SEC Contract Filing

Filing Date: 2020-09-29

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>mei-ex101_38.htm
<DESCRIPTION>EX-10.1
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Exhibit 10.1</font></p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">METHODE ELECTRONICS, INC. </font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM OF 2020 LONG-TERM PERFORMANCE-BASED </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">AWARD AGREEMENT (CEO)</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Long-Term Performance-Based Award Agreement (the &#8220;Award Agreement&#8221;), effective as of September 27, 2020 (the &#8220;Award Date&#8221;), is entered into by and between Methode Electronics, Inc., a Delaware corporation (the &#8220;Company&#8221;) and [_____________] (the &#8220;Grantee&#8221;).&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company desires to reward Grantee for services to the Company and to encourage Grantee to continue to work for the benefit of the Company in a manner that will benefit all Company stockholders.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE, in consideration of the premises and the mutual covenants and obligations hereinafter set forth, the Company agrees to award to Grantee (i) shares of Restricted Stock of the Company (the &#8220;Restricted Stock&#8221;), and (ii) Performance Units (the &#8220;Performance Units&#8221;) under the Methode Electronics, Inc. 2014 Omnibus Incentive Plan (the &#8220;Plan&#8221;) on the terms and conditions set forth herein and in the Plan (collectively, the &#8220;Awards&#8221;).</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">General</font>.&nbsp;&nbsp;This Award Agreement and the Restricted Stock and Performance Units awarded herein are subject to all of the provisions of the Plan applicable to such Awards. Unless the context otherwise requires, capitalized terms used herein shall have the same meanings as in the Plan.&nbsp;&nbsp;Grantee hereby acknowledges receipt of a copy of the Plan and that Grantee has read the Plan and fully understands its content.&nbsp;&nbsp;In the event of any conflict between the terms of this Award Agreement and the terms of the Plan, the terms of the Plan shall control.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Awards</font>.&nbsp;&nbsp;The Company hereby grants to Grantee (i) a total of [_______] shares of Restricted Stock and (ii) a total of [_______] Performance Units payable in cash.<font style="font-size:12pt;"> </font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Vesting</font>.&nbsp;&nbsp;Subject to the terms of this Award Agreement, the Restricted Stock shall vest and the Performance Units shall be earned on the date (the &#8220;Vesting Date&#8221;) that the Committee certifies performance under this Award Agreement, subject to the Grantee&#8217;s continued employment by the Company or a Subsidiary or Affiliate through the end of the Performance Period.&nbsp;&nbsp;Any Restricted Stock that does not vest and any Performance Units that are not earned pursuant to this Section 3 shall be immediately cancelled and forfeited to the Company as of the Vesting Date.&nbsp;&nbsp;Except as provided in Section 3(d), 3(e) or 3(f) below, all Restricted Stock and Performance Units shall be immediately cancelled and forfeited to the Company in the event Grantee ceases to be employed by the Company or a Subsidiary or Affiliate at any time prior the end of the Performance Period.&nbsp;&nbsp;To the extent Restricted Stock vests pursuant to Section 3(e) below or the Restricted Stock or Performance Units are forf