Document:

a2020ex10_11

- 1 - Exhibit 10.11 META FINANCIAL GROUP, INC. 2002 Omnibus Incentive Plan (As Amended and Restated As Of November 24, 2014) PERFORMANCE SHARE UNIT AWARD AGREEMENT Pursuant to this Performance Share Unit Award Agreement (this “Award Agreement”),  and subject to the terms and conditions herein and in the Meta Financial Group, Inc. Omnibus  Incentive Plan (As Amended and Restated as of November 24, 2014) (the “Plan”), Meta Financial  Group, Inc. (the “Company,” as defined in the Plan) grants an Award of performance share units  (“PSUs”) under Section 5(d) of the Plan to the following identified Grantee with the following  specified terms:   Summary of Award Terms:   Name of Grantee:  __________ (the “Grantee”)  Date of Grant:  ______, __, 2020 (the “Grant Date”)  Target Number of Performance Share Units:  ____(the “Target PSUs”)  Performance Period:  October 1, 2020 – September 30, 2023 (“Performance Period”)  Vesting:  The PSUs shall vest only upon the achievement of the applicable Performance  Goals for the October 1, 2020-September 30, 2023 Performance Period.  Depending on the  Grantee’s actual achievements, the Grantee may earn between 0% and 200% of the Target  PSUs.   Performance Goals:  The number of PSUs earned by the Grantee at the end of the  Performance Period, if any, will be determined by the Committee, in its sole but reasonable  discretion, based on the satisfaction of Performance Goals identified in Exhibit A to this  Award Agreement.   Unless otherwise provided in this Award Agreement, Grantee must have Continuous  Service throughout the Performance Period to remain eligible for any rights or interests  with respect to this Award.   Settlement Date:  As soon as practicable following the end of the Performance Period, but  no later than March 15th following the last day of the Performance Period (the “Settlement  Date”).   Capitalized terms used in this Award Agreement, unless otherwise defined, shall have the  meanings set forth in the Plan.   

 

- 2 - 1. Grant of Performance Share Units.  The Company hereby grants this Award of  PSUs, pursuant to which, subject to the terms and conditions of this Award Agreement and the  Plan, the Company will pay to the Grantee on the Settlement Date one (1) Share as of the  Settlement Date multiplied by the number of vested PSUs earned hereby, subject to applicable  withholding for taxes.   2. Vesting.  The Award is subject to the vesting terms set forth in the Summary of  Award Terms above, except as may otherwise be provided in this Award Agreement or in the Plan.   Any portion of the Award that does not vest for any reason shall automatically be cancelled and  terminated and be of no further force and effect.   3. Forfeiture.   (a) If the Grantee has a Termination of Service prior to the end of the  Performance Period for any reason, then except as provided in an employment agreement between  the Company and the Grantee then in effect, the Grantee shall forfeit, and shall have no further  rights or interest with respect to, any of the PSUs granted hereby that remain unvested, with  automatic and immediate effect (after giving effect to any applicable vesting acceleration  provision) as of the Termination Date.   (b) The Award, and the Committee’s determination of the satisfaction of  Performances Goals, shall be subject to adjustment by the Committee (i) as provided in the Plan,  and (ii) in recognition of unusual or nonrecurring events affecting the Company or any Affiliate,  or the financial statements of the Company or any Affiliate, or of changes in applicable laws,  regulations or accounting principles, if the Committee determines that such adjustments are  appropriate in order to prevent dilution or enlargement of the Award or necessary to comply with  applicable laws, rules or regulations.   4. Change of Control.  In the event of a Change of Control, the Award shall be subject  to the provisions of Section 9 of the Plan.   5. Settlement of Award.  On or as soon as practicable after the Settlement Date, the  Company will, in full satisfaction of the PSUs granted hereby, pay to the Grantee the amount owed,  as determined by the Committee, in whole Shares, rounded down to the nearest whole Share.   (a) Notwithstanding anything herein to the contrary, no transfer of Shares shall   become effective until the Company determines that such transfer, issuance, and delivery is in  compliance with all applicable, laws, regulations of governmental authority, and the requirements  of any securities exchange on which Shares may be traded.   (b) The Committee may, as a condition to the issuance of Shares, require the  Grantee to make covenants and representations and/or enter into agreements with the Company to  reflect the Grantee’s rights and obligations as a stockholder of the Company and any limitations  and restrictions on such Shares.   (c) The transfer of Shares pursuant to this Award Agreement shall be  effectuated by an appropriate entry on the books of the Company, the issuance of certificates  representing such shares (bearing such legends as the Committee deems necessary or desirable),  

 

- 3 - the transfer of shares to a brokerage account in the name of the Grantee, and/or other appropriate  means as determined by the Committee.   (d) Unless and until any Shares are issued in settlement of the Award on the  Settlement Date, the Award shall not confer to the Grantee any rights or status as a stockholder of  the Company.  6. Withholding.  The Grantee shall surrender to the Company, for no consideration,  the portion of any Shares that become vested under this Award whose aggregate Market Value is  sufficient to satisfy federal, state, and local withholding tax requirements.   7. No Assignment or Transfer.  The Award granted hereunder may not be sold,  pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or  by the laws of descent or distribution.  No transfer by will or the laws of descent and distribution  shall be effective to bind the Company unless the Committee shall have been furnished with (i)  written notice thereof along with such evidence as the Committee may deem necessary to establish  the validity of the transfer and (ii) an agreement by the transferee to comply with all the terms and  conditions of the Award that are or would have been applicable to the Grantee and to be bound by  the acknowledgements made by the Grantee in connection with the grant.   8. Grantee Representations.  By accepting the Award, the Grantee represents and  acknowledges the following:   (a) The Grantee has received a copy of the Plan, has reviewed the Plan and this  Award Agreement in their entirety, and has had an opportunity to obtain the advice of independent  legal counsel prior to accepting the Award.   (b) The Grantee has had the opportunity to consult with a tax advisor  concerning the tax consequences of accepting the Award, and understands that the Company  makes no representation regarding the tax treatment as to any aspect of the Award, including the  grant, vesting, settlement, or conversion of the Award.   (c) The Grantee understands that neither the grant of this Award nor the  Grantee’s participation in the Plan confers any right to continue in the service of the Company or  to receive any other award or amount of compensation, whether under the Plan or otherwise, and  no payment of any award under the Plan will be taken into account in determining any benefits  under any pension, retirement, profit sharing, group insurance, or other benefit plan of the  Company or any Affiliate except as otherwise specifically provided in such other plan.   (d) The Grantee consents to the collection, use, and transfer, in electronic or  other form, of the Grantee’s personal data by the Company, any Affiliate, the Committee, and any  third party retained to administer the Plan for the exclusive purpose of administering the Award  and Grantee’s participation in the Plan.  The Grantee agrees to promptly notify the Committee of  any changes in the Grantee’s name, address, or contact information during the entire period of Plan  participation.   9. Adjustments.  If there is a change in the outstanding Shares due to a stock dividend,  split, or consolidation, or a recapitalization, corporate change, corporate transaction, or other  

 

- 4 - similar event relating to the Company, the Committee may adjust the number of Target PSUs  subject to the Award in accordance with Section 7 of the Plan.   10. Administration; Interpretation.  In accordance with the Plan and this Award  Agreement, the Committee shall have full discretionary authority to administer the Award,  including discretionary authority to interpret and construe any and all provisions relating to the  Award.  Decisions of the Committee shall be final, binding, and conclusive on all parties.   11. Section 409A.  It is intended that this Award Agreement is exempt from Internal  Revenue Code Section 409A and the interpretive guidance thereunder (“Section 409A”), and this  Award Agreement shall be administered accordingly, and interpreted and construed on a basis  consistent with such intent.  To the extent that any provision of this Award Agreement would fail  to comply with applicable requirements of Section 409A, the Company may, in its sole and  absolute discretion and without requiring the Grantee’s consent, make such modifications to this  Award Agreement and/or payments to be made thereunder to the extent it determines necessary or  advisable to comply with the requirements of Section 409A.  Nothing in this Agreement shall be  construed as a guarantee of any particular tax effect for the Award, and the Company does not  guarantee that any compensation or benefits provided under this Award Agreement will satisfy the  provisions of Section 409A.  If (i) the Grantee’s right to payment is subject to Section 409A, and  (ii) the Grantee is a specified employee (within the meaning of Section 409A) as of the Termination  Date, then, to the extent necessary to comply with Treasury Regulation section 1.409A-3(i)(2),  settlement of the Award shall be delayed until the earlier of (A) the date which is six months after  the Grantee’s separation from service, or (B) the date of the Grantee’s death.   12. Successors.  The terms of this Award Agreement shall be binding upon and inure  to the benefit of the heirs of the Grantee or distributees of the Grantee’s estate and any successor  to the Company.   13. Governing Law; Severability.   (a) Governing Law.  This Award Agreement shall be construed and  administered in accordance with the laws of South Dakota without regard to its conflict of law  principles.   (b) Severability.  Any determination by a court of competent jurisdiction or  relevant governmental authority that any provision or part of a provision in this Award Agreement  is unlawful or invalid shall not serve to invalidate any portion of this Award Agreement not found  to be unlawful or invalid, and any provision or part of a provision found to be unlawful or invalid  shall be construed in a manner that will give effect to the terms of such provision or part of a  provision to the fullest extent possible while remaining lawful and valid.   14. Acknowledgment of Receipt and Acceptance.  By signing below (or execution  by other means approved by the Committee, including by electronic signature), the undersigned  acknowledges receipt and acceptance of the Award, agrees to the representations made in the  Award, and indicates his  intention to be bound by this Award Agreement and the terms of the  Plan. 

 

- 5 - META FINANCIAL GROUP, INC. By: Name:   Title: Date: GRANTEE By:_______________________________ Grantee’s Name:_____________________ Date:   

 

EX-A EXHIBIT A TO PERFORMANCE SHARE UNIT AWARD AGREEMENT Company’s Earnings Per Share  For October 1, 2020-September 30, 2023 Fiscal Years (“Cumulative 2021-23 EPS”) (50% Weighting)1 Level 10/1/20- 9/30/21 Goal 10/1/21-9/30-22 Goal 10/1/22-9/30/23 Goal Cumulative  Goals Threshold $2.41 $______ $______ $______ Target $3.01 $______ $______ $______ Maximum $3.46 $______ $______ $______ Company’s Return on Equity  For October 1, 2020-September 30, 2023 Fiscal Years (“Average 2021-23 ROE”) (25% Weighting)2 Level 10/1/20- 9/30/21 Goal 10/1/21-9/30-22 Goal 10/1/22-9/30/23 Goal Average  Goals Threshold 10.0% _____% ____% _____% Target 11.5% _____% ____% _____% Maximum 13.5% _____% ____% _____% 1  Cumulative 2021 to 2023 EPS Performance Goal:  The 10/1/21-9/30/22 Goal column and the 10/1/22-9/30/23  Goal column will be determined by the Committee during the 90 day period beginning 10/1/21 and 10/1/22  respectively. The Company’s actual cumulative 2021 to 2023 EPS must be at least equal to the sum of the three  Threshold Level Goals as determined by the Committee at the end of the Performance Period.  If the Company’s  actual cumulative 2021 to 2023 EPS is less than the sum of the three Threshold Level Goals, then there shall be no  payout with respect to the EPS metric. Straight line interpolation will be used to calculate Shares earned for  percentages between Threshold and Target and Target and Maximum. 2  Average 2021 to 2023 ROE Performance Goal:   The 10/1/21-9/30/22 Goal column and the 10/1/22-9/30/23 Goal  column will be determined by the Committee during the 90 day period beginning 10/1/21 and 10/1/22 respectively.  The Company’s actual average 2021 to 2023 ROE must be at least equal to the average of the three Threshold Level  Goals as determined by the Committee at the end of the Performance Period.  If the average 2021 to 2023 ROE is  less than the average of the three Threshold Level Goals, then there shall be no payout with respect to the ROE  metric. Straight line interpolation will be used to calculate Shares earned for percentages between Threshold and  Target and Target and Maximum. 

 

EX-A Company’s Relative TSR Goals  For October 1, 2020 – September 30, 2023 Fiscal Years (“2021 to 2023 TSR”) (25% Weighting)3 Level Payout as % of Target Percentile Rank Threshold 50% 30 Target 100% 50 Maximum 200% 80 or higher 3  2021 to 2023 Total Shareholder Return (“TSR”) Goal: The Relative TSR Comparator Group consists of  companies in the S&P 600 index within the GICS Financials Sector (excluding the Company), effective October 1,  2020, as selected by the Committee. The twenty (20) day average closing price immediately preceding October 1,  2020 and immediately prior to September 30, 2023, with dividends reinvested as of the applicable ex-date will be  used by the Committee to determine the Company’s percentile rank as of the end of the Performance Period.  If the  Company’s percentile rank at the end of the Performance Period is less than 30 out of the S&P 600 financial service  companies that comprise the Relative TSR Comparative Group, then there shall be no payment with respect to the  TSR metric. Straight line interpolation will be used to calculate Shares earned for percentile rank between Threshold  and Target and Target and Maximum. TSR Comparator Group companies will be adjusted by the Committee as  follows for activity during the Performance Period: (i) if the Company or a member of the Relative TSR Comparator  Group splits its stock or issues a stock dividend, such company’s TSR will be adjusted for the stock split or stock  dividend; (ii) if a member of the Relative TSR Comparator Group is acquired by another company, the acquired  Relative TSR Comparator Group company will be removed from the Relative TSR Comparator Group for the entire  Performance Period; (iii) if  during the Performance Period a member of the Relative TSR Comparator Group sells,  spins-off, or disposes of a portion of its business representing more than 50% of such company’s total assets, such  company will be removed from the Relative TSR Comparator Group; (iv) if during the Performance Period a  member of the Relative TSR Comparator Group acquires another company, the acquiring Relative TSR Comparator  Group member will remain in the Relative TSR Comparator Group for the Performance Period; (v) if during the  Performance Period a member of the Relative TSR Comparator Group is delisted on all major stock exchanges, such  delisted company will be removed from the Relative TSR Comparator Group for the entire Performance Period; and  (vi) if during the Performance Period a member of the Relative TSR Comparator Group files for bankruptcy,  liquidation or similar reorganization, such company will remain in the Relative TSR Comparator Group in a position  below the lowest performing non-bankrupt member of the Relative TSR Comparator Group. The Committee shall  have the authority to make adjustments in response to a change in circumstances that results in a member of the  Relative TSR Comparator Group no longer satisfying the criteria for which such member was originally selected by  the Committee.a2020ex10_12

Exhibit 10.12 Meta Financial Group, Inc. Participant: Global ID: Award Type: Award of Performance-Based Restricted Stock Plan Name: Meta Financial Group, Inc. 2002 Omnibus Incentive Plan (as amended) Award Date: Restricted Period: Performance Goal: For  the four quarters ending June 30 immediately preceding each September 30, 2021,  September 30, 2022 and September 30, 2023 Vesting Date (the “Measurement Period”), the Committee shall determine  whether MetaBank (together with its Affiliates, as applicable) has satisfied capital requirements under the Basel III  Capital Rules or such other capital requirements as may be promulgated by the Federal Reserve and the Office of the  Comptroller of the Currency (or their successors having jurisdiction over such matters) (the “Capital Requirements”).  If  the Committee determines that MetaBank (and applicable Affiliates) has not satisfied the Capital Requirements for the  Measurement Period preceding the applicable Vesting Date, the number of Shares of Restricted Stock that would  otherwise vest on the applicable Vesting Date following the Measurement Period shall be forfeited without  consideration therefor.  The Committee shall look at the Capital Requirements for each Measurement Period  immediately preceding each Vesting Date. and make a good faith determination as to whether the Capital Requirements  have been satisfied with respect to the Measurement Period preceding the applicable Vesting Date and such decision  shall not affect any portion of the Restricted Shares that are scheduled to vest in subsequent years. Shares of Restricted Stock Granted: Award Date Price: USD $ Vesting Schedule: Number of Shares of Restricted  Stock Vesting Date If Performance Goal Met September 30, 2021 September 30, 2022 September 30, 2023 

 

1 META FINANCIAL GROUP, INC.  2002 OMNIBUS INCENTIVE PLAN PERFORMANCE-BASED RESTRICTED STOCK AWARD AGREEMENT You have been granted an Award of Restricted Stock by Meta Financial Group, Inc. (the  “Corporation”) subject to your acceptance of the terms herein. This Award of Restricted Stock is  granted by the Corporation in accordance with the Meta Financial Group, Inc. 2002 Omnibus  Incentive Plan, as it may be amended from time to time (the “Plan”), and the following terms and  conditions. Any capitalized term used but not defined in this Award Agreement shall have the  meaning set forth in the Plan. By your electronic signature consenting to the Award of Restricted  Stock, you also agree that you have read and agree to be bound by the terms of this Award  Agreement and the Plan. 1. Restricted Stock. The Award of Restricted Stock is for ____ Shares of the common  stock of the Corporation, par value $.01 per share (“Common Stock”), pursuant to the Plan and  subject to the restrictions and other terms and conditions set forth in this Award Agreement and in  other communications and documents approved by the Corporation. A copy of the Plan, as  currently in effect, is incorporated by reference and is available as a separate document in the  participant portal. The number of Shares of Restricted Stock is as set forth on the Computershare  (or successor) system in respect of your Award. 2. Transfer Restrictions. Any unvested Shares of Restricted Stock may not be sold,  assigned, transferred, pledged or otherwise encumbered by you, except by will or the laws of  descent and distribution in the event of the your death, pursuant to a “qualified domestic relations  order” as defined in the Code or the rules thereunder, or as provided in this Agreement. Except as otherwise provided in the Plan or this Award Agreement or as determined by the  Committee in its discretion in accordance with Section 6(b) of the Plan, and provided that you  maintain Continuous Service and the Performance Goal is achieved during the Restricted Period,  the Shares of Restricted Stock shall vest and become transferable in accordance with the vesting  schedule as provided for in this Award Agreement as set forth on the Computershare (or successor)  system. 3. Documentation of Shares of Restricted Stock. As of the Grant Date, the Corporation  shall issue Common Stock either in certificate form or book-entry form in your name with respect  to the Shares of Restricted Stock and such Shares shall be held on your behalf until such Shares of  Restricted Stock become vested. Such certificates shall bear the following (or a similar) legend or,  if issued in book-entry, include a similar notation: “The transferability of this certificate and the shares of stock represented hereby  are subject to the terms and conditions (including forfeiture) contained in the  Corporation’s 2002 Omnibus Incentive Plan, as amended, and an agreement  entered into between the registered owner and the Corporation. Copies of such Plan  and the agreement are on file in the offices of the Secretary of the Corporation,  5501 South Broadband Lane, Sioux Falls, South Dakota 57108.” 

 

2 The Corporation may require you to execute and deliver stock powers in favor of the Corporation  with respect to the certificates representing the Shares of Restricted Stock. 4. Delivery of Shares of Common Stock. Upon the vesting of the Shares of Restricted  Stock, the Corporation shall, as applicable, either remove the restrictive notations on any such  Shares of Restricted Stock issued in book-entry form or deliver to you (or, if you have died, your  legal representative) a certificate representing such Common Stock. Such Common Stock shall be  free of the restrictions described in Section 2 and shall exclude the restrictive legend described in  Section 3. The Corporation’s obligation to deliver shares of Common Stock pursuant to your  Award,  if the Committee so requires, is conditioned upon the receipt of a representation as to your  investment intention or any other person to whom such Shares are to be delivered, in such form as  the Committee shall determine to be necessary or advisable to comply with the Securities Act of  1933, as amended, or any other federal, state or local securities law or regulation. In requesting  any such representation, the Committee may provide that such representation requirement shall  become inoperative upon a registration of such Shares or other action eliminating the necessity of  such representation under the Securities Act of 1933 or other securities law or regulation. The  Corporation shall not be required to deliver any Common Stock upon the vesting of the Shares of  Restricted Stock prior to (i) the admission of such Shares to listing on any stock exchange or  system on which the shares of Common Stock may then be listed, and (ii) the completion of such  registration or other qualification of such Shares under any state or federal law, rule or regulation  as the Committee shall determine to be necessary or advisable. 5. Termination of Continuous Service or Death. If you cease Continuous Service for  any reason (other than death, total or partial disability, Retirement, or an involuntary termination  without Cause), all Shares of Restricted Stock that are unvested at the time of such termination of  Continuous Service automatically shall be forfeited to the Corporation. If you cease to maintain  Continuous Service due to death, total or partial disability, Retirement or involuntary termination  without Cause, all Shares of Restricted Stock that are unvested at the time of such termination of  Continuous Service shall fully vest upon the achievement of the Performance Goal applicable to  such unvested Shares. If your Continuous Service is terminated for Cause, all rights under this  Award Agreement shall expire immediately upon the Corporation’s notification to you of such  termination. 6. Adjustments for Changes in Capitalization of the Corporation. In the event of any  change in the outstanding shares of Common Stock by reason of any reorganization,  recapitalization, stock split, stock dividend, combination or exchange of shares, merger,  consolidation, or any change in the corporate structure of the Corporation or in the shares of  Common Stock, the number and class of shares covered by your  Award of Restricted Stock shall  be appropriately adjusted by the Committee, whose determination shall be conclusive. 7. Effect of Change of Control. The treatment of unvested Shares of Restricted Stock  in connection with a change of control (as defined in the Plan) shall be determined under the Plan. 8. Stockholder Rights with respect to Restricted Stock. Subject to the restrictions and  limitations set forth in the Plan and this Award Agreement, you shall have all of the rights of a  

 

3 stockholder of the Corporation with respect to the Shares of Restricted Stock, including, but not  limited to, the right to receive all dividends paid on the Restricted Stock and the right to vote the  Restricted Stock. 9. Binding Effect of Award Agreement. The provisions of this Award Agreement and  your Award of Restricted Stock shall be binding upon, inure to the benefit of and be enforceable  by the parties hereto and the successors and assigns of the Corporation and any person to whom  the Shares of Restricted Stock are transferred by will or by the laws of descent and distribution. 10. Withholding Tax. Upon the vesting of the Shares of Restricted Stock (or at such  earlier time, if any, that you elect under Code Section 83(b) to include the value of the Restricted  Stock in taxable income), the Corporation shall have the right to: (i) require you or such other  person to pay to the Corporation the amount of any taxes which the Corporation or any of its  Affiliates is required to withhold with respect to such Shares of Restricted Stock; (ii) to retain, or  sell without notice, a sufficient number of such Shares to cover the amount required to be withheld  or in lieu of any of the foregoing; or (iii) to withhold a sufficient sum from your compensation  payable by the Corporation to satisfy the Corporation’s tax withholding requirements. The  Corporation shall have the right to deduct from any dividends paid with respect to the Shares of  Restricted Stock the amount of any taxes the Corporation is required to withhold with respect to  such dividend payments. The Corporation’s method of satisfying its withholding obligations shall  be solely in the discretion of the Corporation, subject to applicable federal, state and local law. 11. Notices. All notices hereunder to the Corporation shall be delivered or mailed to it  addressed to the Secretary of Meta Financial Group, Inc., 5501 South Broadband Lane, Sioux  Falls, South Dakota 57108. Any notices hereunder to you shall be delivered personally or mailed  to your address in the Corporation’s records. Such addresses for the service of notices may be  changed at any time provided written notice of the change is furnished in advance to the  Corporation or to you, as the case may be. 12. Plan and Plan Interpretations as Controlling. This Award Agreement, the Award of  Restricted Stock information available on Computershare (or its successor), and the terms and  conditions set forth herein are subject in all respects to the terms and conditions of the Plan, which  are controlling. All determinations and interpretations of the Committee shall be binding and  conclusive upon you or your legal representatives with regard to any question arising under this  Award Agreement or under the Plan. 13. Grantee Service. Nothing in this Award Agreement shall limit the right of the  Corporation or any of its Affiliates to terminate your service as a director, officer or employee, or  otherwise impose upon the Corporation or any of its Affiliates any obligation to employ or accept  your services. 14. Electronic Signature. By selecting “I Accept” button, you are signing this Award  Agreement electronically. You agree that your electronic signature is the legal equivalent of your  manual signature on this Award Agreement.

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