SEC Contract Filing

Filing Date: 2020-03-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>executiveseveranceplan.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
 <!-- Document created using Wdesk 1 -->
 <!-- Copyright 2020 Workiva -->
 <title>Exhibit</title>
	</head>
	<body><div style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s5AE310E02DC34A90105611845DE824E1"></a></div><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Exhibit 10.1</font></div></div><div><br></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;font-weight:bold;">THERMON GROUP HOLDINGS, INC.</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;font-weight:bold;">EXECUTIVE SEVERANCE PLAN</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">(Effective 6 March 2020)</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">In order to encourage the retention of key management employees and to replace severance benefits previously provided under employment agreements with certain officers, the Compensation Committee of the Board of Directors (the &#8220;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;text-decoration:underline;">Committee</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#8221;) of Thermon Group Holdings, Inc., a Delaware corporation (&#8220;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;text-decoration:underline;">TGH</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#8221;), has adopted this Executive Severance Plan (as it may be amended pursuant to the terms hereof, this &#8220;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;text-decoration:underline;">Plan</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">TGH&#8217;s wholly owned subsidiary, Thermon Holding Corp., a Delaware Corporation (the &#8220;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;text-decoration:underline;">Company</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#8221;), previously entered into employment agreements with certain officers of the Company. Upon and following the expiration and termination of such employment agreements, Participants (as defined in Section&#160;2) shall be eligible for benefits pursuant to this Plan.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;font-weight:bold;">SECTION 1</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">.&#160;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;text-decoration:underline;">Definitions</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">.&#160;For purposes of this Plan, the following terms shall have the meanings set forth below:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">a.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#8220;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;text-decoration:underline;">Accrued Rights</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#8221; shall have the meaning set forth in&#160;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;text-decoration:underline;">Section&#160;3(a)</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">b.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#8220;</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;text-decoration:underline;">Affiliate(s)</font><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">&#8221; shall mean, with respect to any specified person, any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such specified person, it being understood that control of an entity shall require the direct or indirect ownership of a majority of the outstanding capital stock of such entity. For purposes of the definition of &#8220;Affiliate