Document:

EX-10.3

 EXHIBIT 10.3 
  

							
	

	  	PERFORMANCE AWARD AGREEMENT
				
	 GRANTED TO
	  	 GRANT DATE
	  	AMOUNT OF AWARD ($)	  	SOCIAL SECURITY NUMBER
	 [Name]
  

[Street]
  

[City], [State] [Postal]
	  	    /    /20    	  	Threshold Amount:               

Target Amount:             

 

Maximum Amount:             
	  	[SSN]

  

	1.	This Agreement. This agreement, together with Exhibit A and Exhibit B (collectively, the “Agreement”), sets forth the terms and conditions of a performance award representing the right to receive
a cash payment from Apogee Enterprises, Inc., a Minnesota corporation (the “Company”). This Agreement is issued pursuant to the Apogee Enterprises, Inc. 2009 Stock Incentive Plan, as amended from time to time (the
“Plan”), and subject to its terms. 

  

	2.	The Grant. The Company hereby grants to the individual named above (the “Employee”), as of the above Grant Date, a performance award representing the right to receive a cash payment up to the
maximum amount set forth above, subject to the requirements of this Agreement and the terms of the Plan (the “Performance Award”). 

  

	3.	Performance Period. The “Performance Period” for purposes of determining the cash payment amount shall be fiscal year 20     through and including fiscal year
20    . 

  

	4.	Performance Goals. The performance goals for purposes of determining the cash payment amount are set forth in the attached Exhibit B. 

 

	5.	Payment. Subject to the terms and conditions of this Agreement, the amount of cash to be paid to the Employee pursuant to this Performance Award (the “Cash Payment”) will be based on whether and
to what extent the threshold, target or maximum performance level of the performance goals is achieved, as set forth in the attached Exhibit B and as determined by the Compensation Committee of the Company’s Board of Directors (the
“Committee”) in its sole discretion. The threshold, target and maximum amounts set forth above represent the Cash Payment amount to be made to the Employee if the Company achieved all of the performance goals at the threshold,
target or maximum level, respectively. The Employee will receive a Cash Payment pursuant to this Performance Award if one or more performance goals is achieved at or above the threshold level. The determination of the Cash Payment amount will occur
as soon as practicable after the Committee determines, in its sole discretion after the end of the Performance Period (or, in the case of a Change in Control (as defined in the Plan), after the Truncated Performance Period, as applicable), whether,
and the extent to which, the performance goals have been achieved (the “Determination Date”). As soon as administratively feasible following the Determination Date (but in no event later than 75 days following the end of the
Performance Period), the Company shall pay to the Employee one-half of the Cash Payment (the “Initial Payment”). On the one year anniversary of the last day of the Performance Period (the “Fully-Vested Date”), the
Company shall pay to the Employee the remaining one-half of the Cash Payment (the “Final Payment”). 

  

	6.	Termination of Employment. In the event the Employee’s employment is terminated prior to the Fully-Vested Date, this Performance Award and any unpaid Cash Payment pursuant to this Agreement shall be
immediately and irrevocably forfeited, unless the Employee’s employment is terminated under the circumstances described below. 

In the event the Employee’s employment is terminated prior to the end of the Performance Period by reason of Retirement (as defined in the
attached Exhibit A), Disability (as defined in the attached Exhibit A) or death, the Employee or the Employee’s estate, as applicable, shall be entitled to receive a pro-rata portion (based on the amount of time elapsed between the beginning of
the Performance Period and the date of termination) of the Cash Payment after the end of the Performance Period to the extent that the threshold, target or maximum performance level of the performance goals is achieved, as set forth in the attached
Exhibit B and as determined by the Committee in its sole discretion. In the event the Employee’s employment is terminated after the Performance Period 

 
by reason of Retirement, Disability or death, the Employee or the Employee’s estate, as applicable, shall be entitled to receive the Initial Payment (if not yet paid to the Employee) and the
Final Payment. The Cash Payment to be paid to the Employee pursuant to this paragraph shall be paid in accordance with paragraph 5 above. 
  

	7.	Recoupment. Employee acknowledges, understands and agrees that, notwithstanding anything to the contrary contained herein, the Cash Payment to which Employee is otherwise entitled (or which has been paid) is
subject to forfeiture or recoupment, in whole or in part, at the direction of the Company’s Board of Directors (the “Board”) if, in the judgment of the Board, events have occurred that are covered by the Company’s Clawback Policy
(as it exists on the date hereof, and as it may be amended from time to time by the Board, the “Clawback Policy”) and the Board further determines, in its sole discretion, that forfeiture or recoupment of all or part of the Cash Payment is
appropriate under all of the circumstances considered by the Board. A copy of Clawback Policy may be obtained from the General Counsel upon the Employee’s request. 

 

	8.	Change in Control. If a Change in Control of the Company occurs during the Performance Period, then for purposes of determining the Cash Payment amount, the Performance Period shall be deemed to end on the date
of the Change in Control (the shortened Performance Period is referred to herein as the “Truncated Performance Period”). The Cash Payment amount will be based on the extent of achievement of the threshold, target or maximum
performance level of the performance goals, as adjusted for the Truncated Performance Period and determined by the Committee in its sole discretion. The Cash Payment to be paid to the Employee pursuant to this paragraph shall be paid in full in a
single lump sum payment as soon as administratively feasible following the Determination Date (but in no event later than 60 days following the end of the Truncated Performance Period). 

If a Change in Control of the Company occurs after the Performance Period, then the Employee shall be entitled to receive the Initial Payment
(if not yet paid to the Employee) and the Final Payment as soon as administratively feasible following the date of the Change in Control (but in no event later than 60 days following the date of the Change in Control). 

 

	9.	Restrictions on Transfer. Neither this Performance Award, nor any right with respect to this Performance Award under this Agreement, may be sold, assigned, transferred or pledged, other than by will or the laws
of descent and distribution, and any such attempted transfer shall be void. 

  

	10.	Income Taxes. The Employee is liable for any federal, state and local income or other taxes applicable upon the grant of this Performance Award and the receipt of any payments pursuant to this Performance Award,
and the Employee acknowledges that he or she should consult with his or her own tax advisor regarding the applicable tax consequences. The Company will satisfy any applicable tax withholding obligations arising from any payment of this Performance
Award by withholding a portion of the cash otherwise to be delivered equal to the amount of such taxes. 

  

	11.	Section 409A. Notwithstanding anything in this Agreement to the contrary, to the extent that this Performance Award constitutes “deferred compensation” subject to Section 409A of the Internal
Revenue Code (the “Code”), this Performance Award will not be payable or distributable upon a Change in Control unless the Company determines in good faith that the Change in Control meets the definition of a change in ownership or
effective control (or change in ownership of a substantial portion of assets) in Section 409A(a)(2)(A)(v) of the Code and applicable guidance thereunder. 

  

	12.	Acknowledgment. This Performance Award shall not be effective until the Employee dates and signs the form of Acknowledgment below and returns a signed copy of this Agreement to the Company. By signing the
Acknowledgment, the Employee agrees to the terms and conditions of this Agreement and the Plan and acknowledges receipt of a copy of the prospectus related to the Plan. 

 

							
	ACKNOWLEDGMENT:	 		 	APOGEE ENTERPRISES, INC.
			
	 	 		 	
	EMPLOYEE’S SIGNATURE	 		 		 	
			
	 	 		 	
	DATE	 		 		 	
		 		 	By:	 	  

	  
	 		 		 	[Name]
	SOCIAL SECURITY NUMBER	 		 		 	[Title]

 EXHIBIT A 

DEFINED TERMS USED IN THE 

PERFORMANCE AWARD AGREEMENT 
 The following
terms used in this Agreement have the following meanings: 
 “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2
promulgated under the Securities Exchange Act of 1934, as amended. 
 “Disability” shall mean any physical or mental condition which would
qualify the Employee for a disability benefit under any long-term disability plan maintained by the Company or any Affiliate then employing the Employee. 

“Retirement” shall mean the Employee’s termination of his or her employment relationship with the Company under such circumstances
determined to constitute retirement by the Committee in its sole discretion. 

  
 A-1 

 EXHIBIT B 

PERFORMANCE GOALS UNDER THE 

PERFORMANCE AWARD AGREEMENT 

Performance Goals for Two-Year Performance Period 

(                    ,
20     –                     , 20    ) 

 

							
	 Performance Goal
	  	Threshold	  	Target	  	Maximum
	 Average Return on Invested Capital

(weighted as 33-1/3%)
	  		  		  	
	 Cumulative Earnings Per Share

(weighted as 33-1/3%)
	  		  		  	
	 Cumulative Net Sales

(weighted as 33-1/3%)
	  		  		  	
	 Payment Levels
	  		  		  	

  

	 	•	 	The amount earned by the Employee for performance between the threshold, target and maximum performance levels will be linearly interpolated. 

  
 B-1EX-10.1

 EXHIBIT 10.1 
 FIRST AMENDMENT TO CREDIT AGREEMENT 
 THIS FIRST AMENDMENT TO CREDIT AGREEMENT
(this “First Amendment”), dated as of December 31, 2013, is entered into among ENCORE WIRE CORPORATION, a Delaware corporation (the “Borrower”), BANK OF AMERICA, N.A. (“Bank of America”) and
WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), in their individual capacities as “Lenders” (as such term is defined herein), and BANK OF AMERICA, N.A., as Administrative Agent. 

BACKGROUND 
 A. The Borrower, the Lenders and the Administrative Agent are parties to that certain Credit Agreement, dated as of September 27, 2012 (the “Credit Agreement”). The terms defined in
the Credit Agreement and not otherwise defined herein shall be used herein as defined in the Credit Agreement. 
 B. The
Borrower has requested an amendment to the Credit Agreement. 
 C. The Lenders and the Administrative Agent hereby agree to
amend the Credit Agreement, subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the
covenants, conditions and agreements hereafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are all hereby acknowledged, the Borrower, the Lenders and the Administrative Agent covenant and agree as
follows: 
 1. AMENDMENTS. 
 (a) Section 7.12 of the Credit Agreement is hereby amended to read as follows: 
 7.12 Capital Expenditures. Make or become legally obligated to make any (a) Capital Expenditures other than Capital Expenditures related to the aluminum plant in an aggregate amount in excess
of (i) $43,000,000 for the Fiscal Year ending December 31, 2013 and (ii) $40,000,000 for any Fiscal Year thereafter and (b) Capital Expenditures in respect of the aluminum plant during the period from January 1, 2012 through
the Maturity Date in an aggregate amount in excess of $40,000,000. 
 (b) Exhibit C, the Compliance Certificate, is
hereby amended to be in the form of Exhibit C attached hereto. 
 2. REPRESENTATIONS AND WARRANTIES TRUE; NO
EVENT OF DEFAULT. By its execution and delivery hereof, the Borrower represents and warrants that, as of the date hereof and after giving effect to this First Amendment: 
 (a) the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects (except that such representations and warranties that
are qualified as to materiality or “Material Adverse Effect” 

  
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are true and correct in all respects) on and as of the date hereof as made on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they shall be true and correct in all material respects (except that such representations and warranties that are qualified as to materiality or “Material Adverse Effect” shall be true and correct in all respects) as of
such earlier date, and except to the extent such representations and warranties have been supplemented to the extent permitted by the Credit Agreement; 
 (b) no event has occurred and is continuing which constitutes a Default or an Event of Default; 
 (c)(i) the Borrower has full power and authority to execute and deliver this First Amendment, (ii) this First Amendment has been duly executed and delivered by the Borrower, and (iii) this
First Amendment and the Credit Agreement, as amended hereby, constitute the legal, valid and binding obligations of the Borrower, enforceable in accordance with their respective terms, except as enforceability may be limited by applicable Debtor
Relief Laws and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and except as rights to indemnity may be limited by federal or state securities laws; 

(d) neither the execution, delivery and performance of this First Amendment or the Credit Agreement, as amended hereby, nor the
consummation of any transactions contemplated herein or therein, will conflict with (i) the certificate or articles of incorporation or the applicable constituent documents or bylaws of the Borrower or the Guarantor, (ii) any Law
applicable to the Borrower or the Guarantor or (iii) any indenture, agreement or other instrument to which the Borrower, the Guarantor or any of their respective properties are subject; and 

(e) no authorization, approval, consent, or other action by, notice to, or filing with, any Governmental Authority or other Person not
previously obtained is required for (i) the execution, delivery or performance by the Borrower of this First Amendment or (ii) the acknowledgement by the Guarantor of this First Amendment. 

3. CONDITIONS TO EFFECTIVENESS. This First Amendment shall be effective immediately upon satisfaction or completion of the
following: 
 (a) the Administrative Agent shall have received counterparts of this First Amendment executed by each Lender; and

 (b) the Administrative Agent shall have received counterparts of this First Amendment executed by the Borrower and
acknowledged by the Guarantor. 
 4. REFERENCE TO THE CREDIT AGREEMENT. 

(a) Upon the effectiveness of this First Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, or words of like import shall mean and be a reference to the Credit Agreement, as affected and amended hereby. 

  
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 (b) The Credit Agreement, as amended by the amendments referred to above, shall remain in
full force and effect and is hereby ratified and confirmed. 
 5. COSTS, EXPENSES AND TAXES. The Borrower agrees to pay
on demand all costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this First Amendment and the other instruments and documents to be delivered hereunder (including the reasonable
fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto). 
 6. GUARANTOR’S
ACKNOWLEDGMENT. By signing below, the Guarantor (a) acknowledges, consents and agrees to the execution, delivery and performance by the Borrower of this First Amendment, (b) acknowledges and agrees that its obligations in respect of
its Guaranty (i) are not released, diminished, waived, modified, impaired or affected in any manner by this First Amendment or any of the provisions contemplated herein, and (ii) includes all Obligations as assumed by the Borrower,
(c) ratifies and confirms its obligations under its Guaranty, and (d) acknowledges and agrees that it has no claims or offsets against, or defenses or counterclaims to, its Guaranty. 

7. EXECUTION IN COUNTERPARTS. This First Amendment may be executed in any number of counterparts and by different parties hereto
in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument. For purposes of this First Amendment, a counterpart
hereof (or signature page thereto) signed and transmitted by any Person party hereto to the Administrative Agent (or its counsel) by facsimile machine, telecopier or electronic mail is to be treated as an original. The signature of such Person
thereon, for purposes hereof, is to be considered as an original signature, and the counterpart (or signature page thereto) so transmitted is to be considered to have the same binding effect as an original signature on an original document.

 8. GOVERNING LAW; BINDING EFFECT. This First Amendment shall be governed by and construed in accordance with the laws
of the State of Texas, provided that the Administrative Agent and each Lender shall retain all rights arising under federal law, and shall be binding upon the parties hereto and their respective successors and assigns. 

9. HEADINGS. Section headings in this First Amendment are included herein for convenience of reference only and shall not
constitute a part of this First Amendment for any other purpose. 
 10. ENTIRE AGREEMENT. THE CREDIT AGREEMENT, AS
AMENDED BY THIS FIRST AMENDMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

  
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 IN WITNESS WHEREOF, this First Amendment is executed as of the date first set forth above.

  

			
	BORROWER:
	
	ENCORE WIRE CORPORATION
		
	By:	 	 /s/ Frank J. Bilban

	Name:	 	 Frank J. Bilban

	Title:	 	 VP & CFO

  
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	ADMINISTRATIVE AGENT:
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Darlene R. Parmelee

	Name:	 	 Darlene R. Parmelee

	Title:	 	 Vice President

	
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Allison W. Connelly

	Name:	 	 Allison W. Connelly

	Title:	 	 Senior Vice President

  
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	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as a Lender

		
	By:	 	 /s/ Thomas Bolding

	Name:	 	 Thomas Bolding

	Title:	 	 AVP

  
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 ACKNOWLEDGED AND AGREED: 
 EWC AVIATION CORP. 
  

			
	By:	 	 /s/ Frank J. Bilban

	Name:	 	 Frank J. Bilban

	Title:	 	 VP & CFO

  
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