Document:

Exhibit 10.15

AMENDMENT NO. 1
EMPLOYMENT AGREEMENT
This Amendment No. 1 (the “Amendment”), dated February 23, 2021, by and between Stoneridge, Inc., an Ohio corporation (the “Company”), and Jonathan DeGaynor (the “Executive”), amends the Employment Agreement (this “Employment Agreement”) entered into as of the 16th day of March 2015, by and between the Company and the Executive.  
WHEREAS, the parties hereto desire to amend the Employment Agreement.  
NOW, THEREFORE, the parties hereto, in consideration of the premises and the agreements herein contained and intending to be legally bound hereby, agree as follows:
		1.	Each defined term used herein and not otherwise defined herein shall have the meaning ascribed to such term in the Employment Agreement. 

		2.	The Executive shall be located at the Company’s Novi, Michigan corporate headquarters.

		3.	Section 4.B.(3) shall be deleted in its entirety and Section 4.B.(4) shall be renumbered to be Section 4.B.(3).

		4.	Section 4.C. shall be deleted in its entirety and replaced with the following:

Termination for Death.  In the event of termination for reason of death (in the case of death the Executive’s employment hereunder shall be terminated as of the date of his death) the Executive’s designated beneficiary, or, in the absence of such designation, the estate or other legal representative of the Executive shall be paid the Executive’s unpaid base salary (but no annual bonus or annual incentive compensation except as specifically provided in Section 3(B) or 3(C) with respect to a pro-rated annual bonus) through the end of the month in which the death occurs.  No other benefits shall be payable under this Section 4 due to the Executive’s termination in the event of death.
		5.	Section 4.D. shall be deleted in its entirety and replaced with the following:

Termination for Disability.  In the event that the Executive is determined to be Permanently Disabled, the Company or Executive shall have the right to terminate Executive’s employment under this Employment Agreement by giving the other ten (10) days’ prior written notice.  If the Executive’s employment hereunder is so terminated, the Executive shall continue to receive his base salary for a period of three (3) months (but no annual bonus or annual incentive compensation except as specifically provided in Section 3(B) or 3(C) with respect to a pro-rated annual bonus).  No other benefits shall be payable under this Section 4 due to the Executive’s termination due to his Permanent Disability.  For purposes of this Employment Agreement, the Executive’s “Permanent Disability” means a permanent and total disability as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended.
		6.	Section 7.E. shall be deleted in its entirety and replaced with the following:

All notices and other communications hereunder shall be in writing and shall be deemed to have been given if delivered personally or sent by facsimile transmission, overnight 

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courier, or certified, registered or express mail, postage prepaid.  Any such notice shall be deemed given when so delivered personally or sent by facsimile transmission (provided that a confirmation copy is sent by overnight  courier), one day after deposit with an overnight courier, or if mailed, five (5) days after the date of deposit in the United States mails, as follows:
          To the Company:
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                Stoneridge, Inc.
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39675 MacKenzie Drive, Suite 400
Novi, Michigan 48377
                Telephone:   (248) 324-9300
                  Attention:   Chief Legal Officer
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With copy to:
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Robert M. Loesch
Tucker Ellis LLP
950 Main Avenue, Suite 1100
Cleveland, Ohio 44113
rloesch@tuckerellis.com
Telephone (216) 696-5916
Fax (216) 592-5009
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To Executive:
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                 Jonathan DeGaynor
c/o Stoneridge, Inc.
39675 MacKenzie Drive, Suite 400
Novi, Michigan 48377
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With copy to:
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  Jeffrey A. Hopper, Esq.
  Barnes & Thornburg LLP
  11 South Meridian Street
  Indianapolis, Indiana  46204-3534
  Telephone (317) 231-72552
  Fax (317) 231-7433
		7.	The Change in Control Agreement, dated March 16, 2015, by and between the Company and the Executive, attached as Appendix C to the Employment Agreement (the “Change in Control Agreement”), is amended as follows: 

(a)Under SECTION 2 the first paragraph of subsection 2. shall be deleted in its entirety and replaced with the following:
Notwithstanding anything in this Agreement to the contrary, in the event that it shall be determined (as hereinafter provided) that any payment or distribution by Employer to or 

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for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement, or otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement, including without limitation any grants under Employer’s Amended and Restated Long-Term Incentive Plan, any stock option, restricted stock, stock appreciation right or similar right, or the lapse or termination of any restriction on, or the vesting or exercisability of, any of the foregoing (in the aggregate “Total Payments”), would be subject, but for the application of this Section 2, paragraph 2, to the excise tax imposed by Code Section 4999 (or any successor provision thereto) (the “Excise Tax”) by reason of being considered “contingent on a change in ownership or control” of Employer and as being considered an “excess parachute payment,” both within the meaning of Code Section 280G (or any successor provision thereto), then Executive shall receive the greater of:
(a)The Safe Harbor Amount (as defined below); or 
(b)The aggregate Parachute Value (as defined below) of the Total Payments less the applicable Excise Tax.
(b)In SECTION 11 the address for notices to the Company shall be:
Secretary
Stoneridge, Inc.
39675 MacKenzie Drive, Suite 400
Novi, Michigan 48377
		8.	Except as amended by this Amendment, the remainder of the Employment Agreement (and the Change in Control Agreement) shall remain unchanged and in full force and effect. 

IN WITNESS WHEREOF, the parties have executed this Amendment on the day and year first set forth above.
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STONERIDGE, INC.
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By:  /s/ Robert R. Krakowiak​ ​​ ​​ ​​ ​​ ​
Robert R. Krakowiak
Executive Vice President, Chief Financial Officer, and Treasurer
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/s/ Jonathan DeGaynor​ ​​ ​​ ​​ ​​ ​
Jonathan DeGaynor

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Exhibit 10.22
January 25, 2021
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Mr. James Zizelman
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Dear Jim,
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Per our discussion, I am pleased to offer you these revised employment terms as the President of Control Devices for Stoneridge, Inc.  Your current limited-term employment contract and its pay and bonus structure will end effective January 31, 2021, and your new employment terms will begin February 1, 2021, as described in the attachment to this letter. Your role as President of Control Devices will continue to be classified as a Section 16 Officer, which comes with certain rights and responsibilities.
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Upon your acceptance of these terms, please sign this letter, initial the pages of the attachment and return all to me.  Note that these employment terms do not constitute a contract, your employment will be “at will” with no obligation on either you or the Company to continue employment for a determined length of time.    
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Jim, thank you for your contributions to Stoneridge.  I am excited to continue working with you and the rest of the leadership team to bring even greater success to Stoneridge. 
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Sincerely, 
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/s/ Jonathan B. DeGaynor
Jonathan B. DeGaynor
President and CEO
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I accept this revised offer of employment as the President of Control Devices.
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	/s/ James Zizelman
	    
	01/29/2021

	James Zizelman
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	Date

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ATTACHMENT
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This offer of employment for James Zizelman as the President of Control Devices for Stoneridge, Inc. includes the following:
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	Base Salary:
	$390,000 annually, paid monthly.  Reviewed on an annual basis; you will be eligible for a base salary review no later than January 2022.
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	Annual Incentive Plan (AIP):
	Participation in the AIP, with a target of 60% of base salary beginning January 1, 2021.  The AIP provides the opportunity to earn from 50% to 200% of target, based on Company and individual performance.   

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	Long-Term Incentive Plan (LTIP):
	Participation in the LTIP, with a target award equivalent to 110% of your base salary.  LTIP awards are made at the discretion of the Compensation Committee and are typically approved during the first quarter of each calendar year.

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Deferred Compensation Plan:
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Benefits:
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Continued eligibility for the Company’s Deferred Compensation plan. This plan allows you to defer a portion of your base salary, AIP and/or LTIP awards on an annual basis into a variety of investment vehicles and time horizons.
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You will remain eligible to participate in our employee benefit program, which is reviewed annually and may be modified from time to time.  Following is a general description of the 2021 benefits available to employees:
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Medical and dental insurance provided on a cost share basis.  Our current medical and carrier is Anthem BC/BS and our dental carrier is Delta Dental.
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Basic term life insurance, provided at two times base salary up to $1,000,000; Basic AD&D coverage, provided at two times base salary up to $1,000,000.
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Short-term disability provided at 100% of monthly earnings for 13 weeks and 60% of monthly earnings for the next 13 weeks. 
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Long-term disability coverage provided at 60% of monthly earnings up to $15,000 per month.
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Reimbursement for any out-of-pocket costs not paid through medical insurance claims for an annual executive physical exam.
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A selection of voluntary benefits is available as detailed in the 2019 Benefits Guide.
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		Participation in the Stoneridge, Inc. 401(k) Retirement Plan.  In 2021, the Company will match 100% of a participant’s deferral up to 3%, and 50% of the next 2% deferral.  The plan is subject to the IRS statutory limits.
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	Annual Time Off Benefits:
	Twenty (20) vacation days annually, no carryover.
Five (5) sick/personal days, no carryover.
Thirteen (13) holidays, consistent with local office practice.

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	Other:
	As an Executive of the Company, you will be covered under the Company’s Executive Severance Plan, subject to Compensation Committee approval. 
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You will receive a standard Change In Control agreement, which includes 24 months base salary and benefits continuation and is subject to a double trigger provision (i.e., change in control and loss of position within 24 months).
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You will be subject to the terms of the Executive Officer Share Retention Guidelines, a copy of which will be provided separately.

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