SEC Contract Filing

Filing Date: 2018-08-06

Document Content:
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<TYPE>EX-10.1
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<FILENAME>ex_120442.htm
<DESCRIPTION>EXHIBIT 10.1
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;TWIN DISC, INCORPORATED</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018 LONG-TERM INCENTIVE COMPENSATION PLAN</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-indent:0pt;">ARTICLE I</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-indent:0pt;">PURPOSE</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Purpose</u>. The purpose of the Twin Disc, Incorporated 2018 Long-Term Incentive Compensation Plan (the &quot;Plan&quot;) is to promote the overall financial objectives of Twin Disc, Incorporated (the &quot;Company&quot;) and its majority owned subsidiaries (&quot;Subsidiaries&quot;) by providing opportunities for the officers and key employees selected to participate in the Plan (each a &ldquo;Participant&rdquo;) to acquire Common Stock of the Company (&quot;Common Stock&quot;), and to receive Common Stock or cash bonuses upon attainment of specified financial goals of the Company or its Subsidiaries. The Plan gives the Compensation and Executive Development Committee of the Company&#39;s Board of Directors, or such other committee as the Board of Directors shall designate (the &quot;Committee&quot;), the authority and discretion to award stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, cash-settled restricted stock unit awards, performance stock awards, performance stock unit awards, performance unit awards and/or dividend equivalent awards (collectively, &quot;Awards&quot;) to eligible employees of the Company.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-indent:0pt;">ARTICLE II</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-indent:0pt;">EFFECTIVE DATE AND TERM</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Effective Date</u>. The Plan shall become effective on the date that it is approved by the Company&rsquo;s Board of Directors (the &ldquo;Effective Date&rdquo;), provided that shareholders of the Company&rsquo;s Common Stock approve the Plan by a majority of votes cast at a meeting of such shareholders before the first anniversary of the Effective Date. No shares shall be issued under the Plan prior to such shareholder approval. Notwithstanding any terms of the Plan to the contrary:</p>

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 <p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Options issued under the Plan prior to such shareholder approval shall not be exercisable unless and until such shareholder approval occurs;</p>
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 <p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">SARs issued under the Plan that would be settled in shares of Common Stock shall not be exercisable unless and until su