SEC Contract Filing

Filing Date: 2025-02-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>3
<FILENAME>a2024ex1021formofperforman.htm
<DESCRIPTION>EX-10.21
<TEXT>
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<title>Document</title></head><body><div id="if4e1c53804d34b0b8b2cb2220396850d_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:24pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">OTTER TAIL CORPORATION<br>2023 STOCK INCENTIVE PLAN<br>2025 EXECUTIVE PERFORMANCE AWARD AGREEMENT</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">This Performance Award Agreement is between Otter Tail Corporation, a Minnesota corporation (the &#8220;Corporation&#8221;), and you, as an employee of the Corporation, effective as of the date of grant (the &#8220;Grant Date&#8221;) set forth in the attached Performance Award Certificate.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">WHEREAS, the Corporation, pursuant to the Otter Tail Corporation 2023 Stock Incentive Plan (the &#8220;Plan&#8221;), wishes to grant to you the opportunity and right to receive a number of the Corporation&#8217;s common shares, par value $5.00 per share (the &#8220;Shares&#8221;), subject to the terms and conditions contained in this Agreement and in the attached Performance Award Certificate, which is made a part of this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Corporation and you hereby agree as follows&#58;</font></div><div style="margin-bottom:12pt;padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt;text-decoration:underline">Performance Award</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">. The Corporation hereby grants to you, effective as of the Grant Date, a Performance Award representing the right to receive a specified number of Shares, as set forth in the attached Performance Award Certificate and subject to the terms and conditions set forth in this Agreement, the Performance Award Certificate and the Plan. The Performance Award, to the extent it becomes payable, shall be paid in Shares of the Corporation.</font></div><div style="margin-bottom:12pt;padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt;text-decoration:underline">Performance Period and Performance Goals</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">. The performance period for purposes of determining whether the Performance Award will be paid shall be January 1, 2025 through December 31, 2025 (the &#8220;Performance Period&#8221;). The performance goals for purposes of determining whether, and the extent to which, the Performance Award will be paid are set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;text-decoration:underline">Exhibit 1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> to this Agreement, which Exhibit is made a part of this Agreement.</font></div><div style="margin-bottom:12pt;padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt;text-decoration:underline">Payment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">. Subject to the provisions of Sections 4 and 5 of this Agreement, the Performance Award shall be paid within 59 days after the January 15 following the end of the Performance Period after the Committee of the Corporation&#8217;s Board of Directors (the &#8220;Committee&#8221;) determines, in its discretion, whether and to what extent the performance goals have been achieved in accordance with the terms set forth in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:112%;text-decoration:underline">Exhibit 1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> to this Agreement.</font></div><div style="margin-bottom:12pt;padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:9pt;text-decoration:underline">Forfeiture&#59; Early Vesting</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">. Notwithstanding the provisions of Section 3 of this Agreement, in the event your employ