Document:

EX-10.6

 Exhibit 10.6 

EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT (this “Agreement”), dated as of October 23, 2018 (the “Effective
Date”), by and among Traeger Pellet Grills LLC, a Delaware limited liability company (the “Company”) and Stephen P. Woodside (the “Executive”) (each of the Executive and the Company, a
“Party,” and collectively, the “Parties”) and, solely for purposes of Section 2.2, TGP Holdings LP, a Delaware limited partnership and an indirect parent company of the Company (“Parent”). 

WHEREAS, as of the Effective Date, the Company desires to employ the Executive as the Chief Supply Chain Officer
(“CSCO”) of the Company and wishes to acquire and be assured of the Executive’s services on the terms and conditions hereinafter set forth; and 

WHEREAS, the Executive desires to be employed by the Company as the Company’s CSCO, and to perform and to serve the
Company on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the mutual covenants
contained herein and other valid consideration, the sufficiency of which is acknowledged, the Parties hereto agree as follows: 

Section 1.        Employment. 

1.1.    At Will Employment. Subject to Section 3 hereof, the Company agrees to employ the
Executive, and the Executive agrees to be employed by the Company, in each case pursuant to this Agreement, for a period commencing on the November 5, 2018 (the “Start Date”) and ending upon the resignation or termination of Executive
from his position at the Company. Executive understands and acknowledges that the Company is an at-will employer is an at-will employer, and as such, Company may,
without notice and with, or without cause terminate Executive’s employment, subject to Section 3 below. The Executive’s period of employment pursuant to this Agreement shall hereinafter be referred to as the “Employment
Period.” 
 1.2.    Duties. During the Employment Period, the Executive shall serve as
the Company’s CSCO having the responsibilities set forth in Exhibit B to this Agreement, and in such other positions as an officer or director of the Company and such affiliates of the Company as the Executive and the Company shall mutually
agree from time to time, and shall report directly to Jeremy Andrus, the Chief Executive Officer of the Company (“CEO”). In the Executive’s position as CSCO, the Executive shall perform such duties, functions and responsibilities
during the Employment Period as are commensurate with such position, as reasonably and lawfully directed by the CEO. The Executive’s principal place of employment shall be the Company’s headquarters in Salt Lake City, UT, USA. 

1.3.     Exclusivity. During the Employment Period, the Executive shall devote substantially all
of the Executive’s business time and attention to the business and affairs of the Company, shall faithfully serve the Company, and shall conform to and comply with the lawful and reasonable directions and instructions given to the Executive by
the CEO, consistent with Section 1.2 hereof. During the Employment Period, the Executive shall use the Executive’s best efforts to promote and serve the interests of the Company and shall not engage in any other

 
business activity, whether or not such activity shall be engaged in for pecuniary profit; provided that the Executive may (a) serve any civic, charitable, educational or professional
organization, (b) serve on the board of directors of for-profit business enterprises, provided that such service is approved by the Board of Directors of TGP Holdings GP Corp, the general partner of
Parent (the “Board”) and (c) manage the Executive’s personal investments, in each case so long as any such activities do not alone or in the aggregate (X) violate the terms of this Agreement (including Section 4)
or (Y) interfere with the Executive’s duties and responsibilities to the Company. 

Section 2.        Compensation. 

2.1.    Salary. As compensation for the performance of the Executive’s services hereunder,
during the Employment Period, the Company shall pay or cause to be paid to the Executive a salary at an annual rate of $365,000.00, payable in accordance with the Company’s standard payroll policies (the “Base Salary”). The
Base Salary will be reviewed annually and may be adjusted upward (but not downward) by the Board (or a committee thereof) in its discretion. 

2.2.    Equity. Within 45 days following the Effective Date, Parent shall grant to the Executive
an equity incentive award in the form of “profits interests” in Parent (the “Management Unit Grant”). The terms and conditions of the Management Unit Grant will be set forth in an award agreement (the “Management
Unit Grant Agreement”) and other documentation that will be delivered to the Executive under separate cover. The Executive shall receive 3,644.29 management incentive units. 

2.3.    Signing Bonus. The Company shall pay Executive a signing bonus of $100,000.00, which will
be paid in the pay period immediately following the Executive’s first full day of employment. In the event that the Executive resigns from his position prior to twelve months from the Start Date, the Executive shall be required to repay the
entire amount of the signing bonus back to the Company. 
 2.4.    Employee Benefits. During the
Employment Period, the Executive (and, to the extent eligible, the Executive’s dependents and beneficiaries) shall be eligible to participate in such health and other group insurance and other employee benefit plans and programs of the Company
as in effect from time to time on the same basis as other senior executives of the Company. 

2.5.    Vacation and Other leave. The Company employs a flexible paid time off system. During the
Employment Period, the Executive shall be entitled to take a reasonable amount of vacation per calendar year, to be determined in collaboration with the CEO. For purposes of accrual, the Executive shall be entitled to two weeks of vacation, to be
taken and accrued in accordance with the Company’s vacation policies in effect from time to time. The number of accrued vacation days shall be pro-rated for the first and last calendar years of
employment. The Executive shall also be entitled to all other holiday and paid time off generally available to other executives of the Company. 

2.6.    Business Expenses. The Company shall pay or reimburse the Executive, upon presentation of
documentation, for all commercially reasonable business out-of-pocket expenses that the Executive incurs during the Employment Period in performing the

  
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Executive’s duties under this Agreement in accordance with the expense reimbursement policy of the Company as approved by the Board (or a committee thereof), as in effect from time to time.
Notwithstanding anything herein to the contrary or otherwise, except to the extent any expense or reimbursement described in this Agreement does not constitute a “deferral of compensation” within the meaning of Section 409A of the
Internal Revenue Code of 1986, as amended, and the regulations and guidance thereunder (“Section 409A”), any expense or reimbursement described in this Agreement shall meet the following requirements: (a) the
amount of expenses eligible for reimbursement provided to the Executive during any calendar year will not affect the amount of expenses eligible for reimbursement to the Executive in any other calendar year; (b) the reimbursements for expenses
for which the Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred; (c) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit; and (d) the reimbursements shall be made pursuant to objectively determinable and nondiscretionary Company policies and
procedures regarding such reimbursement of expenses. 
 2.7.    Relocation Expenses. The
Executive shall be eligible to receive certain relocation benefits of the type and in the amounts agreed to between the Executive and the CEO, including the following: corporate/serviced housing beginning on November 1, 2018 and ending on or
before December 31, 2018; transportation of two vehicles and household goods from the Executive’s current residence to an address to be determined in the Salt Lake City area, etc. 

2.8.    International Travel. The Company agrees to provide the Executive with business class
airfare for all international travel legs in excess of six hours in scheduled length. 

Section 3.        Employment Termination. 

3.1.    Termination of Employment. The Company may terminate the Executive’s employment
hereunder for any reason during the Employment Period, and the Executive may voluntarily terminate the Executive’s employment hereunder for any reason during the Employment Period (the date on which the Executive’s employment terminates
for any reason is herein referred to as the “Termination Date”). Upon the termination of the Executive’s employment with the Company for any reason, the Executive shall be entitled to (a) payment of any Base Salary earned
but unpaid through the date of termination, (b) any unused vacation days (consistent with Section 2.5 hereof) paid out at the per-business-day Base Salary
rate, (c) any additional vested benefits in accordance with the applicable terms of applicable Company arrangements, (d) any unreimbursed expenses in accordance with Section 2.6 hereof and (e) continued rights to indemnification
under Section 8.1 and coverage under the Company’s and its affiliates’ directors and officers insurance policies (collectively, clauses (a) through (f), the “Accrued Amounts”). 

3.2.    Certain Terminations. 

(a) Termination by the Company other than for Cause, Death or Disability; Termination by the Executive for Good
Reason. If the Executive’s employment is terminated (X) by the Company other than for Cause, death or Disability or (Y) by the Executive 

  
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for Good Reason, in addition to the Accrued Amounts, the Executive shall be entitled to: (i) a payment equal to six-months of the monthly equivalent
of the Executive’s Base Salary at the rate in effect immediately prior to the Termination Date (payable in equal installments during the six month period following the Termination Date pursuant to the Employer’s payroll practices) (the
“Severance Amount”); (ii) subject to the timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) and the Executive’s copayment of premiums
associated with such coverage consistent with amounts paid by the Executive during the year in which the Termination Date occurs, continued participation in the Company’s group health plans at the same or reasonably equivalent level of coverage
as in effect immediately prior to the Termination Date (to the extent permitted under applicable law and the terms of such plan) for six months following the Termination Date, or, if earlier, until the date upon which the Executive becomes eligible
for coverage under the group health insurance plan of a subsequent employer (“Medical Benefit Continuation”). 

The Company’s obligations to pay the Severance Amount and to provide Medical Benefit Continuation shall be conditioned
upon (i) the Executive’s continued compliance with the Executive’s obligations under Section 4 of this Agreement and (ii) Executive executing and delivering to the Company a general release in the form attached hereto as
Exhibit A (the “Release”) and the Release becoming irrevocable within 60-days following the Termination Date (the date that the Release becomes irrevocable, the “Release
Effective Date”). Notwithstanding any provision to the contrary herein, and without limitation of any remedies to which the Company may be entitled, the Severance Amount and the Medical Benefit Continuation shall be paid as set forth above,
to commence to be paid on the first payroll date of the Company following the Release Effective Date; provided, that, if such 60-day period referred to in the preceding sentence spans two calendar
years, payments shall in all cases be paid or commence to be paid on the first payroll date in the second calendar year; provided, further, that, the first payment will include any installments that would have been paid prior
thereto but for this sentence. 
 (b) Termination by Death or Disability. If the Executive’s employment is
terminated by reason of the Executive’s death or Disability, the Company shall pay the Executive (or the Executive’s heirs upon a termination by death) the Accrued Amounts. 

(c) Definitions. For purposes of Section 3, the following terms have the following meanings: 

(1)    “Cause” shall mean the Executive’s having engaged in any of the following:
(A) willful misconduct or gross negligence in the performance of any of the Executive’s duties to the Company; (B) failure to perform the Executive’s duties to the Company or follow the lawful directives of the Board and CEO
(other than as a result of death or Disability); (C) conviction of, or plea of guilty or nolo contendere to, any felony or any crime involving moral turpitude; (D) performance of any material act of theft, embezzlement, fraud,
malfeasance, or misappropriation of the Company’s property; (E) intentional and material act of dishonesty relating to the performance of the Executive’s material duties to the Company; or (F) breach of this Agreement or any
other material written agreement with the Company or any of its affiliates, or a violation of the Company’s code of conduct or other written policy. Notwithstanding the foregoing, if the Board alleges that any of the events in clauses (A), (B),
(D), (E), or (F) has occurred (a “Relevant Event”), but the Board has reasonably and promptly 

  
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determined that such Relevant Event is curable by the Executive, then, for a period of up to 30 days after receipt by the Executive of notice from the Board of such Relevant Event (such 30 day
period, the “Cause Cure Period”), such termination for Cause shall not be effective (but only as long as the Executive continues to use reasonable best efforts to cure such Relevant Event), and shall become effective if and only if
the Relevant Event is not cured within the Cause Cure Period. For the avoidance of doubt, where the Board alleges that a Relevant Event has occurred but has reasonably and promptly determined that such Relevant Event is not curable, such termination
for Cause shall be effective immediately upon delivery of such written notice; where the Board has reasonably and promptly determined that such Relevant Event is curable, but has not been cured, such termination for Cause shall be effective
immediately as of the expiration of the Cause Cure Period after the Executive’s receipt of such written notice, or such earlier date that the Company informs the Executive that the Board has determined that the Executive has ceased to use
reasonable best efforts to cure the Relevant Event. 
 (2)    “Disability” shall mean
the Executive is entitled to and has begun to receive long-term disability benefits under the long-term disability plan of the Company in which Executive participates, or, if there is no such plan, the Executive’s inability, due to physical or
mental illness, to perform the essential functions of the Executive’s job, with or without a reasonable accommodation, for 180 days out of any 270 day consecutive day period. 

(3)    “Good Reason” shall mean one of the following has occurred: (A) a material
breach by the Company of any of the covenants in this Agreement; (B) any material reduction in the Executive’s Base Salary; (C) the relocation of the Executive’s principal place of employment that would increase the
Executive’s one-way commute by more than 50 miles; or (D) any material and adverse change in the Executive’s position, title or status or any change in the Executive’s reporting
relationships, job duties, authority or responsibilities to those of lesser status. A termination of employment by the Executive for Good Reason shall be effectuated by giving the Company written notice of the termination, setting forth the conduct
of the Company that constitutes Good Reason, within 90 days of the first date on which the Executive has knowledge of such conduct. The Executive shall further provide the Company at least 30 days following the date on which such notice is provided
to cure such conduct. Failing such cure, a termination of employment by the Executive for Good Reason shall be effective on the day following the expiration of such cure period. 

(d) Section 409A. If the Executive is a “specified employee” for purposes of Section 409A, to the
extent the Severance Amount required to be made pursuant to Section 3.2 hereof constitutes “non-qualified deferred compensation” for purposes of Section 409A, payment thereof shall be
delayed until the day after the first to occur of (i) the day which is six months from the Termination Date and (ii) the date of the Executive’s death, with any delayed amounts being paid in a lump sum on such date and any remaining
payments being made in the normal course. For purposes of this Agreement, the terms “terminate,” “terminated” and “termination” mean a termination of the Executive’s employment that constitutes a “separation
from service” within the meaning of the default rules under Section 409A. For purposes of Section 409A, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.

  
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 3.3.    Exclusive Remedy. The foregoing payments
and benefits upon termination of the Executive’s employment shall constitute the exclusive severance payments and benefits due the Executive upon a termination of the Executive’s employment. 

3.4.    Resignation from All Positions. Upon the termination of the Executive’s employment
with the Company for any reason, the Executive shall resign, as of the Termination Date, from all positions the Executive then holds as an officer, director, employee and member of the boards of directors (and any committee thereof) of the Company
and its affiliates. The Executive shall be required to execute such writings as are required to effectuate the foregoing. 

3.5.    Cooperation. Following the termination of the Executive’s employment with the Company
for any reason, upon reasonable request from the Company, the Executive shall respond and provide information with respect to matters in which Executive has knowledge as a result of his services to the Company and its subsidiaries, and will provide
reasonable assistance to the Company in defense of any claims that may be made against the Company, and will assist the Company in the prosecution of any claims that may be made by the Company, to the extent that such claims may relate to the period
of the Executive’s employment with the Company. The Company will pay for or promptly reimburse the Executive for all out-of-pocket expenses incurred by the
Executive in connection with any such cooperation. 
  

	 	Section 4.	 Unauthorized Disclosure; Non-Competition; Non-Solicitation; Interference with Business Relationships; Proprietary Rights. 

In consideration of Parent’s and the Company’s entering into this Agreement, as well as the terms, compensation, and
benefits set forth herein (including, but not limited to, the Executive’s receipt of the Management Unit Grant described in Section 2.2 hereof), the Executive agrees to comply with the following covenants set forth in this Section 4.

 4.1.    Unauthorized Disclosure. The Executive agrees and understands that in the
Executive’s position with the Company, the Executive has been and will be exposed to and has and will receive information relating to the confidential affairs of the Parent and its subsidiaries, including, without limitation, technical
information, intellectual property, business and marketing plans, strategies, customer information, software, other information concerning the products, promotions, development, financing, expansion plans, business policies and practices of the
Parent and its subsidiaries and other forms of information considered by the Parent and its subsidiaries to be confidential or in the nature of trade secrets (including, without limitation, ideas, research and development, know-how, formulas, technical data, designs, drawings, specifications, customer and supplier lists, pricing and cost information and business and marketing plans and proposals) (collectively, the
“Confidential Information”). Confidential Information shall not include information that is generally known to the public or within the relevant trade or industry other than due to the Executive’s violation of this
Section 4.1 or disclosure by a third party who is known by the Executive to owe the Company an obligation of confidentiality with respect to such information. The Executive agrees that at all times during the Executive’s employment with
the Company and thereafter, the Executive shall not disclose such Confidential Information, either directly or indirectly, to any individual, corporation, partnership, limited liability company, association, trust or other entity or organization,
including a government or political subdivision 

  
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or an agency or instrumentality thereof (each a “Person”) without the prior written consent of the Company and shall not use or attempt to use any such information in any manner
other than in connection with the Executive’s employment with the Company, unless required or permitted by law to disclose such information, in which case the Executive shall provide the Company with written notice of such requirement as far in
advance of such anticipated disclosure as possible. This confidentiality covenant has no temporal, geographical or territorial restriction. Upon termination of the Executive’s employment with the Company, the Executive shall promptly supply to
the Company all property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data and any other tangible product or document which has been produced
by, received by or otherwise submitted to the Executive during or prior to the Executive’s employment with the Company, and any copies thereof in the Executive’s (or capable of being reduced to the Executive’s) possession.
Notwithstanding the foregoing, nothing herein shall prevent the Executive from disclosing Confidential Information to the extent required by law. Additionally, nothing herein shall preclude the Executive’s right to communicate, cooperate or
file a complaint with any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”) with respect to possible violations of any U.S. federal, state or local law or
regulation, or otherwise make disclosures to any Governmental Entity, in each case, that are protected under the whistleblower or similar provisions of any such law or regulation; provided that in each case such communications and disclosures
are consistent with applicable law. Nothing herein shall preclude the Executive’s right to receive an award from a Governmental Entity for information provided under any whistleblower or similar program. The Executive shall not be held
criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state or local government official or to an attorney solely for the purpose of reporting or
investigating a suspected violation of law. The Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a
lawsuit or other proceeding, provided that such filing is made under seal. If the Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive may disclose the trade secret to the
Executive’s attorney and use the trade secret information in any related court proceeding, provided that the Executive files any document containing the trade secret under seal and does not disclose the trade secret except pursuant to court
order. 
 4.2.     Non-Competition. By and in
consideration of the Company entering into this Agreement, and in further consideration of the Executive’s exposure to the Confidential Information, the Executive agrees that the Executive shall not, during the Employment Period and for a
period of eighteen months after the Executive’s termination of employment for any reason (the “Restriction Period”), anywhere that the Company operates or otherwise does business as of the Executive’s Termination Date,
directly or indirectly, own, manage, operate, join, control, be employed by, or participate in the ownership, management, operation or control of, or be connected in any manner with, including, without limitation, holding any position as a
stockholder, director, officer, consultant, independent contractor, employee, partner, or investor in, any Restricted Enterprise (as defined below); provided that in no event shall (X) passive ownership by the Executive of two percent or
less of the outstanding securities of any class of any issuer whose securities are registered under the Securities Exchange Act of 1934, as amended, standing alone, be prohibited by this Section 4.2, so long as the Executive does not have, or
exercise, any rights to manage or operate the business of such issuer other than rights as a shareholder thereof or (Y) 

  
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being employed by an entity, standing alone, be prohibited by this Section 4.2, so long as the entity has more than one discrete and readily distinguishable part of its business and the
Executive’s duties are not at or involving the part of the entity’s business that is actively engaged in a Restricted Enterprise. For purposes of this paragraph, “Restricted Enterprise” shall mean any Person that is
engaged, directly or indirectly, in (or intends or proposes to engage in, or has been organized for the purpose of engaging in) a business which is in competition with a business of the Company or any of its Affiliates in any country or territory in
which the Company or any of its Affiliates markets any of its services or products or has plans to begin marketing any of its services or products in such country or territory. During the Restriction Period, upon request of the Company, the
Executive shall notify the Company of the Executive’s then-current employment status. 

4.3.    Non-Solicitation of Employees. During the
Restriction Period, the Executive shall not directly or indirectly hire, induce or solicit (or assist any Person to hire, induce or solicit) for employment any person who is, or within 12 months prior to the date of such hiring, inducing or
solicitation was, an employee of the Parent or any of its subsidiaries. 
 4.4.    Interference with
Business Relationships. During the Restriction Period (other than in connection with carrying out the Executive’s responsibilities for the Parent or any of its subsidiaries), the Executive shall not directly or indirectly induce or solicit
(or assist any Person to induce or solicit) any customer or client of the Company or its subsidiaries to terminate its relationship or otherwise cease doing business in whole or in part with the Parent or any of its subsidiaries, or directly or
indirectly interfere with (or assist any Person to interfere with) any material relationship between the Parent or any of its subsidiaries and any of its or their customers or clients so as to cause material harm to the Parent or any of its
subsidiaries. 
 4.5.    Extension of Restriction Period. The Restriction Period shall be tolled
for any period during which the Executive is in breach of any of Sections 4.2, 4.3 or 4.4 hereof, as determined by a court of competent jurisdiction. 

4.6.    Proprietary Rights. The Executive shall disclose promptly to the Company any and all
inventions, discoveries, and improvements (whether or not patentable or registrable under copyright or similar statutes), and all patentable or copyrightable works, initiated, conceived, discovered, reduced to practice, or made by the Executive,
either alone or in conjunction with others, during the Executive’s employment with the Company and related to the business or activities of the Parent and its subsidiaries (the “Developments”). Except to the extent any rights
in any Developments constitute a work made for hire under the U.S. Copyright Act, 17 U.S.C. § 101 et seq. that are owned ab initio by the Parent and/or its applicable subsidiary, the Executive assigns and agrees to assign all of the
Executive’s right, title and interest in all Developments (including all intellectual property rights therein) to the Company or its nominee without further compensation, including all rights or benefits therefor, including without limitation
the right to sue and recover for past and future infringement. The Executive acknowledges that any rights in any Developments constituting a work made for hire under the U.S. Copyright Act, 17 U.S.C § 101 et seq. are owned upon creation by the
Parent and/or its applicable subsidiary as the Executive’s employer. Whenever reasonably requested to do so by the Company, the Executive shall execute any and all applications, assignments or other instruments which the Company shall deem
necessary to apply for and obtain trademarks, patents or copyrights of the United States or any foreign country or otherwise protect the interests of the Parent and its 

  
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subsidiaries therein. These obligations shall continue beyond the end of the Executive’s employment with the Company with respect to inventions, discoveries, improvements or copyrightable
works initiated, conceived or made by the Executive while employed by the Company, and shall be binding upon the Executive’s assigns, executors, administrators and other legal representatives. If the Company is unable for any reason, after
reasonable effort, to obtain the Executive’s signature on any document needed in connection with the actions described in this Section 4.6, the Executive hereby irrevocably designates and appoints the Company and its duly authorized
officers and agents as the Executive’s agent and attorney in fact to act for and on the Executive’s behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of this
Section 4.6 with the same legal force and effect as if executed by the Executive. 

4.7.    Confidentiality of Agreement. Other than with respect to information required or permitted
to be disclosed by applicable law, the Parties hereto agree not to disclose the terms of this Agreement to any Person; provided that the Executive may disclose this Agreement and/or any of its terms to the Executive’s immediate family,
financial advisors and attorneys, so long as the Executive instructs every such Person to whom the Executive makes such disclosure not to disclose the terms of this Agreement further. Any time after this Agreement is filed with the SEC or any other
government agency by the Company and becomes a public record, this provision shall no longer apply. 

4.8.    Remedies. The Executive agrees that any breach of the terms of this Section 4 would
result in irreparable injury and damage to the Company for which the Company would have no adequate remedy at law; the Executive therefore also agrees that in the event of said breach or any threat of breach, the Company shall be entitled to seek an
immediate injunction and restraining order to prevent such breach and/or threatened breach and/or continued breach by the Executive and/or any and all Persons acting for and/or with the Executive, without having to prove damages, in addition to any
other remedies to which the Company may be entitled at law or in equity, including, without limitation, the obligation of the Executive to return any portion of the Severance Amount paid by the Company to the Executive. The terms of this paragraph
shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including, without limitation, the recovery of damages from the Executive. The Executive and the Company further agree that the
provisions of the covenants contained in this Section 4 are reasonable and necessary to protect the businesses of the Company and its affiliates because of the Executive’s access to Confidential Information and the Executive’s
material participation in the operation of such businesses. In the event that the Executive willfully and materially breaches any of the covenants set forth in this Section 4, then in addition to any injunctive relief, the Executive will
promptly return to the Company any portion of the Severance Amount that the Company has paid to the Executive to the extent determined by a court of competent jurisdiction. 

Section 5.        Representations. The Executive
represents and warrants that (a) the Executive is not subject to any contract, arrangement, policy or understanding, or to any statute, governmental rule or regulation, that in any way limits the Executive’s ability to enter into and fully
perform the Executive’s obligations under this Agreement and (b) the Executive is not otherwise unable to enter into and fully perform the Executive’s obligations under this Agreement. In the event of a material breach of any
representation in this Section 5, the Company may 

  
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terminate this Agreement and the Executive’s employment with the Company without any liability to the Executive other than the Accrued Amounts. 

Section 6.        
Non-Disparagement. From and after the Effective Date and following termination of the Executive’s employment with the Company, the Executive agrees not to make any statement that is intended to
become public, or that should reasonably be expected to become public, and that criticizes, ridicules, disparages or is otherwise derogatory of the Company, any of its subsidiaries, affiliates, employees, officers, directors or stockholders. The
Company shall not make any statement that is intended to become public, or that should reasonably be expected to become public, and that criticizes, ridicules, disparages or is otherwise derogatory of the Executive. 

Section 7.        Taxes; Clawbacks. 

7.1.     Withholding. All amounts paid to the Executive under this Agreement during or following
the Employment Period shall be subject to withholding and other employment taxes imposed by applicable law. The Executive shall be solely responsible for the payment of all taxes imposed on the Executive relating to the payment or provision of any
amounts or benefits hereunder. 
 7.2.    Section 280G. (a) If, at any time following the
closing of an “Initial Public Offering” (as defined in the Amended and Restated Limited Partnership Agreement of Parent, as may be amended from time to time), (i) the aggregate of all amounts and benefits due to the Executive under this
Agreement or under any other Company arrangement would, if received by the Executive in full and valued under Section 280G of the Code, constitute “parachute payments” as defined in and under Section 280G of the Code
(collectively, “280G Benefits”), and if (ii) such aggregate would, if reduced by all federal, state and local taxes applicable thereto, including the excise tax imposed pursuant to Section 4999 of the Code, be less than
the amount the Executive would receive, after all taxes, if the Executive received aggregate 280G Benefits equal (as valued under Section 280G of the Code) to only three times the Executive’s “base amount” as defined in and under
Section 280G of the Code, less $1.00, then (iii) such 280G Benefits payable in cash as the Executive shall select shall (to the extent that the reduction of such 280G Benefits can achieve the intended result) be reduced or eliminated to
the extent necessary so that the aggregate 280G Benefits received by the Executive will not constitute parachute payments. The determinations with respect to this Section 7.2(a) shall be made by an independent auditor (the
“Auditor”) paid by the Company. The Auditor shall be the Company’s regular independent auditor unless the Executive reasonably objects to the use of that firm, in which event the Auditor will be a nationally recognized United
States public accounting firm chosen by the Parties. 
 (b)    It is possible that after the
determinations and selections made pursuant to Section 7.2(a), the Executive will receive 280G Benefits that are, in the aggregate, either more or less than the amount provided under this Section 7.2 (hereafter referred to as an
“Excess Payment” or “Underpayment,” respectively). If it is established, pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved, that
an Excess Payment has been made, then the Executive shall promptly pay an amount equal to the Excess Payment to the Company, together with interest on such amount at the applicable federal rate (as defined in and under Section 1274(d) of the
Code) 

  
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from the date of the Executive’s receipt of such Excess Payment until the date of such payment. In the event that it is determined (i) by a court or (ii) by the Auditor upon
request by a Party, that an Underpayment has occurred, the Company shall promptly pay an amount equal to the Underpayment to the Executive, together with interest on such amount at the applicable federal rate from the date such amount would have
been paid to the Executive had the provisions of this Section 7.2 not been applied until the date of such payment. 

(c)    If it appears that any amount or benefit that is to be paid to the Executive under this Agreement
or any other plan, program, agreement, or arrangement of the Company or any of its affiliates may constitute a “parachute payment” under Section 280G(b)(2) of the Code prior to the closing of an Initial Public Offering, the Company
shall use its best reasonable efforts to obtain shareholder approval of such payments for purposes of Section 280G(b)(5) of the Code. 

7.3.    Clawbacks. If any law, rule or regulation applicable to the Parent or its subsidiaries
(including any rule or requirement of any nationally recognized stock exchange on which the stock of the Parent or its subsidiaries has been listed), or any policy of the Parent or its subsidiaries reasonably designed to comply therewith, requires
the forfeiture or recoupment of any amount paid or payable to the Executive hereunder (or under any other agreement between the Executive and the Parent or its subsidiaries or under any plan in which the Executive participates), the Executive hereby
consents to such forfeiture or recoupment, in each case in the time and manner determined by the Company in its reasonable good faith discretion. Furthermore, if the Executive engages in any act of embezzlement, fraud or material dishonesty
involving the Parent or its subsidiaries which results in a financial loss to the Parent or its subsidiaries, the Company shall be entitled to recoup an amount from the Executive determined by the Company in its reasonable discretion to be
commensurate with such financial loss. 

Section 8.        Miscellaneous. 

8.1.    Indemnification. To the extent provided in the Amended and Restated Limited Partnership
Agreement of Parent, the Company shall indemnify the Executive for losses or damages incurred by the Executive as a result of all causes of action arising from the Executive’s performance of duties for the benefit of the Company, whether or not
the claim is asserted during the Employment Period. This indemnity shall not apply to the Executive’s acts of willful misconduct or gross negligence. The Executive shall be covered under any directors’ and officers’ insurance that the
Company maintains for its directors and other officers in the same manner and on the same basis as the Company’s directors and other officers. 

8.2.    Amendments and Waivers. This Agreement and any of
the provisions hereof may be amended, waived (either generally or in a particular instance and either retroactively or prospectively), modified or supplemented, in whole or in part, only by written agreement signed by the Parties hereto;
provided that the observance of any provision of this Agreement may be waived in writing by the Party that will lose the benefit of such provision as a result of such waiver. The waiver by any Party hereto of a breach of any provision of this
Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach, except as otherwise explicitly provided for in such waiver. Except as otherwise expressly provided herein,
no failure on the part of any Party to 

  
 11 

 
exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single
or partial exercise of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 

8.3.    Assignment; No Third-Party Beneficiaries. This Agreement, and the Executive’s rights
and obligations hereunder, may not be assigned by the Executive, and any purported assignment by the Executive in violation hereof shall be null and void. Nothing in this Agreement shall confer upon any Person not a party to this Agreement, or the
legal representatives of such Person, any rights or remedies of any nature or kind whatsoever under or by reason of this Agreement, except the personal representative of the deceased Executive may enforce the provisions hereof applicable in the
event of the death of the Executive. The Company is authorized to assign this Agreement and its rights and obligations hereunder without the consent of the Executive in the event that the Company hereafter affects a reorganization, consolidates with
or merges into any other Person or entity, or transfers all or substantially all of its properties or assets to any other Person or entity, as long as such other Person or entity expressly assumes this Agreement (except to the extent that such
assumption occurs by operation of law). 
 8.4.    Notices. Unless otherwise provided herein,
all notices, requests, demands, claims and other communications provided for under the terms of this Agreement shall be in writing. Any notice, request, demand, claim or other communication hereunder shall be sent by (i) personal delivery
(including receipted courier service) or overnight delivery service, with confirmation of receipt, (ii) e-mail, (iii) facsimile during normal business hours, with confirmation of receipt, to the
number indicated, (iv) reputable commercial overnight delivery service courier, with confirmation of receipt or (v) registered or certified mail, return receipt requested, postage prepaid and addressed to the intended recipient as set
forth below: 
 If to the Company: 

Traeger Pellet Grills LLC 

c/o AEA Investors LP 

666 Fifth Avenue, 36th Floor 

New York, NY 10103 

Attn: General Counsel 

E-mail: bburns@aeainvestors.com and 

tburton@traegergrills.com 

with a copy to: 

Fried, Frank, Harris, Shriver & Jacobson LLP 

One New York Plaza 

New York, NY 10004 

Attention: Jeffrey W. Ross, Esq. 

E-mail:
jeffrey.ross@friedfrank.com 

  
 12 

					
	                    	 	If to the Executive:	 	 At the Executive’s principal office at the Company (during the Employment Period), and at all times to the
Executive’s principal residence as reflected in the records of the Company. If by e-mail, to the Executive’s Company-supplied e-mail address.

 All such notices, requests, consents and other communications shall be deemed to have been
given when received. Either Party may change its e-mail address, facsimile number or its address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the
other parties hereto notice in the manner then set forth. 
 8.5.    Governing Law. This
Agreement shall be construed and enforced in accordance with, and the rights and obligations of the parties hereto shall be governed by, the laws of the State of Utah without giving effect to the conflicts of law principles thereof. 

8.6.    Jurisdiction; Waiver of Jury Trial. The Executive agrees that jurisdiction and venue for
any action arising from or relating to this Agreement or the relationship between the parties, including but not limited to matters concerning validity, construction, performance, or enforcement, shall be exclusively in the federal and state courts
of the State of Utah located in Salt Lake County (collectively, the “Selected Courts”) (provided, that a final judgment in any such action shall be conclusive and enforced in other jurisdictions) and further agree that service of
process may be made in any matter permitted by law. The Executive irrevocably waives and agrees not to assert (i) any objection which it may ever have to the laying of venue of any action or proceeding arising out of this Agreement or the
transactions contemplated hereby in the Selected Courts, and (ii) any claim that any such action brought in any such court has been brought in an inconvenient forum. This Section 8.6 is intended to fix the location of potential litigation
between the parties and does not create any causes of action or waive any defenses or immunities to suit. EACH PARTY WAIVES ANY RIGHT TO A TRIAL BY JURY, TO THE EXTENT LAWFUL, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY
COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY LITIGATION WHATSOEVER BETWEEN THEM RELATING TO THIS
AGREEMENT OR THE CONTEMPLATED TRANSACTIONS. 
 8.7.    Severability. Whenever possible, each
provision or portion of any provision of this Agreement, including those contained in Section 4 hereof, will be interpreted in such manner as to be effective and valid under applicable law but the invalidity or unenforceability of any provision
or portion of any provision of this Agreement in any jurisdiction shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of this Agreement, including that provision
or portion of any provision, in any other jurisdiction. In addition, should a court or arbitrator determine that any provision or portion of any provision of this Agreement, including those contained in Section 4 hereof, is not reasonable or
valid, either in period of time, geographical area, or otherwise, the Parties hereto agree that such provision should be interpreted and enforced to the maximum extent which such court or arbitrator deems reasonable or valid. 

  
 13 

 8.8.    Entire Agreement.
From and after the Effective Date, this Agreement constitutes the entire agreement between the Parties hereto, and supersedes all prior representations, agreements and understandings (including any prior course of dealings), both written and oral,
between the Parties hereto with respect to the subject matter hereof. 
 8.9.    Counterparts.
This Agreement may be executed by .pdf or facsimile signatures in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute one and the same instrument. 

8.10.    Binding Effect. This Agreement shall inure to the benefit of, and be binding on, the
successors and assigns of each of the Parties, including, without limitation, the Executive’s heirs and the personal representatives of the Executive’s estate and any successor to all or substantially all of the business and/or assets of
the Company. 
 8.11.    General Interpretive Principles. The name assigned this Agreement and
headings of the sections, paragraphs, subparagraphs, clauses and subclauses of this Agreement are for convenience of reference only and shall not in any way affect the meaning or interpretation of any of the provisions hereof. Words of inclusion
shall not be construed as terms of limitation herein, so that references to “include,” “includes” and “including” shall not be limiting and shall be regarded as references to
non-exclusive and non-characterizing illustrations. Any reference to a Section of the Code shall be deemed to include any successor to such Section. 

[signature page follows] 

  
 14 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date
first written above. 
  

					
	  TRAEGER PELLET GRILLS LLC	 	

 
					
		
	  By: /s/ Jeremy Andrus                    	 	            
		 	        Name: Jeremy Andrus	 	
		 	        Title:   CEO	 	

 
					
		
	  EXECUTIVE	 	
		
	  /s/ Stephen P.
Woodside                                    	 	
	Name: Stephen P. Woodside	 	

 Exhibit A 

YOU SHOULD CONSULT WITH AN ATTORNEY
BEFORE SIGNING THIS RELEASE OF CLAIMS. 

Release 

1.    In consideration of the payments and benefits to be made under the Employment Agreement, dated as
of [            ], 2018 (the “Employment Agreement”), by and among
[                    ] (the “Executive”) and Traeger Pellet Grills LLC (the “Company”) thereof (each of the
Executive and the Company, a “Party” and collectively, the “Parties”) [and, solely with respect to Section 2.2 thereof, TGP Holdings LP (“Parent”)], the sufficiency of which the Executive
acknowledges, the Executive, with the intention of binding the Executive and the Executive’s heirs, executors, administrators and assigns, does hereby release, remise, acquit and forever discharge the Company and each of its subsidiaries and
affiliates (the “Company Affiliated Group”), their present and former officers, directors, executives, shareholders, agents, attorneys, employees and employee benefit plans (and the fiduciaries thereof), and the successors,
predecessors and assigns of each of the foregoing (collectively, the “Company Released Parties”), of and from any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money,
accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown,
suspected or unsuspected, which the Executive, individually or as a member of a class, now has, owns or holds, or has at any time heretofore had, owned or held, arising on or prior to the date hereof, against any Company Released Party that arises
out of, or relates to, the Employment Agreement, the Executive’s employment with the Company or any of its subsidiaries and affiliates, or any termination of such employment, including claims (i) for severance or vacation benefits, unpaid
wages, salary or incentive payments, (ii) for breach of contract, wrongful discharge, impairment of economic opportunity, defamation, intentional infliction of emotional harm or other tort, (iii) for any violation of applicable state and
local labor and employment laws (including, without limitation, all laws concerning unlawful and unfair labor and employment practices) and (iv) for employment discrimination under any applicable federal, state or local statute,
provision, order or regulation, and including, without limitation, any claim under Title VII of the Civil Rights Act of 1964 (“Title VII”), the Civil Rights Act of 1988, the Fair Labor Standards Act, the Americans with Disabilities
Act (“ADA”), the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Age Discrimination in Employment Act (“ADEA”), and any similar or analogous state statute, excepting only:

  

	 	A.	 rights of the Executive arising under, or preserved by, this Release or Section 3 of the Employment
Agreement; 

  

	 	B.	 the right of the Executive to receive COBRA continuation coverage in accordance with applicable law;

  

	 	C.	 claims for benefits under any health, disability, retirement, life insurance or other, similar employee
benefit plan (within the meaning of Section 3(3) of ERISA) of the Company Affiliated Group; 

	 	D.	 rights to indemnification the Executive has or may have under the limited liability company agreement or
similar organizing documents of any member of the Company Affiliated Group or as an insured under any director’s and officer’s liability insurance policy now or previously in force; and 

 

	 	E.	 rights granted to the Executive as an equity holder of Parent. 

2.    The Executive acknowledges and agrees that this Release is not to be construed in any way as an
admission of any liability whatsoever by any Company Released Party, any such liability being expressly denied. 

3.    This Release applies to any relief no matter how called, including, without limitation, wages, back
pay, front pay, compensatory damages, liquidated damages, punitive damages, damages for pain or suffering, costs, and attorneys’ fees and expenses. 

4.    The Executive specifically acknowledges that the Executive’s acceptance of the terms of this
Release is, among other things, a specific waiver of the Executive’s rights, claims and causes of action under Title VII, ADEA, ADA and any state or local law or regulation in respect of discrimination of any kind; provided,
however, that nothing herein shall be deemed, nor does anything contained herein purport, to be a waiver of any right or claim or cause of action which by law the Executive is not permitted to waive. 

5.    The Executive acknowledges that the Executive has been given a period of forty-five
(45) days to consider whether to execute this Release. If the Executive accepts the terms hereof and executes this Release, the Executive may thereafter, for a period of seven (7) days following (and not including) the date of
execution, revoke this Release. If no such revocation occurs, this Release shall become irrevocable in its entirety, and binding and enforceable against the Executive, on the day next following the day on which the foregoing seven-day period has elapsed. If such a revocation occurs, the Executive shall irrevocably forfeit any right to payment of the provision of the Medical Benefit Continuation (as defined in the Employment Agreement),
but the remainder of the Employment Agreement shall continue in full force. 
 6.    The Executive
acknowledges and agrees that the Executive has not, with respect to any transaction or state of facts existing prior to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any governmental agency, court
or tribunal. 
 7.    The Executive acknowledges that the Executive has been advised to seek, and has
had the opportunity to seek, the advice and assistance of an attorney with regard to this Release, and has been given a sufficient period within which to consider this Release. 

8.    The Executive acknowledges that this Release relates only to claims that exist as of the date of
this Release. 
 9.    The Executive acknowledges that the severance payments and benefits the
Executive is receiving in connection with this Release and the Executive’s obligations under this Release are in addition to anything of value to which the Executive is entitled from the Company. 

 10.    Each provision hereof is severable from this
Release, and if one or more provisions hereof are declared invalid, the remaining provisions shall nevertheless remain in full force and effect. If any provision of this Release is so broad, in scope, or duration or otherwise, as to be
unenforceable, such provision shall be interpreted to be only so broad as is enforceable. 

11.    This Release constitutes the complete agreement of the Parties in respect of the subject matter
hereof and shall supersede all prior agreements between the Parties in respect of the subject matter hereof except to the extent set forth herein. For the avoidance of doubt, however, nothing in this Release shall constitute a waiver of any Company
Released Party’s right to enforce any obligations of the Executive under the Employment Agreement that survive the Employment Agreement’s termination, including without limitation, any
non-competition covenant, non-solicitation covenant or any other restrictive covenants contained therein. 

12.    The failure to enforce at any time any of the provisions of this Release or to require at any time
performance by another party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect the validity of this Release, or any part hereof, or the right of any party thereafter to enforce each and every
such provision in accordance with the terms of this Release. 
 13.    This Release may be executed in
several counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. Signatures delivered by facsimile or .pdf shall be deemed effective for all purposes. 

14.    This Release shall be binding upon any and all successors and assigns of the Executive and the
Company. 
 15.    Except for issues or matters as to which federal law is applicable, this Release
shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without giving effect to the conflicts of law principles thereof. 

[signature page follows] 

 IN WITNESS WHEREOF, this Release has been signed by or on behalf of each of
the Parties, all as of                             . 

 

					
	TRAEGER PELLET GRILLS LLC	 	
			
	By:	 	
                     

	 	                
		 	Name:	 	
		 	Title:	 	
	  

                     

	 	
	[                            ]	 	

 Exhibit B: CSCO Responsibilities 
  

	
	 
	 Support the CEO and senior leadership team in achieving top- and bottom-line financial results.

Ø Carry out initiatives to help grow revenue organically by from
$350m in 2018 to $800m by 2022, with EBITDA increasing from $70M to $200m during that time.
 Ø Identify and deliver operating efficiencies and margin enhancement opportunities.

Ø Be a strategic thought partner on business topics beyond
operational issues.

	 Drive world class Product Availability at the optimal inventory
levels through the 2018-2022 growth curve.
 Ø Drive our
ability to become much more predictive through improved channel, customer and geographical Forecasting. Shift from Sell in to sell through (with consumer insights) forecasting.

Ø Partner with sales, marketing, and finance to ensure the use
of accurate demand forecast drivers and identify all in and our of forecast risk

Ø Own Manufacturing throughput improvement and Constraint
Mitigation for Grills, Pellets and Accessories. Balance Inventory across all 3PLs.
 Ø Optimize inventory on existing items, new products, and product phase-outs.

Ø Closely coordinate and communicate customer action plans with
supply planning
 Ø Build International operation team both in
US and through international infrastructure where appropriate.

Ø Drive massive improvement in product launches via sustainable
processes to insure 100% on time, high quality delivery at launch.

	 Expand China Team and become intertwined with USA via
organization structure. Create Sourcing / Purchasing organization in USA that fulling leverages China team and Traeger vendors.

Ø Drive deep China environmental risk mitigation by
understanding regional environmental laws, trends and risks on the business.

Ø Create fully costed BOM and spend cube for all product,
including accessories, should have a costed BOM. Drive YOY improvements.

	
	 Ø Create comprehensive commodity pricing landscape and real time monitoring tools

◾   Environmental, Steel trends, Cardboard, Labor, GDP, RMB

Ø Create Sourcing tools and processes for all new model launch
processes to insure Initial sourcing cost targets are maintained through Product Commercialization.
 Ø Take an analytical approach to capital investments, including efficiently handling capacity additions.

	 Create Quality organization that is driving measurable
improvements to consumer and customer defects with a deep focus on Component reliability and quality.
 Ø Drive the strategy and planning to effectively commercialize multiple new products per year.

Ø Understand retailer and consumer needs, and identify
opportunities for potential new products.
 Ø Collaborate with
other leaders to help develop novel product designs, and enhanced manufacturing methods.
 Ø Expand existing QMS system.

Ø Ensure warranty costs are below 0.75%.

Ø Help Sales team manage new products launches.

 

	 Maintain Gross Margin Focus in order to offset significant cost
headwinds with new model launches.
 Ø Manage and mitigate
increasing 3PL footprint and costs to minimize storage costs

Ø Manage and Mitigate increasing Small Pack, LTL and Road Show
costs to minimize Transportation costs
 Ø Vigilance in new
model launches to clearly explain GM pressures for every launch

Ø Create customer and channel profitability processes and Pareto
top issues– ASP, Coop, Fulfillments costs. Create Customer level Scorecards on profitability down entire EBIT calculation: Discounting, DFI, COOP, customer chargebacks, warehouse costs, transportation costs, subsidized shipping, ASP, etc.

 

	 Create World class Retail Dealer/Store Experience by defining,
shipping and measuring a Perfect Order by customer - ‘Make Perfect Order’ communication.
 Ø Measure current state - drive solutions to perfect state. Action register with scores in DOMO

Ø Publish in DOMO all customer scorecards over time and drive to
highest levels

	
	 Ø Ensure that all retail outlets and online partners (e.g., Williams Sonoma) have adequate supply with zero out of stocks.

	 Maintain high-quality service at the retail and consumer
level.
 Ø Act as lead “client-care officer”
through direct contact with retail partners.
 Ø Define target
customer satisfaction levels and measure against relevant KPI’s

Ø Ensure a world-class customer service experience for end user
customers.

	 Build and develop a world-class Operations function.

Ø Align the operations organization against the growing needs of
the business, and review and update internal processes to driver greater operating effectiveness.
 Ø Lead and develop a team that will allow for optimal company performance. Audit existing team by 1/1/19 and make recommendations for improvements and upgrades.

Ø Evaluate the existing team within 3 months, and make changes
to maximize performance within 12 months:
 ◾  Hire and retain A players, and provide them
opportunities   to shine;
 ◾  Coach and develop B players, or move them into roles
  where they can be A players;
 ◾  Redeploy or swiftly remove C players.

Ø Review and enhance capabilities as needed, and hold the team
accountable to a high bar for performance.
 Ø Ensure the
operations team is viewed as a partner to the rest of the organization.

	 Fit within and help drive the Traeger company culture.

Ø Be entrepreneurial and comfortable working in a dynamic, fun,
fast-paced environment.
 Ø Be team oriented and
collaborative. Build effective long-term relationships at all levels, internally and externally, and go the extra mile for customers.

Ø Be confident but also unpretentious. Communicate transparently
– listen actively and speak respectfully.
 Ø Bring the
maturity and gravitas to deal effectively with senior executives, and “read the tea leaves” to get things done.

Ø Operate with a strong work ethic and an unrelenting resolve to
follow through and meet commitments.EX-10.7

 Exhibit 10.7 

SEVERANCE AND RELEASE AND 

WAIVER OF CLAIMS AGREEMENT 

THIS SEVERANCE AND RELEASE AND WAIVER OF CLAIMS AGREEMENT (hereinafter this “Agreement”) is entered into this
5 day of October, 2020, by and between TRAEGER PELLET GRILLS, LLC, a Delaware limited liability company (“Traeger”), and STEPHEN P. WOODSIDE (“Woodside”). Traeger and Woodside are hereinafter
collectively referred to as the “Parties.” 
 RECITALS: 

WHEREAS, Woodside has been employed by Traeger and his employment with Traeger is being terminated effective
September 25, 2020; and 
 WHEREAS, in connection with his employment with Traeger, Woodside signed an
Employment Agreement, dated October 23, 2018, which contains, among other things, provisions relating to confidentiality, non-competition, non-solicitation,
interference with business relationships, and non-disparagement; and 

WHEREAS, Woodside subsequently signed a Non-competition, Confidentiality, Non-solicitation Agreement, and Assignment of Invention, dated February 26, 2019, which contains, among other things, provisions relating to confidentiality,
non-competition, and non-solicitation of employees, agents, contractors, customers or clients of Traeger, and which supersedes all prior agreements between the Parties
regarding the same subject; and 
 WHEREAS, Woodside and Traeger desire to resolve any and all disputes that may
exist between them, whether known or unknown, including, but not limited to, disputes relating to Woodside’s employment with Traeger and/or the termination of that employment; and 

WHEREAS, Woodside has had an opportunity to consult with legal counsel about the termination of his employment with
Traeger and about this Agreement. 
 NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 

1.    Effective Date. This Agreement is effective on the eighth day following Woodside’s
signing of this Agreement (the “Effective Date”), provided that Woodside does not revoke his execution of this Agreement as provided in Paragraph 26 below. 

2.    Termination of Employment. Woodside’s employment with Traeger shall be terminated,
effective September 25, 2020; 
 3.    Payment of Amounts Owed. Traeger acknowledges that
Woodside is entitled to be paid for his wages through September 25, 2020, less required withholdings and deductions, which Traeger shall promptly pay to Woodside upon the termination of his employment. Woodside acknowledges that no other
amounts are owed to him by Traeger. 

 4.    Class B Units. Pursuant to that certain
Management Unit Grant Agreement entered into by and among Woodside and TGP Holdings LP (the “Partnership”) as of December 5, 2018, Woodside was granted Class B Units of the Partnership. The Partnership will purchase
Woodside’s vested Class B Units at the price and on the terms prescribed by Section 12.06 of the Amended and Restated Limited Partnership Agreement of the Partnership, and Woodside’s unvested units will be forfeited without
consideration. 
 5.    Severance Payments. In consideration for the covenants, agreements,
releases and waivers contained herein, Traeger agrees to pay Woodside severance payments equivalent to eighteen (18) months of Woodside’s regular base salary, less normal required payroll withholdings and deductions. Such payments shall
begin with the first regular pay period following the expiration of the revocation period described in Paragraph 26 below and the unrevoked signing of this Agreement by Woodside, and shall thereafter continue to be paid bi-weekly in accordance with Traeger’s normal payroll practices. In addition, in the event that Woodside elects COBRA coverage, Traeger agrees to pay Woodside’s COBRA premiums until the earlier of
(a) Woodside becoming covered by another insurance plan, or (b) the end of eighteen (18) months of COBRA coverage. Such COBRA premium payments will be included in Woodside’s bi-weekly
severance compensation. Woodside acknowledges and agrees that he has no legal right of any kind to receive the total amount of these severance payments except by and through this Agreement, and his execution of and assent to this Agreement,
including the Release contained herein. 
 6.    Additional Lump Sum Payment. Traeger agrees to
pay Woodside a one-time payment in the amount of $300,000, paid in conjunction with the first severance payment. 

7.    Relocation. Traeger agrees to pay Woodside a one-time
payment for relocation expenses in the amount of $30,000, paid in conjunction with the first severance payment. 

8.    Consideration Period. Woodside is hereby given 21 days from receipt of this Agreement in
which to consider and consult with an attorney regarding this Agreement. 
 9.    Release. As a
material inducement to Traeger to enter into this Agreement and in consideration for the payment of severance set forth in this Agreement, Woodside, for himself and for all persons claiming by, through, or under him, hereby absolutely, irrevocably,
completely and unconditionally releases and discharges Traeger and each of its parents, subsidiaries or affiliates, employee benefit plans, successors, assigns, agents, directors, officers, members, employees, representatives, influencers, attorneys
and all persons acting by, through, under or in concert with any of them (hereinafter collectively referred to as “Releasees”) of and from any and all claims, demands, charges, grievances, damages, debts, liabilities, accounts, costs,
attorneys’ fees, expenses, liens, future rights, and causes of action of every kind and nature whatsoever based on or in any way arising out of events or omissions occurring prior to the effective date of this Agreement (hereinafter
collectively referred to as the “Claims”). The Claims from which Woodside is releasing Releasees herein include, without limitation: breach of implied or express contract; breach of implied covenant of good faith and fair dealing; breach
of fiduciary duty; libel; slander; wrongful discharge or termination; infliction of emotional distress; discrimination, harassment, retaliation and other claims under the Age Discrimination in Employment Act, the Older Workers Benefit Protection
Act, Title VII of the Civil Rights Act of 

  
 2 

 
1964, the Fair Labor Standards Act, the Americans With Disabilities Act, the antidiscrimination statutes, regulations and laws of Utah, Oregon or any other state, the Worker Adjustment and
Retraining Notification Act (WARN Act), and/or the Employee Retirement Income Security Act (ERISA); all other laws prohibiting age, race, religious, sex, national origin, color, disability and other forms of unlawful discrimination; claims growing
out of any legal restrictions on Traeger’s right to terminate its employees, and all other claims arising in any way out of the employment relationship between the Parties hereto or the termination of that relationship, whether now known or
unknown, suspected or unsuspected, including future rights, based upon or in any way arising out of events or omissions occurring prior to the Effective Date of this Agreement. Woodside specifically waives any and all claims for back pay, front pay,
or any other form of compensation or benefits, except as set forth herein. 
 Woodside hereby waives any right to recover
damages, costs, attorneys’ fees, and any other relief in any proceeding or action brought against Traeger or any affiliated company by any other party, including without limitation the Equal Employment Opportunity Commission and other
administrative agency, on Woodside’s behalf asserting any claim, charge, demand, grievance, or cause of action released by Woodside herein. 

Notwithstanding the foregoing, Woodside does not waive rights, if any, that Woodside may have to unemployment insurance
benefits, workers’ compensation benefits or vested benefits under a retirement, pension or savings plan. Woodside also does not waive any claims or rights under the Age Discrimination in Employment Act which may arise from events occurring
after the date of this Agreement. 
 10.    No Assignment of Claims. Woodside represents and
warrants that he has not previously assigned or transferred, or attempted to assign or transfer, to any third party, any of the Claims waived and released herein. 

11.    No Claim Filed. Woodside represents that he has not filed any claim, complaint, charge or
lawsuit against Traeger or any of the other Releasees with any governmental agency or any state or federal court, and covenants not to file any lawsuit at any time hereafter concerning any matter, claim or incident, known or unknown, which occurred
or arises out of events or omissions occurring prior to the Effective Date of this Agreement or concerning or relating to any of the Claims released herein. 

12.    No Admission of Liability or Wrongdoing. This Agreement does not constitute an admission of
any fault, liability or wrongdoing by any of the Releasees, nor an admission that Woodside has any claim whatsoever against Traeger or any of the other Releasees, and the Parties expressly agree and acknowledge that this Agreement cannot be
construed as an admission or evidence of wrongdoing or any acknowledgment that any claim or any other cause of action released in fact exists. Traeger and all other Releasees specifically deny any liability to or wrongful acts against Woodside. 

13.    Additional Consideration. Woodside agrees and acknowledges that the total amount of the
severance payments provided pursuant to this Agreement are greater than any sums or payments to which he would be entitled without signing this Agreement. 

  
 3 

14.    Non-Competition. Woodside agrees that for a period of
one year from the last day of his employment with Traeger, he shall not directly or indirectly, anywhere within the United States, (a) own (as a proprietor, partner, stockholder, member, creditor, or otherwise) an interest in, or
(b) participate (as an officer, director, or in any other capacity) in the management, operation, or control of, or (c) perform services as, or act in the capacity of, an employee, independent contractor, consultant, or agent of, any
business entity or enterprise engaged, directly or indirectly, in a business competitive with any business conducted by Traeger, including, but not limited to, the design, manufacture, distribution, marketing or sale of barbeque grills, units,
devices, smokers or pellets. 
 15.    Non-Solicitation; Non-Interference. Woodside agrees that for a period of 24 months from the Effective Date of this Agreement, he shall not, directly or indirectly, individually or on behalf of any other person, firm, corporation
or other entity, (i) solicit, aid or induce any customer of Traeger or any of its Affiliates to purchase goods or services then sold by Traeger or any of its Affiliates from another person, firm, corporation or other entity or assist or aid any
other person or entity in identifying or soliciting any such customer, (ii) solicit, aid or induce any employee, representative or agent of Traeger or any of its Affiliates to leave such employment or retention or to accept employment with or
render services to or with any other person, firm, corporation or other entity unaffiliated with Traeger or hire or retain any such employee, representative or agent, or take any action to materially assist or aid any other person, firm, corporation
or other entity in identifying, hiring or soliciting any such employee, representative or agent, (iii) contact or communicate with, orally or in writing, current or former shareholders of Traeger, or (iv) interfere, or aid or induce any
other person or entity in interfering, with the relationship between Traeger or any of its Affiliates and any of their respective vendors, joint venturers and/or licensors. An employee, representative or agent shall be deemed covered by this
Paragraph 13 while so employed or retained and for a period of six (6) months thereafter. Notwithstanding the foregoing, the provisions of this Paragraph 12 shall not be violated by general advertising or solicitation not specifically targeted
at Traeger-related persons or entities. 
 16.    Reasonableness of Restrictions. Woodside agrees
that the restrictions and covenants contained in Paragraphs 12 and 13 above are reasonable in terms of their duration, geographical scope and scope of activity, and that such restrictions and covenants are reasonable and necessary to protect
Traeger’s legitimate business interests in its business relationships, goodwill, trade secrets and other confidential information. However, if any such restrictions and covenants are determined by a court of competent jurisdiction to be invalid
or unenforceable, in whole or in part, for any reason, then Woodside agrees that such restrictions and covenants shall be interpreted to extend over the maximum period of time, geographical area and scope of activity as to which such restrictions
and covenants would be valid and enforceable as determined by such court in such action, and shall be enforceable and enforced by such court in accordance with such interpretation. 

17.    Non-Disparagement. At any time before or after the
Effective Date of this Agreement, Woodside agrees not to disparage Traeger publicly or to any trade customer vendor or partner of Traeger, or to otherwise make negative, critical or defamatory comments or remarks, orally or in writing, about Traeger
(including its officers, directors, managers, supervisors and/or employees), or its products, services, or business practices or methods. 

  
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 18.    Confidentiality of this Agreement and the
Terms Contained Herein. Woodside hereby agrees that this Agreement is strictly confidential, and that no part of this Agreement, including the amount of severance or the fact that Traeger has agreed to pay Woodside severance payments, may be
disclosed by Woodside to anyone, except as necessary to allow Woodside to obtain financial, tax or legal advice, or unless otherwise required by law. 

19.    Liquidated Damages. Woodside agrees that in the event of any breach of the provisions of
sections 10, 11, 14, 15, 17, or 18 of this Agreement, in addition to all remedies available at law and at equity, he shall forfeit all right, title and interest in and to Traeger all payments due or payable under this Agreement as set forth in
sections 5, 6 and 7, and Woodside shall immediately repay to Traeger all payments received from Traeger under this Agreement. 

20.    Entire Agreement; Commitment to Abide by Provisions of Other Specified Agreements. Except
for (a) the Employment Agreement that Woodside executed on or about October 23, 2018, in connection with his employment with Traeger (hereinafter the “Non-Solicitation Agreement”), (b) Non-competition, Confidentiality, Non-solicitation Agreement, and Assignment of Invention that Woodside executed on or about dated February 26, 2019 (the “Non-competition, Confidentiality, Non-solicitation Agreement”), and (c) the Management Unit Grant Agreement entered into by and among Woodside and the
Partnership as of December 5, 2018, and any amendments thereto, this Agreement contains the entire agreement and understanding of Traeger and Woodside concerning the subject matter hereof and cannot be amended except in writing executed by both
Parties, and this Agreement supersedes and replaces all prior negotiations, proposed agreements, agreements or representations whether written or oral. Traeger and Woodside agree and acknowledge that neither Traeger nor Woodside, nor any agent or
attorney of either, has made any representation, warranty, promise or covenant whatsoever, express or implied, not contained in this Agreement, to induce the other party to execute this Agreement. Neither of the Parties hereto is relying on any
statement, representation, or assurance, not contained in this Agreement, in signing this Agreement. Woodside reaffirms and agrees that he is still bound by and obligated to comply with the confidentiality,
non-disclosure the non-solicitation provisions contained in the Non-competition, Confidentiality,
Non-solicitation Agreement. The Parties agree that the Non-competition, Confidentiality, Non-solicitation should be read in
conjunction with this Agreement, and that to the extent that there are any actual or apparent inconsistencies between the Non-competition, Confidentiality,
Non-solicitation and this Agreement, the terms of this Agreement shall govern. 

21.    Return of Company Property. Woodside hereby represents and warrants that he has returned to
the Company, or will promptly return, all documents, property and records owned by, belonging to or created by Traeger, including, but not limited to all copies hereof (hereinafter referred to as “Properties”), and that he has not retained
any copies of any Properties and has no Properties in his custody or control. For the purposes of this Agreement, “Properties” includes but is not limited to electronic documents, laptop computer, phones, credit cards, complete and partial
documents, correspondence, reports, memoranda, notes, software, computer disks, manuals, computerized information and reports. Woodside acknowledges and agrees that returning all Properties to Traeger is a condition to his receiving the severance
provided pursuant to this Agreement. 

  
 5 

 22.    Legal Fees in Event Action Is Filed on Any
Released Claims. Traeger shall be entitled to recover from Woodside all reasonable legal fees and costs incurred in the event that Woodside files a lawsuit against any of the Releasees concerning any of the Claims released herein (other than a
claim under the Age Discrimination in Employment Act) or otherwise breaches this Agreement. 

23.    Attorneys’ Fees and Costs. In the event of any action or proceeding for the
enforcement, breach or interpretation of, or declaration of rights or other matters in connection with, this Agreement and/or any released matter herein, the prevailing party shall be entitled to an award of his/its reasonable attorneys’ fees
and costs. 
 24.    Successors and Assigns. The provisions of this Agreement shall be deemed to
extend to, be binding upon, and inure to the benefit of the Parties and their respective heirs, personal representatives, successors and assigns. 

25.    Governing Law; Choice of Forum. This Agreement shall be construed, enforced and governed in
all respects by the laws of the State of Utah and applicable federal law. Any legal action, suit or proceeding with respect to this Agreement, or any judgment entered by any state or federal court in respect thereof, shall be brought in any state or
federal court sitting in the State of Delaware, and each of the Parties hereby submits to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding or judgment. Each of the Parties hereby irrevocably waives any
objections which he/it may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any such court, and hereby further irrevocably waives any claim that any such suit,
action or proceeding brought in any such court has been brought in any inconvenient forum. Each of the Parties hereby waives any right he/it may have to trial by jury in respect of any litigation based on, arising out of, under or in connection with
this Agreement or any course of conduct, course of dealing, verbal or written statement or action of any party hereto. 

26.    Provisions Severable. The provisions of this Agreement are severable. In the event that a
court of competent jurisdiction or administrative agency were to determine that any provision hereof is void, voidable, or unenforceable under any applicable law, such void, voidable, or unenforceable provisions shall not affect or invalidate any
other provision of this Agreement, which shall continue to govern the respective rights and duties of the parties as though the void, voidable, or unenforceable provision were not a part hereof. In addition, it is the intention and agreement of the
Parties that all of the terms and conditions herein be enforced to the fullest extent permitted by law. 

27.    Consultation with Attorney. Woodside is hereby advised to consult with an attorney of his
choice prior to signing this Agreement. 
 28.    Employee Acknowledgement. Woodside acknowledges
that he has read this Agreement carefully and fully understands this Agreement. Woodside further acknowledges that he has executed this Agreement voluntarily and of his own free will and that he is knowingly and voluntarily releasing and waiving all
Claims he may have against Releasees, including Traeger. 

  
 6 

 29.    Revocation Period. Woodside has seven
(7) days from the date on which he signs this Agreement to revoke this Agreement by providing written notice (by mail, email or hand delivery) of his revocation to: 

Tom Burton 
 1215 E Wilmington
Avenue, Suite 200 
 Salt Lake City, Utah 84106 

tburton@traegergrills.com 

Woodside’s revocation, to be effective, must be received by the above-named person by the end of the
seventh day after Woodside signs this Agreement. As indicated above, this Agreement becomes effective on the eighth day after Woodside signs this Agreement, providing that Woodside has not revoked this Agreement as provided above. 

IN WITNESS WHEREOF, the Parties have executed this Severance and Release and Waiver of Claims Agreement as of the day and year
first above written. 
  

	
	 /s/ Stephen P. Woodside

	 STEPHEN P. WOODSIDE

	
	 DATED: 10/20/20

	
	 TRAEGER PELLET GRILLS, LLC

	
	 /s/ Jeremy Andrus

	 JEREMY ANDRUS

	
	 DATED: 10/14/20

  
 7

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