EX-10.27 2 ttec-20210630xex10d27.htm EX-10.27

Exhibit 10.27

_

​

T T EC H O L DI N G S, I NC. P ER FOR M A NC E R E S T R I C T E D S TOCK U NI T A G REE M EN T

Th i s P erfo r m a n c e Re s tr i c te d S t o c k Un i t A gr e e m e n t (t h i s "A g r e e me nt") i s m a de t o be e f fect i v e as of ___________ (the " G ra nt Dat e") by a n d b e t w e e n TT E C H o l d i n g s, I n c., a D e l aware c orporat i on (t h e "C o m p an y" or “TT E C”) a n d ________ (t h e "E x e c u t iv e").

Th i s A gree m e n t i s g o v e r n e d b y t h e t erms of t h e TT E C Ho l d i n g s, I n c. 2 0 2 0 E q u i ty Ince n t i v e P l a n (the ‘P la n’), p ur s u a nt t o w h ic h t he C o m p a n y m ay gra n t e q u i ty a w ards to e l i g i b l e e m p l o y e e s, d i r e c tors a n d co n s u l t a nts of t h e C o m p a n y a nd i ts a f f i l i a tes.

Cap i ta l i z ed terms t h at a r e us ed b u t n o t d e f i n ed i n t h i s A gre e m e nt h a v e t h e m e a ni ng as cr i b ed t o th e m i n the P l an. The t er m s a n d p r o v i s i o ns of t he Pl a n a s t h ey m a y b e a m e n d e d from t i me to t i me are i n c or p orated i nto t h i s A gre e m e nt by ref e r e n c e. In t he e v e n t of a c o n f li c t b e tw e en a n y term or p r o v i s i o n co n t a i n e d i n t h i s A gre e m e nt a nd a t er m o r pro v i si on of t h e Pl a n, the a p p li c a b l e terms a n d p r o v i s i o n s o f t h e P l an w i l l g o v ern a nd pre v a i l.

T he p a r t i es a gree to b e l e g a ll y b o u nd by t h i s A gr e e m e nt, a nd i n e xc h a n g e f o r s uf f i c i e n t c o n s i d e r a t i o n, t he a d e q u a c y of w h i c h i s n ot i n q u e s t i o n, a g r ee as f o l l ow s:

1. A N N U A L E Q UITY T A RG ET M O DIF I ED.

The E x e c u t i v e’s e m p l o y me nt ar r a n g e m e n t (a gre e m e n t or ot h erw i s e) w i th the Co m p a ny

(“E m p loyment A r r an g e me n t”) pro v i d e s f o r t h e E x e c u t i v e’s e l i g i b i li ty to p a r t i c i p ate i n T T E C’s a n n u al E q u i ty P r o g r a m, de s i g n e d t o pro v i d e l o n g t e r m i n c e n t i v es f o r s e n i or e x e c u t i v es a n d to a l i gn t h e i r i n tere s ts w i t h t h e i n t ere s ts of t h e C o m p a n y’s s toc k h ol d e rs. The E x e c u t iv e’s target e l i g i b i li ty u n d er the E m p l o y m e nt A rr a n g e m e n t i s up to US $______ i n f a i r m a rk et v a l ue of TT E C

e q u i ty c a l c u l at e d as o f m ar k et c l o s e o n t h e Gr a n t Da te, r o u n d ed up or do w n t o a who l e n u m b er of s h a r e s. A t the s t art of t he e m p l o y m e n t a rr a n g e m e n t, t h e l o ng-te r m i n c e n t i v e o p p o r tu n i ty was

g e n e r a l l y of f er e d i n t h e f orm of r e s tr i c t ed s tock u n i ts (“R S Us”) v e s t i ng o v er t i me (“O r igi n al R S U

Ta r ge t”).

P ur s u a n t to the E m p l o y m e nt A rr a n g e m e n t, t h e C o m p a n y, on d i r e c t i o n f r om t h e Com p e n s a t i on Com m i t t ee o f t h e B o a r d, m ay m o d i fy e x e c u t i v e s’ e q u i t y c o m p e n s a t i o n i n c e n t i v es from t i me to t i m e, p r o vi d e d s u c h m o d i f i c at i o ns are n ot t o t h e d etr i m e n t o f t h e E x e c u t i v e.

B a s ed on t he f ore g o i n g, f or the 2 0 2 1 E q u i ty awar d, t h e Co m p a n y h ereby b i fur c a t e s the Or i g i n a l

R S U Tar g et i nto two s e p a r ate e q u i ty o p p o r t u n i t i e s:

(1) a t i me b a s ed R S U (“T R S U”) o p p o r t u n i ty s i m il ar i n a l l c h a r a c ter i s t i c s to t h e e q u i ty e l i g i b i li ty as d e scr i b e d i n t h e E m p l o y m e nt A rr a n g e m e n t, a n d

(2) a p e r fo r m a n c e b a s e d R S U (“P R S U”) o p p o r t u n i ty b a s e d o n the Co m p a n y’s r e v e n u e a n d o p era t i n g i n c o m e p e r fo r m a n c e.

E a c h o f t h e TR S U a n d P R S U o p p or t u n i t i es s h a l l b e e q u a l to 5 0% of t h e Or i g i n al R S U Tar g e t.

The TR S U o p p o r t u n i ty is n ot t h e s u b j e c t of t h i s A gr ee m e nt a n d a n y awards w i th r e s p e c t to i t s h a l l be m a d e i n ord i n a r y c o u rs e p u rs u a nt to T T E C’s s t a n d a r d R S U a g r e e m e n t.

​

1

​

​

Exhibit 10.27

2. PRSU O PP O RTU N I T Y B A S ED O N TT E C P ERF O R M A N CE D U R ING T HE A WARD P ERI O D. P ur s u a n t to the P l an a n d s u b j e c t to t he pro v i s i o ns of t h i s A gre e m e n t, t h e C o m p a ny h e r e b y i rr e v o c a bl y p r o v i d e s t o t h e E x e c ut i v e a p erfo r m a n c e b a s ed re s tr i c t e d stock u n i t a ward c o v eri n g a target of _______ S h a r es of C o m p a ny s tock (the “2 0 2 1 P R S U G r an t”)1 that w i l l v e s t a s f u r th e r d e scr i b e d b e l ow a n d i n P aragra p h 3.

T he n u m b er of S h a r es t h at the E x e c ut i v e s h a l l ac t u a l l y e a r n i n co n n e c t i on w i t h t h e 20 2 1 P R S U A ward w i l l be d et e r m i n ed b a s ed o n t h e C o m p a n y’s p e r forma n c e on the Re v e n ue a n d O p erat i ng Inco m e g o a l s for t he C o mp a n y’s f i sc a l y e a r 2 0 2 3 (M e a sur e me n t P e r io d”).

T he E x e c u t i v e’s e n t i t l e m e n t to a ny P R S Us u n d e r t he 2 0 2 1 P R S U A ward i s c o n d i t i o n ed on the E x e c ut i v e’s c o n t i n u i n g e m p l o y m e nt w i th t he Co m p a ny as of t h e V e s t i n g D ate s p e c i f i ed i n S e c t i on 6, b e l o w. If E x e c ut i v e’s em p l o y m e n t w i t h T T E C ter m i n at e s (for a ny re a s o n) b ef o r e 2 0 21 P R S Us v e s t, t h e E x e c ut i v e s h a l l f orfe i t a n y r i g ht h e/she h a s w i t h re s p e c t to the S h a r es n ot y et v e s ted. The pro v i s i o n s o f t h i s p a r a graph are s u b j e c t t o sp e c i f i c ex c e p t i o ns pro v i d ed i n P a r a g r a p h 7(b) of th i s A gre e m e n t.

3. 2021 PRSU A WARD E A R NING O PP O RTU N I T IE S.

a. The P R S U p a y o ut o p p ort u n i ty w i l l be c a l c u l a t ed as f o l l ow s: 5 0% b a s ed on t he Re v e n ue g o a l a c h i e v e m e n t a n d 5 0% b a s ed on t he p o s t-b o n u s O p e r at i ng I n c o m e g o al a c h i e v e m e n t, e a c h m e a s u r ed as o f t h e e n d o f t h e M ea s ureme n t P e r i o d.

b. P erfo r m a n c e G o a l s. T he f o l l o w i ng ta b l e o u t l i n e s t h e p e r forma n c e g o a l a nd p a y o u t o p p o r t u n i ty t i ers f o r t h e 2 0 2 1 P R S U A war d.

​

​ | 2 0 23 Target (a m ounts i n m i l l i ons) | ​
​ 2 0 20 Ba s el i ne | ​ Rev e nue | % of C h an g e B a s e d on 2 0 20 Re s ul t s | ​ P a y out %
​ ​ ​ ​ ​ ​ $1,9 4 9.2 | $2,2 5 6.2 1 | 5.0% | ​ Minim u m T h r e s hold – 5 0%
| ​ 5.00% | ​ C A G R |
| $2,3 5 4.2 9 | 6.5% | ​ Ta r get – 1 0 0%
| ​ 6.50% | ​ C A G R |
| $2,4 5 5.1 8 | 8.0% | ​ A b ove T a r get – 1 5 0%
| ​ 8.00% | ​ C A G R |
| $2,5 9 4.1 2 | 10.0% | ​ M a x T a r get – 2 0 0%
| ​ 1 0.00% | ​ CA G R |

​

​

​

​

​

​

​

​

​

​

​

​

​

1 The tar g et n u m b er of S h ares i s e q u a l to $XX d i vi d e d by the fa i r m a rk et v a l u e o f T T E C S tock as of m a rk et cl o s e o n t he Gr a n t D at e.

​

Exhibit 10.27

​

​ | 2 0 23 Target (a m ounts i n m i l l i ons) | ​
​ 2 0 20 Ba s el i ne | P os t-B o nus OI | % of C h an g e Bas e d on 2 0 2 0 R e sul t s | ​ P a y out %
​ ​ ​ ​ ​ ​ ​ $2 1 1.60 | $2 4 4.95 | 5.0% | ​ Minim u m T h r e s hold – 5 0%
| ​ 5.00% | ​ C A G R |
| $2 5 5.60 | 6.5% | ​ Ta r get – 1 0 0%
| ​ 6.50% | ​ C A G R |
| $2 6 6.56 | 8.0% | ​ A b ove T a r get – 1 5 0%
| ​ 8.00% | ​ C A G R |
| ​ $2 8 1.64 | ​ 10.0% | ​ M a x T a r get – 2 0 0%
| ​ 1 0.00% | ​ CA G R |

​

c.P a y o u t C a l c u l at i o n s. T h e P R S U o p p ortu n i ty w i l l m a x-o ut at 2 0 0% of t he P R S U A ward a m o u nt r e g a r d l e s s of t he a c tu a l R e v e n u e a n d/or p o s t-b o n u s O p era t i ng Inco m e e arned by the C o m p a n y i n t h e M e a s u r e m e n t P e r i o d.

If the Re v e n ue and/or O p e r at i n g I n c o me f or t h e M e a s u r e m e n t P e r i od f a ll s b e l ow t he p e r i o d’s M i n i m um T h r e s h o l d, as s ta t ed a b o v e, the p o r t i on of t he A ward at t ri b u t a b l e t o t he r e l e v a n t p e r f ormance m e tr i c t h at i s b e l ow t he M i n i mu m Thre s h o l d w i l l n o t be p a i d.

W h e n t h e R e v e n u e or O p e r at i n g I n c o me f or t h e M e a s u r e m e n t P e r i od f a l l s b etw e e n d e s i g n a t e d p a y o u t t i er s, th e a c tu a l P R S Us p a i d f or t h at p e r i od w i l l be pro r at e d a cc ord i n g l y, w i th t he s a me pro r at i on r u l es a p pl y i ng for a l l exe c u t i v es who are s u b j e c t to the P R S U o p p o r t u n i t y.

d. Def i n i t i o n s.

“Rev e nue” f or pur p o s es of P R S U A w ard c a l c u l a t i o n s f or the M e a s u r e m e nt P eri o d w i l l b e e q u a l t o T T E C G A A P r e v e n u e, as p u b l i c l y d i scl o s ed i n T T E C’s e a r n i n g s r e l e a s e for th a t c a l e n d a r y e a r, a d j u s ted at t he d i scr et i o n o f T T E C C o m p e n s a t i on C o m m i tt e e of t he B o a r d for m a t eri a l U n b u d g e t ed a n d Un a nt i c i p a t ed I tem s.

“O pe r ati n g Inco m e” f or p u r p o s es of P R S U A w ard c a lc u l a t i o n s f or the M e a s ure m e n t P er i od, w i l l b e e q u a l t o T TE C non-G A A P o p e r a t i ng i n c o m e, as p u b l i c l y d i sc l o s ed i n TT E C’s e arn i n g s re l e a s e f o r t h at c a l e n d a r y e a r, a d j u s t ed at t h e d i scr et i on of t he Com p e n s a t i on C o m m i tt e e of t h e B o a r d f or m a ter i al U n b u d g e t ed a nd U n a nt i ci p a t ed I t e m s.

“Unbudgeted and Unan t i c ipa t ed I t ems” m a y i n c l u de a m o n g o t h e rs, a s d et e r m i n ed by the C o m p e n s a t i on C o m m i t t ee of t h e B o ar d, i n v e s t m e n t s, di v e s t i t ure s, c o s ts as s o ci at e d w i th n a t ural d i s a s ter s, s to r ms or p a n d e m i cs, f o r e i g n exc h a n g e va r i a t i o n s, c a p i t al m a rk ets tra n s a c t i o n co s t s, a n d m at er i al li t i g at i on c o s ts t h at c o ul d n ot h a v e b e e n r e a s o n a b l y a n t i c i p a t ed i n t he ord i n a r y c o u rs e o f b u si n e ss. Re v e n u e a n d o p era t i ng i n c o me a ss o c i at e d w i t h a c q u i si t i on s c l o s ed d uri n g t h e M e a s u r e m e n t P eri o d s h a l l not b e e xc l u d e d for pur p o s es of t he 2 0 2 1 P R S U R e v e n u e a nd O p erat i ng I n c o me m e tr i c s c a l c u l a t i o n.

“M e a s u r ement P e r io d” f o r p u r p o s es of 2 0 21 P R S U A ward i s as s t a ted i n P a r a g r a p h 2 (i.e. t he C o m p a n y’s 2 0 2 3 f isc al y e a r). For av o i d a n c e of d o u b t, t h e m e a s ure m e n t p e r i o d i s n o t a m u l t i-y e a r p eri o d b ut i s s o l e l y f i sc al y e ar 2 0 2 3.

​

Exhibit 10.27

“G r ant Dat e” i s t he e ff e c t i v e d a t e o f t h i s A gr e e m e n t w h e n P R S Us f o r 2 0 2 1 P R S U A ward are gra n te d.

“V e s t ing Da t e” f o r p urpo s e s of 2 0 21 P R S U gr a nt s h a l l be as s t a ted i n P ar a gra p h 6 of t h i s A gre e m e nt.

“Minim u m T h r e sh o l d” f o r p u r p o s es of t h i s A w ard i s t he m i n i m u m l e v el of R e v e n ue a nd O I i n a n y M e a s ure m e n t P e r i od b e l ow w h i c h the P R S U i n c e n t i v e d o e s n ot p a y.

4. C ATC H-UP R IG H T S.

The p u r p o s e o f t h e P R S U A ward i s to r e ward t he E x e c ut i v e f or m a i nt a i n i ng a l o n g e r-term vi ew f o r the p erfo r m a n c e o f t h e C o m p a n y by driv i ng ex c e pt i o n al p erfo r m a n c e o v er t he M e a s urem e nt P er i o d, as ref l e c ted i n t he p erfo r m a n c e m e tr i c s of t he Com p a n y at the e n d of the M e a s ur e m e n t P er i o d. There f ore, t h e r e a r e n ot c atc h-up r i g h ts w i th r e s p e c t to the 2 0 2 1 P R S U A ward. If t h e Com p a n y p erfo r m e d w e l l at the e n d of t he p r i or or f ut u r e p e ri od s, t he re w ards w i th r e s p e c t to t h a t p e r form a n c e w o u l d b e re f l e c ted i n o t h e r P R S U aw a r ds w i th re s p e c t to t h o s e p e r i od s; the 2 0 2 1 P R S U A w ard, h o we v er, w i l l be b a s ed on t he f i n a n c i a l r e s u l ts of t h e Co m p a ny as o f t h e e n d of a n d f or f i sc al y e a r 2 0 2 3 o nly.

5. E XEC U T I VE’ S 2020 A WARD P AY O UT O PP O RTU N I TY.

​

​

2021 P R S U M INI M UM T HR ES H O L D @G O A L A BO V E T ARGET M AX T ARGET A WARD/P A Y O U T 50%100%150%200%
R EVE NUE G O A L A CHIE VE M E NT | ​ XX S H A R E S | ​ XX S H A R E S | ​ XX S H A R E S | ​ XX S H A R E S
O PE RA T ING I NC O M E G O A L A CH I E V E M E NT | ​ XX S H A R E S | ​ XX S H A R E S | ​ XX S H A R E S | ​ XX S H A R E S

​

6. V EST I NG D ATE S.

The 2 0 21 P R S U A ward s h a l l h a v e a V e s t i ng D ate i n M a rc h 2 0 2 4, af t er t he Co m p a ny re l e a s es i ts 2023 e a r n i n gs to t he p u b li c.

7. C H A N G E I N C IRC U M STA N CE S.

a. If pri o r t o t he e nd of t h e M e a s urem e nt P eri o d t h e C o m p a ny e n g a g e s i n a c a p i t al m a rk ets tra n s a c t i o n, r e s tru c tur i n g, b u s i n e s s c o m b i n at i o n, r e c ap i tali z ation, s to c k s plit, e x t r ao r dina r y s pe c ia l s t o c k di v idend, c on s olidation, r ight s offe r ing, s pi n-off, o r th e li k e (“M a t eria l T ra n sac t i o n”) the re s u l t o f w h i c h w o u l d m a k e f a i r a nd e q u i ta b l e m e a s urem e nt o f t he Com p a n y’s R e v e n u e a n d O p e r at i ng I n c o m e f o r t he M e a s ure m e n t P er i od no l o n g er pra c t i c a l, t h e C o m p e n s at i o n C o m m i tt e e of t he B o ard wou l d h a v e d i scr et i on to a dj u s t a nd m o d i fy p e r f ormance g o a l s a n d p a y o u t t a r g ets to pre s e rv e t he i nt e n d e d i n c e n t i v e o p p o r t u n i t i es u n d er t h i s P R S U A ward.

b. If the M a t eri a l T r a n s a c t i on c o n s t i tu t es a C h a n ge i n Co ntrol e v e n t as t h at t e r m i s d ef i n ed i n t he 2 0 2 0 E q u i ty I n c e n t i v e P l a n, t h e P R S Us s h a l l c o n v ert to t i m e b a s e d R S U s, b a s ed on t h e pre s u m e d v a l u e o f t he A ward @Go a l f or the M e a s ure m e n t P er i od.

c.Further, i f t h e E x e c u t i v e i n g o od s ta n d i n g i s s e p a r at e d from t h e C o m p a n y w i th o ut Cause (i n c l u d i n g p ur s u a nt to a C o n s tru c t i v e Ter m i n a t i on) i n c o n n e c t i on w i th, or as a r e s u l t o f a Cha n ge i n C o n tr o l e v e nt du r i ng t he C O C P e r i o d, as t h o s e u n d e rl i n e d te r m are d e f i n e d i n the E m p l o y m e n t A rr a n g e m e n t, t h e n t h e Co m p a n y, as p a r t o f E x e c u t i v e’s s e p ara t i on s et tl e m e n t, w il l pro vi de t he E x e c ut i v e w i t h a n i n cr e m e n tal c o m p e n s at i on w i t h i n 74 d a y s of term i n a t i on th a t ref l e c ts t h e v a l ue of t he S h a r es th a t t h e E x e c u t i v e w o u l d b e e n t i t l ed to e a r n, i f h e/she w as p e r m i t t ed to s tay w i t h t h e C o m p a n y throu g h t h e V e s t i n g D a t e, tak i n g i nto ac c o u nt t h e c o n v er s i o n of t h e P R S Us t o t i me b a s e d R S Us @Go a l u p o n t h e o cc ur r e n c e o f t he C h a n ge i n C o n tro l. A ny v o l u n tary s e p a r at i o n s, s e p a r a t i o n s f or p e r form a n c e i ss u e s or for c a u s e sh a l l n o t be s u b j e c t to s i m i l ar a cc o m m o d a t i on a n d, i n th a t i n s t a n c e, a ny 2 0 2 1 P R S U ri g h ts w o u l d f or f e i t as p r o v i d e d i n P a r a g r a p h 2.

​

Exhibit 10.27

8. N O N-C O M PET I T I O N; N O N-S O L I CITAT I O N; C H A N G E I N C O NTR O L.

a.Th i s A gree m e n t i n c or p ora t es by ref e r e n c e a l l N o n-C o m p e t i t i o n, No n-S o li c i t at i o n, A cc e l era t i o n, a nd C h a n ge i n C o n trol pro v i s i o ns of t he E m p l o y m e n t A rr a n g e m e n t, i n c l u d i ng a ny d u r a t i o n p eri o ds pro v i d ed t h e r e i n.

b. A C K N O WL E D GE M E N T S.

(i) E x e c ut i v e a ck n o w l e d g e s t h at t h e n o n-c o m p e t i t i on a n d n o n-s o li c i t at i on pro v i si o n s i n c orpor a ted i n t o t h i s A gre e m e nt by ref e r e n c e are fa i r a n d r e a s o n a b l e w i th r e s p e c t to th ei r sc o p e a nd d urat i o n, g iv en t h e E x e c u t i v e’s p o s i t i o n w i t h T T E C a n d t h e i m p a c t s u c h a c t i v i t i es w o u l d h a v e on the T T E C b u s i n e ss.

(ii)E x e c ut i v e furt h er a ck n o w l e d g es t h at t he g e o g r a p h i c r e s tr i c t i on on c o m p e t i t i on i n c l u d e d i n t h e ref e r e n c ed a n d i n c or p orated pro v i si o n s i s f ai r a nd r e a s o n a b l e, g i v en t h e n a ture a n d g e o g r a p hi c sc o pe of t h e T T E C bu s i n e ss, t he i n v e s tm e nt of c a p i t a l a n d r e s o u rc es by Co m p a ny t o d e v e l o p i ts b u s i n e s s o p er a t i o n s, a n d t h e s trat e g i c p o s i t i on t h at the E x e c ut i v e h o l ds w i t h i n TT E C.

(iii)E x e c ut i v e a l s o ac k n o w l e d g es t h at wh i l e e m p l o y e d o r o th e r w i s e af f i l i a t ed w i th TT E C, E x e c ut i v e h a s ac c e s s to propr i et a r y a n d u n i qu e t r a d e s e cr et i nf o r m at i on t h a t wou l d b e va l u a b l e or u s ef u l to C o m p a n y’s c o m p e t i tors a n d t h a t E x e c u t i v e h as a cc e s s to Com p a n y’s v a l u a b l e c u s t o m e r re l at i o n s h i ps a n d t h us a ck n o w l e d g es t h a t the r e s tr i c t i o ns on E x e c u t i v e’s f u t ure e m p l o y m e nt a n d b u s i n e s s act i v i t i es i n T T E C’s i n d u s try as s et forth i n t he re f eren c ed a n d i n c orporat e d p r o v i s i o n s are f a i r a n d r e a s o n a b l e.

(i v)E x e c ut i v e a c k n o w l e d g e s a nd i s prepar e d f or the p o ssi b i l i ty t h at E x e c ut i v e’s s ta n d a r d of li vi ng m a y b e red u c ed d u r i ng the n o n-c om p e t i t i o n a n d/or n o n-s o li ci ta ti on p e r i o d a nd as s u m es a n d acc e p ts a n y r i s k as s o c i at e d w i th th a t p o ss i b i l i t y, a nd f u r th e r a ck n o w l e d g es t h a t a n y s u c h d r op i n E x e c u t i v e’s s t a n d ard of li vi ng d o es n o t c o n s t i tu t e u n d u e h ard s h i p.

9. M ISCEL L A N E O US P R O VISI O NS.

a. Cons i d era t i o n. The Co m p a ny i s pro vi d i n g t h i s P R S U A ward o p p o r t u n i ty i n c o n s i de r at i on of t h e ser v i c es th a t t h e E x e c ut i v e i s pro v i d i ng to t he C o m p a ny thr o u g h the V e s t i n g D a te, a n d ot h er m u t u a l c o v e n a n t s pro v i d e d i n t h i s A g r e e me n t.

b. A d m i n i s trat i on D e l e g a t i on. P ur s u a n t to the d e l e g at i o n s of a ut h o r i ty t h a t t h e

Com p e n s a t i on C o m m i tt e e of t h e B o a r d h a s m a d e w i t h re s p e c t to t he a d m i n i s trat i on of t h e Pl a n, t he C h i ef F i n a n ci al O ff i c er a n d C h i ef P e o p l e (HR) O ff i c er of the Co m p a n y, i n th ei r d i scr et i o n b ut a c t i ng i n c on c er t, s h a l l h a v e t h e a u th o ri t y to d e t erm i ne t he ef f e c t of a l l m a tt e r s a nd q u e s t i o n s w i th r e s p e c t to t he E x e c ut i v e’s t erm i n at i on of a f f i li a t i o n w i th the Com p a n y a nd w h e t h er c o n t i n u o u s s er v i c e s are b e i ng p r o v i d e d as t h e s e m a tt e r s r e l ate to the P R S U A w ard p a y o u t or v e s t i ng, i n c l u d i n g, w i th o ut l i m i ta t i o n, t h e q u e s t i o n o f w h e t h er a t er m i n a t i o n o f s er v i c e h as oc c ur r e d, w h et h er a l e a v e of a b s e n c e or d i s a b i l i ty c o ns t i tu t e a te r m i n a t i o n o f s er v i c e a n d o t h er s i m i l ar q u e s t i o n s.

c.Gr a n t o f E q u i t y; R i g hts are Non-T r a n s fer a b l e. T h i s A g r e e m e nt i s a gr a nt o f an e q u i t y- b a s ed i n c e n t i v e r e l a t ed t o t he C o m p a n y. S u b j e c t t o a ny ex c e p t i o n s s et f orth i n t h i s A gre e m e nt or t he P l a n, t he r i g h ts c o n v e y e d b y t h i s A g r e e m e nt a nd a n y r e l at e d r i g hts m a y n o t b e a ss i g n e d, a l i e n a t e d, p l e d g e d, a t tach e d, s o l d o r ot h er w i s e t r a n s f er r ed or e n c u m b ered by t h e E x e c u t iv e. A ny at t e m p t t o a ssi g n, a l i e n a te, p l e d g e, at t a c h, s e l l or tra n s fer or e n c u m b er t h e P R S U A ward r i g h ts s h a l l b e i n e ff e c t i v e a n d, i f a ny s u c h at t e m pt i s m a d e, t he P R S U A ward r i g h ts c o n v e y ed h er eu n d er w i l l b e f or f e i t ed by t he E x e c ut i v e a n d a l l o t h e r r i g hts t h at t h e E x e c ut i v e m a y h a v e u n d er the Pl a n a nd t h i s A gre e m e nt s h a l l i m m e d i at e l y t e r m i n ate w i th o u t a ny p a y m e n t or c o n s i d erat i o n b y T T E C.

d. Dod d-F r a n k a n d O t h e r I n c e nt i v e R e c o u p m e nt P r o v i s i o n s. Not w i thst a n d i ng a n y o t h e r pro v i s i o n i n t h i s A g r e e m e n t, t h e P R S U A ward pro v i d ed u n d er th i s A gr e e m e nt i s s u b j e c t to TT E C Ince n t i v e R e c o u p m e nt P o li c y pr o m u l g a t ed i n ac c ordance w i th t h e re q u i r e m e n ts of t h e S arba n e s-Ox l ey A c t of 2 0 02 a n d the Do d d-Fr a n k W a l l S tre e t Re f orm a nd Consu m er Pro t e c t i o n A c t o f 2 0 1 0, w h i c h can be fo u nd on T T E C p o li c y w e b s i te at ht t p s://i n v e s tor s.tt e c.c o m/s t at i c-f i l e s/c 8 d 8 4 5 9 a-0 4 9e-4 72a-a 3 e f-3 5 6 5 4 4 8 6 a 9 70 (a nd i f n o l o n g e r av a i l a b l e v i a t h i s l i nk by c o n tac t i ng T T E C L e g al or HC d e p a r t m e nts).

e. No R i g h t to C o n t i n u i n g S er v i c e. N e i th e r t he P l an n o r t h i s A gre e m e nt s h a l l c o n fer u p on the E x e c ut i v e a n y r i g h t t o b e ret a i n e d i n a ny p o s i t i o n, a s an e m p l o y ee, c o n s u l t a n t or d i r e c tor o f TT E C. Fu r th e r, n ot h i ng i n t he P l an or th i s A g r e e m e nt s h a l l be c o n s tru e d to li m i t t he d i scr et i on o f TT E C to ter m i n ate the E x e c u t i v e’s s er v i c es (e m p l o y m e n t or ot h er w i s e) at a ny t i m e, w i t h or w i t h o ut c a u s e.

Exhibit 10.27

f.Tax L i a b i li ty a n d W i th h o l d i n g. The E x e c u t i v e s h a l l be r e q u i r ed t o p a y, a n d t h e C o m p a n y or i ts a d m i n i s tra t or s h a l l ha v e t he r i g h t to d e d u c t from a n y c o m p e n s a t i on p a i d t o t he E x e c ut i v e p u rs u a nt to t h e P l an a n d t h e P R S U A wa r d, t he a m o u nt of a n y r e q ui r ed w i t h h o l d i ng t a x es a p p l i c a b l e u p on t he v e s t i ng of t h e P R S U A ward or t h e i ss u a n c e of t he Com m on S tock of the Co m p a n y (or c a s h e q u i v a l e n t) a nd to t a k e a l l s u c h o t h e r ac t i on as the C o m p a n y d e e ms n e c e s s ary to s at i s fy a l l o b l i g at i o n s f o r t h e p a y m e nt o f s u c h w i t h h o l d i ng t a x e s. A t t h e Ex e c ut i v e’s d i scr et i o n, t he 2 0 2 1 P R S U A ward m a y b e su b j e c t to S h a r e w i t h h o l d i ng f or tax p u r p o s e s, w h e r e a p ort i o n of S h a r es to be re c e i v ed m ay be u s ed (n e t ted a g a i n s t the S h ares o t h e r w i s e re c e i v a b l e) by t h e C o m p a n y t o co v er t h e E x e c ut i v e’s t a x o b l i g a t i o ns i n co n n e c t i o n w i th A war d.

g. Com p l i a n c e w i th L a w. The iss u a n c e a n d t r a n s f er of s h ares of C o m m on S tock of t he Com p a n y u p o n the v e s t i ng of t h e R S U A ward s h a l l be s u b j e c t to c o m p l i a n c e by t h e Com p a n y a nd t he E x e c ut i v e w i t h a l l a p p li c a b l e re q u i r e m e nts o f f e d e r a l a n d sta t e s e c uri ti es l aws a nd w i th a l l a p p li c a b l e r e q u i r e m e n ts of a n y s tock ex c h a n g e o n w h ic h t he Com p a n y's s h a r es of Co m m o n S tock m ay be li s t e d. N o sh a r es of Co m m o n S t o c k s h a l l be i ss u e d o r tr a n s fer r ed u nl e s s a nd u nt i l a ny t h e n a p p l ic a bl e r e q u i r e m e n ts of s ta t e a n d fe d er a l l aws a nd r e g u l at o r y a g e n c i es h a v e b e en f u l l y c o m p l i ed w i th to t he s a t i s fa c t i on of the C o m p a n y a nd i ts l e g a l c o u n s e l. The E x e c u t i v e u n d e rs ta n ds t h a t t he Co m p a n y i s u n d e r no o b l i g at i on t o re g i s t e r t h e s h ares of Co m m o n S tock w i t h t h e S e c uri t i es a nd E xc h a n g e C o m m i ss i o n, a n y s ta t e se c uri t i es c o m m i ssi on or a ny s tock ex c h a n g e t o af f e c t s u c h co m p li a n c e.

h. E x e c ut i v e E q u i ty H o l d i ng G u i d e l i n e s. T he E x e c ut i v e i s s u b j e c t to t he TT E C E x e c u t i v e S tock O wner s h i p G u i d el i n es, a tt a c h e d t o t h i s A gr e e me nt a n d i n c orpora t ed by ref er e n c e as A p p e n d i x A. B y si g n i ng b e l ow t h e E x e c ut i v e (a) c o nf i rm s t h a t h e/s he i s (i) a w a r e o f the C o m p a n y’s ex p e c ta t i o n s w i th r e s p e c t to t he E x e c u t i v e S t o c k O wner s h i p h o l d i n gs i n

the C o m p a n y, (i i) t h e t i me t he E x e c u t i v e has to h o n o r t h e s e e x p e c ta t i o n s a nd (i ii) h o w t he Com p a n y e n v i s i o ns t h at t h e E x e c u t i v e r e a c h es the a p propr i a te h o l d i ng l e v e l s; a n d (b) h e r e b y a gre e s to exer c i s e b e s t e f f orts to m e e t s u c h ex p e c ta t i o n s.

i. Data P r i vac y. E x e c u t i v e h er e b y exp l i c i t l y a n d u n a m b i g u o u s l y c o n s e nts to the c o l l e c t i o n, u s e a n d t r a n s f e r, i n e l e c tr o n i c or o t h e r f orm, o f E x e c u t ive’s p e rs o n a l d a ta as d e scr i b e d i n th i s A gr e e m e nt a nd a n y o t h er P R S U gr a nt m at e r i a l s by a n d a m o n g, as a p p l i c a b l e, the E x e c ut i v e’s e m p l o y e r, the Com p a n y a nd i ts o t h er a f f i l i at e s f o r t he ex cl u s i v e p urp o s e o f i m p l e m e n t i n g, a d m i n i s t eri n g a n d m a n a g i n g E x e c ut i v e’s p a r t i c i p a t i on i n the P l a n. E x e c ut i v e u n d e rs ta n ds t h a t TT E C a n d t h e C o m p a ny m ay h o l d cert a i n p e rs o n a l i nf o r m a t i on a b o ut t he E x e c ut i v e, i n cl u d i n g, b u t n o t l i m i ted t o, E x e c u t i ve’s n a m e, h o m e a d dre s s a n d t e l e p h o ne nu m b e r, d a t e o f b i r t h, s o ci al s e c uri t y or o t h e r n at i o n a l i d e nt i f i c a t i on n u m b er or i n s uran c e n u m b er or o t h e r i d e nt i f i c at i on n u m b e r, s a l a r y, n a t i o n a l i t y, j o b t i t l e, a ny s ha r es of s tock or d i r e c t or s h i ps h e l d i n TT E C, d e t a i l s of a l l P R S Us or any o th e r e n t i t l e m e nt to s h a r es of s tock a w arded, c a n c e l e d, e x er c i s e d, v e s te d, u n v e s ted or o u t s ta n d i n g i n E x e c ut i v e’s f a v or (“Dat a ”), f or the e xc l u s i v e p u r p o s e of i m p l e m e n t i n g, a d m i n i s t eri n g a n d m a n a g i n g t h e P l a n.

E x e c ut i v e u n d e rs ta n ds t h a t Data m a y b e t r a n s f er r ed to a s tock p l an s er v i c e pro v i d er (“S er v i c e P r o vi d e r”) th a t m a y be s e l e c ted by TT E C, w h ic h i s as s i s t i n g TT E C w i th t h e i m p l e m e n t at i o n, a d m i n i s tra t i on a n d m a n a g e m e n t of t h e P l a n. E x e c u t i v e a ut h o r i z e s TT E C a n d t he S er v i c e P r o v i d er a nd a ny o t h er po ss i b l e r e c i p i e n ts w h i c h m ay as s i s t TT E C (pre s e n t l y or i n t he fu t ure) w i th i m p l e m e nt i n g, a d m i n i s ter i ng a n d m a n a g i ng t he P l an to r e c e i v e, p o ss e ss, u s e, r et ai n a n d t r a n s fer the Dat a, i n e l e c tro n i c or o th e r f orm, f or the s o l e p urpo s e of i m p l e m e n t i n g, a d m i n i s ter i n g a nd m a n a g i ng h i s or h er par t i c i p at i o n i n t h e Pl a n. E x e c u t i v e u n d e rs ta n ds t h at Data w i l l be h e l d o n l y as l o n g a s i s n e c e ss ary to i m p l e m e n t, a d m i n i s ter a n d m a n a ge E x e c u t i ve’s p a r t i ci p a t i on i n t he P l a n.

Furthe r, E x e c u t i v e u n d e rs t a n d s t h a t h e or s he i s pro vi d i ng t h e co n s e nts h e r e i n on a v o l u n t ary b a s i s. I f E x e c u t i v e d o es n o t c o n s e n t, or i f E x e c ut i v e l a t er s e e k s to re v o k e hi s or h e r c o n s e n t, h i s or her e m p l o y m e nt s ta t us or s er v i c e a nd c areer w i th t h e e m p l o y e r w i l l n o t b e a d v er s e l y a f fect e d; t he o n l y a d v er s e co n s e q u e n c e o f refu s i ng or w i th d r a w i n g E x e c ut i v e’s c o n s e n t i s t h a t TT E C w o u l d n o t be a b l e t o grant E x e c ut i v e P R S Us or ot h er e q u i ty aw a r ds or a d m i n i s ter or m a i n t a i n s u c h a w ard s. Th e r ef o r e, E x e c u t i v e u n d e r s ta n ds th a t re f u s i n g o r w i t h draw i ng h i s/h er c o n s e n t m a y a f f e c t E x e c ut i v e’s a b i l i ty to p art i ci p a te i n the Pl a n. F or more i n f orm a t i on on the c o n s e q u e n c es o f E x e c u t i v e’s ref u s a l to c on s e n t o r w i t h draw a l of c o n s e n t, E x e c ut i v e u n d er s t a n d s t h at he/s he m a y c o n tact h i s/h e r h u m a n c a pi t a l r e pre s e n t a t i ve.

I. G o v ern i ng L aw a nd D i s p ute R e s o l u t i on.

(i)G o v ern i n g L aw. T h i s A gr ee m e nt w i l l be c o n s tru e d a n d i nt e r p r et e d i n ac c ordance w i th the l aws of t h e S ta t e o f De l aware, U.S.A. w i t h o u t regard t o co n f l i c t o f l aw pri nc i p l e s.

Exhibit 10.27

(ii)D i s p u t e s. The p a r t i es a g r e e t h a t a ny a c t i o n a r i s i ng fr o m o r re l at i ng i n a n y way t o th i s A gre e m e n t or t h e Pl a n s h al l be r e s o l v ed a n d t ri ed i n t he s ta t e or fe d eral c o u r ts s i tu a t ed i n D e n v er, C o l o r a d o, U.S.A. The p a r t i e s’ c o n s e n t t o j urisd i c t i on a n d ve n u e o f th o s e courts t o t h e g r e at e s t exte n t a l l o w ed by l aw.

In t h i s re g ar d, t h e E x e c u t i v e a ck n o w l e d g e s a nd a d m i t s to a l l or a co m b i n at i on of s e v eral fo l l o w i ng s u b s ta n t i a l c o n ta c ts w i th t he S t a te o f C o l or ad o: (A) E x e c ut i v e i s e m p l o y ed, pro v i d e s s er v i c es f o r or ot h erw i s e i s af f il i at e d w i th a l e g a l e n t i ty h e a d q u a r te r ed i n the S ta t e o f Co l ora d o, U.S.A.; (B) E x e c u t i v e r e c e i v es t h e c o m p e n s a t i on i n a f o r m o f c h e ck s or wire tr a n s fers th a t a r e drawn e i t h er d i r e c t l y or i n d i r e c t l y, f r om b a nk acc o u nts i n

Co l o r a d o; (C) E x e c u t i v e r e g u l arly i nt e r a c ts w i t h, c o nt ac ts a n d i s c o nt a c t e d b y o th er TT E C e m p l o y e e s a n d e x e c ut i v es i n C o l o r a d o; (D) E x e c u t i v e e i t h er r o u t i n e l y tra v e l s to or a t t e n d s b u s i n e s s m e e t i n gs i n Co l o r a d o; a n d (E) E x e c u t i v e r e c e i v es s u b s t a nt i al c o m p e n s at i o n a nd b e n e f i ts as a re s u l t o f T T E C b e i ng a corpor a t i on h e a d q u arte r e d i n a nd s u b j e c t to the l aws of C o l or a d o. B a s e d o n t h e s e a nd ot h er c o n tact s, t he E x e c ut i v e a ck n o w l e d g e s t h at he/s he c o u l d rea s o n a b l y be s u b j e c t to t he l aws of C o l o r a d o.

(iii)A tt o r n e y s’ f e e s. The p a r ty t h a t s u b s t a n t i a l l y pre v a il s i n a n y act i on t o e n for c e a ny pro v i s i o n o f t h i s A gr e e m e nt s h a l l re c o v er a l l r e a s o n a b l e co s ts a n d at t or n e ys' fe e s i n c ur r ed i n c o n n e c t i on w i t h the ac t i o n.

j.A d m i n i s trat i on of t h e A gre e m e nt a n d A w ard s.

(i)In t erp r e t at i o n. A ny d i s p u te r e g ard i ng t he i n t erp r et a t i o n of t h i s A gree m e n t s h a l l b e s u b m i t ted by t h e E x e c u t i v e or the C o m p a ny t o t h e C o m p e n s a t i on C o m m i t t ee o f t he B o a r d for r e vi ew. T h e re s o l ut i o n o f s u c h d i s p u te by t h e Com p e n s a t i o n C o m m i tt e e of t h e B o a r d s h a l l b e f i n a l a nd b i n d i n g o n t h e E x e c u t i v e a nd t he C o m p a n y.

(ii)S et t l e m e nt of V e s t e d P R S U s. P R S Us s u b j e c t to a PR S U A ward s h a l l b e set t l ed p u rs u a nt to t he t erms of t he P l a n, i n stock or c a s h, as s o o n as re a s o n a bl y pra c t i c a b l e a n d i n a l l eve n ts w i t h i n 74 d a y s fo l l o w i ng the v e s t i n g t h ere o f as pro v i d ed i n t h i s A gr ee m e nt.

(iii)S u cc e ss ors a n d A ss i g n s. T he C o m p a n y m a y a s s i gn a ny of i ts r i g h ts u n d er t h i s A gre e m e nt. T h i s A gree m e n t w i l l be b i n d i n g u p o n a n d i n u r e t o t h e b e n e f i t o f t h e s u cc e ss ors a n d a ss i g n s of the C o m p a n y. S u b j e c t t o t h e re s tr i c t i o ns on tra n s fer s e t f o r th h e r e i n, t h i s A gre e m e nt w i l l be b i n d i n g u p on t he E x e c u t i v e a n d t h e E x e c ut i ve's b e n e f i ci ari e s, e x e c ut o rs, a d m i n i s trat o r s a nd t he p er s o n(s) to wh o m the r i g h ts u n de r t hi s A gre e m e nt m ay tran s fer by w i l l or t he l aws of d e sc e n t or d i s tr i b u t i o n.

(i v)D i scr et i o n a r y Nat u r e o f A l l Fut u r e A ward s. T h i s P R S U A ward i s v o l u n t ary a n d o cc a s i on a l a nd d o e s n ot cr e a te a n y c o n t r a c tu a l, s ta t u t ory or ot h er r i g h t to r e c e i v e fu t ure P R S U A w ard s, o r b e n ef i ts i n l i eu of P R S U s, e v en i f t he P R S Us h a v e b e e n g r a nt e d i n t he p a s t. Fu t ure P R S U A w ar d s, i f a n y, w i l l be at t h e s o l e d i scr et i o n o f the Co m p a n y.

(v)No I m p a c t o n Other B e n e f i t s. E xc e p t a s o th e r w i s e p r o v i d e d i n t h e E m p l o y m e nt A rr a n g e m e nt, t he v a l ue of t he E x e c u t i ve's a w ards h e r e u n d e r i s n o t p a r t of h i s/her n o r m a l or e x p e c ted c o m p e n s a t i o n for pur p o s es of c a l c u l a t i ng a n y s e v eran c e, r e t i r e m e n t, we l f are, i n s uran c e or s i m i l ar e m p l o y ee b e n e f i t.

k. C onfidentialit y. E x e c uti v e ag r ee s no t t o di s c lo s e, di r e c tl y o r indi r e c tl y, t o an y othe r emplo y ee, di r e c to r o r c on s u l tan t o f TT E C o r a n affiliat e an d t o k ee p c onfidentia l al l info r matio n r elate d t o an y A w a r d s g r ante d t o E x e c uti v e, pu r s uan t t o th e Plan, in c ludin g th e amoun t o f an y s u c h Awa r d an d it s v e s tin g sc hedule.

l.Se v e r abilit y an d Enti r et y. T he i n v a l i d i ty or u n e n f or c e a b i l i ty of a n y pro v i s i on of t he Pl a n o r th i s A gre e m e n t s h a l l n o t af f e c t t h e v a l i d i ty or en f or c e a b i l i ty of a n y o t h e r pro v i s i on o f t h e Pl a n o r t h i s A gre e m e nt, an d e a c h pro v i si on o f t h e P l a n a n d t h i s A g r e e m e n t s h a l l be s e v erab l e a n d e n for c e a b l e to t h e e x t e nt p erm i t ted by l aw.

T h e Ag r eemen t (in c ludin g th e Plan) c on s titute s th e enti r e ag r eemen t bet w ee n th e pa r tie s c on c e r nin g th e s u b j e c t mat t e r he r eo f an d s upe r s ede s al l p r io r an d c ontempo r aneou s ag r eement s, o r a l o r w r itten, bet w ee n th e C ompan y an d E x e c uti v e r elatin g t o E x e c uti v e’s entitlemen t t o P R S U s o r s imila r benefit s, unde r th e Plan.

m. IRS S e c t i on 4 0 9 A. T h i s A gree m e n t s h a l l be i nt e r pre t ed a nd a d m i n i s tered i n a m a n n e r s o t h a t a n y a m o u nt or b e ne f i t p a y a b l e h ere u n d er s h a l l be p a i d or pro vi d e d i n a m a n n er th a t i s e i th e r ex e m p t from, or c o m p li es w i t h, t h e re q u i r e m e n ts of S e c t i on 4 0 9 A o f the In t ern a l R e v e n u e C o de of 1 9 8 6, as a m e n d ed (t h e “C od e”) a n d t he I nt e r n al Re v e n u e S er v i c e g u i d a n c e a n d T r e as ury Re g u l at i o n s t h ere u n d e r (c o ll e c t i v e l y, “S e c t i o n 4 09 A”).

Exhibit 10.27

n. Cou n t erpart s. T h i s A gree m e n t m ay be e x e c ut e d i n co u nt e r p a r t s, e a c h o f w h i c h s h a l l be d e e m ed an ori g i n a l b ut a l l of w h i c h t o g e t h e r w i l l c o n s t i tu t e o n e a n d t h e s a m e i n s t r u m e n t. Cou n t erpart si g n a ture p a ge s to t h i s A gr e e m e nt tr a n s m i tt e d by f a cs i m il e tran s m i ssi o n, b y e l e c tro n i c m a i l i n p orta b l e d o c u m e n t f o r m at (.p df), or b y a n y o t h er e l e c tro ni c m e a ns i nt e n d e d t o pre s er v e t h e o r i g i n al grap h i c a n d p i c tor i al a p p e a r a n c e o f a d o c u m e n t, w i l l h a v e t h e sa m e e f f e c t a s ph ys i c a l d e li v ery of t h e p a p e r d o c u m e nt b e a ri ng an ori g i n al s i g n a t ure.

o. A cc e p ta n c e. The E x e c u t i v e h e r e b y ac k n ow l e d g es re c e i pt of a c o py of t he P l an a n d t h i s A gre e m e nt. T h e E x e c u t i v e h a s re a d a n d u n d e rs ta n ds i ts terms a n d pro v i s i o n s a nd a cc e p ts t h e P R S U A ward r i g h ts i n c l u d i n g m o d i f i c a t i o n s to t h e E m p l o y m e nt A rr a n g e m e n ts th a t t h e y re p r e s e nt, s u b j e c t to t h e t e r ms a n d c o n d i t i o n s of t h e P l an a n d t h i s A g r e e m e n t. The E x e c u t i v e a ck n o w l e d g es t h at t h e r e m a y b e a d v er s e t ax c o n s e q u e n c es u p o n the

grant o r v e s t i ng of t he P R S Us or d i s p o s i t i on of t h e u n d erly i n g sh a r es a nd t h a t t he E x e c ut i v e h a s b e e n a d v i s e d t o c o n s u l t a tax a d v i s or p r i or to s u c h gra n t, v e s t i ng or d i s p o si t i o n.

​

Exhibit 10.27

T he p a r t i es h a v e e x e c u t ed th i s A gre e m e n t a s of the d a te f i rs t a b o v e w r i tt e n.

​

​

​

T T E C H o l ding s, I n c.

​

​

​

​

​

​

R e gi na P a olill o, C h i ef F i n a nc i al & A dmi ni s tr a t i ve O f f i cer

​

​

D ate:

​

​

​

A C K N O W L ED G E M ENT

​

​

​

​

​

​

​

D ate:

Exhibit 10.27

A PPEND I X A

​

​

Exe c u t i v e S t o ck O w n e r s h i p G u i d e l i n es

​

​

E q u i t y p r o v ide s t h e o p po r t un i t y f o r t h e c o m pa n y t o f u r t he r i nv e s t i n t h e e m p l o y ee s w h o pa ss i o na t e l y u pho l d o u r v a l ue s w h i l e d r i v i n g t h e b u s i ne s s w i t h a n e n t r e p r en e u r i a l s p i r i t. C o m pan y l eade r s w h o t hin k an d a c t l i ke o w n er s a r e cr u c i a l t o o u r s u cc e s s a n d en c ou r a g i n g s t a r p l a y e r s t o a c t i v e l y p a r t i c i p a t e i n c o m p a n y g r o w t h i s k e y t o bu i l din g o u r f u t u r e t o g e t h e r.

​

W h e n a c o m pa ny’s boa r d o f d i r e c t o r s, s ha r e h o l de r s an d e m plo y e e s a li gn t h e i r i n t e r e s t i n o r g ani za t i o n’s l o n g-t e r m s u cc e ss, t h e s t a ge i s s e t f o r t r u e t r an s f o rm a t i on. T o t ha t e n d, T TE C ha s a d o p t e d S t o c k O w ne r s h i p G u i de l i n e s t o en c o u r a ge c o m pa n y l e a de r s (g r o u p v i ce p r e s i den t-l e v el an d a b o v e) t o a li gn t he i r i n t e r e s t s w i t h T TE C an d o u r s t o c k ho l de r s an d t o f o c u s o n v al u e c r e a t i o n, w h i l e s ha r i n g i n t h e c o m p a n y’s s u cc e s s. T he f o l l o w i ng a r e ans w e r s t o q ue s t i o ns y o u m ay ha v e about T T E C’s new E x e cu t i v e S t o c k O w ne r sh i p G u i de li nes.

​

E x e c u t i v e S t o ck O w ne r s h i p G u id e l i n e s

​

Q. W h y a r e w e i m p le m e nt i n g a n Ow n e r s h i p G u i d el i n e?

A. T he G u i d e li nes a r e de s i g n e d t o a li g n o ur s e n i or l e a de r s’ i nte r e s ts w i t h o ur s ha r eho l de rs’ i n t e r e s t, dr i v i n g a l o n g-te r m v i s i on a n d c o m m i t m e n t to cr eat i n g c o m p a n y v a l ue. T he E x e c u t i v e O w n e r s h i p G u i de l i nes a r e a l s o de s i g ned t o:

​

• S u p p o r t c on f i d e n c e i n c o m pa n y s t r a t e g y t o e x e c ut e o u r bu s i n e s s t r a n s f o r m ati on

• A l l ow u s to r e m a i n an a tt r a c t i v e and c o m p e t i t i v e c ho i c e f o r e x e c u t i v e-l e v e l t a l e nt b y a d op t i n g be s t p r a c t i c es

• A l i g n e x e c u ti v e b eha v io r w i th e x te r nal s h ar eho l de r e x pe c ta t i on

• Dr iv e l o n g-t e r m a cc oun ta b ili ty

• E n a b l e c o m p a n y s u cc e ss

​

Q. Ho w mu c h s to ck s h ou l d I ho l d as a c om p a n y le a d e r?

A. T h e n ew E x e c u t i v e S t o c k O w n e r s h i p G u i d e li n e s c a l l f o r T T E C g r o u p v i c e pr e s i d e nt s a nd a b o v e to h o l d a m u l t i p l i e r o f ba s e c o m pen s a t i o n i n T T E C s to c k (ba s e d on F ai r Ma r k e t V a l ue (F M V) o f s t o c k a s i t t r a d e s on N A S D A Q). E m p l o y e e s w i l l ha v e f i v e y e a r s f r o m t he s t a r t o f t h i s r eq u i r e m en t (o r p r o m ot i on in t o a n e w r o l e) t o m ee t t h e h o l d i ng G u i d e l i n e s.

​

E m p loy e e T a r g et H o l d i n g A m o u n t Le v el w i th in 5 Y ea r s
​ C h ief F ina n c i al Off ic e r 3.0 tim e s c u rr ent b a se s a l a r y
​ E x e cu t ive V i c e P r e sident 2.5 tim e s c u rr ent b a se s a l a r y
​ S eni o r V i ce Pr e sident 1.5 tim e s c u rr ent b a se s a l a r y
​ G r oup V i c e P r e s ide n t 0.5 tim e s c u rr ent b a se s a l a r y

​

Q. D o I h a ve t o b u y T T E C s t o c k t o m e e t th is h o l d i n g G u i d el i n e?

A. T T E C d o e s no t e x pe c t y o u t o b u y T T E C s t o c k t o m ee t the h o l d i ng s G u i d e l i ne s, a n d h ow y ou m ee t t h em i s en t i r e l y u p t o y o u. Mo s t e m p l o y e e s w i l l b e a b l e to m ee t t he r e q u i r e m en t b y h o l d i n g a p o r t i o n o f th ei r a n n u a l equ i t y g ra nt (ne t o f t a x), a s i t v e s t s.

​

Exhibit 10.27

Q. Ho w m a n y s h ares s ho u l d I c o n si d er h o l d i n g f r o m e a c h g ra n t t o m ee t t h e ho l d i n g

Gu i d e li n es?

A. How m u c h y o u h o l d f r om e a c h g r a nt and f r om ea c h v e s t i n g e v en t i s e n t i r e l y up t o y o u.

Ba s e d on b a s i c m o de l i n g, ho w e v e r, w e b e l i e v e t h a t i f y ou h o l d a p e r c e nt a g e o f ea c h v e s t i n g e v e n t f r o m an n ual E q u i t y Gr a n t s (n e t o f ta x a s i n di c a t e d i n the tab l e b e l o w) y ou s h ou l d c o mf o r ta b l y r e a c h the h o l d i n g r e q u i r e m en t i n f i v e y e a r s o r s oo ne r.

​

T h e h o l d i ng g u i d e l i ne c an b e s a ti s f i e d w i t h a ny s to c k y o u h o l d i n c l u d i n g:

•th e e x e r c i s e o f o p t i o n s t o p u r c ha s e t he c o m p a n y’s c o m m o n s to c k

•th e v e s t i n g o f r e s t r i c t ed s t o ck; and

•th e v e s t i n g o f pe r f o r m a n c e s ha r e s.

​

E m p loy e e G uideline of P e r c en t age of Le v el Net S h a r es to Hold
​ E x e cu t ive V i c e P r e sident 7 5%
​ S eni o r V i ce Pr e sident 7 5%
​ G r oup V i c e P r e s ide n t 5 0%

​

O n c e t he h o l d i n g t a r g e t i s r ea c h e d, y o u s h o u l d m a i n t a i n i t d u r i ng y o u r e n t i r e t e nu r e i n the r o l e; a n d a s y o u r r o l e c ha n ge s be a w a r e o f t he c h a n g es i n t h e h o l d i ng g u i d e li n e s as w e ll.

​

Q. W hich h o ld i n g s ar e c on si de r ed in c a lc u la t i n g my t a r get h ol d i n g a m o u n t?

A. The f oll ow i ng h ol d i n g s w il l b e co n s i d e r ed wh e n m e a s ur i ng s t o c k o wne r s h i p:

​

•s ha r e s o w ne d out r ight, i n c ludin g s ha r e s o w ne d j ointl y w it h a s pou s e;

•s ha r e s obtaine d th r oug h th e e x e r c i s e o f s to c k option s;

•s ha r e s i s s ue d upo n th e v e s tin g o f r e s t r i c te d s t o c k an d pe r fo r man c e s ha r e s; an d

•ea r ne d pe r fo r man c e s h a r e s.

​

Q. W h at h a p p e n s if I d o n’t r e a c h m y t a r g et h o l d i n g a m ou n t w i t h in th e f i v e-y ea r t i m e f r ame d u e t o m a rk et v o la t ili t y o r a m oun t o f m y e qu i t y a w a r d s?

A. If t h e a c t ua l E q u i t y Gr a n t s y ou r e c e i v e a nd/or m a r k e t p r i c e v o l a t i li t y do es n o t a l l o w an e m p l o y e e t o r e a c h t h e ta r g et h o l d i ng l e v e l w i t h i n t he r e q u i r e d f i v e-y e ar t i m e f r a m e, t h e c o m pa n y d oe s n ot e x p e c t e m pl o y e e s to i n v e s t ou t o f po ck et. T h e c o m pa n y e x p e c t s t h e E q u i t y G r a nt s y o u r e c e i v e t o be t h e s o u r c e f o r th e h o l d i n g r equ i r e m en t a n d w e l o o k to y ou a s a l ea de r t o e x er c i s e a g o o d f ai t h e ff o r t t o ho no r the r equ i r e m ent s. I f t h e E q u i ty G r a nt s y o u r e c e i v e o r m ar k e t v o l a t i l i t y c r ea t e s a c h a ll e ng e, d i sc u s s th e m att e r w i t h y o u r s u p e r v i s o r a n d y o u r H C p a rt n e r f o r a p r a c t i c al r e s o lu t i on.

​

Q. W h at if I h a v e a s p e ci a l s i tu a t i o n (h a r d s h i p) th at m a k e s mai n t ai n i n g th e h o l d i n g r e qu i r e m e n t d i ff i c u l t fo r me?

A. T he E x e c u t i v e O w ne r s h i p G u i d e li n es i s d e s i g ne d t o a l i gn y o ur i n t e r e s ts w i t h th e c o m pa n y’s i nte r e s ts an d p o s i t i on y o u to s h a r e i n o u r s u cc e ss. I f y o ur pe r s on a l s i t ua t i o n m a k es the c o m p li a n c e w i t h t h e O w ne rs h i p G u i d e l i n es a ha r d s h i p, s p e ak to y our HC pa r tn er an d t he E x e c ut i v e Co m m i t t ee l e v e l e x e c u t i v e r e s p o n s i b l e f or y o ur b u s i ne s s s eg m e nt f or g u i dan c e and s up p o r t.

​

Q. W ho m s h ou l d I co nt ac t w i t h qu es t i on s?

A. I f y ou h a v e q u e s t i on s, p l e a s e c o n t a c t Pa m L e Ma s t e r s, v i c e p r e s i den t, T ota l Re w a r d s v i a e m a i l o r b y pho n e at 30 3.397.8 5 3 1.