Document:

EX-10.1

 Exhibit 10.1 

TREX COMPANY, INC. 

AMENDED AND RESTATED 

1999 INCENTIVE PLAN FOR OUTSIDE DIRECTORS 

 TABLE OF CONTENTS 

 

															
	 	  	 	 	  	 	 	  	 	  	Page	 
	1.	  	 	DEFINITIONS	  	 	1	 
	2.	  	 	PURPOSE	  	 	3	 
	3.	  	 	SHARES SUBJECT TO THE PLAN	  	 	3	 
	4.	  	 	ANNUAL DIRECTOR AND COMMITTEE FEES	  	 	3	 
		  	 	4.1.	 	  	 	Annual Director Fee	  	 	3	 
		  				  	 	4.1.1	 	  	Cash Portion of Annual Director Fee	  	 	3	 
		  				  	 	4.1.2	 	  	Equity Portion of Annual Director Fee	  	 	4	 
		  	 	4.2.	 	  	 	Annual Committee Fee	  	 	4	 
		  	 	4.3.	 	  	 	Election	  	 	4	 
		  	 	4.4	 	  	 	Proration	  	 	4	 
		  	 	4.5	 	  	 	Initial Grant upon Election to Board	  	 	4	 
		  	 	4.6	 	  	 	Equity	  	 	4	 
		  				  	 	4.6.1	 	  	Form of Equity	  	 	4	 
		  				  	 	4.6.2	 	  	Options and SARs	  	 	4	 
		  				  	 	4.6.3	 	  	Restricted Stock and Restricted Stock Units	  	 	5	 
	5.	  	 	GRANT DATE	  	 	5	 
	6.	  	 	ELECTION TO RECEIVE ADDITIONAL EQUITY	  	 	6	 
		  	 	6.1.	 	  	 	Election Form	  	 	6	 
		  	 	6.2.	 	  	 	Time for Filing Election Form	  	 	6	 
	7.	  	 	ADMINISTRATION	  	 	6	 
		  	 	7.1.	 	  	 	Committee	  	 	6	 
		  	 	7.2.	 	  	 	Rules for Administration	  	 	6	 
		  	 	7.3.	 	  	 	Committee Action	  	 	6	 
		  	 	7.4.	 	  	 	Delegation	  	 	7	 
		  	 	7.5.	 	  	 	Services	  	 	7	 
		  	 	7.6.	 	  	 	Indemnification	  	 	7	 
	8.	  	 	AMENDMENT AND TERMINATION	  	 	7	 
	9.	  	 	GENERAL PROVISIONS	  	 	7	 
		  	 	9.1.	 	  	 	Limitation of Rights	  	 	7	 
		  	 	9.2.	 	  	 	No Rights as Stockholders	  	 	7	 
		  	 	9.3.	 	  	 	Rights as a Non-Employee Director	  	 	7	 
		  	 	9.4.	 	  	 	Assignment, Pledge or Encumbrance	  	 	8	 
		  	 	9.5.	 	  	 	Binding Provisions	  	 	8	 
		  	 	9.6.	 	  	 	Notices	  	 	8	 
		  	 	9.7.	 	  	 	Governing Law	  	 	8	 
		  	 	9.8.	 	  	 	Withholding	  	 	8	 
		  	 	9.9.	 	  	 	Effective Date	  	 	8	 

  
 -i- 

	1.	 DEFINITIONS 

To the extent any capitalized words used in this Plan are not defined, they shall have the definitions stated for them in the Trex Company,
Inc. 2014 Stock Incentive Plan. 
 1.1 “Annual Director Fee” means an annual fee earned by an Eligible Director for service
on the Board of Directors. 
 1.2 “Annual Committee Fee” means an annual fee earned by an Eligible Director for service on
various committees of the Board of Directors. 
 1.3 “Board of Directors” or “Board” means the Board of
Directors of the Company. 
 1.4 “Cash Portion of the Annual Director Fee” means the portion of the Annual Director Fee to
be received in cash, or if elected by the Eligible Director, in Equity, as provided in Sections 4.3 and 6 hereof. 
 1.5
“Committee” means the Nominating/Corporate Governance Committee which administers the Plan. 
 1.6 “Common
Stock” means the common stock, par value $0.01 per share, of the Company. 
 1.7 “Company” means Trex Company,
Inc., a Delaware corporation, or any successor thereto. 
 1.8 “Election Form” means the form used by an Eligible Director
to elect to receive all or a portion of the Cash Portion of the Annual Director Fee and the Annual Committee Fee for a Plan Year in the form of Equity. 

1.9 “Eligible Director” for each Plan Year means a member of the Board of Directors who is not an employee of the Company or
any Subsidiary. 
 1.10 “Equity” means Options, Restricted Stock, Restricted Stock Units or SARs, or any combination
thereof, as designated by the Committee from time to time, as provided in Section 4.6. 
 1.11 “Equity Portion of the Annual
Director Fee” means the portion of the Annual Director Fee to be received in Equity, as provided in Section 4.1.2 hereof. 

1.12 “Fair Market Value” means the closing price of a share of Common Stock reported on the New York Stock Exchange (the
“NYSE”) on the date Fair Market Value is being determined, provided that if there is no closing price reported on such date, the Fair Market Value of a share of Common Stock on such date shall be deemed equal to the closing price as
reported by the NYSE for the last preceding date on which sales of shares of Common Stock were reported. Notwithstanding the foregoing, in the event that 

  
 -1- 

 
the shares of Common Stock are listed upon more than one established stock exchange, “Fair Market Value” means the closing price of the shares of Common Stock reported on the exchange
that trades the largest volume of shares of Common Stock on the date Fair Market Value is being determined. If the Common Stock is not at the time listed or admitted to trading on a stock exchange, Fair Market Value means the mean between the lowest
reported bid price and highest reported asked price of the Common Stock on the date in question in the over-the-counter market, as such prices are reported in a
publication of general circulation selected by the Board and regularly reporting the market price of Common Stock in such market. If the Common Stock is not listed or admitted to trading on any stock exchange or traded in the over-the-counter market, Fair Market Value shall be as determined in good faith by the Board. 

1.13 “Grant Date” has the meaning set forth in Section 5 hereof. 

1.14 “Option” means a non-qualified Option granted pursuant to the Trex Company, Inc.
2014 Stock Incentive Plan as may be amended from time to time. 
 1.15 “Option Agreement” means the written agreement
between the Company and the Participant that evidences and sets out the terms and conditions of the Option. 
 1.16 “Option
Price” means the purchase price for each share of Common Stock subject to an Option. 
 1.17 “Participant” for any
Plan Year means an Eligible Director who participates in the Plan for that Plan Year in accordance with Section 6.1 hereof. 
 1.18
“Plan” means the Trex Company, Inc. Amended and Restated 1999 Incentive Plan for Outside Directors as set forth herein and as amended from time to time. 

1.19 “Plan Year” means the twelve-month period beginning on July 1 and ending on June 30. 

1.20 “Restricted Stock” means shares of Common Stock, issued pursuant to the Trex Company, Inc. 2014 Stock Incentive Plan as
may be amended from time to time. 
 1.21 “Restricted Stock Agreement” means the written agreement between the Company and
the Participant that evidences and sets out the terms and conditions of the Restricted Stock. 
 1.22 “Restricted Stock
Unit” means restricted stock units issued pursuant to the Trex Company, Inc. 2014 Stock Incentive Plan as may be amended from time to time. 

1.23 “Restricted Stock Unit Agreement” means the written agreement between the Company and the Participant that evidences and
sets out the terms and conditions of the Restricted Stock Unit. 

  
 -2- 

 1.24 “SAR Agreement” means the written agreement between the Company and
the Participant that evidences and sets out the terms and conditions of the SARs. 
 1.25 “Stock Appreciation Right” or
“SAR” means a right granted pursuant to, and in accordance with the terms of, the Trex Company, Inc. 2014 Stock Incentive Plan to receive, upon exercise thereof, the excess of (x) the Fair Market Value of one share of Common
Stock on the date of exercise over (y) the grant price of the SAR, determined pursuant to Section 4.6.2 hereof. 
 1.26
“SAR Price” means the grant price of the SAR. 
 1.27 “Subsidiary” means any “subsidiary
corporation” of the Company within the meaning of Section 424(f) of the Internal Revenue Code of 1986, as amended. 
  

	2.	 PURPOSE 

The purpose of the Plan is to compensate Eligible Directors for service on the Board of Directors and various committees of the Board, and to
provide an incentive for Eligible Directors to increase their equity holdings in the Company so that the financial interests of the Eligible Directors shall be more closely aligned with the financial interests of the Company’s stockholders.

  

	3.	 SHARES SUBJECT TO THE PLAN 

The shares of Common Stock issuable under the Plan shall be issued pursuant to the Trex Company, Inc. 2014 Stock Incentive Plan. 

 

	4.	 ANNUAL DIRECTOR AND COMMITTEE FEES 

 

	 	4.1	 Annual Director Fee 

Each Eligible Director shall be entitled to an Annual Director Fee, which may be adjusted by the Board from time to time, as follows: 

4.1.1 Cash Portion of the Annual Director Fee. Each Eligible Director shall receive the amount of sixty five thousand dollars ($65,000)
(the “Cash Portion of the Annual Director Fee”). The Cash Portion of the Annual Director Fee (after reduction pursuant to Section 4.3 hereof, if any) shall be paid to an Eligible Director in four equal quarterly installments in
arrears on the first business day following the end of each quarter of the Plan Year in which the Eligible Director provided services to the Company. Notwithstanding the foregoing, (a) any Eligible Director who serves as Chairman of the Board
shall receive the amount of eighty thousand dollars ($80,000) in addition to the $65,000 payment referred to above, and (b) any Eligible Director that serves as Lead Independent Director shall receive the amount of twenty thousand dollars
($20,000) in addition to the $65,000 payment referred to above, with all other provisions of this subsection being applicable to such Eligible Director(s). 

  
 -3- 

 4.1.2 Equity Portion of the Annual Director Fee. Each Eligible Director shall receive
Equity valued at one hundred thousand dollars ($100,000) (the “Equity Portion of the Annual Director Fee”). The Equity Portion of the Annual Director Fee shall be paid in arrears as provided in Section 5 below. 

 

	 	4.2	 Annual Committee Fee 

Each Eligible Director shall be entitled to an Annual Committee Fee, which may be adjusted by the Board from time to time, as follows
(a) seventeen thousand five hundred dollars ($17,500) for the Audit Committee Chairman, (b) eight thousand seven hundred and fifty dollars ($8,750) for each Audit Committee member (other than the Chairman), (c) fifteen thousand
dollars ($15,000) for the Compensation Committee Chairman, (d) seven thousand five hundred dollars ($7,500) for each Compensation Committee member (other than the Chairman), (e) twelve thousand five hundred dollars ($12,500) for the
Nominating/Corporate Governance Committee Chairman, and (f) six thousand two hundred and fifty dollars ($6,250) for each Nominating/Corporate Governance Committee member (other than the Chairman). The Annual Committee Fee shall be paid to an
Eligible Director in four equal quarterly installments in arrears on the first business day following each quarter of the Plan Year in which the Eligible Director served on the applicable committee(s). 

 

	 	4.3	 Election 

Pursuant to Section 6 hereof, an Eligible Director may elect to receive all or a portion of the Cash Portion of the Annual
Director Fee and the Annual Committee Fee in the form of Equity. 
  

	 	4.4	 Proration 

The Cash Portion of the Annual Director Fee, the Equity Portion of the Annual Director Fee and the Annual Committee Fee shall be prorated for
any partial periods served. 
  

	 	4.5	 Initial Grant upon Election to Board 

Upon initial election to the Board (but not subsequent re-elections), each Eligible Director shall
receive Equity valued at fifty five thousand dollars ($55,000). 
  

	 	4.6	 Equity 

4.6.1 Form of Equity. Whenever Equity is to be granted to Eligible Directors hereunder, the Committee shall, prior to such grant,
determine whether such Equity shall be in the form of Options, Restricted Stock, Restricted Stock Units or SARs, or any combination thereof. 

4.6.2 Options and SARs. If Options or SARS are granted, the number of Options or SARs granted shall be determined by dividing the
dollar amount of the grant by the value of each Option or SAR on the Grant Date as determined pursuant to the methodology then 

  
 -4- 

 
in use by the Company’s Finance Department to value Options and SARs granted pursuant to the Trex Company, Inc. 2014 Stock Incentive Plan. The Option Price or SAR Price of Common Stock
covered by each SAR or Option, as the case may be, granted under the Plan shall be the Fair Market Value of such Common Stock on the Grant Date. Each Option or SAR, as the case may be, granted hereunder shall be exercisable in respect of
100 percent (100%) of the number of shares covered by the grant on the date of the grant of such Option or SAR. Any limitation on the exercise of an Option or SAR contained in any Option or SAR Agreement may be rescinded, modified or waived by
the Committee, in its sole discretion, at any time and from time to time after the date of grant of such Option or SAR. The Option or SAR, as the case may be, shall be exercisable, in whole or in part, at any time and from time to time, prior to the
termination of the Option or SAR; provided, that no single exercise of the Option or SAR shall be for less than 100 shares, unless the number of shares purchased is the total number at the time available for purchase under the Option or SAR.
Each Option or SAR, as the case may be, granted under the Plan shall terminate, and all rights to purchase shares of Common Stock thereunder shall cease, upon the expiration of ten years (eleven years if the service of the Participant as a director
of the Company shall terminate due to death in the tenth year of the Option or SAR term) from the date such Option or SAR is granted. Except as otherwise provided in the Option or SAR Agreement, upon the termination of service (a “Service
Termination”) of the Participant as a director of the Company for any reason, the Participant shall have the right, at any time within five years after the date of such Participant’s Service Termination and prior to termination of the
Option or SAR, to exercise any Option or SAR held by such Participant at the date of such Participant’s Service Termination. After the termination of the Option or SAR, the Participant shall have no further right to purchase shares of Common
Stock pursuant to such Option or SAR. 
 4.6.3 Restricted Stock and Restricted Stock Units. If Restricted Stock or Restricted Stock
Units are granted, the number of shares of Restricted Stock or Restricted Stock Units shall be determined by dividing the dollar amount of the grant by the Fair Market Value of a share of Common Stock on the Grant Date. Except as otherwise provided
in the Restricted Stock Agreement or Restricted Stock Unit Agreement, each share of Restricted Stock or each Restricted Stock Unit will vest on the first anniversary of the grant, provided that such Restricted Stock or Restricted Stock Unit has not
been forfeited, as provided below. Except as otherwise provided in the Restricted Stock Agreement or Restricted Stock Unit Agreement, (a) in the event of a Service Termination of a Participant due to death, “permanent and total
disability” (within the meaning of Section 22(e)(3) of the Code), or retirement, any unvested Restricted Stock or Restricted Stock Units held by such Participant shall immediately vest, and (b) in the event of a Service Termination
for any other reason, any unvested Restricted Stock or Restricted Stock Unit held by such Participant shall immediately be deemed forfeited. 
  

	5.	 GRANT DATE 

The date of grant for the Equity Portion of the Annual Director Fee shall be the date of the first regularly scheduled Board of Directors’
Meeting following the end of each Plan Year in which the Eligible Director provided services to the Company, and the date of grant for Equity issued in lieu of the Cash Portion of the Annual Director Fee and the Annual Committee Fee, as provided in
Section 8 hereof, shall be the date such Fees would otherwise be due (each of such dates being referred to as the “Grant Date”). 

  
 -5- 

	6.	 ELECTION TO RECEIVE ADDITIONAL EQUITY 

 

	 	6.1	 Election Form 

A Participant who wishes to receive all or any portion of the Cash Portion of the Annual Director Fee and the Annual Committee Fee in the form
of Equity shall file an Election Form with the Company, in the form and manner prescribed by the Committee. Filing of a completed Election Form will authorize the Company to issue Equity to the Participant in lieu of all or any portion of the Cash
Portion of the Annual Director Fee and the Annual Committee Fee, in accordance with the Participant’s instructions on the Election Form. 
  

	 	6.2	 Time for Filing Election Form 

An Election Form shall be completed and filed by each newly elected Eligible Director within thirty (30) days after the Participant’s
election to the Board, and elections under the Plan made by a newly elected Eligible Director shall apply to the Participant’s Annual Director Fee and Annual Committee Fee for the remainder of the Plan Year and subsequent Plan Years unless and
until a new Election Form is submitted by an Eligible Director to the Corporate Secretary. Notwithstanding the foregoing, a new Election Form may be submitted by each Eligible Director no more than once each Plan Year, and any new election shall not
be effective until the start of the next calendar year. 
  

	7.	 ADMINISTRATION 

 

	 	7.1	 Committee 

The general administration of the Plan and the responsibility for carrying out its provisions shall be placed in the Nominating/Corporate
Governance Committee. 
  

	 	7.2	 Rules for Administration 

Subject to the limitations of the Plan, the Committee may from time to time establish such rules and procedures for the administration and
interpretation of the Plan and the transaction of its business as the Committee may deem necessary or appropriate. The determination of the Committee as to any disputed question relating to the administration and interpretation of the Plan shall be
conclusive. 
  

	 	7.3	 Committee Action 

Any act which the Plan authorizes or requires the Committee to do may be done by a majority of its members. The action of such majority,
expressed from time to time by a vote at a meeting (i) in person, or (ii) by telephone or other means by which all members can hear one another shall have the same effect for all purposes as if assented to by all members of the Committee
at the time in office. The Committee may also act without a meeting by unanimous written consent. 

  
 -6- 

	 	7.4	 Delegation 

The members of the Committee may authorize one or more of their number to execute or deliver any instrument, make any payment or perform any
other act which the Plan authorizes or requires the Committee to do. 
  

	 	7.5	 Services 

The Committee may employ or retain agents to perform such clerical, accounting and other services as it may require in carrying out the
provisions of the Plan. 
  

	 	7.6	 Indemnification 

The Company shall indemnify and save harmless each member of the Committee against all expenses and liabilities arising out of membership on
the Committee, other than expenses and liabilities arising from the such member’s own gross negligence or willful misconduct, as determined by the Board of Directors. 
  

	8.	 AMENDMENT AND TERMINATION 

The Company, by action of the Board of Directors or the Committee, may at any time or from time to time modify or amend any or all of the
provisions of the Plan, or may at any time terminate the Plan. No such action shall adversely affect the accrued rights of any Participant hereunder without the Participant’s consent thereto. 

 

	9.	 GENERAL PROVISIONS 

 

	 	9.1	 Limitation of Rights 

No Participant shall have any right to any payment or benefit hereunder except to the extent provided in the Plan. 

 

	 	9.2	 No Rights as Stockholders 

Nothing contained in this Plan shall be construed as giving any Participant rights as a stockholder of the Company. 

 

	 	9.3	 Rights as a Non-Employee Director 

Nothing contained in this Plan shall be construed as giving any Participant a right to be retained as a
non-employee director of the Company. 

  
 -7- 

	 	9.4	 Assignment, Pledge or Encumbrance 

No assignment, pledge or other encumbrance of any payments or benefits under the Plan shall be permitted or recognized and, to the extent
permitted by law, no such payments or benefits shall be subject to legal process or attachment for the payment of any claim of any person entitled to receive the same, except to the extent such assignment, pledge or other encumbrance is in favor of
the Company to secure a loan or other extension of credit from the Company to the Participant. 
  

	 	9.5	 Binding Provisions 

The provisions of this Plan shall be binding upon each Participant as a consequence of the Participant’s election to participate in the
Plan, upon the Company, upon the Participant’s heirs, executors and administrators and upon the successors and assigns of the Participant and the Company. 
  

	 	9.6	 Notices 

Any election made or notice given by a Participant pursuant to the Plan shall be in writing to the Committee or to such representative thereof
as may be designated by the Committee for such purpose and shall be deemed to have been made or given on the date received by the Committee or its representative. 
  

	 	9.7	 Governing Law 

The validity and interpretation of the Plan and of any of its provisions shall be construed under the laws of the State of Delaware without
giving effect to the choice of law provisions thereof. 
  

	 	9.8	 Withholding 

The Company shall have the right to deduct from the amounts distributable hereunder any federal, state or local taxes required by law to be
withheld with respect to such distributions, and such additional amounts of withholding as are reasonably requested by the Participant. 
  

	 	9.9	 Effective Date 

This Plan shall be effective as of March 12, 1999. The Plan was amended and restated effective May 14, 2002, October 24, 2003,
July 27, 2004, February 10, 2005, July 21, 2005, February 8, 2006, July 20, 2006 and November 12, 2007. The Plan was amended on May 5, 2010, July 20, 2010, July 24, 2012, April 30, 2014,
February 18, 2015, July 27, 2015, October 21, 2015 and October 24, 2018. 

  
 -8-Exhibit 10.1

  

   

  

  
    	
            
              Welbilt, Inc.

              2227 Welbilt Boulevard

              New Port Richey, FL 34655 USA

              T +1.727.375.7010

              www.welbilt.com

            

          	
            

          

  

   

  

  
    October 25, 2018

    

    

    Mr. William C. Johnson

    c/o Welbilt, Inc.

    2227 Welbilt Boulevard

    New Port Richey, Florida  34655

    

    

    Dear Bill:

    

    

    On behalf of the Board of Directors (the “Board”)
        of Welbilt, Inc. (the “Company”), I am pleased to offer you employment with the Company, including the positions of President and Chief
        Executive Officer of the Company as further described in this offer letter (“Offer Letter”).  If you accept this Offer Letter, your first
        day of employment with the Company will be October 29, 2018, or on such other date to which we may mutually agree (“Start Date”).  This
        Offer Letter confirms the material terms of your employment arrangement with the Company as previously discussed with you.

    

    

    Positions and Titles; Reporting Responsibilities

    You will be elected to the positions of President and Chief Executive Officer (“CEO”), and will commence serving as an executive officer of the Company, effective as of the day immediately following the day upon which the Company’s Quarterly Report on Form 10-Q for the period ended September
        30, 2018 is filed with the Securities and Exchange Commission (the “November Effective Date”).  You will serve as CEO-elect from the Start
        Date until the November Effective Date, but will not be an executive officer of the Company during such period.  In addition, you will be appointed as a member of the Company’s Board of Directors (“Director”), effective as of the Start Date, until your successor as a Director is elected and qualified or until your earlier death, resignation or removal from such office.  Your initial
        term as a Director is expected to end at the Company’s 2019 annual meeting of shareholders.  The Company currently expects that you will be re-nominated for service as a Director each year while serving as CEO.  You will not receive any additional
        compensation or benefits for your service as a member of the Board.  During your service as CEO, you will report to the Board and will work primarily at the Company’s office on Welbilt Boulevard in New Port Richey, Florida.  While you are employed
        by the Company, you will devote substantially all of your business time and efforts (i.e., not less than approximately 90% of your business time and efforts)
        to the service of the Company.  Your appointment as a Director and your election as CEO is subject to approval by the Board.

    

    

    Annual Base Salary Rate

    As of the Start Date, your base salary will be $820,000 per year (“Base Salary”), which will be paid to you substantially in accordance with the Company’s normal payroll procedures in U.S. Dollars subject to applicable payroll deductions and tax withholdings. Your Base Salary will to
        subject to potential increase from time-to-time as approved by the Board or an appropriate committee of the Board.

    

    

    Annual Short-Term Incentive Compensation

    Beginning in 2019, for each Company fiscal year during employment, you will be eligible to participate in the Company’s annual short-term incentive
        compensation program (“STIP”) on terms substantially similar as those that apply to other executive officers of the Company.  Your target
        STIP award opportunity will be equal to 110% of your Base Salary (for target achievement of applicable performance goals) and your maximum STIP award opportunity will be equal to 220% of your Base Salary (for maximum achievement of applicable
        performance goals).  There will be no guaranteed payment level for your STIP award.  Target and maximum STIP opportunities will be subject to potential increases from time-to-time as approved by the Board or an appropriate committee of the Board.

    

    

    
      1

      
        

    

    Any STIP awards granted to you will be otherwise subject to the terms and conditions of the applicable plan or program documentation or as otherwise approved
        by the Board or an appropriate committee of the Board for STIP awards.  Each STIP award opportunity grant and payout will be subject to the specific approval of the Board or an appropriate committee of the Board.

    

    

    Annual Long-Term Incentive Compensation

    Beginning in 2019, for each Company fiscal year during employment, you will be eligible to participate in the Company’s annual long-term incentive
        compensation program (“LTIP”) on terms substantially similar as those that apply to other executive officers of the Company.  Your target
        LTIP award opportunity will be equal to 300% of your Base Salary (for 100% vesting of service-based awards and target achievement of applicable performance goals for performance-based awards), valued as reasonably determined by the Board or an
        appropriate committee of the Board at the time of grant of the applicable awards.  There will be no minimum or guaranteed LTIP award opportunity payout.  Target and maximum LTIP award opportunities will be subject to potential increase from
        time-to-time as approved by the Board or an appropriate committee of the Board.

    

    

    Any LTIP awards granted to you will be otherwise subject to the terms and conditions of the applicable plan or program documentation or as otherwise approved
        by the Board or an appropriate committee of the Board for LTIP awards, including performance metrics/goals and performance periods for performance-based awards.  Each LTIP award grant and payout will subject to the specific approval of the Board or
        an appropriate committee of the Board.

    

    

    Employee Benefits; Vacation Allowance

    While you are employed by the Company, you will be eligible to participate, on substantially the same basis as other Company employees, in the Company’s
        health, welfare and other benefits (such as insurance, vacation and other benefits) arrangements and programs in which employees of the Company are generally eligible to participate, in accordance with the terms of such plans, arrangements and
        programs in effect from time-to-time.  Furthermore, you are eligible to take up to four weeks of paid vacation each year.  The Company reserves the right to change, alter or terminate any benefit plan or program in its sole discretion.

    

    

    Perquisites and Personal Benefits

    The Company will provide you perquisites and personal benefits, including those provided in this paragraph, on terms substantially similar to those that apply
        for other executive officers of the Company from time-to-time.  You will receive an annual vehicle allowance of $10,800 paid monthly.  You will be reimbursed by the Company for the reasonable cost of one physical examination per year.  You will be
        reimbursed by the Company for the reasonable cost of your personal income tax preparation and financial planning services for each year ending during the employment arrangement, which reimbursed amount shall not exceed $10,000 in any one year.  You
        will be eligible for reasonable relocation services and benefits substantially consistent with the Company’s relocation policy in effect from time-to-time.  You will benefit from the Company’s annual payment of reasonable life, accidental death and
        dismemberment and long-term disability insurance premiums as provided by the Company from time-to-time.

    

    

    
      2

      
        

    

    Restrictive Covenants

    As an employee of the Company, you will be subject to, and agree to enter into one or more agreements with the Company relating to, standard confidentiality
        and non-disclosure obligations pursuant to the employment arrangement as well as customary non-competition, non-disparagement, non-solicitation and no-hire covenants during the employment arrangement and for a two-year period (or as otherwise
        required in the applicable Company agreement) thereafter.  As such, you will be required, as a condition of your employment with the Company, to promptly sign and abide by the Company’s Agreement Regarding Confidential Information, Intellectual
        Property, Non‐Solicitation of Employees and Non-Compete, a copy of which will be provided to you at the same time as this Offer Letter.  Moreover, this Offer Letter is contingent upon satisfactory completion of all required new hire paperwork and
        processes.

    

    

    Severance Benefits Upon Certain Terminations of Employment; Change of Control

    Until April 1, 2019, by which date the Company currently expects to have adopted and maintain a severance policy or plan applicable to executive officers of
        the Company, the severance provisions in this Offer Letter shall apply to you (the “Severance Provisions”).  If, as of April 1, 2019, such
        a severance policy or plan is not yet in effect, the Severance Provisions shall continue to apply only for an additional three months.

    

    

    Under this Offer Letter, upon a termination of your employment by the Company without Cause or the termination of your employment by you for Good Reason (and
        absent Cause), the Company will pay you:  (1) a cash amount equal in value to two times your Base Salary as in effect on that date; plus (2) a cash amount equal in value to one times your target STIP opportunity for the year in which termination
        occurs (the payments described in (1) and (2), the “Severance Payments”); plus (3) a cash amount equal in value to a pro-rated portion of
        your STIP actually earned for the year in which termination occurs (based on actual performance and calendar days of service for the year in which termination occurs) in settlement of your STIP opportunity for such year (the “Pro-Rata Annual Incentive”).

    

    

    The Severance Payments shall be paid in substantially equal biweekly installments with the Company’s regular payroll over the 24-month period following the
        effective date of termination of employment (provided that the initial and final payments may be a greater or lesser amount so as to conform with the Company’s regular payroll period).  However, any amounts that would be payable prior to the
        effectiveness of the Release (as defined below) shall be delayed until the Release is effective (i.e., following the applicable revocation period). 
        Notwithstanding the foregoing, if, as of the date of your separation from service (1) you are a “specified employee” as determined under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), then any portion of the Severance Payments that is subject to and not exempt from Section 409A that would otherwise be payable with the first six (6) months following such
        separation from service shall be delayed until the first regular payroll date of the Company following the six-month anniversary of your separation from service to the extent required for compliance with Section 409A or (2) you are not a “specified
        employee” as determined under Section 409A or such delay is otherwise not required for compliance with Section 409A, then any portion of the Severance Payments that is subject to and not exempt from Section 409A that would otherwise be payable
        within the first ninety (90) days after your separation from service shall be paid ninety (90) days after your separation from service (and not promptly following the effectiveness of the Release).  The Pro-Rata Annual Incentive shall be paid no
        later than March 15 of the year following the year in which the applicable performance period ends.

    

    

    You will also be eligible to enter into the Company’s current form of Contingent Employment Agreement as previously approved by the Board that in general
        provides for double-trigger benefits and a three-year protection period.

    

    

    
      3

      
        

    

    For purposes of this Offer Letter, “Cause” means
        any of the following:  (a) conviction for, or entry of a plea of guilty or nolo contendere with respect to, any felony or any crime involving an act of moral turpitude; (b) engaging in any intentional act involving fraud or theft; (c) unreasonable
        conduct which is materially detrimental to the reputation, goodwill or business operations of the Company; (d) willful neglect of duties or material breach of duties or intentional misconduct in discharging such duties; (e) continued absence from
        duties without consent after receipt of notification from the Company, other than absence due to legally protected or permitted leave and/or bona fide illness or disability; (f) failure or refusal to comply with the directions of the Board or with
        the policies, standards and regulations of the Company, provided that such directions, policies, standards or regulations do not require illegal action or failure to act as required by applicable law, regulations or licensing standards; (g)
        intentional conduct, actions or performance that materially violates the Company’s policies concerning ethics or employee conduct; (h) failure to execute the Agreement Regarding Confidential Information, Intellectual Property, Non-Solicitation of
        Employees and Non-Competition presented to you in connection with commencement of employment or material breach of any of the restrictive covenants contained in that agreement; or (i) material breach of any term of this Offer Letter.  In all cases,
        the Company must have delivered a notice of termination that specifically identifies such grounds for termination for Cause and, in the case of grounds pursuant to subsections (c) through (i), you shall have failed to cure such circumstances within
        thirty (30) days of receipt of such notice.

    

    

    For purposes of this Offer Letter, “Good Reason”
        means (a) a material diminution in your position or title, or the assignment of duties to you that are materially inconsistent with your positions or titles; (b) a material diminution in your base salary or incentive/bonus opportunities except for
        across-the-board temporary salary reductions of ten percent (10%) or less similarly affecting other employees; (c) a change that would require you to relocate to a primary office that is more than fifty (50) miles from the location of your primary
        office; (d) a material breach by the Company of any of its obligations under this Offer Letter; or (e) any successor to the Company or assignee fails or refuses to assume the Company's obligations under this Offer Letter or assume or replace with a
        materially equivalent substitute any other material compensation or benefit arrangements between you and the Company.  In all cases, no such event shall constitute Good Reason unless:  (1) you give written notice to the Company specifying the
        condition or event relied upon for such termination within ninety (90) days of the initial existence of such event; (2) the Company fails to cure the condition or event constituting Good Reason within thirty (30) days following receipt of your
        notice; and (3) you actually terminate employment within ninety (90) days after the expiration of such cure period.

    

    

    Release

    Your receipt of any severance payments or benefits from the Company is conditioned upon your execution and non-revocation of one or more customary releases of
        claims in favor of the Company and any of its subsidiaries and affiliates, including all claims of age and other discrimination (collectively, the “Release”), at such times and in such format and manners as reasonably requested by the Company.  The Company will provide the Release to you within fifteen (15) days after your separation from service and you must sign the Release
        and provide it to the Company before the end of the consideration period set forth in the Release.

    

    

    Other Executive Compensation or Retirement Plan Participation

    You will be eligible to participate in the Company’s non-qualified deferred compensation plan and qualified retirement plan in effect from time-to-time on
        terms substantially similar to those that apply for other executive officers of the Company

    

    

    
      4

      
        

    

    Expense Reimbursement

    As an employee, you are authorized to incur (and will be reimbursed for) ordinary and necessary non-perquisite reasonable business expenses in the course of
        your duties as President and CEO, including reasonable travel expenses, in accordance with the Company’s reimbursement policy as is in effect from time to time, subject to the Company’s prompt receipt of your invoices, which invoices shall be
        prepared in reasonable detail and in accordance with the Company’s normal practices.  Solely for clarity of compliance with Section 409A, if any reimbursements payable to you are subject to the provisions of Section 409A of the Code, any such
        reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and
        the right to reimbursement will not be subject to liquidation or exchange for another benefit.

    

    

    Repayment of Certain Benefits

    In addition to any terms specifically applicable under the STIP or the Company’s applicable equity compensation plans and related award agreements, you agree
        that should you voluntarily terminate your employment arrangement with the Company for any reason, you will promptly repay all relocation benefits as follows:  (1) 100% if termination occurs prior to the first anniversary of the date of this Offer
        Letter; (2) 50% if termination occurs after the first anniversary of the date of this Offer Letter but prior to the second anniversary of the date of the Offer Letter; and (3) 0% if termination occurs after the second anniversary of the date of
        this Offer Letter.

    

    

    Indemnification

    You will be indemnified for your actions in your service to the Company on substantially the same terms and conditions as apply to other executive officers of
        the Company.

    

    

    Nature of Employment

    Nothing in this Offer Letter will be construed as a guarantee of continuing employment for any specified period.  Notwithstanding anything in this Offer
        Letter to the contrary, you will be an at-will employee of the Company.  As such, either you or the Company may terminate your employment with the Company at any time for any reason whatsoever or no reason at all and with or without advance
        notice.  You will be subject to (or deemed subject to) Company policies applicable to other executive officers of the Company from time-to-time.

    

    

    General

    You are responsible for all federal, state, city or other taxes imposed on compensation and benefits provided pursuant to or otherwise related to the
        employment arrangement.  The Company may withhold from any amounts payable to you under this Offer Letter or otherwise related to the employment arrangement all federal, state, city or other taxes as the Company or its affiliates is required to
        withhold pursuant to any applicable law, regulation or ruling.  Notwithstanding any other provision of this Offer Letter, the Company is not obligated to guarantee any particular tax result for you with respect to any payment or benefit provided to
        you.

    

    

    This Offer Letter, including the at-will nature of the employment relationship between you and the Company, may be modified or terminated only in a writing
        signed by both you and an authorized representative of the Company.

    

    

    To the extent applicable, it is intended that all of the benefits and payments under this Offer Letter satisfy, to the greatest extent possible and to the
        extent applicable, the exemptions from the application of Section 409A provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and this Offer Letter will be construed to the greatest extent possible as consistent with
        those provisions.  If not so exempt, this Offer Letter (and any definitions hereunder) will be construed in a manner that complies with Section 409A, and incorporates by reference all required definitions and payment terms.  For purposes of Section
        409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), your right (if any) to receive any installment payments under this Offer Letter (whether reimbursements or otherwise) will be treated as a right
        to receive a series of separate payments and, accordingly, each installment payment hereunder will at all times be considered a separate and distinct payment.

     

    

    
      5

      
        

    

    This Offer Letter sets forth the complete and exclusive agreement between you and the Company with regard to the matters covered herein and supersedes any
        prior representations or agreements about such matters, whether written or verbal.  This Offer Letter and all questions arising in connection herewith shall be governed by the laws of the State of Florida, with venue in any court of competent
        jurisdiction located in the State of Florida.  You and the Company will each pay your respective legal fees related to this Offer Letter and the employment arrangement.  As required by law, this offer of employment is subject to the satisfactory
        proof of your right to work in the United States.

    

    

    Nothing in this Offer Letter prevents you from providing, without prior notice to the Company, information to governmental authorities regarding possible
        legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations.  Furthermore, no Company policy or individual agreement between the Company and you
        shall prevent you from providing information to government authorities regarding possible legal violations, participating in investigations, testifying in proceedings regarding the Company’s past or future conduct, engaging in any future activities
        protected under the whistleblower statutes administered by any government agency (e.g., EEOC, NLRB, SEC, etc.) or receiving a monetary award from a
        government-administered whistleblower award program for providing information directly to a government agency. The Company nonetheless asserts and does not waive its attorney-client privilege over any information appropriately protected by
        privilege.

    

    

    Please review this Offer Letter carefully and let me know if you have any questions.  If this Offer Letter is acceptable to you, please sign it below.

    

    

    Sincerely,

    

    

    /s/ Cynthia M. Egnotovich

    

    

    Ms. Cynthia M. Egnotovich

    Chairperson of the Board

    Welbilt, Inc.

    

    

    
      6

      
        

    

    I accept this offer to serve as an employee of the Company, including as CEO, as further described in this Offer Letter if and when the Start Date occurs and
        agree to the terms and conditions outlined in this Offer Letter.

    

    

    	
            /s/ William C. Johnson

          	 
	
            Mr. William C. Johnson

          	 
	 	 
	
            October 25, 2018

          	 
	
            Date

          	 

    

    

    

    

    7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]