Document:

exv10w11

EXHIBIT 10.11

     AMENDMENT, dated May 8, 2008, to the
DURA AUTOMOTIVE SYSTEMS, INC. 2003 SUPPLEMENT
EXECUTIVE RETIREMENT PLAN (the
“Retirement Plan”).

     WHEREAS, on October 30, 2006 (the “Petition Date”), Dura Automotive Systems, Inc.,
along with certain of its subsidiaries (collectively, the “Debtors”), filed voluntary
petitions for relief under chapter 11 of the title 11 of the United States Code (the “Chapter
11 Cases”);

     WHEREAS, the Debtors filed a plan of reorganization on March 31, 2008, in connection with the
Chapter 11 Cases (as amended from time to time, the “Plan of Reorganization”), which
contemplates that the Retirement Plan applicable to Lawrence A. Denton and Theresa L. Skotak (the
“Executives”) will be assumed, contingent upon the Retirement Plan being amended as set
forth herein;

     WHEREAS, pursuant to the Plan of Reorganization, Dura Automotive Systems, Inc., will assign
its rights and obligations under the Retirement Plan to “New Dura” (as that term is defined in the
Plan of Reorganization), which will become the sponsor of the Retirement Plan;

     WHEREAS, Section 8.2 of the Retirement Plan prohibits Dura from amending the Retirement Plan
in a manner adverse to the Executives without their consent;

     WHEREAS, the Executives are willing to consent to the amendment of the Retirement Plan on the
terms set forth herein.

     NOW, THEREFORE, pursuant to the power reserved to it in Section 8.2 of the Retirement Plan,
Dura Automotive Systems, Inc., hereby amends the Retirement Plan as it applies to the Executives,
as follows:

     1. Section 2.7 is hereby amended and restated in its entirety as follows:

Change of Control. A “Change of Control” shall be deemed to have occurred if at any
time or from time to time while this Agreement is in effect:

	 	(a)	 	Any person (other than the Company, any of its Subsidiaries, any employee
benefit plan or employee stock ownership plan of the Company or any of its
Subsidiaries, any person organized, appointed, or established by the Company or any of
its Subsidiaries for or pursuant to the terms of any such plan, or Pacificor, LLC),
alone or together with any of its affiliates, becomes the beneficial owner of
securities representing 50% or more of the voting power of the Company’s then
outstanding voting securities;
	 
	 	(b)	 	At any time during any period of 24 consecutive months, individuals who were
directors at the beginning of the 24-month period no longer constitute a majority of
the members of the Board of Directors of the Company, unless the election, or
nomination for election by the Company’s stockholders, of each director who was

 

 

	 	 	 	not a director at the beginning of the period is approved by at least a majority of
the directors who (i) are in the office at the time of the election or nomination
and (ii) were directors at the beginning of the period; or
	 
	 	(c)	 	(i) The Company is merged or consolidated with another corporation and those
persons who were stockholders of the Company immediately before the merger or
consolidation receive or retain less than 50% of the stock of the surviving or
continuing corporation, (ii) there occurs a sale, transfer, or other disposition of all
or substantially all of the assets of the Company or (iii) the Company is dissolved.

Notwithstanding anything to the contrary contained herein, none of the following
shall constitute a Change of Control: (i) any event occurring between the Petition
Date and the “Effective Date” (as that term is defined in the Plan of
Reorganization), (ii) the consummation of the Plan of Reorganization or (iii) the
conversion of “Convertible Preferred Stock” (as that term is defined in the Plan of
Reorganization) issued pursuant to the Plan of Reorganization in accordance with the
terms thereof.

     2. This amendment shall be effective upon the assumption of the Retirement Plan by the Debtors
and shall become null and void if the Debtors do not assume the Retirement Plan.

[remainder of page intentionally blank]

 

 

     IN WITNESS WHEREOF, Dura Automotive Systems, Inc., hereby adopts this amendment as of the date
first written above.

	 	 	 	 	 	 	 
	 	 	DURA AUTOMOTIVE SYSTEMS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 

	 	 

Acknowledged and Agreed to by

the Executives, Subject to the Assumption

By Dura of the Retirement Plan as it applies to the Executives:

	 	 	 
	/s/LAWRENCE DENTON
 

Lawrence A. Denton

	 	 
	 
	 	 
	/s/THERESA SKOTAK
 

Theresa L. Skotakexv10w13

EXHIBIT 10.13

     AMENDMENT NO. 1, dated May 8, 2008, to
the Letter Agreement (the
“Agreement”) dated December 23, 2002
by and between LAWRENCE A. DENTON
(“Executive”) and DURA AUTOMOTIVE
SYSTEMS, INC.

     WHEREAS, on October 30, 2006 (the “Petition Date”), Dura Automotive Systems, Inc., and
Dura Operating Corp., along with certain of their subsidiaries (collectively, the
“Debtors”), filed voluntary petitions for relief under chapter 11 of the title 11 of the
United States Code (the “Chapter 11 Cases”);

     WHEREAS, the Debtors filed a plan of reorganization on March 31, 2008, in connection with the
Chapter 11 Cases (as amended from time to time, the “Plan of Reorganization”), which
contemplates that the Agreement will be assumed, contingent upon the Agreement being amended as set
forth herein;

     WHEREAS, pursuant to the Plan of Reorganization, Dura Automotive Systems, Inc. will assign its
rights and obligations under the Agreement to “New Dura” (as that term is defined in the Plan of
Reorganization);

     WHEREAS, Executive is willing to amend the Agreement on the terms set forth herein.

     NOW, THEREFORE, in consideration of the receipt of $1 and such other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereby amend the Agreement
as follows:

     1. The section of the letter entitled “Restricted Stock” is hereby deleted in its entirety and
the following substituted therefore:

Company Sale Incentive

You shall be entitled to receive a cash payment promptly after a “Sale of the
Company” (as defined below), provided such Sale of the Company occurs while you are
employed by Dura Automotive Systems, Inc. (the “Company”), or one of its
direct or indirect subsidiaries, in an amount equal to the Company Sale Incentive
Amount (as defined below). The Company Sale Incentive Amount shall be: (i) $500,000
if (A) the total enterprise value of the Company imputed from such Sale of the
Company (the “Company Sale TEV”) is less than $495 million and (B) the Sale
of the Company occurs on or prior to the 18-month anniversary of the Effective Date
(as that term is defined in the Plan of Reorganization), (ii) the amount determined
pursuant to the table below if the Company Sale TEV is $495 million or more and
(iii) $0 if the Sale of the Company occurs after the 18-month anniversary of the
Effective Date and the Company Sale TEV is less than $495 million. For purposes of
this paragraph, “Sale of the Company” means one or more sales occurring after the
Effective Date as part of a coordinated effort by

 

 

the Company or by the Company and any of its stockholders to sell or dispose of 50%
or more of the Company’s outstanding stock or 50% or more of the gross assets
(determined on the basis of the fair market value of such assets) of the Company and
its subsidiaries on a consolidated basis.

	 	 	 
	Company Sale TEV	 	Company Sale Incentive Amount
	($ million)	 	($ thousand)
	495
	 	500
	545
	 	750
	595
	 	1,000
	645
	 	1,125
	695
	 	1,250
	745
	 	1,438
	795
	 	1,625
	845
	 	1,813
	895 or more
	 	2,000

If the Company Sale TEV falls between two numbers listed above, the Company Sale Incentive Amount
shall be adjusted proportionally based upon the Company Sale Incentive Amounts set forth for the
respective higher and lower Company Sale TEV amounts.

     2. Payment of (A) the Company Sale Incentive Amount and (B) any amount that may be provided to
Executive pursuant to the section entitled “Severance” of the Agreement is subject to the cap on
total payments set forth in Section 2.5 of the Change in Control Agreement, dated as of June 16,
2004, by and among Lawrence A. Denton, Dura Automotive Systems, Inc., and Dura Operating Corp. (as
amended on the date hereof).

     3. This amendment shall be effective upon the assumption by the Debtors of the Agreement and
shall become null and void if the Debtors do not assume the Agreement.

[remainder of page intentionally blank]

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     IN WITNESS WHEREOF, the parties hereto have executed this amendment as of the date first
written above.

	 	 	 	 	 
	 	DURA AUTOMOTIVE SYSTEMS, INC.

 	 
	 	By:  	 	 
	 	Name:  	 	 	 
	 	Its: 	 	 
	 
	 	 	 
	 	     /s/LAWRENCE DENTON
 	 
	 	Lawrence A. Denton 	 
	 	 	 
	 

3exv10w15

EXHIBIT 10.15

	 	 	 	 	 
	 

	 	     AMENDMENT NO. 1, dated as of May 8,
2008, to the Change in Control Agreement (the
“Agreement”) dated as of June 16,
2004, by and among LAWRENCE A. DENTON
(“Executive”), DURA AUTOMOTIVE
SYSTEMS, INC. and DURA OPERATING CORP.
	 	 

     WHEREAS, on October 30, 2006 (the “Petition Date”), Dura Automotive Systems, Inc., and
Dura Operating Corp., along with certain of their subsidiaries (collectively, the
“Debtors”), filed voluntary petitions for relief under chapter 11 of the title 11 of the
United States Code (the “Chapter 11 Cases”);

     WHEREAS, the Debtors filed a plan of reorganization on March 31, 2008, in connection with the
Chapter 11 Cases (as amended from time to time, the “Plan of Reorganization”), which
contemplates that the Agreement will be assumed, contingent upon the Agreement being amended as set
forth herein;

     WHEREAS, pursuant to the Plan of Reorganization, Dura Automotive Systems, Inc., and Dura
Operating Corp. will assign their rights and obligations under the Agreement to “New Dura” (as that
term is defined in the Plan of Reorganization);

     WHEREAS Section 6.7 of the Agreement permits the modification of the Agreement pursuant to a
writing signed by the Executive, Dura Automotive Systems, Inc., and Dura Operating Corp.;

     WHEREAS, Executive is willing to amend the Agreement on the terms set forth herein.

     NOW, THEREFORE, in consideration of the receipt of $1 and such other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereby amend the Agreement
as follows:

     1. Section 1.1(c) is hereby amended and restated in its entirety as follows:

by Executive following a material diminution in Executive’s authorities, power,
functions, responsibilities or duties that he had in the positions and offices of
Dura or any of its Subsidiaries held by Executive before the Change of Control or a
material adverse change in the conditions under which Executive discharges his
authorities, power, functions, responsibilities or duties that he had in the
positions and offices of Dura or any of its Subsidiaries held by Executive before
the Change of Control that, in each case, is not cured within 30 days after notice
from Executive specifying such diminution or adverse change.

     2. Section 2.4(b) is hereby amended and restated in its entirety as follows:

 

 

(b) If the Accounting Firm determines that any Payment gives rise, directly or
indirectly, to liability on the part of Executive for excise tax under Section 4999
(and/or penalties and/or interest with respect to any such excise tax), Dura shall
make additional cash payments (“Gross Up Payments”) to Executive, from time to time
and at the same time as any Payment constituting an excess parachute payment is paid
or provided to Executive, in such amounts as are necessary to put Executive in the
same position, after payment of all federal, state, and local taxes, whether income
taxes, excise taxes under Section 4999, or otherwise, or other taxes) and any and
all penalties and interest with respect to any such excise tax, as Executive would
have been in after payment of all federal, state, and local income taxes if the
payments had not given rise to an excise tax under Section 4999 and no such
penalties or interest had been imposed. Notwithstanding the foregoing, if it shall
be determined that Executive is entitled to the Gross-Up Payment, but that the value
of all payments that constitute parachute payments (as defined in Section 280G) to
Executive does not exceed the Safe Harbor Amount (as defined below) by more than
$100,000, then no Gross-Up Payment shall be made to Executive and the Payments shall
be reduced so that the parachute payments, in the aggregate, equals the Safe Harbor
Amount. The reduction of the amounts payable hereunder shall be made in such a
manner as to maximize the economic value of all Payments actually made to Executive.
For this purpose, “Safe Harbor Amounts” means the maximum amount of Payments that
constitute parachute payments that Executive may receive without becoming subject to
the excise tax imposed under Section 4999.

     3. Section 7.4 of the Agreement is hereby amended and restated in its entirety as follows:

Change of Control. A “Change of Control” shall be deemed to have occurred if at any
time or from time to time while this Agreement is in effect:

	 	(a)	 	Any person (other than Dura, any of its Subsidiaries, any employee benefit plan
or employee stock ownership plan of Dura or any of its Subsidiaries, any person
organized, appointed, or established by Dura or any of its Subsidiaries for or pursuant
to the terms of any such plan, or Pacificor, LLC), alone or together with any of its
affiliates, becomes the beneficial owner of securities representing 50% or more of the
voting power of Dura’s then outstanding voting securities;
	 
	 	(b)	 	At any time during any period of 24 consecutive months, individuals who were
directors at the beginning of the 24-month period no longer constitute a majority of
the members of the Board of Directors of Dura, unless the election, or nomination for
election by Dura’s stockholders, of each director who was not a director at the
beginning of the period is approved by at least a majority of the directors who (i) are
in the office at the time of the election or nomination and (ii) were directors at the
beginning of the period; or
	 
	 	(c)	 	(i) Dura is merged or consolidated with another corporation and those persons
who were stockholders of Dura immediately before the merger or consolidation

2

 

	 	 	 	receive or
retain less than 50% of the stock of the surviving or continuing corporation, (ii)
there occurs a sale, transfer, or other disposition of all or substantially all of the
assets of Dura or (iii) Dura is dissolved.

Notwithstanding anything to the contrary contained herein, none of the following
shall constitute a Change of Control: (i) any event occurring between the Petition
Date and the “Effective Date” (as that term is defined in the Plan of
Reorganization), (ii) the consummation of the Plan of Reorganization or (iii) the
conversion of “Convertible Preferred Stock” (as that term is defined in the Plan of
Reorganization) issued pursuant to the Plan of Reorganization in accordance with the
terms thereof.

     4. A new Section 2.5 is hereby added as follows:

2.5 Cap on Total Payment. Notwithstanding anything to the contrary
contained herein, the maximum aggregate amount that may be provided to Executive
pursuant to (A) Sections 1.1, 1.4, 1.5, 1.6, 2.1, 2.3 and 2.4, (B) the section
entitled “Company Sale Incentive” of the Letter Agreement dated December 23, 2002,
by and between Lawrence A. Denton and Dura Automotive Systems, Inc. (as amended on
the date hereof, the “Letter Agreement”), and (C) the section entitled
“Severance” of the Letter Agreement shall not exceed $5,700,000.

     5. This amendment shall be effective upon the assumption of the Agreement by the Debtors and
shall become null and void if the Debtors do not assume the Agreement.

[remainder of page intentionally blank]

3

 

     IN WITNESS WHEREOF, the parties hereto have executed this amendment as of the date first
written above.

	 	 	 	 	 	 	 
	 	 	DURA AUTOMOTIVE SYSTEMS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	DURA OPERATING CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ LAWRENCE DENTON	 	 
	 	 	 	 	 
	 

	 	Lawrence
	 	A. Denton

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