Document:

Exhibit 10.1

 

PINEAPPLE ENERGY INC.

 

Restricted Stock Unit Award Agreement

(Inducement Grant)

 

Pineapple Energy Inc.
(the “Company”) hereby grants an award of Restricted Stock Units (this “Award”)
to you, the Participant named below. The terms and conditions of this Award are set forth in this Restricted Stock Unit Award Agreement
(Inducement Grant) (this “Agreement”), consisting of this cover page and the Terms and Conditions on
the following pages. This Award is made and granted as a stand-alone award and is not granted under or pursuant to the Company’s
2022 Equity Incentive Plan (as the same may be amended from time to time, the “Plan”). However, for convenience
purposes, unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Restricted
Stock Grant Notice (“Grant Notice”) and the Agreement. This Award is an inducement material to the Participant’s
entry into employment within the meaning of Nasdaq Listing Rule 5635(c)(4). 

 

	Name of Participant:         Eric Ingvaldson
	Number of Restricted Stock Units:  82,278	Grant Date: 	October 11, 2022
	Vesting Schedule:
	
         

        Scheduled Vesting Dates

        October 11, 2023

        October 11, 2024

        October 11, 2025
	
         

        Number of Restricted Stock Units
that Vest 

        1/3

        1/3

        1/3

         

	 	 

By signing below or
otherwise evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions
contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed these documents and that
they set forth the entire agreement between you and the Company regarding this Award of Restricted Stock Units.

 

	ERIC INGVALDSON:	 	PINEAPPLE ENERGY INC.	 
	 	 	 	 	 
	 	 	By:	 	 
	 	 	Title:	 	 

 

    

     

    

 

PINEAPPLE ENERGY INC.

 

Restricted Stock Unit Award Agreement

(Inducement Grant)

 

Terms and Conditions

 

1.            Grant
of Restricted Stock Units. The Company hereby confirms the grant to you, as of the Grant Date and subject to the terms
and conditions in this Agreement, of the number of Restricted Stock Units specified on the cover page of this Agreement (the “Units”).
Each Unit represents the right to receive one Share of the Company’s common stock. This Award is made and granted to you
as an inducement material to you entering into employment with the Company
as its Chief Financial Officer within the meaning of Nasdaq Listing Rule 5635(c)(4). This Award is made and granted
as a stand-alone award, separate and apart from, and outside of, the Plan, and shall not constitute an award granted under or pursuant
to the Plan. Notwithstanding the foregoing, the terms, provisions, conditions and definitions set forth in the Plan shall apply
to the Award (including but not limited to the adjustment provisions contained in Section 12 of the Plan), and the Award shall
be subject to such terms, provisions, conditions and definitions, which are hereby incorporated into this Agreement by reference.
For the avoidance of doubt, the Award shall not be counted for purposes of calculating the aggregate number of Shares that may
be issued or transferred pursuant to Awards under the Plan as set forth in Section 4(a) of the Plan. In the event of any inconsistency
between the Plan and this Agreement, the terms of this Agreement shall control.

 

2.            Restrictions
Applicable to Units. Neither this Award nor the Units subject to this Award may be sold, assigned, transferred, exchanged
or encumbered, voluntarily or involuntarily, other than (i) a transfer upon your death in accordance with your will, by the laws
of descent and distribution or pursuant to a beneficiary designation submitted in accordance with Section 6(d) of the Plan, or
(ii) pursuant to a domestic relations order. Following any such transfer, this Award shall continue to be subject to the same terms
and conditions that were applicable to this Award immediately prior to its transfer. Any attempted transfer in violation of this
Section 2 shall be void and without effect. The Units and your right to receive Shares in settlement of the Units under this
Agreement shall be subject to forfeiture as provided in Section 5 until satisfaction of the vesting conditions set forth in Section
4.

 

3.            No
Shareholder Rights. The Units subject to this Award do not entitle you to any rights of a holder of the Company’s
common stock. You will not have any of the rights of a shareholder of the Company in connection with the grant of Units subject
to this Agreement unless and until Shares are issued to you upon settlement of the Units as provided in Section 6.

 

4.            Vesting
of Units. For purposes of this Agreement, “Vesting Date” means any date, including the Scheduled Vesting Dates
specified in the Vesting Schedule on the cover page of this Agreement, on which Units subject to this Agreement vest as provided
in this Section 4.

 

(a)          Scheduled Vesting. If you remain a Service Provider continuously from the Grant Date specified on the cover page of this
Agreement, then the Units will vest in the amounts and on the Scheduled Vesting Dates specified in the Vesting Schedule.

 

(b)          Accelerated or Continued Vesting. The vesting of outstanding Units will be accelerated or continued under the circumstances
provided below:

 

 

 

	RSU Agreement (Inducement
    Grant)	Page 2

 

    

     

    

 

(1)          Death or Disability. If your Service terminates prior to the final Scheduled Vesting Date due to your death or Disability,
then all of the unvested Units shall vest as of such termination date.

 

(2)          Change in Control. Vesting of the Units may be accelerated during the term of the Award under the circumstances described
in Sections 12(b) and 12(c) of the Plan. If a Change in Control occurs while you continue to be a Service Provider and prior to
the final Scheduled Vesting Date, the following provisions shall apply:

 

(i)          If, within 24 months after a Change of Control (A) described in paragraphs (1) or (2) of Section 2(f) of the Plan or (B) that constitutes
a Corporate Transaction as defined in paragraph (3) of Section 2(f) of the Plan and in connection with which the surviving or acquiring
entity (or its parent entity) has continued, assumed or replaced this Award, you cease to be a Service Provider due to an involuntary
termination for reasons other than Cause, then all unvested Units shall immediately vest in full.

 

(ii)         If this Award is not continued, assumed or replaced in connection with a Change in Control that constitutes a Corporate Transaction,
than all unvested Units shall immediately vest in full upon the occurrence of the Change in Control.

 

(iii)        For purposes of this Section 4(b)(2), this Award will be considered assumed or replaced under the circumstances specified in Section
12(b)(1) of the Plan.

 

5.            Effect
of Termination of Service. Except as otherwise provided in accordance with Section 4(b) above, if you cease to be a Service
Provider, you will forfeit all unvested Units.

 

6.            Settlement
of Units. After any Units vest pursuant to Section 4, the Company shall, as soon as practicable (but no later than the
15th day of the third calendar month following the Vesting Date), cause to be issued and delivered to you (or to your
personal representative or your designated beneficiary or estate in the event of your death, as applicable) one Share in payment
and settlement of each vested Unit. Delivery of the Shares shall be effected by the issuance of a stock certificate to you, by
an appropriate entry in the stock register maintained by the Company’s transfer agent with a notice of issuance provided
to you, or by the electronic delivery of the Shares to a brokerage account you designate, and shall be subject to the tax withholding
provisions of Section 7 and compliance with all applicable legal requirements as provided in Section 16(c) of the Plan, and shall
be in complete satisfaction and settlement of such vested Units.

 

7.            Tax
Consequences and Withholding. No Shares will be delivered to you in settlement of vested Units unless you have made arrangements
acceptable to the Company for payment of any federal, state, local or foreign withholding taxes that may be due as a result of
the delivery of the Shares. You hereby authorize the Company (or any Affiliate) to withhold from payroll or other amounts payable
to you any sums required to satisfy such withholding tax obligations, and otherwise agree to satisfy such obligations in accordance
with the provisions of Section 14 of the Plan. You may elect to satisfy such withholding tax obligations by having the Company
withhold a number of Shares that would otherwise be issued to you in settlement of the Units and that have a fair market value
equal to the amount of such withholding tax obligations by notifying the Company of such election prior to the Vesting Date.

 

8.            Compensation
Recovery Policy. To the extent that this Award and any compensation associated therewith is considered
“incentive-based compensation” within the meaning and subject to the requirements of Section 10D of the Exchange Act,
this Award and any compensation associated therewith shall be subject to potential forfeiture or recovery by the Company in
accordance with any compensation recovery policy adopted by the Board or the Committee in response to the requirements of Section
10D of the Exchange Act and any implementing rules and regulations thereunder adopted by the Securities and Exchange Commission or
any national securities exchange on which the Company’s Shares are then listed.  This Agreement may be unilaterally
amended by the Committee to comply with any such compensation recovery policy.  

 

 

 

	RSU Agreement (Inducement
    Grant)	Page 3

 

    

     

    

 

9.            Notices.
Every notice or other communication relating to this Agreement shall be in writing and shall be mailed to or delivered (including
electronically) to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed
or delivered to the other party as herein provided. Unless and until some other address is so designated, all notices or communications
by you to the Company shall be mailed or delivered to the Company, to the attention of its [____________], at its office at [_____________________________________],
[email address], and all notices or communications by the Company to you may be given to you personally or may be mailed or, if
you are still a Service Provider, emailed to you at the address indicated in the Company's records as your most recent mailing
or email address.

 

10.          Additional
Provisions.

 

(a)       No
Right to Continued Service. This Agreement does not give you a right to continued Service with the Company or any Affiliate,
and the Company or any such Affiliate may terminate your Service at any time and otherwise deal with you without regard to the
effect it may have upon you under this Agreement.

 

(b)       Governing
Plan Document. This Agreement and the Award are subject to all the provisions of the Plan, and to all interpretations, rules
and regulations which may, from time to time, be adopted and promulgated by the Committee pursuant to the Plan. If there is any
conflict between the provisions of this Agreement and the Plan, the provisions of this Agreement will govern.

 

(c)       Governing
Law.  This Agreement, the parties’ performance hereunder, and the relationship between them shall be governed
by, construed, and enforced in accordance with the laws of the State of Minnesota, without giving effect to the choice of law principles
thereof.

 

(d)       Severability.
The provisions of this Agreement shall be severable and if any provision of this Agreement is found by any court to be unenforceable,
in whole or in part, the remainder of this Agreement shall nevertheless be enforceable and binding on the parties. You also agree
that any trier of fact may modify any invalid, overbroad or unenforceable provision of this Agreement so that such provision, as
modified, is valid and enforceable under applicable law.

 

(e)       Binding
Effect. This Agreement will be binding in all respects on your heirs, representatives, successors and assigns, and on the successors
and assigns of the Company.

 

(f)       Section
409A of the Code. The award of Units as provided in this Agreement and any issuance of Shares or payment pursuant to this Agreement
are intended to be exempt from Section 409A of the Code under the short-term deferral exception specified in Treas. Reg. §
1.409A-l(b)(4).

 

(g)       Electronic
Delivery and Acceptance. The Company may deliver any documents related to this Restricted Stock Unit Award by electronic means
and request your acceptance of this Agreement by electronic means. You hereby consent to receive all applicable documentation by
electronic delivery and to participate in the Plan through an on-line (and/or voice activated) system established and maintained
by the Company or the Company’s third-party stock plan administrator.

 

 

 

	RSU Agreement (Inducement
    Grant)	Page 4

 

    

     

    

 

By signing the cover page of this
Agreement or otherwise accepting this Agreement in a manner approved by the Company, you agree to all the terms and conditions
described above and in the Plan document.

 

 

 

	RSU Agreement (Inducement
    Grant)	Page 5EX-10.3

  Exhibit 10.3

   

   

  WORTHINGTON INDUSTRIES, INC.

  AMENDED AND RESTATED 1997 LONG-TERM INCENTIVE PLAN

  RESTRICTED STOCK AWARD AGREEMENT

  10,000 SHARES – STEVEN M. CARAVATI

   

   

  This Restricted Stock Award Agreement (this “Agreement”) is made effective as of June 24, 2022 (the “Grant Date”) by and between Worthington Industries, Inc. (the “Company”) and Steven M. Caravati (the “Participant”).

  Section 1.	Award of Restricted Stock.

  The Company hereby grants the Participant an award of 10,000 restricted common shares of the Company (the “Restricted Stock”).  The Restricted Stock is subject to the terms and conditions described in the Worthington Industries, Inc. Amended and Restated 1997 Long-Term Incentive Plan (the “Plan”) and this Agreement.

  Section 2.	Vesting.

  (a)	General.  Subject to Section 3, the Restricted Stock will vest if both the Time Based Vesting Condition and the Performance Condition are met within the Award Period (as defined below). 

  (b)	Time Based Vesting Condition.  The Time Based Vesting Condition will be met on the third annual anniversary of the Grant Date (June 24, 2025) or if later the date the Performance Condition is met; provided that the Participant has continuously remained an employee of the Company or a subsidiary of the Company (collectively, the “Worthington Companies”) through such date.   

  (c)	Performance Based Vesting Condition.  The Performance Condition will be met if during any 90-consecutive-calendar-day period falling within the Award Period (as defined below), the reported closing price of the Company’s Shares averages $65.00 per Share.  Meeting of the Performance Condition is subject to certification by the Committee that the foregoing performance criteria have been established and the Performance Condition applicable to the Restricted Stock has been met on the date as of which such certification is made.  

  The Restricted Stock will be forfeited if the conditions for vesting set forth in Section 2 or Section 3 are not met by the end of the Award Period.

  	The “Award Period” is the period beginning on the Grant Date and ending on the fifth anniversary of the Grant Date.

   

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  Section 3.	Accelerated Vesting.

  (a)	Death or Disability.  Any unvested Restricted Stock generally is forfeited if the Participant terminates employment due to death or disability as determined by the Committee, but (i) the Committee, in its sole discretion, may cause all or a portion of the Restricted Stock to vest as of the date of termination due to death or disability, as determined by the Committee; and (ii) the Committee shall cause all of the Restricted Stock to vest as of the date of termination due to death or disability, as determined by the Committee, if the Performance Condition has been met, but not the Time Based Vesting Condition.  

  (b)	Change in Control.  If there is a Change in Control and within two years thereafter the Participant’s employment is terminated by the applicable Worthington Company without “cause” or by the Participant “due to an adverse change in the terms of the Participant’s employment” (as those terms are defined in rules adopted by the Committee), any unvested Restricted Stock (to the extent not then forfeited) will become fully vested on the date employment is terminated.  The provisions of this Section 3(b) will apply in lieu of the provisions of Section 10 of the Plan.  For purposes of clarity, no unvested Restricted Stock will vest if the Participant’s termination occurs after the end of the Award Period.  

  (c)	Termination Without Cause.  If the applicable Worthington Company terminates the Participant’s employment without “Cause” after the Performance Condition has been met, but before the Time Based Vesting Condition has been met, the Restricted Stock will fully vest as of the date of such termination of employment. 	“Cause” shall mean the Participant’s (i) willful and continued failure to substantially perform assigned duties; (ii) gross misconduct;  (iii) material breach of any term of any material agreement with the Company or any subsidiary, including this Agreement;  (iv) conviction of (or plea of no contest or nolo contendere to) (A) a felony or (B) a crime other than a felony, which involves a breach of trust or fiduciary duty owned to the Company or any subsidiary; or (v) material violation of the Company’s code of conduct or any other policy of the Company or any subsidiary that applies to the Participant.  

  Section 4.            Restrictions on Transferability.  

  Until the Restricted Stock becomes vested as described in Section 2 or Section 3, the Restricted Stock may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated.  

   

   

  Section 5. 	Rights Before Vesting.  

  	Before the Restricted Stock vests, (a) the Restricted Stock will be held in escrow by the Company; (b) the Participant may exercise full voting rights associated with the Restricted Stock; and (c) the Participant will be entitled to all dividends and other distributions paid with respect to the Restricted Stock, but such dividends and other distributions will be held in escrow by the Company and will be subject to the same restrictions, terms and conditions as the Restricted Stock to which they relate.

   

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  Section 6.	Settlement.

  If the applicable terms and conditions of this Agreement are satisfied, the Restricted Stock will be released from any transfer restrictions or delivered to the Participant with reasonable promptness after all applicable restrictions have lapsed.  Any fractional shares of Restricted Stock will be settled in cash based upon the Fair Market Value of a Common Share on the settlement date.

  The issuance of Shares will be subject to the satisfaction of the Company’s counsel that such issuance will be in compliance with applicable Federal and state securities laws.  Any Shares delivered under the Plan will be subject to such stock-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares are then listed and any applicable Federal or state securities law, and the Committee may cause a legend or legends to be put on any certificates evidencing such Shares to make appropriate reference to such restrictions.

  Section 7.	Withholding.

  The Company is authorized to withhold in respect of the Restricted Stock, the amount of withholding taxes due in respect of vesting of such Restricted Stock and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes.  The Committee may establish procedures for election by the Participant to satisfy such withholding taxes by delivery of, or directing the Company to retain, Shares that would otherwise be deliverable upon vesting of the Restricted Stock.

  Section 8.	Non-Competition.

  In the event that the Participant terminates employment with the Worthington Companies for any reason whatsoever, and within 18 months after the date thereof becomes associated with, employed by, renders services to, or owns any interest in (other than any nonsubstantial interest, as determined by the Committee), any business that is in competition with the Company or any subsidiary of the Company or with any business in which the Company or any subsidiary of the Company has a substantial interest as determined by the Committee, the Committee, in its sole discretion, may require the Participant to return to the Company the economic value of the Restricted Stock which is realized or obtained (measured as of the date on which the Restricted Stock vested) by the Participant at any time during the period beginning on that date which is six months prior to the date of the Participant’s termination of employment with the Worthington Companies.

  Section 9. 	Other Terms and Conditions.  

  	(a)	Beneficiaries.  The Participant may designate a beneficiary to receive any Restricted Stock that is unsettled in the event of the Participant’s death.  If no beneficiary is designated, the Participant’s beneficiary will be the Participant’s surviving spouse and, if there is no surviving spouse, the Participant’s estate.

   

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  (b)	No Guarantee of Employment.  The granting of Restricted Stock will not confer upon the Participant any right to continued employment with any Worthington Company, nor will it interfere in any way with the right of any Worthington Company to terminate the employment of the Participant at any time, with or without cause.

  (c)	Governing Law. This Agreement will be governed by and construed in accordance with the laws (other than laws governing conflicts of laws) of the State of Ohio.

  (d)	Rights and Remedies Cumulative.  All rights and remedies of the Company and of the Participant enumerated in this Agreement will be cumulative and, except as expressly provided otherwise in this Agreement, none will exclude any other rights or remedies allowed at law or in equity, and each of said rights or remedies may be exercised and enforced concurrently.

  (e)	Captions.  The captions contained in this Agreement are included only for convenience of reference and do not define, limit, explain or modify this Agreement or its interpretation, construction or meaning and are in no way to be construed as a part of this Agreement.

  (f)	Severability.  If any provision of this Agreement or the application of any provision hereof to any person or any circumstance will be determined to be invalid or unenforceable, then such determination will not affect any other provision of this Agreement or the application of said provision to any other person or circumstance, all of which other provisions will remain in full force and in effect.

  (g)	Entire Agreement.  This Agreement, together with the Notice of Grant and the Plan, which are incorporated herein by reference, constitutes the entire agreement between the Company and the Participant in respect of the subject matter of this Agreement, and this Agreement supersedes all prior and contemporaneous agreements between the parties hereto in connection with the subject matter of this Agreement.  No officer, director, employee or other servant or agent of the Company, and no servant or agent of the Participant, is authorized to make any representation, warranty or other promise not contained in this Agreement.  No change, termination or attempted waiver of any of the provisions of this Agreement will be binding upon any party hereto unless contained in a writing signed by the party to be charged.

  (h)	Restricted Stock Subject to the Plan.  The Restricted Stock is subject to the terms and conditions described in this Agreement and the Plan, which is incorporated by reference into and made a part of this Agreement.  In the event of a conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan will govern except as specifically provided in this Agreement.  The Committee has the sole responsibility for interpreting the Plan and this Agreement, and the Committee’s determination of the meaning of any provision in the Plan or this Agreement will be binding on the Participant.  Capitalized terms that are not defined in this Agreement have the same meaning as in the Plan.

   

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  (i)	Section 83(b) Election. The Participant may file an election pursuant to Section 83(b) of the Code to be taxed currently on the Fair Market Value of the Restricted Stock (less any purchase price paid for the Restricted Stock).  The election will be made on a form provided by the Company and must be filed with the Internal Revenue Service no later than 30 days after the Grant Date. The Participant must seek the advice of the Participant’s own tax advisors as to the advisability of making such an election, the potential consequences of making such an election, the requirements for making such an election, and the other tax consequences of the Restricted Stock under federal, state, and any other laws, rules and regulations that may be applicable. The Company and its agents have not and are not providing any tax advice to the Participant.

  Section 10. 	Application of Section 280G of the Code.

  If the Company determines that any payment or benefit, including any accelerated vesting, due to the Participant under this Agreement in connection with a Change in Control, when combined with any other payment or benefit due to the Participant from the Company or any other entity in connection with such Change in Control, would be considered a “parachute payment” within the meaning of Section 280G of the Code, the payments and benefits due to the Participant under this Agreement may be reduced by the Company to $1.00 less than the amount that would otherwise be considered a “parachute payment” within the meaning of Section 280G of the Code, in accordance with rules and procedures which may be established by the Committee.

  	IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of the Grant Date set forth above.

  PARTICIPANT					WORTHINGTON INDUSTRIES, INC.

  ______________________________		By: __________________________		

  Signature							Patrick J. Kennedy

   

  Steven M. Caravati					Its:  Vice President – Secretary	

  Printed Name

   

  Dated: ____________________, 2022		Dated: ____________________, 2022

   

   

   

   

  5

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