SEC Contract Filing

Filing Date: 2025-06-06

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ef20050219_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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 <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.1</font><br>
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 <div style="text-align: center; font-weight: bold;"><u>First Amendment to The AZEK Company Inc. Executive Severance Plan</u></div>
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 <div style="text-indent: 36pt;">Reference is made to The AZEK Company Inc. Executive Severance Plan, which became effective as of December 9, 2024 (the &#8220;<font style="font-weight: bold; font-style: italic;">Executive Severance Plan</font>&#8221;).</div>
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 <div style="text-indent: 36pt;">WHEREAS, (1) Section 10 of the Executive Severance Plan provides that, prior to the Closing, the Administrator may amend the Executive
 Severance Plan at any time, and (2) item 12 of Section 5.1(e) of the Company Disclosure Letter to the Agreement and Plan of Merger, dated as of March 23, 2025, by and among James Hardie
 Industries plc, Juno Merger Sub Inc., and The AZEK Company Inc. (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;)
 allows the Company to amend the Executive Severance Plan in the manner set forth below. Capitalized terms not defined herein shall have the meanings given to them in the
 Executive Severance Plan.</div>
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 <div style="text-indent: 36pt;">NOW, THEREFORE, the Executive Severance Plan is hereby amended, effective June 3, 2025, as follows:</div>
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 <td style="width: 18pt; vertical-align: top;">1.</td>
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 <div>Clause (iii) of Section 3(i) of the Executive Severance Plan is amended and restated in its entirety as set forth below:</div>
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 <div style="text-align: justify; margin-right: 72pt; margin-left: 108pt;">(iii) (A) If the Termination Date occurs on or before September 30, 2025, payment of the 2025 Bonus (as defined
 below), without pro-ration, based on 2025 Performance (as defined below), payable no later than December 1, 2025.&#160; (B) If the Termination Date occurs following September 30, 2025, payment of any earned but unpaid annual incentive award for the
 fiscal year preceding the fiscal year in which the Termination Date occurs, payable on the date on which annual incentives for such fiscal year are otherwise paid to the Company&#8217;s executives for such fiscal year;</div>
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 <td style="width: 18pt; vertical-align: top;">2.</td>
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 <div>Clause (iv) of Section 3(i) of the Executive Severance Plan is amended and restated in its entirety as set forth below:</div>
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 <div style="text-align: justify; text-indent: 36pt; margin-right: 72pt; margin-left: 108pt;">(A) If the Termination Date occurs on or before September 30, 2025, payment of the Participant&#8217;s
 annual cash incentive for fiscal year 2025 (&#8220;<font style="font-weight: bold; font-style: italic;">2025 Bonus</font>&#8221;), without pro-ration, based upon actual performance through the most recent practicable
 date prior to the Closing, as determined in good faith by the Compensation Committee of the Board of Directors of the Company in effect prior to the Effective Time, with performance for any portion of the applicable performance period that remains
 following the Closing included at the greater of forecast for the remainder of the period and target level (&#8220;<font style="font-weight: bold; font-style: italic;">2025 Performance</font>&#8221;), payable no later
 than December 1, 2025; provided that any payment pursuant to this clause (iv)(A) will be in lieu of any payment pursuant to clause (iii)(A) of this definition.&#160; (B) If the Termination Date occurs following September 30, 2025, <font style="color: rgb(0, 0, 0);">p</font>ayment of a pro-rated annual incentive award for the fiscal year in which the Termination Date occurs equal to the product of (i) the Participant&#8217;s Target Bonus
 multiplied by (ii) a fraction, the numerator of which is the number of days the Participant was employed by the Company and its subsidiaries&#8217; during the fiscal year of termination and the denominator of which is the total number of days in such
 year, payable in a single lump sum within 60 days following the date the Release becomes effective a