SEC Contract Filing

Filing Date: 2023-02-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d475298dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXECUTION VERSION </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SEPARATION AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS SEPARATION AGREEMENT (this &#147;<U>Agreement</U>&#148;) is made and entered into as of February&nbsp;24, 2023, by and between Shoals
Technologies Group, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), and Jason Whitaker (&#147;<U>Employee</U>&#148;, and together with the Company, the &#147;<U>Parties</U>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>W I T N E S E T H </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Employee and Shoals Technologies Group, LLC, a subsidiary of the Company, are party to that certain Employment Agreement, dated as of
December&nbsp;18, 2020 (the &#147;<U>Employment Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Employee and the Company are party to the following equity
award agreements (collectively, the &#147;<U>Grant Agreements</U>&#148;): (i) that certain Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement, dated as of November&nbsp;8, 2021, pursuant to which Employee was granted 91,827
time-based restricted stock units (&#147;<U>RSUs</U>&#148;) (such agreement, the &#147;<U>2021 RSU Grant Agreement</U>&#148;); (ii) that certain Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement, dated as of April&nbsp;25, 2022,
pursuant to which Employee was granted 132,677 RSUs (the &#147;<U>2022 RSU Grant Agreement</U>&#148;, and together with the 2021 RSU Grant Agreement, the &#147;<U>RSU Grant Agreements</U>&#148;); and (iii)&nbsp;that certain Performance Share Unit
Grant Notice and Performance Share Unit Agreement, dated as of April&nbsp;25, 2022, pursuant to which Employee was granted 132,677 performance-based restricted stock units (&#147;<U>PSUs</U>&#148;) (such agreement, the &#147;<U>PSU Grant
Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Employee&#146;s employment with the Company as its Chief Executive Officer is terminating due to
Disability (as defined in the Employment Agreement and in the Company&#146;s 2021 Long-Term Incentive Plan, as may be amended from time to time (the &#147;<U>Plan</U>&#148;)); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Employee and the Company wish to resolve all matters related to Employee&#146;s employment with the Company and the cessation
thereof, on the terms and conditions expressed in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and the releases,
representations, covenants and obligations herein contained, the Parties, intending to be legally bound, hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Separation from Employment</U></B>. Employee and the Company agree that, effective as of March&nbsp;15,
2023 or such earlier date on which Employee&#146;s employment is terminated for any reason (the actual date on which Employee&#146;s employment terminates, the &#147;<U>Separation Date</U>&#148;), Employee&#146;s employment with the Company shall
terminate and Employee shall separate from Employee&#146;s position with the Company and its subsidiaries and affiliates and from any and all other positions, roles, offices, or titles held by Employee with, at the direction of, or for the benefit
of the Company and its subsidiaries and affiliates. Employee hereby agrees to promptly execute such additional documentation as the Company may request to effectuate the foregoing. The Separation Date shall be the termination date of Employee&#146;s
employment for purposes of active participation in and coverage under all benefit plans and programs sponsored by or through the Company or any of its affiliates or subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Compensation</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Accrued Amounts</U>. The Company shall timely pay or cause to be paid to Employee on the first payroll period
following the Separation Date, minus applicable withholdings and authorized or required deductions: (i)&nbsp;any unpaid base salary earned by Employee through the Separation Date; (ii)&nbsp;any accrued, but unused, vacation time earned through the
Separation Date in accordance with app