Document:

EX-10.11

 Exhibit 10.11 

KONTOOR BRANDS, INC. 

AWARD CERTIFICATE 

Restricted Stock Units 

Number of RSUs Awarded:          

To:
                             (“Participant”) 

I am pleased to advise you that you have been awarded the number of Restricted Stock Units (“RSUs”) set forth above under Kontoor Brands,
Inc.’s 2019 Stock Compensation Plan (the “2019 Plan”), subject to the terms and conditions set forth in the 2019 Plan and the attached Appendix. 

 

			
	KONTOOR BRANDS, INC.
		
	By:	 	  

		 	[Name]
		 	[Title]

  

			
	Dated:	 	
                    
 (“Grant Date”)

  
 1 

 KONTOOR BRANDS, INC. 

APPENDIX TO 
 AWARD
CERTIFICATE 
 Terms and Conditions Relating to 

Restricted Stock Units 
  

	1.	 Grant of RSUs. 

(a) Grant of RSUs Under 2019 Plan. Participant has been granted the Restricted Stock Units (“RSUs”) specified in the
Award Certificate under Kontoor Brands, Inc.’s (the “Company”) 2019 Plan, copies of which have been provided to Participant. All of the terms, conditions, and other provisions of the 2019 Plan are hereby incorporated by reference into
this document. Capitalized terms used in this document but not defined herein shall have the same meanings as in the 2019 Plan. If there is any conflict between the provisions of this document and the mandatory provisions of the 2019 Plan, the
provisions of the 2019 Plan shall govern. By accepting the grant of the RSUs, Participant agrees to be bound by all of the terms and provisions of the 2019 Plan (as presently in effect or later amended), the rules and regulations under the 2019 Plan
adopted from time to time, and the decisions and determinations of the Committee made from time to time. 
 (b) Certain
Restrictions. Until RSUs have become vested in accordance with Section 2(e), RSUs shall be subject to a risk of forfeiture as provided in the 2019 Plan and this document. Until such time as each RSU has become settled by delivery of a
share in accordance with Section 3, such RSU will be nontransferable, as provided in the 2019 Plan and Section 2(d). Participant is subject to the Company’s Code of Business Conduct and related policies on insider trading restricting
Participant’s ability to sell shares of the Company’s Common Stock received in settlement of RSUs, which may include “blackout” periods during which Participant may not engage in such sales. 

 

	2.	 General Terms of RSUs. 

(a) Nature of RSUs. Each RSU represents a conditional right of Participant to receive, and a conditional
obligation of the Company to deliver, one share of the Company’s Common Stock at the times specified hereunder and subject to the terms and conditions of the 2019 Plan and this document. Each RSU constitutes an award under Article VIII of the
2019 Plan (including Section 8.6 thereof), representing a bookkeeping unit which is an arbitrary accounting measure created and used solely for purposes of the 2019 Plan and this Agreement. RSUs do not represent ownership rights in the Company,
shares of Common Stock, or any asset of the Company. 
 (b) Account. An account will be maintained for Participant for
purposes of this Award, to which the total number of RSUs granted and any RSUs resulting under Section 2(c) shall be credited. 
 (c)
Dividend Equivalents and Adjustments. Dividend equivalents shall be paid or credited on RSUs as follows; provided, however, that the Committee may vary the manner and terms of crediting dividend equivalents, for
administrative convenience or any other reason, provided that the Committee determines that any alternative manner and terms result in equitable treatment of Participant: 
  

	 	(i)	 Regular Cash Dividends. [Each Stock Unit will carry with it the right to crediting of an amount equal to
dividends and distributions paid on a share of Common Stock (“dividend equivalents”), which amounts will be [deemed reinvested in additional Stock Units, at the Fair Market Value of Common Stock at the dividend payment date.] [At the time
of settlement of Stock Units under Section 3, the Company will determine the aggregate amount of regular cash dividends that would have been payable to the Participant, based on record dates for dividends since the Grant Date, if

  
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the earned Stock Units then to be settled had been outstanding shares of Common Stock at such record date (without compounding of dividends but adjusted to account for splits and other
extraordinary corporate transactions). Such aggregate cash amount will be withheld to cover withholding taxes applicable at the settlement date, with any amount in excess of such tax withholding amount converted to a number of shares by dividing
such excess amount by the Fair Market Value of a share of Common Stock at the settlement date.] 

  

	 	(ii)	 Common Stock Dividends and Splits. If the Company declares and pays a dividend or distribution on Common
Stock in the form of additional shares of Common Stock, or there occurs a forward split of Common Stock, then the number of RSUs credited to Participant’s Account as of the payment date for such dividend or distribution or forward split shall
be automatically adjusted by multiplying the number of RSUs credited to the Account as of the record date for such dividend or distribution or split by the number of additional shares of Common Stock actually paid as a dividend or distribution or
issued in such split in respect of each outstanding share of Common Stock. 

  

	 	(iii)	 Adjustments. If the Company declares and pays a dividend or distribution on Common Stock that is not a
regular cash dividend and not in the form of additional shares of Common Stock, or if there occurs any other event referred to in Article XI of the 2019 Plan, the Committee shall adjust the number of RSUs credited to Participant’s Account in a
manner that will prevent dilution or enlargement of Participant’s rights with respect to RSUs, in an equitable manner determined by the Committee. In addition, the Committee may vary the manner and terms of crediting dividend equivalents during
or following the end of the Performance Cycle, for administrative convenience or any other reason, provided that the Committee determines that any alternative manner and terms result in equitable treatment of Participant. 

 

	 	(iv)	 Risk of Forfeiture and Settlement of Dividend Equivalents and RSUs Resulting from Dividend Equivalents and
Adjustments. Rights to dividend equivalents and RSUs which directly or indirectly result from dividend equivalents on or adjustments to an RSU shall be subject to the same risk of forfeiture as applies to the granted RSU and will be settled at
the same time as the granted RSU. 

 (d) Non-Transferability.
Unless otherwise determined by the Committee, neither Participant nor any beneficiary shall have the right to, directly or indirectly, alienate, assign, transfer, pledge, anticipate, or encumber (except by reason of death) any RSU, Account
or Account balance, or other right hereunder, nor shall any such RSU, Account or Account balance, or other right be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of
Participant or any beneficiary, or to the debts, contracts, liabilities, engagements, or torts of Participant or any beneficiary or transfer by operation of law in the event of bankruptcy or insolvency of Participant or any beneficiary, or any legal
process. 
 (e) Vesting and Forfeiture. The “Stated Vesting Date” of the RSUs will be as follows: 50%
of the RSUs (rounded up to the nearest whole unit) will have a Stated Vesting Date of                     ,
20    and 50% of the RSUs (rounded down to the nearest whole unit) will have a Stated Vesting Date of
                    , 20    , except as otherwise provided herein, if the Participant continues to be an employee
of the Company or any of its subsidiaries or affiliates through the applicable Stated Vesting Date. 
 Except to the extent set forth herein, upon a
Participant’s Termination of Employment prior to the vesting of RSUs at an applicable Stated Vesting Date, all unvested RSUs shall be canceled and forfeited and Participant shall have no further rights hereunder. 

 

	 	(i)	 If Termination of Employment is an involuntary separation by the Company not for Cause, a Pro Rata Portion (as
defined below) of the RSUs shall vest at the next Stated Vesting Date, with any unvested RSUs in excess of such Pro Rata Portion canceled and forfeited. 

  
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	 	(ii)	 If Termination of Employment is due to Participant’s Retirement, the RSUs shall vest at the Stated Vesting
Date(s) in full, without proration. 

  

	 	(iii)	 If Termination of Employment is due to Participant’s death or Disability (as defined below), the RSUs
shall immediately vest in full, without proration. 

 In addition, and notwithstanding anything in this Certificate to the contrary, the
RSUs shall be forfeited and shall terminate immediately on the Participant’s date of Termination of Employment for any reason (the date of Termination of Employment will be determined without giving effect to any period during which severance
payments may be made to a Participant) prior to the first anniversary of the Grant Date. 
 (f) Clawback. The RSUs are subject
to the Corporation’s Forfeiture Policy for Equity and Incentive Awards in the Event of Restatement of Financial Results as in effect at the Grant Date. Such Policy imposes conditions that may result in forfeiture of the RSUs or the proceeds to
you resulting from the RSUs (a so-called “clawback”) in certain circumstances if the Corporation’s financial statements are required to be restated as a result of misconduct. 

(g) Certain Definitions. The following definitions apply for purposes of this Agreement: 

 

	 	(i)	 “Cause” means (i), if the Participant has an Employment Agreement defining “Cause,” the
definition under such Employment Agreement, or (ii), if the Participant has no Employment Agreement defining “Cause,” the Participant’s gross misconduct, meaning (A) the Participant’s willful and continued refusal
substantially to perform his or her duties with the Company (other than any such refusal resulting from his or her incapacity due to physical or mental illness), after a demand for substantial performance is delivered to the Participant by the Board
of Directors which specifically identifies the manner in which the Board believes that the Participant has refused to perform his or her duties, or (B) the willful engaging by the Participant in gross misconduct materially and demonstrably
injurious to the Company. For purposes of this definition, no act or failure to act on the Participant’s part shall be considered “willful” unless done, or omitted to be done, by the Participant not in good faith and without
reasonable belief that his or her action or omission was in the best interest of the Company. 

  

	 	(ii)	 “Disability” means (A), if Participant has an Employment Agreement defining “Disability,”
the definition under such Employment Agreement, or (B), if Participant has no Employment Agreement defining “Disability,” Participant’s incapacity due to physical or mental illness resulting in Participant’s absence from his or
her duties with the Company or any of its subsidiaries or affiliates on a full-time basis for 26 consecutive weeks, and, within 30 days after written notice of termination has been given by the Company, Participant has not returned to the full-time
performance of his or her duties. 

  

	 	(iii)	 “Pro Rata Portion” means a fraction the numerator of which is the number of days that have elapsed
from the Grant Date to the date of Participant’s Termination of Employment (or in the case of an involuntary separation by the Company not for Cause, the payment of the final installment of severance pay, if any) and the denominator of which is
the number of days from the Grant Date to the applicable Stated Vesting Date; provided, however, that the Pro Rata Portion may not exceed 100%. 

  

	 	(iv)	 “Termination of Employment” means Participant’s termination of employment with the Company or
any of its subsidiaries or affiliates in circumstances in which, immediately thereafter, Participant is not employed by the Company or any of its subsidiaries or affiliates. Service as a non-employee director
shall not be treated as employment for purposes of this Agreement. 

  

	3.	 Settlement of RSUs. 

(a) Settlement Date. Vested RSUs will be settled by delivery of one share of Common Stock for each RSU, together
with dividend equivalent amounts payable under Section 2(c). Such settlement will occur within 

  
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15 business days after the date on which the RSUs become vested (including vesting at a Stated Vesting Date following termination, as provided in Section 2(e)). Delivery of shares in
settlement of RSUs will take place as promptly as practicable after the settlement date (but not later than 15 business days after the designated settlement date). In the event of Participant’s death or Disability, the certificates representing
shares of vested RSUs shall be delivered on or before the 60th day following the Termination of Employment due to death or Disability (subject to Section 3(b), which may require a six-month delay in the event of Termination of Employment due to Disability). 
 (b) Certain
Limitations to Ensure Compliance with Code Section 409A. For purposes of this Agreement, references to a term or event (including any authority or right of the Company or Participant) being
“permitted” under Section 409A of the Internal Revenue Code (the “Code”) mean that the term or event will not cause Participant to be liable for payment of interest or a tax penalty under Section 409A. The provisions of
the 2019 Plan and other provisions of this Agreement notwithstanding, the terms of the RSUs, including any authority of the Company and rights of Participant, shall be limited to those terms permitted under Section 409A, and any terms not
permitted under Section 409A shall be automatically modified and limited to the extent necessary to conform with Section 409A. For this purpose, the Company shall have no authority to accelerate distributions relating to RSUs in excess of
the authority permitted under Section 409A, and, if the timing of any distribution in settlement of RSUs would result in Participant’s constructive receipt of income relating to the RSUs prior to such distribution, the date of distribution
will be the earliest date after the specified date of distribution that distribution can be effected without resulting in such constructive receipt (thus, for example, if RSUs were deemed to be a deferral of compensation under Code
Section 409A, any distribution in settlement of RSUs subject to Section 409A(a)(2)(A)(i) (separation from service) would be triggered only by a “separation from service” under Treasury Regulation
Section 1.409A-1(h) and, if the Participant were a “specified employee” under Treasury Regulation Section 1.409A-1(i), such distribution would be
delayed until six months after such separation from service other than due to death). 
 (c) Delivery of Common Stock.
Whenever Common Stock is to be delivered hereunder, the Company shall deliver to Participant or Participant’s Beneficiary one or more certificates representing the shares of Common Stock, registered in the name of Participant, the Beneficiary,
or in such other form of registration as instructed by Participant, except that the Company may provide for alternative methods of delivery for administrative convenience. The obligation of the Company to deliver Common Stock hereunder is
conditioned upon compliance by Participant and by the Company with all applicable federal and state securities and other laws and regulations. The Company may determine the manner in which fractional shares of Common Stock shall be dealt with
upon settlement of RSUs; provided, however, that no certificate shall be issued representing a fractional share. If there occurs any delay between the settlement date and the date shares are issued or delivered to Participant, a cash amount equal to
any dividends or distributions the record date for which fell between the settlement date and the date of issuance or delivery of the shares shall be paid to Participant together with the delivery of the shares. 

 

	4.	 Tax Withholding. 

If withholding is required by applicable law, the Company shall withhold from the cash and shares deliverable in settlement of RSUs (including
a deferred settlement) [such cash amount together with] the number of shares having an aggregate Fair Market Value equal to the mandatory withholding requirements, but rounded to the nearest whole share, unless at least 90 days prior to an
applicable settlement date Participant has made other arrangements approved by the Human Resources Department to make payment of such withholding amounts. Unless otherwise determined by the Company, if settlement of the RSUs does not also take place
at or shortly following the date when the award is no longer subject to substantial risk of forfeiture, then no such share withholding will take place to satisfy any FICA requirements applicable at that date and Participant will be required to pay
any such applicable FICA withholding in cash. 

  
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	5.	 Miscellaneous. 

(a) Binding Effect; Written Amendments. The terms and conditions set forth in this document shall be binding upon
the heirs, executors, administrators and successors of the parties. The Award Certificate and this document constitute the entire agreement between the parties with respect to the RSUs and supersede any prior agreements or documents with respect
thereto. No amendment, alteration, suspension, discontinuation or termination of this document which may impose any additional obligation upon the Company or materially impair the rights of Participant with respect to the RSUs shall be valid unless
in each instance such amendment, alteration, suspension, discontinuation or termination is expressed in a written instrument duly executed in the name and on behalf of the Company and, if Participant’s rights are materially impaired thereby, by
Participant. 
 (b) No Promise of Employment. The RSUs and the granting thereof shall not constitute or be evidence of any
agreement or understanding, express or implied, that Participant has a right to continue as an officer, employee or director of the Company or its subsidiaries for any period of time, or at any particular rate of compensation. 

(c) Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws
(but not the law of conflicts of laws) of the State of North Carolina and applicable federal law. 
 (d) Unfunded Obligations.
The grant of the RSUs and any provision for distribution in settlement of Participant’s Account hereunder shall be by means of bookkeeping entries on the books of the Company and shall not create in Participant any right to, or claim against
any, specific assets of the Company, nor result in the creation of any trust or escrow account for Participant. With respect to Participant’s entitlement to any distribution hereunder, Participant shall be a general creditor of the Company.

 (e) Notices. Any notice to be given the Company under this Agreement shall be addressed to the Company at its principal
executive offices, in care of the Vice President — Human Resources, and any notice to Participant shall be addressed to Participant at Participant’s address as then appearing in the records of the Company. 

(f) Shareholder Rights. Participant and any beneficiary shall not have any rights with respect to shares (including
voting rights) covered by this Agreement prior to the settlement and distribution of the shares as specified herein. 
 (g) Voluntary
Participation. Participant’s participation in the Plan is voluntary. The value of the RSUs is an extraordinary item of compensation. As such, the RSUs are not part of normal or expected compensation for purposes of calculating
any severance, change in control payments, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. 

  
 6EX-10.12

 Exhibit 10.12 

KONTOOR BRANDS, INC. 

AWARD CERTIFICATE 

Restricted Stock 

Number of Shares of Restricted Stock Awarded:              

To:
                             (“Participant”) 

I am pleased to advise you that you have been awarded the number of shares of Restricted Stock set forth above under Kontoor Brands, Inc. 2019 Stock
Compensation Plan (the “2019 Plan”), subject to the terms and conditions set forth in the 2019 Plan and the attached Appendix. 
  

			
	KONTOOR BRANDS, INC.
		
	By:	 	  

		 	[Name]
		 	[Title]

 Dated:     (“Grant Date”) 

  
 1 

 KONTOOR BRANDS, INC. 

APPENDIX TO 
 AWARD
CERTIFICATE 
 Terms and Conditions Relating to 

Restricted Stock 
  

	1.	 Grant of Restricted Stock. 

(a) Grant of Restricted Stock under 2019 Plan. Participant has been granted the shares of restricted common stock (the
“Restricted Stock”) specified in the Award Certificate under Kontoor Brands, Inc.’s (the “Company”) 2019 Plan, copies of which have been provided to Participant. All of the terms, conditions, and other provisions of the 2019
Plan are hereby incorporated by reference into this document. Capitalized terms used in this document but not defined herein shall have the same meanings as in the 2019 Plan. If there is any conflict between the provisions of this document and the
mandatory provisions of the 2019 Plan, the provisions of the 2019 Plan shall govern. By accepting the grant of the Restricted Stock, Participant agrees to be bound by all of the terms and provisions of the 2019 Plan (as presently in effect or later
amended), the rules and regulations under the 2019 Plan adopted from time to time, and the decisions and determinations of the Committee made from time to time. The Restricted Stock shall be issued promptly hereafter in Participant’s name (and
in any event within 30 days after the date of grant) but shall be subject to all provisions of this Award Certificate. 
 (b) Certain
Restrictions. One or more stock certificates evidencing the Restricted Stock shall be issued in the name of Participant but shall be held and retained by the Company until the restrictions set forth herein shall have lapsed. All such stock
certificates shall bear the following legend: 
 “The shares of Common Stock evidenced by this Certificate are subject to the terms and
conditions of a Restricted Stock Award Certificate between the registered owner and Kontoor Brands, Inc.; such shares are subject to forfeiture under the terms of said Award Certificate; and such shares shall not be sold, transferred, assigned,
pledged, encumbered or otherwise alienated or hypothecated except pursuant to the provisions of said Agreement, a copy of which is available from Kontoor Brands, Inc. upon request.” 

Until the shares of Restricted Stock have become vested in accordance with Paragraph 1(e), the Restricted Stock shall be subject to a risk of
forfeiture as provided in the 2019 Plan and this document. Until vested, such Restricted Stock will be nontransferable, as provided in the 2019 Plan and Paragraph 1(d), and Participant agrees that, upon request of the Company, he or she will deliver
to the Company stock powers or other instruments of transfer or assignment, duly endorsed in blank with signature guaranteed, corresponding to each certificate for Restricted Stock or distributions thereon. If Participant shall fail to provide the
Company with any such stock power or other instrument of transfer or assignment, Participant hereby irrevocably appoints the Secretary of the Company as his or her
attorney-in-fact to execute and deliver any such power or other instrument which may be necessary to effectuate the transfer of the Restricted Stock (or assignment of
distributions thereon) on the books and records of the Company. Participant is subject to the Company’s Code of Business Conduct and related policies on insider trading. 

(c) Dividends and Adjustments. Participant shall be entitled to receive with respect to the Restricted Stock all
dividends and distributions payable on Common Stock (including for this purpose any forward stock split) if and to the extent that he is the record owner of such Restricted Stock on any record date for such a dividend or distribution and he has not
forfeited such Restricted Stock on or before the payment date for such dividend or distribution, subject to the following terms and conditions: 
  

	 	(i)	 Regular Cash Dividends. All cash dividends and distributions payable with respect to the Restricted
Stock shall be retained by the Company and reinvested in additional shares of Common 

  
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Stock to be issued in the name of Participant. Such reinvestment shall occur on the dividend payment date or under a procedure that matches reinvestment of dividends under a dividend reinvestment
plan maintained by the Company and open to the participation of shareholders generally. 

  

	 	(ii)	 Common Stock Dividends and Splits. If the Company declares and pays a dividend or distribution on Common
Stock in the form of additional shares of Common Stock, or there occurs a forward split of Common Stock, then the Common Stock issued or delivered as such dividend or distribution or resulting from such stock split will be deemed to be additional
Restricted Stock. 

  

	 	(iii)	 Adjustments. If the Company declares and pays a dividend or distribution on Common Stock that is not a
regular cash dividend and not in the form of additional shares of Common Stock, or if there occurs any other event referred to in Article XI of the 2019 Plan, the Company shall retain any such dividend or distribution and the Committee shall adjust
the number of shares of Restricted Stock in a manner that will prevent dilution or enlargement of Participant’s rights with respect to the Restricted Stock, in an equitable manner determined by the Committee. In addition, the Committee may vary
the treatment of any dividend or distribution as specified under Section 1(c) (i), (ii) or (iii), in its discretion. 

  

	 	(iv)	 Risk of Forfeiture of Restricted Stock Resulting from Dividends and Adjustments. Shares of Restricted
Stock or other property that directly or indirectly result from dividends or distributions on or adjustments to a share of Restricted Stock shall be subject to the same risk of forfeiture as applies to the granted Restricted Stock.

  

	 	(v)	 Fractional Shares. No fractional shares shall be issued under this Agreement. The Company will determine
how to treat any fractional share or amounts that would be deemed invested in a fractional share hereunder. 

(d) Non-Transferability. Until the Restricted Stock has become
vested, neither Participant nor any beneficiary shall have the right to, directly or indirectly, donate, sell, alienate, assign, transfer, pledge, anticipate, or encumber (except by reason of death) any shares of Restricted Stock, nor shall any such
shares of Restricted Stock be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of Participant or any beneficiary, or to the debts, contracts, liabilities, engagements, or
torts of Participant or any beneficiary or transfer by operation of law in the event of bankruptcy or insolvency of Participant or any beneficiary, or any legal process. 

(e) Vesting and Forfeiture. The Restricted Stock will vest as follows: 50% of the Restricted Stock will vest
on                    , 20    and 50% of the Restricted Stock will vest
on                    , 20    (each such vesting date being a “Stated Vesting Date”), except as otherwise
provided herein, if the Participant continues to be an employee of the Company or any of its subsidiaries or affiliates through the applicable Stated Vesting Date. If the foregoing condition is met and shares of Restricted Stock become vested, all
restrictions on such vested Restricted Stock shall lapse and all shares of Common Stock representing the vested Restricted Stock shall be delivered to Participant free of restrictions. Except to the extent set forth in this Paragraph 1(e), upon
Participant’s Termination of Employment prior to an applicable Stated Vesting Date, all unvested Restricted Stock shall be canceled and forfeited and Participant shall have no further rights hereunder. 

 

	 	(i)	 If Termination of Employment is an involuntary separation by the Company not for Cause, a Pro Rata Portion (as
defined below) of the Restricted Stock shall vest at the next Stated Vesting Date (but will not include any time during which Participant receives Severance Pay), with any unvested Restricted Stock in excess of such Pro Rata Portion canceled and
forfeited. 

  

	 	(ii)	 If Termination of Employment is due to a Participant’s death or Disability (as defined below), a Pro Rata
Portion (as defined below) of Participant’s Restricted Stock shall vest immediately, with any shares of unvested Restricted Stock in excess of such Pro Rata Portion canceled and forfeited. 

  
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 In addition, and notwithstanding anything in this Certificate to the contrary, the Restricted Stock shall be
forfeited and shall terminate immediately on the Participant’s date of Termination of Employment for any reason (the date of termination of employment will be determined without giving effect to any period during which severance payments may be
made to a Participant) prior to the first anniversary of the Date of Grant. 
  

	 	(f)	 Certain Definitions. The following definitions apply for purposes of this Agreement:

  

	 	(i)	 “Cause” means (i), if the Participant has an Employment Agreement defining “Cause,” the
definition under such Employment Agreement, or (ii), if the Participant has no Employment Agreement defining “Cause,” the Participant’s gross misconduct, meaning (A) the Participant’s willful and continued refusal
substantially to perform his or her duties with the Company (other than any such refusal resulting from his or her incapacity due to physical or mental illness), after a demand for substantial performance is delivered to the Participant by the Board
of Directors which specifically identifies the manner in which the Board believes that the Participant has refused to perform his or her duties, or (B) the willful engaging by the Participant in gross misconduct materially and demonstrably
injurious to the Company. For purposes of this definition, no act or failure to act on the Participant’s part shall be considered “willful” unless done, or omitted to be done, by the Participant not in good faith and without
reasonable belief that his or her action or omission was in the best interest of the Company. 

  

	 	(ii)	 “Disability” means (A), if Participant has an Employment Agreement defining “Disability,”
the definition under such Employment Agreement, or (B), if Participant has no Employment Agreement defining “Disability,” Participant’s incapacity due to physical or mental illness resulting in Participant’s absence from his or
her duties with the Company on a full-time basis for 26 consecutive weeks, and, within 30 days after written notice of termination has been given by the Company, Participant has not returned to the full-time performance of his or her duties.

  

	 	(iii)	 “Pro Rata Portion” means a fraction the numerator of which is the number of days that have elapsed
from the Grant Date to the date of Participant’s Termination of Employment (including the case of an involuntary separation by the Company not for cause, irregardless of any severance pay) and the denominator of which is the number of days from
the Grant Date to the Stated Vesting Date. 

  

	 	(iii)	 “Termination of Employment” means termination of Participant’s employment with the Company or
any of its subsidiaries or affiliates in circumstances in which, immediately thereafter, Participant is not employed by the Company or any of its subsidiaries or affiliates. Service as a non-employee director
shall not be treated as employment for purposes of this Agreement. 

 (g) Compliance with Code
Section 409A. The Restricted Stock is intended to be exempt from Section 409A of the Internal Revenue Code. The Participant will be subject to federal income taxation no later than the Stated
Vesting Date, regardless of any delay in delivery of the share certificate thereafter. 
  

	2.	 Taxes. 

(a) If Participant properly elects, within 30 days after the Grant Date, to include in gross income for federal income tax purposes an amount
equal to the fair market value (as of the Grant Date) of the Restricted Stock, Participant shall make arrangements at the time of such election satisfactory to the Committee to pay to the Company on a timely basis any federal, state or local income
taxes required to be withheld with respect to such shares. If Participant shall fail to make such tax payments as are required, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to
Participant any federal, state or local taxes of any kind required by law to be withheld with respect to the Restricted Stock. 
 (b) If
Participant does not make the election described in Paragraph 2(a) above, Participant shall, no later than the date as of which the restrictions referred to in Paragraph 1(e) hereof shall lapse, pay to the Company, or

  
 4 

 
make arrangements satisfactory to the Company for payment of, any federal, state or local taxes of any kind required by law to be withheld with respect to the Restricted Stock, and the Company
shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to Participant any federal, state, or local taxes of any kind required by law to be withheld with respect to the Restricted Stock. Unless, at
least 90 days before the applicable Stated Vesting Date or any earlier applicable vesting date, Participant has made separate arrangements satisfactory to the Company for the payment of such mandatory withholding taxes, the Company will withhold
from the shares to be delivered upon vesting the number of whole shares having a Fair Market Value equal to the amount of such mandatory withholding taxes, rounded to the nearest whole share. 

 

	3.	 Miscellaneous. 

(a) Binding Effect; Written Amendments. The terms and conditions set forth in this document shall be binding upon
the heirs, executors, administrators and successors of the parties. The Award Certificate and this document constitute the entire agreement between the parties with respect to the Restricted Stock and supersede any prior agreements or documents with
respect thereto. No amendment, alteration, suspension, discontinuation or termination of this document which may impose any additional obligation upon the Company or materially impair the rights of Participant with respect to the Restricted Stock
shall be valid unless in each instance such amendment, alteration, suspension, discontinuation or termination is expressed in a written instrument duly executed in the name and on behalf of the Company and, if Participant’s rights are
materially impaired thereby, by Participant. 
 (b) No Promise of Employment. The Restricted Stock and the granting thereof
shall not constitute or be evidence of any agreement or understanding, express or implied, that Participant has a right to continue as an officer, employee or director of the Company or its subsidiaries for any period of time, or at any particular
rate of compensation. 
 (c) Governing Law. The validity, interpretation, construction and performance of this Agreement shall
be governed by the laws (but not the law of conflicts of laws) of the State of North Carolina, and applicable federal law. 
 (d)
Notices. Any notice to be given the Company under this Agreement shall be addressed to the Company at its principal executive offices, in care of the Vice President — Human Resources, and any notice to Participant shall be
addressed to Participant at Participant’s address as then appearing in the records of the Company. 
 (e) Shareholder
Rights. Except as otherwise provided in this Agreement, Participant shall have, with respect to all shares of Restricted Stock, all the rights of a shareholder of the Company, including the right to vote the Restricted Stock. 

(f) Voluntary Participation. Participant’s participation in the Plan is voluntary. The value of the Restricted Stock
is an extraordinary item of compensation. As such, the Restricted Stock is not part of normal or expected compensation for purposes of calculating any severance, change in control payments, resignation, redundancy, end of service payments, bonuses,
long-service awards, pension or retirement benefits or similar payments. 
  

	4.	 Restricted Stock subject to Forfeiture Policy for Equity and Incentive Awards in the Event of Restatement
of Financial Results. 

 The Restricted Stock subject to this Award Certificate is subject to the Company’s
Forfeiture Policy for Equity and Incentive Awards in the Event of Restatement of Financial Results as in effect at the date of this Award Certificate. Such Policy imposes conditions that may result in forfeiture of such Restricted Stock or the
proceeds to you resulting from such Restricted Stock (a so-called “clawback”) in certain circumstances if the Company’s financial statements are required to be restated as a result of
misconduct. 

  
 5

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