Document:

Exhibit 10.12
​

RE/MAX holdings, inc. 2013 omnibus incentive plan
NOTICE OF Restricted Stock Unit AWARD
Grantee’s Name: 
​
You (the “Grantee”) have been granted an award of Restricted Stock Units (the “Award”), subject to the terms and conditions of this Notice of Restricted Stock Unit Award (the “Notice”), the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan, as amended from time to time (the “Plan”) and the Restricted Stock Unit Agreement (the “Agreement”) attached hereto, as follows.  Unless otherwise provided herein, the terms in this Notice shall have the same meaning as those defined in the Plan. 
Award Number: 
Date of Award:  March 1, 2021
Target Number of Restricted Stock
Units Awarded (the “Target Award”)*: 
Performance Period:  [___] 
*The actual number of Restricted Stock Units (the “Units”) that vest will range from 0% to [___]% of each Tranche (as defined below) of the Target Award, depending on the extent to which applicable vesting requirements are satisfied, as determined by the Administrator.
Performance Periods:
The Target Award shall be divided into three equal tranches (subject to rounding to the nearest full Unit) (each a “Tranche”), each of which shall correspond to a one-year Performance Period (each, a “Performance Period” and collectively, the “Performance Periods”). The performance period for the first Tranche is the calendar year in which the award is granted (the “First Performance Period”). The calendar year following the First Performance Period is the “Second Performance Period” and the calendar year following the Second Performance Period is the “Third Performance Period.” 
Vesting Schedules:
Except as otherwise set forth below, subject to the Grantee’s Continuous Service through the day following the last day of the Third Performance Period (the “Vesting Date”), and the other limitations set forth in this Notice, the Agreement and the Plan, the Award will vest as set forth below. 
Vesting of each Tranche will be based on Revenue achievement during the corresponding Performance Period.
Each Performance Period shall have a Threshold Revenue level, a Target Revenue level, and a Stretch Revenue level (collectively referred to as the “Performance Levels”), each of which shall be determined by the Administrator and communicated to the Grantee no later than March 31 of the applicable Performance Period. The percentage of each Tranche that vests for each Performance Period shall be determined by the Administrator following the end of the Performance Period, based on the table below. If, for any Performance Period, Revenue is between two Performance Levels, then the portion of the Target Award that vests for the Tranche corresponding to that Performance Period will be determined using linear interpolation. Following the end of each Performance Period, the award shall remain unvested subject to the Grantee’s Continuous Service through the Vesting Date. 

​

	If Revenue is:
	Then, the % of the Revenue Target Award That Vests is:*

	Below Threshold Revenue 
	0%

	equal to Threshold Revenue
	[__]%

	equal to Target Revenue
	[__]%

	equal to or greater than Stretch Revenue
	[__]%

​
For purposes of the vesting schedules, “Revenue” means, as determined by the Administrator, the Company’s revenue during the applicable Performance Period, determined in accordance with generally accepted accounting principles, as reported in the Company’s periodic filings with the Securities and Exchange Commission (including revenue from any acquisitions), plus (or minus) pro-forma adjustments for extraordinary events (such as fee waivers for unusual events such as natural disasters), as may be determined by the Administrator in good faith. In setting the Performance Levels of a Performance Period, expected revenue from acquisitions for the first nine months after closing shall not be taken into account. (The preceding sentence shall not apply to acquisitions that closed prior to December 31, 2020.) If an acquisition occurs before March 31 of any Performance Period but after the Performance Level for such Performance Period was determined by the Administrator, the Performance Level for that Performance Period shall be increased by the amount of expected revenue from the acquisition during the portion of the Performance Period that is more than nine months after the acquisition. 
Notwithstanding anything to the contrary, in the event of a Corporate Transaction or a Change in Control prior to the Vesting Date in connection with which the Award is not assumed or converted into an equivalent award by the acquiring or successor entity (or a Parent thereof), then, to the extent the Award is then outstanding and unvested, subject to the Grantee’s Continuous Service through the date of such Corporate Transaction or Change in Control (the “Transaction Date”) each Tranche shall vest as follows: 
(i)  each Tranche corresponding to a Performance Period that is completed on or prior to the Transaction Date shall vest based on Revenue during the corresponding Performance Period; 
(ii) If the Transaction Date occurs prior to the last day of a Performance Period, the Tranche corresponding to the Performance Period in which the Transaction Date falls shall vest based on the greater of (a) the amount that would vest based on revenue for that Performance Period through the end of the most recently completed calendar month ending on or prior to the Transaction Date, except that, for purposes of determining such vesting, the Performance Levels for that Performance Period shall each be multiplied by a fraction, the numerator of which shall be the total number of completed calendar months that have elapsed in the Performance Period through Transaction Date and the denominator of which shall be 12 and (b) the Target Revenue level; and
(iii) each Tranche corresponding to a Performance Period that has not begun as of the Transaction Date shall vest at the Target Revenue level. 
Notwithstanding the foregoing, in the event of a Corporate Transaction or a Change in Control during the Performance Period in connection with which the Award is assumed or converted into an equivalent award by the acquiring or successor entity (or a Parent thereof), then, immediately prior to such assumption or conversion, the Award shall be modified such that the Award (i) covers a number of Units equal to the number of Units that would have vested pursuant to the immediately preceding paragraph had the Award not been assumed or converted into an equivalent award by the acquiring or successor entity (or a Parent thereof) in connection with such Corporate Transaction or Change in Control and (ii) vests as to 100% of such covered Units on the last day of the Third Performance Period, subject to the Grantee’s Continuous Service through such last day, provided that if, during the 24-month period 

2 

following such Corporate Transaction, the Grantee’s Continuous Service is terminated by such entity (or an Affiliate thereof) without Cause or if the Grantee’s Continuous Service terminates due to death or Disability, the Award shall vest as to 100% of such covered Units on the day of such termination. For this purpose, “Cause” means, with respect to the termination by such entity (or an Affiliate thereof) of the Grantee’s Continuous Service, that such termination is for “Cause” as such term (or word of like import) is expressly defined in a then-effective written agreement between the Grantee and such entity (or an Affiliate thereof), or in the absence of such then-effective written agreement and definition, is based on, in the determination of the Administrator, the Grantee’s:  (i) performance of any act or failure to perform any act in bad faith and to the detriment of such entity (or an Affiliate thereof); (ii) dishonesty, intentional misconduct or material breach of any agreement with such entity (or an Affiliate thereof); or (iii) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person.
In the event of the Grantee’s change in status from Employee to Consultant or Director, the determination of whether such change in status results in a termination of Continuous Service will be determined in accordance with Section 409A of the Code.
For purposes of this Notice and the Agreement, the term “vest” shall mean, with respect to any Units, that such Units are no longer subject to forfeiture to the Company.  
Except as otherwise provided above, if the Grantee’s Continuous Service terminates for any reason on or before the last day of the Performance Period, other than due to death or Disability, the Units shall immediately be forfeited and deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of such reconveyed Units and shall have all rights and interest in or related thereto without further action by the Grantee.  If the Grantee’s Continuous Service terminates due to the Grantee’s death or Disability during the Performance Period and prior to a Corporate Transaction or Change in Control, (i) if Grantee’s Continuous Service terminates after the completion of one or more Performance Periods, the Tranche(s) corresponding to such Performance Period(s) shall vest on the date of termination based on Revenue during the corresponding Performance Period(s), (ii) if Grantee’s Continuous Service terminates during a Performance Period, the Tranche corresponding to such Performance Period shall vest on the date of termination based on Revenue through the end of the Company’s most recently completed calendar month ending on or prior to such termination, except that, for purposes of determining such vesting, the Performance Levels for that Performance Period shall each be multiplied by a fraction, the numerator of which shall be the total number of completed calendar months that have elapsed in the Performance Period through the date of such termination, and the denominator of which shall be 12, and (iii) any Tranche(s) of the Award corresponding to any Performance Period(s) that had not begun as of the date of termination shall be forfeited. 
IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Award is to be governed by the terms and conditions of this Notice, the Plan, and the Agreement.
RE/MAX Holdings, Inc.,
a Delaware corporation
By: ​ ​
[Name]
[Title]
[Date]

3 

THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE UNITS SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S CONTINUOUS SERVICE OR AS OTHERWISE SPECIFICALLY PROVIDED HEREIN (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER).  THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT, NOR IN THE PLAN, SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE GRANTEE’S CONTINUOUS SERVICE AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE.  THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL.

4 

Grantee Acknowledges and Agrees:
The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof.  The Grantee has reviewed this Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and fully understands all provisions of this Notice, the Agreement and the Plan.  The Grantee further agrees and acknowledges that this Award is a non-elective arrangement pursuant to Section 409A of the Code.
The Grantee further acknowledges that, from time to time, the Company may be in a “blackout period” and/or subject to applicable federal securities laws that could subject the Grantee to liability for engaging in any transaction involving the sale of the Company’s Shares.  The Grantee further acknowledges and agrees that, prior to the sale of any Shares acquired under this Award, it is the Grantee’s responsibility to determine whether or not such sale of Shares will subject the Grantee to liability under insider trading rules or other applicable federal securities laws.
The Grantee understands that the Award is subject to the Grantee’s consent to access this Notice, the Agreement, the Plan and the Plan prospectus (collectively, the “Plan Documents”) in electronic form on the Company’s intranet or the website of the Company’s designated brokerage firm, if applicable.  By signing below (or providing an electronic signature by clicking below) and accepting the grant of the Award, the Grantee: (i) consents to access electronic copies (instead of receiving paper copies) of the Plan Documents via the Company’s intranet or the website of the Company’s designated brokerage firm, if applicable; (ii) represents that the Grantee has access to the Company’s intranet or the website of the Company’s designated brokerage firm, if applicable; (iii) acknowledges receipt of electronic copies, or that the Grantee is already in possession of paper copies, of the Plan Documents; and (iv) acknowledges that the Grantee is familiar with and accepts the Award subject to the terms and provisions of the Plan Documents. 
If Grantee does not sign this grant within 90 days of the Award Date, the Award shall be deemed rejected by the Grantee and Grantee shall have no right to the Award or the Units. 
The Company may, in its sole discretion, decide to deliver any Plan Documents by electronic means or request the Grantee’s consent to participate in the Plan by electronic means.  The Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

5 

The Grantee hereby agrees that all questions of interpretation and administration relating to this Notice, the Plan and the Agreement shall be resolved by the Administrator in accordance with Section 8 of the Agreement.  The Grantee further agrees to the venue and jurisdiction selection in accordance with Section 9 of the Agreement.  The Grantee further agrees to notify the Company upon any change in his or her residence address indicated in this Notice.
​
Date: ________________‌
​
​
​

6 

Exhibit 10.12
​

Name: 
Award Number: 
RE/MAX holdings, inc. 2013 omnibus incentive plan
RESTRICTED STOCK UNIT AGREEMENT
1.Issuance of Units.  RE/MAX Holdings, Inc., a Delaware corporation (the “Company”), hereby issues to the Grantee (the “Grantee”) named in the Notice of Restricted Stock Unit Award (the “Notice”) an award (the “Award”) of up to [___]% of the Target Number of Restricted Stock Units Awarded set forth in the Notice (the “Units”), subject to the Notice, this Restricted Stock Unit Agreement (the “Agreement”) and the terms and provisions of the Company’s 2013 Omnibus Incentive Plan, as amended from time to time (the “Plan”), which is incorporated herein by reference.  Unless otherwise provided herein, the terms in this Agreement shall have the same meaning as those defined in the Plan.  
2.Transfer Restrictions.  The Units may not be transferred in any manner other than by will or by the laws of descent and distribution.  
3.Conversion of Units and Issuance of Shares.  
(a)General.  Subject to Section 3(b), as soon as administratively feasible (but in all events not more than 60 days) following Vesting Date (or, if earlier, the day the Award vests), one Share shall be issued for each Unit that vests, subject to satisfaction of any required tax or other withholding obligations, with any fractional Unit discarded and not converted into a fractional Share.      
(b)Delay of Issuance of Shares.  The Company shall delay the issuance of any Shares under this Section 3 to the extent necessary to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “specified employees” of certain publicly-traded companies); in such event, any Shares to which the Grantee would otherwise be entitled during the six (6) month period following the date of the Grantee’s termination of Continuous Service will be issuable on the first business day following the expiration of such six (6) month period.
4.Right to Shares and Dividends; Dividend Equivalents.  The Grantee shall not have any right in, to or with respect to any of the Shares (including any voting rights or rights with respect to dividends paid on the Shares) issuable under the Award until the Award is settled by the issuance of such Shares to the Grantee, except that Dividend Equivalents shall be earned with respect to Units that vest.  The amount of Dividend Equivalents earned with respect to each such Unit that vests shall be equal to the total ordinary cash dividends, if any, declared on a Share where the record date of the dividend is between the Grant Date of this Award and the date a Share is issued upon vesting of the Unit.  Any Dividend Equivalents earned shall be paid in cash to the Grantee when the Shares subject to the vested Units to which they relate are issued.  No Dividend Equivalents shall be earned or paid with respect to any Units that do not vest.  Dividend Equivalents shall not accrue interest. 
5.Taxes. 
(a)Tax Liability.  The Grantee is ultimately liable and responsible for all taxes owed by the Grantee in connection with the Award, regardless of any action the Company or any Related Entity takes with respect to any tax withholding obligations that arise in connection with the Award.  Neither the Company nor any Related Entity makes any representation or undertaking regarding the treatment of any tax withholding in connection with any aspect of the Award, including the grant, vesting, assignment, 

​

release or cancellation of the Units, the delivery of Shares, the subsequent sale of any Shares acquired upon vesting and the receipt of any dividends or dividend equivalents.  The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Grantee’s tax liability.
(b)Payment of Withholding Taxes.  Prior to any event in connection with the Award (e.g., vesting or issuance of Shares) that the Company determines may result in any tax withholding obligation, whether United States federal, state, local or non-U.S., including any social insurance, employment tax, payment on account or other tax-related obligation (the “Tax Withholding Obligation”), the Grantee must arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation in a manner acceptable to the Company.  
(i)By Share Withholding.  If permissible under Applicable Law, the Grantee authorizes the Company to, upon the exercise of its sole discretion, withhold from those Shares otherwise issuable to the Grantee the whole number of Shares sufficient to satisfy the minimum applicable Tax Withholding Obligation.  The Grantee acknowledges that the withheld Shares may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation.  Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the withholding of Shares described above.
(ii)By Sale of Shares.  The Grantee’s acceptance of this Award constitutes the Grantee’s authorization to the Company and any brokerage firm determined acceptable to the Company for such purpose to, upon the exercise of Company’s sole discretion, sell on the Grantee’s behalf a whole number of Shares from those Shares issuable to the Grantee as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the minimum applicable Tax Withholding Obligation.  Such Shares will be sold on the day such Tax Withholding Obligation arises or as soon thereafter as practicable.  The Grantee will be responsible for all broker’s fees and other costs of sale, and the Grantee agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale.  To the extent the proceeds of such sale exceed the Grantee’s minimum Tax Withholding Obligation, the Company agrees to pay such excess in cash to the Grantee.  The Grantee acknowledges that the Company or its designee is under no obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation.  Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the sale of Shares described above. 
Notwithstanding the foregoing, the Company or a Related Entity also may satisfy any Tax Withholding Obligation by offsetting any amounts (including, but not limited to, salary, bonus and severance payments) payable to the Grantee by the Company and/or a Related Entity.  Furthermore, in the event of any determination that the Company has failed to withhold a sum sufficient to pay all withholding taxes due in connection with the Award, the Grantee agrees to pay the Company the amount of such deficiency in cash within five (5) days after receiving a written demand from the Company to do so, whether or not the Grantee is an employee of the Company at that time.
6.Entire Agreement; Governing Law.  The Notice, the Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee.  These agreements are to be construed in accordance with and governed by the internal laws of the State of Colorado without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Colorado 

2

to the rights and duties of the parties.  Should any provision of the Notice or this Agreement be determined to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.
7.Construction.  The captions used in the Notice and this Agreement are inserted for convenience and shall not be deemed a part of the Award for construction or interpretation.  Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.
8.Administration and Interpretation.  Any question or dispute regarding the administration or interpretation of the Notice, the Plan or this Agreement shall be submitted by the Grantee or by the Company to the Administrator.  The resolution of such question or dispute by the Administrator shall be final and binding on all persons.  
9.Venue and Jurisdiction.  The parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Agreement shall be brought exclusively in the United States District Court for Colorado (or should such court lack jurisdiction to hear such action, suit or proceeding, in a Colorado state court) and that the parties shall submit to the jurisdiction of such court.  The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court.  THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING.  If any one or more provisions of this Section 9 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable.
10.Notices.  Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party.
11.Amendment and Delay to Meet the Requirements of Section 409A.  The Grantee acknowledges that the Company, in the exercise of its sole discretion and without the consent of the Grantee, may amend or modify this Agreement in any manner and delay the issuance of any Shares issuable pursuant to this Agreement to the minimum extent necessary to meet the requirements of Section 409A of the Code as amplified by any Treasury regulations or guidance from the Internal Revenue Service as the Company deems appropriate or advisable.  Notwithstanding anything in this Agreement or the Plan to the contrary, to the extent the Award is determined to be subject to Section 409A of the Code and Shares will be issued pursuant to the Award on account of such Change in Control or Corporate Transaction, neither a Change in Control nor a Corporate Transaction shall be deemed to have occurred for purposes of this Award unless such Change in Control or Corporate Transaction also constitutes a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, as those terms are used in Section 409A of the Code.  In addition, the Company makes no representation that the Award will comply with Section 409A of the Code and makes no undertaking to prevent Section 409A of the Code from applying to the Award or to mitigate its effects on any deferrals or payments made in respect of the Units.  The Grantee is encouraged to consult a tax adviser regarding the potential impact of Section 409A of the Code.
END OF AGREEMENT
​

3

Exhibit 10.12
​

RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN
NOTICE OF Restricted Stock Unit AWARD
Grantee’s Name: 
​
You (the “Grantee”) have been granted an award of Restricted Stock Units (the “Award”), subject to the terms and conditions of this Notice of Restricted Stock Unit Award (the “Notice”), the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan, as amended from time to time (the “Plan”) and the Restricted Stock Unit Agreement (the “Agreement”) attached hereto, as follows.  Unless otherwise provided herein, the terms in this Notice shall have the same meaning as those defined in the Plan. 
Award Number: 
Date of Award:  March 1, 2021
Total Number of Restricted Stock Units Awarded (the “Units”): 
Vesting Schedule:
Subject to the Grantee’s Continuous Service and other limitations set forth in this Notice, the Agreement and the Plan, the Units will “vest” in accordance with the following schedule (the “Vesting Schedule”):
One third (1/3) of the Award shall vest on each of March 1, 2022 and March 1, 2023, and the remainder of the Award shall vest on March 1, 2024 (subject to rounding at each vesting).  
In the event of a Corporate Transaction or a Change in Control in connection with which the Award is not assumed or converted into an equivalent award by the acquiring or successor entity (or a Parent thereof), the Units, to the extent outstanding and unvested, shall automatically become fully vested immediately prior to the effective date of such Corporate Transaction or Change in Control. 
In the event of a Corporate Transaction or a Change in Control in connection with which the Award is assumed or converted into an equivalent award by the acquiring or successor entity (or a Parent thereof), if the Grantee’s Continuous Service is terminated by such entity (or an Affiliate thereof) without Cause during the 24-month period following such Corporate Transaction or Change in Control, the assumed or converted award shall automatically become fully vested on the day of such termination. For this purpose, “Cause” means, with respect to the termination by such entity (or an Affiliate thereof) of the Grantee’s Continuous Service, that such termination is for “Cause” as such term (or word of like import) is expressly defined in a then-effective written agreement between the Grantee and such entity (or an Affiliate thereof), or in the absence of such then-effective written agreement and definition, is based on, in the determination of the Administrator, the Grantee’s:  (i) performance of any act or failure to perform any act in bad faith and to the detriment of such entity (or an Affiliate thereof); (ii) dishonesty, intentional misconduct or material breach of any agreement with such entity (or an Affiliate thereof); or (iii) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person.
In the event of the Grantee’s change in status from Employee to Consultant or Director, the determination of whether such change in status results in a termination of Continuous Service will be determined in accordance with Section 409A of the Code.
For purposes of this Notice and the Agreement, the term “vest” shall mean, with respect to any Units, that such Units are no longer subject to forfeiture to the Company.  If the Grantee would become vested in a fraction of a Unit, such Unit shall not vest until the Grantee becomes vested in the entire Unit.

​

 Except as otherwise provided above, vesting shall cease upon the date the Grantee terminates Continuous Service for any reason, excluding death or Disability.  In the event the Grantee terminates Continuous Service for any reason, excluding death or Disability, any unvested Units held by the Grantee immediately upon such termination of the Grantee’s Continuous Service shall be forfeited and deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of such reconveyed Units and shall have all rights and interest in or related thereto without further action by the Grantee.  
If the Grantee’s Continuous Service terminates due to the Grantee’s death or Disability, the Units that would have vested on the vesting date next following the date of such termination of Continuous Services shall immediately become vested as of the date of such termination of Continuous Service, and all remaining unvested Units shall be forfeited and deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of such reconveyed Units and shall have all rights and interest in or related thereto without further action by the Grantee.
IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Award is to be governed by the terms and conditions of this Notice, the Plan, and the Agreement.
RE/MAX Holdings, Inc.,
a Delaware corporation
By: ​ ​
Susan Zimmerman
Senior Vice President
March 1, 2020
THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE UNITS SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S CONTINUOUS SERVICE OR AS OTHERWISE SPECIFICALLY PROVIDED HEREIN (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER).  THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT, NOR IN THE PLAN, SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE GRANTEE’S CONTINUOUS SERVICE AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE.  THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL.

2
​

Grantee Acknowledges and Agrees:
The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof.  The Grantee has reviewed this Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and fully understands all provisions of this Notice, the Agreement and the Plan.  The Grantee further agrees and acknowledges that this Award is a non-elective arrangement pursuant to Section 409A of the Code.
The Grantee further acknowledges that, from time to time, the Company may be in a “blackout period” and/or subject to applicable federal securities laws that could subject the Grantee to liability for engaging in any transaction involving the sale of the Company’s Shares.  The Grantee further acknowledges and agrees that, prior to the sale of any Shares acquired under this Award, it is the Grantee’s responsibility to determine whether or not such sale of Shares will subject the Grantee to liability under insider trading rules or other applicable federal securities laws.
The Grantee understands that the Award is subject to the Grantee’s consent to access this Notice, the Agreement, the Plan and the Plan prospectus (collectively, the “Plan Documents”) in electronic form on the Company’s intranet or the website of the Company’s designated brokerage firm, if applicable.  By signing below (or providing an electronic signature by clicking below) and accepting the grant of the Award, the Grantee: (i) consents to access electronic copies (instead of receiving paper copies) of the Plan Documents via the Company’s intranet or the website of the Company’s designated brokerage firm, if applicable; (ii) represents that the Grantee has access to the Company’s intranet or the website of the Company’s designated brokerage firm, if applicable; (iii) acknowledges receipt of electronic copies, or that the Grantee is already in possession of paper copies, of the Plan Documents; and (iv) acknowledges that the Grantee is familiar with and accepts the Award subject to the terms and provisions of the Plan Documents. 
If Grantee does not sign this grant within 90 days of the Award Date, the Award shall be deemed rejected by the Grantee and Grantee shall have no right to the Award or the Units.
The Company may, in its sole discretion, decide to deliver any Plan Documents by electronic means or request the Grantee’s consent to participate in the Plan by electronic means.  The Grantee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

3
​

The Grantee hereby agrees that all questions of interpretation and administration relating to this Notice, the Plan and the Agreement shall be resolved by the Administrator in accordance with Section 8 of the Agreement.  The Grantee further agrees to the venue and jurisdiction selection in accordance with Section 9 of the Agreement.  The Grantee further agrees to notify the Company upon any change in his or her residence address indicated in this Notice.
​
Date: _______________‌
​
​

4
​

Exhibit 10.12
​

Name: 
Award Number: 
RE/MAX HOLDINGS, INC. 2013 OMNIBUS INCENTIVE PLAN
RESTRICTED STOCK UNIT AGREEMENT
1.Issuance of Units.  RE/MAX Holdings, Inc., a Delaware corporation (the “Company”), hereby issues to the Grantee (the “Grantee”) named in the Notice of Restricted Stock Unit Award (the “Notice”) an award (the “Award”) of the Total Number of Restricted Stock Units Awarded set forth in the Notice (the “Units”), subject to the Notice, this Restricted Stock Unit Agreement (the “Agreement”) and the terms and provisions of the Company’s 2013 Omnibus Incentive Plan, as amended from time to time (the “Plan”), which is incorporated herein by reference.  Unless otherwise provided herein, the terms in this Agreement shall have the same meaning as those defined in the Plan.  
2.Transfer Restrictions.  The Units may not be transferred in any manner other than by will or by the laws of descent and distribution.  
3.Conversion of Units and Issuance of Shares.  
(a)General.  Subject to Section 3(b), one share of Common Stock shall be issuable for each Unit subject to the Award (the “Shares”) upon vesting.  Immediately thereafter, or as soon as administratively feasible, the Company will transfer the appropriate number of Shares to the Grantee, subject to satisfaction of any required tax or other withholding obligations.  Any fractional Unit remaining after the Award is fully vested shall be discarded and shall not be converted into a fractional Share.  Notwithstanding the foregoing, the relevant number of Shares shall be issued no later than sixty (60) days following the date the Unit vests.    
(b)Delay of Issuance of Shares.  The Company shall delay the issuance of any Shares under this Section 3 to the extent necessary to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to certain “specified employees” of certain publicly-traded companies); in such event, any Shares to which the Grantee would otherwise be entitled during the six (6) month period following the date of the Grantee’s termination of Continuous Service will be issuable on the first business day following the expiration of such six (6) month period.
4.Right to Shares and Dividends; Dividend Equivalents.  The Grantee shall not have any right in, to or with respect to any of the Shares (including any voting rights or rights with respect to dividends paid on the Shares) issuable under the Award until the Award is settled by the issuance of such Shares to the Grantee, except that Dividend Equivalents shall be earned with respect to Units that vest.  The amount of Dividend Equivalents earned with respect to each such Unit that vests shall be equal to the total ordinary cash dividends, if any, declared on a Share where the record date of the dividend is between the Grant Date of this Award and the date a Share is issued upon vesting of the Unit.  Any Dividend Equivalents earned shall be paid in cash to the Grantee when the Shares subject to the vested Units to which they relate are issued.  No Dividend Equivalents shall be earned or paid with respect to any Units that do not vest.  Dividend Equivalents shall not accrue interest. 
5.Taxes. 
(a)Tax Liability.  The Grantee is ultimately liable and responsible for all taxes owed by the Grantee in connection with the Award, regardless of any action the Company or any Related Entity 

​

takes with respect to any tax withholding obligations that arise in connection with the Award.  Neither the Company nor any Related Entity makes any representation or undertaking regarding the treatment of any tax withholding in connection with any aspect of the Award, including the grant, vesting, assignment, release or cancellation of the Units, the delivery of Shares, the subsequent sale of any Shares acquired upon vesting and the receipt of any dividends or dividend equivalents.  The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Grantee’s tax liability.
(b)Payment of Withholding Taxes.  Prior to any event in connection with the Award (e.g., vesting or issuance of Shares) that the Company determines may result in any tax withholding obligation, whether United States federal, state, local or non-U.S., including any social insurance, employment tax, payment on account or other tax-related obligation (the “Tax Withholding Obligation”), the Grantee must arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation in a manner acceptable to the Company.  
(i)By Share Withholding.  If permissible under Applicable Law, the Grantee authorizes the Company to, upon the exercise of its sole discretion, withhold from those Shares otherwise issuable to the Grantee the whole number of Shares sufficient to satisfy the minimum applicable Tax Withholding Obligation.  The Grantee acknowledges that the withheld Shares may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation.  Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the withholding of Shares described above.
(ii)By Sale of Shares.  The Grantee’s acceptance of this Award constitutes the Grantee’s authorization to the Company and any brokerage firm determined acceptable to the Company for such purpose to, upon the exercise of Company’s sole discretion, sell on the Grantee’s behalf a whole number of Shares from those Shares issuable to the Grantee as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the minimum applicable Tax Withholding Obligation.  Such Shares will be sold on the day such Tax Withholding Obligation arises (e.g., a vesting date) or as soon thereafter as practicable.  The Grantee will be responsible for all broker’s fees and other costs of sale, and the Grantee agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale.  To the extent the proceeds of such sale exceed the Grantee’s minimum Tax Withholding Obligation, the Company agrees to pay such excess in cash to the Grantee.  The Grantee acknowledges that the Company or its designee is under no obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation.  Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the sale of Shares described above. 
Notwithstanding the foregoing, the Company or a Related Entity also may satisfy any Tax Withholding Obligation by offsetting any amounts (including, but not limited to, salary, bonus and severance payments) payable to the Grantee by the Company and/or a Related Entity.  Furthermore, in the event of any determination that the Company has failed to withhold a sum sufficient to pay all withholding taxes due in connection with the Award, the Grantee agrees to pay the Company the amount of such deficiency in cash within five (5) days after receiving a written demand from the Company to do so, whether or not the Grantee is an employee of the Company at that time.
6.Entire Agreement; Governing Law.  The Notice, the Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed 

2

by the Company and the Grantee.  These agreements are to be construed in accordance with and governed by the internal laws of the State of Colorado without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Colorado to the rights and duties of the parties.  Should any provision of the Notice or this Agreement be determined to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.
7.Construction.  The captions used in the Notice and this Agreement are inserted for convenience and shall not be deemed a part of the Award for construction or interpretation.  Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.
8.Administration and Interpretation.  Any question or dispute regarding the administration or interpretation of the Notice, the Plan or this Agreement shall be submitted by the Grantee or by the Company to the Administrator.  The resolution of such question or dispute by the Administrator shall be final and binding on all persons.  
9.Venue and Jurisdiction.  The parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Agreement shall be brought exclusively in the United States District Court for Colorado (or should such court lack jurisdiction to hear such action, suit or proceeding, in a Colorado state court) and that the parties shall submit to the jurisdiction of such court.  The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court.  THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING.  If any one or more provisions of this Section 9 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable.
10.Notices.  Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party.
11.Amendment and Delay to Meet the Requirements of Section 409A.  The Grantee acknowledges that the Company, in the exercise of its sole discretion and without the consent of the Grantee, may amend or modify this Agreement in any manner and delay the issuance of any Shares issuable pursuant to this Agreement to the minimum extent necessary to meet the requirements of Section 409A of the Code as amplified by any Treasury regulations or guidance from the Internal Revenue Service as the Company deems appropriate or advisable.  Notwithstanding anything in this Agreement or the Plan to the contrary, to the extent the Award is determined to be subject to Section 409A of the Code and Shares will be issued pursuant to the Award on account of such Change in Control or Corporate Transaction, neither a Change in Control nor a Corporate Transaction shall be deemed to have occurred for purposes of this Award unless such Change in Control or Corporate Transaction also constitutes a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, as those terms are used in Section 409A of the Code.  In addition, the Company makes no representation that the Award will comply with Section 409A of the Code and makes no undertaking to prevent Section 409A of the Code from applying to the Award or to 

3

mitigate its effects on any deferrals or payments made in respect of the Units.  The Grantee is encouraged to consult a tax adviser regarding the potential impact of Section 409A of the Code.
END OF AGREEMENT

4Document

Exhibit 10.1

THE J. M. SMUCKER COMPANY
NONEMPLOYEE DIRECTOR DEFERRED COMPENSATION PLAN
(AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2021)

ARTICLE I
INTRODUCTION
1.1Purpose of this Plan.  The purpose of The J. M. Smucker Company Nonemployee Director Deferred Compensation Plan (this “Plan”) has been and continues to be to provide the nonemployee directors (each, a “Director,” and collectively, the “Directors”) of The J. M. Smucker Company (the “Company”) with the opportunity to defer receipt of all or a portion of compensation received for services as a Director, to set forth the rules with respect to the Deferred Stock Units granted annually to a Director as part of the Director’s compensation, and to continue to align the common interest of Directors and shareholders in enhancing the value of the Company’s Common Shares.  For the avoidance of doubt and for clarification, this Plan will apply to (a) Deferred Stock Units credited to a Director’s Deferred Compensation Account upon the Director’s election to reduce his or her cash compensation, (b) Deferred Stock Units granted to a Director as part of his or her annual Deferred Stock Unit award and credited to the Director’s Deferred Compensation Account pursuant to Section 4.1, and (c) dividend equivalents paid on Deferred Stock Units described in subsections (a) and (b).
1.2The Company adopts this amendment and restatement on January 22, 2021, effective with respect to deferral of compensation received for services performed as a Director on or after January 1, 2022.
ARTICLE II
DEFINITIONS

As used herein, the terms set forth below will have the following meanings:
2.1“Annual Subaccount” has the meaning assigned thereto in Section 3.3.
2.2“Board” means the Board of Directors of the Company.
2.3“Change in Control” has the meaning assigned thereto in the Company’s 2020 Equity and Incentive Compensation Plan.
2.4“Code” means the Internal Revenue Code of 1986, as amended.
2.5“Committee” means the Executive Compensation Committee of the Board.
2.6“Common Shares” means the common shares, without par value, of the Company.
2.7“Company” has the meaning assigned thereto in Section 1.1.

2.8“Corporate Secretary” means the Corporate Secretary of the Company, or such person as the Corporate Secretary of the Company may expressly designate.
2.9“Deferred Compensation Account” has the meaning assigned thereto in Section 3.1 hereof.
2.10“Deferred Stock Units” means deferred stock units, each equivalent to one Common Share, credited to a Director’s Deferred Compensation Account pursuant to the terms of Section 3.3 or Section 4.1.
2.11“Director” has the meaning assigned thereto in Section 1.1.
2.12“Market Value per Share” means, as of any particular date, the last price at which the Common Shares trade as reported on the New York Stock Exchange Composite Tape or, if not listed on such exchange, on any other national securities exchange on which the Common Shares are listed, or if there are no sales on such day, on the immediately preceding trading day during which a sale occurred.  If there is no regular trading market for such Common Shares, the Market Value per Share will be determined by the Board.
2.13“Plan” has the meaning assigned thereto in Section 1.1.
2.14“Separation from Service” has the meaning assigned thereto in Section 5.1.
ARTICLE III
CASH COMPENSATION DEFERRAL AWARDS
3.1Cash Compensation Deferral Election.  Not later than December 31 of any calendar year, beginning with December 31, 2021 for the calendar year 2022, a Director may direct the Company (a) to reduce the cash compensation payable to him or her (determined without regard to the provisions of this Section 3.1) for services as a Director during the next calendar year (including annual retainer and committee meeting fees) in such amount as elected by the Director and (b) to credit the amount of such reduction to an account established in the name of the Director (a “Deferred Compensation Account”) with the amount of Deferred Stock Units described in Section 3.3.  If a Director does not have any deferral election form on file with the Corporate Secretary, he or she will receive his or her Director compensation for the year (that would otherwise be paid in cash) in cash on a current basis.
3.2Cash Compensation Deferral Payment Election.   The election made pursuant to Section 3.1 will specify whether Deferred Stock Units credited to the Deferred Compensation Account pursuant to Section 3.1 for the following year will be distributed to the Director (or his or her beneficiary): (a) in a lump sum payment or (b) in up to ten annual installments.  If a Director does not have an election form on file with the Corporate Secretary, the payment of the Deferred Stock Units credited to his or her Deferred Compensation Account for the following year pursuant to this Article III will be made in a lump sum payment in accordance with Article V.  
    - 2 -    

3.3Deferred Compensation Account.  The Director’s Deferred Compensation Account will be credited with a number of Deferred Stock Units equal to the cash amount identified in Section 3.1(a) that the Director has elected to defer divided by the Market Value per Share of one Common Share on the date on which such cash amount would have otherwise been paid.  Each Director’s Deferred Compensation Account will be subdivided into separate subaccounts for each year of participation (each, an “Annual Subaccount”).  It is intended that the amount credited to each Annual Subaccount pursuant to this Section 3.3 will be considered a separate amount of deferred compensation under Section 409A of the Code.  As such, a separate payment election made under Section 3.2 may apply to each Annual Subaccount.
3.4Partial Years.  If a Director first becomes a Director after January 1st of any calendar year, the Director may direct the Company (a) to reduce the cash compensation payable to him or her for future services as a Director during such calendar year in such amount as elected by the Director and (b) to credit the amount of such reduction to the Director’s Deferred Compensation Account.  Any such election will be made within thirty (30) calendar days after an individual becomes a Director, will apply only to cash compensation for services as a Director performed after the date of such election, and will include an election as to the form of payment as described in Section 3.2.
3.5Elections.  All deferral elections described in this Article III will be made annually on an election form specified by the Committee and delivered by a Director to the Corporate Secretary.  The elections described in this Article III will remain in effect for future calendar years if a new written election form is not submitted.  Any subsequent election or written termination of election will become effective as of the first day of the calendar year following the calendar year in which the notice is given and will be effective only for cash compensation earned in such following calendar year and thereafter.  
3.6Nonforfeitable Right.  Each Deferred Stock Unit awarded under this Article III will be one hundred percent (100%) vested upon the award of such Deferred Stock Unit.  
3.7Dividend Equivalents.  Dividend equivalents will be earned on Deferred Stock Units awarded under this Article III.  Such dividend equivalents will be converted into equivalent amounts of Deferred Stock Units based on the Market Value per Share on the date the actual dividends on Common Shares are paid and credited to the appropriate Annual Subaccount of each Director.  Such dividend equivalents will be one hundred percent (100%) vested at all times and will be paid in the same manner and at the same time as the Deferred Stock Units to which the dividend equivalents relate.
ARTICLE IV
ANNUAL GRANT AWARDS
4.1Annual Deferred Stock Unit Grant.  Each October, each Director’s Deferred Compensation Account will be credited with the number of Deferred Stock Units equal to the cash amount established by the Committee for determining the annual grant of Deferred Stock Units divided by the Market Value per Share of one Common Share on the date of the grant.  Each Director’s Deferred Compensation Account will be subdivided into Annual Subaccounts to 
    - 3 -    

reflect each grant of Deferred Stock Units made under this Section 4.1.  It is intended that the amount credited to each such Annual Subaccount pursuant to this Section 4.1 will be considered a separate amount of deferred compensation under Section 409A of the Code.  As such, a separate payment election made under Section 4.2 may apply to each Annual Subaccount.
4.2Annual Deferred Stock Unit Payment Election.  Not later than December 31 of any calendar year, beginning with December 31, 2021 for the calendar year 2022, a Director will specify whether Deferred Stock Units credited to his or her Deferred Compensation Account for the following year pursuant to this Article IV will be distributed to the Director (or his or her beneficiary): (a) in a lump sum payment or (b) in up to ten annual installments.  If a Director does not have an election form on file with the Corporate Secretary, the payment of the Deferred Stock Units credited to his or her Deferred Compensation Account for the following year pursuant to this Article IV will be made in a lump sum payment in accordance with Article V.  
4.3Partial Years.  If a Director first becomes a Director after January 1st of any calendar year, the Director may make the payment election described in Section 4.2 with respect to an initial grant of Deferred Stock Units within thirty (30) calendar days after becoming a Director, provided that such election will apply only to compensation for services as a Director performed after the date of such election.
4.4Elections.  All payment elections described in this Article IV will be made annually on an election form specified by the Committee and delivered by a Director to the Corporate Secretary.  The election described in this Article IV will remain in effect for future calendar years if a new written election form is not submitted.  Any subsequent election or written termination of election will become effective as of the first day of the calendar year following the calendar year in which the notice is given and will be effective only for compensation earned in such following calendar year and thereafter.  
4.5Nonforfeitable Right.  Each Deferred Stock Unit awarded under this Article IV will be one hundred percent (100%) vested upon the award of such Deferred Stock Unit.  
4.6Dividend Equivalents.  Dividend equivalents will be earned on Deferred Stock Units awarded under this Article IV.  Such dividend equivalents will be converted into equivalent amounts of Deferred Stock Units based on the Market Value per Share on the date the actual dividends on Common Shares are paid and credited to the appropriate Annual Subaccount of each Director.  Such dividend equivalents will be one hundred percent (100%) vested at all times and will be paid in the same manner and at the same time as the Deferred Stock Units to which the dividend equivalents relate.                                     
    - 4 -    

ARTICLE V
PAYMENT OF ACCOUNTS
5.1Time of Payment.  Distribution of Deferred Stock Units in each Annual Subaccount included in a Director’s Deferred Compensation Account will be made or commence in the manner described in Section 5.2 hereof as soon as is reasonably practicable, but not later than sixty (60) calendar days, after a Director’s “separation from service” (as defined under Section 409A of the Code and Treasury Regulation Section §1.409A-1(h)(2) (a “Separation from Service”)).  Notwithstanding anything to the contrary contained in this Plan (or in any election relating to this Plan), if a Change in Control of the Company occurs (but only to the extent the event constitutes a change “in the ownership or effective control” of the Company, or “in the ownership of a substantial portion of the assets” of the Company (as determined under Section 409A of the Code and the regulations promulgated thereunder)), the distribution of the Director’s entire Deferred Compensation Account will be made in a lump sum as soon as practicable, but not later than sixty (60) calendar days, following the date of the Change in Control.
5.2Method of Distribution.  The Deferred Stock Units credited to each of the Director’s Annual Subaccounts of his or her Deferred Compensation Account (including those converted from dividend equivalents) will be distributed or commence to be distributed to the Director or the Director’s beneficiary at the time described in Section 5.1 hereof and, except as provided in Section 5.1 with respect to a Change in Control, in the manner specified in the Director’s payment election under Section 3.2 or Section 4.2 with respect to such Annual Subaccount.  The amount of any installment payment with respect to an Annual Subaccount in the Director’s Deferred Compensation Account will be calculated by dividing the number of Deferred Stock Units in such Annual Subaccount at the time of each such payment by the number of remaining installments in such Annual Subaccount (including the current installment).  Notwithstanding anything to the contrary contained in this Plan (or in any election relating to this Plan), if the aggregate amount credited to any Director’s Deferred Compensation Account is less than $50,000 on the date of the Director’s Separation from Service, the distribution of the Director’s entire Deferred Compensation Account will be made in a lump sum as soon as is reasonably practicable, but not later than sixty (60) calendar days, following the Director’s Separation from Service.
5.3Form of Payment.  The Deferred Stock Units will be distributed in Common Shares on a one-for-one basis.  Fractional shares will be rounded down to the nearest whole Common Share, and any remainder will be paid in cash.
5.4Designation of Beneficiary.  Each Director participating in this Plan will designate a beneficiary or beneficiaries to whom distribution will be made in the event of the death of the Director before his or her entire Deferred Compensation Account is distributed and, in such case, the balance of the Director’s Deferred Compensation Account will be distributed to the beneficiary or beneficiaries in a lump sum as soon as is reasonably practicable, but not later than sixty (60) calendar days following the Director’s death, even if the Director elected distribution in installments.  If there is no designated beneficiary, or no designated beneficiary surviving at a Director’s death, the Director’s beneficiary will be his or her estate.  Beneficiary designations 
    - 5 -    

will be made in writing and will be delivered by a Director to the Corporate Secretary.  A Director may designate a new beneficiary or beneficiaries at any time by delivering a new election to the Corporate Secretary.
5.5Changes to Prior Elections.  Changes to a prior election of the form of payment with respect to amounts in a Director’s Annual Subaccount may be made, provided that the election satisfies the following requirements: (a) a change of election will not be effective until at least twelve (12) months after the date on which it is filed by the Director with the Corporate Secretary; (b) a change of election with respect to a payment commencing on, or made on, a specified date may not be filed with the Corporate Secretary less than twelve (12) months prior to such date; and (c) a change of election with respect to a time of payment or a method of payment must provide that the payment subject to the change be deferred for a period of not less than five (5) years from the date such payment would otherwise have been made except in the event of a payment made on account of the Director’s death or total disability (as defined in Section 409A of the Code and the regulations promulgated thereunder).  
5.6Taxes.  In the event any taxes are required by law to be withheld or paid from any distributions made pursuant to this Plan, the Company (or any trustee, if applicable) will deduct such amounts from such distributions and will transmit the withheld amounts to the appropriate taxing authority.
ARTICLE VI
FUNDING; CREDITORS AND INSOLVENCY
6.1Funding Mechanism for Deferred Stock Units.  The Company will be entitled, but not obligated, to establish a grantor trust or similar funding mechanism to fund the Company’s obligations under this Plan; provided, however, that any funds contained therein will remain subject to the claims of the Company’s general creditors.  The funding mechanism will constitute an unfunded arrangement.
6.2Claims of the Company’s Creditors.  The Company’s obligation under this Plan will be merely that of an unfunded and unsecured promise of the Company to pay benefits in the future.  All Deferred Stock Units (and any corresponding assets held in a trust established for this Plan), and any payment to be made pursuant to this Plan, will be subject to the claims of the general creditors of the Company, including judgment creditors and bankruptcy creditors.  Neither any Director, nor his or her beneficiaries, nor his or her heirs, successors, or assigns, will have any secured interest in or claim on any property or assets of the Company (or of any trust).  The rights of a Director or his or her beneficiaries to his or her Deferred Compensation Account and to the Deferred Stock Units (and to any assets held in trust) will be no greater than the rights of an unsecured creditor of the Company.
ARTICLE VII
ADMINISTRATION
7.1Powers of the Committee.  The Committee, or other committee as may be expressly delegated by the Committee, will administer this Plan and resolve all questions of 
    - 6 -    

interpretation arising under this Plan.  The Committee, or other committee as may be expressly delegated by the Committee, will have no discretion with respect to Plan contributions or distributions but will act in an administrative capacity only.
7.2Indemnity of Committee.  The Company will indemnify the members of the Committee, and any other committee that may administer this Plan as set forth in Section 7.1, against all claims, losses, damages, expenses, and liabilities arising from any action or failure to act with respect to this Plan to the extent provided in the Amended Regulations of the Company and any applicable indemnification agreement between the Company and such member.
ARTICLE VIII
MISCELLANEOUS
8.1Term of Plan.  The Company reserves the right to amend this Plan or terminate this Plan at any time; provided, however, that no amendment or termination will affect the rights of Directors to amounts previously credited to their Deferred Compensation Accounts or to additional credits of Deferred Stock Units pursuant to Section 3.7 and Section 4.6 hereof; and provided further, that no amendment or termination will apply to the then current plan year, except as permitted under Section 409A of the Code.  This Plan will remain in effect until such time as all Deferred Stock Units are distributed pursuant to Article V hereof.
8.2Adjustments.  In the event that, after the effective date of this Plan (as provided in Section 8.9 below), the number of outstanding Common Shares is increased or decreased or such shares are exchanged for a different number or kind of shares or other securities by reason of a recapitalization, reclassification, stock split-up, or combination of shares, adjustments will be made by the Board in the number and kind of shares or other securities that are underlying Deferred Stock Units and/or credited to Deferred Compensation Accounts hereunder and that will be issued under this Plan.
8.3Assignment.  No right or interest of any Director or his or her beneficiary (or any person claiming through or under such Director or his or her beneficiary) in any benefit or payment herefrom will be assignable or transferable in any manner or be subject to alienation, anticipation, sale, pledge, encumbrance, or other legal process or in any manner be liable for or subject to the debts or liabilities of such Director.
8.4Tax Effect.  This Plan is intended to be treated as an unfunded deferred compensation plan under the Code.  It is the intention of the Company that the Deferred Stock Units credited to the Directors’ Deferred Compensation Accounts pursuant to this Plan will not be included in the gross income of the Directors or their beneficiaries until such time as such Deferred Stock Units are distributed from this Plan.  If, at any time, it is determined by the Company that the Deferred Stock Units, or amounts attributable to Directors’ compensation reduction elections or Deferred Compensation Accounts, are includible in the gross income of the Directors or their beneficiaries before distribution pursuant to Article V hereof due to a failure to comply with Section 409A of the Code, such amounts to the extent required to be included in income will be immediately distributed to the respective Directors or, in the case of deceased Directors, their beneficiaries.
    - 7 -    

8.5Governing Law.  This Plan will be governed by and construed in accordance with the laws of the United States, and to the extent not preempted by such laws, by the internal substantive laws of the State of Ohio.
8.6Successors.  The provisions of this Plan will bind and inure to the benefit of the Company and its successors and assigns.  The term “successors” as used herein will include any corporate or other business entity which will, whether by merger, consolidation, purchase, or otherwise, acquire all or substantially all of the business and assets of the Company and successors of any such corporation or other business entity.
8.7No Right to Continued Service.  Nothing contained herein will be construed to confer upon any Director the right to continue to serve as a Director of the Company or in any other capacity.
8.8Section 409A of the Code.  It is intended that this Plan (including any amendments hereto) comply with the provisions of Section 409A of the Code so as to prevent the inclusion in gross income of any Deferred Stock Units credited to a Director’s Deferred Compensation Account hereunder in a taxable year that is prior to the taxable year or years in which such amounts would otherwise be actually distributed or made available to the Director.  This Plan will be administered in a manner that will comply with Section 409A of the Code, including proposed, temporary, or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto.  Any Plan provision that would cause this Plan to fail to satisfy Section 409A of the Code will have no force and effect.
8.9Effective Date.  The effective date of this Plan and the Amendment and Restatement of this Plan is January 1, 2021.
8.10Distributions Subject to Tax.  Notwithstanding the above provisions, if, at any time, a court or the Internal Revenue Service determines that an amount in a Director’s Deferred Compensation Account is includable in the gross income of the Director and subject to tax, the Committee may, in its sole discretion, permit a lump sum distribution of an amount equal to the amount determined to be includable in the Director’s gross income.
8.11Distributions in Violation of Securities Laws.  Notwithstanding the above provisions, a payment under this Plan may be delayed if the Company reasonably anticipates, in its sole discretion, that the making of such payment will violate Federal securities laws or other applicable law, provided that such payment is made on the earliest date at which the Company reasonably anticipates that the making of the payment will not cause such violation.
    - 8 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}]]