The Board of Directors (the “Board”) of Resources Connection, Inc. (the “Company”) adopted the Resources Connection, Inc. 2020 Performance Incentive
Plan (the “2020 Plan”) on August 18, 2020, subject to stockholder approval of the 2020 Plan. As disclosed in Item 5.07 of the Company’s Form 8-K filed with the Securities and Exchange Commission on October 26, 2020, the Company’s stockholders
approved the 2020 Plan on October 22, 2020.
The following summary of the 2020 Plan is qualified in its entirety by reference to the text of the 2020 Plan, which is filed as Exhibit 10.1 hereto
and incorporated herein by reference.
The Board or one or more committees appointed by the Board will administer the 2020 Plan. The Board has delegated general administrative authority for
the 2020 Plan to the Compensation Committee of the Board. The administrator of the 2020 Plan has broad authority under the 2020 Plan to, among other things, select participants and determine the types of awards that they are to receive, and
determine the number of shares that are to be subject to awards and the terms and conditions of awards, including the price (if any) to be paid for the shares or the award.
Persons eligible to receive awards under the 2020 Plan include directors of the Company, officers or employees of the Company or any of its
subsidiaries, and certain consultants and advisors to the Company or any of its subsidiaries.
The maximum number of shares of the Company’s common stock (the “Common Stock”) that may be issued or transferred pursuant to awards under the 2020
Plan equals: (1) 1,797,440 (which represents the number of shares that were available for additional award grant purposes under the Resources Connection, Inc. 2014 Performance Incentive Plan (the “2014 Plan”) immediately prior to the
termination of the authority to grant new awards under the 2014 Plan as of October 22, 2020), plus (2) the number of any shares subject to stock options granted under the 2014 Plan or the Resources Connection, Inc. 2004 Performance Incentive
Plan (collectively with the 2014 Plan, the “Prior Plans”) and outstanding as of October 22, 2020 which expire, or for any reason are cancelled or terminated, after that date without being exercised, plus (3) the number of any shares subject
to restricted stock and restricted stock unit awards granted under the Prior Plans that are outstanding and unvested as of October 22, 2020 which are forfeited, terminated, cancelled, or otherwise reacquired after that date without having
become vested.
Except as described in the next sentence, shares that are subject to or underlie awards granted under the 2020 Plan which expire or for any reason are
cancelled or terminated, are forfeited, fail to vest, or for any other reason are not paid or delivered under the 2020 Plan will not be counted against the plan’s share limit and will be available for subsequent awards under the 2020 Plan.
Shares that are exchanged by a participant or withheld by the Company as full or partial payment in connection with any stock option or stock appreciation right under the 2020 Plan, as well as any shares exchanged by a participant or withheld
by the Company or one of its subsidiaries to satisfy the tax withholding obligations related to any stock option or stock appreciation right, will be counted against the plan’s share limit and will not be available for subsequent awards under
the 2020 Plan. Shares that are exchanged by a participant or withheld by the Company as full or partial payment in connection with any “full-value award” under the 2020 Plan, as well as any shares exchanged by a participant or withheld by the
Company or one of its subsidiaries to satisfy the tax withholding obligations related to any “full-value award,” will not be counted against the plan’s share limit and will be available for subsequent awards under the 2020 Plan. For these purposes, a “full-value award” is any award other than a stock option or stock appreciation right. In addition, shares that are exchanged by a
participant or withheld by the Company after October 22, 2020 as full or partial payment in connection with any full-value award granted under the 2014 Plan, as well as any shares exchanged by a participant or withheld by the Company after
October 22, 2020 to satisfy the tax withholding obligations related to any award granted under the 2014 Plan, shall be available for new awards under the 2020 Plan. To the extent that an award granted under the 2020 Plan is settled in cash or
a form other than shares, the shares that would have been delivered had there been no such cash or other settlement will not be counted against the plan’s share limit and will be available for subsequent awards under the 2020 Plan. In the
event that shares are delivered in respect of a dividend equivalent right granted under the 2020 Plan, the number of shares delivered with respect to the award will be counted against the plan’s share limit. To the extent that shares are
delivered pursuant to the exercise of a stock appreciation right granted under the 2020 Plan, the number of underlying shares as to which the exercise related will be counted against the plan’s share limit, as opposed to only counting the
shares issued.
The types of awards that may be granted under the 2020 Plan include stock options, stock appreciation rights, restricted stock, stock units, stock
bonuses and other forms of awards granted or denominated in Common Stock or units of Common Stock, as well as certain cash bonus awards.
As is customary in incentive plans of this nature, each share limit and the number and kind of shares available under the 2020 Plan and any
outstanding awards, as well as the exercise or purchase prices of awards, and performance targets under certain types of performance-based awards, are subject to adjustment in the event of certain reorganizations, mergers, combinations,
recapitalizations, stock splits, stock dividends, or other similar events that change the number or kind of shares outstanding, and extraordinary dividends or distributions of property to the stockholders.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.