Document:

Exhibit 10.12

 

EMPLOYMENT AGREEMENT

 

This Agreement is made on the 11th day of
February, 2019, (the “Effective Date”) between Latham Pool Products, Inc. (“Company”) and
Joel Culp (“Employee”). As used in this Agreement, “Company” includes Latham Pool Products, Inc.,
its predecessors, successors, and assigns.

 

WITNESSETH

 

WHEREAS, Company desires to employ Employee
upon the terms and conditions hereinafter stated,

 

WHEREAS, Employee wishes to be employed
by Company upon the terms and conditions contained in this Agreement, and

 

NOW, THEREFORE, in consideration of the mutual
promises and covenants contained herein and intending to be legally bound thereby, Company and Employee agree as follows:

 

		1.	Employment. Company shall employ Employee, and Employee hereby accepts employment by Company, for the period and upon
the terms and conditions contained in this Agreement.

 

		2.	Term. This Agreement will take effect on the Effective Date and shall continue unless sooner terminated as hereinafter
provided (“Term”).

 

		3.	Titles and Duties. During the Term, Employee shall serve as Company’s Chief Marketing Officer (CMO) and shall
use Employee’s skills and render services to the best of Employee’s abilities in contributing to the operations and
success of the Company, all in accordance with the directives of the Company’s Chief Executive Officer (‘‘CEO”)
and any other person designated by the CEO or Board of Directors (the “Board”), to whom Employee will report.

 

		4.	Policies. Except as provided herein, Employee shall be covered by and agrees to comply with all Company policies and
procedures on the same terms as are applicable to other full-time executive employees of Company, and as may be amended from time
to time.

 

		5.	Extent of Services.

 

		a.	Employee shall devote substantially all of Employee’s business time, skills, and attention to the performance of Employee’s
duties hereunder and use Employee’s best efforts in such endeavors.

 

		b.	Employee shall not engage in any business activity that conflicts with Employee’s duties hereunder or with the interests
of the Company, regardless of whether such activity is pursued for gain or profit, although Employee may manage Employee’s
passive personal investments. Subject to paragraph 5.c. below, Employee also may participate in reasonable and customary professional,
educational, welfare, social, and civic activities (e.g., Employee’s volunteer activities with chambers of commerce), as
long as they do not adversely impact the performance of Employee’s duties hereunder or otherwise conflict with the interests
of the Company.

 

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		c.	Employee shall not participate in any expert networks or serve on any for-profit boards without the prior approval of the Board
or CEO.

 

		6.	Compensation.

 

		a.	Base Compensation. For all services rendered under this Agreement, Company shall pay Employee an initial base salary
of $315,000 per year (“Base Compensation”), subject to applicable withholdings and deductions, and payable in regular
installments in accordance with Company’s generally applicable payroll practices. During the Term of this Agreement, the
CEO or Board may, in his, her or its sole discretion, increase, but not decrease, Employee’s Base Compensation, except for
across the board reductions affecting all or substantially all executives of the Company.

 

		b.	Bonuses. During the Term, Employee is entitled to participate in the Management Incentive Bonus (MIB) program, as in
effect and established from time to time by the Board or CEO.

 

		7.	Benefits.

 

		a.	Health and Welfare Benefits. Except as otherwise provided for in this Agreement, Employee shall be eligible to participate
in all Company employee benefits policies and plans in effect from time to time, on the same terms and conditions applicable to
other full-time executive employees of Company, and in accordance with the telms of those policies and plans. Nothing in this Agreement
shall restrict Company from adding, discontinuing, amending or modifying any policies or benefit plans, provided such changes do
not conflict with the terms of this Agreement.

 

		b.	Paid Time Off. Employee will be eligible for a maximum of four weeks of paid vacation for each twelve-month period worked,
provided that in no event may a vacation be taken at a time when to do so could, in the reasonable judgment of the Board, adversely
affect the business of the Company.

 

		c.	Professional Expenses. Company will reimburse Employee for reasonable expenses (including but not limited to, reasonable
business-related travel and entertaining) incurred by Employee in connection with the performance of Employee’s duties under
this Agreement, subject to Company’s policies and, to the extent applicable, the Board’s approved annual budget.

 

		d.	Automobile Allowance. Employee will receive a monthly automobile allowance of $700 for Employee to drive the automobile
of Employee’s choice. This allowance is taxable and subject to applicable withholdings
and deductions.

 

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		8.	Performance Review. The CEO may review Employee’s performance annually in accordance with the applicable performance
evaluation process.

 

		9	Confidentiality. In the course of performing Employee’s duties and responsibilities as a Company employee, Employee
has had and will have access to and be entrusted with detailed confidential and proprietary information and trade secrets (“Confidential
Information”), the disclosure of any of which or the use of same by Employee would be highly detrimental to Company’s
interests. By way of illustration, Confidential Information may include information or material which has not been made generally
available to the public, such as: (a) corporate information, including plans, strategies, methods, policies, resolutions, negotiations
or litigation; (b) marketing information, including strategies, methods, customer identities or other information about customers,
prospect identities or other information about prospects, or market analyses or projections; (c) financial information, including
cost and performance data, debt arrangements, equity structure, investors and holdings, purchasing and sales data and price lists;
and (d) operational and technological information, including plans, specifications, manuals, forms, templates, software, designs,
methods, procedures, formulas, discoveries, inventions, improvements, concepts and ideas; and (e) personnel information, including
personnel lists, reporting or organizational structure, resumes, personnel data, performance evaluations and termination arrangements
or documents. Confidential Information also includes information received in confidence by the Company from its respective customers
or suppliers or other third parties. Unless otherwise agreed in writing by Employee and Company, Employee hereby agrees that during
and after the termination of Employee’s employment with Company, Employee will not, directly or indirectly, disclose to any
person outside of Company or in any way make use of (other than for Company’s benefit), in any manner, any of Company’s
Confidential Information or other proprietary information or trade secrets or otherwise infringe upon Company’s proprietary
rights unless such disclosure is made by Employee in furtherance of Company’s interests and Employee’s responsibilities
under this Agreement.

 

Notwithstanding the foregoing, Employee shall not
be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of Confidential Information
or other proprietary information or trade secrets that (a) is made (i) in confidence to a Federal, State, or local government official,
either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation
of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.
If Employee files a lawsuit for retaliation by Company for reporting a suspected violation of law, Employee may disclose the Confidential
Information or other proprietary information or trade secrets to Employee’s attorney and use such in the court proceeding,
if Employee (a) files any docunlent containing Confidential Information or other proprietary information or trade secrets under
seal; and (b) does not disclose the Confidential Information or other proprietary information or trade secrets, except pursuant
to court order. In the event of any such disclosure by Employee, Employee shall notify the Company and provide a copy of such disclosure.

 

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For purposes of this Section 9, all references to
the Company shall include all of its affiliates.

 

		10.	Termination by Company.

 

		a.	Termination for Cause. Company may immediately terminate Employee’s employment hereunder for “Cause”.
For purposes of this Agreement, “Cause” includes, but is not limited to: (a) Employee’s breach of this Agreement
or Company policy; (b) Employee’s material failure or refusal to perform Employee’s duties as a Company employee (including,
without limitation, Employee’s material failure to follow the lawful direction of the CEO or Board or Employee’s gross
negligence, willful misconduct, chronic absenteeism, or habitual neglect in the performance of such duties; (c) Employee’s
conviction or entry of a nolo contender plea to a felony, a crime of moral turpitude, dishonesty, breach of trust or unethical
business conduct, or any other crime which materially affects Company’s or any of its affiliate’s business; (d) Employee’s
indictment for a crime (other than a minor traffic violation or misdemeanor) or any offense involving moral turpitude, when the
CEO or Board in his, her or its reasonable discretion determines that Employee can no longer satisfactorily perform the duties
of Employee’s job or that Employee’s continuing service would materially have an adverse effect on the business interests
or reputation of Company or any of its affiliates; (e) Employee’s commission of any act of fraud, embezzlement, misappropriation,
dishonesty, theft, or insubordination; (t) Employee’s illegal use of drugs in the workplace; and (g) Employee’s failure
to honor Employee’s fiduciary duties to Company, including the duty to act in the best interests of Company. Cause will not
be deemed to exist under (a), (b) and (g) of this paragraph unless and until Company provides Employee written notice of the reason
and a 30-day opp01tunity to cure and Employee fails to cure.

 

		b.	Termination Without Cause. If, during the Term, Company terminates Employee’s employment for any reason other
than Cause, Employee’s disability, or following Employee’s notice of resignation, then such termination shall be deemed
 “without Cause.”

 

		11.	Termination by Employee.

 

		a.	Termination by Employee for Good Reason. Employee may terminate Employee’s employment hereunder for “Good
Reason”. Resignation by Employee shall be for “Good Reason” where, unless otherwise consented to in writing by
Employee, Company causes:

 

		(i)	a material decrease in Employee’s Base Compensation, except for across the board reductions affecting all or substantially
all executives of the Company; or

 

		(ii)	the relocation by the Company of the Employee’s principal place of business for the performance of his duties to a location
that is more than fifty (50) mile radius from its current location.

 

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Employee will not be deemed to
have experienced a material diminution in authority, duties or responsibilities where the sole change is the Company becoming a
subsidiary of another entity.

 

Notwithstanding the foregoing,
Good Reason will not exist unless: (i) Employee provides Company written notice of the existence of Good Reason within ninety (90)
days of its initial existence; (ii) Company has a thirty (30) day opportunity to remedy the Good Reason condition and does not
so remedy the condition; and (iii) Employee separates from service within thirty (30) days after the cure period described in clause
(ii).

 

		b.	Termination by Employee With Written Notice. Employee may terminate Employee’s employment hereunder by notifying
Company of Employee’s resignation no less than sixty (60) days prior to the effective date of the resignation (“Adequate
Notice”). Company may, at its option, terminate Employee’s employment at any time during such notice period and such
termination will not be considered a termination without Cause.

 

		12.	Death or Disability. If, during the Telm, Employee becomes disabled such that he is not able to effectively discharge
Employee’s duties under this Agreement, with or without reasonable accommodation, for six (6) months in any twelve (12) month
period, this Agreement shall terminate and Employee’s employment hereunder will terminate as of the end of the calendar month
in which Company, in its sole and exclusive discretion, makes this determination. If the Employee dies the Employee’s heirs,
beneficiaries, successors, or assigns shall not be entitled to any of the compensation or benefits to which Employee is entitled
under this Agreement, except: (a) to the extent specifically provided in this Employment Agreement (b) to the extent required by
law; or (c) to the extent that such benefit plans or policies under which Employee is covered provide a benefit to the Employee’s
heirs, beneficiaries, successors, or assigns.

 

		13.	Consequences of Separation From Service.

 

		a.	If, during the Term, Employee’s employment is terminated by the Company without Cause pursuant to Paragraph 10.b. or
Employee resigns for Good Reason (as defined in Paragraph 11.a), Company will pay Employee (i) any earned but unpaid Base Compensation
through the last day of employment; (ii) for any accrued but unused vacation days; (iii) for continuation of health coverage through
COBRA at a pro-rata cost share determined at the time of separation from service; (iv) any other vested benefits to which Employee
is entitled, in accordance with the terms of the applicable plans; and (v) nine (9) months of Employee’s annual Base Compensation.
Notwithstanding the foregoing, if the severance payment and any other benefits payable under this Agreement, either apart from
or together with other payments to Employee from Company or its affiliates, would constitute a “parachute payment”
(as defined in Section 280G of the Internal Revenue Code), such severance payment shall be reduced to the largest amount as will
result in no portion of the severance payment under this paragraph being subject to the excise tax imposed by Section 4999 of the
Internal Revenue Code.

 

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		b.	If, during the Term of this Agreement, Employee’s employment hereunder is terminated for Cause (as defined herein), due
to Employee’s disability or death or Employee terminates Employee’s employment other than for Good Reason (as defined
herein), Company will pay Employee (or in the case of death, the Employee’s heirs or personal representatives): (i) any earned
and unpaid Base Compensation through the last day of employment; (ii) any paid time off to which Employee is entitled under Company
policy; and (iii) any other vested benefits to which Employee is entitled, in accordance with the terms of the applicable plans.
Company shall have no obligation to make any further payments (salary, incentive compensation or otherwise) or provide any further
benefits to Employee except as otherwise provided for herein or under the applicable terms of such benefit plans.

 

		c.	If Employee resigns without Adequate Notice and Company terminates Employee’s employment during the notice period such
termination will not be considered a termination without Cause and Company will be under no obligation to continue to pay Employee
Employee’s Base Compensation or pay for Employee’s continued participation in Company group health plans.

 

		d.	The foregoing payments are subject to applicable withholdings and deductions, and in accordance with Company’s generally
applicable payroll practices. Payment of the benefits provided for in paragraph 13(a)(v) (to the extent not vested by statute or
the terms thereof on the business day prior to the Employee’s separation from service date) are contingent upon Employee’s
execution of a separation agreement and general release of any and all claims against Company, in a form acceptable to Company,
within sixty (60) days following Employee’s separation from service date and such agreement and release not having been revoked
by Employee pursuant to any revocation rights afforded by applicable law. Provided these contingencies are satisfied, Company will
pay the amount provided for in paragraph 13(a)(v) ratably over a twelve (12) month period in accordance with the Company’s
regular compensation payment practices beginning after Company receives the executed separation agreement and general release.

 

		e.	Company shall have no obligation to make any further payments (salary, bonus or otherwise) or provide any further benefits
to Employee except as otherwise provided under the applicable terms of this Agreement or such benefit plans.

 

		f.	Company intends for the foregoing payments either to satisfy the requirements of Section 409A of the Internal Revenue Code,
and all applicable guidance promulgated thereunder (together, “Section 409A”) or to be exempt from the application
of Section 409A, and Agreement shall be construed and interpreted accordingly. To the extent that any provision in this Agreement
is ambiguous as to its compliance with Section 409A, or to the extent any provision in this Agreement must be modified to comply
with Section 409A, such provision shall be read, or shall be modified, as the case may be, in such a manner so that no payment
due to the Employee shall be subject to an “additional tax” within the meaning of Section 409A(a)(l)(B). If necessary
to comply with the restriction in Section 409A(a)(2)(B) of the Code concerning payments
to “specified employees,” any payment on account of the Executive’s separation from service that would otherwise
be due hereunder within six (6) months after such separation shall be delayed until the first business day of the seventh month
following the Termination Date and the first such payment shall include the cumulative amount of any payments (without interest)
that would have been paid prior to such date if not for such restriction. Each payment in a series of payments hereunder shall
be deemed to be a separate payment for purposes of Section 409A. To the extent required to avoid an accelerated or additional tax
under Section 409A, amounts reimbursable to the Employee under this Agreement shall be paid to the Employee on or before the last
day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and
in-kind benefits provided to the Employee) during any one year may not affect amounts reimbursable or provided in any subsequent
year. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the
Employee by Section 409A or damages for failing to comply with Section 409A.

 

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		14.	Inventions and Patents. The Employee acknowledges that all inventions, innovations, improvements, developments, methods,
designs, analyses, drawings, reports, and all similar or related information (whether or not patentable) which relate to the actual
or reasonably anticipated business, research and development or existing or future products or services of the Company and its
affiliates and which are conceived, developed or made by the Employee while employed (“Work Product”) belong to the
Company. The Employee shall promptly disclose such Work Product to the Board and, at the Company’s expense, perform all actions
reasonably requested by the Board (whether during or after Employee’s employment) to establish and confirm such ownership
(including executing any assignments, consents, powers of attorney and other instruments).

 

		15.	Noncompetition.

 

		a.	Employee acknowledges and agrees that the Company is engaged in a highly specialized and competitive business and that by virtue
of Employee’s position, and the Company’s confidential information that the Employee has or will receive, the Employee’s
engaging in business which is in competition with the Company will cause the Company great and irreparable harm.

 

		b.	Employee further acknowledges that the Company has invested and/or will invest substantial time, effort and finances into helping
Employee develop Employee’s relationships with the Company’s customers.

 

		c.	Consequently, Employee covenants and agrees that during Employee’s employment and for a two (2) year period after Employee’s
employment with the Company ends, whether voluntarily or involuntarily, Employee will not either directly or indirectly, individually
or through any person, firm, corporation or other entity, whether as owner, partner, investor, operator, manager, officer, director,
consultant, agent, employee, co-venturer, advisor, representative or otherwise, engage, participate, assist or invest or actively
prepare to engage, participate, assist or invest in the pool industry, or any other industries in which the Company has done business during Employee’s
employment with the Company or which the Company was actively considering during such period. All references to the Company in
this Paragraph 15 include the affiliates of the Company. The restrictions set forth in this Paragraph 15 shall apply to any conduct
in North America and any other geographical area in which the Company operates or provides services or is actively preparing to
operate or provide services as of the last date of Employee’s employment.

 

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		16.	Non-solicitation.

 

		a.	Employee acknowledges and agrees that during the course of Employee’s employment by the Company, Employee will have access
to, come into contact with and become aware of some, most or all of the Company’s Confidential Information, and information
pertaining to customers, past, present and prospective, as well as the specific contact information for key personnel at the Company’s
customers. Employee further acknowledges and agrees that the disclosure of such Confidential Information, or customer information,
absent the Company’s consent, will cause the Company great and irreparable harm.

 

		b.	Employee covenants and agrees that during Employee’s employment and for a two (2) year period after Employee’s
employment with the Company ends, whether voluntarily or involuntarily, Employee will not, either directly or indirectly, solicit,
attempt to solicit, or accept business nor will Employee assist any other entity, either directly or indirectly, in soliciting
or attempting to solicit, or accept business from any customers of the Company, whether an individual or entity, with whom Employee,
Company or any employee of the Company, had contact or dealings with on behalf of the Company, at any time during the five (5)
year period preceding the termination of Employee’s employment. Employee further covenants and agrees that for a period of
two (2) years from the end of Employee’s employment relationship with the Company, whether voluntary or involuntary, Employee
will not directly or indirectly, either individually or through any person, firm, corporation or other entity, solicit or attempt
to solicit, offer employment to or hire in any capacity, or entice away or in any other manner persuade or attempt to persuade
any officer, director, agent, representative or employee of the Company to leave his/her employment with the Company.

 

		c.	Employee covenants and agrees that during Employee’s employment and for a two (2) year period after Employee’s
employment with the Company ends, whether voluntarily or involuntarily, Employee will not make any oral or written statements or
publications with respect to the Company that disparages or denigrates the Company.

 

		d.	All references to the Company in this Paragraph 16 include the affiliates of the Company.

 

		17.	Enforcement of Certain Provisions.

 

		a.	Employee acknowledges and agrees that any violation of Paragraphs 9, 15 and 16, including divulgence of confidential information as
well as information about the Company’s equipment or processes, to unauthorized persons is sufficient reason for immediate
dismissal, which would constitute termination for Cause.

 

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		b.	Employee acknowledges and agrees that Employee’s breach of Paragraphs 9, 15 or 16 will result in material, irreparable
injury to the Company for which any remedy at law will not be adequate. Moreover, it will not be possible to measure damages for
such injuries precisely and, in the event of such a breach or threat of breach, the Company shall be entitled to obtain a temporary
restraining order and/or a preliminary or permanent injunction restraining Employee from engaging in activities prohibited by this
Agreement without the need to post a bond, together with such other relief as may be required to enforce specifically any of the
terms of this Agreement. Employee consents to such temporary, preliminary or permanent injunctive relief. Nothing in this Agreement
shall be construed as prohibiting the Company from pursuing any other available remedies for breach or threatened breach of this
Agreement, including recovery of damages, costs, and attorney’s fees. Nothing in Paragraph 24, Arbitration, precludes Company
from seeking relief from a court of competent jurisdiction as necessary pursuant to the terms of this Paragraph.

 

		c.	If the Company is required to enforce any of its rights under Paragraphs 9, 15 or 16 through legal proceedings, the Employee
shall reimburse the Company for all reasonable costs, expenses and counsel fees incurred by the Company in connection with the
enforcement of its rights under this Agreement.

 

		d.	Employee acknowledges and agrees that the restrictions contained in Paragraphs 9, 15 and 16 are reasonable in scope and Employee
will not raise any issue regarding the reasonableness of Paragraphs 9, 15 and 16 as a defense in any proceeding to enforce Paragraphs
9, 15 and 16 of the Agreement.

 

		e.	If one or more provisions of Paragraphs 9, 15 and 16 of this Agreement are determined by a court of competent jurisdiction
to be invalid, illegal or unenforceable, Employee acknowledges and agrees the validity, legality, and enforcement of the remaining
provisions of Paragraphs 9, 15 and 16 of the Agreement shall not in any way be affected or impaired. Furthermore, if a court of
competent jurisdiction determines that any of the restrictions contained in Paragraphs 9, 15 and 16 of this Agreement are not reasonable,
the Company and Employee agree that the court may modify such provisions as the court deems reasonable.

 

		f.	Employee acknowledges and agrees that for a period of two years from Employee’s separation of employment from the Company,
Employee will: (i) before accepting an offer of employment, inform such employers of the provisions set forth in Paragraphs 9,
15, 16, and 17 of this Agreement; and (ii) within two (2) business days of accepting an offer of employment with another employer,
notify the Company of the name and address of the new employer and the title of the position accepted.

 

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		g.	Employee acknowledges and agrees that the restrictions set forth in Paragraphs 9, 15 and 16 (i) are intended to protect the
interest of the Company in its Confidential Information, goodwill and established employee, customer, supplier, consultant and
vendor relationships, and agrees that such restrictions are reasonable and appropriate for this purpose; (ii) are an essential
inducement to the Company to enter into this Agreement; (iii) shall not impose an undue hardship on Employee and Employee’s
ability to earn a livelihood; and (iv) shall not supersede or be superseded by, and shall be read in conjunction with, any non-solicitation,
non-competition and confidentiality agreement or other restrictive covenants entered into between the parties to effect the greatest
restriction.

 

		18.	Notices. Any notice required or desired to be given under this Agreement shall be deemed given by personal delivery,
overnight courier, or by certified or registered mail, postage prepaid, return receipt requested to the addresses set forth below.
Notice shall be deemed given immediately if delivered in person or within three days after mailing by certified mail to the following
addresses:

 

	Joel Culp	 	Latham Pool Products, Inc.
		 	Attn: Melissa Feck
		 	787 Watervliet Shaker Rd
	 	 	Latham, NY 12110

 

With a copy to Latham Investment Holdings, LP

c/o Pamplona Capital Management LLC

375 Park Avenue

17th Floor

New York, NY 10152

 

Any party may alter the address to which communications
or copies are to be sent by giving notice of such change of address in conformity with the provisions of this paragraph for the
giving of notice.

 

		19.	Assignment. Employee acknowledges that Employee’s services are unique and personal and that Employee therefore
may not assign or delegate Employee’s rights or duties under this Agreement. This Agreement shall inure to the benefit of
and be binding on Company, its successors and assigns, including, without limitation, any entity which is or may become affiliated
with or related to Company.

 

		20.	Waiver. Failure to insist upon strict compliance with any term or condition of this Agreement shall not be deemed a
waiver of such telm or condition. The waiver of a breach of any term or condition of this Agreement by any party shall not be deemed
to constitute the waiver of any other breach of the same or any other term of condition.

 

		21.	Entire Agreement. This Agreement constitutes the entire agreement of the parties relating to the subject matter hereof,
and the parties hereto have made no agreements, representations, or warranties relating to the subject matter of this Agreement
that are not set forth herein; this Agreement supersedes the terms
of all other employment or similar agreements entered into by Company or its affiliates and Employee. No modification of this Agreement
shall be valid unless made in writing and signed by the parties hereto. Paragraph headings are for convenience only, and are neither
a part of this Agreement nor a limitation of the scope of the particular paragraphs to which they refer. This Agreement has no
effect on any other agreements already in place between Company and Employee regarding stock options or ownership shares in the
Company.

 

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		22.	Governing Law. This Agreement shall be construed
in accordance with the laws of the State of New York, without reference to conflict of law principles thereof.

 

		23.	Severability. The provisions of this Agreement
are severable, and if any provision(s) or any part of any provision(s) is held to be illegal, void or invalid under applicable
law, such provision(s) may be changed to the extent reasonably necessary to make the provision(s), as so changed, legal, valid
and binding, and to reflect the original intentions of the parties as nearly as possible in accordance with applicable law. This
Agreement shall be construed according to its fair meaning and not strictly for or against either party.

 

		24.	Arbitration. With the exception of disputes subject to Paragraph 17(b) above, any dispute between the parties arising
out of or related to this Agreement shall be conducted pursuant to the Employment Arbitration Rules of the American Arbitration
Association. All arbitration shall be governed by the Federal Arbitration Act and the arbitration decision shall be enforceable
in the courts in the State of New York. This obligation to arbitrate shall survive even if this Agreement shall be alleged to be
rescinded or terminated. The arbitration heating shall be convened in Albany, New York and shall take place within six months from
the service of the statement of claim unless the hearing cannot fairly and practically be so convened. Depositions may only be
taken by mutual agreement of the parties. The parties shall be entitled to engage in document discovery.

 

		25.	Survival. All provisions of this Agreement that are intended to survive its termination, including but not limited to
Paragraphs 9, 15, 16 and 17, shall so survive.

 

		26.	Execution in Counterparts. This Agreement may
be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature
appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when
one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon
as signatories.

 

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IN WITNESS WHEREOF, the parties have executed this Agreement
as of the day and year first above written.

 

	 	Latham Pool Products, Inc.
	 	 	 
	 	By:	/s/
    Scott M. Rajeski
	 	 	Name: Scott Rajeski
	 	 	Title: CEO

 

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IN WITNESS WHEREOF, the parties have executed this Agreement
as of the day and year first above written.

 

	 	Joel Culp
	 	 	 
	 	By:	/s/ Joel Culp

 

    13Exhibit 10.13

 

 

 

Latham Pool Products, Inc. | 2020 Management
Incentive Bonus (MIB) Plan

 

Management by Objective (MBO) Individual Goals &
Objectives:

 

	1.	Annually, new MBOs are established by the employee and his/her manager, subject to approval by the employee’s Senior
Leadership Team member and the President & CEO.
	2.	MBOs should correlate to the employee’s supervisor’s MBOs, the SLT member and ultimately Latham’s annual
Goals & Objectives for the Company.
	3.	Quarterly, at a minimum, plan participants are generally required to submit MBO updates within two (2) weeks of the preceding
quarter end to his/her manager. At year end, final results are to be submitted through this same process, which will go through
an Executive review prior to final submission/approval by the President & CEO and the Board of Directors. This process
generally occurs in mid-first quarter after the prior year closing and annual audit conclusion.

 

Program Criteria and Incentive Plan Rules:

 

		1.	100% payout for achieving 100.0% of EBITDA budget.
		2.	Plan is capped at 200% of target.
		3.	No bonus payout (including MBO achievement) unless a minimum 93% of EBITDA target is achieved.
		4.	This Plan is in effect for calendar year 2020. EBITDA is based on the full year corporate results.
		5.	Overall job performance must be at satisfactory level or above for payout consideration.
		6.	A discretionary amount may be provided for outstanding performance or special project(s) completion and a reduction may
occur for weak MBO achievement.
		7.	Bonus payouts are in gross dollars and subject to incentive payment taxation through payroll according to the appropriate federal,
state, local and provincial withholding taxes.
		8.	New employees in positions deemed eligible for the MIB plan are generally eligible at the beginning of the plan year after
the date of hire. Management reserves the right to permit plan participation sooner with a payout percentage generally at a pro-rated
amount for the percentage of time worked from the date of hire to the end of the plan year. President & CEO, CFO and CHRO
approval is required in these instances.
		9.	This incentive plan document is not an employment contract, express or implied, and does not alter the at-will relationship
between Latham Pool Products and the employee. This plan document does not create legally binding rights to continuing employment
or to employment terms/conditions.
		10.	Must be an active employee when any eligible bonus payment is made, which is scheduled to occur by March 15, 2021. Employee
must have continuous service for the 12-month incentive plan period in order to be fully eligible for Plan. If there is a break
in service (termination and rehire in the same calendar year), the payout will reflect a pro-rated amount based on length of service
in the calendar year.
		11.	Employees with a fully executed Employee Agreement on file are eligible for the incentive plan. Employees who do not have an
executed agreement on file will forfeit (1) all future incentive plan payments, and (2) future base salary increases.
		12.	In the event of termination from the company due to cause, the employee forfeits any rights to all compensation.
		13.	The company reserves the right to modify, suspend or cancel the incentive compensation plan due to business conditions at any
time it sees fit.
		14.	The EBITDA and MBO weightings by employee level are on a separate exhibit and no employee has a right to see the exhibit except
with respect to such employee’s own amount.

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