Document:

TRS-123114-Exh 10.20

Exhibit 10.20 
	
			
	

	Wells Fargo Bank, National Association 
1100 Abernathy Road, N.E.
Suite 1500
Atlanta, GA 30328-5657
	 

CONFIDENTIAL
November 26, 2014

TSPC, Inc.
c/o TriMas Corporation
39400 Woodward Avenue
Suite 130
Bloomfield Hills, Michigan 48304
Attn:  Robert Zalupski

THIRD AMENDED AND RESTATED FEE LETTER

Ladies and Gentlemen:
This is the Fee Letter (“Fee Letter”) referred to in the Amended and Restated Receivables Transfer Agreement dated as of September 15, 2011 (as amended, restated or otherwise modified from time to time, the “Agreement”) by and among TSPC, INC., a Nevada corporation, as transferor (in such capacity, the “Transferor”), TRIMAS CORPORATION, a Delaware corporation, as Collection Agent, TRIMAS COMPANY LLC, a Delaware limited liability company, as Guarantor, THE PURCHASERS FROM TIME TO TIME PARTY THERETO (each, a “Purchaser”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, individually as a Purchaser (“Wells Fargo”) and as Administrative Agent (together with its successors in such latter capacity, the “Administrative Agent”).  From and after November 1, 2014 (the “Effective Date”), this Fee Letter amends and restates that certain second amended and restated fee letter dated April 17, 2014 by and among the parties.  Capitalized terms used herein but not defined herein shall have the meanings assigned to such terms in the Agreement.  
1.    In addition to the legal, audit and other fees and expenses set forth in the Agreement and other amounts due to the Administrative Agent, the LC Issuer or the Purchaser(s) under the terms of the Agreement, the Transferor hereby agrees to pay the following fees in immediately available funds:
(a)  [reserved];    
(b) for each Letter of Credit, on its date of issuance and on each date, if any, on which its expiry date is extended or its face amount is increased, the Transferor agrees to pay to each of the Purchasers, such Purchaser’s Pro Rata Share of a fully earned and non-refundable fee equal to (i) a percentage equal to 99.9% of the Applicable Margin then in 

effect, multiplied by (ii) the face amount of such Letter of Credit (or, in the case of an increase in the face amount of such Letter of Credit, on the amount of such increase) multiplied by (iii) a fraction, the numerator of which shall be the actual number of days until such Letter of Credit’s expiry date (or, in the case of an extension, the actual number of days from but excluding the initial expiry date to and including the extended expiry date), and the denominator of which shall be 360 days;
(c)    if, at any time, there is more than one Purchaser, on each Monthly Payment Date, the Transferor agrees to pay to the LC Issuer, for its sole account, a fully earned and non-refundable fee for the month prior to the month most recently ended equal to 0.15% multiplied by the average daily face amount of all Letters of Credit outstanding for such calendar month (or portion thereof) then most recently ended (the “Fronting Fee”).  The Fronting Fee shall be computed for actual days elapsed on the basis of a 360-day year, provided, however, with respect to the Termination Date, the Fronting Fee payable shall be equal to the Fronting Fee accrued for the actual number of days elapsed from and including the last day of the calendar month immediately preceding the most recent Monthly Payment Date to but excluding the Termination Date; and
(d)    on each Monthly Payment Date, the Transferor agrees to pay to the each of the Purchasers, a fully earned and non-refundable fee for the month prior to the month most recently ended equal to 0.35% multiplied by the average daily difference between such Purchaser’s Commitment and its Credit Exposure for the calendar month (or portion thereof) then most recently ended (the “Unused Fee”).  The Unused Fee shall be computed for actual days elapsed on the basis of a 360-day year, provided, however, with respect to the Termination Date, the Unused Fee payable shall be equal to the Unused Fee accrued for the actual number of days elapsed from and including the last day of the calendar month immediately preceding the most recent Monthly Payment Date to but excluding the Termination Date.
2.    As used in the Agreement, “Special Obligors” means (a) Lowe’s Companies, Inc. and its  Affiliates, Advance Stores Company, Inc., AutoZone, Inc., The PepBoys - Manny, Moe & Jack, a Pennsylvania corporation, and their Affiliates, (b) solely with respect to Receivables arising on or after June 26, 2011, Wal-Mart Stores, Inc. and its Affiliates, (c) solely with respect to Receivables arising on or after June 26, 2011, O’Reilly Automotive, Inc. and its Affiliates, (d) solely with respect to Receivables arising on or after October 31, 2012, Henkel Corporation, The Dial Corporation and their Affiliates, and (e) solely with respect to Receivables arising on or after March 31, 2014, Hamilton Sundstrand Corporation and its Affiliates.  Subject to the approval of the Administrative Agent (such approval not to be unreasonably withheld), the term “Special Obligors” shall also include any entity reasonably requested by the Transferor.

3.    As used in the Agreement, “Applicable Margin” means (a) 1.15% for any Calculation Period beginning on or after April 17, 2014 and ending on or prior to October 31, 2014, and (b) at all times on or after the Effective Date, 1.00% for each Calculation Period. 

4.    As used in the Agreement “Special Adjustment” means, for purposes of calculating the Dilution Ratio as of any Cut-Off Date on which the Receivables of a Special Obligor are not Excluded Receivables and are not Eligible Receivables, a reduction of the 

numerator of the Dilution Ratio by the total amount of decreases in outstanding principal balances of Receivables owing from such Special Obligor due to Dilution during the Calculation Period ending on such Cut-Off Date,  and a reduction of the denominator by the aggregate sales to such Special Obligor generated by the Sellers during the Calculation Period ending three months prior to the Calculation Period ending on such Cut-Off Date.
5.    Transferor acknowledges and agrees that in the event Administrative Agent is asked to provide its consent to the addition of a Purchaser to the Agreement, Administrative Agent may condition such consent on receipt of a reasonable and customary Administrative Agent’s fee from Transferor in an amount to be negotiated by the parties.  
THIS FEE LETTER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW.
This Fee Letter may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Fee Letter by facsimile shall be effective as delivery of a manually executed counterpart of a signature page hereto.
If the foregoing reflects our understanding, kindly execute the enclosed copy hereof any return it to the undersigned, whereupon this Fee Letter shall be binding upon you and us.

Very truly yours,

WELLS FARGO BANK, NATIONAL ASSOCIATION, as LC Issuer and as Administrative Agent

By: /s/ Ryan C. Tozier            
Name:    Ryan C. Tozier
Title:    Vice President

Agreed to and accepted as of the date first above written:

TSPC, Inc.
By: /s/ Robert J. Zalupski        
Name: Robert J. Zalupski    
Title:  Vice President and TreasurerEX-10.16

			
	

		Exhibit 10.16

 May 14, 2014 
 Ivan Gergel,
M.D. 
 [Address] 
 [Address] 

Dear Ivan: 
 I am pleased present to you with this offer letter
agreement (the “Letter Agreement”) setting forth certain terms and conditions of your employment as Senior Vice President, Drug Development and Chief Medical Officer of Nektar Therapeutics (“Nektar” or the “Company”),
reporting to me. Capitalized terms used herein and not defined shall have the meanings ascribed to them in the Company’s Change of Control Severance Benefit Plan, as it may be amended from time to time (the “COC Plan” a copy of which
is enclosed herewith). 
 Your annual cash compensation will consist of two components: base salary and an annual performance bonus. Your base salary will
be $600,000 on an annual basis and paid in accordance with Nektar’s regular payroll schedule. Your annual performance bonus target each year will be at least 50% of your annual base salary (“Target Annual Bonus”) commencing in 2014
subject to proration for the portion of the 2014 annual period that you are employed at Nektar. Your base salary and Target Annual Bonus shall be subject to annual performance review by the Organization and Compensation Committee of the Board of
Directors (“Compensation Committee”) in consultation with me. The actual amount of your annual performance bonus will range from 0% to 200% of the Target Annual Bonus based on the Compensation Committee’s assessment in consultation
with me of the achievement of a combination of annual corporate objectives and your achievement of personal objectives agreed upon by you and me at the beginning of each annual performance period commencing in 2014. Your annual performance bonus for
a particular year will be paid not later than March 15 of the following year. 
 Effective as of your first day of full-time employment with Nektar
(“Start Date”, which we currently anticipate will be May 19, 2014), you will be granted a stock option to purchase 550,000 shares of Nektar common stock (the “Stock Option”) under Nektar’s 2012 Performance Incentive
Plan (“2012 Plan”). The maximum number of shares subject to the Stock Option will be granted as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code to the extent permissible under the 2012 Plan.
The exercise price will be set at the closing price of Nektar’s common stock on Nasdaq on your Start Date. The shares subject to the Stock Option will vest over 4 years with 25% of the shares vesting on the one year anniversary of your Start
Date and the remainder vesting monthly on a pro-rata basis over the following 3 years. 
  

									
	  Nektar Therapeutics   		  455 Mission Bay Boulevard South   		  San Francisco, CA 94158   		  P 415.482.5300   		  www.nektar.com  

  

			
	                

		Page 2

 You will be eligible for annual equity awards, in the sole discretion of the Compensation Committee, based on
the Compensation Committee’s review, in consultation with me, of your individual performance and annual equity compensation levels of senior executive officers with similar roles at comparator companies as analyzed by a reputable,
nationally-recognized, independent compensation consultancy firm. 
 You are also eligible to participate in Nektar’s standard employee benefits
programs including Medical, Dental and Vision Insurance, Term Life Insurance, 401(k), ESPP, Flexible Health Spending Account, Short & Long Term Disability, COC Plan and the terms specified in those plans. 

You agree to devote your full-time attention to your responsibilities to the Company. Subject to advance consent from me, which will not be unreasonably
withheld, you may serve on corporate or charitable boards, as long as your commitment to such boards does not create a conflict of interest and/or does not interfere with your responsibilities to the Company. 

Your employment is by continued mutual agreement and may be terminated at will with or without cause by either you or Nektar at any time with at least thirty
(30) days prior written notice. You will also be required to enter into Nektar’s standard Employee Agreement and such agreement contains certain terms and conditions of your employment with Nektar other than those set forth herein. 

In the event that your employment terminates due to your death or Disability (as defined in the stock option agreement under the 2012 Plan), (a) 50% of
the then-unvested portion of any outstanding stock options granted to you by the Company will automatically vest in the event of your Disability (with the remainder of such unvested portion terminating immediately thereafter), and 100% of the
then-unvested portion of any outstanding stock options granted to you by the Company shall automatically vest in the event of your death, (b) Nektar will pay to you or your estate, as applicable, all unreimbursed expenses, all of your then
accrued but unpaid base salary, and your target bonus prorated for the portion of the last year in which you were employed by Nektar prior to death or Disability, and (c) you and your dependents shall be entitled to continued medical, dental,
and vision insurance, at your or their expense, at the same level of coverage as was provided to you and your dependents under Nektar’s insurance and benefits plans immediately prior to the termination by electing COBRA continuation coverage in
accordance with applicable law. 
 In the event your employment is terminated for reasons not related to a Change of Control (a) by the Company without
Cause, or (b) by you for a Good Reason Resignation, then you and the Company will meet in good faith to discuss the terms of an appropriate separation. In any event, at a minimum, the Company will enter into a severance arrangement with you
which will include the following: (i) a fully effective waiver and release in favor of the Company in such form as the Company may reasonably require, (ii) a cash severance payment equal to your total annual cash compensation target
(defined as your then current monthly base salary annualized 

  

									
	  Nektar Therapeutics   		  455 Mission Bay Boulevard South   		  San Francisco, CA 94158   		  P 415.482.5300   		  www.nektar.com  

  

			
	                 

  
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for twelve (12) months, plus your bonus target multiplied by the expected pay-out percentage used by the Company for its GAAP financial statements in the previous calendar quarter, but not
to exceed 100%), payable in accordance with the severance payment schedule described in Section 4.2 of the COC Plan (including, without limitation and as applicable, the six-month delay for payments to “specified employees” as set
forth in such section), (iii) the exercise period for the portion of your outstanding stock options that are vested as of your termination date shall be twelve (12) months following the termination date (subject to earlier termination at
the end of the option term or in connection with a change in control of the Company in accordance with the applicable option plan and agreement), and (iv) the Company shall pay all applicable COBRA payments for you and your family for one year
after the termination date (such payments shall cease in the event that you become eligible for comparable benefits with another employer). In addition to the definition of Good Reason Resignation set forth in the COC Plan, in the event that your
work responsibilities are substantially changed from those set forth in the work responsibilities letter between you and the Company with the same date as this Letter Agreement, a voluntary resignation by you following such a substantial change in
work responsibilities would also constitute a Good Reason Resignation. 
 Any reimbursements pursuant to the foregoing provisions of this Letter Agreement
shall be made in accordance with the Company’s reimbursement policies, practices and procedures in effect from time to time and shall be paid as soon as reasonably practicable and in all events not later than the end of the calendar year
following the year in which the related expense was incurred. Your rights to reimbursement hereunder are not subject to liquidation or exchange for another benefit and the amount of expenses eligible for reimbursement in one calendar year shall
not affect the amount of expenses eligible for reimbursement in any other year. Any tax gross-up payments made pursuant to the foregoing provisions of this Letter Agreement shall be made as soon as practicable and in all events not later than
the end of the calendar year following the year in which you remit the related taxes. 
 The terms, compensation and benefits set forth in this Letter
Agreement shall be governed by California law without reference to principles of conflicts of laws, may not be reduced without your prior written consent and shall be binding upon and inure to the benefit of (a) your heirs, executors, and legal
representatives upon your death and (b) any person or entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly acquires all or a majority of the assets, business, capital stock, or voting stock of Nektar. Any
such person or entity shall be deemed substituted for Nektar under this Letter Agreement for all purposes. 
 The compensation and benefits payable
hereunder are intended to either be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), so as not to subject you to payment of any additional tax, penalty or interest imposed
under Section 409A. The provisions of this offer letter shall be construed and interpreted to avoid the imputation of any such additional tax, penalty or interest under Section 409A yet preserve (to the nearest extent reasonably possible)
the intended benefit payable you. 

  

									
	  Nektar Therapeutics   		  455 Mission Bay Boulevard South   		  San Francisco, CA 94158   		  P 415.482.5300   		  www.nektar.com  

  

			
	                

		Page 4

 Ivan, we are delighted at the prospect of your leadership of the clinical and medical organization and as a key
member of Nektar’s senior executive team. This offer set forth in this Letter Agreement will expire at the close of business on May 16, 2014. 

Sincerely, 

/s/ Howard W. Robin 

Howard W. Robin 

President and Chief Executive Officer 

ACCEPTED: 
 /s/ Ivan Gergel 

Ivan Gergel, M.D. 

  

									
	  Nektar Therapeutics   		  455 Mission Bay Boulevard South   		  San Francisco, CA 94158   		  P 415.482.5300   		  www.nektar.com

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