DRIVEN BRANDS, INC.
NON-QUALIFIED DEFERRED COMPENSATION PLAN
The Driven Brands, Inc. Non-Qualified Deferred Compensation Plan is hereby adopted effective as of January 1, 2018. The purpose of the Plan is to provide a benefit to select executives of Driven Brands, Inc. or one of its Affiliates. Plan Participants are allowed the opportunity to elect to defer a portion of their Eligible Compensation (as defined in Section 1.12) to some future period. The Plan is intended to be an unfunded top hat plan exempt from certain provisions of ERISA.
1.1 General. For purposes of the Plan, the following terms, when capitalized, will have the following meanings. The masculine pronoun wherever used herein will include the feminine gender, the singular number will include the plural, and the plural will include the singular, unless the context clearly indicates a different meaning.
1.2 Account means a Participants bookkeeping account established pursuant to Section 6.1.
1.3 Administrative Committee means the administrative committee of the Driven Brands, Inc. Employee Retirement Savings Plan.
1.4 Affiliated Company or Affiliate means any corporation, trade or business entity which is a member of a controlled group of corporations, trades or businesses of which the Company is also a member, as provided in Code Sections 414(b) or (c).
1.5 Beneficiary Designation Form means a written document (in printed or electronic form), the form of which the Plan Administrator shall determine from time to time, on which a Participant shall have the right to designate a beneficiary.
1.6 Board means the Board of Directors of the Company.
1.7 Bonus Compensation means the annual formula management bonuses earned in a given year and generally paid in the following year. Bonus Compensation does not include any other bonus including, but not limited to, a relocation bonus, a hiring bonus, a stay bonus or other periodic bonuses.
1.8 Code means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder.
1.9 Company means Driven Brands, Inc., a Delaware corporation, or, to the extent provided in Section 11.9, any successor corporation or other entity resulting from a reorganization, merger or consolidation into or with the Company, or a transfer or sale of substantially all of the assets of the Company.