Document:

Exhibit

AMERICAN AXLE & MANUFACTURING, INC.
SUPPLEMENTAL EXECUTIVE RETIREMENT PROGRAM
AMENDED AND RESTATED PLAN DOCUMENT
EFFECTIVE APRIL 1, 2018

TABLE OF CONTENTS
	
			
	 
	 
	Page

	Article I INTRODUCTION
	 
	1

	1.1
	Purpose of Plan
	1

	1.2
	“Top Hat” Pension Benefit Plan
	1

	1.3
	Funding
	1

	1.4
	Effective Date
	1

	Article II DEFINITIONS
	 
	2

	2.1
	Actuarial Equivalent Value
	2

	2.2
	Average Monthly Base Salary
	2

	2.3
	Average Monthly Incentive Compensation
	2

	2.4
	Average Total Direct Compensation
	2

	2.5
	Base Salary
	3

	2.6
	Board of Directors
	3

	2.7
	Cash Balance Benefit
	3

	2.8
	Cause
	3

	2.9
	Code
	3

	2.10
	Compensation Committee
	3

	2.11
	Corporation
	4

	2.12
	Credited Service
	4

	2.13
	Disability
	4

	2.14
	Employee
	4

	2.15
	ERISA
	5

	2.16
	Final Average Compensation
	5

	2.17
	Frozen Benefit
	5

	2.18
	Grandfathered Participant
	5

	2.19
	Health Care Program
	5

	2.20
	Joint and Survivor Annuity
	6

	2.21
	Management Benefits Committee
	6

	2.22
	Non-Grandfathered Participant
	6

	2.23
	Participant
	6

	2.24
	Salaried Savings Plan
	6

	2.25
	Salaried Retirement Plan
	6

	2.26
	Specified Employee
	6

	2.27
	Spouse
	6

	Article III PARTICIPATION AND ELIGIBILITY
	7

	3.1
	Participation
	7

	3.2
	Eligibility for Retirement Benefits
	7

	3.3
	Eligibility for Pre-Retirement Surviving Spouse Benefits
	8

	Article IV BENEFITS
	 
	9

	4.1
	Current Benefit Formula
	9

	4.2
	Prior Benefit Formula
	9

	4.3
	Time and Form of Payment of Benefits
	11

	4.4
	Pre-Retirement Surviving Spouse Benefit
	12

	4.5
	Terms and Conditions
	12

	
			
	4.6
	Freeze of Accruals
	12

	Article V ADMINISTRATION
	13

	5.1
	Management Benefits Committee
	13

	5.2
	Administrator
	13

	5.3
	Compensation
	14

	5.4
	Agent for Service of Process
	14

	5.5
	Indemnification
	14

	Article VI CLAIMS PROCEDURE
	15

	6.1
	Filing of Claim
	15

	6.2
	Denial of Claim
	15

	6.3
	Appeal
	16

	6.4
	Review of Appeal
	16

	6.5
	Decision on Appeal
	16

	Article VII MISCELLANEOUS
	17

	7.1
	No Contract of Employment
	17

	7.2
	Non-Assignability of Benefits
	17

	7.3
	Withholding
	17

	7.4
	Amendment and Termination
	17

	7.5
	No Fiduciary Relationship Created
	17

	7.6
	Unsecured General Creditor Status of Employee
	17

	7.7
	Severability
	18

	7.8
	Offset
	18

	7.9
	Intent to Comply with IRC Section 409A
	18

	7.10
	Governing Laws
	18

	7.11
	Binding Effect
	18

	7.12
	Number and Gender
	18

	7.13
	Headings
	18

	7.14
	Entire Agreement
	18

Article I
INTRODUCTION
American Axle & Manufacturing, Inc. (the “Corporation”) previously adopted and maintains the AMERICAN AXLE & MANUFACTURING, INC. SUPPLEMENTAL EXECUTIVE RETIREMENT PROGRAM (the “Plan”) for the purpose of providing supplemental retirement benefits to employees who are eligible under the terms and conditions of this Plan.  The Plan has been amended from time to time.  The Plan is hereby amended and restated effective April 1, 2018, as follows.
		
	1.1
	Purpose of Plan.

The purpose of the Plan is to provide eligible employees of the Corporation a level of retirement benefits that result in total benefits which are competitive with benefits available to retiring executives of other major industrial companies.
		
	1.2
	“Top Hat” Pension Benefit Plan.

The Plan is an “employee pension benefit plan” within the meaning of ERISA.  However, the Plan is unfunded and maintained for a select group of management or highly compensated employees and, therefore, it is intended that the Plan will be exempt from Parts 2, 3 and 4 of Title I of ERISA.  The Plan is not intended to qualify under Code Section 401(a).
		
	1.3
	Funding.

The Plan is unfunded.  All benefits will be paid from the general assets of the Corporation, although assets may, but are not required to be placed in a grantor trust, of which the Corporation is the grantor, within the meaning of subpart E, Part I, subchapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly.  Participants have no ownership, either actual or beneficial, in the assets of the trust so the trust shall not affect the unfunded status of the Plan.
		
	1.4
	Effective Date.

The original effective date of the Plan was March 1, 1994.  The Plan was previously amended and restated on August 1, 2012. The Effective Date of the Plan as now amended and restated is April 1, 2018.  The Plan is frozen as of April 30, 2018. 

Article II
DEFINITIONS
For purposes of the Plan, the following words and phrases shall have the respective meanings set forth below, unless their context clearly requires a different meaning:
		
	2.1
	Actuarial Equivalent Value.

“Actuarial Equivalent Value” for purposes of calculating the actuarial increase for a Participant who remains employed on or after attainment of age 65 means a benefit of equal value when computed on the basis of the discount rate and a unisex version of the mortality table used to calculate the Plan’s obligations as disclosed in the Corporation’s audited financial statements for the year ended immediately prior to the year for which the actuarial increase is being calculated.  Notwithstanding anything else to the contrary, this paragraph shall not be in effect for any purpose after April 30, 2018.  
“Actuarial Equivalent Value” for all other purposes under the Plan means:
		
	(a)
	In the case of a benefit payable pursuant to the Salaried Retirement Plan and, if applicable, the Albion Automotive Pension Plan, a benefit of equal value when computed on the basis of RP 2000 Unisex Mortality Table with white collar adjustments and projected improvements to 2020 using scale AA and interest rate assumption of 6.0% calculated using the date of May 1, 2018 for any Participant that 

would, assuming a not for Cause termination on such date, qualify under the Eligibility Criteria in Section 3.2 of this Plan.  For any Participant that would fail to qualify under such formula, such hypothetical value to be calculated using the date the Participant would, assuming a not for Cause termination on such date, first qualify under the Eligibility Criteria; and
		
	(b)
	In the case of a Cash Balance Benefit, the hypothetical value of the Participant’s Cash Balance Account under the Salaried Retirement Plan. Such hypothetical value to be calculated using the date of May 1, 2018 for any Participant that would, assuming a not for Cause termination on such date, qualify under the Eligibility Criteria in Section 3.2 of this Plan.  For any Participant that would fail to qualify under such formula, such hypothetical value to be calculated as of the date the Participant would, assuming a not for Cause termination on such date, first qualify under the Eligibility Criteria. 

		
	2.2
	Average Monthly Base Salary.

“Average Monthly Base Salary” means the monthly average of the Employee’s Base Salary for the highest 60 of the 120 months immediately preceding the earliest of (i) April 30, 2018, (ii) his or her termination of employment, or (iii) in the case of a Grandfathered Participant, December 31, 2011.  For purposes of determining “Average Monthly Base Salary,” the following provisions shall apply:
		
	(a)
	For any month for which the Employee received Base Salary at less than his or her full monthly Base Salary rate, his or her full monthly Base Salary rate last received preceding such month shall be used for such month.

		
	(b)
	For any month during which an Employee was on the hourly payroll and subsequent to which the Employee commenced service as a salaried Employee, his or her monthly Base Salary rate immediately following the commencement of such service as a salaried Employee shall be used for such month.

		
	2.3
	Average Monthly Incentive Compensation.

“Average Monthly Incentive Compensation” means the amount determined by DIVIDING the total of the highest five of the last ten years of annual incentive awards by the Corporation to an Employee immediately preceding the earliest of (i) April 30, 2018, (ii) his or her termination of employment, or (iii) in the case of a Grandfathered Participant, December 31, 2011 by 60.  The annual incentive amount is to be based on the total annual incentive amount on the date of the award, irrespective of whether any portion of such award is deferred.  Annual incentive awards related to an Employee’s year of retirement are not taken into account.  If an Employee does not have five years of awards, then a $0 award will be used for each year necessary to make a total of five years.  For purposes of calculating Average Monthly Incentive Compensation, annual incentive awards do not include special or one-time payments intended to compensate Employees for specific purposes.
		
	2.4
	Average Total Direct Compensation.

“Average Total Direct Compensation” means the sum of Average Monthly Base Salary plus Average Monthly Incentive Compensation.
		
	2.5
	Base Salary.

“Base Salary” means the salary paid by the Corporation for a work week of not more than 40 hours, exclusive of any other compensation.
An Employee’s Base Salary for purposes of determining benefits paid under this Plan shall include elective deferrals of Base Salary pursuant to (i) a cash or deferred arrangement under Code Section 401(k) as provided under the Salaried Savings Plan, (ii) an arrangement under Code Section 125 or 132(f)(4); and (iii) the American Axle & Manufacturing Holdings, Inc. Executive Deferred Compensation Plan.
		
	2.6
	Board of Directors.

“Board of Directors” means the Board of Directors of American Axle & Manufacturing, Inc. for all references under the Plan except as specifically stated otherwise.

		
	2.7
	Cash Balance Benefit.

“Cash Balance Benefit” means the benefit accrued under the Cash Balance portion of the Salaried Retirement Plan.  The American Axle & Manufacturing, Inc. and Affiliated Corporation Salaried Cash Balance Pension Plan was merged into the Salaried Retirement Plan on December 31, 2011.
		
	2.8
	Cause.

For purposes of this Agreement, “Cause” shall mean, unless otherwise defined in the employment agreement of the Employee, the termination of the Employee’s employment because of:
		
	(a)
	the willful and continued failure or refusal of the Employee to perform the duties reasonably required of him/her by the Corporation;

		
	(b)
	the Employee’s conviction of, or plea of nolo contendere to, (i) any felony or (ii) another crime involving dishonesty or moral turpitude or which reflects negatively upon the Corporation or otherwise impairs or impedes its operations;

		
	(c)
	the Employee’s engaging in any misconduct, gross negligence, act of dishonesty, violence or threat of violence (including any violation of federal securities laws) that is injurious to the Corporation or any of its subsidiaries or affiliates;

		
	(d)
	the Employee’s material breach of any applicable agreement with or policy of the Corporation or any of its subsidiaries or affiliates; or

		
	(e)
	any other willful misconduct by the Employee which is injurious to the financial condition or business reputation of the Corporation or any of its subsidiaries or affiliates.

		
	2.9
	Code.

“Code” means the Internal Revenue Code of 1986, as amended.  Reference to a section of the Code shall include that section and any comparable section or sections of any future legislation that amends, supplements or supersedes that section.
		
	2.10
	Compensation Committee.

“Compensation Committee” means the Compensation Committee of the Board of Directors of American Axle & Manufacturing Holdings, Inc.
		
	2.11
	Corporation.

“Corporation” means American Axle & Manufacturing, Inc.
		
	2.12
	Credited Service.

“Credited Service” shall have the same meaning as that term is defined in Section 6.2 of the Salaried Retirement Plan for periods of service through (a) December 31, 2006 for all Non-Grandfathered Participants, and (b) December 31, 2011 for Grandfathered Participants.  Credited Service for periods after the December 31, 2006 and December 31, 2011 freeze dates means the period commencing on January 1, 2007 (for Non-Grandfathered Participants) and January 1, 2012 (for Grandfathered Participants) and ending on the earlier of (i) the date of Employee’s death, Disability or termination of employment, or (ii) April 30, 2018.  If an Employee incurs a separation from service and is subsequently rehired by the Corporation, Credited Service shall not include periods of service prior to the most recent rehire date.  Credited Service shall not include any period of service while on the payroll of a non-domestic entity related to the Corporation, unless otherwise provided by the Management Benefits Committee in its discretion.
Notwithstanding any provision of this Plan or the Salaried Retirement Plan to the contrary, a Transitioned Employee (as defined in the Salaried Retirement Plan) shall receive credit for Credited Service with General Motors Corporation for purposes of determining such Employee’s eligibility for benefits under the Plan, but not for purposes of determining the amount of such Employee’s benefit.  For purposes of calculating a benefit under Section 4.1 of this Plan, “Credited Service” shall not include leaves of absence or breaks in service.

Notwithstanding any other provisions of this Section 2.12, Section 2.14(c) or otherwise in this Plan to the contrary, for Participants identified in Exhibit A hereto (“Specified Participant”), for purposes of calculating the applicable benefit under Section 4.1 of the Plan, all service on or before the date listed for each Specified Participant shall be credited as Credited Service with the Corporation only for the number of years shown for that Specified Participant in Exhibit A.  For service after the date listed in Exhibit A for a Specified Participant, any additional Credited Service for that Specified Participant shall be determined in accordance with the Plan.
		
	2.13
	Disability.

“Disability” shall mean either of the following: (a) inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or (b) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Corporation.
		
	2.14
	Employee.

“Employee” means:
		
	(a)
	General Definition.  “Employee” shall mean a regular employee of the Corporation compensated by salary or by commission who is (i) working in the United States, or (ii) a citizen of or domiciled in the United States and who has been or may hereafter be hired in the United States by the Corporation and who is sent out of the United States by the Corporation to work in foreign operations, and whose services, if discontinued, would be discontinued by recalling said employee to the United States and terminating his or her services in the United States and (iii) a nonresident alien receiving income from the Corporation’s United States payroll.

		
	(b)
	Temporary, Part-Time and Flexible Service Employees.  The term “Employee” shall not include employees who are classified by the Corporation as (i) Temporary Employees, including per diem employees, (ii) Part-Time Employees, or (iii) Flexible Service Employees.

		
	(c)
	Service with Controlled Group Members.  An Employee’s service with non-domestic members of the Corporation’s controlled group (as defined in Code Section 414(b) and (c)) shall be counted for eligibility purposes but not for benefit accrual purposes.

		
	(d)
	Leased Employees.  The term “Employee” shall not include any Leased Employee (within the meaning of Code Section 414(n)) or any individual classified as a Leased Employee by the Corporation.  If a Leased Employee later becomes an Employee, service as a Leased Employee shall be counted under this Plan for eligibility purposes.

		
	(e)
	Union Employees.  The term “Employee” shall not include employees represented by a labor organization who are covered by a collective bargaining agreement so long as retirement benefits are the subject of good-faith bargaining and so long as the collective bargaining agreement does not expressly provide for participation in this Plan.

		
	(f)
	Directors.  The term “Employee” shall not include members of the Board of Directors of American Axle & Manufacturing Holdings, Inc., or of any committee appointed by such board, who are not regular employees of the Corporation.

		
	(g)
	Independent Contractors.  The term “Employee” shall not include an independent contractor or any individual classified as an independent contractor by the Corporation regardless of any later classification or reclassification of any such individual as a common law employee of the Corporation.

		
	2.15
	ERISA.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

		
	2.16
	Final Average Compensation.

“Final Average Compensation” means the annual average of the Employee’s Base Salary plus annual incentive awards from the Corporation for the five consecutive calendar years prior to April 30, 2018 that results in the highest such average for the Participant. Provided that such average will include 2018 calendar year annual compensation to the extent the Employee’s Base Salary for 2018 plus annual incentive award paid prior to April 30, 2018 results in a higher Final Average Compensation for the Employee.  If the Employee has less than five full calendar years of employment prior to April 30, 2018, only his or her full calendar years of employment shall be used to determine the Employee’s Final Average Compensation, except with respect to the 2018 calendar year, for which the Employee’s Base Salary plus annual incentive award paid prior to April 30, 2018 shall be annualized.  Final Average Compensation shall not include certain special payments or one-time payments intended to compensate Employees for specific purposes.
		
	2.17
	Frozen Benefit.

“Frozen Benefit” means, in the case of a Grandfathered Participant, his or her accrued benefit under this Plan determined as of December 31, 2011.
		
	2.18
	Grandfathered Participant.

The term “Grandfathered Participant” means an individual who (i) was actively employed by the Corporation on December 31, 2006, (ii) was an active Participant in this Plan and in the Salaried Retirement Plan on December 31, 2006, and (iii) if he or she continued in the employ of the Corporation on a full-time basis, was eligible for Early or Normal Retirement under the Salaried Retirement Plan on or before December 1, 2011.
		
	2.19
	Health Care Program.

“Health Care Program” means the American Axle & Manufacturing, Inc. group health and welfare benefits plans for salaried employees as such program is amended from time to time.
		
	2.20
	Joint and Survivor Annuity.

“Joint and Survivor Annuity” means an immediate annuity which provides a reduced benefit for the life of the Employee with a survivor annuity for the life of the Employee’s Spouse equal to 65% of the amount of the annuity which is payable during the life of the Employee.  The reduced benefit payable for the life of the Employee shall be an amount equal to the benefit otherwise payable to the Employee under Article IV of this Plan multiplied by 95% provided the age of the Employee and his or her Spouse is within five years of each other.  If an Employee’s Spouse is five or more years younger than the Employee, the multiplier of 95% is decreased by 1/2% for each full year over five years that the Spouse is younger than the Employee, and, if such Spouse is five or more years older than the Employee, the multiplier of 95% shall be increased by 1/2%, but not to exceed 100%, for each full year over five years that the Spouse is older than the Employee.  Grandfathered Participants whose benefits are calculated under Section 4.2 shall have the same joint and survivor annuity options available under this Plan as are available under Sections 8.1 and 8.2 of the Salaried Retirement Plan.
		
	2.21
	Management Benefits Committee.

“Management Benefits Committee” means the committee appointed pursuant to Section 5.1.
		
	2.22
	Non-Grandfathered Participant.

The term “Non-Grandfathered Participant” means any Participant in the Plan who is not a Grandfathered Participant.
		
	2.23
	Participant.

“Participant” means an Employee meeting the requirements of Article III.

		
	2.24
	Salaried Savings Plan.

“Salaried Savings Plan” means the American Axle and Manufacturing, Inc. Salaried Savings Plan, as such plan is amended from time to time.
		
	2.25
	Salaried Retirement Plan.

“Salaried Retirement Plan” means the American Axle & Manufacturing, Inc. Retirement Program for Salaried Employees, as such plan is amended from time to time.
		
	2.26
	Specified Employee.

“Specified Employee” means a key employee as defined in Section 416(i) of the Code without regard to paragraph (5) thereof.
		
	2.27
	Spouse.

“Spouse” means the legally married husband or wife of an Employee.  The legality of the marriage shall be determined pursuant to the laws of the state in which the Employee is domiciled.
Article III
PARTICIPATION AND ELIGIBILITY
		
	3.1
	Participation.

The Corporation shall designate each Employee who is eligible to participate in the Plan.  Only Employees who are in a select group of management or highly compensated employees (within the meaning of Title I of ERISA) may be designated as eligible to participate in the Plan. Notwithstanding anything herein to the contrary, no person shall be eligible to become a Participant in the Plan on or after April 1, 2018.
		
	3.2
	Eligibility for Retirement Benefits.

The Management Benefits Committee shall determine each Employee’s eligibility for benefits under this Plan.
		
	(a)
	Eligibility Criteria.  To be eligible for a benefit under Section IV of this Plan, an Employee must:

		
	(1)
	Prior to April 1, 2018, be defined as Unclassified, as such term is defined by the Corporation;

		
	(2)
	Be an active employee of the Corporation or an affiliated entity on his or her date of death, retirement or commencement of his or her Disability;

		
	(3)
	As of the date the employment relationship is terminated, (i) be credited with 10 or more years of Credited Service and have attained age 55 at the time of his or her retirement, death or commencement of his or her Disability, (ii) be credited with five or more years of Credited Service and have attained age 60 at the time of his or her retirement, death, or commencement of his or her Disability, or (iii) have attained age 65 at the time of his or her retirement, death, or commencement of his or her Disability; and

		
	(4)
	Not have been terminated by the Corporation for Cause.

An individual shall not be deemed to be actively employed if he or she is laid off or on a leave of absence.  The term “retirement” means the date an Employee has terminated employment with the Corporation (or a related entity) due to retirement.  The term “retirement” is intended to constitute a separation from service under Code Section 409A and regulations issued thereunder.
		
	(b)
	Non-Grandfathered Participant.  A Non-Grandfathered Participant shall, upon meeting the requirements set forth in Section 3.1(a), be eligible for a benefit determined pursuant to Section 4.1.

		
	(c)
	Grandfathered Participant.  A Grandfathered Participant who continued in the employ of the Corporation after December 31, 2011 shall, upon meeting the requirements of Section 3.1, be eligible for the greater of:

		
	(1)
	his or her benefit determined pursuant to Section 4.1;

		
	(2)
	his or her Frozen Benefit under the Basic Benefit formula determined pursuant to Section 4.2 (a); or

		
	(3)
	if he or she shall have attained age 62 at the time of his or her retirement , death or commencement of his or her Disability, his or her Frozen Benefit under the Alternative Benefit formula determined pursuant to Section 4.2(c).

		
	3.3
	Eligibility for Pre-Retirement Surviving Spouse Benefits.

The Spouse of an Employee who is eligible for a benefit who dies before benefit payments begin will be entitled to receive benefit payments in accordance with Sections 4.3 and 4.4.

Article IV
BENEFITS
		
	4.1
	Current Benefit Formula.

In the case of a Non-Grandfathered Participant retiring on or after December 31, 2006, he or she shall receive a benefit equal to the greater of (i) $250,000 or (ii) 12.5% of his or her Final Average Compensation times the Participant’s years of Credited Service, less the sum of:
		
	(a)
	The lump sum Actuarial Equivalent Value of his or her benefits payable pursuant to the Salaried Retirement Plan, including the Cash Balance Benefit, and, if applicable, the Albion Automotive Pension Plan (determined for the Albion Plan as of the date benefits are to commence under this Plan, without further indexing in the future and after conversion to U.S. dollars), and

		
	(b)
	The Participant’s AAM Retirement Contribution Account established pursuant to Section 3.2(b) of the Salaried Savings Plan, plus the Participant’s Account established to credit any employer contributions made under the Salaried Savings Plan which replaces or supplements the AAM Retirement Contributions.  

With respect to both Section 4.1(a) and Section 4.1(b), the market value of a Participant’s Account(s) shall be determined as of February 9, 2018 or as otherwise set forth on Schedule B hereto.  Notwithstanding anything else to the contrary, no benefits shall accrue and no actuarial increases shall be made to benefits under this Plan after April 30, 2018.  
		
	4.2
	Prior Benefit Formula.

In the case of a Grandfathered Participant who retires, dies or becomes disabled after December 31, 2011, such Grandfathered Participant’s benefit shall be the greater of the benefit calculated under Section 4.1 or the Grandfathered Participant’s Frozen Benefit under this Section 4.2.  Service completed after December 31, 2011 shall not be included in calculating Credited Service under this Section 4.2.  Compensation earned after December 31, 2011 shall not be included in calculating Average Monthly Base Salary or Average Total Direct Compensation under this Section 4.2.
		
	(a)
	Amount of Basic Benefit.  The Basic Benefit shall, subject to Section 4.2(b), be a monthly benefit equal to 2% of a Participant’s Average Monthly Base Salary (calculated as of December 31, 2011) multiplied by his or her years of Credited Service (calculated as of December 31, 2011), less the sum of:

		
	(1)
	All monthly benefits payable to the eligible Employee under the Salaried Retirement Plan, including the Cash Balance Benefit, before reduction for any survivor option, plus

		
	(2)
	2% of the eligible Employee’s monthly age 65 primary Social Security benefit multiplied by his or her years of Credited Service.

For purposes of calculating Basic Benefits, the following shall apply:
		
	(i)
	The monthly age 65 primary Social Security benefit will be determined and applied to the Basic Benefit formula at death or retirement, regardless of the Employee’s age at death or retirement and regardless of the Employee’s eligibility for Social Security benefits.

		
	(ii)
	The monthly age 65 primary Social Security benefit will be determined at death or retirement using the maximum monthly Social Security benefit amount payable at age 65 in the year the Employee retires or dies.

		
	(b)
	Rules Applicable to Basic Benefits.

		
	(1)
	At age 62 and one month, for those retiring prior to age 62 with a Basic Benefit, the Basic Benefit will not be redetermined when Temporary Benefits or supplements under the Salaried Retirement Plan are reduced or eliminated.

		
	(2)
	The “Special” benefit (Part B Medicare reimbursement) paid under the Health Care Plan will not be taken into account in determining any monthly benefit amount payable under Section 4.2(a).

		
	(3)
	Post-retirement increases under the Salaried Retirement Plan will not reduce any monthly benefit amount payable under this Section 4.2(a).

		
	(4)
	The award or denial of a Social Security disability insurance benefit that affects the monthly amount of benefits payable under the Salaried Retirement Plan will be taken into account in determining any monthly benefit amount payable under Section 4.2(a).  However, any subsequent modification of a Social Security disability insurance benefit will not be taken into account in determining the monthly benefit amount payable under Section 4.2(a).

		
	(c)
	Amount of Alternative Benefit.  The Alternative Benefit shall, subject to Section 4.2(d), be a monthly benefit equal to 1.5% of a Participant’s Average Total Direct Compensation (calculated as of December 31, 2011), multiplied by his or her years of Credited Service (determined as of December 31, 2011), less the sum of:

		
	(1)
	All monthly benefits determined under the terms of the Salaried Retirement Plan, including the Cash Balance Benefit, before reduction for any survivor option, plus

		
	(2)
	100% of the maximum monthly age 65 primary Social Security benefit.

For purposes of calculating Alternative Benefits, the following shall apply:
		
	(i)
	Differing time periods over the last 10 years of employment with the Corporation may be used for the blended calculation of Average Monthly Base Salary and Average Monthly Incentive Compensation, both calculated as of December 31, 2011.

		
	(ii)
	The monthly age 65 primary Social Security benefit is the monthly age 65 primary Social Security benefit payable in the year of the Employee’s death or retirement, regardless of the Employee’s age at such time and regardless of the Employee’s eligibility for Social Security benefits.

		
	(iii)
	The monthly age 65 primary Social Security benefit will not be redetermined for any subsequent Social Security increase.

		
	(d)
	Rules Applicable to Alternative Benefits.

		
	(1)
	Post-retirement increases under the Salaried Retirement Plan will not reduce any monthly benefit amount payable under Section 4.2(c).

		
	(2)
	The “Special” benefit (Part B Medicare reimbursement) payable under the Health Care Program will not be taken into account in determining any monthly benefit amount payable under Section 4.2(c).

		
	4.3
	Time and Form of Payment of Benefits.

		
	(a)
	Lump Sum Payment.  Payments to (i) Non-Grandfathered Participants pursuant to Section 4.1, and (ii) Grandfathered Participants entitled to benefits pursuant to Section 4.1, will be paid in a lump sum payment.  The lump sum payment shall be made six months after the date of the Participant’s separation from service.  If the Participant dies prior to the receipt of his or her benefits pursuant to Section 4.1, the Spouse will receive a death benefit equal to the amount payable to the Participant.  The death benefit shall be payable in one lump sum as soon as practicable after the death of the Participant.  If a Participant is not survived by his Spouse, his or her benefits will be forfeited.  No interest shall accrue on the lump sum payment for the six-month period from the separation of service date to the payment distribution date.

		
	(b)
	Annuity Payments to Grandfathered Participants.  A Grandfathered Participant entitled to benefits pursuant to Section 4.2 shall have his or her benefits paid in an annuity form as follows:

		
	(1)
	Commencement of Benefits.  Benefit payments shall commence as soon as practicable after an Employee separates from service with the Corporation (or a related entity); provided, however, that the portion of a Specified Employee’s benefit that was not vested within the meaning of Code Section 409A on December 31, 2004, may not be paid to the Employee before the date which is six months after the date of separation from service.  A Specified Employee’s annuity for the post-December 31, 2004 benefits shall commence at the beginning of the seventh month following his or her separation from service date and shall include applicable payments for the previous six months.  Any portion of the benefit payments which are deferred for six months shall not be adjusted for interest.

		
	(2)
	Single Life Annuity.  Except as provided in Section 4.3(b)(3), or Section 4.3(c), an Employee entitled to a Basic Benefit or an Alternative Benefit will receive his or her benefit in the form of a single life annuity for the Employee’s lifetime.  Notwithstanding the foregoing, benefits are paid in accordance with the Corporation’s payroll cycle for salaried employees and all payments are subject to the restrictions and risk of forfeiture under Section 4.5(a) and (b) and Section 7.6.

		
	(3)
	Automatic Survivor Benefit.

		
	(A)
	Basic Benefit.  An Employee entitled to a Basic Benefit or Alternative Benefit who has a Spouse who is otherwise eligible for survivor benefits under the Salaried Retirement Plan on the commencement date for benefits under this Plan, will receive his or her benefit determined in the form of a Joint and Survivor Annuity.

		
	(B)
	Alternative Benefit.  An Employee who (i) has attained age 62 or such earlier age specified in a special separation program, (ii) has been credited with 10 or more years of Credited Service, and (iii) on the date Alternative Benefits begin, has a Spouse who is otherwise eligible for survivor benefits under the Salaried Retirement Plan on the commencement date for benefits under this Plan, will receive his or her benefit in the form of a Joint and Survivor Annuity.

		
	(C)
	Loss of Spouse Due to Death or Divorce.  If an Employee who is receiving a Joint and Survivor Annuity loses his or her Spouse due to death or divorce, the Employee’s Basic or Alternative Benefit, as applicable, will be recalculated on a prospective basis in the form of a single life annuity under Section 4.3(b)(2) assuming the Corporation is notified of such death or divorce within 90 days of such event.  If the Employee subsequently remarries, no Joint and Survivor Annuity is permitted for the Employee and his or her new spouse.

		
	(c)
	Exception for Small Benefits.  Notwithstanding anything in this Section 4.3 to the contrary, if, upon separation from service or at any subsequent date during the annuity payment period, the value of 

the Employee’s Plan benefit, when aggregated with the value of the Employee’s benefit under any other nonqualified non-elective defined benefit plan sponsored by the Corporation or its controlled group members, does not exceed the then-annual limit set forth in Code Section 402(g)(1)(B) ($17,000 in 2012), the Employee’s benefits in all such non-elective defined benefit plans shall be terminated and liquidated in their entirety, in the form of a lump sum cash payment within 90 days following the Employee’s separation from service.
		
	4.4
	Pre-Retirement Surviving Spouse Benefit.

		
	(a)
	Current Benefit Formula.  The pre-retirement surviving spouse benefit payable pursuant to Section 4.1 to an eligible Spouse shall be equal to the Participant’s benefit calculated pursuant to Section 4.1 and shall be payable in one lump sum payment as soon as administratively practicable following the Participant’s death.

		
	(b)
	Prior Benefit Formula.  The pre-retirement surviving spouse benefit payable to the eligible spouse of a Grandfathered Participant pursuant to Section 4.2(a) or (c) shall equal the amount that the Spouse would have been entitled to receive under the Joint and Survivor Annuity if the Employee had retired with an immediate Joint and Survivor Annuity on the day before his death.  In the event that an Employee is eligible for both a Basic Benefit and an Alternative Benefit on his date of death, the Pre-Retirement Surviving Spouse Benefit will equal the Pre-Retirement Surviving Spouse Benefit based on the greater of the Employee’s Basic Benefit or the Employee’s Alternative Benefit.

		
	4.5
	Terms and Conditions. 

		
	(a)
	Benefits Not Guaranteed.  Benefits payable under Article IV are not guaranteed and may be reduced or eliminated at any time, and from time to time, by the Compensation Committee, the Management Benefits Committee or the Board of Directors.  No prior notice is required.

		
	(b)
	Forfeiture Upon Termination For Cause.  Notwithstanding any provision in the Plan to the contrary, an Employee whose employment is terminated for Cause shall forfeit all rights to benefits under the Plan.

		
	4.6
	Freeze of Accruals.

Notwithstanding anything herein to the contrary, Base Salary, bonuses or other incentive compensation, or other amounts earned for or relating to the period after April 30, 2018 shall not be used in determining benefits under the Plan, and service after April 30, 2018 shall not be considered, deemed to be, or otherwise treated as Credited Service or similar benefit accrual service in determining benefits payable under the Plan.

Article V
ADMINISTRATION
		
	5.1
	Management Benefits Committee.

The Compensation Committee shall appoint a Management Benefits Committee for the Plan.
		
	(a)
	Appointment and Removal of Management Benefits Committee.  The Management Benefits Committee shall consist of three or more individuals appointed by, and serving at the discretion of, the Compensation Committee.  A member of the Management Benefits Committee may (i) resign upon 30 days written notice to the Compensation Committee, or (ii) be removed from the Management Benefits Committee at any time at the discretion of the Compensation Committee.

		
	(b)
	Decisions by Management Benefits Committee.  The Management Benefits Committee shall act by majority vote either at a meeting of the Management Benefits Committee or by written consent.  Meetings may be attended telephonically.

		
	(c)
	Authority.  The Management Benefits Committee shall have the following duties and authority under the Plan.

		
	(1)
	Compliance.  The Management Benefits Committee shall monitor the performance of the Plan to ensure that the Plan is administered in accordance with its terms and in compliance with applicable law or regulation.

		
	(2)
	Discretionary Authority.  The Management Benefits Committee shall have full and exclusive discretionary authority to determine all questions arising in the administration, application and interpretation of the Plan including the authority to correct any defect or reconcile any inconsistency or ambiguity in the Plan and the authority to determine an Employee’s or other individual’s eligibility to receive a benefit from the Plan and the amount of that benefit.  The Management Benefits Committee shall determine all Claims appeals as set forth in Section 6.5 of this Plan and shall have the authority to determine all questions of fact relating to such an appeal.  Any determination by the Management Benefits Committee pursuant to this Section 5.1(c)(2) or the Claims Procedure shall be binding and conclusive on all parties.

		
	(3)
	Plan Amendments.  The Management Benefits Committee shall have the authority to make Plan amendments as long as such amendments do not have a significant cost impact to the Corporation.

		
	(4)
	Adoption of Plan.  The Management Benefits Committee may provide for the adoption of the Plan by an affiliated employer pursuant to such terms and conditions as the Management Benefits Committee, in its discretion, may determine.  The Management Benefits Committee shall have the right to remove an affiliated employer as a Plan sponsor if, in its discretion, it deems such removal to be appropriate.

		
	5.2
	Administrator.

The Corporation shall be the Plan Administrator.  The American Axle & Manufacturing, Inc. Corporate Benefits Group shall be the Administrator and act on the Plan Administrator’s behalf and perform the duties of the Plan Administrator as set forth herein.  The Administrator shall administer the Plan in accordance with all applicable laws and regulations and, except as otherwise expressly provided to the contrary herein, shall have all powers and discretionary authority to carry out that obligation.  Specifically, but not by way of limitation, the Administrator shall:
		
	(a)
	Procedures and Forms.  Establish such administrative procedures and prepare, or cause to be prepared, such forms, as may be necessary or desirable for the proper administration of the Plan;

		
	(b)
	Advisors.  Retain the services of such consultants and advisors as may be appropriate to the administration of the Plan;

		
	(c)
	Claims.  Have the discretionary authority to determine all claims filed pursuant to Section 6.2 of this Plan and shall have the authority to determine issues of fact relating to such claim;

		
	(d)
	Payment of Benefits.  Direct, or establish procedures for, the payment of benefits from the Plan; and

		
	(e)
	Plan Records.  Maintain, or cause to be maintained, all documents and records necessary or appropriate to the maintenance of the Plan.

		
	5.3
	Compensation.

Members of the Management Benefits Committee and the Plan Administrator shall serve without compensation from the Plan for their services as such.
		
	5.4
	Agent for Service of Process.

The Administrator shall be the agent for service of process on the Plan.  If the Corporation is the Administrator, the agent for service of process on the Corporation shall be the agent for service of process on the Plan.

		
	5.5
	Indemnification.

The Corporation shall indemnify each member of the Compensation Committee, the Management Benefits Committee, the Administrator and individuals employed by, and acting on behalf of, the Plan Administrator from and against any and all claims, losses, damages, expenses and liability arising from their acts or failure to act with regard to the Plan and their duties and obligations as set forth herein unless such acts or omissions are judicially determined to be the result of such individual’s gross negligence, willful misconduct or criminal act.

Article VI
CLAIMS PROCEDURE
		
	6.1
	Filing of Claim.

The Plan Administrator shall provide written notice to any Participant or beneficiary who submits a claim for benefits within 90 days (45 days in case of a disability benefit) of the receipt of the claim, unless special circumstances (which, in the case of disability benefits, must be beyond the control of the Plan) require an extension.  The extension shall not exceed 90 days (30 days in case of a disability benefit) beyond the initial 90-day (or 45-day) period.  If an extension is necessary, the claimant shall receive a notice, before the initial 90-day (or 45-day) period expires, which explains why the extension is necessary and when a decision on the claim is expected.  In the case of a disability benefit, if, prior to the end of the extended review period, the Plan Administrator determines that, due to matters outside the control of the Plan, a decision cannot be rendered within the extension period, the period for making a determination may be extended for an additional 30 days, provided the Plan Administrator notifies the claimant before the expiration of the first extension period of the circumstances requiring the extension and the date the Plan expects to render a decision.  In the case of either the first or second extension of the review period, the notice to the claimant must explain the standards on which entitlement to the benefit is based, the unresolved issues that prevent a decision, and the additional information needed to resolve the issues.  The claimant shall have 45 days within which to provide the specified information.
		
	6.2
	Denial of Claim.

The Plan Administrator shall provide, in a written or electronic notice to all claimants who are denied a claim for benefits, the following information written in a manner calculated to be understood by the claimant:
		
	(a)
	the specific reason or reasons for denial;

		
	(b)
	specific reference to pertinent Plan provisions on which the denial is based;

		
	(c)
	a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary;

		
	(d)
	an explanation of the Plan’s claim review procedures and the time limits applicable to such procedures including a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of, all documents, records and other information relevant to the claimant’s claim for benefits;

		
	(e)
	a statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review; and, if applicable in the case of a disability benefit;

		
	(f)
	the specific rule, guideline, protocol or similar criterion (if any) that was relied on in making the benefit determination, or a statement that the rule, guideline, protocol or other similar criterion was relied on and will be provided to the claimant free of charge upon request; and

		
	(g)
	if a disability claim, the identity of the medical or vocational experts whose advice was obtained by the Plan Administrator in the process of deciding the claim, regardless of whether the advice was relied upon.

		
	6.3
	Appeal.

A claimant whose claim has been denied may request a review of the denial by the Management Benefits Committee by making written application within 90 days (180 days in case of a disability benefit) after the receipt of written notification of a denial of a claim.  The claimant may submit written comments, documents, records and other information relating to the claim for benefits.
		
	6.4
	Review of Appeal.

The Management Benefits Committee’s decision on review shall take into account all comments, documents, records and other information submitted as part of the request for review, whether or not submitted as part of the initial benefit determination.  In the case of a disability benefit, the review of a denied claim shall be conducted by a reviewer, which is neither the individual who made the adverse benefit determination nor a subordinate of that individual.  The reviewer shall not give deference to the original adverse determination, and, if the claim denial was based in whole or in part on a medical judgment, shall consult with a health care professional who has appropriate training and experience in the field of medicine involved in the medical judgment, but who was not consulted in connection with the original adverse claim determination, or a subordinate of that individual.
		
	6.5
	Decision on Appeal.

The decision on review shall be made within 60 days (45 days in case of a disability benefit) after the receipt of a request for review, unless special circumstances require an extension period.  The extension shall not exceed 120 days (90 days in case of a disability benefit) from the request for review.  If circumstances require an extension, the claimant shall receive a notice before the initial 60-day (or 45-day) period expires, which explains why the extension is necessary and when a decision on review is accepted.  The decision on review shall be provided in a written or electronic notice, shall be written in a manner calculated to be understood by the claimant, and, in the event of an adverse determination, shall include:
		
	(a)
	the specific reason or reasons for the adverse determination;

		
	(b)
	specific references to pertinent Plan provisions on which the denial is based;

		
	(c)
	a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of, all documents, records and other information relevant to the claimant’s claim for benefits;

		
	(d)
	for disability benefits, if an internal rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination, either the specific rule, guideline, protocol, or other similar criterion or a statement that such rule, guideline, protocol or other similar criterion was relied upon in making the adverse determination and that a copy will be provided free of charge to the claimant upon request; and

		
	(e)
	a statement of the claimant’s right to bring an action under ERISA Section 502(a) and, for disability claims, the following statement:  “You and your Plan may have other voluntary alternative dispute resolution options, such as mediation.  One way to find out what may be available is to contact your local U.S. Department of Labor Office and your State insurance regulatory agency.

Article VII
MISCELLANEOUS
		
	7.1
	No Contract of Employment.

The adoption and maintenance of the Plan shall not be deemed to be a contract between the Corporation and any person or to be consideration for the employment of any person.  Nothing herein contained shall be deemed to give any person the right to be retained in the employ of the Corporation or to restrict the right of the Corporation to discharge any person at any time, nor shall the Plan be deemed to give the Corporation the right to require any person to remain in the employ of the Corporation or to restrict any person’s right to terminate his or her employment at any time.
		
	7.2
	Non-Assignability of Benefits.

No Employee or other distributee of benefits under the Plan shall have any power or right to transfer, assign, anticipate, hypothecate or otherwise encumber any part or all of the amounts payable hereunder, which are expressly declared to be unassignable and non-transferable.  Any such attempted assignment or transfer shall be void.  No amount payable hereunder shall, prior to actual payment thereof, be subject to seizure by any creditor of any such Participant or beneficiary for the payment of any debt judgment or other obligation, by a proceeding at law or in equity, nor transferable by operation of law in the event of the bankruptcy, insolvency or death of such Participant or beneficiary hereunder.
		
	7.3
	Withholding.

All deferrals and payments provided for hereunder shall be subject to applicable withholding and other deductions as shall be required under any applicable local, state or federal law.
		
	7.4
	Amendment and Termination.

		
	(a)
	Board of Directors.  The Board of Directors shall have the right to amend, in whole or in part, any or all of the provisions of the Plan or to terminate the Plan at any time and without the consent of any other party or person.

		
	(b)
	Management Benefits Committee.  The Management Benefits Committee shall have the right, at any time, without the consent of any other party or person, to modify or amend any or all of the provisions of the Plan, but only to the extent provided in Section 5.1(c).

		
	(c)
	Limitations.  Except as provided in Section 4.5, no amendment or termination of this Plan shall impair the rights of an Employee to the extent earned as of the date of amendment or termination.  For purposes of this Section 7.4, a Participant’s right to Plan benefits shall not be considered earned until such date as the Employee terminates employment and has begun receiving benefits under the Plan.

		
	7.5
	No Fiduciary Relationship Created.

Nothing contained in this Plan, and no action taken pursuant to its provisions by any party hereto, shall create, nor be construed to create, a fiduciary relationship between the Corporation, the Board of Directors, any officers of the Corporation, the Compensation Committee, the Management Benefits Committee and the Employee or any other person.
		
	7.6
	Unsecured General Creditor Status of Employee.

		
	(a)
	The payments to a Participant, his or her Beneficiary or any other distributee hereunder shall be made from assets which shall continue, for all purposes, to be a part of the general, unrestricted assets of the Corporation; no person shall have nor acquire any interest in any such assets by virtue of the provisions of this Plan.

		
	(b)
	The Corporation’s obligation hereunder shall be an unfunded and unsecured promise to pay money in the future.  To the extent that the Employee or other distributee acquires a right to receive payments from the Corporation under the provisions hereof, such right shall be no greater than the right of any 

unsecured general creditor of the Corporation; no such person shall have nor require any legal or equitable right, interest or claim in or to any property or assets of the Corporation.
		
	7.7
	Severability.

If any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining provisions hereof; instead, each provision shall be fully severable and the Plan shall be construed and enforced as if said illegal or invalid provision had never been included herein.
		
	7.8
	Offset.

The payment of benefits under the Plan will be reduced by the amount (no greater than $5,000 in any calendar year) that a Participant owes the Corporation or any related entity for any reason, including but not limited to benefit or wage overpayments.  The Participant will be relieved of liability in the amount of the reduction following the payment to the Corporation.
		
	7.9
	Intent to Comply with IRC Section 409A.

This Plan shall be interpreted and administered, to the extent possible, in a manner that does not result in a “plan failure” within the meaning of IRC Section 409A)(a)(1) of this Plan or any other plan or arrangement maintained by the Corporation.  If a determination is made by the Internal Revenue Service that the benefit of any Participant provided herein is subject to current income taxation under Section 409A of the IRC, such benefit will be immediately distributed to the Participant (or the Participant’s beneficiary) to the extent of such taxable amount.  Notwithstanding any provision of the Plan, no plan modifications or distributions will be allowed or implemented if they would cause a Plan Participant to be subject to tax (including interest and penalties) under IRC Section 409A.
		
	7.10
	Governing Laws.

All provisions of the Plan shall be construed in accordance with the laws of Michigan except to the extent preempted by federal law.
		
	7.11
	Binding Effect.

This Plan shall be binding on each Participant and his or her heirs and legal representatives and on the Corporation and its successors and assigns.
		
	7.12
	Number and Gender.

Wherever appropriate herein, words used in the singular shall be considered to include the plural and words used in the plural shall be considered to include the singular.  The masculine gender, where appearing in the Plan, shall be deemed to include the feminine gender.
		
	7.13
	Headings.

The headings of Articles and Sections herein are included solely for convenience, and if there is any conflict between such headings and the text of the Plan, the text shall control.
		
	7.14
	Entire Agreement.

This document and any amendments contain all the terms and provisions of the Plan and shall constitute the entire Plan, any other alleged terms or provisions being of no effect.    

IN WITNESS WHEREOF, the Corporation has adopted this amended and restated Plan on the 10th day of April 2018.
AMERICAN AXLE & MANUFACTURING, INC.
By: /s/ Terri M. Kemp        
Name: Terri M. Kemp
Title:    Vice President - Human Resources

EXHIBIT A

	
			
	Specified Participant
	Effective Date
	Credited Service

	 
	 
	 

	Norman Willemse
	December 31, 2016
	15.667 yearsExhibit

AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
EXECUTIVE RETIREMENT SAVINGS PLAN
Effective as of January 1, 2019

ARTICLE I - PURPOSE; EFFECTIVE DATE
		
	1.1.
	Purpose.  The purpose of this Executive Retirement Savings Plan (the “Plan”) is to provide a select group of highly compensated employees of American Axle & Manufacturing Holdings, Inc. (the “Company,” and together with its subsidiaries, the “Company Group”) and its selected subsidiaries the opportunity to defer the receipt of income that would otherwise be payable to them.  It is intended that the Plan, by providing these eligible persons with these benefits and the deferral of income tax recognition of these benefits, will assist in retaining and attracting individuals of exceptional ability.

		
	1.2.
	Effective Date.  It is the intent that all of the amounts contributed under the Plan and benefits provided hereunder will be subject to the terms of Section 409A of the Code, and the Plan shall be effective as of January 1, 2019.

		
	1.3.
	Plan Type.  For purposes of Section 409A of the Code, the Plan shall be considered a nonelective account balance plan as defined in Treas. Reg. §1.409A-1(c)(2)(i)(B), or as otherwise provided by the Code.

ARTICLE II - DEFINITIONS
For the purpose of the Plan, the following terms shall have the meanings indicated, unless the context clearly indicates otherwise:
		
	2.1.
	401(k) Plan.  “401(k) Plan” means the Company’s 401(k) Savings Plan.

		
	2.2.
	Account.  “Account” means the account or accounts maintained on the books of the Company used solely to calculate the amount payable to each Participant under the Plan and shall not constitute a separate fund of assets.  An Account shall be deemed to exist from the time amounts are first credited to an Account until such time that the entire Account balance has been distributed in accordance with the Plan.

		
	2.3.
	Administrator. “Administrator” means the Management Benefits Committee acting through the Company’s Human Resources Department in the administration of the Plan pursuant to Section 7.2.

		
	2.4.
	Beneficiary.  “Beneficiary” means the person, persons or entity as designated by the Participant, or who is otherwise entitled under Article VI, to receive any Plan benefits payable after the Participant’s death.

		
	2.5.
	Board.  “Board” means the Board of Directors of the Company, or any successor thereto.

		
	2.6.
	Cause.  “Cause” means with respect to a Participant, unless otherwise defined in the employment agreement of the Participant, any of the following: (a) the Participant’s willful and continued failure or refusal to perform the duties reasonably required of him or her to the Company Group;  (b) the Participant’s conviction of, or plea of nolo contendere to any felony or another crime involving dishonesty or moral turpitude or which reflects negatively upon the Company or its Subsidiaries or affiliates or otherwise impairs or impedes its operations; (c) the Participant’s engagement in any willful misconduct, gross negligence, act of dishonesty, violence or threat of violence (including any violation of federal securities laws) that is injurious to the Company Group; (d) the Participant’s material breach of any applicable agreement with or policy of the Company Group; (e) the Participant’s material failure to comply with any applicable laws and regulations or professional standards relating to the business of the Company Group; or (f) any other misconduct by the Participant that is injurious to the financial condition or business reputation of the Company Group.

		
	2.7.
	Code.  “Code” means the Internal Revenue Code of 1986, as it may be amended from time to time and as interpreted by regulations and rulings issued pursuant to the Code.  Any references to a specific provision shall be deemed to include references to any successor Code provision.

		
	2.8.
	Company.  “Company” means American Axle & Manufacturing Holdings, Inc. and any successor.

		
	2.9.
	Compensation Committee.  “Compensation Committee” means the Compensation Committee of the Board. 

		
	2.10.
	Determination Date.  “Determination Date” means any business day on which the New York Stock Exchange is open for trading.

		
	2.11.
	Disability.  “Disability” shall mean either of the following: (a) inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or (b) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company Group.

		
	2.12.
	Distribution Election.  “Distribution Election” means the form prescribed by the Management Benefits Committee and completed by the Participant, indicating the chosen form of payment for benefits payable from the Participant’s Account, as elected by the Participant.

		
	2.13.
	Eligible Person.  “Eligible Person” means (a) US-based executives of the Company Group having the title of Vice President and above and (b) any other US-based employee of the Company Group designated by the Compensation Committee consistent with Section 10.1.

		
	2.14.
	ERSP Contribution.  “ERSP Contribution” means the Company contribution credited to a Participant’s Account under Section 4.4.

		
	2.15.
	Executive Officer.  “Executive Officer” means any executive whose compensation must be reviewed and approved by the Compensation Committee.

		
	2.16.
	Interest.  “Interest” means the amount credited to or debited against a Participant’s Account on a Determination Date, which shall be based on the Valuation Funds chosen by the Participant pursuant to Section 4.3, in order to reflect the increase or decrease in value of the Account in accordance with the provisions of the Plan.

		
	2.17.
	Management Benefits Committee.  “Management Benefits Committee” means the committee appointed by the Compensation Committee to govern and monitor the administration of the Plan pursuant to Section 7.1.

		
	2.18.
	Management Investment Committee. “Management Investment Committee” means the committee appointed by the Compensation Committee to govern and monitor all Plan assets and investments. 

		
	2.19.
	Participant.  “Participant” means (i) any Eligible Person identified in Section 2.13(a) and (ii) any Eligible Person designated by the Compensation Committee in accordance with Section 2.13(b).

		
	2.20.
	Plan. “Plan” means this Executive Retirement Savings Plan, as amended from time to time.

		
	2.21.
	Plan Year. “Plan Year” shall mean a calendar year (January 1-December 31).

		
	2.22.
	Retirement. “Retirement” means a Participant’s voluntary resignation at any time (a) after attaining age 65, (b) after attaining age 55 but prior to age 65 with ten or more years of continuous service with the Company Group, or (c) after attaining age 60 but prior to age 65 with five or more years of continuous service with the Company Group.

		
	2.23.
	Termination.  “Termination”, “terminates employment” or any other similar such phrase means the Participant’s “separation from service” with the Company Group, for any reason, within the meaning of Section 409A of the Code. 

		
	2.24.
	Unforeseeable Emergency.  “Unforeseeable Emergency” means an event that results in a severe financial hardship to the Participant resulting from (a) an illness or accident of the Participant, the Participant’s spouse, the Participant’s beneficiary or a dependent of the Participant, (b) loss of the Participant’s property due to casualty or (c) other similar extraordinary and unforeseeable circumstances as a result of events beyond the control of the Participant, in each case in compliance with Section 409A of the Code.  

		
	2.25.
	Valuation Funds.  “Valuation Funds” means one or more of the independently established funds or indices that are approved by the Management Investment Committee.  These Valuation Funds are used solely to calculate the Interest that is credited to each Participant’s Account in accordance with Article IV, and the term “Valuation Funds” does not represent, nor should it be interpreted to convey, any beneficial interest on the part of the Participant in any asset or other property of the Company or any member of the Company Group. The determination of the increase or decrease in the performance of each Valuation Fund shall be made by the Management Investment Committee in its reasonable discretion.  The Management Investment Committee shall select the various Valuation Funds available to the Participants and may add or remove any Valuation Funds on a prospective basis at any time in its sole discretion.

ARTICLE III - ELIGIBILITY AND PARTICIPATION
		
	3.1.
	Eligibility and Participation.

		
	a)
	Eligibility. All US-based executives of the Company Group having the title of Vice President and above shall be Eligible Persons. With respect to other employees of the Company, the Compensation Committee shall designate those employees of the Company Group who are Eligible Persons. 

		
	b)
	Participation.  An individual’s participation in the Plan shall be effective upon the date such individual becomes an Eligible Person.

		
	3.2.
	Participant Elections.  No more than 30 days after a Participant is first designated as a Participant as set forth in Section 3.1(b) (or if such Participant was prior to such designation participating in another nonelective account balance plan of the Company Group, the first date on which such Participant may make such election in compliance with Section 409A of the Code), the Participant may submit the following forms to the Administrator:

		
	a)
	Distribution Election.  The Participant may submit a Distribution Election, on which the Participant shall elect a form of payment to be made with respect to the Participant’s Account.  The Participant may submit a new Distribution Election at any time prior to the end of the 30-day period referenced in this Section 3.2, and the Distribution Election most recently filed at the end of such 30-day period shall be irrevocable.  In the event that a Participant does not timely submit a properly completed Distribution Election, the form of payment deemed to be elected will be a lump sum.

		
	b)
	Allocation Election.  The Participant may submit an allocation form, which shall provide instructions on how the ERSP Contributions credited to the Participant’s Account shall be allocated among the various available Valuation Funds.  In the event that a Participant does not submit a timely and properly completed allocation form, the Administrator shall allocate the ERSP Contributions to the default Valuation Fund designated by the Management Benefits Committee until a properly completed allocation form is submitted.

		
	3.3.
	Subsequent Distribution Election.  Except to the extent otherwise required or permitted under Section 409A of the Code, the Participant shall not be permitted to change or revoke the form of payment with respect to his or her Account on or after the date on which such election would otherwise be irrevocable under Section 3.2(a) unless all of the following requirements are satisfied with respect to such Participant’s subsequent election to change the form of payment:  (i) such election shall not take effect until 12 months after the date on which the election is made; (ii) such election shall not apply to any scheduled distribution date that occurs 12 months or less after the date on which the election is made; and (iii) except in the case of a payment due to death, as described in Section 5.2, or Disability, as described in Section 5.3, the 

payment with respect to which such election is made must be deferred for a period of five years from the date such payment would otherwise have been paid (or in the case of annual installment payments, five years from the date the first annual installment payment would otherwise have been scheduled to be paid). A Participant may only make one subsequent Distribution Election under this Section 3.3, with respect to his or her Account.
ARTICLE IV - DEFERRED COMPENSATION ACCOUNT
		
	4.1.
	Accounts.  The ERSP Contributions and Interest thereon shall be credited to the Participant’s Account as otherwise provided in this Article IV.  The Participant’s Account shall be used solely to calculate the amount payable to the Participant under the Plan and shall not constitute a separate fund of assets.

		
	4.2.
	Timing of Credits; Withholding.  Any ERSP Contributions shall be credited to a Participant’s Account as of a time and in a manner provided by the Administrator, but typically as soon as practicable in the first quarter of the calendar year following the Plan Year to which such ERSP Contribution relates.  Any withholding of taxes or other amounts with respect to the ERSP Contribution credited to a Participant’s Account that is required by local, state or federal law shall reduce the amount credited to the Participant’s Account in any manner specified by the Management Benefits Committee.  Any Participant who suffers a Termination and is vested in his or her Account in accordance with Section 4.6 at the time of Termination shall receive any final contribution within 30 days following such Participant’s Termination date.

		
	4.3.
	Valuation Funds.  A Participant shall be permitted to designate one or more Valuation Funds for the sole purpose of determining the amount of Interest to be credited or debited to the Participant’s Account.  Such election shall designate how each ERSP Contribution shall be allocated among the available Valuation Fund(s).  A Participant shall also be permitted to reallocate the balance in the Participant’s Account among the available Valuation Funds.  The manner in which such elections shall be made and the frequency with which such elections may be changed and the manner in which such elections shall become effective shall be determined in accordance with the procedures adopted by the Management Investment Committee from time to time.

		
	4.4.
	ERSP Contributions.  A Participant’s Account shall be credited with an ERSP Contribution in accordance with this Section 4.4. 

		
	a)
	Contribution Amount.  The amount of the ERSP Contribution for any Participant shall be stated as (i) a flat dollar amount, (ii) a percentage of the Participant’s base salary and annual incentive compensation paid in the applicable Plan Year less the maximum eligible Company matching and non-elective contributions to the 401(k) Plan in the Plan Year (irrespective of whether the Participant maximized the Company contributions or not) or (iii) a formula as determined by the Compensation Committee in its sole discretion.

The Compensation Committee, in its sole discretion, shall determine the maximum amount of the ERSP Contribution that may be made for a Participant, and may consider any factors it deems relevant in making such determination.  The Management Benefits Committee, in its sole discretion, shall determine the actual amount of the ERSP Contribution to be allocated to a Participant’s Account for each year (or portion thereof), if any, up to the maximum amount approved by the Compensation Committee, except for the Executive Officers, for whom such decision will be made by the Compensation Committee.  For a Participant’s initial year of participation, the ERSP Contribution shall be based on the applicable formula for the Plan Year and prorated from the date the Participant becomes an Eligible Person.  Once established, the ERSP Contribution formula for any Participant shall remain the same for each succeeding year, unless changed by either the Management Benefits Committee or the Compensation Committee pursuant to their respective authority indicated herein.  Any such changes must be made no later than December 31 and shall apply to the ERSP Contribution made with respect to services performed in the following Plan Year.

		
	b)
	Special Contributions.  By way of further clarity, notwithstanding the provisions of Section 4.4(a), the Compensation Committee may make, in its complete and sole discretion, a special contribution on behalf of a Participant to such Participant’s Account with respect to a particular Plan Year in any amount as determined by the Compensation Committee.  Such special contribution may be in addition to or in lieu of any other contribution with respect to the particular Plan Year, as determined by the Compensation Committee in its complete and sole discretion.

		
	c)
	No Guarantee of Future Contributions.  The designation of any Participant as being eligible to receive an ERSP Contribution in any year shall not be a guarantee of future contributions, and the crediting of any particular level of ERSP Contribution in any year shall not be a guarantee of that level in future years.

		
	4.5.
	Determination of Accounts.  Each Participant’s Account on a Determination Date shall consist of the balance of the Account as of the immediately preceding Determination Date, adjusted as follows:

		
	a)
	ERSP Contributions.  Each Account shall be increased by any ERSP Contribution credited since such prior Determination Date as set forth in Section 4.4.

		
	b)
	Distributions.  Each Account shall be reduced by the amount of each benefit payment made from that Account since the prior Determination Date.  Distributions shall be deemed to have been made proportionally from each of the Valuation Funds maintained within such Account based on the proportion that such Valuation Fund bears to the sum of all Valuation Funds maintained within the Account for that Participant as of the Determination Date immediately preceding the date of payment.

		
	c)
	Interest.  Each Account shall be increased or decreased by the Interest credited or debited to such Account as though the balance of that Account was invested in the applicable Valuation Funds chosen by the Participant.

		
	4.6.
	Vesting of Accounts.  Unless otherwise specified by the Management Benefits Committee (with respect to non-Executive Officer Participants) or the Compensation Committee (with respect to Executive Officer Participants) in writing, or except as set forth in Section 4.7, each Participant shall be 100% vested in the Participant’s Account, including any Interest thereon, upon the earliest of: (a) death; (b) Disability; or (c) becoming eligible for Retirement.

		
	4.7.
	Forfeiture of Accounts.  Any Participant who Terminates employment before becoming fully vested in the Participant’s Account shall immediately forfeit the unvested balance of his or her Account.  Any Participant whose employment is terminated for Cause, or whose employment is terminated for any reason at a time when such termination could have been for Cause, shall immediately forfeit the balance of his or her Account, including any vested amounts.  In addition, if a Participant’s employment is not terminated for Cause, but the Management Benefits Committee (with respect to non-Executive Officer Participants) or the Compensation Committee (with respect to Executive Officer Participants) later determines that such termination could have been for Cause if all the facts had been known at the time of such termination, then any unpaid portion of the Participant’s Account shall be immediately forfeited as of the date of such Committee’s determination.

		
	4.8.
	Statement of Accounts.  To the extent that the Company does not arrange for a Participant’s Account balance to be accessible online by the Participant, the Administrator shall provide to each Participant a statement showing the balance in the Participant’s Account no less frequently than annually.

ARTICLE V - PLAN BENEFITS
		
	5.1.
	A Participant’s Account.  The Participant’s vested Account balance shall be distributable to the Participant upon the Participant’s Termination.

		
	a)
	Form of Payment.  The form of benefit payment shall be that form selected by the Participant in his or her Distribution Election made (or deemed made) pursuant to Section 3.2(a) (as may be amended in accordance with a subsequent Distribution Election under Section 3.3), and as permitted pursuant to Section 5.5.

		
	b)
	Timing of Payment.  Benefits payable from a Participant’s Account shall be paid (if a lump sum) or commence (if installments) on the first Determination Date that occurs on or immediately following six months following the Participant’s Termination date.  If installments, each subsequent payment shall occur in January of the next calendar year following the initial benefit payment.

		
	5.2.
	Death Benefit. Upon the death of a Participant prior to the commencement of distributions from the Participant’s Account, the Company shall pay to the Participant’s Beneficiary an amount equal to the Participant’s vested Account balance in the form of a lump sum payment as soon as administratively practicable (but in no event more than 90 days) after the Participant’s death.  In the event of the death of the Participant after the commencement of distributions from the Participant’s Account, the remaining unpaid balance of the Participant’s Account shall be paid to the Participant’s Beneficiary in the form of a lump sum as soon as administratively possible (but in no event more than 90 days) after the Participant’s death.  If the Participant’s Beneficiary, estate or legal representative fails to notify the Management Benefits Committee of the death of the Participant in the manner specified in Section 10.9, such that the Company is unable to make timely payment hereunder, then the Company shall not be treated as in breach of the Plan and shall not be liable to the Beneficiary, estate or legal representative for any losses, damages, or other claims resulting from such late payment.

		
	5.3.
	Disability Distributions.  Upon a finding by the Management Benefits Committee that a Participant has suffered a Disability, the Company shall make a full distribution of the Participant’s Account.  The payment of such distribution shall be made in the form of a lump sum in an amount equal to the Participant’s vested Account balance as soon as administratively practical (but in no event more than 90 days) after the date of such Disability.

		
	5.4.
	Permitted Acceleration of Payments.  To the extent permitted by Section 409A of the Code, the Management Benefits Committee may, in its sole discretion, accelerate the time or schedule of a distribution under the Plan, such as accelerated distributions to address the payment of employment taxes or early income inclusion that may occur for a Participant’s Account balance.

		
	5.5.
	Form of Payment.  Unless otherwise specified in this Article V, the benefits payable from a Participant’s Account shall be paid in the form of benefit as provided below, and specified by the Participant in the Distribution Election or as otherwise set forth in Section 3.2(a).  The permitted forms of benefit payments are:

		
	a)
	A lump sum amount that is equal to the Participant’s vested Account balance; and

		
	b)
	Annual installments for a period of up to 10 years where the annual payment shall be equal to the Participant’s vested Account balance immediately prior to the payment, multiplied by a fraction, the numerator of which is one and the denominator of which commences at the number of annual payments initially chosen and is reduced by one in each succeeding year.  Interest on the unpaid balance shall be based on the most recent allocation among the available Valuation Funds chosen by the Participant, made in accordance with Section 4.3.

		
	5.6.
	Small Account.  If the Participant’s vested Account balance as of the time the payments are to commence is less than $50,000, then such Account shall be paid in a lump sum, notwithstanding any election by the Participant to the contrary.

		
	5.7.
	Unforeseeable Emergency Distribution.  The Management Benefits Committee may at any time, upon written request of a Participant, cause to be paid to such Participant, an amount equal to all or any part of the Participant’s vested Account balance if the Management Benefits Committee determines, based on such 

reasonable evidence that it shall require, that such a payment is necessary for the purpose of alleviating the consequences of an Unforeseeable Emergency.  Payments of amounts because of an Unforeseeable Emergency may not exceed the amount necessary to satisfy the Unforeseeable Emergency plus amounts necessary to pay taxes or penalties reasonably anticipated as a result of the distribution after taking into account the extent to which the Unforeseeable Emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship).  The amount of a Participant’s Account shall be reduced by the amount of any Unforeseeable Emergency distribution to the Participant.
		
	5.8.
	Withholding; Payroll Taxes.  The Company shall withhold from any payment made pursuant to the Plan any taxes required to be withheld from such payments under local, state or federal law.

		
	5.9.
	Payments in Connection with a Domestic Relations Order.  Notwithstanding anything herein to the contrary, the Company may make distributions to someone other than the Participant if such payment is necessary to comply with a domestic relations order, as defined in Section 414(p)(1)(B) of the Code, involving the Participant.

		
	5.10.
	Payment to Guardian.  If a Plan benefit is payable to a minor or a person declared incompetent or to a person incapable of handling the disposition of the property, then the Management Benefits Committee may direct payment to the guardian, legal representative or person having the care and custody of such minor, incompetent or person.  The Management Benefits Committee may require proof of incompetency, minority, incapacity or guardianship as it may deem appropriate prior to distribution.  Such distribution shall completely discharge the Management Benefits Committee and the Company from all liability with respect to such benefit.

		
	5.11.
	Effect of Payment.  The full payment of the applicable benefit under this Article V shall completely discharge all obligations on the part of the Company to the Participant (and the Participant’s Beneficiary) with respect to the operation of the Plan, and the Participant’s (and the Participant’s Beneficiary’s) rights under the Plan shall terminate.

		
	5.12.
	Amount of Payment.  Notwithstanding anything herein to the contrary, the amount payable from a Participant’s vested Account balance may be determined and valued within a period of up to 10 business days preceding the date of actual payment.

ARTICLE VI - BENEFICIARY DESIGNATION
		
	6.1.
	Beneficiary Designation.  Each Participant shall have the right, at any time, to designate one or more persons or entity as a Beneficiary (both primary as well as secondary) to whom benefits under the Plan shall be paid in the event of the Participant’s death prior to complete distribution of the Participant’s vested Account balance.  Each Beneficiary designation shall be in the form prescribed by the Administrator, including through an online designation system, and shall be effective only when filed with the Administrator during the Participant’s lifetime.

		
	6.2.
	Changing Beneficiary.  Except in instances when the listed Beneficiary is the spouse of the Participant, a Participant may change the Beneficiary designation without the consent of the previously named Beneficiary by filing a new Beneficiary designation with the Administrator during the Participant’s lifetime. If the listed Beneficiary is the spouse of the Participant, the Participant shall obtain such Beneficiary’s consent by the execution of a spousal consent form provided by the Company.  

		
	6.3.
	No Beneficiary Designation.  If any Participant fails to designate a Beneficiary in the manner provided above, if the designation is void, or if the Beneficiary designated by a deceased Participant dies before the Participant or before complete distribution of the Participant’s benefits, and the Beneficiary designation form does not specify to whom payments should be made in such event, then the Participant’s Beneficiary shall be the Participant’s estate.

		
	6.4.
	Effect of Payment.  Payment to the Beneficiary shall completely discharge the Company’s obligations under the Plan.

ARTICLE VII - ADMINISTRATION
		
	7.1.
	Management Benefits Committee. The Compensation Committee shall appoint a Management Benefits Committee for the Plan.

		
	a)
	Appointment and Removal of Management Benefits Committee. The Management Benefits Committee shall consist of three or more individuals appointed by, and serving at the discretion of, the Compensation Committee.  A member of the Management Benefits Committee may (i) resign upon 30 days’ written notice to the Compensation Committee, or (ii) be removed from the Management Benefits Committee at any time at the discretion of the Compensation Committee.

		
	b)
	Decisions by Management Benefits Committee. The Management Benefits Committee shall act by majority vote either at a meeting of the Management Benefits Committee or by written consent. Meetings may be attended telephonically.

		
	c)
	Authority.  The Management Benefits Committee shall:  (i) monitor the performance of the Plan to ensure that the Plan is administered in accordance with its terms and in compliance with applicable law or regulation; (ii) have full and exclusive discretionary authority to determine all questions arising in the administration, application and interpretation of the Plan including the authority to correct any defect or reconcile any inconsistency or ambiguity in the Plan and the authority to determine a Participant’s eligibility to receive a benefit from the Plan and the amount of that benefit; (iii) determine all Claims appeals as set forth in Section 8.1 of the Plan and shall have the authority to determine all questions of fact relating to such an appeal, and any determination by the Management Benefits Committee pursuant to this Section 7.1(c) or Section 8.1 shall be binding and conclusive on all parties; and (iv) have the authority to make Plan amendments as long as such amendments do not have a significant cost impact to the Company.  The Management Benefits Committee may also provide for the adoption of the Plan by an affiliated employer pursuant to such terms and conditions as the Management Benefits Committee, in its discretion, may determine.  The Management Benefits Committee shall have the right to remove an affiliated employer as a Plan sponsor if, in its discretion, it deems such removal to be appropriate.

		
	d)
	Liability.  No member of the Management Benefits Committee or any other committee to which Plan administrative authority has been delegated, shall be personally liable by reason of any action taken by him or her in good faith or on his or her behalf as the Management Benefits Committee, nor for any mistake in judgment made in good faith.

		
	7.2.
	Administrator.  The Company shall be the Plan Administrator.  The Administrator shall act on its behalf and perform the duties of the Plan Administrator as set forth herein. The Administrator shall administer the Plan in accordance with all applicable laws and regulations and, except as otherwise expressly provided to the contrary herein, shall have all powers and discretionary authority to carry out that obligation. Specifically, but not by way of limitation, the Administrator shall:

		
	a)
	Procedures and Forms. Establish such administrative procedures and prepare, or cause to be prepared, such forms, as may be necessary or desirable for the proper administration of the Plan;

		
	b)
	Advisors. Retain the services of such consultants and advisors as may be appropriate to the administration of the Plan;

		
	c)
	Payment of Benefits. Direct, or establish procedures for, the payment of benefits from the Plan; and

		
	d)
	Plan Records. Maintain, or cause to be maintained, all documents and records necessary or appropriate to the maintenance of the Plan.

		
	7.3.
	Binding Effect of Decisions.  The decision or action of any member of the Management Benefits Committee with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan.

		
	7.4.
	Indemnity of Members of the Management Benefits Committee.  The Company shall indemnify and hold harmless the members of the Management Benefits Committee against any and all claims, loss, damage, expense or liability arising from any action or failure to act with respect to the Plan on account of such member’s service for the Management Benefits Committee, except in the case of gross negligence or willful misconduct.

ARTICLE VIII - CLAIMS PROCEDURE
		
	8.1.
	Claim.  Any person or entity claiming a benefit, or requesting an interpretation, ruling, or information under the Plan, shall present the request in writing to the Management Benefits Committee within one year following the date that such person or entity knew or, exercising reasonable care, should have known of such claim in accordance with Company policy.  All decisions on review shall be final and bind all parties concerned.

ARTICLE IX - AMENDMENT AND TERMINATION OF PLAN
		
	9.1.
	Amendment.  The Board or its appointed delegates may at any time amend the Plan by written instrument, notice of which is given to all the Participants and to each Beneficiary receiving installment payments who are affected by such amendment, except that no amendment shall reduce the amount vested or accrued in any Participant’s Account as of the date the amendment is adopted.  In addition, any amendment which adds a distribution event to the Plan shall not be affective with respect to any Participant’s Account that is already established as of the time of such amendment.  Notwithstanding anything in the Plan to the contrary, the Board or its appointed delegates shall have the unilateral right to amend the Plan to comply with Section 409A of the Code.

		
	9.2.
	Company’s Right to Terminate.  The Board may, in its sole discretion, terminate the entire Plan and require distribution of all benefits due under the Plan or portion thereof, provided that:

		
	a)
	The termination of the Plan does not occur proximate to a downturn in the financial health, as determined by the Management Benefits Committee, of the Company and all entities considered to be part of the same controlled group under Treas. Reg. §1.409A-1(g) (the “AAM Controlled Group”);

		
	b)
	The AAM Controlled Group also terminates all other plans or arrangements which are considered to be of a similar type as defined in Treas. Reg. §1.409A-1(c)(2)(i), or as otherwise provided by the Code;

		
	c)
	No payments made in connection with the termination of the Plan occur earlier than 12 months following the Plan termination date other than payments the Plan would have made irrespective of Plan termination;

		
	d)
	All payments made in connection with the termination of the Plan are completed within 24 months following the Plan termination date;

		
	e)
	The AAM Controlled Group does not establish a new plan of a similar type as defined in Treas. Reg. §1.409A-1(c)(2)(i), within three years following the Plan termination date; and

		
	f)
	The AAM Controlled Group meets any other requirements deemed necessary to comply with provisions of the Code and applicable regulations which permit the acceleration of the time and form of payment made in connection with plan terminations and liquidations.

ARTICLE X - MISCELLANEOUS
		
	10.1.
	Unfunded Plan.  The Plan is an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of “management or highly-compensated employees” within the meaning of Sections 201, 301, and 401 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and therefore is exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA.

		
	10.2.
	Unsecured General Creditor.  The Plan constitutes an unsecured promise by the Company to pay benefits in the future.  Notwithstanding any other provision of the Plan, all Participants and each Participant’s Beneficiary shall be unsecured general creditors, with no secured or preferential rights to any assets of the Company or any other party for payment of benefits under the Plan.  The Plan is unfunded for Federal tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974. Any property held by the Company for the purpose of generating the cash flow for benefit payments shall remain its general, unpledged and unrestricted assets.  The Company’s obligation under the Plan shall be an unfunded and unsecured promise to pay money in the future.  No other member of the Company Group shall have any obligations or liabilities under the Plan.  Any obligations on the Plan are solely those of the Company.

		
	10.3.
	Trust Fund.  The Company shall be responsible for the payment of all benefits provided under the Plan.  At its discretion, the Company may establish one or more trusts, with such trustees as the Board may approve, for the purpose of assisting in the payment of such benefits. The assets of any such trust shall be held for payment of all the Company’s general creditors in the event of insolvency.  To the extent any benefits provided under the Plan are paid from any such trust, the Company shall have no further obligation to pay them.  If not paid from the trust, such benefits shall remain the obligation of the Company.

		
	10.4.
	Compliance with Section 409A of the Code.  It is intended that the Plan comply with the provisions of Section 409A of the Code, so as to prevent the inclusion in gross income of any amounts deferred hereunder in a taxable year that is prior to the taxable year or years in which such amounts would otherwise actually be paid or made available to the Participants or Beneficiaries.  The Plan shall be construed, administered, and governed in a manner that affects such intent.  Neither the Company, any other member of the Company Group nor any Committee guarantees or provides any warranties with respect to the tax treatment of amounts deferred under the Plan.  Neither the Company, any other member of the Company Group, the Board, any director, officer, employee and advisor, nor any Committee (nor its designee) shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant, Beneficiary or other taxpayer as a result of the Plan.  For purposes of the Plan, the phrase “permitted by Section 409A of the Code,” or words or phrases of similar import, shall mean that the event or circumstance shall only be permitted to the extent it would not cause an amount deferred or payable under the Plan to be includible in the gross income of a Participant or Beneficiary under Section 409A(a)(1) of the Code.

		
	10.5.
	Nonassignability and Offset.

		
	a)
	Nonassignability.  Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and non-transferable, other than (i) to a Participant’s Beneficiary pursuant to Article VI, (ii) pursuant to a domestic relations order deemed legally sufficient by the Management Benefits Committee, or (iii) by will or the laws of descent and distribution.  No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance 

owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency.
		
	b)
	Offset.  If, at the time a payment is due hereunder, the Company determines that the Participant is indebted or obligated to the Company or any other member of the Company Group (including, but not limited to, for amounts owed as a result of the Participant’s breach of his or her fiduciary duty owed to, or breach of any restrictive covenant in effect with, the Company Group), then the payment to be made to or with respect to such Participant (including a payment to the Participant’s Beneficiary) may, at the discretion of the Company, be reduced by the amount of such indebtedness or obligation; provided, however, that an election by the Company to not reduce any such payment shall not constitute a waiver of its claim for such indebtedness or obligation.

		
	10.6.
	Not a Contract of Employment.  The Plan shall not constitute a contract of employment between the Company Group and the Participant.  Nothing in the Plan shall give a Participant the right to be retained in the service of the Company Group or to interfere with the right of the Company Group to discipline or discharge a Participant at any time.

		
	10.7.
	Protective Provisions.  A Participant will cooperate with the Company by furnishing any and all information requested by the Company, in order to facilitate the payment of benefits hereunder, and by taking such physical examinations as the Company may deem necessary and taking such other action as may be requested by the Company.

		
	10.8.
	Governing Law.  The provisions of the Plan shall be construed and interpreted according to the laws of the State of Michigan, without giving effect to any choice of law or conflict of law provision or rule, except as preempted by federal law.

		
	10.9.
	Validity.  If any provision of the Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but the Plan shall be construed and enforced as if such illegal and invalid provision had never been inserted herein.

		
	10.10.
	Notice.  Any notice required or permitted under the Plan shall be sufficient if in writing and sent by (i) registered, certified mail, or (ii) electronic mail at benefits@aam.com (with a simultaneous confirmation copy sent by first class mail properly addressed and postage prepaid).  Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.  Mailed notice shall be directed to “Administrator: ERSP, Attention Human Resources Department” at the Company’s headquarters address.  Mailed notice to a Participant or Beneficiary shall be directed to the individual’s last known address in the Company’s records.

		
	10.11.
	Successors.  The provisions of the Plan shall bind and inure to the benefit of the Company and its successors and assigns.  The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of the Company, and successors of any such corporation or other business entity.

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