 

5.No Liability of Company.  Lindsay Corporation shall not be liable to Employee for any taxes, interest or penalties which may be imposed on Employee under Section 409A or corresponding provisions of state laws.

 

 

 

 

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