SEC Contract Filing

Filing Date: 2022-03-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh_101.htm
<DESCRIPTION>EXHIBIT 10.1
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<p style="text-align: right; margin: 0"><b>EXHIBIT 10.1</b></p>

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<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b><u>SEPARATION AGREEMENT AND RELEASE</u></b></p>

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<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">This Separation and Release (the &ldquo;Agreement&rdquo;)
is entered into this 23rd day of March, 2022, by and between <b>THOR INDUSTRIES, INC.</b> (&ldquo;Thor&rdquo;) and <b>Josef Hjelmaker
</b>(&ldquo;Employee&rdquo;).</p>

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<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>W I T N E S S E T H:</b></p>

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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><b>WHEREAS</b>, Employee has been employed by Thor;</p>

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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><b>WHEREAS</b>, Employee and Thor have agreed to terminate
the employment relationship with Thor; and</p>

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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><b>WHEREAS</b>, the parties acknowledge that there
are numerous laws and regulations concerning employment and that, by entering into this Agreement, Employee will waive and release any
rights, except those protected under applicable worker&rsquo;s compensation laws, which he may have under these or any other laws.</p>

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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><b>NOW THEREFORE</b>, in consideration of the mutual
provisions and agreements contained herein, the parties hereto agree as follows:</p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<u>Separation Date.</u>
Unless otherwise agreed to by both Thor and the Employee, Employee hereby agrees that he is no longer employed as an employee of
Thor effective as of April 29, 2022 (&ldquo;Separation Date&rdquo;).</p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<u>Severance and Other Benefits</u>.</p>

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<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<u>Severance.</u>
In express consideration for Employee utilizing reasonable best efforts to perform all tasks assigned to him through the
Separation Date, upon the later of: (i) expiration of the seven (7) calendar day period after the execution of this Agreement; or
(ii) the first regular payroll occurring after the Separation Date, Thor shall pay, in addition to any and all compensation paid by,
or to be paid by, Thor to Employee for services performed through the Separation Date, to the sum of Two-Hundred-Fifty-Thousand
dollars ($250,000), less appropriate withholdings, in one lump-sum cash severance, in accordance with Thor&rsquo;s normal payroll
sequence. Additionally, Thor will provide the employee the equivalent of 1/3 of the FY 2020 PSU grant, which otherwise would be
awarded in October 2023, in the sum of Sixty-Six-Thousand and Six-Hundred-Sixty-Seven dollars ($66,667), less appropriate
withholdings, in one lump-sum cash award. Thor will also award at vesting, the grant from September 2020 in the amount of
Two-Thousand-Three-Hundred-Seventy-Seven shares (2,377), which is scheduled to vest in September 2022. Additionally, Thor will award
the 1<sup>st</sup> tranche of Nine-Hundred-Forty-One shares (941) of the FY 2021 RSU Grant, which is scheduled to vest October 2022.
All remaining shares from the FY 2021 RSU grant will be forfeited. Thor shall not be liable for any payments, cash or otherwise,
hereunder if this Agreement is revoked pursuant to paragraph 9 of this Agreement. The lump-sum cash severance payment and PSU
settlement cash payment will be directly deposited into the bank account as Employee&rsquo;s ordinary payroll. Thor will notify the
Employee when each of the award&rsquo;s vest in accordance to their normal vesting schedule.</p>

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<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<u>Healthcare Coverage Continuance</u>. Employee
shall receive separate materials that give the Employee the right to elect to continue his health insurance coverage under the Consolidated
Omnibus Budget Reconciliation Act of 1985, at his own expense, for a period of eighteen (18) months from the Separation Date. This election
must be made no later than sixty (60) days after the Separation Date.</p>

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<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;