Document:

Exhibit
10.3

 

Baltic Trading Limited

Director Restricted Stock Grant Agreement

 

THIS AGREEMENT, made as of March 15, 2010,
between BALTIC TRADING LIMITED (the “Company”) and                                       
(the “Participant”).

 

WHEREAS, the Company has adopted and maintains the Baltic
Trading Limited 2010 Equity Incentive Plan (the “Plan”) to provide certain key
persons, on whose initiative and efforts the successful conduct of the business
of the Company depends, with incentives to: (a) enter into and remain in
the service of the Company, (b) acquire a proprietary interest in the
success of the Company, (c) maximize their performance and (d) enhance
the long-term performance of the Company;

 

WHEREAS, the Plan provides that the Board of
Directors of the Company (the “Board of Directors”) shall administer the Plan
and determine the key persons to whom awards shall be granted and the amount
and type of such awards; and

 

WHEREAS, the Board of Directors has determined that
the purposes of the Plan would be furthered by granting the Participant an
award under the Plan as set forth in this Agreement;

 

NOW, THEREFORE, in consideration of the premises and
the mutual covenants hereinafter set forth, the parties hereto hereby agree as
follows:

 

1.                                       Grant of Restricted
Stock.  Pursuant to, and subject to, the terms and conditions set
forth herein and in the Plan, the Board of Directors hereby grants to the
Participant 2,500 restricted shares (the “Restricted Stock”) of common stock of
the Company, par value $0.01 per share (“Common Stock”).

 

2.                                       Grant Date.  The
Grant Date of the Restricted Stock is March 15, 2010.

 

3.                                       Incorporation
of Plan.  All terms, conditions and restrictions of the Plan are
incorporated herein and made part hereof as if stated herein.  If
there is any conflict between the terms and conditions of the Plan and this
Agreement, the terms and conditions of the Plan, as interpreted by the Board of
Directors, shall govern.  Except as otherwise provided herein, all
capitalized terms used herein shall have the meaning given to such terms in the
Plan.

 

4.                                       Vesting.  Subject to the further provisions of this
Agreement, the Restricted Stock shall vest on the earliest of (i) March 15,
2011, (ii) the date of the annual shareholders meeting of the Company next
following the date hereof (the “Annual Meeting Date”) and (iii) the
occurrence of a Change in Control, as defined in Section 3.8(a) of
the Plan, as in effect on the date of such occurrence (each such date, the “Vesting
Date”).

 

5.                                       Restrictions on
Transferability.  Until a
share of Restricted Stock vests, the Participant shall not transfer the
Participant’s rights to such share of Restricted Stock or to any rights related
thereto.  Any attempt to transfer
unvested shares of Restricted Stock or any rights related thereto, whether by
transfer, pledge, hypothecation or otherwise and whether voluntary or

 

 

involuntary, by operation of
law or otherwise, shall not vest the transferee with any interest or right in
or with respect to such shares of Restricted Stock or such related rights.

 

6.                                       Termination of
Service.

 

(a)                                  In the event that the
Participant’s Service with the Company terminates before the Vesting Date for
any reason other than the Participant’s death or disability (as defined in the
Plan), the Restricted Stock, together with any property received in respect of
such shares, as set forth in Section 9 hereof, shall be forfeited as of
the date such Service terminates, and the Participant promptly shall return to
the Company any certificates evidencing the Restricted Stock, together with any
cash dividends or other property received in respect of such shares.  For purposes hereof, “Service” means a
continuous time period during which the Participant is at least one of the
following:  an employee or a director of,
or a consultant to, the Company.

 

(b)                                 In the event that the
Participant’s Service with the Company terminates before the Vesting Date for
reason of the Participant’s death or disability (as defined in the Plan), all
shares of Restricted Stock shall become vested immediately prior to such
termination of Service.

 

7.                                       Issuance of
Shares.

 

(a)                                  Reasonably
promptly after the Grant Date, the Company shall issue and deliver to the
Participant a stock certificate, registered in the name of the Participant,
evidencing the shares of Restricted Stock or shall instruct its transfer agent
to issue shares of Restricted Stock which shall be maintained in book entry
form on the books of the transfer agent. 
Such certificate may bear the following legend:

 

“THE
SALE, TRANSFER, ASSIGNMENT, PLEDGE, HYPOTHECATION ENCUMBRANCE OR OTHER DISPOSAL
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF
THE BALTIC TRADING LIMITED 2010 EQUITY INCENTIVE PLAN AND A RESTRICTED STOCK
GRANT AGREEMENT BETWEEN BALTIC TRADING LIMITED AND THE HOLDER OF RECORD OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE. 
NO TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IN
CONTRAVENTION OF SUCH PLAN AND RESTRICTED STOCK GRANT AGREEMENT SHALL BE VALID
OR EFFECTIVE.  COPIES OF SUCH AGREEMENT MAY BE
OBTAINED BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THE CERTIFICATE TO
THE SECRETARY OF BALTIC TRADING LIMITED.”

 

If the Restricted Stock is in book entry
form, it shall be subject to electronic coding or stop order indicating that
such shares of Restricted Stock are restricted by the terms of this Agreement
and the Plan.  Such legend, electronic
coding or stop order shall not be removed until such shares of Restricted Stock
vest.

 

(b)                                 Reasonably
promptly after any such shares of Restricted Stock vest pursuant to Section 4
hereof, (i) in the case of certificated shares, in exchange for the
surrender to the Company of the certificates evidencing the Restricted Stock,
delivered to the Participant under Section 7(a) hereof, and the
certificates evidencing any other securities received in respect of such 

 

2

 

shares,
if any, the Company shall issue and deliver to the Participant (or the
Participant’s legal representative, beneficiary or heir) a certificate
evidencing such shares of Restricted Stock and such other securities, free of
the legend provided in Section 7(a) hereof and (ii) in the case
of book entry shares, the Company shall cause to be lifted and removed any
electronic coding or stop order established pursuant to Section 7(a) hereof.

 

(c)                                  The Company may
require as a condition of the delivery of stock certificates or the removal of
any electronic coding or stop order, pursuant to Section 7(b) hereof,
that the Participant remit to the Company an amount sufficient in the opinion
of the Company to satisfy any federal, state and other governmental tax
withholding requirements related to the vesting of the applicable shares.  The Board of Directors, in its sole
discretion, may permit the Participant to satisfy such obligation by delivering
shares of Common Stock or by directing the Company to withhold from delivery
shares of Common Stock, in either case valued at their Fair Market Value on the
Vesting Date with fractional shares being settled in cash.

 

(d)                                 The Participant shall not be
deemed for any purpose to be, or have rights as, a shareholder of the Company
by virtue of the grant of Restricted Stock, except to the extent a stock
certificate is issued therefor or an appropriate book entry is made on the
books of the transfer agent reflecting the issuance thereof pursuant to Section 7(a) hereof,
and then only from the date such certificate is issued or such book entry is
made.  Upon the issuance of a stock
certificate or the making of an appropriate book entry on the books of the
transfer agent, the Participant shall have the rights of a shareholder with
respect to the Restricted Stock, including the right to vote the shares,
subject to the restrictions on transferability and the forfeiture provisions,
as set forth in this Agreement.

 

8.                                       Securities
Matters.  The Company shall be under no
obligation to effect the registration pursuant to the Securities Act of 1933,
as amended (the “1933 Act”) of any interests in the Plan or any shares of
Common Stock to be issued thereunder or to effect similar compliance under any
state laws.  The Company shall not be obligated to cause to be issued
any shares, whether by means of stock certificates or appropriate book entries,
unless and until the Company is advised by its counsel that the issuance of
such shares is in compliance with all applicable laws, regulations of
governmental authority and the requirements of any securities exchange on which
shares of Common Stock are traded.  The Board of Directors may
require, as a condition of the issuance of shares of Common Stock pursuant to
the terms hereof, that the recipient of such shares make such covenants,
agreements and representations, and that any certificates bear such legends and
any book entries be subject to such electronic coding, as the Board of
Directors, in its sole discretion, deems necessary or desirable.  The
Participant specifically understands and agrees that the shares of Common
Stock, if and when issued, may be “restricted securities,” as that term is
defined in Rule 144 under the 1933 Act and, accordingly, the Participant
may be required to hold the shares indefinitely unless they are registered
under such Act or an exemption from such registration is available.

 

9.                                       Dividends, etc.  Any cash dividends or other property (but not
including securities) received by a Participant with respect to a share of
Restricted Stock shall be returned to the Company in the event such share of
Restricted Stock is forfeited.  Any
securities received by a Participant with respect to a share of Restricted
Stock as a result of any dividend, recapitalization, merger, consolidation,
combination, exchange of shares or otherwise will not vest until such share of
Restricted Stock vests and shall be forfeited if such share of Restricted Stock
is forfeited.  Unless the 

 

3

 

Board of Directors otherwise
determines, such securities shall bear the legend or be subject to the
electronic coding or stop order set forth in Section 7(a) hereof.

 

10.                                 Delays or Omissions.  No
delay or omission to exercise any right, power or remedy accruing to any party
hereto upon any breach or default of any party under this Agreement, shall
impair any such right, power or remedy of such party, nor shall it be construed
to be a waiver of any such breach or default, or an acquiescence therein, or of
or in any similar breach or default thereafter occurring, nor shall any waiver
of any single breach or default be deemed a waiver of any other breach or
default theretofore or thereafter occurring.  Any waiver, permit,
consent or approval of any kind or character on the part of any party of any
breach or default under this Agreement, or any waiver on the part of any party
or any provisions or conditions of this Agreement, must be in a writing signed
by such party and shall be effective only to the extent specifically set forth
in such writing.

 

11.                                 Right of
Discharge Preserved.  Nothing in
this Agreement shall confer upon the Participant the right to continue as a
director of or in other service of the Company, or affect any right which the
Company may have to terminate such service.

 

12.                                 Integration.  This
Agreement contains the entire understanding of the parties with respect to its
subject matter.  There are no restrictions, agreements, promises,
representations, warranties, covenants or undertakings with respect to the
subject matter hereof other than those expressly set forth
herein.  This Agreement, including, without limitation, the Plan, supersedes
all prior agreements and understandings between the parties with respect to its
subject matter.

 

13.                                 Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which shall constitute one and the same
instrument.

 

14.                                 Governing Law.  This
Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of New York, without regard to the provisions governing
conflict of laws.

 

15.                                 Obligation to
Notify.  If the Participant makes the
election permitted under Section 83(b) of the Internal Revenue Code
of 1986, as amended (that is, an election to include in gross income in the
year of transfer the amounts specified in Section 83(b)), the Participant
shall notify the Company of such election within 10 days of filing notice of
the election with the Internal Revenue Service and shall within the same 10-day
period remit to the Company an amount sufficient in the opinion of the Company
to satisfy any federal, state and other governmental tax withholding
requirements related to such inclusion in Participant’s income. The Participant
should consult with his or her tax advisor to determine the tax consequences of
acquiring the Restricted Stock and the advantages and disadvantages of filing
the Section 83(b) election. 
The Participant acknowledges that it is his or her sole responsibility,
and not the Company’s, to file a timely election under Section 83(b), even
if the Participant requests the Company or its representatives to make this
filing on his or her behalf.

 

16.                                 Reduction in
Benefits.  Unless the
Participant and the Company agree otherwise in writing, in the event that the
Participant would incur an Excise Tax on any payments or benefits under this
Agreement as a result of a Change of Control (or any other change described in Section 280G(b)(2) of
the Code), the Company shall reduce the payments or benefits to be paid to or 

 

4

 

granted to Participant
hereunder to the greater of (i) the maximum amount payable to the
Participant without the imposition of any Excise Tax with respect to the
Restricted Stock and (ii) the amount that yields the Participant the
greatest after-tax amount of benefits under this Agreement after taking into
account any Excise Tax imposed on Participant, whether due to payments and
benefits under this Agreement or otherwise. 
“Excise Tax” means the tax imposed by Section 4999 of the Code and
any successor tax.  The determination of
whether the Participants payments and benefits should be reduced and the amount
of any such reduction shall be made by independent counsel selected by the
Participant and reasonably acceptable to the Company (“Independent Counsel”).  For purposes of such determination, (x) the
total amount of payments and benefits received by the Participant as a result
of such Change in Control (or such other change) shall be treated as “parachute
payments” within the meaning of Section 280G(b)(2) of the Code, and
all “excess parachute payments” within the meaning of Section 280G(b)(1) of
the Code shall be treated as subject to the Excise Tax, except to the extent
that, in the opinion of Independent Counsel, a payment or benefit hereunder (in
whole or in part) does not constitute a “parachute payment” within the meaning
of Section 280G(b)(2) of the Code and the Treasury Regulations under Section 280G
of the Code (the “Regulations”), or such “excess parachute payments” (in whole
or in part) are not subject to the Excise Tax; (y) the amount of the
payments and benefits hereunder that shall be treated as subject to the Excise
Tax shall be equal to the lesser of (A) the total amount of such payments
and benefits or (B) the amount of “excess parachute payments” within the
meaning of Section 280G(b)(1) of the Code (after applying clause (x) hereof);
and (z) the value of any noncash benefits or any deferred payment or
benefit shall be determined by Independent Counsel in accordance with the
principles of Sections 280G(d)(3) and (4) of the Code.  All fees and expenses of Independent Counsel
shall be borne by the Company.

 

17.                                 Participant
Acknowledgment.  The Participant hereby acknowledges
receipt of a copy of the Plan.  The Participant hereby acknowledges
that all decisions, determinations and interpretations of the Board of
Directors in respect of the Plan, this Agreement and the Restricted Stock shall
be final and conclusive.

 

[Signature
page follows]

 

5

 

IN WITNESS WHEREOF, the Company has caused this
Agreement to be duly executed by its duly authorized officer, and the
Participant has hereunto signed this Agreement on his own behalf, thereby
representing that he has carefully read and understands this Agreement and the
Plan as of the day and year first written above.

 

 

	
   

  	
  BALTIC TRADING
  LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  

 

6Exhibit 10.1

 

 

The TriMas 

Incentive Compensation Plan

 

TriMas
Corporation is committed to ensuring that our total compensation program is
consistent with market competitive pay practices, while providing opportunities
to attract and retain excellent performers essential to our business success.
As a component of your total compensation, the Incentive Compensation Plan (“ICP”
or the “Plan”), a discretionary bonus plan, works to support our overall
business objectives by aligning corporate and individual performance with the
goals of shareholders and focusing attention on the key measures of
success.  This plan is designed to reward
achievement of key business goals and individual performance based on your
contributions.

 

 

Participation

 

The
ICP Committee identifies the specific positions that are eligible for
participation in the plan.  The ICP
Committee consists of the CEO, CFO and VP Human Resources of TriMas.  In general, the Committee will award
eligibility to Strategic Business Unit (“SBU”) leadership, facility leadership
and their direct reports (depending on size of the operation), in addition to
corporate leadership.

 

Performance
Measures

 

Performance
measures have been designed for each SBU and TriMas Corporate
participants.  Each SBU participant will
be rewarded based on the participant’s SBU’s specific performance in the areas
of sales/profitability, cash flow from operations, productivity, inventory
turns and % of new products/market sales, as well as individual achievement of non-financial
objectives during the year.

 

TriMas Corporate
participants will be rewarded based on total TriMas performance in measures
related to sales/profitability, return on invested capital, earnings per share,
cash flow and individual non-financial objectives during the year.

 

Each year, baseline
performance levels for the measures will be established through the business
planning process and then adjusted to better reflect the upcoming year’s goals
and objectives.  Definitions of the SBU
and TriMas Corporate component performance measures are set forth in the
attached appendix.

 

 

ICP
Steps — Beginning of the Year

 

At the
beginning of each year, we go through the following five steps:

 

Beginning of Year — Step 1:  Determine Your Target Incentive Award

 

As part of the total compensation package,
your Target Incentive Award will be reviewed at the beginning of each TriMas
fiscal year.  Target Incentive Award is
based on your position and scope of responsibility and is subject to change
based on approval from the ICP Committee.

 

Beginning of Year — Step 2:  Determine Performance Components

 

The
SBU ICP award will consist of six components: 1) Sales/Profitability, 2) Cash
Flow, 3) Productivity, 4) Inventory Turnover, 5) New products/Market Sales, and
6) Individual Non- Financial Objectives.

 

The TriMas Corporate ICP
award will consist of five components: 
1) Sales/Profitability, 2) Return on Average Invested Capital, 3)
Earnings per Share, 4) Cash Flow, and 5) Individual Non-Financial Objectives.

 

Beginning of Year — Step 3:  Determine the Corresponding Component
Weighting

 

Each
component of your ICP award has a “weighting” that indicates the component’s
relative importance to your overall Plan award, as stated in the following
chart:

 

Strategic Business Unit (SBU)

 

	
  Component

  	
   

  	
  Weight Factor

  	
   

  
	
  Sales/Profitability

  	
   

  	
  40

  	
  %

  
	
  Cash Flow

  	
   

  	
  15

  	
  %

  
	
  Productivity

  	
   

  	
  15

  	
  %

  
	
  Inventory Turnover

  	
   

  	
  10

  	
  %

  
	
  New Products/Market Sales

  	
   

  	
  10

  	
  %

  
	
  Non-Financial Objectives

  	
   

  	
  10

  	
  %

  

 

TriMas Corporate

 

	
  Component

  	
   

  	
  Weight Factor

  	
   

  
	
  Sales/Profitability

  	
   

  	
  35

  	
  %

  
	
  Return
  on Average Invested Capital

  	
   

  	
  15

  	
  %

  
	
  Earnings
  Per Share

  	
   

  	
  25

  	
  %

  
	
  Cash
  Flow

  	
   

  	
  15

  	
  %

  
	
  Non-Financial Objectives

  	
   

  	
  10

  	
  %

  

 

Beginning of Year —Step 4:  Determine Target Performance for the Year

 

The
Plan’s performance measures are established through the annual business planning
process.  Each fiscal year (the “Plan
Year”), you will receive the target performance worksheet that outlines the
Target Incentive Award centerpoint for each performance measure for the coming
year.  The worksheet will also provide
you with detail relating to the overachievement or underachievement of the
various performance measures.

 

Beginning of Year — Step
5:  Set Your Individual Goals for the
Year

 

Each
Plan Year, you and your immediate supervisor will establish measurable non-financial
performance goals that are consistent with organizational goals.

 

ICP
Steps — End of the Year

 

At
the end of each Plan Year, ICP awards will be determined following these four
steps:

 

End of Year — Step 1:  Determine Actual Performance Result

 

At
the end of each Plan Year, performance is measured based on final fiscal year
financial results.  The results achieved
for each performance measure are compared to the Target Incentive Award
centerpoints determined in the business planning process, while non-financial objective
results are compared to the goals set at the beginning of the year (in each
case, the “Performance Payment Factor”).

 

 

End of Year — Step 2:  Multiply by Component Weighting

 

After
determining the applicable Performance Payment Factor for each award component
based on the actual results achieved for each performance measure, each Performance
Payment Factor is multiplied by the applicable component weighting as
determined at the beginning of the year.

 

End of Year — Step 3:  Sum of Weighted Payment Factors Equals Actual
Award

 

The
third step is to sum the weighted Performance Payment Factors for each
component, and multiply this composite weighted performance payment factor by
the Target Incentive Award amount to determine the actual ICP award that will
be paid.

 

End of Year — Step 4:  Determine Cash and Equity Components of the
Actual Award

 

Participants
with a Target Incentive Award less than $20,000 will be paid in a lump sum cash
payment.  Participants with a Target Incentive
Award greater than or equal to $20,000 will receive 80% of the award in cash
and 20% in the form of a restricted stock award, the grant date of which shall
be on or about the date on which the cash component is paid. The restricted
stock awards shall be issued pursuant to TriMas’ long term equity incentive
plans, shall vest on the one year anniversary of the grant and shall be
otherwise subject to the terms of the grant instrument issued in connection
with the grant. To the extent any applicable securities law or regulation restricts
the issuance of such stock award, 100% of the ICP payment will be paid in cash.

 

Additional Information

 

Discretion
of Payments

 

The ICP
Committee reserves the right to defer, increase/reduce or cancel any payments
under the Plan at any time (including during the Plan Year) based on the best
interests of TriMas and its shareholders, including, but not limited to,
circumstances relating to: (1) individual performance; (2) TriMas’
overall consolidated financial performance; or (3) TriMas’ future performance
objectives.

 

Prorated Awards

 

If you move between business
units within the Plan Year, your award will be calculated on a pro-rata basis
to reflect the time spent in each unit based on full year SBU results.  If you move into or out of an ICP eligible
position, you may receive a prorated award based on your salary while in an
eligible position subject to the discretion of the Committee.

 

Payment of Cash Awards

 

Payment,
less applicable taxes and withholdings with respect to the cash award, will be
made no later than March 15th after the prior Plan Year ended December 31st.

 

Termination of Employment

 

If
you terminate employment prior to the end of the Plan Year due to death,
retirement or disability, you will be eligible for a pro-rata share when awards
are paid.  The pro-rata share paid due to
death, retirement, or disability will be paid only as a lump sum cash payment when
awards are paid.  If you terminate for
any other reasons prior to the plan payout, you forfeit your award for the Plan
Year and any unvested restricted stock from previous Plan Year award payments.

 

Administration

 

The ICP
Committee will administer the Plan and reserves the right to amend, interpret
or cancel this discretionary plan at any time based on the best interests of
TriMas and its shareholders.  In the even
of any conflict between authority granted to the ICP Committee and authority
reserved to the TriMas Compensation Committee, the TriMas Compensation
Committee prevails.  This plan supersedes
all prior documentation relating to any prior version of the Incentive
Compensation Plan.

 

Questions

 

If you
have questions about the Incentive Compensation Plan described here, or about
any other aspect of the TriMas compensation program, contact your local Human
Resources representative.

 

 

Note:  At no time is this plan to be considered an
employment contract between the participants and TriMas or any of its
subsidiaries.  It does not guarantee
participants the right of continued employment. 
It does not affect a participant’s right to leave TriMas or TriMas’
right to discharge a participant.

 

 

Appendix I — Definitions

 

SBU Component Performance
Measures

 

Sales / Profitability — This measure is based on the SBU’s recurring operating profit margin as
a percent of net sales.  Recurring
Operating Profit is defined as earnings before interest, taxes, bonus expense
and other income / expense, and also excludes certain non-recurring charges
(cash and non-cash) associated with business restructuring, cost savings
projects and asset impairments. For purposes of this computation, Net Sales is
defined as net trade sales excluding all intercompany activity.

 

Cash Flow — Cash Flow is the sum of Recurring Operating Profit (defined above),
plus / minus other income / expense, plus depreciation and amortization, plus /
minus the change in working capital and minus capital expenditures.

 

Productivity— This measure is based on the achieved gross total cost savings realized
from approved SBU initiatives.  Types of productivity
projects include value added / value engineered, facility rationalization,
vendor cost downs, outsourcing / insourcing and moves to low cost countries.
Productivity does not include volume-related improvements (e.g. the natural
leverage of fixed costs attributable to higher levels of production).

 

Inventory Turnover — Inventory Turnover is calculated by dividing the SBU’s annual cost of
sales  by the arithmetic average of its month-end
net inventory (e.g., the sum of month-end inventory balances during the Plan
year divided by 12).

 

% New Products / Markets
Sales — The % New Products / Markets Sales is calculated
by dividing the Net Sales amount for specifically identified new products or
new markets by total Net Sales for the SBU. 
Each of the new products or new market projects shall be agreed upon as part of the annual business planning
process.

 

Corporate Performance Measures

 

Sales / Profitability — This measure is based on the TriMas consolidated recurring operating
profit margin as a percent of net sales. 
Recurring Operating Profit is defined as earnings before interest, taxes
and other income / expense, and also excludes certain non-recurring charges
(cash and non-cash) associated with business restructuring, cost savings
projects and asset impairments. For purposes of this computation, Net Sales is
defined as net trade sales excluding all intercompany activity.

 

Return on Average Invested
Capital — This is a measure of how
effectively TriMas, on a consolidated basis, utilizes the money (borrowed or
owned) invested in its operations.   Return on Average Invested Capital is
calculated by dividing the after-tax sum of Recurring Operating Profit (defined
above) and other income / expense by the most recent five quarter average Net Assets
(total assets less cash minus current liabilities).

 

Earnings Per Share — Earnings Per Share  is the diluted
earnings per share, from continuing operations, as reported in TriMas’ reports
on Form 10-Q and 10-K filed with the Securities and Exchange Commission,
adjusted to exclude the after-tax impact of non-recurring charges (cash and
non-cash) associated with items such as business restructuring, cost savings
projects and asset impairments.

 

Cash Flow — Cash Flow is the sum of Recurring Operating Profit (defined above), plus
/ minus other income / expense, plus depreciation and amortization, plus /
minus the change in working capital and minus capital expenditures, cash
interest and cash taxes.

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