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(State or Other Jurisdiction
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(Commission File No.)
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(IRS Employer
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of Incorporation)
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Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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(Registrant's Telephone Number, Including Area
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Code)
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Not Applicable
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(Former Name or Former Address, if changed
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Since Last Report)
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Written communications pursuant to Rule 425 under the Section Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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The
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•
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Participate in the 2023 Annual Incentive Plan (the “AIC Plan”) on a pro-rata basis through the Retirement Date, with any payment to be made in accordance with actual performance and otherwise in accordance with the terms of the AIC Plan;
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Continue to vest in his outstanding unvested time-based restricted stock units as if he had remained an employee of the Company;
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Continue to vest on a pro-rata basis through the Retirement Date in his outstanding unvested performance-based restricted stock units, with the actual payout for the performance period determined based on the actual level of attainment of the applicable performance goals; such awards to be paid at the time that they would have been paid had he remained in continuous employment with the Company;
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Continue to comply with the post-employment restrictive covenants set forth in the Company’s Executive Severance Agreement; and
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Enter into a 12-month consulting agreement following the Retirement Date pursuant to which the Company may opt to retain him for additional support on an hourly basis and in connection with such agreement, he will enter into a release of all claims arising from or related to his employment or by provision of services to the Company.
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THE SHYFT GROUP, INC.
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Dated: April 27, 2023
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By:
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/s/ Joshua A. Sherbin
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Joshua A. Sherbin
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Chief Legal Officer; Chief Compliance Officer | |||