Document:

EX-10.10

 

Exhibit 10.10

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR TOM STONE

     This Supplemental Executive Retirement Plan for Tom Stone is effective as of June 27, 2005
(the “Effective Date”), in order to provide Tom Stone (the “Participant”) with certain
additional, non-qualified retirement benefits. The provisions of this Plan shall apply
only to the Participant.

ARTICLE I

DEFINITIONS

     “Cause” shall mean (i) termination of employment as the result of the Participant’s
conviction of, or plea of guilty or nolo contendere to, the charge of having committed a felony
(whether or not such conviction is later reversed for any reason); or (ii) failure by the
Participant to devote his full time and undivided attention during normal business hours to the
business and affairs of the Corporation or one of its subsidiaries except for reasonable vacations
and except for illness or incapacity; but nothing herein shall preclude the Participant from
devoting reasonable periods required for (A) serving as director or member of a committee of any
organization involving no conflict of interest with the interests of the Corporation or its
subsidiaries; (B) delivering lectures, fulfilling speaking engagements, teaching at educational
institutions; (C) engaging in charitable and community activities and (D) managing his personal
investments, so long as such activities do not materially interfere with the regular performance of
his duties and responsibilities to the Corporation or its subsidiaries; or (iii) disclosure by the
Participant at any time, to any person not employed by the Corporation or one of its subsidiaries,
or not engaged to render services to the Corporation or one of its subsidiaries, except with the
prior written consent of an officer authorized to act in the matter by the Board, of any
confidential information obtained by him while in the employ of the Corporation or its
subsidiaries, of any inventions, processes, formulae, plans, devices, compilations of information
methods of distribution, customers, suppliers, client relationships, marketing strategies or trade
secrets of the Corporation or its subsidiaries; provided, however, that this provision shall not
preclude the Participant from use or disclosure of information known generally to the

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public or of information not considered confidential by persons engaged in the business conducted
by the Corporation or its subsidiaries or from disclosure required by law, regulation or court
order; (iv) the willful engaging by the Participant in misconduct that is injurious to the
Corporation or its subsidiaries, monetarily or otherwise; or (v) negligence or incompetence on the
part of the Participant in the performance of his assigned duties.

     “Change in Control” shall mean the first to occur of any of the following events,
subject to paragraph E of this definition:

	A.	 	any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the
Corporation (not including in the securities Beneficial Owned by such Person any securities
acquired directly from the Corporation or its Affiliates) representing 20% or more of the
combined voting power of the Corporation’s then outstanding securities, excluding any Person
who becomes such a Beneficial Owner in connection with any acquisition pursuant to a
transaction that complies with clauses (1), (2) and (3) of paragraph C below; or

	B.	 	the following individuals cease for any reason to constitute a majority of the number of
directors then serving: individuals who, on the date of this Agreement, constitute the Board
(“the Incumbent Board”) and any new director whose appointment or election by the Board or
nomination for election by the Corporation’s stockholders was approved or recommended by a
vote of at least two-thirds (2/3) of the directors then still in office who either were
directors on the date hereof or whose appointment, election or nomination for election was
previously so approved or recommended. For purposes of the preceding sentence, any director
whose initial assumption of office is in connection with an actual or threatened election
contest, including but not limited to a consent solicitation, relating to the election of
directors of the Corporation, shall not be treated as a member of the Incumbent Board; or

	C.	 	there is consummated a merger, reorganization statutory share exchange or consolidation, or
similar corporate transaction involving the Corporation or any direct or

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indirect subsidiary of the Corporation, a sale or other disposition of all or substantially all
of the assets of the Corporation, or the acquisition of assets or stock of another entity by
the corporation or any of its subsidiaries (each a “Business Combination”), in each case
unless, immediately following such Business Combinations, (1) the voting securities of the
Corporation outstanding immediately prior to such Business Combination (the “Prior Voting
Securities”) continue to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity of the business Combination or any parent thereof) at
least 50% of the combined voting power of the securities of the Corporation or such surviving
entity or parent thereof outstanding immediately after such Business Combination, (2) no Person
is or becomes the Beneficial Owner, directly or indirectly of securities of the Corporation or
the surviving entity of the Business Combination or any parent thereof (not including the
securities Beneficially Owned by such Person any securities acquired directly from the
Corporation or its Affiliates) representing 20% or more of the combined voting power of the
securities of the Corporation or surviving entity of the Business Combination or the parent
thereof, except to the extend that such ownership existed immediately prior to the Business
Combination and (3) at least a majority of the members of the board of directors of the
Corporation or the surviving entity of the Business Combination or any parent thereof were
members of the Incumbent Board at the time of the execution of the initial agreement or the
action of the Board providing for such Business Combination or:

	D.	 	the stockholders of the Corporation approve a plan of complete liquidation or dissolution of
the Corporation.

	E.	 	Notwithstanding the foregoing, any event that triggers any payment or distribution under this
Plan shall only be deemed to be a Change in Control if a change in ownership or effective
control of the Corporation or a change in the ownership of a substantial portion of the assets
of the Corporation shall also be deemed to have occurred under Section 409A of the Code.

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     Notwithstanding the foregoing, any disposition of all or substantially all of the assets of
the Corporation pursuant to a spinoff, splitup or similar transaction (a “Spinoff’) shall not be
treated as a Change in Control if, immediately following the Spinoff, holders of the Prior Voting
Securities immediately prior to the Spinoff continue to beneficially own, directly or indirectly,
more than 50% of the combined voting power of the then outstanding securities of both entities
resulting from such transaction, in substantially the same proportions as their ownership,
immediately prior to such transaction, of the Prior Voting Securities; provided, that if another
Business Combination involving the Corporation occurs in connection with or following a Spinoff,
such Business Combination shall be analyzed separately for purposes of determining whether a Change
in Control has occurred;

“Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used
in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Corporation or
any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee
benefit plan of the Corporation or any of its Affiliates, (ii) an underwriter temporarily holding
securities pursuant to an offering of such securities or (iv) a corporation owned, directly or
indirectly, by the stockholders of the Corporation in substantially the same proportions as their
ownership of stock of the Corporation.

     “Code” means the Internal Revenue code of 1986, as from time to time amended.

     “Committee” means the Vice President of Human Resources, the Chief Financial Officer,
and the Director of Global Compensation of the Corporation.

     “Corporation” means Dana Corporation.

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     “Credited Service” when used in reference to the Participant means the
Participant’s total service with the Corporation, including all periods of employment including
any periods during which Participant remains employed but is benefiting under a Corporation
sponsored disability plan whether continuous or not, and shall be the period of time, expressed
in years and months, between the date on which the Participant first performs any service for
the Corporation and the earlier of:

	 	A.	 	the date on which the Participant resigns, retires, is discharged or dies,
or
	 
	 	B.	 	the first anniversary of the first date in a period of continuous absence
for any reason other than resignation, retirement, discharge or death.

And provided that in no event shall any period of absence be excluded for purposes of
determining Credited Service hereunder unless a 12-month period has elapsed during which
the Participant has not performed any service for the Corporation.

     “Normal Retirement Date” means the first day of the month following the month in which
the Participant attains age 62.

     “Normal Retirement Benefit” means the lump sum benefit payable at age 62 to be
provided by Section 2.1 of the Plan.

     “Participant” means Tom Stone

     “Plan” means the Supplemental Executive Retirement Plan for Tom Stone set forth
herein.

     “Retirement Date” means the first day of the month following the month of the
Participant’s Termination Date.

     “SavingsWorks” means the Corporation sponsored qualified defined contribution plan
established for employees hired after January 1, 2004.

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     “Termination Date” means the date on which the Participant ceases to be employed by
the Corporation for any reason, including, but not limited to, by reason of his death or his
election to retire or voluntarily resign.

ARTICLE II

BENEFITS

     2.1 Normal Retirement Benefit. Subject to Section 2.6 below, if employment continues
to at least the Participant’s Normal Retirement Date, the Corporation shall be obligated to pay the
Participant upon the Participant’s Termination Date in a single lump sum, the Participant’s Normal
Retirement Benefit. The Participant’s Normal Retirement Benefit shall be $1,550,000. The Normal
Retirement Benefit is intended to equal the difference between (a) and the sum of (b) and (c).

	 	(a)	 	The projected lump sum value of the Participant’s former employer-provided
defined benefit value as if employment continued with such employer.
	 
	 	(b)	 	The actual lump sum value of the Participant’s former employer-provided
defined benefit value payable at age 62.
	 
	 	(c)	 	The lump sum value of the Dana contribution under SavingsWorks, ignoring any
401(k) matching contribution.

The benefits are based on the assumptions shown in the exhibits, which are subject to change only
to the extent of mistake of fact as of June 27, 2005.

     2.3 Early Retirement. In the event that, following the fifth anniversary of the
Participant’s date of hire, the Participant elects to retire or voluntarily resign or the
Participant’s employment is terminated by the Corporation for Cause, in lieu of any other benefit
payable under the Plan, the Participant shall be entitled to a pro rata share (not to

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exceed one hundred percent (100%)) of his Normal Retirement Benefit based on the following formula:

          Normal Retirement Benefit X (Credited Service/9)

The pro rata share is set equal to 100% if the Termination Date is the same as or falls after
the date on which the Participant attains age 62. Except as otherwise provided in Section
2.8, any early retirement benefit payable pursuant to this Section 2.3 shall be paid as of the Participant’s Termination Date in a single lump sum.

     2,4 Vesting Conditions. Except as expressly provided in Section 2.5 below, the Normal
Retirement Benefit shall be forfeited if Credited Service at the Participant’s Termination Date is
less than five years.

     2.5 Involuntary Termination; Disability; Death. In the event of the Participant’s
death or disability while employed by the Corporation or the Participant’s involuntary termination
of employment by the Corporation for any reason other than Cause prior to the Participant attaining
age 62, the Participant or his beneficiary, as the case may be, shall be entitled to a portion (not
to exceed one hundred percent (100%)) of his Normal Retirement Benefit equal to the greater of:

     A. Normal Retirement Benefit X (Credited Service/9), or

     B. Normal Retirement Benefit X 50%.

The payable portion is set equal to 100% if the Termination Date is the same as or falls after the
date on which the Participant attains age 62. Except as otherwise provided in Section 2.8, any pro
rata benefit payable pursuant to this Section 2.3 shall be paid as of the Participant’s Termination
Date in a single lump sum.

     2.6 Change In Control. In lieu of any other benefit payable under the Plan, upon a
Change in Control the Participant shall be considered fully vested in, and shall be

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entitled to payment, within thirty (30) days following the Change in Control, of, the Normal
Retirement Benefit as set forth in Section 2.1 above in a single lump sum payment.

     2.7 Exhibits Control. For purposes of clarity, the amounts described in Section

     2.1, and the benefits payable upon a termination of employment described in Sections 2.2 and 2.3
are set forth on Exhibit A, B and C, which shall control the amount to be paid. Notwithstanding the
fact that benefits under the Plan are based on projections as of June 27, 2005, these amounts are
not subject to adjustment based on any differences between actual and anticipated benefits.

     2.8 Section 409A. Notwithstanding any other provision of this Plan to the contrary, if
the Participant is determined to be a “specified employee” of the Corporation as such term is
defined by Section 409A of the Code, to the extent necessary, the payment of any amount to which
the Participant is entitled shall in no event be made earlier than the date which is six months
following the date on which the Participant separates from service with the Corporation in
compliance with the applicable requirements of Section 409A of the Code and any regulations or
guidance promulgated thereunder, provided that any such change made in the timing of payment due to
this Section 2.8 shall not increase the amount of such payment.

     2.9 Beneficiary. In the event of the Participant’s death, the Participant’s
beneficiary under the Corporation’s qualified defined contribution plan shall be entitled to
receive any benefits that otherwise would have been payable to the Participant hereunder. In the
event that the Participant does not participate in or has not designated a beneficiary under the
Corporation’s qualified defined contribution plan, the Participant’s estate shall be entitled to
receive any benefits that otherwise would have been payable to the Participant hereunder.

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ARTICLE Ill

PLAN ADMINISTRATION

     3.1 Administration of Plan. The Committee shall have the sole responsibility for the
administration of the Plan.

     3.2 Claims Procedure. The Committee shall make all determinations as to the right of
any person to a benefit under this Plan and the amount of such benefit. Any denial by the Committee
of a claim for benefits under the Plan by the Participant shall be stated in writing by the
Committee and shall set forth the specific reasons for the denial. In addition, the Committee shall
afford a reasonable opportunity to Participant if a claim for benefits has been denied for a review
of the decision denying the claim.

     3.3 Powers and Duties of the Committee. The Committee shall have such duties
and powers as may be necessary to discharge its duties hereunder, including, but not by way of
limitation, the following:

	 	(a)	 	to construe and interpret the Plan, to resolve ambiguities, inconsistencies, and
omissions, which findings shall be binding, final, and conclusive, to decide all
questions of eligibility and determine the amount, manner and time of payment of any
benefits hereunder;
	 
	 	(b)	 	to prescribe procedures to be followed by Participant in filing elections or
revocations thereof;
	 
	 	(c)	 	to prepare and distribute, in such manner as the Committee determines to be
appropriate, information explaining the Plan;
	 
	 	(d)	 	to receive for the Corporation and from Participant such information as shall be
necessary for the proper administration of the Plan;
	 
	 	(e)	 	to furnish the Corporation, upon request, such reports with respect to the
administration of the Plan as are reasonable and appropriate;
	 
	 	(f)	 	to appoint individuals to assist in the administration of the Plan and any other
agents it deems advisable, including actuaries and legal counsel; and

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	 	(g)	 	to create subcommittees and appoint agents, and to delegate such of its
rights, powers and discretions to such subcommittees or agents as it deems desirable.

     3.4 Rules and Decisions. The Committee may adopt such rules as it deems necessary,
desirable or appropriate for the proper administration of the Plan, When making a determination or
calculation, the Committee shall be entitled to rely upon information furnished by a Participant or
the Corporation. The determination of the Committee as to any question involving the administration
and interpretation of the Plan shall be final, conclusive and binding on all persons, including the
Corporation.

     3.5 Indemnification of Committee. To the extent permitted by law, the Committee and
any person to whom it may delegate any duty or power in connection with administering the Plan, the
Corporation, and the officers and trustees thereof, shall be entitled to rely conclusively upon,
and shall be fully protected in any action taken or suffered by them in good faith in reliance
upon, any actuary, trustee, counsel, accountant, other specialist, or other person selected by the
Committee, or in reliance upon any tables, valuations, certificates, opinions or reports that may
be furnished by any of them. Further to the extent permitted by law, no member of the Committee,
nor the Corporation, nor the officers or trustees thereof, shall be liable for any neglect,
omission or wrongdoing, except for his, her or its own individual misconduct. To the extent
permitted by law, any present or former member of the Committee shall be indemnified by the
Corporation and its successors against any and all liabilities arising; by reason of any act or
failure to act made in good faith pursuant to the provisions of the Plan, including expenses
reasonably incurred in the defense of any claim relating thereto.

ARTICLE IV

MISCELLANEOUS

     4.1 No Contract of Employment. Nothing contained herein shall be construed as a
contract of employment between the Corporation and Participant, or as giving a right to Participant
to be continued as an executive or employee of the Corporation, or as a

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limitation of the right of the Corporation to discharge Participant at any time with or without
Cause.

     4.2 Addresses. Each person entitled to benefits hereunder shall file with the
Committee from time to time in writing his or her complete mailing address and each change of
mailing address, Any check representing payment hereunder, and any communication, addressed to
Participant or to any other person at his or her last address so filed (or if no such address has
been filed, then at his or her last address indicated on the records of the Corporation) shall be
deemed to have been received by such person for all purposes of the Plan, and neither the
Corporation nor any other person shall be obligated to search for or ascertain the location of any
such person to whom such communication was sent.

     4.3 Expenses. All expenses that shall arise in connection with the administration of
the Plan, including but not limited to compensation and other expenses and charges of any actuary,
trustee, counsel, accountant, specialist or other person who shall be employed by the Committee in
connection with the administration thereof, shall be paid by the Corporation.

     4.4 Anti-Alienation. Except as may otherwise be provided by law, no distribution or
payment under the Plan to any Participant or beneficiary shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, whether
voluntary or involuntary, and any attempt to anticipate, alienate, sell, transfer, assign, pledge,
encumber or charge the same shall be void; nor shall any such distribution or payment be in any way
liable tor or subject to the debts, contracts, liabilities, engagements or torts of any person
entitled to such distribution or payment.

     4.5 Unfunded Plan. The benefits payable under the Plan shall be paid from the general
assets of the Corporation. Participant and his beneficiary shall not have any interest in any
specific assets of the Corporation by reason of the establishment and maintenance of the Plan, and
such persons shall have only the status of unsecured

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creditors of the Corporation with respect to any benefits that become payable under the Plan, The
Corporation may, in its discretion, purchase insurance contracts or establish a trust to assist it
in satisfying its obligations to provide benefits under the Plan; provided, however, that (i) any
such insurance contracts and the assets of any such trust shall remain subject to the claims of the
Corporation’s general creditors in the event of the Corporation’s insolvency, (ii) the Corporation
or such trust shall be the sole owner of any such insurance contracts, and (iii) no Participant or
any other person who may become entitled to benefits hereunder shall have any interest in any such
insurance contract.

     4.6 Incompetency. If the Committee determines that any person entitled to payments
under the Plan is an infant or incompetent by reason of physical or mental disability, it may cause
all payments thereafter becoming due to such person to be made to any other person for his or her
benefit, without the responsibility to follow the application of amounts so paid. Payments made
pursuant to this provision shall completely discharge the Plan and the Committee from any further
liability or responsibility therefor.

     4.7 Benefits Not Compensation. Any benefits provided under the Plan shall not be
deemed salary or other compensation to the Participant for the purpose of computing any benefits to
which the Participant may be entitled under any pension plan or other employee benefit plan
maintained by the Corporation.

     4.8 Amendment or Termination of Plan. Prior to a Change in Control, the Corporation
may amend or terminate this Plan at any time, without the consent of Participant or any
beneficiary. Notwithstanding the foregoing, this Plan shall not be amended or terminated, without
the written consent of the Participant, so as to reduce or cancel the benefits, which have accrued
to Participant or beneficiary prior to the effective date of the amendment,

     4.9 Ohio Law to Govern. This Plan shall be construed and regulated and its validity
and effect and the rights hereunder of all parties interested shall at all times be

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determined and this Plan shall be administered, in accordance with the laws of the State of Ohio.

     4.10 Successors and Assigns. This Plan shall be binding upon and shall inure to the
benefit of the Participant and his heirs, executors, administrators and beneficiaries, and shall be
binding upon and inure to the benefit of the Corporation (and its parent, if any, and affiliates)
and its successors and assigns.

     4.11 Entire Agreement. This Plan constitutes the final, complete and exclusive
agreement between Participant and the Corporation with respect to the subject matter hereof and
hereby replaces and supercedes all prior agreements, offers or promises whether oral or written
with respect thereto.

DANA CORPORATION

By: /s/ Richard W. Spriggle

Name:Richard W. Spriggle

Title: Vice President Human Resources

ACCEPTED AND AGREED: /s/ Tom Stone 10/16/05

13EX-10.14

 

Exhibit 10.14

DANA HOLDING CORPORATION

NONQUALIFIED STOCK OPTION AGREEMENT

     WHEREAS, [OPTIONEE NAME] (the “Optionee”) is an employee of Dana Holding Corporation (the
“Company”) or one of its subsidiaries;

     WHEREAS, the grant of an Option Right was authorized by a resolution of the Compensation
Committee that was duly adopted on
____________ ___, 20___ (the “Date of Grant”), and the execution of
an Option Right agreement substantially in the form hereof (this “Agreement”) to evidence such
grant was authorized by a resolution of the Compensation Committee that was duly adopted on
____________ ___, 20___;

     WHEREAS, pursuant to the Company’s 2008 Omnibus Incentive Plan (the “Plan”), and subject to
the terms and conditions thereof and the terms and conditions hereinafter set forth, the Company
has granted to the Optionee as of the Date of Grant an Option Right (the “Option”) to purchase
_________ shares of Common Stock at a price of $______ per share, which represents at least the
Market Value Per Share on the Date of Grant (the “Option Price”); and

     WHEREAS, the Option is intended as a nonqualified stock option and shall not be treated as an
“incentive stock option” within the meaning of that term under Section 422 of the Internal Revenue
Code of 1986, as amended.

     NOW, THEREFORE, the Company and the Optionee agree as follows:

     1.      Right to Exercise.

          (a)      Subject to Sections 1(b) and (c), Section 3 and Section
5 below, the Option will become exercisable to the extent of ____________ of the
total number of shares of Common Stock underlying the Option on each of the first _____
anniversaries of the Date of Grant if the Optionee remains continuously employed by either
the Company or any Subsidiary until such time. To the extent the Option is exercisable, it
may be exercised in whole or in part.

          (b)      Notwithstanding Section 1(a) above, the Option shall become immediately
exercisable in full, if at any time prior to the termination of the Option, a Change in
Control shall occur.

          (c)      Notwithstanding Section 1(a) above, if the Optionee should die or become
Disabled while in the employ of the Company or any Subsidiary, this Option shall immediately
become exercisable in full and shall remain exercisable until terminated in accordance with
Section 3 below.

     2.      Payment. The Option Price shall be payable (a) in cash or by check or by wire
transfer of immediately available funds, as acceptable to the Company, (b) by actual or
constructive transfer to the Company of nonforfeitable, unrestricted shares of Common Stock that
have been owned by the Optionee for more than six (6) months prior to the date of exercise,

 

 

or (c) by a combination of such methods of payment. The requirement of payment in cash shall
be deemed satisfied if the Optionee shall have made arrangements satisfactory to the Company with a
bank or a broker who is a member of the National Association of Securities Dealers, Inc. to sell on
the exercise date a sufficient number of the shares being purchased so that the net proceeds of the
sale transaction will at least equal the Option Price plus payment of any applicable withholding
taxes and pursuant to which the bank or broker undertakes to deliver the full Option Price plus
payment of any applicable withholding taxes to the Company on a date satisfactory to the Company,
but not later than the date on which the sale transaction will settle in the ordinary course of
business.

     3.      Termination. This Option shall terminate on the earliest of the following dates:

          (a)      The date on which the Optionee ceases to be an employee of the Company or any
Subsidiary, if the Optionee’s employment with the Company or a Subsidiary is terminated for
Cause;

          (b)      Six (6) months after the Optionee ceases to be an employee of the Company or a
Subsidiary, unless the Optionee ceases to be such employee by reason of death, Disability,
Normal Retirement or termination for Cause;

          (c)      One (1) year after the death of the Optionee if the Optionee dies while an employee
of the Company or a Subsidiary (in which case the Option becomes immediately exercisable in
full pursuant to Section 1(c) herein);

          (d)      Three (3) years after the permanent and total disability of the Optionee if the
Optionee becomes Disabled (as described in Section 1(c) above) while an employee of
the Company or a Subsidiary (in which case the Option becomes immediately exercisable in
full pursuant to Section 1(c) herein); and

          (e)      Ten (10) years from the Date of Grant.

     4.      Option Nontransferable. This Option is not transferable by the Optionee otherwise
than by will or the laws of descent and distribution.

     5.      Compliance with Law. The Company shall make reasonable efforts to comply with all
applicable federal and state securities laws; provided, however, that
notwithstanding any other provision of this Agreement, this Option shall not be exercisable if such
exercise would result in a violation of any such law.

     6.      Adjustments. The Compensation Committee shall make any adjustments in the Option
Price and in the number or kind of shares of Common Stock or other securities covered by the Option
that the Compensation Committee may determine to be equitably required to prevent any dilution or
expansion of Optionee’s rights under this Agreement that otherwise would result from any (a) stock
dividend, stock split, combination of shares, recapitalization or other change in the capital
structure of the Company, (b) merger, consolidation, spin-off, split-off, spin-out, split-up,
separation, reorganization, partial or complete liquidation involving the Company or other
distribution of assets, issuance of rights or warrants to purchase securities of the Company, or
(c) other transaction or event having an effect similar to any of those referred to

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in Section 6(a) or 6(b) hereof. Furthermore, in the event that any
transaction or event described or referred to in the immediately preceding sentence shall occur,
the Compensation Committee shall provide in substitution of any or all of Optionee’s rights under
this Agreement such alternative consideration as the Compensation Committee may determine in good
faith to be equitable under the circumstances. In addition, for each Option Right with an Option
Price greater than the consideration offered in connection with any such transaction or event or
Change of Control, the Board may in its sole discretion elect to cancel such Option Right without
any payment to the Optionee holding such Option Right.

     7.      No Dividend Equivalents. The Optionee shall not be entitled to dividend
equivalents.

     8.      Taxes and Withholding. If the Company shall be required to withhold any federal,
state, local or foreign tax in connection with the exercise of this Option, it shall be a condition
to such exercise that the Optionee pay or make arrangements satisfactory to the Company for payment
of all such taxes. The Optionee may elect that all or any part of such withholding requirement be
satisfied by retention by the Company of a portion of the shares purchased upon exercise of this
Option. If such election is made, the shares so retained shall be credited against such
withholding requirement at the Market Value Per Share on the date of exercise. In no event,
however, shall the Company accept shares of Common Stock for payment of taxes in excess of required
tax withholding rates.

     9.      Continuous Employment. For purposes of this Agreement, the continuous employment
of the Optionee with the Company or a Subsidiary shall not be deemed to have been interrupted, and
the Optionee shall not be deemed to have ceased to be an employee of the Company or Subsidiary, by
reason of (a) the transfer of the Optionee’s employment among the Company and its Subsidiaries or
(b) an approved leave of absence.

     10.      No Employment Contract. This Option is a voluntary, discretionary award being
made on a one-time basis and it does not constitute a commitment to make any future awards.
Nothing in this Agreement will give the Optionee any right to continue employment with the Company
or any Subsidiary, as the case may be, or interfere in any way with the right of the Company or a
Subsidiary to terminate the employment of the Optionee.

     11.      Relation to Other Benefits. Any economic or other benefit to Optionee under this
Agreement or the Plan shall not be taken into account or considered as salary or compensation in
determining any benefits to which Optionee may be entitled under any profit-sharing, retirement or
other benefit or compensation plan maintained by the Company or any Subsidiary and shall not affect
the amount of any life insurance coverage available to any beneficiary under any life insurance
plan covering employees of the Company or a Subsidiary.

     12.      Information. Information about the Optionee and the Optionee’s participation in
the Plan may be collected, recorded and held, used and disclosed for any purpose related to the
administration of the Plan. The Optionee understands that such processing of this information may
need to be carried out by the Company and its Subsidiaries and by third party administrators
whether such persons are located within the Optionee’s country or elsewhere, including the United
States of America. The Optionee consents to the processing of information relating to the

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Optionee and the Optionee’s participation in the Plan in any one or more of the ways referred
to above.

     13.      Relation to Plan. This Agreement is subject to the terms and conditions of the
Plan. In the event of any inconsistency between the provisions of this Agreement and the Plan, the
Plan shall govern. All terms used herein with initial capital letters and not otherwise defined
herein that are defined in the Plan shall have the meanings assigned to them in the Plan. The
Board (or a committee of the Board) acting pursuant to the Plan, as constituted from time to time,
shall, except as expressly provided otherwise herein, have the right to determine any questions
which arise in connection with the grant of the Option hereunder.

     14.      Compliance with Section 409A of the Code. To the extent applicable, it is
intended that the options granted under this Agreement and the Plan be ”stock rights” exempt from
the provisions of Section 409A of the Code, so that the income inclusion provisions of Section
409A(a)(1) of the Code do not apply to the Optionee. This Agreement and the Plan shall be
administered in a manner consistent with this intent. Reference to Section 409A of the Code is to
Section 409A of the Internal Revenue Code of 1986, as amended, and will also include any
regulations or any other formal guidance promulgated with respect to such Section by the U.S.
Department of the Treasury or the Internal Revenue Service.

     15.      Amendments. Any amendment to the Plan shall be deemed to be an amendment to this
Agreement to the extent that the amendment is applicable hereto; provided, however,
that no amendment shall adversely affect the rights of the Optionee under this Agreement without
the Optionee’s consent (provided, however, that the Optionee’s consent shall not be required to an
amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the
Code).

     16.      Severability. If any provision of this Agreement or the application of any
provision hereof to any person or circumstances is held invalid, unenforceable or otherwise
illegal, the remainder of this Agreement and the application of such provision to any other person
or circumstances shall not be affected, and the provisions so held to be invalid, unenforceable or
otherwise illegal shall be reformed to the extent (and only to the extent) necessary to make it
enforceable, valid and legal.

     17.      Successors and Assigns. Without limiting Section 4 hereof, the provisions
of this Agreement shall inure to the benefit of, and be binding upon, the successors,
administrators, heirs, legal representatives and assigns of the Optionee, and the successors and
assigns of the Company.

     18.      Governing Law. This Agreement shall be governed by and construed in accordance
with the internal substantive laws of the State of Delaware, without giving effect to any
principles of conflict of laws thereof.

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

4

 

     Executed in the name and on behalf of the Company at Toledo, Ohio, as of the _______ day of
____________, 20___.

	 	 	 	 	 
	 	DANA HOLDING CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

     The undersigned Optionee hereby acknowledges receipt of an executed original of this Agreement
and accepts the Option Rights or other securities covered hereby, subject to the terms and
conditions of the Plan and the terms and conditions herein above set forth.

	 	 	 	 	 
	 	 	 
	 	 	 
	 	Optionee 	 
	 
	 	Date:  	 	 
	 

5

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