SEC Contract Filing

Filing Date: 2024-04-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>5
<FILENAME>spwh-ex10_13.htm
<DESCRIPTION>EX-10.13
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 <div style="padding-top:0.5in;min-height:1in;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Exhibit </font><font style="text-transform:uppercase;color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">10.13</font></p></div>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">CASH LTIP</font></p>
 <p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Each LTIP Participant will be eligible to earn between 0% and 200% of the LTIP Participant&#x2019;s target cash awards (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Target Awards</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;)based on the Company&#x2019;s Adjusted EBITDA Margin and Leverage Ratio (each as defined below) for fiscal years 2024, 2025, and 2026, with one-third of the Target Award corresponding to each of those three performance periods. Performance-based vesting of the one-third of the total Target Award that corresponds to each fiscal year&#x2019;s performance period will be determined based as follows:</font></p>
 <div style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:12pt;min-width:3.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">&#x2022;</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">50% of that portion of the Target Award will become eligible to vest based on the Company&#x2019;s Adjusted EBITDA Margin for each of fiscal years 2024, 2025 or 2026, as set forth below in the table attached as </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Exhibit A</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</font></div></div>
 <div style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:12pt;min-width:3.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">&#x2022;</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">50% of that portion of the Target Award will become eligible to vest based on the Company&#x2019;s Leverage Ratio for each of fiscal years 2024, 2025 or 2026, as set forth in the table attached as </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Exhibit A</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</font></div></div>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The achievement of Adjusted EBITDA Margin and Leverage Ratio shall be determined for each year independently of achievement in any other year during the three-year performance period. If Adjusted EBITDA Margin is achieved for fiscal year 2024 but not for year 2025, it shall still be deemed earned for 2024. Likewise, achievement for one year cannot be carried forward to future years. For actual Adjusted EBITDA Margin and Leverage Ratio achievement results between two points in the tables below, the actual vesting eligibility percentage will be determined on a pro-rata basis between points. The portion of the Total Award that is determined to be eligible to vest will be determined by the Committee prior to the third anniversary of the Grant Date and any amounts due with respect to any of the three years will vest on the third anniversary of the Grant Date, subject to the LTIP Participant&#x2019;s continued service or employment through such date. Payment of any amounts due under the Cash LTIP will be made within thirty (30) days following the third anniversary of the Grant Date.</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Adjusted EBITDA</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#x201d; shall mean net (loss) income of the Company as determined in accordance with GAAP and reflected on the Company&#x2019;s consolidated stat