SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: S-1
Document Type: EX-10.4
Date Filed: 2026-05-15
Accession Number: 0001193125-26-227199
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526227199/d12401dex104.htm

Chunk 1 of 8
Word Count: 1356
Character Count: 8729

Document Content:

Release becomes effective and irrevocable; provided, that if the period during which the Release could become effective and irrevocable spans two calendar years, the first payment shall occur in the second calendar year; provided, further, that the first installment shall include any amounts that would have been paid following the Termination Date had such installments commenced on the first regularly scheduled payroll date following the Termination Date; (ii) Payment of a pro-rata portion of the Participant’s annual cash bonus for the fiscal year during which the Termination Date occurs, calculated based on actual performance of the applicable performance metrics and pro-rated based on the number of days the Participant is employed during such fiscal year, payable at the same time as annual bonuses are paid to other senior management-level employees of the Employer and no later than March 15th of the year following the year of the Termination Date; and

(iii) Subject to the Participant’s timely election of continuation coverage under COBRA, the
Employer shall pay to the group health plan provider(s) or the COBRA administrator a monthly payment equal to the premiums for the Participant’s and the Participant’s covered dependents’ participation in the Company’s group
health plans pursuant to COBRA for a period ending on the earlier of (A) the end of the Participant’s COBRA Period set forth on Exhibit B, or (B) the expiration of the Participant’s rights under COBRA; provided, however,
that if the Employer reasonably determines that it cannot pay such amounts to the group health plan provider(s) or the COBRA administrator (if applicable) without potentially violating applicable law (including Section 2716 of the Public Health
Service Act), then the Employer shall convert such payments to payroll payments directly to the Participant for the time period specified above on the Employer’s regular payroll dates (subject to tax withholdings as applicable).

(x) “Severance Multiplier” means the applicable severance multiplier for the Participant’s Tier as set forth
on Exhibit A or Exhibit B, as applicable, or in the Participant’s Participation Agreement (if different).

“Target Bonus” means the Participant’s target annual cash bonus as in effect immediately before the Participant’s termination of employment (without regard to any reduction that constitutes Good Reason).

(z) “Termination Date” means the date of the Participant’s termination of employment with the Company.

3. Eligibility. Unless otherwise determined by the Committee, each employee of the Company or any of its Affiliates who holds the title of Senior Vice
President or higher and any other employee of the Company or any of its Affiliates designated by the Committee from time to time in its discretion (collectively, the “Eligible Employees”) shall be eligible to become a
Participant, subject to their execution of a Participation Agreement.

4. Severance Benefits.

(a) Qualifying Termination Outside Protection Period. Upon a Participant’s Qualifying Termination, subject to
Section 4(d) and the other terms and conditions of the Plan, such Participant will receive the Severance Benefits.

(b) Qualifying Termination During Protection Period. Upon a Participant’s
Change in Control Qualifying Termination, subject to Section 4(d) and the other terms and conditions of the Plan, such Participant will receive the CIC Severance Benefits.

(c) Other Termination. In the event that a Participant’s employment is terminated other than as the result of a Qualifying
Termination or Change in Control Qualifying Termination, then such Participant shall not be entitled to receive any payments or benefits under this Plan.

(d) Release of Claims. Payment of the Severance Benefits or the CIC Severance Benefits, as applicable, is subject to (i) the
Participant’s execution (and non-revocation) of a general release of claims in a form provided by the Company (the “Release”) within the time period specified therein and
(ii) the Participant’s continued compliance with the Restrictive Covenants.

(e) Restrictive Covenant Breach; After-Acquired
Evidence. Notwithstanding any provision of the Plan to the contrary, in the event that the Company subsequently acquires evidence or determines that: (i) a Participant has failed to abide by the Restrictive Covenants; or (ii) a Cause
condition existed prior to the Termination Date that, had the Company been fully aware of such condition, would have given the Company the right to terminate such Participant’s employment for Cause, then the Company (and its Affiliates) shall
have no obligation to pay any unpaid Severance Benefits or CIC Severance Benefits, as applicable, and such Participant shall promptly return to the Company (or its Affiliates, as applicable) any Severance Benefits or CIC Severance Benefits
previously received by such Participant.

5. Administration.

(a) In the event of any conflict or inconsistency between another document and the terms of the Plan, the terms and conditions of the Plan
shall govern and control; provided, however, that a Participant’s Participation Agreement will govern their participation in the Plan to the extent of any conflict between such Participation Agreement and the Plan.

(b) The Plan shall be administered by the Committee in its sole and absolute discretion, and all determinations by the Committee shall be
final, binding and conclusive on all parties and be given the maximum possible deference allowed by law.

(c) The Committee shall have the
authority, consistent with the terms of the Plan, to (i) designate Participants, (ii) determine the terms and conditions relating to the benefits payable hereunder, (iii) interpret, administer, reconcile any inconsistency, correct any
defect and/or supply any omission in the Plan, (iv) establish, amend, suspend or waive any rules and procedures with respect to the Plan and (v) make any other determination and take any other action that the Committee deems necessary or
desirable for administration of the Plan, including the timing and amount of payments. The Committee may delegate to one or more sub-committees or officers of the Company the authority to act on behalf of the
Committee.

6. Funding. The obligations of the Company under the Plan are not funded through contributions to a trust or otherwise, and all
benefits shall be payable from the general assets of the Company. Nothing contained in the Plan shall give a Participant any right, title or interest in any property of the Company. Participants shall be mere unsecured creditors of the Company.

7. Section 409A.

(a) Compliance. Notwithstanding anything herein to the contrary, this Plan is intended to be interpreted and applied so that the
payments and benefits set forth herein either shall be exempt from the requirements of Section 409A of the Code or shall comply with the requirements of Section 409A of the Code, and accordingly, to the maximum extent permitted, this Plan
shall be interpreted to be exempt from or in compliance with Section 409A of the Code. To the extent that the Company determines that any provision of this Plan would cause a Participant to incur any additional tax or interest under
Section 409A of the Code, the Company shall be entitled to reform such provision to attempt to comply with or be exempt from Section 409A of the Code. To the extent that any provision hereof is modified in order to comply with
Section 409A of the Code, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Participants and the Company without violating the provisions of
Section 409A of the Code. Notwithstanding any of the foregoing to the contrary, none of the Company or its Affiliates or any of their officers, directors, members, employees, agents, advisors, predecessors, successors or equity holders shall
have any liability for the failure of this Plan to be exempt from, or to comply with, the requirements of Section 409A of the Code. Each installment of each payment and/or benefit provided hereunder shall be a payment in a series of separate
payments for purposes of Section 409A of the Code.

(b) Separation from Service. Notwithstanding anything in this Plan to the
contrary, to the extent that any compensation payable hereunder constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code then, with respect to such compensation, a termination of employment or
Termination Date shall not be deemed to have occurred unless such termination of employment is also a “separation from service” within the meaning of Section 409A of the Code.