Document:

Exhibit 10.1

 

Execution Version

 

DEED OF ASSIGNMENT

 

THIS DEED OF ASSIGNMENT (this “Deed”) is made on 27th day of June, 2018, by and among:

 

(a)                       Ningbo Meishan Bonded Port Area Maikaiwen Equity Investment Management Partnership (LP) (宁波梅山保税港区麦凯芠股权投资管理合伙企业(有限合伙)), a limited partnership incorporated under the laws of the PRC (“Maikaiwen”);

 

(b)                       Ningbo Meishan Bonded Port Area Zhenming Equity Investment Management Partnership (LP) (宁波梅山保税港区臻铭股权投资管理合伙企业(有限合伙)), a limited partnership incorporated under the laws of the PRC (“Zhenming”);

 

(c)                        Ningbo Meishan Bonded Port Area Xinyi Equity Investment Management Partnership (LP) (宁波梅山保税港区馨怡股权投资管理合伙企业(有限合伙)), a limited partnership incorporated under the Laws of the PRC (“Xinyi”, collectively with Maikaiwen and Zhenming, “Assignors” and each, an “Assignor”);

 

(d)                       Ningbo Meishan Bonded Port Area Qixin Equity Investment Management Partnership (LP)(宁波梅山保税港区启馨股权投资管理合伙企业(有限合伙)), a limited partnership incorporated under the Laws of the PRC (“Qixin”);

 

(e)                        ZHUHAI LIHONGHUAYING EQUITY INVESTMENT PARTNERSHIP (LP) (珠海立鸿华盈股权投资合伙企业(有限合伙)), a limited liability partnership organized and exiting under the laws of the PRC (“Assignee”);

 

(f)                         New Beauty Holdings Limited (新美控股有限公司), a company incorporated under the Laws of the British Virgin Islands (“Guarantor 1”);

 

(g)                        Kevin Xiaofeng Ma, a citizen of the PRC (“Guarantor 2” , collectively with Guarantor 1, “Guarantors” and each, a “Guarantor”);

 

(h)                       ATA Inc., a company incorporated under the Laws of the Cayman Islands and listed on the NASDAQ Global Market (the “Seller”);

 

(i)                           ATA Testing Authority (Holdings) Limited, a company incorporated under the Laws of the British Virgin Islands (“ATA BVI”); and

 

(j)                          ATA Learning (Beijing) Inc. (北京全美教育技术服务有限公司), a limited liability company incorporated under the Laws of the PRC (“ATA Learning”).

 

Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Share Purchase Agreement, dated as of February 6, 2018 (the “Purchase Agreement”), among the Seller, ATA BVI, ATA Learning, Assignors, Qixin, Guarantors, and certain other parties thereto.

 

W I T N E S S E T H

 

WHEREAS, pursuant to the Purchase Agreement, the Seller agreed to sell to Assignors through ATA Learning, and Assignors agreed to purchase from the Seller through ATA Learning, an aggregate of 22.1% of the Equity Interests in 全美在线(北京)教育科技股份有限公司 (ATA Online (Beijing) Education Technology Co., Ltd.) (“ATA Online”) at the Second Closing;

 

 

WHEREAS, pursuant to Section 8.08 of the Purchase Agreement, each Assignor may assign its interest, rights and obligations therein to one or more Persons, with the express written consent of the Seller;

 

WHEREAS, Assignors desire to assign their rights to purchase certain Equity Interests in ATA Online and the associated rights and obligations in connection therewith to Assignee, and Assignee desires to assume such rights and obligations by entering into this Deed with Assignors;

 

WHEREAS, each Guarantor hereby agrees to unconditionally guarantee, as a primary obligor and not merely as a surety, for any payment obligations of the Assignors under this Deed;

 

WHEREAS, each of the Seller, ATA BVI, ATA Learning, Assignors, Qixin and Assignee desires to irrevocably waive certain conditions to each other’s obligations to consummate the Second Closing;

 

WHEREAS, It is intended that this document takes effect as a deed;

 

NOW, THEREFORE, pursuant to the Purchase Agreement and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed and this Deed provided that:

 

1.                                      Assignment of Rights to Purchase Shares.  Pursuant to Section 8.08 of the Purchase Agreement, Maikaiwen does hereby assign to Assignee all of its rights to purchase 1.5% of the Equity Interests in ATA Online at the Second Closing, Zhenming does hereby assign to Assignee all of its rights to purchase 6.75% of the Equity Interests in ATA Online at the Second Closing, and Xinyi does hereby assign to Assignee all of its rights to purchase 6.75% of the Equity Interests in ATA Online at the Second Closing (the “Assignment”, and such 15% of the Equity Interests in ATA Online subject to the Assignment, collectively, the “Assigned Shares”).

 

2.                                      Assumption.

 

(i) Assignee hereby accepts the Assignment of Assignors’ rights to purchase the Assigned Shares, and (a) assumes and agrees, effective upon and from the date hereof, to comply with and abide by all of the terms, conditions, provisions and covenants on the part of a “Buyer” under the Purchase Agreement with respect to the Assigned Shares, including the obligation to pay ATA Learning at the Second Closing the amount of US$30,000,000 as the purchase price for the Assigned Shares, and enjoy all such rights, representations and warranties, agreement and covenants given in favor of the Assignors as Buyers in connection with the transactions contemplated under the Purchase Agreement; and (b) represents and warrants to the Seller (except for the representations and warranties under Section 4.08 of the Purchase Agreement), severally and not jointly with any other Buyer, as of the date of this Deed and as of the Second Closing, that the representations and warranties set forth in Article IV of the Purchase Agreement (except for the representations and warranties under Section 4.08 of the Purchase Agreement) are, and shall be, true and correct with respect to the Assignee (it being understood, for purposes of this Deed, that the term “Buyer” in Article IV of the Purchase Agreement refers to the Assignee).  Assignee acknowledges and agrees that the Assigned Shares, when transferred to Assignee, shall have the rights and obligations set forth with respect to the Equity Interests in ATA Online’s articles of association and any other agreement separately entered into by and among Assignors and Assignee, each as in effect from time to time.  For the avoidance of doubt, Assignee shall not in any way be deemed to take any joint and several liability with respect to any obligations of any other Buyer.

 

 

(ii) Each Assignor hereby represents and warrants to Assignee and the Seller that the execution and delivery by such Assignor of this Deed and each ancillary agreement, if any, to which such Assignor is a party, the performance by such Assignor of its obligations hereunder and thereunder and the consummation by such Assignor of the transactions contemplated hereunder have been duly authorized by all requisite action on the part of such Assignor.  This Deed has been, and, upon their execution, the ancillary agreements thereto to which such Assignor is a party shall have been, duly executed and delivered by such Assignor, and this Deed constitutes, and upon their execution each ancillary agreement to which such Assignor is a party shall constitute, legal, valid and binding obligations of such Assignor, enforceable against such Assignor in accordance with their respective terms, subject to the Enforceability Exceptions; and each Assignor has obtained consent from the Seller in connection of with the assignment hereunder; and the execution, delivery and performance of this Deed will not result in breach of any applicable laws or contracts binding on, or any constitutional documents of, any Assignor, and each Assignor shall have all the required capacity and due authorization to enter into and perform this Deed.

 

(iii) Assignee hereby represents and warrants to the Seller that the execution and delivery by Assignee of this Deed and each ancillary agreement, if any, to which Assignee is a party, the performance by Assignee of its obligations hereunder and thereunder and the consummation by Assignee of the transactions contemplated hereunder have been duly authorized by all requisite action on the part of Assignee.  This Deed has been, and, upon their execution, the ancillary agreements thereto to which Assignee is a party shall have been, duly executed and delivered by Assignee, and this Deed constitutes, and upon their execution each ancillary agreement to which Assignee is a party shall constitute, legal, valid and binding obligations of Assignee, enforceable against Assignee in accordance with their respective terms, subject to the Enforceability Exceptions; and the execution, delivery and performance of this Deed will not result in breach of any applicable laws or contracts binding on, or any constitutional documents of Assignee, and Assignee shall have all the required capacity and due authorization to enter into and perform this Deed.

 

3.                                      Reimbursement.  It being understood that Assginee may incur loss, cost or expense under Section 7.02(c) or Section 8.02 of the Purchase Agreement (“Assignee Loss”), each Assignor, on a joint and several basis, hereby agrees to fully reimburse and hold harmless Assignee from and against any such Assignee Loss; provided however, in the event the Purchase Agreement is terminated due to Assignee’s breach of its representations, warranties, covenants or other agreements under the Purchase Agreement and this Deed, such Assignee Loss shall be borne by Assignee itself. Notwithstanding anything to the contrary in this Section 3, the Seller shall have the sole discretion to seek reimbursement or indemnification from any of Assignors and/or Assignee and/or Guarantors with respect to the amount that was originally obligated to be paid by Assignors and/or Guarantors under Section 7.02(c) or Section 8.02 or the Purchase Agreement.

 

4.                                      Guarantee.  Each Guarantor, on a joint and several basis, hereby unconditionally guarantees, as a primary obligor and not merely as a surety, any payment obligations of any Assignor under this Deed.  Each Guarantor hereby waives any provision of any Law applicable hereto which restricts or in any way limits the rights of any obligee against a guarantor following a default or failure of performance by an obligor with respect to whose obligations the guarantee is provided. The guarantee in this Section 4 shall survive the termination of this Deed and shall remain in effect for so long as any Assignor has any guaranteed obligations hereunder.

 

 

5.                                      Waiver.

 

(i)                                     Section 2.04(c)(i) of the Purchase Agreement regarding the resolutions of the board of directors of ATA Online to approve the transfer of 31.5% ATA Online Shares are hereby waived by each of Assignors, Qixin and Assignee.

 

(ii)                                  Section 6.02(a)(iii) of the Purchase Agreement regarding the Pledge of Sponsor Acquired Shares are hereby waived by the parties hereto (the “Waiver of Pledge of Sponsor Acquired Shares”).

 

6.                                      Indemnification to Seller.   Each of Assignors, Qixin and Guarantors hereby agrees to, severally and jointly, indemnify and hold harmless the Seller from any and all losses arising from or in connection with, (i) Buyer 1 and/or Buyer 2 (a) not executing or joining as a party to this Deed or any amendment to the Purchase Agreement, and (b) not expressly consenting in writing this Deed and the transactions contemplated hereby, (ii) the consent of the Seller, ATA BVI and ATA Learning to the Waiver of Pledge of Sponsor Acquired Shares, (iii) any change to any Assginor’s and/or any Guarantor’s source of funds to pay the Purchase Price applicable to it, in the event such Assignor or Guarantor determines to procure for alternative financing instead of or as a supplement to the Debt Financing, without obtaining the express written consent of all parties to the Purchase Agreement, and (iv) the executing and performing this Deed and consummating the transactions contemplated hereby by the Seller, ATA BVI and ATA Learning.

 

7.                                      Undertaking.  The parties hereto agree to take such actions and to execute such documents, assignments, transfers or other writings or instruments as may be necessary, proper or required by law to evidence the assignment made herein.

 

8.                                      Purchase Agreement.  Except as expressly set forth in this Deed, nothing contained in this Deed shall be deemed or construed to increase, alter or modify any of the obligations, agreements, covenants or warranties of any Assignor, the Seller, ATA BVI or ATA Learning under the Purchase Agreement. In the event of any conflict or inconsistency between any of the terms of this Deed and any of the terms of the Purchase Agreement and/or any other agreements among the parties hereto, the terms of this Deed shall prevail in all respects, and the parties hereto shall exercise all voting and other rights and powers to make the provisions of this Deed effective, and not to take any actions that impair any provisions in this Deed.

 

[The remainder of this page is intentionally left blank.]

 

 

IN WITNESS WHEREOF, the parties have caused this Deed to be executed and delivered as a deed as of the date first above written.

 

	
EXECUTED AND DELIVERED AS A DEED
    	
)
    	
 
    
	
by
    	
)
    	
 
    
	
Ningbo   Meishan Bonded Port Area
    	
)
    	
 
    
	
Maikaiwen   Equity Investment Management
    	
)
    	
 
    
	
Partnership   (LP) (宁波梅山保税港区麦凯芠
    	
)
    	
 
    
	
股权投资管理合伙企业(有限合伙))
    	
)
    	
/s/ Hongxing Qian
    
	
(SEAL)
    	
)
    	
Name:
    	
钱红星(Hongxing Qian)
    
	
 
    	
)
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of/whose signature is
    	
 
    	
 
    
	
verified by:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Xiujuan Li
    	
 
    	
 
    
	
Witness Name:
    	
 
    	
 
    
	
Address / Identity Card No. of Witness:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
EXECUTED AND DELIVERED AS A DEED
    	
)
    	
 
    
	
by
    	
)
    	
 
    
	
Ningbo Meishan Bonded Port Area
    	
)
    	
 
    
	
Zhenming Equity Investment   Management 
    	
)
    	
 
    
	
Partnership (LP) (宁波梅山保税港区臻铭股
    	
)
    	
 
    
	
权投资管理合伙企业(有限合伙))
    	
)
    	
/s/ Shuqiu Zhao
    
	
(SEAL)
    	
)
    	
Name:
    	
赵曙秋 (Shuqiu   Zhao)
    
	
 
    	
)
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
in the   presence of/whose signature is
    	
 
    	
 
    
	
verified   by:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Xiujuan Li
    	
 
    	
 
    
	
Witness   Name:
    	
 
    	
 
    
	
Address /   Identity Card No. of Witness:
    	
 
    	
 
    

 

[Signature Page to Deed of Assignment]

 

 

IN WITNESS WHEREOF, the parties have caused this Deed to be executed and delivered as a deed as of the date first above written.

 

	
EXECUTED AND DELIVERED AS A DEED 
    	
)
    	
 
    
	
by
    	
)
    	
 
    
	
Ningbo   Meishan Bonded Port Area Xinyi
    	
)
    	
 
    
	
Equity   Investment Management Partnership 
    	
)
    	
 
    
	
(LP)   (宁波梅山保税港区馨怡股权投资管理
    	
)
    	
 
    
	
合伙企业(有限合伙))
    	
)
    	
/s/ Patrick Pei Yang
    
	
(SEAL)
    	
)
    	
Name: 
    	
杨培 (Patrick Pei Yang)
    
	
 
    	
)
    	
Title: 
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence of/whose signature is
    	
 
    	
 
    
	
verified by:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Xiujuan Li
    	
 
    	
 
    
	
Witness Name:
    	
 
    	
 
    
	
Address / Identity Card No. of Witness:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
EXECUTED AND DELIVERED AS A DEED
    	
)
    	
 
    
	
by
    	
)
    	
 
    
	
Ningbo   Meishan Bonded Port Area Qixin
    	
)
    	
 
    
	
Equity   Investment Management Partnership
    	
)
    	
 
    
	
(LP)(宁波梅山保税港区启馨股权投资管理
    	
)
    	
 
    
	
合伙企业(有限合伙))
    	
)
    	
/s/ Yiping Zhu 
    
	
(SEAL)
    	
)
    	
Name:
    	
朱一萍 (Yiping Zhu)
    
	
 
    	
)
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence   of/whose signature is
    	
 
    	
 
    
	
verified by:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Xiujuan Li 
    	
 
    	
 
    
	
Witness Name: 
    	
 
    	
 
    
	
Address / Identity   Card No. of Witness:
    	
 
    	
 
    

 

[Signature Page to Deed of Assignment]

 

 

IN WITNESS WHEREOF, the parties have caused this Deed to be executed and delivered as a deed as of the date first above written.

 

	
EXECUTED AND DELIVERED AS A DEED
    	
)
    	
 
    
	
by
    	
)
    	
 
    
	
New   Beauty Holdings Limited (新美控股有
    	
)
    	
 
    
	
限公司)
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
/s/ Kevin Xiaofeng Ma
    
	
 
    	
)
    	
Name:
    	
Kevin Xiaofeng Ma
    
	
 
    	
)
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
in the presence of/whose signature is 
    	
 
    	
 
    	
 
    
	
verified by:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   Xiujuan Li
    	
 
    	
 
    	
 
    
	
Witness Name:
    	
 
    	
 
    	
 
    
	
Address / Identity Card   No. of Witness:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
EXECUTED AND DELIVERED   AS A DEED 
    	
)
    	
 
    	
 
    
	
by
    	
)
    	
 
    	
 
    
	
Kevin Xiaofeng Ma
    	
)
    	
 
    	
 
    
	
 
    	
)
    	
 
    	
 
    
	
 
    	
)
    	
 
    	
 
    
	
 
    	
)
    	
/s/ Kevin Xiaofeng Ma
    
	
 
    	
)
    	
Name: Kevin   Xiaofeng Ma
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
in the presence   of/whose signature is 
    	
 
    	
 
    
	
verified by:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Xiujuan Li
    	
 
    	
 
    
	
Witness Name:
    	
 
    	
 
    
	
Address / Identity Card   No. of Witness:
    	
 
    	
 
    

 

[Signature Page to Deed of Assignment]

 

 

IN WITNESS WHEREOF, the parties have caused this Deed to be executed and delivered as a deed as of the date first above written.

 

	
EXECUTED AND DELIVERED AS A DEED
    	
)
    	
 
    
	
by
    	
)
    	
 
    
	
ZHUHAI   LIHONGHUAYING EQUITY 
    	
)
    	
 
    
	
INVESTMENT   PARTNERSHIP (LP) (珠海
    	
)
    	
 
    
	
立鸿华盈股权投资合伙企业(有限合伙)) 
    	
)
    	
 
    
	
(SEAL)
    	
)
    	
/s/ Cuifang (Tracy) Ma
    
	
 
    	
)
    	
Name:
    	
 
    
	
 
    	
)
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
in the presence of/whose signature is 
    	
 
    	
 
    	
 
    
	
verified by:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/ Fengjiao Liu
    	
 
    	
 
    	
 
    
	
Witness Name:
    	
 
    	
 
    	
 
    
	
Address / Identity Card No. of Witness:
    	
 
    	
 
    	
 
    

 

[Signature Page to Deed of Assignment]

 

 

IN WITNESS WHEREOF, the parties have caused this Deed to be executed and delivered as a deed as of the date first above written.

 

	
EXECUTED AND DELIVERED AS A DEED
    	
)
    	
 
    
	
by
    	
)
    	
 
    
	
ATA Inc.
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
/s/ Alec Tsui
    
	
 
    	
)
    	
Name:
    	
Alec Tsui
    
	
 
    	
)
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    	
 
    
	
in the presence   of/whose signature is
   verified by:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/ Amy Tung
    	
 
    	
 
    	
 
    
	
Witness Name:
    	
 
    	
 
    	
 
    
	
Address / Identity Card No. of Witness:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
EXECUTED AND DELIVERED   AS A DEED
    	
)
    	
 
    	
 
    
	
by
    	
)
    	
 
    	
 
    
	
ATA Testing Authority   (Holdings) Limited
    	
)
    	
 
    	
 
    
	
 
    	
)
    	
 
    	
 
    
	
 
    	
)
    	
 
    	
 
    
	
 
    	
)
    	
/s/ Kevin Xiaofeng Ma 
    
	
 
    	
)
    	
Name:
    	
Kevin Xiaofeng Ma
    
	
 
    	
)
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    	
 
    
	
in the presence of/whose signature is
    	
 
    	
 
    	
 
    
	
verified by:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/ Xiujuan Li
    	
 
    	
 
    	
 
    
	
Witness Name:
    	
 
    	
 
    	
 
    
	
Address / Identity Card No. of Witness:
    	
 
    	
 
    	
 
    

 

[Signature Page to Deed of Assignment]

 

 

IN WITNESS WHEREOF, the parties have caused this Deed to be executed and delivered as a deed as of the date first above written.

 

	
EXECUTED AND DELIVERED AS A DEED
    	
)
    	
 
    
	
by
    	
)
    	
 
    
	
ATA Learning (Beijing) Inc. (北京全美教育
    	
)
    	
 
    
	
技术服务有限公司)
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
/s/ Kevin Xiaofeng Ma
    
	
 
    	
)
    	
Name:
    	
Kevin Xiaofeng Ma
    
	
 
    	
)
    	
Title:
    	
Legal Representative
    
	
 
    	
 
    	
 
    	
 
    
	
in the presence   of/whose signature is
    	
 
    	
 
    	
 
    
	
verified by:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   Xiujuan Li
    	
 
    	
 
    	
 
    
	
Witness Name:
    	
 
    	
 
    	
 
    
	
Address / Identity Card   No. of Witness:
    	
 
    	
 
    	
 
    

 

[Signature Page to Deed of Assignment]EX-10.1

 Exhibit 10.1 
  

 
  

726 Bell Avenue/Suite 301/P.O. Box 457 

Carnegie, PA 15106 

412/456-4400 

William K. Lieberman 
 Director and Chair of Compensation
Committee 
 Date: June 16, 2018 

REVISED 
 Mr. J. Brett
McBrayer 
 4767 Calumet Drive 
 Knoxville, TN 37919 

Dear Brett: 
 As Chair of the Compensation
Committee of the Board of Directors of Ampco-Pittsburgh Corporation (the “Corporation”), I am pleased to extend to you this offer of employment for the position of Chief Executive Officer of the Corporation, effective on or about
June 29, 2018. This position is an exempt salaried position and will report to the Board of Directors of the Corporation. The specific terms of your employment are as follows: 

Direct Compensation 
 Your
initial base salary will be $550,000.00 per year, paid semi-monthly in accordance with the Corporation’s normal payroll processing schedule. The Corporation’s current practice is to evaluate salaries on an annual basis; however, you will
be evaluated on the six-month anniversary of your start date and annually thereafter or in accordance with such other review period policy that may be in effect from time to time and at the Corporation’s
discretion. 
 You will be eligible to participate in the 2018 annual short-term incentive plan on a pro rata basis, with a target annual
incentive award at 75% of your base salary based on the level of achievement of three performance metrics: Corporate Earnings per Share (EPS), Segment Operating Income, and Individual Goals. No payout is earned if actual performance is below the
threshold performance goal, however, for each metric, and in aggregate, payouts can range from 50% of target for achieving threshold performance to 200% for achieving maximum performance or above. 

  Page
 2
 
 June 16, 2018 
  

You will be eligible to participate in the 2018 long-term incentive plan on a pro rata basis, with a target incentive award at 110% of base
salary and weighted between two vehicles: RSUs and PSUs. The RSUs will be weighted 1/3 of the total long-term incentive opportunity and PSUs will be weighted 2/3 of the total long-term incentive opportunity. With respect to the PSUs, 50% of PSUs
will be based on Return on Invested Capital (“ROIC”) and 50% will be based on relative TSR, each of which will be measured over a three-year performance period. 

As an added inducement, upon commencement of your employment you will receive a one-time cash payment
of $100,000.00 and a grant of 12,000 restricted stock units (RSUs) that vest ratably over two years (50% on the first anniversary of your employment and 50% on your second anniversary). 

Stock Ownership 
 We
believe retention of stock creates a long-term perspective and aligns the interests of key executives with those of our shareholders. The Board of Directors has established stock ownership guidelines for the CEO to hold a minimum of 30,000 shares of
the Corporation’s common stock, subject to certain exceptions for reasonable estate and tax planning and diversification purposes. Although you will have five years to acquire the required minimum shares, you are required to purchase a minimum
of 2,000 shares in Year 1. Accordingly, your salary in Year 1 will either be reduced by the cost of the Corporation issuing you 2,000 shares of the Corporation’s Common Stock, or you will purchase 2,000 shares in the open market, subject to
advice of counsel. The shares will be issued or purchased as soon as practical after June 30, 2018, when there is no black-out period in effect. 

Perquisites 
 In addition
to the direct compensation defined above, you will participate in or be entitled to receive the following: 
  

	 	•	 	Annual Duquesne Club membership; 

  

	 	•	 	Reimbursement for financial/tax advisor services, up to $12,000 per year. 

 Effects of
Termination 
 It is understood that you will be an employee at will, the same as all members of the corporate staff, which means that
there is not a contract for employment for any period of time and the Corporation can terminate your employment at any time for any reason. 

You will be eligible to enter into a Change in Control Agreement with the Corporation, similar to the agreements currently in place with all
senior executives, which provide for three times your annual compensation in the event of a “change in control.” The Change in Control Agreement will provide that, in the event a change in control occurs and, within 24 months after the
change in control your employment is terminated by the Corporation without “cause” or by yourself for “good reason” (as such terms are defined in the Change in Control Agreement), you

  Page
 3
 
 June 16, 2018 
  

will be entitled to receive (i) three times the sum of annual salary and bonus paid for the prior year plus continuation of employee benefits for three
years. For more information governing payments upon Termination or Change in Control, see page 41 of the Corporation’s 2018 Proxy Statement. 

In the event of your termination other than (1) “for cause” or (2) for circumstances covered by the Change in Control
Agreement, you will be eligible for severance pay in the amount equal to 18 months of base compensation if the termination occurs within the first 18 months of your start date and 12 months of base compensation if the termination occurs after 18
months of your start date. For purposes of the preceding sentence, “cause” is defined as follows: (i) fraud, embezzlement, or theft in connection with your duties or in the course of your employment; (ii) an act or omission that
is willfully or grossly negligent, contrary to the Corporation’s established policies or practices, or materially harmful to the Corporation’s business or reputation or to the business of the Corporation’s customers or suppliers, as
it relates to the Corporation; (iii) plea of no contest to, or conviction of, a felony; (iv) substantial failure to perform your duties after receiving notice of the failure from the Corporation, which failure has not been cured within
thirty (30) days after the notice of the failure; or (v) breach of any non-competition or confidentiality covenant between you and the Corporation. 

Election to Board of Directors 

The Board will elect you as a Director of the Corporation effective the date on which your employment by the Corporation starts, and it is
contemplated that the Board will nominate you to be reelected at the 2021 annual meeting of shareholders for a three (3) year term. In accordance with the Corporation’s policies, as an employee of the Corporation, you will not receive
separate compensation in connection with your service as a member of the Board. 
 Benefits 

As a salaried employee, you will be eligible to participate in the Corporation’s benefit programs, including medical, dental and vision;
life insurance; short- and long-term disability insurance; and a flexible spending account for medical and/or child care reimbursement. A Summary of Benefits currently available is enclosed for your information, and you will receive a complete
explanation of these benefits as part of your initial orientation. You will be eligible for designated paid holidays and paid vacation in accordance with the Corporation’s policy as it pertains to senior executives. Additionally, you may
voluntarily elect to participate in the 401(k) Savings Program that includes a 100% match on the first 4% of the employee’s contribution and an employer non-elective contribution of 3% of eligible
earnings. The nature and extent of the above outlined and any subsequent benefit programs and/or coverage amounts may change from time to time and at the Corporation’s discretion. 

Relocation 
 As CEO of
Ampco-Pittsburgh, you will be required to move to the Pittsburgh, PA area to be completed within one year of your date of hire. You will be eligible for relocation assistance per the Corporation’s relocation policy, a copy of which has been
provided to you. You will be reimbursed for return trips to your home during the temporary living period to a maximum of $25,000.00. 

  Page
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 June 16, 2018 
  

Contingent Offer 
 This
offer of employment is conditioned upon successful completion of all post-employment offer screening procedures including: drug screening; a confidential criminal background check, education and employment verification, and financial background
investigation, as well as approval of this offer by the Board of Directors. It is anticipated that you will commence your employment with Ampco-Pittsburgh on or about June 29, 2018 following the special meeting of the Board. As a further
condition of employment, you will be required to sign a Non-Disclosure and Non-Competition Agreement and acknowledge other corporate policies. 

Please review the enclosed information and return to me the signed acceptance employment offer as soon as possible, but no later than
June 18, 2018. Once I have your acceptance and the necessary forms, the Corporation will arrange the background investigation and work with you to schedule the appointment for drug screening. 

On behalf of the Board, we are thrilled at the prospect of your joining and leading the Ampco-Pittsburgh team. If you have any questions,
please do not hesitate to contact me. 
 Sincerely, 

/s/ William K. Lieberman  

William K. Lieberman 
 I, J.
Brett McBrayer, accept the Offer of 
 Employment contained in this letter. 

/s/ J. Brett McBrayer 
 J. Brett McBrayer 

Date: 6/18/2018

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