Document:

Exhibit 10.3

  
 Exhibit 10.3 

CHANGE IN CONTROL AGREEMENT 
 AGREEMENT dated as of FEBRUARY 1, 2012, between RAVEN INDUSTRIES, INC., a South Dakota corporation (the “Company”), and ANTHONY D. JOHNSON SCHMIDT (the “Executive”). 

WITNESSETH: 
 WHEREAS, the Board of Directors of the Company (the “Board”) recognizes that the Executive’s contribution to the growth and success of the Company and its subsidiaries has been substantial.

 WHEREAS, the Board has determined that it is appropriate and in the best interests of the Company and its stockholders to
reinforce and encourage the continued attention and dedication of members of the Company’s management, including the Executive, to their assigned duties. 
 WHEREAS, this Agreement sets forth the severance compensation which the Company agrees it will pay to the Executive if the Executive’s employment with the Company or a Subsidiary of the Company, as
defined in Section 5(a), terminates under one of the circumstances described herein following a Change in Control (as defined herein). 
 NOW THEREFORE, in consideration of the mutual covenants and conditions herein contained and in further consideration of services performed and to be performed by the Executive for the Company, the parties
hereto agree as follows: 
 1. Certain Definitions. For purposes of this Agreement, the
following terms have the meanings indicated: 
 (a) Cause. “Cause” shall mean termination of the Executive by
the Company for any of the following reasons: 
 (i) Executive is terminated from employment for willful
misconduct that materially injures or causes a material loss to the Company and a material benefit to Executive or third parties, as for example, by embezzlement, appropriation of corporate opportunity, conversion of tangible or intangible corporate
property or the making of agreements with third parties in which Executive or anyone related to or associated with him has a direct or indirect interest; the term “Cause” does not include a termination occasioned by ill-advised good faith
judgment or negligence in connection with the Company’s business; or 

 (ii) The determination by the Company in good faith that Executive has
violated paragraph 7 (Confidentiality) or 8 (Non-Competition) of the Employment Agreement for Senior Management. 
 (b)
Change in Control. A “Change in Control” shall mean: 
 (i) The acquisition (other than from the
Company directly) by any person, entity or “group”, within the meaning of Section 13(d) or 14(d) of the ‘34 Act, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the ‘34 Act) of 25% or more of the
then outstanding shares of the Company’s common stock; or 
 (ii) Individuals who, as of the date hereof,
constitute the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date hereof whose election, or
nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (other than an election or nomination of an individual whose initial assumption of office
is in connection with an actual or threatened election contest relating to the election of the directors of the Company, under Rule 14a-12(c) of Regulation 14A promulgated under the ‘34 Act) shall be, for purposes of this Agreement, considered
as though such person were a member of the Incumbent Board; or 
 (iii) Approval by the shareholders of the
Company of (A) a reorganization, merger or consolidation, in each case, with respect to which persons who were the shareholders of the Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own
more than 50% of the combined voting power of the reorganized, merged or consolidated company’s then outstanding voting securities entitled to vote generally in the election of directors of the reorganized, merged or consolidated company, or
(B) a liquidation or dissolution of the Company or (C) the sale of all or substantially all of the assets of the Company. If Executive is employed by a Subsidiary, a sale of the assets, stock or business of the Subsidiary will not, in and
of itself, be considered a “Change in Control” with respect to Raven Industries, Inc. 
 (c) Code.
“Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (d) Constructive Termination. 

(i) “Constructive Termination” shall mean: 

(a) a material, adverse change of Executive’s responsibilities, authority, status, position, offices, titles, or
duties; provided, that (1) the 

  
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fact that the Company is a subsidiary of an acquirer or a division of an acquirer, or (2) a change in Executive’s employment from a Subsidiary to the Company or another Subsidiary shall
in either event not, in and of itself, be considered a material change to the Employee’s responsibilities, authority, status, position, offices, titles or duties, and any appropriate change in title related to such events shall not, in and of
itself, be considered a material change to the Employee’s responsibilities, authority, status, position, offices, titles or duties; 
 (b) an adverse change in Executive’s annual compensation or benefits; 
 (c) a requirement to relocate in excess of fifty (50) miles from Executive’s then current place of employment without Executive’s consent; or 

(d) the breach by the Company of any material provision of this Agreement or failure to fulfill any other material
contractual duties owed to the Executive. 
 For the purposes of this definition, Executive’s responsibilities, authority,
status, position, offices, titles and duties are to be determined as of the date of this Agreement. 
 (ii)
Notwithstanding the provisions of subsection (i) above, no termination by the Executive will constitute a Constructive Termination unless the Executive shall have provided written notice to the Company within 90 days of an occurrence as
described in paragraphs 1.(d)(i)(a) – 1.(d)(i)(d) above. The notice will describe his intention to so terminate this Agreement, which sets forth in reasonable detail the conduct that the Executive believes to be the basis for the Constructive
Termination, and the Company will thereafter have failed to correct such conduct (or commence action to correct such conduct and diligently pursue such correction to completion) within 30 days following the Company’s receipt of such notice.

 (e) Date of Termination. 
 “Date of Termination” shall mean: 
 (i) if the Executive
voluntarily terminates his employment with the Company, the date on which the Executive delivers a Notice of Termination to the Company; or 
 (ii) if the Executive’s employment is terminated by the Company, the date on which the Company delivers a Notice of Termination to the Executive. 

  
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 (f) Notice of Termination. A “Notice of Termination” shall
mean a written notice which shall indicate those specific termination provisions in this Agreement that are being relied upon. Any termination by the Company or the Executive shall be communicated by a Notice of Termination. 

(g) ‘34 Act. “‘34 Act” shall mean the Securities Exchange Act of 1934, as amended. 

2. Term. This Agreement shall commence on the date first above written and shall continue in effect until January 31,
2013. Commencing on January 31, 2013, and each January 31 thereafter, the term of this Agreement shall automatically be extended for one additional year to January 31, and each January 31, thereafter, unless at least sixty days
immediately preceding such January 31, the Company shall have given the Executive written notice that the Company does not wish to extend this Agreement; provided that this Agreement shall continue in effect beyond the term provided herein if a
Change in Control shall have occurred during such term or if any obligation of the Company hereunder remains unpaid as of such time. 
 3. Severance Compensation upon a Change in Control and Termination of Employment. If (a) a Change in Control of the Company shall have occurred while the Executive is an employee of the
Company, and (b) within two (2) years after the date of such Change in Control (i) the Company, except in the case of the Executive’s death, terminates the Executive’s employment without Cause, or (ii) there is a
Constructive Termination, then 
 (a) the Company shall pay the Executive any earned and accrued but
unpaid installment of base salary through the Date of Termination at the rate in effect at the time Notice of Termination is given and all other unpaid amounts to which the Executive is entitled as of the Date of Termination under any compensation
plan or program of the Company, including, without limitation, all accrued vacation time; such payments to be made in a lump sum on or before the fifth day following the Date of Termination; 

(b) in lieu of any further salary payments to the Executive for periods subsequent to the Date of Termination, the
Company shall pay to the Executive an amount equal to the product of (A) the sum of (i) the Executive’s annual base salary in effect as of the Date of Termination and (ii) 60% of the maximum target or goal amount under the
Management Incentive Plan for the year in which such Date of Termination occurs and (B) the number 1.0; such payment to be made in a lump sum six months following the Date of Termination; 

(c) the Executive shall, effective on the Date of Termination, be deemed a “Participant” and vested in
all respects under the Company’s Senior Executive or Senior Management Retirement Benefits Policy, regardless of whether the Executive otherwise then satisfies the requirements for eligibility under such Policy; provided that the benefits
specified under this Subsection 3(c) shall (A) not become payable until when the Executive reaches age 65 unless such benefits are payable at Executive’s age at that time under the terms of the Policy, and (B) not be provided to the
extent such benefits are provided to the Executive by another employer at no cost to the Executive; 

  
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 (d) in the event a Change in Control of the Company shall have
occurred while the Executive is an employee of the Company and, within two (2) years after the date of such Change in Control the Executive shall die while still an employee of the Company, the amount specified in Subsection 3(a) shall be paid
by the Company to such Executive’s estate, and such deceased Executive’s spouse and eligible dependents shall be entitled to all of the benefits specified in the Company’s Senior Executive or Senior Management Retirement Benefits
Policy as if such deceased Executive had delivered a Notice of Termination to the Company immediately prior to such death; 
 (e) the Company’s obligations to provide the payments and benefits in this Section 2 are conditioned on Executive signing a general release of legal claims and covenant not to sue in form
and content satisfactory to the Company. 
 4. No Obligation to Mitigate Damages; No Effect on Other Contractual
Rights. 
 (a) The Executive shall not be required to mitigate damages or the amount of any
payment provided for under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by the Executive as the result of employment by another
employer after the Date of Termination. 
 (b) The provisions of this Agreement, and any payment provided
for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish the Executive’s existing rights, including post-retirement benefits or any other rights which would accrue solely as a result of the passage of time, under
any benefit plan, employment agreement or other contract, Company policy, plan or arrangement. 
 5. Successor to the
Company. 
 (a) The Company will require any successor or assign (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by agreement in form and substance satisfactory to the Executive, expressly, absolutely and unconditionally to assume and agree
to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. As used in this Agreement, “Company” shall mean the Company as
hereinbefore defined and any successor or assign to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 5 or which otherwise becomes bound by all the terms and provisions of this
Agreement by operation of law. If at any time during the term of this Agreement the Executive is employed by any corporation a 

  
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majority of the voting securities of which is then owned by the Company (a “Subsidiary”), (1) “Company” as used in this Agreement shall in addition include such
Subsidiary, (2) the Company agrees that it shall pay or shall cause such Subsidiary to pay any amounts owed to the Executive pursuant to Section 3 hereof and (3) a transfer of Executive between the Subsidiary and the Company or
another Subsidiary shall not be deemed a termination of employment. 
 (b) This Agreement shall inure to
the benefit of and be enforceable by the Executive’s personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any amounts are still payable to him
hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or other designee or, if there be no such designee, to the Executive’s estate.

 6. Notice. For purposes of this Agreement, notices and all other communications provided for in the Agreement
shall be in writing and shall be deemed to have been duly given when delivered or when mailed by United States registered mail, return receipt requested, postage prepaid, as follows: 

If to the Company: 
 Raven Industries, Inc. 
 205 East 6th Street 

P.O. Box 5107 

Sioux Falls, South Dakota 57117 
 Attention: President 
 If to the Executive: 

(Address currently on file with the Company) 
 or such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 

7. Miscellaneous. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or
discharge is agreed to in writing signed by the Executive and such officer of the Company as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with,
any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provision or conditions at the same or at any prior or subsequent time. This Agreement shall be governed by and
construed in accordance with the laws of the State of South Dakota. 
 8. Entire Agreement. This Agreement
constitutes the entire agreement between the parties and supersedes all prior agreements and understandings between the parties with respect 

  
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to benefits payable upon a change in control, provided, that this Agreement shall not affect or reduce any benefit to which Executive shall be otherwise entitled under the 2000 Stock Plan,
2010 Stock Incentive Plan, Employment Agreement dated, February 1, 2012, or any other plan, agreement or policy of or with the Company. No modification, termination or attempted waiver of this Agreement shall be valid unless in writing and
signed by the party against whom the same is sought to be enforced. 
 9. Validity. The invalidity or
unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

10. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original but all of which together will constitute one and the same instrument. 
 11. Fees and Expenses. The
Company shall pay all fees and expenses (including attorney’s fees) which the Executive may incur as a result of the Company’s contesting the validity, enforceability or the Executive’s interpretation of, or determinations under, this
Agreement, regardless of whether the Company is successful in such contest. 
 12. Confidentiality. The Executive
shall retain in confidence any and all confidential information known to the Executive concerning the Company and its business so long as such information is not otherwise publicly disclosed. 

13. Company’s Right to Terminate. Notwithstanding anything contained in this Agreement to the contrary, the Company
may terminate the Executive’s employment at any time, for any reason or no reason, and no provision contained herein shall affect the Company’s ability to terminate the Executive’s employment at any time, with or without cause.
Nothing in this Agreement shall in any way require the Company to provide any of the benefits specified in this Agreement prior to a Change in Control, nor shall this Agreement be construed in any way to establish any policies or other benefits for
the Executive or any other employee of the Company whose employment with the Company is terminated prior to a Change in Control. 

[Signature Page Follows] 

  
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 [Signature Page to Change In Control Agreement] 

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

 

									
	ATTEST:	 		 	RAVEN INDUSTRIES, INC.
					
	By	 	 /s/ Karen M. Iversen
	 		 	By	 	 /s/ Daniel A. Rykhus

		 	Karen M. Iversen	 		 		 	Daniel A. Rykhus
		 	Finance Administrative Assistant	 		 		 	President & CEO
		 		 		 		 	
	ATTEST:	 		 	EXECUTIVE:
		 		 		 	
	By	 	 /s/ Karen M. Iversen
	 		 	 /s/ Anthony D. Johnson Schmidt

		 	Karen M. Iversen	 		 	Anthony D. Johnson Schmidt
		 	Finance Administrative Assistant	 		 	

  
 8Form of Non-Qualified Stock Option Agreement

 Exhibit 10.1 

H.B. FULLER COMPANY 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
 (Under the Amended and Restated

 H.B. Fuller Company Year 2000 Stock Incentive Plan) 

THIS AGREEMENT, dated as of
                    , 20        is entered into between H.B. Fuller Company, a Minnesota corporation (the
“Company”), and                    , an officer or other employee of the Company or an Affiliate of the Company (“Participant”).

 The Company, pursuant to the Amended and Restated H.B. Fuller Company Year 2000 Stock Incentive Plan (the “Plan”),
wishes to grant stock options for the purchase of Common Stock, par value $1.00 per share, of the Company (“Common Stock”), to Participant on the terms and conditions contained in this Agreement and the Plan. 

Capitalized terms used herein and not otherwise defined shall have the meaning given such terms in the Plan. 

Accordingly, in consideration of the premises and agreements set forth herein, the parties hereto hereby agree as follows: 

 

	 	1.	Grant of Option. 

 The
Company, effective as of the date of this Agreement, hereby grants to Participant, as a matter of separate agreement and not in lieu of salary or other compensation for services rendered, the right and option (the “Option”) to purchase all
or any part of an aggregate of                     shares of Common Stock (the “Shares”) at the price of
$             per share on the terms and conditions set forth in this Agreement. The Option is not intended to be an incentive stock option within the meaning of the Internal Revenue Code
of 1986, as amended. 
  

	 	2.	Vesting and Term of Option. 

 (a) The Option may not be exercised prior to                    ,
20        . Commencing on                     , 20        , the
Option may be exercised by Participant prior to its termination in cumulative annual installments as follows: 

  

					
	 Date
	  	Percentage of Shares as to
which Option is Exercisable	 
	
                    ,20    
    
	  	 	        	% 
	
                    ,20    
    
	  	 	        	% 
	
                    ,20    
    
	  	 	        	% 
	
                    ,20    
    
	  	 	        	% 
	
                    ,20    
    
	  	 	        	% 

 The Option shall in all events terminate
on                    , 20         or such earlier date as prescribed herein. 

(b) Notwithstanding the vesting provision contained in Section 2(a) above, but subject to the other terms and conditions set forth
herein, the Option may be exercised, in whole or in part, at any time, or from time to time, following the occurrence of a Change in Control of the Company. 
 (c) For the purposes of this Agreement, a “Change in Control” shall be deemed to have occurred upon any of the following events: 

(i) a public announcement (which, for purposes hereof, shall include, without limitation, a report filed pursuant to
Section 13(d) of the Exchange Act) that any individual, corporation, partnership, association, trust or other entity becomes the beneficial owner (as defined in Rule 13(d)(3) promulgated under the Exchange Act), directly or indirectly, of
securities of the Company representing 30% or more of the Voting Power of the Company then outstanding; 
 (ii)
the individuals who, as of the date of this Agreement, are members of the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board (provided, however, that if the
election or nomination for election by the Company’s shareholders of any new director was approved by a vote of at least a majority of the Incumbent Board, such new director shall be considered to be a member of the Incumbent Board);

 (iii) the approval of the shareholders of the Company, and consummation, of (A) any consolidation, merger
or statutory share exchange of the Company with any person in which the surviving entity would not have as its directors at least 60% of the Incumbent Board and as a result of which those persons who were shareholders of the Company immediately
prior to such transaction would not hold, immediately after such transaction, at least 60% of the Voting Power of the Company then outstanding or the combined voting power of the surviving entity’s then outstanding voting securities;
(B) any sale, lease, exchange or other transfer in one transaction or series of related transactions substantially all of the assets of the Company; or (C) the adoption of any plan or proposal for the complete or partial liquidation or
dissolution of the Company; or 

  
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 (iv) a determination by a majority of the members of the Incumbent Board, in
their sole and absolute discretion, that there has been a Change in Control of the Company. 
 For purposes of this Section 2(c),
“Voting Power” when used with reference to the Company shall mean the voting power of all classes and series of capital stock of the Company now or hereafter authorized. 

 

	 	3.	Effect of Termination of Employment. 

 The Option shall terminate and may no longer be exercised if Participant ceases to be employed by the Company or an Affiliate of the Company, except that: 

(a) If the Participant voluntarily terminates Participant’s employment or if the Company or an Affiliate of the Company terminates
Participant’s employment for any reason other than gross and willful misconduct, disability, retirement or death, Participant may exercise the Option at any time within ninety (90) days after such termination of employment to the extent
that the Option was exercisable by Participant on the date of such termination, but not after the expiration of the term of the Option. 
 (b) If the Company or an Affiliate of the Company terminates Participant’s employment by reason of gross and willful misconduct during the course of employment, including, but not limited to,
wrongful appropriation of funds or the commission of a gross misdemeanor or felony, the Option shall be terminated as of the date of the misconduct. 
 (c) If Participant’s employment is terminated by reason of disability or retirement, the restrictions on Participant’s ability to exercise any percentage of the Option as set forth in
Section 2(a), shall lapse and the Option shall vest in full. If Participant’s employment is terminated by reason of retirement, Participant may exercise the Option at any time prior to the end of the term of the Option, but not after the
expiration of the term of the Option. If Participant’s employment is terminated by reason of disability, Participant may exercise the Option at any time within three years after such termination of employment, but not after the expiration of
the term of the Option. If Participant shall die following any such termination, the Option may be exercised at any time within 12 months after the date of Participant’s death by the personal representatives or administrators of Participant or
by any beneficiary designated in a manner established by the Committee or person or persons to whom the Option has been transferred by will or the applicable laws of descent and distribution, subject to the condition that the Option shall not be
exercisable after the expiration of the term of the Option. 

  
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 (d) If Participant shall die while in the employ of the Company or an Affiliate of the
Company, the restrictions on Participant’s (or his or her heirs’) ability to exercise any percentage of the Option as set forth in Section 2(a), shall lapse and the Option shall vest in full. The Option may be exercised at any time
within 12 months after the date of Participant’s death by the personal representatives or administrators of Participant or by any beneficiary designated in a manner established by the Committee or person or persons to whom the Option has been
transferred by will or the applicable laws of descent and distribution, subject to the condition that the Option shall not be exercisable after the expiration of the term of the Option. 
 For purposes of this Section 3, “retirement” shall mean the voluntary or involuntary termination of Participant’s employment for any reason other than gross and willful misconduct,
disability or death, after the Participant has completed at least ten years of service as an employee of the Company and/or an Affiliate of the Company and has attained age 55. 

 

	 	4.	Method of Exercising Option. 

 (a) Subject to the terms and conditions of this Agreement, the Option shall be exercised by the delivery of written notice of exercise (the “Notice”) to the Company (to the attention of the
Equity Compensation Specialist) or its agent. The Notice shall be in written form or such other form as the Company may prescribe and shall state the election to exercise the Option, the number of Shares as to which the Option is
being exercised and the manner of payment and shall be signed by the person or persons so exercising the Option. The notice shall be accompanied by payment in full of the exercise price for all Shares designated in the notice The Notice shall also
be accompanied by such other information and documents as the Company, in its discretion, may request. To the extent that the Option is exercised after Participant’s death, the notice of exercise shall also be accompanied by appropriate
proof of the right of such person or persons to exercise the Option. 
 (b) Payment of the exercise price shall be made to the
Company through one or a combination of the following methods: 
  

	 	(i)	delivery of a certified or cashier’s check, or a wire transfer, payable to the Company or cash, in United States currency; 

 

	 	(ii)	 delivery of shares of Common Stock acquired by Participant more than six months prior to the date of exercise having a Fair Market Value on the date of
exercise equal to the Option exercise price. 

  
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Participant shall duly endorse all certificates delivered to the Company in blank and shall represent and warrant in writing that Participant is the owner of the shares so delivered, free and
clear of all liens, encumbrances, security interests and restrictions; 

  

	 	(iii)	if permitted by the Company in its sole discretion, by executing a “cashless exercise” through the Company’s designated broker; or

  

	 	(iv)	delivery of an attestation from Participant that Participant owns a number of shares of Common Stock acquired by Participant more than six months prior to the date of
exercise having a Fair Market Value on the date of exercise equal to the Option exercise price (the “Exercise Price Shares”). In such attestation, Participant shall represent and warrant that Participant is the owner of the Exercise Price
Shares. In the event Participant exercises the Option in this manner, the number of shares of Common Stock issued to Participant upon exercise of the Option shall be (A) the number of shares subject to the Option exercise, less (B) the
number of Exercise Price Shares. 

  

	 	5.	Income Tax Withholding. 

In order to provide the Company with the opportunity to claim the benefit of any income tax deduction which may be available to it upon
the exercise of the Option, and 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 applicable federal or state income, withholding,
social, payroll or other taxes, which are the sole and absolute responsibility of Participant, are withheld or collected from Participant. Participant may, at Participant’s election (the “Tax Election”), satisfy applicable tax
withholding obligations by (a) electing to have the Company withhold a portion of the Shares of Common Stock otherwise to be delivered upon exercise of the Option having a Fair Market Value equal to the amount of such taxes or
(b) delivering to the Company shares of Common Stock having a Fair Market Value equal to the amount of such taxes. The Tax Election must be made on or before the date that the amount of tax to be withheld is determined. 

 

	 	6.	Adjustments. 

 In the
event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,
split-up, spin-off, combination, repurchase or exchange of shares or other securities of the Company, issuance of warrants or other rights to purchase shares or other 

  
 -5-

 
securities of the Company or other similar corporate transaction or event affects the Shares covered by the Option such that an adjustment is determined by the Committee to be appropriate in
order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Agreement, then the Committee shall, in such manner as it may deem equitable, in its sole discretion, adjust any or all of the
number and type of the Shares covered by the Option and the exercise price of the Option. 
  

	 	7.	Securities Matters. 

 No
Shares shall be issued hereunder prior to such time as counsel to the Company shall have determined that the issuance of the Shares will not violate any federal or state securities or other laws, rules or regulations. The Company shall not be
required to deliver any 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. In
addition, the grant of this Option and/or the delivery of any Shares under this Agreement are subject to any clawback policies the Company may adopt in the future to conform to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
and any applicable rules and regulations of the Securities and Exchange Commission. 
  

	 	8.	General Provisions. 

 (a)
Interpretations. This Agreement is subject in all respects to the terms of the Plan. Terms used herein which are defined in the Plan shall have the respective meanings given to such terms in the Plan, unless otherwise defined herein. In the
event that any provision of this Agreement is inconsistent with the terms of the Plan, the terms of the Plan shall govern. Any question of administration or interpretation arising under this Agreement shall be determined by the Committee, and such
determination shall be final, conclusive and binding upon all parties in interest. 
 (b) No Rights as a Shareholder.
Neither Participant nor Participant’s legal representatives shall have any of the rights and privileges of a shareholder of the Company with respect to the Shares of Common Stock subject to the Option until such Shares shall have been issued
upon exercise of the Option. 
 (c) No Right to Employment. Nothing in this Agreement or the Plan shall be construed as
giving Participant the right to be retained as an employee of the Company or any Affiliate. In addition, the Company or an Affiliate may at any time dismiss Participant from employment, free from any liability or any claim under this Agreement,
unless otherwise expressly provided in this Agreement. 

  
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 (d) Option Not Transferable. The Option shall not be transferable other than
(i) by will or by the laws of descent and distribution, or (ii) by designating a beneficiary or beneficiaries (in a manner established by the Committee) to exercise the rights of the Participant and receive any property distributable with
respect to any Option upon the death of the Participant. During Participant’s lifetime the Option shall be exercisable only by Participant or, if permissible under applicable law, by Participant’s guardian or legal representative. The
Option may not be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance of the Option shall be void and unenforceable against the Company. 

(e) Reservation of Shares. The Company shall at all times during the term of the Option reserve and keep available such number of
shares of Common Stock as will be sufficient to satisfy the requirements of this Agreement. 
 (f) Headings. Headings are
given to the sections and subsections of this 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 this Agreement or any provision
hereof. 
 (g) Governing Law. The internal law, and not the law of conflicts, of the State of Minnesota will govern all
questions concerning the validity, construction and effect of this Agreement. 
 IN WITNESS WHEREOF, the parties hereto have
executed this Agreement to be effective as of the date first set forth above. 
  

			
	H.B. FULLER COMPANY
		
	By:	 	 
	
	  

	[employee]
	
	
Date:                        
                                         
                   

  

  
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