Document:

EX-10.13

 Exhibit 10.13 

TRAEGER, INC. 
 DEFERRED
COMPENSATION PLAN FOR DIRECTORS 
 Effective as of August 2, 2021 

 

 TABLE OF CONTENTS 

 

					
	 	  	Page(s)	 
	 ARTICLE I. DEFINITIONS
	  	 	1	 
		
	 ARTICLE II. PURPOSE; DEFERRAL ELECTIONS
	  	 	4	 
		
	 ARTICLE III. DEFERRED COMPENSATION ACCOUNTS
	  	 	4	 
		
	 ARTICLE IV. PAYMENT OF DEFERRED COMPENSATION
	  	 	5	 
		
	 ARTICLE V. ADMINISTRATION; EFFECTIVENESS, AMENDMENT AND TERMINATION OF PLAN
	  	 	6	 
		
	 ARTICLE VI. MISCELLANEOUS
	  	 	6	 

  

  
 i 

 TRAEGER, INC. 

DEFERRED COMPENSATION PLAN FOR DIRECTORS 

ARTICLE I. 
 DEFINITIONS

 1.1 “Administrator” shall mean the Board or a Committee to the extent that the Board’s powers
or authority under the Plan have been delegated to such Committee. 
 1.2 “Board” shall mean the Board of
Directors of the Company. 
 1.3 “Cash Fee” shall mean the quarterly cash retainer payable to a Director
pursuant to the Compensation Program for services as a member of the Board, including any retainers payable under the Compensation Program solely for serving as Lead Independent Director and/or for serving on one or more committees of the Board.

 1.4 “Change in Control” shall mean and include each of the following: 

(a) A transaction or series of transactions (other than an offering of Common Stock to the general public through a
registration statement filed with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses (i) and (ii) of subsection (c) below) whereby any “person” or related
“group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its Subsidiaries, any Permitted Holder, an employee benefit plan maintained by the Company or
any of its Subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the
meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power of the Company’s securities outstanding immediately after such
acquisition; or 
 (b) During any period of two consecutive years, individuals who, at the beginning of such period,
constitute the Board together with any new Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in subsections (a) or (c)) whose election by the
Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the Directors then still in office who either were Directors at the beginning of the two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 

(c) The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or
more intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets in any single transaction or series of related
transactions or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: 

(i) which results in the Company’s voting securities outstanding immediately before the transaction
continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly,
all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined

 
voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 

(ii) after which no person or group beneficially owns voting securities representing 50% or more of the
combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this clause (ii) as beneficially owning 50% or more of the combined voting power of the Successor Entity
solely as a result of the voting power held in the Company prior to the consummation of the transaction. 
 Notwithstanding
the foregoing, for purposes of the Plan, in no event with a Change in Control be deemed to have occurred if such transaction or event does not constitute a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5). 
 1.5 “Committee” shall mean one or more
committees or subcommittees of the Board, which may include one or more Directors or executive officers of the Company, to the extent permitted by applicable laws and Rule 16b-3 promulgated under the Exchange
Act. 
 1.6 “Common Stock” shall mean the common stock of the Company, par value $0.0001 per share. 

1.7 “Company” shall mean Traeger, Inc. and any corporate successors. 

1.8 “Compensation Program” shall mean the Traeger, Inc. Non-Employee
Director Compensation Program, as the same may be amended and/or amended and restated from time to time. 
 1.9
“Code” shall mean the Internal Revenue Code of 1986, as amended and any successor statute thereto. 
 1.10
“Deferred Compensation Account” shall mean an account maintained for each participating Director who makes a Deferral Election as described in Articles II and III. 

1.11 “Deferred Stock Unit” shall mean a notional unit representing the right to receive one share of Common
Stock, that is received by a participating Director pursuant to this Plan and provides for the deferred receipt of Eligible Compensation. 

1.12 “Director” shall mean a non-employee member of the Board. 

1.13 “Disability” shall mean, with respect to a participating Director, that such Director has become
“disabled” within the meaning of Section 409A, as determined by the Administrator in good faith. 
 1.14
“Effective Date” shall mean the day prior to the Public Trading Date. 
 1.15 “Eligible
Compensation” shall mean, with respect to any Year, any Cash Fee earned or Equity Award granted during such Year. 

1.16 “Equity Awards” shall mean, as applicable, any Initial Award and/or any Annual Award (each such term, as
defined in the Compensation Program) and any award granted under the Incentive Plan in connection with the closing of the Company’s initial public offering of its Common Stock. 

1.17 “Equity Restructuring” shall mean, as determined by the Administrator, a
non-reciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off or

  
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recapitalization through a large, nonrecurring cash dividend, or other large, nonrecurring cash dividend, that affects the shares of Common Stock (or other securities of the Company) or the share
price of Common Stock (or other securities of the Company) and causes a change in the per share value of the Common Stock underlying outstanding Deferred Stock Units. 

1.18 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

1.19 “Fair Market Value” shall mean, as of any date, the value of a share of Common Stock determined as
follows: (a) if the Common Stock is listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Common Stock as quoted on such exchange for such date, or if no sale occurred on such date, the last
day preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; (b) if the Common Stock is not traded on a stock exchange but is quoted on a national market
or other quotation system, the closing sales price on such date, or if no sales occurred on such date, then on the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the
Administrator deems reliable; or (c) without an established market for the Common Stock, the Administrator will determine the Fair Market Value in its discretion. 

1.20 “Incentive Plan” shall mean the Traeger, Inc. 2021 Incentive Award Plan, as it may be amended and/or
amended and restated from time to time. 
 1.21 “Permitted Holder” means each of the Stockholder Group, any
member of the Stockholder Group, Jeremy Andrus or any of their respective affiliates. 
 1.22 “Plan” shall
mean this Deferred Compensation Plan for Directors, as it may be amended and/or amended and restated from time to time. 

1.23 “Public Trading Date” means the first date upon which the Common Stock is listed (or approved for
listing) upon notice of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market security on an interdealer quotation system. 

1.24 “Year” shall mean any calendar year. 

1.25 “Section 409A” shall mean Section 409A of the Code and Department of Treasury
regulations and other interpretive guidance issued thereunder. 
 1.26 “Separation from Service” shall mean
a “separation from service” (within the meaning of Section 409A). 
 1.27 “Stockholder Group”
means the “group” (as such term is used in Section 13(d) of the Exchange Act) consisting of AEA TGP Holdco LP. 2594868 Ontario Limited, Trilantic Capital Partners V (North America) L.P. and Trilantic Capital Partners V (North America)
Fund A L.P., in each case together with their affiliates. 
 1.28 “Subsidiary” shall mean any entity (other
than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or
interests representing at least 50% of the total combined voting power of all classes of securities or interests in one of the other entities in such chain. 

  
 3 

 ARTICLE II. 

PURPOSE; DEFERRAL ELECTIONS 

2.1 Purpose. The purpose of this Plan is to provide the Directors with an opportunity to defer payment of all or a
portion of their Eligible Compensation, as set forth herein. 
 2.2 Deferral Elections. A Director may elect to defer
payment of all or a specified portion of any Eligible Compensation by filing a written election with the Company on a form prescribed by the Company as follows (such an election, a “Deferral Election”): 

(a) On or before December 31 of any Year, the Director may elect to defer all or any portion of any Eligible Compensation
earned by or granted to (as applicable) such Director during any Year following the Year in which the Deferral Election was made, subject to Section 2.2(b) and (c) below. 

(b) Notwithstanding Section 2.2(a), with respect to any Year after the Effective Date in which a Director is initially
elected or appointed to serve on the Board, such Director may elect no later than 30 days after the Director’s commencement of services as a member of the Board to defer all or any portion of any Eligible Compensation earned by or granted to
(as applicable) such Director following the later of (i) the date of the Director’s commencement of services as a Director and (ii) the date such Director’s irrevocable Deferral Election is filed with the Company. 

(c) Notwithstanding Section 2.2(a), any Director who is first eligible to participate in this Plan on the Effective Date
may make an initial Deferral Election no later than 30 days after the Effective Date to defer all or any portion of any Eligible Compensation earned by or granted to (as applicable) such Director following the later of (i) the Effective Date
and (ii) the date such Director’s irrevocable Deferral Election is filed with the Company. 
 (d) In each
applicable Deferral Election form, the Director shall specify (i) with respect to each participating Director’s Cash Fees, the portion of any such Cash Fees which will be subject to deferral hereunder and (ii) with respect to each
participating Director’s Equity Award(s), whether all or none of any such Equity Award(s) will be subject to deferral hereunder (any such deferred compensation, together, the “Deferred Compensation”). 

2.3 Duration of Deferral Elections. Each Deferral Election shall continue in effect from Year to Year unless otherwise
terminated in accordance with Article V or by the applicable Director by delivery of a written notice to the Administrator prior to January 1 of the Year in which such termination is first to become effective. 

ARTICLE III. 
 DEFERRED
COMPENSATION ACCOUNTS 
 3.1 Deferred Compensation Accounts. The Company shall maintain a bookkeeping Deferred
Compensation Account for the Deferred Compensation of each participating Director. With respect to any Deferred Compensation deferred by Director hereunder, such Deferred Compensation shall be denominated in Deferred Stock Units. 

3.2 Crediting of Cash Fees. A participating Director’s Cash Fees that are deferred hereunder shall be credited to
his or her Deferred Compensation Account in the form of Deferred Stock Units on the date the deferred Cash Fees would otherwise have been paid. On such date, the Company shall credit to the Deferred Compensation Account a number of Deferred
Stock Units determined by dividing (i) the portion of the Cash Fees that the participating Director elected to defer, by (ii) the Fair Market Value of a 

  
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share of Common Stock on such date, rounded down to the nearest whole Deferred Stock Unit. A participating Director will be fully vested in each Deferred Stock Unit that relates to deferred Cash
Fees. 
 3.3 Crediting of Equity Awards. A participating Director’s Equity Awards that are deferred hereunder
shall be credited to his or her Deferred Compensation Account in an equal number of Deferred Stock Units. The Deferred Stock Units related to such deferred Equity Award shall be subject to the same vesting or other forfeiture restrictions that would
have otherwise applied to such Equity Award. In the event the participating Director forfeits Deferred Stock Units in accordance with the foregoing, his or her Deferred Compensation Account shall be debited for the number of Deferred Stock Units
forfeited. 
 3.4 Dividend Equivalents. Each Deferred Stock Unit credited to a Director’s Deferred Compensation
Account shall carry with it a right to receive dividend equivalents in respect of the share of Common Stock underlying such Deferred Stock Unit. On the date on which any dividend is paid to shareholders of the Company, the Company shall credit such
Director’s Deferred Compensation Account, with respect to each Deferred Stock Unit credited to such account, with an additional number of Deferred Stock Units equal to the per share value of the dividend so paid divided by the Fair
Market Value per share of Common Stock on the date such dividend was paid. To the extent required by the applicable Award Agreement (as defined in the Incentive Plan) evidencing an Equity Award deferred hereunder, the Deferred Stock Units credited
with respect to such dividend equivalent shall be subject to the same vesting or other forfeiture restrictions that applies to such Equity Award.  

3.5 Adjustments. If adjustments are made to the outstanding shares of Common Stock as a result of an Equity
Restructuring, an appropriate adjustment also will be made in the number of Deferred Stock Units credited to each participating Director’s Deferred Compensation Account and/or to the number and kind of shares for which such Deferred Stock Units
are outstanding. 
 ARTICLE IV. 

PAYMENT OF DEFERRED COMPENSATION 

4.1 Payment Events. Subject to Section 4.5, payment of any Deferred Stock Units shall be made to a participating
Director in one lump sum on the earliest to occur of the following events (the “Payment Event”): (i) the Director’s Separation from Service; (ii) a Change in Control; (iii) the Director’s death; or (iv) the
Director’s Disability. 
 4.2 Timing and Form of Payment. 

(a) Amounts contained in a participating Director’s Deferred Compensation Account will, subject to Section 4.5 below,
be distributed in a lump sum within 45 days following the applicable Payment Event (in any case, such payment date, the “Payment Date”), in accordance with the terms and conditions set forth herein. Notwithstanding anything to the
contrary contained herein, the exact Payment Date shall be determined by the Company in its sole discretion (and the participating Director shall not have the right to designate the time of payment). 

(b) Amounts credited to a Deferred Compensation Account shall be paid in the form of one whole share of Common Stock for each
Deferred Stock Unit that has vested in accordance with its terms as of the applicable Payment Date; provided, that, (i) the Company may choose in its discretion to pay the participating Director cash in lieu of all or a portion of the
shares of Common Stock and (ii) no fractional shares of Common Stock shall be issued and the Administrator shall determine, in its sole discretion, whether cash shall be given in lieu of fractional shares of Common Stock or whether such
fractional shares of Common Stock shall be rounded up or down. Deferred Stock Units issued to and shares of Common Stock paid to participants under the Plan shall be issued and paid from the Incentive Plan. 

  
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 4.3 Designation of Beneficiary. Each Director shall have the right to
designate a beneficiary who is to succeed to his right to receive payments hereunder in the event of the Director’s death (each, a “Designated Beneficiary”). Any Designated Beneficiary will receive payments in the same manner
as the applicable Director if he had lived. In the event of a Director failing to designate a beneficiary under this Section 4.3 or upon the death of a Designated Beneficiary without a designated successor, the balance of the amounts contained
in the Director’s Deferred Compensation Account, if any, shall be payable in accordance with Section 4.2 to the Director’s estate in full. No designation of a beneficiary or change in beneficiary shall be valid unless in writing
signed by the Director and filed with the Administrator. A Designated Beneficiary may be changed without the consent of any prior beneficiary. 

4.4 Permissible Acceleration. Notwithstanding Sections 4.1 and 4.2, all or a portion of a Director’s Deferred
Compensation Account may be distributed prior to the applicable Payment Date upon the occurrence of one or more of the events specified in Treasury Regulation Section 1.409A-3(j)(4), as determined by the
Administrator. 
 4.5 Section 409A Delay. Notwithstanding any contrary provision in the Plan, any
payment required to be made hereunder to a Director who is a “specified employee” (as defined under Section 409A and as the Administrator determines) upon his or her Separation from Service will, to the extent necessary to avoid taxes
under Section 409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately following such Separation from Service (or, if earlier, until the specified employee’s death) and will
instead be paid (as set forth herein) on the day immediately following such six-month period or death or as soon as administratively practicable thereafter (without interest). Notwithstanding any contrary
provision of the Plan, any payment of “nonqualified deferred compensation” under the Plan that may be made in installments shall be treated as a right to receive a series of separate and distinct payments. 

ARTICLE V. 

ADMINISTRATION; EFFECTIVENESS, AMENDMENT AND TERMINATION OF PLAN 

5.1 Plan Administrator. The Plan will be administered by the Administrator. The books and records to be maintained for
the purpose of the Plan shall be maintained by the Company at its expense. All expenses of administering the Plan shall be paid by the Company. 

5.2 Effective Date. The Plan was adopted by the Board effective as of the Effective Date. 

5.3 Plan Amendment; Termination. The Board may amend, suspend, or terminate the Plan at any time and for any reason. No
amendment, suspension, or termination will, without the consent of the participant, materially impair rights or obligations under any Deferred Stock Units previously awarded to the participant under the Plan, except as provided below. The Board may
terminate the Plan and distribute the Deferred Compensation Accounts to participants in accordance with and subject to the rules of Treasury Regulation Section 1.409A-3(j)(4)(ix), or successor
provisions, and any generally applicable guidance issued by the Internal Revenue Service permitting such termination and distribution. 

ARTICLE VI. 

MISCELLANEOUS 

6.1 Limitations on Transferability. Except to the extent required by law, the right of any Director or any beneficiary
thereof to any benefit or to any payment hereunder shall not be subject in any manner to attachment or other legal process for the debts of such Director or beneficiary; and any such benefit or payment shall not be subject to alienation, sale,
transfer, assignment or encumbrance. 

  
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 6.2 Limitations on Liability. No member of the Board and no officer
or employee of the Company shall be liable to any person for any action taken or omitted in connection with the administration of the Plan unless attributable to his own fraud or willful misconduct, and the Company shall not be liable to any person
for any such action unless attributable to fraud or willful misconduct on the part of a Director, officer or employee of the Company. 

6.3 Rights as a Stockholder. Deferred Stock Units shall not entitle any Director or other person to rights of a
stockholder of the Company or any of its affiliates with respect to such Deferred Stock Units unless and until any shares of Common Stock have been issued to the holder thereof in respect of such Deferred Stock Units pursuant to Article IV hereof.

 6.4 Limitation on Participant’s Rights6.5 . 

(a) The Company shall not be required to acquire, reserve, segregate or otherwise set aside any shares of its Common Stock for
the payment of its obligations under the Plan, but shall make available as and when required a sufficient number of shares of its Common Stock to meet the needs of the Plan, subject to the terms and conditions of the Incentive Plan. 

(b) Nothing contained herein shall be deemed to create a trust of any kind or any fiduciary relationship. To the extent that
any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of any unsecured general creditor of the Company. 

6.5 Severability. If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the
illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provisions had been excluded, and the illegal or invalid action will be null and void. 

6.6 Governing Documents. If any contradiction occurs between the Plan and any Deferral Election or other written
agreement between a participating Director and the Company that the Administrator has approved, the Plan will govern, unless it is expressly specified in such agreement or other written document that a specific provision of the Plan will not apply.

 6.7 Governing Law. The Plan will be governed by and interpreted in accordance with the laws of the State of
Delaware, disregarding any state’s choice-of-law principles requiring the application of a jurisdiction’s laws other than the State of Delaware. The Plan is
intended to be construed so that participation in the Plan will be exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended, pursuant to regulations and interpretations issued from time to time by the Securities and Exchange
Commission. 
 6.8 Titles and Headings. The titles and headings in the Plan are for convenience of reference only and,
if any conflict, the Plan’s text, rather than such titles or headings, will control. 
 6.9 Conformity to Securities
Laws. Each participating Director acknowledges that the Plan is intended to conform to the extent necessary with applicable laws. Notwithstanding anything herein to the contrary, the Plan will be administered only in conformance with applicable
laws. To the extent applicable laws permit, the Plan will be deemed amended as necessary to conform to applicable laws (subject to Section 409A). 

6.10 Relationship to Other Benefits. No payment under the Plan will be taken into account in determining any benefits
under any pension, retirement, savings, profit sharing, group insurance, welfare 

  
 7 

 
or other benefit plan of the Company except as expressly provided in writing in such other plan or an agreement thereunder. 

  
 8EX-10.14

 Exhibit 10.14 

 

TRAEGER, INC. 

2021 INCENTIVE AWARD PLAN 

RESTRICTED STOCK UNIT GRANT NOTICE 

Traeger, Inc., a Delaware corporation (the “Company”), has granted to the participant listed below
(“Participant”) the Restricted Stock Units (the “RSUs”) described in this Restricted Stock Unit Grant Notice (this “Grant Notice”), subject to the terms and conditions of the
Traeger, Inc. 2021 Incentive Award Plan (as amended from time to time, the “Plan”) and the Restricted Stock Unit Agreement attached hereto as Exhibit A (the “Agreement”), both of which are
incorporated into this Grant Notice by reference. Capitalized terms not specifically defined in this Grant Notice or the Agreement have the meanings given to them in the Plan. 

 

			
	     Participant:
	  	 [To be specified]

		
	     Grant Date:
	  	 [To be specified]

		
	     Number of RSUs:
	  	 [To be specified]

		
	
    Vesting Commencement Date:    
	  	 [To be specified]

		
	     Vesting Schedule:
	  	 [To be specified]

 By accepting (whether in writing, electronically or otherwise) the RSUs, Participant agrees to
be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant
Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under
the Plan, this Grant Notice or the Agreement. 
  

							
	TRAEGER, INC. 	 		  	PARTICIPANT
				
	 By:
	 	  
	 		  	              

	 Name:
	 	  
	 	
                    
	  	 [Participant Name]

	 Title:
	 	  
	 		  	

 Exhibit A 

RESTRICTED STOCK UNIT AGREEMENT 

Capitalized terms not specifically defined in this Restricted Stock Unit Agreement (this “Agreement”)
have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan. 
 ARTICLE I. 

GENERAL 

1.1 Award of RSUs and Dividend Equivalent Rights. 

(a) The Company has granted the RSUs to Participant effective as of the Grant Date set forth in the Grant Notice (the
“Grant Date”). Each RSU represents the right to receive one Share as set forth in this Agreement. Participant will have no right to the distribution of any Shares until the time (if ever) the RSUs have vested. 

(b) The Company hereby grants to Participant, with respect to each RSU granted hereunder, a Dividend Equivalent for ordinary
cash dividends paid to substantially all holders of outstanding Shares with a record date after the Grant Date and prior to the date the applicable RSU is settled, forfeited or otherwise expires. Each Dividend Equivalent entitles Participant to
receive the equivalent value of any such ordinary cash dividends paid on a single Share. The Company will establish a separate Dividend Equivalent bookkeeping account (a “Dividend Equivalent Account”) for each Dividend
Equivalent and credit the Dividend Equivalent Account (without interest) on the applicable dividend payment date with the amount of any such cash paid. Any Dividend Equivalents granted in connection with the RSUs issued hereunder, and any amounts
that may become distributable in respect thereof, shall be treated separately from such RSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A. 

1.2 Incorporation of Terms of Plan. The RSUs are subject to the terms and conditions set forth in this Agreement and the
Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control. 

1.3 Unsecured Promise. The RSUs and Dividend Equivalents will at all times prior to settlement represent an unsecured
Company obligation payable only from the Company’s general assets. 
 ARTICLE II. 

VESTING; FORFEITURE AND SETTLEMENT 

2.1 Vesting; Forfeiture. The RSUs will vest according to the vesting schedule in the Grant Notice except that any
fraction of an RSU that would otherwise be vested will be accumulated and will vest only when a whole RSU has accumulated. Dividend Equivalents (including any Dividend Equivalent Account balance) will vest upon the vesting of the RSUs with respect
to which the Dividend Equivalent (including the Dividend Equivalent Account) relates. In the event of Participant’s Termination of Service for any reason, (a) all unvested RSUs will immediately and automatically be cancelled and forfeited,
except as otherwise determined by the Administrator or provided in a binding written agreement between Participant and the Company and (b) Dividend Equivalents (including any Dividend Equivalent Account balance) will be forfeited upon the
forfeiture of the RSUs with respect to which the Dividend Equivalent (including the Dividend Equivalent Account) relates. 

  
 1 

 2.2 Settlement. 

(a) The RSUs will be paid in Shares and Dividend Equivalents (including any Dividend Equivalent Account balance) will be paid
in cash or Shares, as soon as administratively practicable after the vesting date of the applicable RSU, but in no event later than March 15 of the year following the year in which the RSU’s vesting date occurs. 

(b) Notwithstanding the foregoing, the Company may delay any payment under this Agreement that the Company reasonably
determines would violate Applicable Law until the earliest date the Company reasonably determines the making of the payment will not cause such a violation (in accordance with Treasury Regulation
Section 1.409A-2(b)(7)(ii)); provided the Company reasonably believes the delay will not result in the imposition of excise taxes under Section 409A. 

(c) If a Dividend Equivalent is paid in Shares, the number of Shares paid with respect to the Dividend Equivalent will equal
the quotient, rounded down to the nearest whole Share, of the Dividend Equivalent Account balance divided by the Fair Market Value of a Share on the day immediately preceding the payment date. 

ARTICLE III. 
 TAXATION
AND TAX WITHHOLDING 
 3.1 Representation. Participant represents to the Company that Participant has reviewed
with Participant’s own tax advisors the tax consequences of this award of RSUs and Dividend Equivalents (the “Award”) and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying
solely on such advisors and not on any statements or representations of the Company or any of its agents. 
 3.2 Tax
Withholding.1 
 (a) Subject to Section 3.2(b), payment of the
withholding tax obligations with respect to the Award may be by any of the following, or a combination thereof, as determined by [the Company in its sole discretion / Participant or the
Administrator]2: 
 (i) Cash or check; 

(ii) In whole or in part by delivery of Shares, including Shares delivered by attestation and Shares retained
from the Award creating the tax obligation, valued at their Fair Market Value on the date of delivery; or 

(iii) In whole or in part by the Company withholding of Shares otherwise vesting or issuable under this Award
in satisfaction of any applicable withholding tax obligations. 
 (b) Unless [the Company / Participant or the Administrator]
otherwise determines, and subject to Section 10.17 of the Plan, payment of the withholding tax obligations with respect to the Award shall be by [delivery (including electronically or telephonically to the extent permitted by the Company) of an
irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to satisfy the applicable tax withholding obligations] / [delivery (including electronically or telephonically to the
extent permitted by the Company) by Participant to the Company of 
  

 

	1 	 Note to Traeger: Tax withholding to be discussed. 

	2 	 Note to Draft: “Participant or the Administrator” for Section 16 individuals.
“The Company” for non-Section 16 individuals. 

  
 2 

 
a copy of irrevocable and unconditional instructions to a broker acceptable to the Company that Participant has placed a market sell order with such broker with respect to Shares then-issuable
upon settlement of the Award, and that the broker has been directed to deliver promptly to the Company funds sufficient to satisfy the applicable tax withholding obligations; provided, that payment of such proceeds is then made to the Company at
such time as may be required by the Administrator]3. 
 (c) Subject to
Section 9.5 of the Plan, the applicable tax withholding obligation will be determined based on Participant’s Applicable Withholding Rate. Participant’s “Applicable Withholding Rate” shall mean (i) if
Participant is subject to Section 16 of the Exchange Act, the greater of (A) the minimum applicable statutory tax withholding rate or (B) with Participant’s consent, the maximum individual tax withholding rate permitted under the
rules of the applicable taxing authority for tax withholding attributable to the underlying transaction, or (ii) if Participant is not subject to Section 16 of the Exchange Act, the minimum applicable statutory tax withholding rate or such
other higher rate approved by the Company; provided, however, that (i) in no event shall Participant’s Applicable Withholding Rate exceed the maximum individual statutory tax rate in the applicable jurisdiction at the time of
such withholding (or such other rate as may be required to avoid the liability classification of the applicable award under generally accepted accounting principles in the United States of America); and (ii) the number of Shares tendered or
withheld, if applicable, shall be rounded up to the nearest whole Share sufficient to cover the applicable tax withholding obligation, to the extent rounding up to the nearest whole Share does not result in the liability classification of the RSUs
under generally accepted accounting principles. 
 (d) Participant acknowledges that Participant is ultimately liable and
responsible for all taxes owed in connection with the RSUs and Dividend Equivalents, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the RSUs or Dividend
Equivalents. Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the RSUs or the Dividend Equivalents or the subsequent
sale of Shares. The Company and its Subsidiaries do not commit and are under no obligation to structure the RSUs or Dividend Equivalents to reduce or eliminate Participant’s tax liability. 

ARTICLE IV. 
 OTHER
PROVISIONS 
 4.1 Adjustments. Participant acknowledges that the RSUs and the Shares subject to the RSUs and
Dividend Equivalents are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan. 

4.2 Clawback. The Award and the Shares issuable hereunder shall be subject to any clawback or recoupment policy in
effect on the Grant Date or as may be adopted or maintained by the Company following the Grant Date, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder. 

4.3 Notices. Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to
the Company in care of the Company’s General Counsel at the Company’s principal office or the General Counsel’s then-current email address or facsimile number. Any notice to be given under the terms of this Agreement to Participant
must be in writing and addressed to Participant (or, if Participant is then deceased, to the Designated Beneficiary) at Participant’s last known mailing address, email address or facsimile number in the Company’s personnel files. By a
notice given pursuant to this Section, either party may designate a different address for notices to be given to that party. Any notice will 
  

 

	3 	 Note to Draft: Use second bracketed language for Section 16 individuals.

  
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be deemed duly given when actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office
regularly maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of a facsimile transmission confirmation. 

4.4 Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or
construction of this Agreement. 
 4.5 Conformity to Securities Laws. Participant acknowledges that the Plan, the
Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws. 

4.6 Successors and Assigns. The Company may assign any of its rights under this Agreement to a single or multiple
assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in this Agreement or the Plan, this Agreement will be binding upon and inure to the benefit of
the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
 4.7 Limitations Applicable to
Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the RSUs and Dividend
Equivalents will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for
the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule. 

4.8 Entire Agreement; Amendment. The Plan, the Grant Notice and this Agreement (including any exhibit hereto)
constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. To the extent permitted by the Plan, this Agreement may be
wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board; provided, however, that except as may otherwise be provided by the Plan, no amendment, modification,
suspension or termination of this Agreement shall materially and adversely affect the RSUs or Dividend Equivalents without the prior written consent of Participant. 

4.9 Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or
invalid, the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement. 

4.10 Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as
herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets.
Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs and Dividend Equivalents, and rights no greater than the right to receive
cash or the Shares as a general unsecured creditor with respect to the RSUs and Dividend Equivalents, as and when settled pursuant to the terms of this Agreement. 

4.11 Not a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any
right to continue in the employ or service of the Company or any Subsidiary 

  
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or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any
time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant. 

4.12 Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any electronic
signature, subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument. 

* * * * * 

  
 5

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