Document:

EX-10.2

 EXHIBIT (10.2) 

SKYLINE CORPORATION 

2015 STOCK INCENTIVE PLAN 

Section 1.    Plan Purpose. The purpose of the SKYLINE CORPORATION 2015
STOCK INCENTIVE PLAN (the “Plan”) is to promote the long-term interests of Skyline Corporation (the “Company”) by providing certain key employees, directors and
independent contractors of the Company with an opportunity to acquire shares of common stock of the Company, $.0277 par value (“Shares”, and each a “Share”), or other Awards (defined below), thereby providing them
with an increased incentive to work for the success of the Company and to enable the Company to attract and retain capable employees, directors and independent contractors. 

Section 2.    Definitions. In addition to terms defined elsewhere in this Plan, the following
definitions are applicable to this Plan: 
 “Award” means any award made under this Plan, including the grant of an ISO, an
NQSO, Restricted Stock, Restricted Stock Unit, Stock Appreciation Rights, Performance Award, or any combination of the foregoing pursuant to the terms of this Plan. 

“Award Agreement” means the written agreement setting forth the terms and provisions applicable to an Award. 

“Board” means the Board of Directors of the Company. 

“Cause” means, with respect to any Participant: (i) the conviction of, or admission of guilt or plea of no contest by,
the Participant in a criminal proceeding with respect to any crime, whether or not involving the Company, which constitutes a felony in the jurisdiction involved; (ii) the embezzlement or misappropriation of property of the Company or any of
its affiliates, or any other act involving fraud or dishonesty with respect to the Company or any of its affiliates; (iii) habitual alcohol or substance abuse; (iv) the Participant’s failure to perform to the reasonable satisfaction
of the Board the Participant’s duties, responsibilities and/or services for the Company assigned or delegated to the Participant, which failure, in the reasonable judgment of the Board, in its sole discretion, continues for a period of ten
(10) days after written notice thereof is given to the Participant by the Board; (v) the Participant’s material breach and/or non-compliance by the Participant of/with any of the Participant’s employment obligations (if
applicable) or obligations as an independent contractor to the Company (if applicable), which breach, in the reasonable judgment of the Board, in its sole discretion, is not or cannot reasonably be expected to be cured promptly, after written notice
given to the Participant by the Board; (vi) with respect to a Participant who is a member of the Board, the removal of such Participant from the Board for any reason that the Board or the shareholders determine to be actions or omissions by
such Participant that were materially detrimental to the Company and/or constituted a material failure by such Participant to perform his or her duties as a member of the Board; or (vii) any breach by the Participant of his or her statutory,
common law or contractual duties not to compete with the Company or any of its affiliates or not to disclose or reveal confidential information or trade secrets of the Company or any of its affiliates. If a Participant is party to a written
employment agreement with Company (an “Employment Agreement”) that provides a definition of Cause different from the above, the definition of Cause in the Employment Agreement shall apply with respect to Participant for purposes of
the Plan. 

  
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 “Change of Control” means (i) the consummation of a plan of merger or
consolidation of Company with any other corporation or entity (other than a corporation or entity directly or indirectly controlled by the Company) as a result of which the holders of the voting stock of the Company receive less than fifty percent
(50%) of the voting stock or equity of the surviving or resulting corporation or entity; (ii) the acquisition by any person or entity (or more than one person or entity acting as a group) in any one (1) year period of the beneficial
ownership of more than fifty percent (50%) of the combined voting power of the then outstanding voting stock of Company; provided, that any acquisition by an employee, or group composed entirely of employees, any qualified retirement
plan, or any other employee benefit plan (or related trust) sponsored or maintained by Company or any entity controlled by Company shall not constitute a Change in Control; or (iii) the sale or other disposition of all or substantially all the
assets of Company (other than as security for the obligations of the Company) to a person or entity (or more than one person or entity acting as a group) which is not controlled by Company or by the persons or entities controlling Company
immediately prior thereto. 
 “Code” means the Internal Revenue Code of 1986, as amended, and interpretive rules and
regulations thereunder. 
 “Committee” means the Compensation Committee of the Board, which consists of members of the
Board who are each a “non-employee director” as provided under Rule 16b-3 of the Exchange Act, an “outside director” as provided under Code Section 162(m), and an
“independent director” under the rules of the NYSE MKT or any other securities exchange or inter-dealer quotation system on which the Shares are listed or quoted. The members of the Committee shall be appointed by the Board. 

“Date of Grant” means the date on which an Award is granted, as determined by the Committee. 

“Disability” means the total and permanent disability of an individual as determined by the Board which renders the
individual unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of
not less than twelve (12) months. 
 “Effective Date” shall have the meaning set forth in Section 17 of this
Plan. 
 “Employee” means any person who is an employee of the Company as determined pursuant to the Code. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exercise Price” means the price per Share at which Shares subject to an Option may be purchased upon exercise of the Option
(which shall never be less than Fair Market Value on the Date of Grant). 
 “Fair Market Value” means the closing price of
a Share on the trading day of the Date of Grant (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred) on the principal exchange on which the Shares are listed for trading, or if the Shares
are not listed for trading on any exchange, the mean between the closing high bid and low asked quotations of one Share on the date in question as reported by any quotation system on which trading prices for the Shares are quoted, or, if no such
quotations are available, the fair market value on such date of one Share, as determined by the Committee in good faith by the reasonable application of a reasonable valuation method which meets the standards set forth in Section 409A of the
Code or Section 422 of the Code, as applicable. 

  
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 “ISO” means an Option that meets the requirements of Code Section 422. 

“NQSO” means an Option that is not an ISO. 

“Option” means any option to purchase Shares granted pursuant to the Plan. 

“Participant” means an Employee, member of the Board or independent contractor of the Company selected by the Committee to
receive an Award. 
 “Performance Award” means the right to receive a payment (measured by (i) the Fair Market Value
of a specified number of Shares at the end of a designated period, (ii) the increase in the Fair Market Value of a specified number of Shares during a designated period or (iii) a fixed cash amount payable at the end of a designated
period) contingent upon the extent to which one or more Performance Goals have been met during the designated period. Payment may be made in cash, in Shares or a combination of the two, as the Committee determines. 

“Performance Goals” means any goals the Committee establishes with respect to the Company, its business, or the Participant.

 “Restricted Stock” means a Share that is subject to a risk of forfeiture or restrictions on transfer, or both a risk of
forfeiture and restrictions on transfer. 
 “Restricted Stock Unit” means the right to receive a payment equal to the Fair
Market Value of one Share. Payment may be made in cash, in Shares or a combination of the two, as the Committee determines. 

“Rule 16b-3” means Rule 16b-3 as promulgated by the Securities and Exchange
Commission under Section 16(b) of the Exchange Act, as such rule may be amended from time to time, and any successor rule. 

“Stock Appreciation Rights” mean Awards granted pursuant to Section 7. 

“Termination Date” means, with respect to any Participant, the date of such Participant’s Termination of Service. 

“Termination of Service” means (a) with respect to a Participant who is an Employee, the termination of the employment
relationship between the Employee and the Company and each of its affiliates, (b) with respect to a Participant who is a member of the Board, the Participant’s removal or resignation from the Board or the failure of such Participant to be
re-elected to the Board, and (c) with respect to a Participant who is an independent contractor of the Company, the termination or expiration of the independent contractor engagement between the Participant and the Company and each of its
affiliates. 
 Section 3.    Shares Subject to Plan. Subject to adjustment by the operation of
Section 9 of this Plan, the maximum number of Shares that may be issued pursuant to Awards under this Plan, whether such Awards be with respect to ISOs or NQSOs or Restricted Stock or any combination of them, is Seven Hundred Thousand
(700,000), which may include authorized and unissued Shares of 

  
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the Company or Shares reacquired by the Company. Shares that are withheld to satisfy payment of the Exercise Price or any tax withholding obligation, and any Shares subject to an Award that
expires, terminates, is forfeited, or is surrendered for cancellation, may be subject to new Awards under this Plan. 

Section 4.    Administration of the Plan. The Plan shall be administered by the Committee. Except as
limited by the express provisions of the Plan, the Committee shall have sole and complete authority and discretion to (a) select Participants and grant Awards; (b) determine the number of Shares to be subject to types of Awards generally,
as well as to individual Awards granted under the Plan; (c) determine the terms and conditions upon which Awards shall be granted under the Plan; (d) prescribe the form and terms of instruments evidencing such grants; (e) establish
from time to time procedures and regulations for the administration of the Plan; (f) interpret the Plan; (g) determine whether an Award of an Option is an ISO or NQSO; and (h) make all determinations deemed necessary or advisable for
the administration of the Plan. The Committee shall, without limitation, have authority to accelerate the vesting of Awards made hereunder and to make amendments or modifications of the terms and conditions (including exercisability of the Awards)
relating to the effect of termination of employment or services of a Participant. All determinations and decisions made by the Committee pursuant to the provisions of the Plan shall be final, conclusive, and binding on all persons, and shall be
given the maximum deference permitted by law. 
 Section 5.    General Provisions Regarding Awards and Award
Agreement. 
 5.1    Award Agreement. No person shall have any rights under any
Award granted under the Plan unless and until the Company and the Participant to whom such Award shall have been granted shall have executed and delivered an Award Agreement or received any other Award acknowledgment authorized by the Committee
expressly granting the Award to such person and containing provisions setting forth the terms of the Award. Award Agreements with respect to Options shall specify the Exercise Price, the time or times at which an Option will vest or become
exercisable, the number of Shares to which the Option pertains, and whether the Option is intended to be an ISO or NQSO. If there is any conflict between the provisions of an Award Agreement and the terms of the Plan, the terms of the Plan shall
control. 
 5.2    Awards May Be Granted Separately or Together; No Limitations on Other
Awards. Awards may be granted either alone or in addition to, in tandem with, or in substitution for any other Award or any award granted under any other plan of the Company or any Affiliate, and the terms and conditions of an Award need not
be the same with respect to each Participant. 
 5.3.    Other Terms and Conditions. The
grant of any Award may also be subject to other provisions (whether or not applicable to the Award granted to any other Participant) as the Committee determines appropriate, including, without limitation, provisions for: 

5.3.1    Deferral. One or more means to enable Participants to defer the delivery of Shares
or recognition of taxable income relating to Awards or cash payments derived from the Awards on such terms and conditions as the Committee determines, including, by way of example, the form and manner of the deferral election, the treatment of
dividends paid on the Shares during the deferral period or a means for providing a return to a Participant on amounts deferred, and the permitted distribution dates or events (provided that no such deferral means may result in an increase in the
number of Shares issuable under this Plan); and 

  
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 5.3.2.    Dividends. Giving the Participant the
right to receive dividend payments, dividend equivalents or other distributions with respect to Awards that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on, Shares; provided, however, that any such
dividends, dividend equivalents or distributions shall be held in the custody of the Company and shall be subject to the same restrictions on transferability and forfeitability that apply to the corresponding Awards; and provided further that
neither dividend payments nor dividend equivalent payments shall be made with respect to the Shares subject to Options or Stock Appreciation Rights. 

Section 6.    Award of Options. The Committee, in its sole discretion, may grant (a) ISOs and/or
NQSOs to those Employees of the Company who, in the opinion of the Committee, have the capacity for contributing in a substantial measure to the successful performance of the Company, and (b) NQSOs to one or more members of the Board and/or
independent contractors of the Company who, in the opinion of the Committee, contribute in a substantial measure to the successful performance of the Company. 

6.1.    Substitute Options. In the event the Company consummates a transaction described in
Section 424(a) of the Code, persons who become Employees on account of such transaction may be granted Options in substitution for options granted by the former employer or entity. The Committee, in its sole discretion and consistent with
Section 424(a) of the Code, shall determine the Exercise Price of the substitute Options. 

6.2.    Termination of Options. An Option shall terminate on, and may not be exercised
after, the tenth (10th) anniversary of the Date of Grant; provided, however, that an Option will terminate earlier than such tenth anniversary (but under no circumstances shall it terminate
later than such tenth anniversary) in the event of any of the following: 

6.2.1.    ISOs. An ISO shall terminate earlier in accordance with Section 10 of this
Plan. 
 6.2.2.    Award Agreement. The Option may terminate earlier in accordance with
the terms of the applicable Award Agreement. 
 6.2.3.    Termination of Service. Except
as otherwise provided in the Agreement, or in an Employment Agreement, if a Participant has a Termination of Service for any reason, then (i) any Option or portion thereof that is unvested (or otherwise unexercisable) as of the Termination Date
shall terminate as of the Termination Date, and (ii) any Option or portion thereof that has previously vested (and is otherwise exercisable) as of the Termination Date shall terminate on the date that is ninety (90) days after the
Termination Date; provided, however, if the Termination of Service is for Cause any Option or portion thereof that has previously vested (and is otherwise exercisable) shall terminate as of the Termination Date; provided, further, however, that if
the Participant should die or suffer a Disability during such ninety-day period, and the applicable Award Agreement does not provide otherwise, such Option or portion thereof shall terminate on the date that is twelve (12) months after the
Termination Date. 

  
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 6.3.    Exercise of Options. 

6.3.1.    Exercise Period. Subject to any vesting provisions or other conditions,
restrictions or limitations regarding the exercise of an Option as determined by the Committee, an Option may be exercised, in whole or in part, at any time beginning on the Date of Grant and ending on the date the Option expires or otherwise
terminates in accordance with the Award Agreement and this Plan. 
 6.3.2.    Parties Who May
Exercise. During the lifetime of a Participant to whom an Option was granted, such Option may be exercised only by the Participant. After the death of the Participant, but prior to the termination of the Option, such Option may be exercised
by the Participant’s legal representative. 
 6.3.3.    Notice and Payment. To
exercise an Option, the Participant must give written notice to the Company (which shall specify the number of Shares with respect to which the Participant elects to exercise the Option) together with full payment of the Exercise Price, plus the
amount of taxes (if any) required by the Company to be withheld pursuant to Section 15 hereof. The date of exercise shall be the date on which the notice and payment are received by the Company. Payment of the Exercise Price shall be made in
cash (including check, bank draft, or money order), or if permitted by the Committee in its sole discretion, (i) by requesting that the Company withhold Shares issuable upon exercise of the Option having an aggregate Fair Market Value on the
date of exercise equal to the aggregate Exercise Price, or (ii) through a combination of cash and such Shares. 

6.3.4.    Settlement Following Death of Participant. Following the death of any Participant
to whom an Option was granted under this Plan, the Board, as an alternative means of settlement of such Option, may elect to pay to the person properly exercising such Option the amount by which the Fair Market Value per Share on the date of
exercise exceeds the Exercise Price, multiplied by the number of Shares with respect to which such Option is properly exercised. Any such settlement of an Option shall be considered an exercise of such Option for all purposes of the applicable Award
Agreement and this Plan. 
 6.4.    Additional Provisions With Respect to ISOs.
Notwithstanding any contrary provision herein or in any Award Agreement, ISOs shall be subject to the following: 

6.4.1.    Eligible Participants. ISOs may be granted only to persons who are Employees as of
the Date of Grant. 
 6.4.2.    Limit on the Fair Market Value of Shares. The aggregate
Fair Market Value of the Shares (determined as of the Date of Grant) with respect to which ISOs are exercisable for the first time by any Employee during any calendar year (under all plans of the Company including this Plan) shall not exceed
$100,000. 
 6.4.3.    Minimum Exercise Price. The Exercise Price for Shares issuable upon
the exercise of ISOs awarded under this Plan may not be less than the Fair Market Value of the Shares on the Date of Grant; provided, however, that the Exercise Price may not be less than 110% of the Fair Market Value of the Shares on the Date of
Grant with respect to ISOs granted to any Employee who (together with persons whose stock ownership is attributed to the Employee pursuant to Section 424(d) of the Code), owns stock possessing more than 10% of the total combined voting power of
all classes of stock of the Company on the Date of Grant. 

  
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 6.4.4.    Termination of Service. No ISO may be
exercised more than ninety (90) days after the Employee’s Termination of Service for any reason; provided, however, that if an Employee has a Termination of Service as a result of his or her Disability or death, then such ISO may not be
exercised more than twelve (12) months after the Employee’s Disability or death. 

6.4.5.    Maximum Term. No ISO may be exercised after the expiration of ten (10) years
after the Date of Grant; provided, however, that if the ISO is granted to an Employee who (together with persons whose stock ownership is attributed to the Employee pursuant to Section 424(d) of the Code), owns stock possessing more than 10% of
the total combined voting power of all classes of stock of the Company, the ISO may not be exercised after the expiration of five (5) years after the Date of Grant. 

6.4.6.    Transfer Restrictions. No ISO shall be transferable by the Participant other than
by will or the laws of descent and distribution. 
 6.4.7.    Parties Who May Exercise. No
ISO shall be exercisable during the Participant’s lifetime by anyone other than the Participant. 

6.4.8.    Shares. With respect to ISOs, any Shares received upon exercise of the ISO
generally are not eligible for tax treatment under Section 422 of the Code if the Shares are sold or otherwise transferred prior to the later of (i) two (2) years from the Date of Grant of the ISO, or (ii) one (1) year from
the date of exercise of the ISO. 
 6.4.9.    Participant Responsibilities. If a
Participant shall dispose of Stock acquired through exercise of an ISO within either (i) two (2) years after the date the Option is granted or (ii) one (1) year after the date the Option is exercised (i.e., in a
disqualifying disposition), such Participant shall notify the Company within seven (7) days of the date of such disqualifying disposition. 

Unless otherwise provided by the Committee in an Award Agreement, to the extent that an Option does not qualify as an ISO because of its
provisions, the time and manner of its exercise, or otherwise, the Option or portion thereof which does not so qualify shall constitute a separate NQSO. 

Section 7.    Stock Appreciation Rights. The Committee is hereby authorized to grant Stock Appreciation
Rights to Employees and non-Employee Directors, in such amounts as it shall determine. Subject to the terms of the Plan and any applicable Award Agreement, a Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right
to receive, upon exercise thereof, the excess of (i) the Fair Market Value of one Share on the date of exercise over (ii) the grant price of the Stock Appreciation Right as specified by the Committee, which shall not be less than 100% of
the Fair Market Value of one Share on the date of grant of the Stock Appreciation Right. The Committee shall determine all other terms and conditions of a Stock Appreciation Right, including but not limited to the term (which shall not be longer
than ten years after the date the Stock Appreciation Right is granted), methods of exercise, and methods of settlement (including whether Stock Appreciation Rights will be settled in cash, Shares, other securities, other Awards, or other property,
or any combination of them). The Committee may impose such conditions or restrictions on the exercise of any Stock Appreciation Right as it may deem appropriate. 

  
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 Section 8.    Grant of Other Awards
(e.g.; Performance Awards, Restricted Stock, Restricted Stock Units). Other Awards, valued in whole or in part by reference to, or otherwise based on, Shares, including but not limited to Performance Awards,
shares of Restricted Stock, and Restricted Stock Units, may be granted either alone or in addition to or in conjunction with other Awards for such consideration, if any, and in such amounts and having such terms and conditions as the Committee may
determine, subject to the following limitations: 
 8.1.    Pricing. Any Award that
provides for purchase rights with respect to Shares shall be priced at no less than 100% of Fair Market Value on the grant date of the Award. 

8.2.    Vesting. In the case of any Award that vests, or that is realized, upon the
achievement of one or more Performance Goals, the Award must have a performance period of at least one (1) fiscal year of the Company; provided that the Committee may provide that the Award will be deemed earned in whole or in part upon the
Participant’s termination of employment as a result of death or disability, or upon a Change of Control, and with respect to Awards that are not intended to qualify as performance-based compensation under Section 162(m) of the Code, upon
the Participant’s retirement. 
 8.3.    Limit on Awards. The total number of Awards
made under this Section that do not constitute Performance Awards, Restricted Stock or Restricted Stock Units and that are valued by reference to the full value of Shares shall be limited to not more than 100% of the total number of Shares available
under the Plan pursuant to Section 3. 
 8.4.    Participant Limits. Subject to
Section 9, the following limits apply to Awards under this Section: 
 8.4.1.    Restricted
Stock or Restricted Stock Units. No Participant may be granted Awards under this Section that could result in such Participant receiving Awards of Restricted Stock or Restricted Stock Units relating to more than 100,000 shares during any
fiscal year of the Company; 
 8.4.2.    Performance Award. No Participant may be granted
Awards under this Section that could result in such Participant receiving, with respect to a Performance Award, payment of more than $500,000 in respect of any performance periods beginning in the same fiscal year of the Company; or 

8.4.3.    Other Share-Based Awards. No Participant may be granted Awards under this Section
that could result in such Participant receiving other Share-based Awards with an aggregate Fair Market Value of more than $500,000, determined as of the date of grant, during any fiscal year of the Company. 

8.5.    Notice of Election. If a Participant elects, under Code Section 83, to be taxed
at the time an Award of Restricted Stock (or other property subject to such Code section) is made, rather than at the time the Award vests, such Participant shall notify the Company within seven (7) days of the date the Restricted Stock subject
to the election is awarded. 
 Section 9.    Adjustments Upon Changes in Capitalization. In
the event of any change in the outstanding shares of the Company’s common stock (of any class) subsequent to the Effective Date of this Plan by reason of any recapitalization, stock split, stock dividend, combination of shares, or change in the
corporate structure or capital structure of the Company, or by reason of any merger, consolidation, share exchange, or similar statutory transaction other than a Change of Control (which 

  
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is governed by Section 10), the maximum aggregate number and class of Shares as to which Awards may be granted under the Plan, and the number and class of Shares and the Exercise Price of
Options with respect to Awards previously granted under the Plan, shall be adjusted by the Committee, in its sole discretion, in order to preclude, to the extent practicable, the enlargement or dilution of the rights and benefits incident to such
Awards and to preserve the availability of Shares for future grants under the Plan. Any determination by the Committee with respect to the foregoing matters shall be final, conclusive, and binding on all Participants. 

Section 10.    Change of Control. Except as otherwise specifically provided in the Award Agreement, in
the event of a Change of Control, the Board may, in its sole discretion, provide for the treatment of Awards in any manner its deems appropriate, including substituting for any and all outstanding Awards under this Plan such alternative
consideration as it in good faith may determine to be equitable in the circumstances and may require in connection therewith the surrender of all Awards so replaced or the acceleration of the vesting of any Option or the provision of the same
consideration, calculated on a per Share basis, as the holders of Shares were entitled to receive as if the Options were exercised. The adjustments contained in this Section and the manner of application of its provisions shall be determined solely
by the Board. 
 Section 11.    Assignments and Transfers of Awards. Except as expressly authorized
by the Committee in the Award Agreement or as set forth in this Section, Awards may not be assigned, encumbered, hypothecated, or otherwise transferred other than by will or the laws of descent and distribution, or pursuant to a qualified domestic
relations order (as defined under the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the regulations thereunder). The Company shall not be liable to any person for honoring the exercise of an Option granted to
a deceased Participant by the person or persons the Company shall have determined in good faith to have acquired the Option. 

Section 12.    Participant Rights Limited. No Employee, member of the Board or independent contractor
of the Company shall have a right to be selected as a Participant or, having been so selected, to be selected again as a Participant. No Employee, member of the Board or independent contractor shall have any claim or right to be granted an Award
under this Plan or under any other incentive or similar plan of the Company or any of its affiliates. Neither this Plan nor any action taken pursuant to this Plan shall be construed as providing a contract of employment for any term or giving any
person any right to be retained in the employ or service of the Company. 
 Section 13.    Shareholder
Rights. No Participant or other person shall have any of the rights or privileges of a shareholder of the Company with respect to any Shares issuable pursuant to an Award unless and until certificates representing the Shares shall have been
issued, recorded on the records of the Company or its transfer agents or registrars and delivered to the Participant or other person entitled to the Shares. 

Section 14.    Compliance With Laws and Regulations. If, at the time Shares are to be delivered under
this Plan, the class of stock of which such Shares are a part is listed or traded on any stock exchange, quotation, or similar system, including any over-the-counter bulletin board, then the Company shall not be required to deliver such Shares until
any applicable requirements of such exchange or system have been complied with. In addition, the Company shall not be required to deliver any Shares under this Plan prior to the completion of such registration or other qualification of such Shares
under any federal or state law, rule, or regulation, as the Company shall determine to be necessary or advisable. In the case of officers of the Company and other persons subject to Section 16(b) of the Exchange Act, the Committee may at any
time impose any limitations upon the exercise 

  
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of an Option that, in the Committee’s discretion, are necessary or desirable in order to comply with such Section 16(b) and the rules and regulations thereunder. If the Company, as part
of an offering of securities or otherwise, finds it desirable because of federal or state regulatory requirements, to reduce the period during which any Option may be exercised, the Committee may, in its discretion and without the Participant’s
consent, so reduce such period on not less than 15 days written notice to the holder thereof. 

Section 15.    Withholding Tax. If a Participant or other person is entitled to receive Shares pursuant
to the exercise of an Option, the Company shall have the right to require the Participant or such other person to pay the Company the amount of any taxes that the Company is required to withhold with respect to such Shares, or, in lieu thereof, to
retain (and sell, if the Company so chooses) a number of Shares sufficient to cover the amount required to be withheld. The Company also shall have the right to deduct from all dividends paid with respect to Shares retained pursuant to this Section
the amount of any taxes that the Company is required to withhold with respect to such dividend payments. 

Section 16.    Termination, Amendment and Modification of the Plan. The Board may at any time
terminate, and may at any time and from time to time and in any respect amend or modify, the Plan; provided, however, that to the extent necessary to comply with Rule 16b-3 under the
Exchange Act or Section 422 of the Code (or any other applicable law or regulation, including requirements of any stock exchange or quotation system on which the Shares are listed or quoted), shareholder approval of any Plan amendment shall be
obtained in such a manner and to such a degree as is required by the applicable law or regulation; and provided further, that no termination, amendment or modification of the Plan shall in any manner adversely affect the rights of any
Participant who has been granted an Award pursuant to the Plan without the consent of the Participant to whom the Award was granted. 

Section 17.    Effective Date of Plan. This Plan is effective as of June 25, 2015 (the
“Effective Date”); provided that the shareholders also shall approve this Plan within twelve (12) months after the date of adoption by the Board. With respect to any Options granted under an Award under this Plan or to
which shareholder approval is required by applicable law or stock exchange requirements, but shareholder approval is not obtained, such Options and the grant of Award shall terminate and be null and void. 

Section 18.    Indemnification of Board and Committee. In addition to such other rights of
indemnification as they may have as directors, the members of the Board, including the members of the Committee, shall be indemnified by the Company against the reasonable expenses, including attorneys’ fees actually and necessarily incurred in
connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan or any Option,
and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in
relation to matters as to which it shall be adjudged in such action, suit or proceeding that such member is liable for negligence or misconduct in the performance of his duties; provided that within 60 days after institution of any such action, suit
or proceeding a member shall in writing offer the Company the opportunity, at its own expense, to handle and defend the same. 

Section 19.    Unfunded Plan. This Plan is intended to be an unfunded plan for incentive compensation.
With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in this Plan or any Award Agreement shall give the Participant any rights greater than that of a general unsecured creditor of the Company. 

  
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 Section 20.    Governing Law. This Plan and any Award
Agreement executed under this Plan shall be construed in accordance with and governed by the laws of the State of Indiana without regard to conflicts of law principles thereof. 

Section 21.    Recoupment. All Awards and any and all payments made or required to be made or Shares
received or required to be issued hereunder and pursuant to this Plan or any Award Agreement to any Participant shall be subject to repayment to the Company by the Participant (and the successors, assigns, heirs, estate, and personal representative
of the Participant) pursuant to the terms of any clawback, recoupment, or other policy implemented from time to time by the Board (any such policy, as amended, amended and restated, or superseded, the “Recoupment Policy”). As
additional consideration for any Award granted to a Participant and for any payment made or required to be made or stock received or required to be issued hereunder and pursuant to any Award Agreement to any Participant, each Participant agrees that
he or she is bound by and subject to any Recoupment Policy as in effect at any time and from time to time (whether before, at, or after the granting or payment of any Award). 

*        *        *       
 *        *        *        * 

As Adopted by the Board of Directors of Skyline Corporation 
 on
June 25, 2015 

  
 11EX-10.3

 EXHIBIT (10.3) 

FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT AND WAIVER OF DEFAULTS 

This First Amendment to Loan and Security Agreement and Waiver of Defaults, dated as of October 14, 2015, is made by and among SKYLINE
CORPORATION, an Indiana corporation (“Parent”) and its wholly-owned subsidiaries, HOMETTE CORPORATION (“Homette”) and LAYTON HOMES CORP. (“Layton”), each an Indiana corporation, and SKYLINE HOMES, INC.
(“Homes”), a California corporation (Homette, Layton and Homes, herein collectively, the “Consolidated Subsidiaries” and together with Parent, the “Debtor”), and FIRST BUSINESS CAPITAL CORP., a Wisconsin corporation
(“Lender”). 
 R E C I T A L S: 

Debtor and Lender have entered into a Loan and Security Agreement dated as of March 20, 2015 (the “Loan Agreement”). 

Debtor has requested that Lender amend certain provisions of the Loan Agreement and waive certain defaults under the Loan Agreement, all of
which Lender is willing to do pursuant to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises and
of the mutual covenants and agreements herein contained, it is agreed as follows: 
 1. Defined Terms. Capitalized terms used in this
Amendment which are defined in the Loan Agreement shall have the same meanings as defined therein, unless otherwise defined herein. In addition, the following definitions shall be added to read as follows: 

“Initial Advance Date” shall mean the first day on which Debtor intends to commence requesting advances under Credit
Facility A. 
 2. Amendment of Section 2.3.3. Section 2.3.3 of the Loan Agreement shall be amended in its entirety
effective November 1, 2015 to read as follows: 
 2.3.3. Facility Fees – Reimbursement of Expenses. In
addition to all other amounts to be paid by Debtor hereunder, Debtor shall pay Lender the following fully earned non-refundable fees: (i) annual facility fees of Fifty Thousand Dollars ($50,000.00) each, payable on each anniversary of the
Closing Date, (ii) an unused line fee payable in arrears at the rate of one quarter percent (.25%) per annum on the average daily Unused Amount during the prior calendar month, payable on the first day of each month and on the date of
termination of this Agreement (for the partial month then ended), (iii) monthly bank assessment fees equal to thirty five one hundredths percent (.35%) per annum of the Maximum Loan Amount each, payable in arrears on the first day of each month
and on the date of termination of this Agreement, (iv) at any time outstanding Obligations and Letter of Credit Liabilities under Credit Facility A (as evidenced by Debtor’s loan account ledger for Credit Facility A) exceeds the amount

  
 1 

 
permitted in accordance with Section 4.1 (herein, an “overadvance”), in Lender’s sole discretion and without waiving any of its other rights or remedies, daily overadvance
fees at Lender’s then applicable rate, which are currently One Thousand Dollars ($1,000.00) per day, payable on the dates each such overadvance occurs, and (v) monthly letter of credit fees payable in arrears at the rate of one quarter
percent (.25%) on the outstanding amount of letters of credit issued at the request of Debtor by Lender or by a Bank Affiliate or other bank and outstanding during the prior month, payable on the first day of each month after the issuance of each
such letter of credit, plus all applicable issuance fees, draw fees, amendment fees and other related fees. Amounts to be reimbursed by Debtor include all of Lender’s legal fees incurred in negotiating and preparing the documentation for
this extension of credit, along with all other normal and customary out of pocket fees relating to and expenses associated with preparation for closing and the actual closing of the transaction contemplated by this Agreement, including, without
limitation, travel and travel related expenses of Lender’s personnel incurred in connection with due diligence and closing activities related to the transaction contemplated by this Agreement (whether or not the transaction closes or funds are
advanced), all of which amounts shall be payable upon demand. Debtor shall also pay Lender, upon demand, for all field examinations of Debtor and its assets performed by Lender (at Lender’s standard fee plus out of pocket expenses) or on
behalf of Lender (by reimbursing Lender’s actual expense), whether conducted in conjunction with Lender’s pre-closing due diligence or during the term of this Agreement. Lender agrees that so long as
no Event of Default has occurred and is continuing, Lender will not conduct field examinations during the term of the Agreement until Debtor has provided notice of the Initial Advance Date. To the extent the Obligations are being prepaid in full
prior to the Termination Date, any fees or other amounts otherwise payable under this Section 2.3.3 after such prepayment date but on or prior to the Termination Date shall be due and payable with the final payment of the Obligations. All
amounts owing under this Section 2.3.3 may be debited to Debtor’s loan account ledger for Credit Facility A. 
 3.
Amendment of Section 2.4. Section 2.4 of the Loan Agreement shall be amended in its entirety to read as follows: 

2.4. Requests for Advances. Each Consolidated Subsidiary hereby irrevocably designates Parent to act on its behalf to
request advances hereunder and hereby authorizes Lender to pay over and credit all loan proceeds hereunder in accordance with the requests of Parent. Notwithstanding anything herein to the contrary, Parent shall provide Lender with not less than
thirty (30) days prior written notice of the Initial Advance Date and shall cooperate with Lender to complete an updated field examination prior to such initial advance. Requests for advances hereunder received prior to 1:00 p.m. Central
Time on a Business Day will be processed on the same Business Day and, subject to availability terms and absence of default hereunder will be honored the same Business Day. Requests for advance received after 1:00 p.m. Central Time on any Business
Day or on any other day will be processed on the next Business Day. Notwithstanding the foregoing, until such time as Parent has requested the initial advance pursuant to the foregoing sentence, Debtor has requested, and Lender hereby agrees, that
on each Business Day on which the cash receipts posted to Debtor’s loan account ledger in accordance with the provisions of Section 5.2 exceed the amount of outstanding loans to Debtor, if any (such excess receipts being the “Excess
Amount”), without further request 

  
 2 

 
by Debtor, Lender shall make an advance of funds in the amount equal to the Excess Amount for credit to the Operating Account. The foregoing constitutes a continuing request for such advances and
shall remain in effect so long as Parent has not made a request for an advance in accordance with the second sentence hereof, or until otherwise cancelled by either Debtor, upon two (2) Business Days prior notice to Lender or Lender, upon
notice to Debtor. 
 4. Amendment of Section 7.25. Section 7.25 of the Loan Agreement shall be amended by amending the
monthly stop loss provisions to read as follows: 
 In addition to the foregoing requirements, Debtor’s Net Loss ( ) for any fiscal
month of Debtor set forth below shall not exceed the amount set forth opposite such month: 
  

					
	 Months
	  	Maximum Net Loss	 
		
	 August – November, 2015
	  	($	500,000	) 
	 December, 2015
	  	($	1,500,000	) 
	 January – February 2016
	  	($	1,000,000	) 
	 March – May, 2016
	  	($	500,000	) 
	 June 2016 and thereafter
	  	($	250,000	) 

 5. Amendment of Section 8.3. Section 8.3 of the Loan Agreement shall be amended in its
entirety to read as follows: 
 8.3. Expenditures. Expend or contract to expend during any fiscal year of Debtor more
than Eight Hundred Thousand Dollars ($800,000.00) in the aggregate for the lease (other than operating lease), purchase or other acquisition of any capital asset, or for the lease (other than operating lease) of any other asset, whether payable
currently or in the future. 
 6. Amendment of Exhibits. Exhibit D to the Loan Agreement shall be amended to read as set forth on the
attached Exhibit D. 
 7. No Other Changes. Except as explicitly amended by this Amendment, all of the terms and conditions of
the Loan Agreement shall remain in full force and effect. 
 8. Waiver of Defaults. Prior to giving effect to the amendments set
forth herein, certain defaults occurred under the Loan Agreement on account of Debtor’s violation of the following provisions of the Loan Agreement, which constitute Events of Default pursuant to Section 9.2 of the Loan Agreement (the
“Current Defaults”): 
  

							
	 Loan Agreement Provision
	  	 Financial Covenant Requirement
	  	Actual	 
	 Section 7.25 for June, 2015
	  	Monthly Stop Loss of ($500,000)	  	($	570,241	) 
	 Section 7.25 for July, 2015
	  	Monthly Stop Loss of ($500,000)	  	($	898,126	) 

 Upon the terms and subject to the conditions set forth in this Amendment, Lender hereby waives the Current Defaults. These
waivers shall be effective only in this specific instance and for the specific purposes for which they are given, and these waivers shall not entitle Debtor to any other or further waiver in any similar or other circumstances. 

  
 3 

 9. Conditions Precedent. This Amendment and the waivers set forth in Paragraph 8, above,
shall be effective when Lender shall have received an executed copy hereof, including by facsimile or other electronic copy, together with each of the following, each in substance and form acceptable to Lender in its sole discretion, provided the
same are received by Lender no later than October 16, 2015: 
 (a) With respect to each of Parent and each Consolidated
Subsidiary, a Certificate of the Secretary of such entity certifying as to (i) the resolutions of the directors, of each such entity which resolutions shall be attached to the Certificate, approving the execution and delivery of this Amendment,
(ii) the fact that the articles of incorporation and bylaws of such entity which were previously certified and delivered to Lender, continue in full force and effect and have not been further amended or otherwise modified except as noted
therein, and (iii) certifying that the officers of such entity who have been certified to Lender pursuant to the applicable Certificate dated as of March 20, 2015, as being authorized to sign and to act on behalf of such entity continue to
be so authorized or setting forth the sample signatures of each of the officers of such entity, authorized to execute and deliver this Amendment and all other documents, agreements and certificates on behalf of such entity. 

(b) Such other matters as Lender may require. 

Debtor agrees to forward an executed original of this Amendment to Lender as soon as reasonably practicable. 

10. Representations and Warranties. Debtor hereby represents and warrants to Lender as follows: 

(a) Debtor has all requisite power and authority to execute this Amendment and any other instruments and agreements
contemplated hereby and to perform all of Debtor’s obligations hereunder and thereunder, and this Amendment and any other instruments and agreements contemplated hereby have been duly executed and delivered by Debtor and constitute legal, valid
and binding obligations of Debtor, enforceable in accordance with their terms. 
 (b) The execution, delivery and performance
by Debtor of this Amendment and any other instruments and agreements contemplated hereby have been duly authorized by all necessary action and do not (i) require any further authorization, consents or approvals, (ii) violate any provision
of any law, rule or regulation or of any order, writ, injunction or decree presently in effect, having applicability to Debtor, or the governing documents of Debtor, or (iii) result in a breach of or constitute a default under any indenture or
loan or credit agreement or any other agreement, lease or instrument to which Debtor is a party or by which it or its properties may be bound or affected. 

(c) All of the warranties contained in Section 6 of the Loan Agreement are correct on and as of the date hereof as though
made on and as of such date, except to the extent that such warranties relate solely to an earlier date. 
 11. References. All
references in the Loan Agreement to “this Agreement” shall be deemed to refer to the Loan Agreement, as amended hereby; and any and all references in the Collateral Agreements to the Loan Agreement shall be deemed to refer to the Loan
Agreement, as amended hereby. 

  
 4 

 12. No Other Waiver. Except as set forth in Paragraph 8, the execution of this Amendment
and acceptance of any documents related hereto shall not be deemed to be waiver of any Event of Default under the Loan Agreement or breach, default or event of default under any Collateral Agreement or other document held by Lender, whether or not
known to Lender and whether or not existing on the date of this Amendment. 
 13. Costs and Expenses. Debtor hereby agrees to pay or
reimburse Lender for all costs and expenses incurred by Lender in connection with this Amendment, including all fees and disbursements of counsel to Lender for the services performed by such counsel in connection with the preparation of this
Amendment and the documents and instruments incidental hereto. Debtor hereby agrees that at Lender’s sole option, and without further authorization by Debtor, such amounts may be debited to Debtor’s loan account ledger for Credit Facility
A. 
 14. Miscellaneous. 

(a) Debtor acknowledges and agrees that as of the date of this Amendment, it has no right of offset with respect to any amount
owed by it to Lender, and Debtor waives and releases all claims which it may have, whether known or unknown, against Lender arising on or prior to the date of this Amendment in connection with the Loan Agreement, the Notes, the Collateral
Agreements, or any other evidence of or document relating to any of the foregoing. This Amendment shall not establish a course of dealing or evidence any willingness on Lender’s part to grant other or future amendments or waivers, should any be
requested. 
 (b) This Amendment may be executed in any number of counterparts, each of which when so executed and delivered
shall be deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument. 

(c) This Amendment shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the
law of the State of Wisconsin, excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State. 

Signatures begin on following page 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Loan and Security
Agreement and Waiver of Defaults to be duly executed as of the date first written above. 
  

									
	DEBTOR:	 		 	LENDER:
			
	SKYLINE CORPORATION	 		 	FIRST BUSINESS CAPITAL CORP.
					
	By:	 	 /s/ Jon S. Pilarski
	 		 	By:	 	 /s/ James G. Tepp

		 	Jon S. Pilarski, Vice President, Finance & Treasurer, Chief Financial Officer	 		 		 	James G. Tepp, Vice President
				
	HOMETTE CORPORATION	 		 		 	
					
	By:	 	 /s/ Jon S. Pilarski
	 		 		 	
		 	Jon S. Pilarski, Vice President and Treasurer	 		 		 	
				
	LAYTON HOMES CORP.	 		 		 	
					
	By:	 	 /s/ Jon S. Pilarski
	 		 		 	
		 	Jon S. Pilarski, Vice President and Treasurer	 		 		 	
				
	SKYLINE HOMES, INC.	 		 		 	
					
	By:	 	 /s/ Jon S. Pilarski
	 		 		 	
		 	Jon S. Pilarski, Vice President and Treasurer	 		 		 	

  
 6 

 Compliance Certificate 

 

			
	To:	    	James G. Tepp
		    	First Business Capital Corp.
		
	Date:	    	            , 20    
		
	Subject:	    	Skyline Corporation
		    	Financial Statements

 In accordance with our Loan and Security Agreement dated as of March 20, 2015, as amended (the “Loan
Agreement”), attached are the consolidated financial statements of Skyline Corporation (“Debtor”) as of             , 20     (the “Reporting
Date”), and for the year-to-date period then ended (the “Current Financials”). All terms used in this certificate have the meanings given in the Loan Agreement. 

I certify in my capacity as an officer of Debtor that the Current Financials have been prepared in accordance with generally accepted
accounting principles, subject to year-end adjustments, and fairly present Debtor’s financial condition and the results of its operations as of the date thereof. 

Events of Default. (Check one): 
  

	 	 ̈	The undersigned does not have knowledge of the occurrence of an Event of Default under the Loan Agreement. 

  

	 	 ̈	The undersigned has knowledge of the occurrence of an Event of Default under the Loan Agreement and attached hereto is a statement of the facts with respect to thereto. 

I hereby certify to Lender as follows: 
  

	 	 ̈	The Reporting Date marks the end of one of Debtor’s fiscal months, hence I am completing only paragraphs 3 and 4 below. 

  

	 	 ̈	The Reporting Date marks the end of Debtor’s fiscal year, hence I am completing all paragraphs below. 

  
 7 

 Financial Covenants. The undersigned hereby further certifies as follows: 

1. Minimum Net Worth. Pursuant to Section 7.24 of the Loan Agreement, as of the Reporting Date, Debtor’s Net Worth was
$         which  ̈ satisfied  ̈ did not satisfy the requirement that such amount be not less than
$         on the Reporting Date as determined in accordance with the following: 
  

			
	 Determination Date
	  	 Net Worth Amount

		
	 May 31, 2015
	  	Actual Net Worth as of the prior May 31
 minus $13,000,000.00

		
	 August 31, 2015
	  	Actual Net Worth as of the prior May 31
 minus $1,000,000.00

		
	 November 30, 2015
	  	Actual Net Worth as of the prior May 31
 minus $2,000,000.00

		
	 February 28, 2016
	  	Actual Net Worth as of the prior May 31
 minus $3,500,000.00

		
	 May 31, 2016
	  	Actual Net Worth as of the prior May 31
 minus $3,500,000.00

		
	 August 31, 2016
	  	Actual Net Worth as of the prior May 31
 minus $1,000,000.00

		
	 November 30, 2016
	  	Actual Net Worth as of the prior May 31
 minus $1,500,000.00

		
	 February 28, 2017
	  	Actual Net Worth as of the prior May 31
 minus $1,750,000.00

		
	 May 31, 2017
	  	Actual Net Worth as of the prior May 31
 minus $1,750,000.00

		
	 August 31, 2017 and each August 31 thereafter
	  	Actual Net Worth as of the prior May 31
 minus $250,000.00

		
	 November 30, 2017 and each November 30 thereafter
	  	Actual Net Worth as of the prior May 31
		
	 February 28, 2017 and each February 28 thereafter
	  	Actual Net Worth as of the prior May 31
 plus $250,000.00

		
	 May 31, 2018 and each May 31 thereafter
	  	Actual Net Worth as of the prior May 31
 plus $500,000.00

  
 8 

 2. Minimum Net Earnings. Pursuant to Section 7.25 of the Loan Agreement, for the  ̈ quarter  ̈ year ending as of the Reporting Date, Debtor’s Net Earnings (Loss) was $        , which  ̈ satisfied  ̈ did not satisfy the requirement that such amount be not less than $         for the period
ending on the Reporting Date, as determined in accordance with the following: 
  

					
	 Period
	  	Net Earnings (Loss) Amount	 
	 June 1, 2014 – May 31, 2015
	  	($	13,000,000.00	) 
	 June 1, 2015 – August 31, 2015
	  	($	1,000,000.00	) 
	 June 1, 2015 – November 30, 2015
	  	($	2,000,000.00	) 
	 June 1, 2015 – February 28, 2016
	  	($	3,500,000.00	) 
	 June 1, 2015 – May 31, 2016
	  	($	3,500,000.00	) 
	 June 1, 2016 – August 31, 2016
	  	($	1,000,000.00	) 
	 June 1, 2016 – November 30, 2016
	  	($	1,500,000.00	) 
	 June 1, 2016 – February 28, 2017
	  	($	1,750,000.00	) 
	 June 1, 2016 – May 31, 2017
	  	($	1,750,000.00	) 
	 June 1, 2017 – August 31, 2017 and each June 1 – August 31 thereafter
	  	($	250,000.00	) 
	 June 1, 2017 – November 30, 2017 and each June 1 – November 30 thereafter
	  	$	0.00	  
	 June 1, 2017 – February 28, 2018 and each June 1 – February 28 thereafter
	  	$	250,000.00	  
	 June 1, 2017 – May 31, 2018 and each June 1 – May 31 thereafter
	  	$	500,000.00	  

 3. Monthly Stop Loss. Pursuant to Section 7.25 of the Loan Agreement, for the fiscal month ending
as of the Reporting Date, Debtor’s Net Earnings (Loss) was $        , which  ̈ satisfied  ̈ did not
satisfy the requirement that Debtor’s Net Loss for any fiscal month of Debtor shall not exceed the amount set forth below opposite such month: 
  

					
	 Months
	  	Maximum Net Loss	 
		
	 August – November, 2015
	  	($	500,000	) 
	 December, 2015
	  	($	1,500,000	) 
	 January – February 2016
	  	($	1,000,000	) 
	 March – May, 2016
	  	($	500,000	) 
	 June 2016 and thereafter
	  	($	250,000	) 

 4. Capital Expenditures. Pursuant to Section 8.3 of the Loan Agreement, for the year-to-date
period ending on the Reporting Date, Debtor has expended or contracted to expend during the fiscal year ending May 31, 20    , for capital expenditures, $         in the aggregate,
which  ̈ satisfied  ̈ did not satisfy the requirement that such expenditures not exceed Eight Hundred Thousand Dollars ($800,000.00) during such
fiscal year. 
 5. Petty Cash Account. The outstanding balance in Debtor’s Petty Cash Account No. 9200024984 at JPMorgan
Chase Bank, N.A. in Mansfield, Texas has not at any time during the period since Debtor’s delivery to Lender of the prior Compliance Certificate exceeded Ten Thousand Dollars ($10,000.00). 

  
 9 

 Attached hereto are all relevant facts in reasonable detail to evidence, and the computations of the financial
covenants referred to above. These computations were made in accordance with generally accepted accounting principles. 
  

			
	By:	 	  

		
	Its:	 	  

  
 10

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