SEC Contract Filing

Filing Date: 2024-05-07

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>a2024q1xex1022024mipplan.htm
<DESCRIPTION>EX-10.2
<TEXT>
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<title>Document</title></head><body><div id="if2c91d3746be4dd69749bb8da88cb8a1_78"></div><div style="min-height:59.04pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:18pt;text-align:right"><font><br></font></div><div style="margin-bottom:18pt;text-align:center"><font><br></font></div><div style="margin-bottom:18pt;text-align:center"><img alt="image_0.jpg" src="image_0.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:326px"></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:16pt;font-weight:700;line-height:100%">2024 Masonite Incentive Plan (MIP)</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:16pt;font-weight:700;line-height:100%">Plan Document</font></div><div style="height:67.68pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:59.04pt;width:100%"><div style="text-align:right"><font><br></font></div></div><div style="margin-bottom:9pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:120%">Overview</font></div><div style="margin-bottom:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">This document sets forth the terms and conditions of the Masonite International Corporation Incentive Plan (the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">MIP</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221; or &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Plan</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;) and is intended for internal use only. This Plan supersedes any previous annual incentive or other bonus plans for Participants (as defined below). </font></div><div style="margin-bottom:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The MIP is an annual cash incentive compensation program, providing for payments of awards under the Plan (each, a &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">MIP Award</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;) to eligible employees of Masonite International Corporation (&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Masonite</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221; or the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Company</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;) and its subsidiaries and affiliates if certain performance objectives are met. The purpose of the MIP is to reward Participants for the achievement of positive results based on annual financial and operational objectives and individual performance.</font></div><div style="margin-bottom:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Plan is administered based on the Company&#8217;s fiscal year (the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Plan Year</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;). The Company&#8217;s fiscal year is the 52- or 53-week period ending on the Sunday closest to December 31 each year.</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Eligibility and Participation</font></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Employees of Masonite or its subsidiaries and affiliates are eligible to participate in the MIP based on their position and scope of responsibilities. The Plan Administrator (as defined below), with input from members of Masonite&#8217;s senior management, shall determine which such employees will become participants in the Plan (a &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Participant</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;) for a Plan Year based on their position. The Plan Administrator reserves the right to evaluate positions on an annual basis to determine eligibility to pa