Document:

Exhibit 4.32

 

EXECUTION VERSION

 

ACCOUNT
CHARGE

 

DATED 30
AUGUST 2016

 

BETWEEN

 

EHI CAR SERVICES LIMITED

 

as Chargor

 

- and -

 

DB TRUSTEES (HONG KONG) LIMITED

 

as Security Agent

 

     

     

    

 

CONTENTS

 

	Clause	 	Page
	 	 	 
	1.	Interpretation	1
	2.	Creation of Security	3
	3.	Representations	5
	4.	Restrictions on dealings	7
	5.	Credit balances	7
	6.	When Security becomes enforceable	8
	7.	Enforcement of Security	8
	8.	Receiver	10
	9.	Powers of Receiver	10
	10.	Application of proceeds	12
	11.	Expenses and indemnity	12
	12.	Delegation	12
	13.	Further assurances	12
	14.	Power of attorney	13
	15.	Miscellaneous	13
	16.	Release	14
	17.	Remedies and waivers	14
	18.	Partial invalidity	14
	19.	Amendments and waivers	15
	20.	Confidentiality	15
	21.	Changes to the Parties	15
	22.	Counterparts	15
	23.	Governing Law	15
	24.	Enforcement	15
	 	 	 
	Schedules	 
	 	 	 
	1.	Forms of letter for Account Bank	17
	 	 	 
	Signatories	20

 

     

     

    

 

THIS
DEED is dated 30 August 2016 and made

 

BETWEEN:

 

		(1)	EHI CAR SERVICES LIMITED, an exempted company
incorporated with limited liability under the laws of the Cayman Islands with registration number 192584 and its registered office
at c/o Offshore Incorporations (Cayman) Limited, P.O. Box 2804, 4th floor Willow House, Cricket Square, George Town, Grand Cayman,
KY1-1112, Cayman Islands as chargor (the Chargor); and

 

		(2)	DB TRUSTEES (HONG KONG) LIMITED (the Security
Agent) as security agent and trustee for the Finance Parties (as defined in the Facility Agreement defined below).

 

BACKGROUND:

 

		(A)	The Chargor enters into this Deed in connection with
the Facility Agreement (as defined below).

 

		(B)	It is intended that this document takes effect as a deed
notwithstanding the fact that a Party (as defined below) may only execute this document under hand.

 

IT IS AGREED as follows:

 

		1.	INTERPRETATION

 

		1.1	Definitions

 

In this Deed:

 

Account Bank has the
meaning given to such term in the Facility Agreement.

 

Bail-In Action means
the exercise of any Write-down and Conversion Powers.

 

Bail-In Legislation means,
in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU
establishing a framework for the recovery and resolution of credit institutions and investment firms , the relevant implementing
law or regulation as described in the EU Bail-In Legislation Schedule from time to time.

 

EEA Member Country means any member state
of the European Union, Iceland, Liechtenstein and Norway.

 

EU Bail-In Legislation Schedule means the
document described as such and published by the Loan Market Association (or any successor person) from time to time.

 

Facility Agreement means the up to US$150,000,000
facility agreement dated on or about the date of this Deed between (among others) the Chargor and the Security Agent.

 

Party means a party
to this Deed.

 

Property Ordinance means the Conveyancing
and Property Ordinance (Cap. 219 of the Laws of Hong Kong).

 

Receiver means a receiver and manager or
(if the Security Agent so specifies in the relevant appointment) a receiver, in each case, appointed under this Deed.

 

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Relevant Jurisdiction means,
in relation to the Chargor:

 

		(a)	its jurisdiction of incorporation;

 

		(b)	any jurisdiction where any asset subject to any Security Interest created or expressed to be created by it under this Deed
is situated;

 

		(c)	the jurisdiction whose laws govern the perfection of any Security Interest created or expressed to be created by it under this
Deed; and

 

		(d)	any jurisdiction where it conducts its business.

 

Resolution Authority means
any body which has authority to exercise any Write-down and Conversion Powers.

 

Secured Liabilities means
all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any
other capacity whatsoever) of each Obligor to any Finance Party under each Finance Document.

 

Security Account means
the US Dollar account with account number 0031294-050 held and maintained by the Chargor with the Account Bank and such account
shall include:

 

		(a)	if there is a change of Account Bank, any account into which all or part of a credit balance from the Security Account is transferred;
and

 

		(b)	any account which is a successor to the Security Account on any re-numbering or re- designation
of accounts and any account into which all or part of a credit balance from the Security Account is transferred for investment
or administrative purposes.

 

Security Assets means
all assets of the Chargor the subject of any security created by this Deed.

 

Security Period means
the period beginning on the date of this Deed and ending on the date on which all the Secured Liabilities have been unconditionally
and irrevocably paid and discharged in full.

 

Write-down and Conversion
Powers means in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the
powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule.

 

		1.2	Construction

 

		(a)	Capitalised terms defined in the Facility Agreement have,
unless expressly defined in this Deed, the same meaning in this Deed.

 

		(b)	The provisions of clause 1.2 (Construction) of the Facility
Agreement apply to this Deed as though they were set out in full in this Deed, except that references to the Facility Agreement
will be construed as references to this Deed.

 

	(c)	(i)	A Finance Document or any other agreement or instrument includes (without prejudice to any prohibition on amendments) any amendment to that Finance Document or other agreement or instrument, including any change in the purpose of, any extension of or any increase in the amount of a facility or any additional facility;

 

		(ii)	the term this Security means any security created by this Deed; and

 

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		(iii)	assets includes present and future properties, revenues and rights of every description.

 

		(d)	Any covenant of the Chargor under this Deed (other than
a payment obligation) remains in force during the Security Period.

 

		(e)	In the context of the rights, powers, privileges, discretions
and immunities conferred on the Security Agent or a Receiver, references to charge or mortgage in any provision
of the Property Ordinance shall, for the purposes of this Deed, be deemed to be references to this Security and references to
mortgaged land in any provision of the Property Ordinance shall, for the purposes of this Deed, be deemed to be references
to the Security Assets.

 

		(f)	If the Security Agent considers that an amount paid to
a Finance Party under a Finance Document is capable of being avoided or otherwise set aside on the liquidation or provisional
supervision of the payer or otherwise, then that amount will not be considered to have been irrevocably paid for the purposes
of this Deed.

 

		(g)	Unless the context otherwise requires, a reference to a
Security Asset includes:

 

		(i)	any part of that Security Asset; and

 

		(ii)	the proceeds of sale of that Security Asset.

 

		1.3	Third party rights

 

		(a)	Unless expressly provided to the contrary in this Deed,
a person who is not a party to this Deed has no right under the Contracts (Rights of Third Parties) Ordinance (Cap. 623 of the
Laws of Hong Kong), to enforce or to enjoy the benefit of any term of this Deed.

 

		(b)	Notwithstanding any term of this Deed, the consent of
any person who is not a party to this Deed is not required to rescind or vary this Deed at any time.

 

		2.	CREATION OF SECURITY

 

		2.1	General

 

		(a)	All the security created under this Deed:

 

		(i)	is created in favour of the Security Agent;

 

		(ii)	is created over present and future assets of the Chargor;

 

		(iii)	is created by the Chargor as the beneficial owner of its assets; and

 

		(iv)	is continuing security for the payment, discharge and performance of all the Secured Liabilities.

 

		(b)	If the rights of the Chargor under a document or in respect
of any other asset cannot be secured without the consent of a party to that document or any relevant third party in respect of
such other asset:

 

		(i)	the Chargor must notify the Security Agent promptly;	 

 

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		(ii)	this Security will secure all amounts which the Chargor may receive, or has received, under that
document or in respect of that other asset, but will exclude the document or that other asset itself;

 

		(iii)	unless the Security Agent otherwise requires, the Chargor must use reasonable endeavours to obtain
the consent of the relevant party to that document or, as the case may be, the relevant third party in respect of that other asset,
being secured under this Deed as soon as practicable; and

 

		(iv)	the Chargor must promptly supply to the Security Agent a copy of the consent, if any, obtained
by it.

 

		(c)	The Security Agent holds the benefit of this Deed on trust
for the Finance Parties.

 

		(d)	The fact that no or incomplete details of any Security
Asset are included in this Deed does not affect the validity or enforceability of this Security.

 

		2.2	Security

 

The Chargor charges in favour of the Security Agent
by way of a first fixed charge all of its rights in respect of any amount standing to the credit of the Security Account and the
debt represented by it.

 

		2.3	Floating charge

 

		(a)	The Chargor charges in favour of the Security Agent by
way of a first floating charge all its rights in respect of any amount standing to the credit of the Security Account and the
debt represented by it not at any time otherwise effectively charged by way of fixed charge under this Clause.

 

		(b)	The Security Agent may by notice to the Chargor convert
the floating charge created by the Chargor under this Deed into a fixed charge as regards any of the Chargor's assets specified
in that notice, if:

 

		(i)	an Event of Default is continuing;

 

		(ii)	the Security Agent considers those assets to be in danger of being seized or sold under any form
of distress, attachment, execution or other legal process or to be otherwise in jeopardy; or

 

		(iii)	the Chargor fails to comply, or takes or threatens to take any action which, in the reasonable
opinion of the Security Agent, is likely to result in the Chargor failing to comply with its obligations under Clause 4 (Restrictions
on dealings),

 

and upon issue of such notice by the Security Agent
to the Chargor in respect of any asset of the Chargor, the floating charge over that asset shall immediately crystallise and become
a fixed charge.

 

		(c)	The floating charge created under this Deed will (in addition
to the circumstances in which such a conversion will occur under general law) automatically convert into a fixed charge over all
the Security Assets on the convening of any meeting of the members of the Chargor to consider a resolution to wind up the Chargor
(or not to wind up the Chargor).

 

		(d)	The giving by the Security Agent of a notice under paragraph
(b) above in relation to any asset of the Chargor will not be construed as a waiver or abandonment of the Security Agent's rights
to give any other notice in respect of any other asset or of any other right of any other Finance Party under this Deed or any
other Finance Document.

 

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		3.	REPRESENTATIONS

 

		3.1	Representations

 

The Chargor makes the representations and warranties
set out in this Clause to each Finance Party.

 

		3.2	Status

 

It is a limited liability company, duly incorporated,
validly existing and in good standing under the law of the Cayman Islands.

 

		3.3	Binding obligations

 

		(a)	The obligations expressed to be assumed by it in this Deed
are, subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion
delivered under the Facility Agreement, legal, valid, binding and enforceable obligations.

 

		(b)	This Deed is in the proper form for its enforcement in
the jurisdiction of its incorporation.

 

		3.4	Non-conflict with other obligations

 

The entry into and performance by it of, and the
transactions contemplated by, this Deed do not and will not conflict with:

 

		(a)	any law or regulation applicable to it;

 

		(b)	its constitutional documents; or

 

		(c)	any agreement or instrument binding upon it or any of its assets.

 

		3.5	Powers and authority

 

It has the power to enter into and perform, and
has taken all necessary action to authorise its entry into and performance of, this Deed and the transactions contemplated by this
Deed.

 

		3.6	Validity and admissibility in evidence

 

		(a)	All Authorisations required or desirable:

 

		(i)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in this Deed; and

 

		(ii)	to make this Deed admissible in evidence in its Relevant
Jurisdiction, have been obtained or effected and are in full force and effect.

 

		3.7	Governing law and enforcement

 

		(a)	Any:

 

		(i)	irrevocable submission under this Deed to the jurisdiction
of the courts of Hong Kong;

 

		(ii)	agreement that this Deed is governed by Hong Kong law; and

 

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		(iii)	agreement not to claim any immunity to which it or its
assets may be entitled,

 

is legal, valid and binding under the laws of its
Relevant Jurisdiction.

 

	(b)	Any judgment obtained in Hong Kong in relation to this Deed will be recognised and be enforceable by the courts of its Relevant
Jurisdiction.

 

	3.8	No filing or stamp taxes

 

Under the laws of its Relevant
Jurisdiction it is not necessary that this Deed be registered, filed, recorded, notarised or enrolled with any court or other authority
in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to it or the
transactions contemplated by it except any Cayman Islands stamp tax arising from this Deed being executed in, or the original of
which being brought into or produced before a court of, the Cayman Islands.

 

	3.9	Immunity

 

	(a)	The entry into by it of this Deed constitutes, and the exercise by it of its rights and performance
of its obligations under this Deed will constitute, private and commercial acts performed for private and commercial purposes.

 

	(b)	It will not be entitled to claim immunity from suit, execution, attachment or other legal process in any proceedings taken
in its jurisdiction of incorporation in relation to this Deed.

 

	3.10	No adverse consequences

 

	(a)	It is not necessary under the laws of its jurisdiction of incorporation:

 

		(i)	in order to enable any Finance Party to enforce its rights under this Deed; or

 

		(ii)	by reason of the entry into of this Deed or the performance by it of its obligations under this Deed,

 

that any Finance Party should
be licensed, qualified or otherwise entitled to carry on business in that jurisdiction.

 

	(b)	No Finance Party is or will be deemed to be resident, domiciled or carrying on business in that jurisdiction by reason only
of the entry into, performance and/or enforcement of this Deed.

 

	3.11	Nature of security

 

This Deed creates those Security
Interests it purports to create and is not liable to be amended, avoided or otherwise set aside on its liquidation or provisional
supervision or otherwise.

 

	3.12	Ranking of security

 

This Security has first ranking
priority and it is not subject to any prior ranking or pari passu ranking Security Interest.

 

	3.13	Security Account

 

	(a)	It is the sole legal and beneficial owner of the credit balances from time to time in the Security Account which it maintains.

 

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	(b)	The credit balances referred to in paragraph (a) above are free of any Security Interests (except
for those created by or under this Deed or as permitted under any Finance Document) and any other rights or interests in favour
of third parties.

 

		3.14	Times for making representations

 

		(a)	The representations and warranties set out in this Deed
(including in this Clause) are made by the Chargor on the date of this Deed.

 

		(b)	Unless a representation and warranty is expressed to be
given at a specific date, each representation and warranty under this Deed is deemed to be made by the Chargor by reference to
the facts and circumstances then existing on each date the Repeating Representations are made or deemed to be made under the Facility
Agreement.

 

		4.	RESTRICTIONS ON DEALINGS

 

The Chargor must not:

 

		(a)	create or permit to subsist any Security Interest on any
Security Asset; or

 

		(b)	sell, transfer, license, lease or otherwise dispose of
any Security Asset,

 

except as expressly allowed under the Facility Agreement.

 

		5.	CREDIT BALANCES

 

		5.1	Accounts

 

The Security Account must be maintained at the Account
Bank.

 

		5.2	Change of Account Bank

 

		(a)	The Account Bank may be changed in accordance with clause
21.4 (Change of Account Bank) of the Facility Agreement.

 

		(b)	A change of Account Bank shall only become effective when
the Chargor and the new Account Bank have delivered a notice and acknowledgement substantially in the form set out in Schedule
1 (Forms of letter for Account Bank) or in such other form approved by the Security Agent.

 

		(c)	If there is a change of Account Bank, the amount (if any)
standing to the credit of the Security Account maintained with the old Account Bank will be transferred to the corresponding Security
Account maintained with the new Account Bank immediately upon the appointment taking effect. The Chargor gives all Authorisations
and instructions necessary for any such transfer to be made.

 

		(d)	The Chargor must take any action which the Security Agent
may require to facilitate a change of Account Bank and any transfer of credit balances (including the execution of bank mandate
forms).

 

		5.3	Interest

 

Amounts standing to the credit of each Security
Account will bear interest at a rate applied by the Account Bank to accounts of a similar nature.

 

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		5.4	Withdrawals

 

		(a)	Without prejudice to Clause 5.2 above, except with the
prior consent of the Security Agent or as otherwise permitted under the Facility Agreement, the Chargor must not withdraw any
moneys (including interest) standing to the credit of the Security Account.

 

		(b)	The Security Agent (or a Receiver) may (subject to the
payment of any claims having priority to this Security) withdraw amounts standing to the credit of the Security Account to meet
an amount due and payable under the Finance Documents when it is due and payable.

 

		5.5	Filing

 

The Chargor must, where applicable,
make timely filing and registration of this Deed in order to preserve and perfect this Security.

 

	5.6	Particulars of Charge

 

The Chargor must promptly after
execution of this Deed, instruct its registered office provider to enter particulars as required by the Companies Law (as amended)
of the Cayman Islands of the Security Interests created pursuant to this Deed in the register of mortgages and charges of the Chargor
and within three Business Days after the execution of this Deed, provide the Security Agent with a certified true copy of the updated
register of mortgages and charges.

 

	6.	WHEN SECURITY BECOMES ENFORCEABLE

 

	6.1	Event of Default

 

This Security will become immediately
enforceable if an Event of Default is continuing.

 

		6.2	Discretion

 

After this Security has become
enforceable, the Security Agent may in its absolute discretion enforce all or any part of this Security in any manner it sees fit
or as the Majority Lenders direct.

 

		6.3	Power of sale

 

		(a)	After this Security has become enforceable, the Security
Agent may, without prior notice to the Chargor or prior Authorisation from any court or any other person, sell or otherwise dispose
of all or any part of the Security Assets at the times, in the manner and on the terms it thinks fit.

 

		(b)	The power of sale and other powers conferred (or deemed
by this Deed to be conferred) by the Property Ordinance, as amended by this Deed, will be immediately exercisable at any time
after this Security has become enforceable.

 

		7.	ENFORCEMENT OF SECURITY

 

		7.1	General

 

Paragraph 11 of the Fourth
Schedule (Powers of Mortgagee & Receiver) to the Property Ordinance (and any similar provision under other laws) does not apply
to this Security.

 

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		7.2	No liability as mortgagee in possession

 

Neither the Security Agent
nor any Receiver will be liable, by reason of entering into possession of a Security Asset, to account as mortgagee in possession
or for any loss on realisation or for any default or omission for which a mortgagee in possession might be liable.

 

		7.3	Privileges

 

Each Receiver and the Security
Agent is entitled to all the rights, powers, privileges and immunities of mortgagees and receivers referred to in the Property
Ordinance as if it were such a mortgagee or receiver (and so that the statutory power of sale shall be exercisable without regard
to paragraph 11 of the Fourth Schedule (Powers of Mortgagee & Receiver) to the Property Ordinance).

 

		7.4	Protection of third parties

 

No person (including a purchaser)
dealing with the Security Agent or a Receiver or its or his agents will be concerned to enquire:

 

		(a)	whether the Secured Liabilities have become payable;

 

		(b)	whether any power which the Security Agent or a Receiver is purporting to exercise has become exercisable or is being properly
exercised;

 

		(c)	whether any money remains due under the Finance Documents; or

 

		(d)	how any money paid to the Security Agent or to that Receiver is to be applied.

 

		7.5	Redemption of prior mortgages

 

		(a)	At any time after this Security has become enforceable,
the Security Agent may:

 

		(i)	redeem any prior Security Interest against any Security Asset; and/or

 

		(ii)	procure the transfer of that Security Interest to itself; and/or

 

		(iii)	settle and pass the accounts of the prior mortgagee, chargee or encumbrancer; any accounts so settled
and passed will be, in the absence of manifest error, conclusive and binding on the Chargor.

 

		(b)	The Chargor must pay to the Security Agent, immediately
on demand, the costs and expenses incurred by the Security Agent in connection with any such redemption and/or transfer, including
the payment of any principal or interest.

 

		7.6	Contingencies

 

If this Security is enforced
at a time when no amount is due under the Finance Documents but at a time when amounts may or will become due, the Security Agent
(or the Receiver) may pay the proceeds of any recoveries effected by it into a suspense account.

 

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		8.	RECEIVER

 

		8.1	Appointment of Receiver

 

		(a)	The Security Agent may appoint any one or more persons
to be a Receiver of all or any part of the Security Assets if:

 

		(i)	this Security has become enforceable; or

 

		(ii)	the Chargor so requests the Security Agent in writing at any time.

 

		(b)	Any appointment under paragraph (a) above may be by deed,
under seal or in writing under its hand.

 

		8.2	Removal

 

The Security Agent may by writing
under its hand remove any Receiver appointed by it and may, whenever it thinks fit, appoint a new Receiver in the place of any
Receiver whose appointment may for any reason have terminated.

 

		8.3	Remuneration

 

The Security Agent may fix
the remuneration of any Receiver appointed by it. The Chargor alone shall be liable for the remuneration and all other costs, losses,
liabilities and expenses of any Receiver.

 

		8.4	Agent of the Chargor

 

		(a)	A Receiver will be deemed to be the agent of the Chargor
for all purposes and accordingly will be deemed to be in the same position as a Receiver duly appointed by a mortgagee under the
Property Ordinance. The Chargor alone is responsible for the contracts, engagements, acts, omissions, defaults and losses of a
Receiver and for liabilities incurred by a Receiver.

 

		(b)	No Finance Party will incur any liability (either to the
Chargor or to any other person) by reason of the appointment of a Receiver or for any other reason.

 

		8.5	Relationship with Security Agent

 

To the fullest extent allowed
by law, any right, power or discretion conferred by this Deed (either expressly or impliedly) or by law on a Receiver may after
this Security becomes enforceable be exercised by the Security Agent in relation to any Security Asset without first appointing
a Receiver or notwithstanding the appointment of a Receiver.

 

		9.	POWERS OF RECEIVER

 

		9.1	General

 

		(a)	A Receiver has all of the rights, powers and discretions
set out below in this Clause in addition to those conferred (or deemed by this Deed to be conferred) on it by any law. This includes
all the rights, powers and discretions conferred on a receiver under the Property Ordinance.

 

		(b)	If there is more than one Receiver holding office at the
same time, each Receiver may (unless the document appointing him states otherwise) exercise all of the powers conferred on a Receiver
under this Deed individually and to the exclusion of any other Receiver.

 

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		9.2	Possession

 

A Receiver may take immediate
possession of, get in and collect any Security Asset and, without prejudice to the foregoing, cause to be registered all or any
part of the Security Assets in its own name or in the name of its nominee(s) or in the name of any purchaser(s) thereof.

 

		9.3	Borrow money

 

A Receiver may raise and borrow
money either unsecured or on the security of any Security Asset either in priority to this Security or otherwise and generally
on any terms and for whatever purpose which he thinks fit.

 

		9.4	Sale of assets

 

		(a)	A Receiver may sell, exchange, convert into money and realise
any Security Asset by public auction or private contract and generally in any manner and on any terms which he thinks fit.

 

		(b)	The consideration for any such transaction may consist
of cash, debentures or other obligations, shares, stock or other valuable consideration and any such consideration may be payable
in a lump sum or by instalments spread over any period which he thinks fit.

 

		9.5	Compromise

 

A Receiver may settle, adjust,
refer to arbitration, compromise and arrange any claim, account, dispute, question or demand with or by any person who is or claims
to be a creditor of the Chargor or relating in any way to any Security Asset.

 

		9.6	Legal actions

 

A Receiver may bring, prosecute,
enforce, defend and abandon any action, suit or proceedings in relation to any Security Asset which he thinks fit.

 

		9.7	Receipts

 

A Receiver may give a valid
receipt for any moneys and execute any assurance or thing which may be proper or desirable for realising any Security Asset.

 

		9.8	Delegation

 

A Receiver may delegate his
powers in accordance with this Deed.

 

		9.9	Other powers

 

A Receiver may:

 

		(a)	do all other acts and things which he may consider desirable
or necessary for realising any Security Asset or incidental or conducive to any of the rights, powers or discretions conferred
on a Receiver under or by virtue of this Deed or law;

 

		(b)	exercise in relation to any Security Asset all the powers, authorities and things which he would
be capable of exercising if he were the absolute beneficial owner of that Security Asset; and

 

		(c)	use the name of the Chargor for any of the above purposes.

 

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		10.	APPLICATION OF PROCEEDS

 

Any moneys received by the
Security Agent or any Receiver after this Security has become enforceable must be applied in the following order of priority:

 

		(a)	first, in or towards payment of or provision for all costs and expenses incurred by the
Security Agent or any Receiver under or in connection with this Deed and of all remuneration due to any Receiver under or in connection
with this Deed;

 

		(b)	secondly, in or towards payment of or provision for the Secured Liabilities in accordance
with clause 30.5 (Partial payment) of the Facility Agreement; and

 

		(c)	thirdly, in payment of the surplus (if any) to the Chargor or other person entitled to it.

 

This Clause does not prejudice
the right of any Finance Party to recover any shortfall from the Chargor.

 

		11.	EXPENSES AND INDEMNITY

 

The Chargor must:

 

		(a)	immediately on demand pay all costs and expenses (including legal fees) incurred in connection
with this Deed by any Finance Party, Receiver, attorney, manager, agent or other person appointed by the Security Agent under this
Deed including any arising from any actual or alleged breach by any person of any law or regulation, whether relating to the environment
or otherwise; and

 

		(b)	keep each of them indemnified against any failure or delay in paying those costs or expenses.

 

		12.	DELEGATION

 

		12.1	Power of Attorney

 

The Security Agent or any Receiver
may delegate by power of attorney or in any other manner to any person any right, power or discretion exercisable by it under this
Deed.

 

		12.2	Terms

 

Any such delegation may be
made upon any terms (including power to sub-delegate) which the Security Agent or any Receiver may think fit.

 

		12.3	Liability

 

Neither the Security Agent
nor any Receiver will be in any way liable or responsible to the Chargor for any loss or liability arising from any act, default,
omission or misconduct on the part of any delegate or sub-delegate.

 

		13.	FURTHER ASSURANCES

 

The Chargor must, at its own
expense, take whatever action the Security Agent or a Receiver may require for:

 

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		(a)	creating, perfecting or protecting any security intended
to be created by or pursuant to this Deed; or

 

		(b)	facilitating the realisation of any Security Asset, or the exercise of any right, power or discretion
exercisable, by the Security Agent or any Receiver or any of its delegates or sub- delegates in respect of any Security Asset.

 

This includes:

 

		(i)	the execution of any transfer, conveyance, charge, mortgage, assignment or assurance of any property, whether to the Security
Agent or to its nominee; and

 

		(ii)	the giving of any notice, order or direction and the making of any filing, registration or renewal,

 

which, in any such case, the
Security Agent may think expedient.

 

		14.	POWER OF ATTORNEY

 

The Chargor, by way of security,
irrevocably and severally appoints the Security Agent, each Receiver and any of its delegates or sub-delegates to be its attorney
to take any action which the Chargor is obliged to take under this Deed. The Chargor ratifies and confirms whatever any attorney
does or purports to do under its appointment under this Clause.

 

		15.	MISCELLANEOUS

 

		15.1	Covenant to pay

 

The Chargor must pay or discharge
the Secured Liabilities in the manner provided for in the Finance Documents provided that (without limiting the liability of the
Chargor under any other Finance Document) the liability of the Chargor under this Clause 15.1 is limited to the enforcement proceeds
recovered by the Finance Parties in respect of the Security Assets.

 

		15.2	New Accounts

 

		(a)	If any subsequent charge or other interest affects any
Security Asset, a Finance Party may open a new account with the Chargor.

 

		(b)	If a Finance Party does not open a new account, it will
nevertheless be treated as if it had done so at the time when it received or was deemed to have received notice of that charge
or other interest.

 

		(c)	As from that time all payments made to that Finance Party
will be credited or be treated as having been credited to the new account and will not operate to reduce any Secured Liability.

 

		15.3	Time deposits

 

Without prejudice to any right
of set-off any Finance Party may have under any other Finance Document or otherwise, if any time deposit matures on any account
the Chargor has with any Finance Party within the Security Period when:

 

		(a)	this Security has become enforceable; and

 

		(b)	no Secured Liability is due and payable,

 

    13

     

    

 

that time deposit will automatically
be renewed for any further maturity which that Finance Party considers appropriate.

 

		15.4	Contractual recognition of bail-in

 

Notwithstanding any other term
of this Deed or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that
any liability of any Party to any other Party under or in connection with this Deed may be subject to Bail-In Action by the relevant
Resolution Authority and acknowledges and accepts to be bound by the effect of:

 

		(a)	any Bail-In Action in relation to any such liability, including
(without limitation):

 

		(i)	a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest)
in respect of any such liability;

 

		(ii)	a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or
conferred on, it; and

 

		(iii)	a cancellation of any such liability; and

 

		(b)	a variation of any term of this Deed to the extent necessary to give effect to any Bail-In Action in relation to any such liability.

 

		16.	RELEASE

 

		(a)	At the end of the Security Period, the Finance Parties
must, at the request and cost of the Chargor, take whatever action is necessary to release the Security Assets from this Security.

 

		(b)	If any Security Asset is sold, transferred or disposed
of as permitted under and in accordance with the Finance Documents, the Security Agent shall, at the cost of the Chargor, take
whatever action is necessary to release that Security Asset from this Security.

 

		(c)	For the purpose of any release of a Security Asset from
this Security, the execution of a document evidencing such release by the Security Agent shall be a good and valid release of
that Security Asset from this Security without the need for any of the other Finance Parties to be joined as a party thereto.

 

		(d)	Any release in relation to the Chargor will be conditional
upon no security or payment to the Security Agent by or on behalf of the Chargor and/or any other Obligor being avoided or reduced
by virtue of any bankruptcy, insolvency, liquidation or similar laws of general application and will in those circumstances be
void.

 

		17.	REMEDIES AND WAIVERS

 

No failure to exercise, nor
any delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents will operate as a waiver,
nor will any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other
right or remedy. The rights and remedies provided in this Deed are cumulative and not exclusive of any rights or remedies provided
by law and may be waived only in writing and specifically.

 

		18.	PARTIAL INVALIDITY

 

If, at any time, any term of
this Deed is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, that will not affect:

 

    14

     

    

 

		(a)	the legality, validity or enforceability in that jurisdiction
of any other term of this Deed; or

 

		(b)	the legality, validity or enforceability in other jurisdictions of that or any other term of this Deed.

 

		19.	AMENDMENTS AND WAIVERS

 

The Chargor agrees to any amendment
or waiver allowed by clause 36 (Amendments and Waivers) of the Facility Agreement. This includes any amendment or waiver which
would, but for this paragraph, require the consent of the Chargor if this Deed is to remain in full force and effect.

 

		20.	CONFIDENTIALITY

 

Each Finance Party may disclose
information in connection with this Deed in accordance with clause 37 (Disclosure of Information) of the Facility Agreement.

 

		21.	CHANGES TO THE PARTIES

 

		21.1	The Chargor

 

The Chargor must not assign
any of its rights or transfer any of its rights or obligations under this Deed.

 

		21.2	The Finance Parties

 

Any Finance Party may assign
or otherwise dispose of all or any of its rights under this Deed in accordance with the provisions contained in the Facility Agreement.

 

		22.	COUNTERPARTS

 

This Deed may be executed in
any number of counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of this Deed.

 

		23.	GOVERNING LAW

 

This Deed is governed by Hong Kong law.

 

		24.	ENFORCEMENT

 

		24.1	Jurisdiction

 

		(a)	The Hong Kong courts have exclusive jurisdiction to settle
any dispute arising out of or in connection with this Deed (including a dispute relating to the existence, validity or termination
of this Deed) (a Dispute).

 

		(b)	The Parties agree that the Hong Kong courts are the most
appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

 

		(c)	This Clause 24.1 (Jurisdiction) is for the benefit of the
Finance Parties only. As a result, to the extent allowed by law:

 

		(i)	no Finance Party will be prevented from taking proceedings
relating to a Dispute in any other courts with jurisdiction; and

 

    15

     

    

 

		(ii)	the Finance Parties may take concurrent proceedings in any number of jurisdictions.

 

		24.2	Service of process

 

		(a)	Without prejudice to any other mode of service allowed
under any relevant law, the Chargor:

 

		(i)	irrevocably appoint eHi Auto Services (Hong Kong) Holding Limited (一嗨汽車服務(香港)
控股有限公司) of Room 1903,
19/F Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong as its agent under this Deed for service of process in relation to
any proceedings before the Hong Kong courts in connection with this Deed; and

 

		(ii)	agrees that failure by a process agent to notify the Chargor of the process will not invalidate the proceedings concerned.

 

		(b)	If any person appointed as process agent under this Clause
24.2 (Service of process) is unable for any reason so to act, the Chargor must immediately (and in any event within 10 days of
the event taking place) appoint another agent on terms acceptable to the Security Agent. Failing this, the Security Agent may
appoint another process agent for this purpose.

 

		24.3	Waiver of immunity

 

The Chargor irrevocably and unconditionally:

 

		(a)	agrees not to claim any immunity from proceedings brought by a Finance Party against it in relation to this Deed and to ensure
that no such claim is made on its behalf;

 

		(b)	consents generally to the giving of any relief or the issue of any process in connection with those proceedings; and

 

		(c)	waives all rights of immunity in respect of it or its assets.

 

THIS DEED has been executed and delivered as
a deed on the date stated at the beginning of this Deed.

 

    16

     

    

 

SCHEDULE 1

 

FORMS OF LETTER FOR ACCOUNT BANK

 

PART
1

 

NOTICE TO ACCOUNT BANK

 

[On the letterhead of the Chargor]

 

	To:	[New Account Bank]
	 	 
	Copy:	DB Trustees (Hong Kong) Limited

 

[Date]

 

Dear Sirs,

 

Account Charge dated
[l] 2016 between eHi Car Services Limited

and DB Trustees (Hong Kong) Limited (the
Account Charge)

 

This letter constitutes notice
to you that under the Account Charge we (the Chargor) have charged in favour of DB Trustees (Hong Kong) Limited (the Security
Agent) all our rights in respect of any amount standing to the credit of the account maintained by us with you (Account no.
[l], sort code [l]) (the Security Account)
and the debt represented by it (the Charged Debt) by way of (i) a first fixed charge, and (ii) (in respect of any Charged
Debt not at any time effectively charged by way of fixed charge) a first floating charge over such Charged Debt.

 

We irrevocably instruct and authorise you to:

 

		(a)	disclose to the Security Agent any information relating
to the Security Account requested from you by the Security Agent;

 

		(b)	comply with the terms of any written notice or instruction
relating to the Security Account received by you from the Security Agent;

 

		(c)	hold all sums standing to the credit of the Security Account
to the order of the Security Agent;

 

		(d)	pay or release any sum standing to the credit of the Security
Account in accordance with the written instructions of the Security Agent; and

 

		(e)	promptly notify the Security Agent if any person other
than the Security Agent gives instruction to you concerning the Security Account.

 

We are not permitted to withdraw
any amount from the Security Account without the prior written consent of the Security Agent.

 

We acknowledge that you may comply
with the instructions in this letter without any further permission from us or enquiry by you.

 

    17

     

    

 

The instructions in this letter may not be revoked
or amended without the prior written consent of the Security Agent.

 

This letter is governed by Hong
Kong law.

 

Please confirm your agreement
to the above by sending the attached acknowledgement to the Security Agent at Level 52, International Commerce Centre, 1 Austin
Road West, Kowloon, Hong Kong with a copy to ourselves.

 

Yours faithfully,

 

.................................................

(Authorised Signatory)

 

EHI CAR
SERVICES LIMITED

 

    18

     

    

 

PART 2 

 

ACKNOWLEDGEMENT OF ACCOUNT BANK

 

[On the letterhead of the Account Bank]

 

	To:	DB Trustees (Hong Kong) Limited 
	 	 
	Copy:	eHi Car Services Limited

 

[Date]

 

Dear Sirs,

 

Account Charge dated
[l] 2016 between eHi Car Services Limited

and DB Trustees (Hong Kong) Limited (the
Account Charge)

 

We confirm receipt from eHi Car
Services Limited (the Chargor) of a notice dated [l] of a charge upon the terms
of the Account Charge over all the rights of the Chargor to any amount standing to the credit of its account with us (Account no.
[l], sort code [l]) (the Security Account)
and the debt represented by it.

 

We confirm that we:

 

		(a)	accept the instructions contained in the notice and agree
to comply with the notice;

 

		(b)	have not received notice of the interest of any third party
in the Security Account;

 

		(c)	have neither claimed nor exercised, nor will claim or exercise,
any security interest, set-off, counter- claim or other right in respect of the Security Account; and

 

		(d)	will not permit any amount to be withdrawn from the Security
Account without your prior written consent.

 

This letter is governed by Hong Kong law.

 

Yours faithfully,

 

.................................................

(Authorised signatory)

[New Account Bank]

 

    19

     

    

  

SIGNATORIES

 

	SIGNED, SEALED and DELIVERED	)	 
	as a deed by /s/ Ray Ruiping Zhang	)	 
	)	 
	
        as duly authorised signatory

        acting for and on behalf of
	
        )

        )
	 
	EHI CAR SERVICES LIMITED	)
	)	 
	in the presence of:	 
	 	 
	Witness signature: /s/ Jue Zhou	 
	Witness name: Jue Zhou	 
	Witness address: 12th Floor, Bldg
    5, 388 Da-Du-He Road, Shanghai 	 

 

    20

     

    

 

Security Agent

 

DB TRUSTEES (HONG KONG) LIMITED

 

		By:	/s/ Wong Nga Yan Sara	 /s/ Melissa Chow

 

	Authorised Signatory	Authorised SignatoryExhibit

Exhibit 10.1
    
1/1/17 - 12/31/19 Award
Performance Stock Units

TRIMAS CORPORATION
2011 OMNIBUS INCENTIVE COMPENSATION PLAN
PERFORMANCE STOCK UNITS AGREEMENT

TriMas Corporation (the “Corporation”), as permitted by the TriMas Corporation 2011 Omnibus Incentive Compensation Plan, as amended (“Plan”), and as approved by the Committee, has granted to the individual listed below (“Grantee”), the opportunity to earn Performance Stock Units (“PSUs”) in the amount designated in this Performance Stock Unit Agreement (“Agreement”), subject to the terms and conditions of the Plan and this Agreement.
Unless otherwise defined in this Agreement or in the Appendices to this Agreement, the terms used in this Agreement have the same meaning as defined in the Plan; provided, however, that, as permitted by Section 10.1 of the Plan, the PSUs granted under this Agreement consist solely of Restricted Stock Units (with performance conditions) under the Plan.  The term “Service Provider” as used in this Agreement means an individual actively providing services to the Corporation or a Subsidiary or Affiliate of the Corporation.  
I.    NOTICE OF PSU AWARD
	
		
	Grantee:
	Grantee’s name

	Date of Agreement:
	specify date

	Grant Date:
	Grant Date

	Number of PSUs in Award:
	number of PSUs (“Target”), subject to addition or subtraction as set forth on Appendix A depending on achievement of performance goals

	Performance Period:
	Beginning on January 1, 2017, and continuing through December 31, 2019

	Settlement Date
	March 1, 2020

	Settlement Method:
	Earned and vested PSUs will be settled by delivery of one share of Stock for each PSU being settled

II.    AGREEMENT
A.    Grant of PSUs.  The Corporation has granted to Grantee (who, pursuant to this Award is a Participant in the Plan) the number of PSUs set forth above, subject to adjustment as provided otherwise in this Agreement (this “Award”).  The PSUs granted under this Agreement are payable only in shares of Stock.  Notwithstanding anything to the contrary anywhere else in this Agreement, the PSUs in this Award are subject to the terms and provisions of the Plan, which are incorporated by reference into this Agreement.
1.    Vesting.  Except as otherwise designated in this Agreement, Grantee must be a Service Provider on the Settlement Date (as such term is defined in Section II.A.7 below) to be eligible to vest in, and earn, any PSUs, and any unvested PSUs subject to this Award will be canceled and forfeited if Grantee terminates as a Service Provider prior to the Settlement Date.  Any PSUs that remain unearned after the “Determination Date” (as such term is defined in Appendix A) will be cancelled and forfeited.
2.    Performance Goals to Earn PSUs.  Grantee will only receive shares of Stock related to, and to the extent that such shares are earned pursuant to, the performance goals specified in Appendix A to this Agreement (“Performance Goals”).
3.    Dividend Equivalent Rights.  From and after the Grant Date and until the earlier of (a) the time when the PSUs are earned and/or vest and are settled in accordance with Section II.A.7 hereof or (b) the time when Grantee’s rights to the PSUs are forfeited in accordance with Section II.A.6 or II.A.7 hereof, on the date that the Corporation pays a cash dividend (if any) to holders of Stock generally, Grantee shall be credited with cash per PSU equal to the amount of such dividend.  Any amounts credited pursuant to the immediately preceding sentence shall be subject to the same applicable terms and conditions (including earning, vesting, payment, and forfeitability) as apply to the PSUs based on which the dividend equivalents were credited, and such amounts shall be paid in either cash or Stock, as determined by the Committee in its sole discretion, at the same time as the PSUs to which they relate.  If such amounts are paid in Stock, the number of shares so paid shall be rounded down to the nearest whole number and shall be determined by dividing such credited amounts by the Fair Market Value per share of Stock on the payment date.
4.    Rights as a Shareholder.  This Award does not entitle Grantee to any ownership interest in any actual shares of Stock unless and until such shares of Stock are issued to Grantee pursuant to the terms of the Plan.  Except as otherwise provided in Section II.A.3 hereof, until shares of Stock are issued to Grantee in settlement of earned and vested PSUs under this Award, Grantee will have none of the rights of a stockholder of the Corporation with respect to the shares of Stock issuable in settlement of the PSUs, including the right to vote the shares of Stock.  Shares of Stock issuable in settlement of PSUs will be delivered to Grantee on the Settlement Date in book entry form or in such other manner as the Committee may determine.
5.    Adjustments.  The Stock to which the PSUs covered by this Award relate will be subject to adjustment as provided in Section 17 of the Plan.

2

6.    Termination of Service; Forfeiture.  
(a)     Voluntary Termination; Termination by Corporation.  Any unvested PSUs subject to this Award will be forfeited if, prior to the Settlement Date, Grantee voluntarily terminates as a Service Provider (other than for Good Reason as provided below), or if Grantee’s status as a Service Provider is terminated by the Corporation, a Subsidiary or Affiliate for any reason (other than death, Disability, or Retirement). 
(b)     Qualifying Termination Prior to a Change of Control.  Notwithstanding the foregoing, and except as set forth in subsection (f) of this Section II.A.6, if Grantee ceases to be a Service Provider prior to the Settlement Date as a result of Grantee’s Qualifying Termination, Grantee shall receive a pro-rata portion of the number of PSUs, if any, that are earned under Section II.A.2 due to the achievement of one or more performance measures specified in Appendix A during the performance period specified in the table above (the “Performance Period”).  The pro-rata percentage of the number of PSUs to be earned and settled under Section II.A.7 shall be equal to (x) the amount determined under Section II.A.2 above at the end of the Performance Period, multiplied by (y) a fraction (not greater than 1), the numerator of which is the number of full calendar months Grantee was employed or rendering services from the beginning of the Performance Period through the date of Grantee’s termination, and the denominator of which is 36.
(c)    Disability.  Notwithstanding the foregoing, if Grantee ceases to be a Service Provider prior to the Settlement Date as a result of Grantee’s Disability, Grantee’s PSUs shall become fully vested at the end of the Performance Period based on the number of PSUs that would have been actually earned due to the achievement of one or more performance measures specified in Appendix A, assuming Grantee had continued to be a Service Provider through the Settlement Date.
(d)    Death.  Notwithstanding the foregoing, if Grantee ceases to be a Service Provider prior to the Settlement Date as a result of Grantee’s death, Grantee’s PSUs shall immediately become fully vested based on the Target number set forth in “Number of PSUs in Award” in Section I.
(e)     Retirement.  If Grantee ceases to be a Service Provider as a result of Grantee’s Retirement, the Committee may, in its discretion, permit Grantee to receive a pro-rata portion of the number of PSUs specified in Section I above, with the pro-rata percentage of the number of PSUs to be vested to be determined in accordance with subsection (b) of this Section II.A.6.  
(f)    Qualifying Termination Following a Change of Control.  Notwithstanding anything set forth herein to the contrary, if Grantee ceases to be a Service Provider due to Grantee’s Qualifying Termination within two years after a “Change of Control” (as defined in Appendix B) and prior to the Settlement Date, the number of PSUs subject to the Award that shall become vested and non-forfeitable shall equal (x) the Target number set forth in “Number of PSUs in Award” in Section I, less (y) the number of PSUs that had already become vested as of the date of such termination, but in no event may negative discretion 

3

be exercised with respect to the number of PSUs awarded.  Any PSUs that are not earned and do not vest in accordance with the foregoing sentence shall terminate and be forfeited.
Any PSUs that are not earned and do not vest in accordance with this Section II.A.6. shall terminate and be forfeited as of the date of Grantee’s termination.  Further, the Corporation retains the right to accelerate the vesting (but not the time of payment) of all or a portion of the PSUs subject to this Award, in which event a similar pro-ration determination as provided in this Section II.A.6 will be applied. 
7.    Determination of PSUs Earned and Vested; Settlement.  
(a)Subject to Section II.A.7(b), upon the Committee’s certification of achievement of the Performance Goals described in Appendix A, and Grantee’s satisfaction of the vesting requirements in Section II.A.1 and Section II.A.6 above, as applicable, this Award shall be settled by issuing to Grantee the number of shares of Stock determined pursuant to Appendix A, and Grantee’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares.  This settlement shall occur on March 1, 2020 (the “Settlement Date”).

(b)The PSUs that become vested as a result of Grantee’s death pursuant to Section II.A.6(d) will be settled by issuing to Grantee one share of Stock for each PSU that is vested within 30 days of Grantee’s death, and Grantee’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares.   The PSUs that become vested as a result of Grantee’s Qualifying Termination within two years after a Change of Control pursuant to Section II.A.6(f) will be settled by issuing to Grantee one share of Stock for each PSU that is vested within 30 days of such Qualifying Termination, and Grantee’s name shall be entered as the shareholder of record on the books of the Corporation with respect to such shares.

(c)Any unearned PSUs at the end of the Performance Period, or if earlier, the time of settlement, will be canceled and forfeited.  In all circumstances, the number of PSUs earned or vested will be rounded down to the nearest whole PSU, unless otherwise determined by the Committee.

B.    Other Terms and Conditions.
1.    Non-Transferability of Award.  Except as described below, this Award and the PSUs subject to this Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution.  The terms of this Award are binding on the executors, administrators, heirs, successors and assigns of Grantee.
2.    Withholding.  Grantee authorizes the Corporation to withhold from the shares of Stock to be delivered in respect of the PSUs as payment the amount needed to satisfy any applicable minimum income and employment tax withholding obligations, or Grantee agrees to tender sufficient funds to satisfy any applicable income and employment tax withholding obligations in connection with the vesting of the PSUs and the resulting delivery of shares of Stock under this 

4

Award.  Notwithstanding any other provision of this Agreement or the Plan, the Corporation shall not be obligated to guarantee any particular tax result for Grantee with respect to any payment provided to Grantee hereunder, and Grantee shall be responsible for any taxes imposed on Grantee with respect to any such payment.
3.    Dispute Resolution.  Grantee and the Corporation agree that any disagreement, dispute, controversy, or claim arising out of or relating to this Agreement, its interpretation, validity, or the alleged breach of this Agreement, will be settled exclusively and, consistent with the procedures specified in this Section II.B.3., irrespective of its magnitude, the amount in controversy, or the nature of the relief sought, in accordance with the following:
(a)    Negotiation.  Grantee and the Corporation will use their best efforts to settle the dispute, claim, question or disagreement.  To this effect, they will consult and negotiate with each other in good faith and, recognizing their mutual interests, attempt to reach a just and equitable solution satisfactory to both parties.
(b)    Arbitration.  If Grantee and the Corporation do not reach a solution within a period of 30 days from the date on which the dispute, claim, disagreement, or controversy arises, then, upon written notice by Grantee to the Corporation or the Corporation to Grantee, all disputes, claims, questions, controversies, or differences will be submitted to arbitration administered by the American Arbitration Association (the “AAA”) in accordance with the provisions of its Employment Arbitration Rules (the “Arbitration Rules”).
(1)    Arbitrator.  The arbitration will be conducted by one arbitrator skilled in the arbitration of executive employment matters.  The parties to the arbitration will jointly appoint the arbitrator within 30 days after initiation of the arbitration.  If the parties fail to appoint an arbitrator as provided above, an arbitrator with substantial experience in executive employment matters will be appointed by the AAA as provided in the Arbitration Rules.  The Corporation will pay all of the fees, if any, and expenses of the arbitrator and the arbitration, unless otherwise determined by the arbitrator.  Each party to the arbitration will be responsible for his/its respective attorneys’ fees or other costs of representation.
(2)    Location.  The arbitration will be conducted in Oakland County, Michigan.
(3)    Procedure.  At any oral hearing of evidence in connection with the arbitration, each party or its legal counsel will have the right to examine its witnesses and cross-examine the witnesses of any opposing party.  No evidence of any witness may be presented in any form unless the opposing party or parties has the opportunity to cross-examine the witness, except under extraordinary circumstances in which the arbitrator determines that the interests of justice require a different procedure.
(4)    Decision.  Any decision or award of the arbitrator is final and binding on the parties to the arbitration proceeding.  The parties agree that the arbitration award may be enforced against the parties to the arbitration proceeding or their assets 

5

wherever they may be found and that a judgment upon the arbitration award may be entered in any court having jurisdiction.
(5)    Power.  Nothing contained in this Agreement may be deemed to give the arbitrator any authority, power, or right to alter, change, amend, modify, add to, or subtract from any of the provisions of this Agreement.
The provisions of this Section II.B.3 survive the termination or expiration of this Agreement, are binding on the Corporation’s and Grantee’s respective successors, heirs, personal representatives, designated beneficiaries and any other person asserting a claim described above, and may not be modified without the consent of the Corporation.  To the extent arbitration is required, no person asserting a claim has the right to resort to any federal, state or local court or administrative agency concerning the claim unless expressly provided by federal statute, and the decision of the arbitrator is a complete defense to any action or proceeding instituted in any tribunal or agency with respect to any dispute, unless precluded by federal statute.
4.    Code Section 409A.  Without limiting the generality of any other provision of this Agreement and to the extent applicable, Sections 18.9 and 18.10 of the Plan pertaining to Code Section 409A are explicitly incorporated into this Agreement.
5.    No Continued Right as Service Provider.  Nothing in the Plan or in this Agreement confers on Grantee any right to continue as a Service Provider, or interferes with or restricts in any way the rights of the Corporation or any Subsidiary or Affiliate of the Corporation, which are hereby expressly reserved, to discharge Grantee at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written employment agreement between Grantee and the Corporation or any Subsidiary or Affiliate of the Corporation.
6.    Effect on Other Benefits.  In no event will the value, at any time, of the PSUs or any other payment or right to payment under this Agreement be included as compensation or earnings for purposes of any other compensation, retirement, or benefit plan offered to employees of, or other Service Providers to, the Corporation or any Subsidiary or Affiliate of the Corporation unless otherwise specifically provided for in such plan.
7.    Unfunded and Unsecured General Creditor.  Grantee, as a holder of PSUs and rights under this Agreement has no rights other than those of a general creditor of the Corporation.  The PSUs represent an unfunded and unsecured obligation of the Corporation, subject to the terms and conditions of this Agreement and the Plan.
8.    Severability.  If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid or unenforceable, 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 or unenforceable shall be reformed to the extent (and only to the extent) necessary to make it enforceable and valid.
9.    Electronic Delivery.  The Corporation may, in its sole discretion, deliver any documents related to the PSUs and Grantee’s participation in the Plan, or future awards that 

6

may be granted under the Plan, by electronic means or request Grantee’s consent to participate in the Plan by electronic means.  Grantee hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the Corporation or another third party designated by the Corporation.
10.    Nature of Grant.  In accepting the Award, Grantee acknowledges that:
(a)    the Plan is established voluntarily by the Corporation, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Corporation at any time unless otherwise provided in the Plan or this Agreement;
(b)    the grant of the Award is voluntary and occasional and does not create any contractual or other right to receive future grants of Awards, or benefits in lieu of Awards, even if Awards have been granted repeatedly in the past, 
(c)    all decisions with respect to future grants, if any, will be at the sole discretion of the Corporation;
(d)    Grantee is voluntarily participating in the Plan;
(e)    the PSUs and the Stock subject to the PSUs are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or Grantee’s employer, and which is outside the scope of Grantee’s employment contract, if any;
(f)    the PSUs and the Stock subject to the PSUs are not intended to replace any pension rights or compensation;
(g)    the future value of the underlying Stock is unknown and cannot be predicted with certainty;
(h)    Awards and resulting benefits are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments insofar as permitted by law;
(i)    in consideration of the grant of the PSUs, no claim or entitlement to compensation or damages shall arise from forfeiture of the PSUs resulting from termination of Grantee’s employment with the Corporation or Grantee’s employer (for any reason whatsoever and whether or not in breach of local labor laws) and Grantee irrevocably releases the Corporation and Grantee’s employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, Grantee shall be deemed irrevocably to have waive any entitlement to pursue such claim; and

7

(j)    in the event Grantee ceases to be a Service Provider (whether or not in breach of local labor laws), Grantee’s right to vest in the PSUs under the Plan, if any, will terminate effective as of the date that Grantee is no longer a Service Provider and will not be extended by any notice period mandated under local law (e.g., active service would not include a period of “garden leave” or similar period pursuant to local law); the Committee shall have the exclusive discretion to determine when Grantee is no longer a Service Provider for purposes of the PSUs.
11.    Non-U.S. Addendum.  Notwithstanding any provisions in this Agreement, the PSUs shall also be subject to the special terms and conditions set forth in the Non-U.S. Addendum attached as Appendix C to this Agreement for Grantee’s country.  Moreover, if Grantee relocates to one of the countries included in the Non-U.S. Addendum, the special terms and conditions for such country will apply to Grantee to the extent the Corporation determines that the application of such terms and conditions are necessary or advisable in order to comply with local law or facilitate the administration of the Plan.  The Non-U.S. Addendum attached hereto as Appendix C constitutes part of this Agreement.
12.    Governing Law.  This Agreement is governed by and construed in accordance with the laws of the State of Michigan, notwithstanding conflict of law provisions.  
13.    Clawback Policy.  Any shares of Stock issued to Grantee in settlement of the PSUs shall be subject to the Corporation’s recoupment policy, as in effect from time to time.  Further, notwithstanding anything in this Agreement to the contrary, Grantee acknowledges and agrees that (a) this Agreement and the award described herein (and any settlement thereof) are subject to the terms and conditions of such policy, or any other form of Corporation clawback policy (if any) as may be in effect from time to time specifically to implement Section 10D of the Exchange Act and any applicable rules or regulations promulgated thereunder (including applicable rules and regulations of any national securities exchange on which the Common Shares may be traded) (the “Compensation Recovery Policy”), (b) applicable provisions of this Agreement shall be deemed superseded by and subject to the terms and conditions of the Compensation Recovery Policy from and after the effective date thereof, and (c) Grantee’s consent shall not be required to an amendment to this Agreement that is deemed necessary by the Corporation to ensure compliance with Section 10D of the Exchange Act.
(Signature Page Follows)

8

This Agreement may be executed in two or more counterparts, each of which is deemed an original and all of which constitute one document.
TRIMAS CORPORATION
	
		
	Dated:  Grant Date
	By:    /s/ Joshua A. Sherbin                            
Name:   Joshua A. Sherbin
Title:     Senior Vice President, General Counsel and Chief Compliance Officer

GRANTEE ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS PERFORMANCE STOCK UNIT AGREEMENT, NOR IN THE CORPORATION’S 2011 OMNIBUS INCENTIVE COMPENSATION PLAN, AS AMENDED, WHICH IS INCORPORATED INTO THIS AGREEMENT BY REFERENCE, CONFERS ON GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION AS A SERVICE PROVIDER OF THE CORPORATION OR ANY PARENT OR SUBSIDIARY OR AFFILIATE OF THE CORPORATION, NOR INTERFERES IN ANY WAY WITH GRANTEE’S RIGHT OR THE CORPORATION’S RIGHT TO TERMINATE GRANTEE’S SERVICE PROVIDER RELATIONSHIP AT ANY TIME, WITH OR WITHOUT CAUSE AND WITH OR WITHOUT PRIOR NOTICE.
BY CLICKING THE “ACCEPT” BUTTON, GRANTEE ACKNOWLEDGES RECEIPT OF A COPY OF THE PLAN AND REPRESENTS THAT GRANTEE IS FAMILIAR WITH THE TERMS AND PROVISIONS OF THE PLAN.  GRANTEE ACCEPTS THIS PERFORMANCE STOCK UNIT AWARD SUBJECT TO ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT AND THE PLAN.  GRANTEE HAS REVIEWED THE PLAN AND THIS AGREEMENT IN THEIR ENTIRETY.  GRANTEE AGREES TO ACCEPT AS BINDING, CONCLUSIVE AND FINAL ALL DECISIONS OR INTERPRETATIONS OF THE COMMITTEE UPON ANY QUESTIONS ARISING UNDER THE PLAN OR THIS AWARD.

9

APPENDIX A
TO
PERFORMANCE STOCK UNITS AGREEMENT

PERFORMANCE GOALS FOR PSU AWARD

The actual number of PSUs earned by Grantee will be determined by the Committee by March 1, 2020 following the end of the Performance Period (“Determination Date”), using data as of, and including, December 31, 2019 under the rules described below.  Any PSUs not earned as of the Determination Date will be canceled and forfeited.  

1.    The actual number of shares of Stock delivered to Grantee in settlement of the PSUs earned under this Agreement will be determined based on actual performance results as described below, subject to Section II.A.1 of the Agreement.

2.    The PSUs subject to this Award are earned based on the achievement of specific performance measures over the Performance Period (i.e., January 1, 2017 through December 31, 2019) and determined on the Determination Date.

3.    50% of the Target PSUs will be earned based on the achievement of EPS CAGR (the “EPS CAGR PSUs”), and 50% of the Target PSUs will be earned based on the achievement of Relative Total Shareholder Return (“RTSR PSUs”).

4.    Definitions.  For purposes hereof:

		
	(A)
	“EPS CAGR” means the cumulative average growth rate during the Performance Period of the diluted earnings per share from continuing operations as reported in the Corporation’s Income Statement within the applicable Form 10-Q and Form 10-K, plus or minus special items that may occur from time-to-time that the Committee believes should adjust the as-reported results for measurement of performance.

		
	(B)
	“Peer Group” means, of a benchmark group of 105 entities currently in the S&PSmallCap 600 Capped Industrials index (the names of which are attached hereto as Annex A), those entities that remain in the Peer Group as of the end of the Performance Period after application of the Peer Group Adjustment Protocol.

		
	(C)
	“Peer Group Adjustment Protocol” means:  (i) if an entity listed in Annex A files for bankruptcy and/or liquidation, is operating under bankruptcy protection, or is delisted from its primary stock exchange because it fails to meet the exchange listing requirements, then such entity will remain in the Peer Group, but RTSR for the Performance Period will be calculated as if such entity achieved Total Shareholder Return placing it at the bottom (chronologically, if more than one such entity) of the Peer Group; and (ii) if, by the last day of the Performance Period, an entity listed in Annex A has been acquired and/or is no longer existing as a public company that is traded on its primary stock exchange (other than for the reasons as described in 

i

subsection (i) above), then such entity will not remain in the Peer Group and RTSR for the Performance Period will be calculated as if such entity had never been a member of the Peer Group; and (iii) except as otherwise described in subsection (i) and (ii) above, for purposes of this performance goal, for each of the entities listed in Annex A, such entity shall be deemed to include any successor to all or substantially all of the primary business of such entity at end of the Performance Period.

		
	(D)
	“Relative Total Shareholder Return” or “RTSR” means the percentile rank of the Corporation’s Total Shareholder Return among the Total Shareholder Returns of all members of the Peer Group, ranked in descending order, at the end of the Performance Period.

		
	(E)
	“Total Shareholder Return” means, with respect to the Stock and the common stock of each of the members of the Peer Group, a rate of return reflecting stock price appreciation, plus the reinvestment of dividends in additional shares of stock, from the beginning of the Performance Period through the end of the Performance Period.  For purposes of calculating Total Shareholder Return for each of the Corporation and the members of the Peer Group, the beginning stock price will be based on the average closing stock price for the 20 trading days immediately preceding January 1, 2017 on the principal stock exchange on which the stock then traded and the ending stock price will be based on the average closing stock price for the 20 trading days immediately preceding January 1, 2020 on the principal stock exchange on which the stock then trades.

5.    EPS CAGR Performance Matrix.  From 0% to 200% of the EPS CAGR PSUs will be earned based on achievement of the EPS CAGR performance goal during the Performance Period as follows:

	
		
	EPS CAGR %
	EPS CAGR PSUs Earned

	4.5%
	40.0%

	5.0%
	50.0%

	5.5%
	65.0%

	6.0%
	77.5%

	6.5%
	90.0%

	7.5%
	100.0%

	8.5%
	120.0%

	9.5%
	140.0%

	10.0%
	160.0%

	10.5%
	180.0%

	11.0%
	200.0%

5.    Number of EPS CAGR PSUs Earned.  Following the Performance Period, on the Determination Date, the Committee shall determine whether and to what extent the EPS CAGR 

ii

performance goal has been satisfied for the Performance Period and shall determine the number of EPS CAGR PSUs that shall become nonforfeitable hereunder and under the Agreement on the basis of the following:

		
	(A)
	Below Threshold.  If, upon the conclusion of the Performance Period, EPS CAGR for the Performance Period falls below the lowest EPS CAGR level set forth in the Performance Matrix, no EPS CAGR PSUs shall become nonforfeitable.

		
	(B)
	Threshold or Above.  If, upon the conclusion of the Performance Period, EPS CAGR for the Performance Period is exactly equal to one of the levels set forth in the Performance Matrix, a percentage of the EPS CAGR PSUs equal to the percentage set forth opposite such level in the Performance Matrix (rounded down to the nearest whole number of PSUs) shall become nonforfeitable.  If, upon the conclusion of the Performance Period, EPS CAGR for the Performance Period falls between two levels set forth in the Performance Matrix, a percentage of the EPS CAGR PSUs shall become nonforfeitable based on straight-line mathematical interpolation between the percentages applicable to such levels (rounded down to the nearest whole number of PSUs).

6.    RTSR Performance Matrix.  From 0% to 200% of the RTSR PSUs will be earned based on achievement of the RTSR performance goal during the Performance Period as follows:

	
			
	Performance Level
	Relative Total Shareholder Return
	RTSR PSUs Earned

	Threshold
	Ranked below or at 25th percentile
	0%

	Above Threshold
	Ranked at 35th percentile
	50%

	Target
	Ranked at 50th percentile
	100%

	Intermediate
	Ranked at 65th percentile
	150%

	Maximum
	Ranked at or above 80th percentile
	200%

7.    Number of RTSR PSUs Earned.  Following the Performance Period, on the Determination Date, the Committee shall determine whether and to what extent the RTSR performance goal has been satisfied for the Performance Period and shall determine the number of RTSR PSUs that shall become nonforfeitable hereunder and under the Agreement on the basis of the following:

		
	(A)
	Threshold.  If, upon the conclusion of the Performance Period, RTSR for the Performance Period equals or falls below the “Threshold” level, as set forth in the Performance Matrix, no RTSR PSUs shall become nonforfeitable.

		
	(B)
	Between Threshold and Above Threshold.  If, upon the conclusion of the Performance Period, RTSR for the Performance Period exceeds the “Threshold” level, but is less than the “Above Threshold” level, as set forth in the Performance Matrix, a percentage between 0% and 50% (determined on the basis of straight-line 

iii

mathematical interpolation) of the RTSR PSUs (rounded down to the nearest whole number of PSUs) shall become nonforfeitable.

		
	(C)
	Above Threshold.  If, upon the conclusion of the Performance Period, RTSR for the Performance Period equals the “Above Threshold” level, as set forth in the Performance Matrix, 50% of the RTSR PSUs (rounded down to the nearest whole number of PSUs) shall become nonforfeitable.

		
	(D)
	Between Above Threshold and Target.  If, upon the conclusion of the Performance Period, RTSR for the Performance Period exceeds the “Above Threshold” level, but is less than the “Target” level, as set forth in the Performance Matrix, a percentage between 50% and 100% (determined on the basis of straight-line mathematical interpolation) of the RTSR PSUs (rounded down to the nearest whole number of PSUs) shall become nonforfeitable.

		
	(E)
	Target.  If, upon the conclusion of the Performance Period, RTSR for the Performance Period equals the “Target” level, as set forth in the Performance Matrix, 100% of the RTSR PSUs shall become nonforfeitable.

		
	(F)
	Between Target and Intermediate.  If, upon the conclusion of the Performance Period, RTSR for the Performance Period exceeds the “Target” level, but is less than the “Intermediate” level, as set forth in the Performance Matrix, a percentage between 100% and 150% (determined on the basis of straight-line mathematical interpolation) of the RTSR PSUs (rounded down to the nearest whole number of PSUs) shall become nonforfeitable.

		
	(G)
	Intermediate.  If, upon the conclusion of the Performance Period, RTSR for the Performance Period equals the “Intermediate” level, as set forth in the Performance Matrix, 150% of the RTSR PSUs shall become nonforfeitable.

		
	(H)
	Between Intermediate and Maximum.  If, upon the conclusion of the Performance Period, RTSR for the Performance Period exceeds the “Intermediate” level, but is less than the “Maximum” level, as set forth in the Performance Matrix, a percentage between 150% and 200% (determined on the basis of straight-line mathematical interpolation) of the RTSR PSUs (rounded down to the nearest whole number of PSUs) shall become nonforfeitable.

    
		
	(I)
	Equals or Exceeds Maximum.  If, upon the conclusion of the Performance Period, RTSR for the Performance Period equals or exceeds the “Maximum” level, as set forth in the Performance Matrix, 200% of the RTSR PSUs shall become nonforfeitable.

8.    Section 162(m).  Before all or any portion of any award of PSUs intended to qualify as “qualified performance-based compensation” for purposes of Section 162(m) of the Code shall become nonforfeitable or paid in accordance with this Appendix A or the Agreement, the Committee 

iv

shall determine in writing that the applicable performance goal(s) (as communicated to the applicable grantees) have been satisfied.

v

ANNEX A

Peer Group 
	
						
	S&P SmallCap 600 Industrials (End of December 2016)

	Company Name
	Ticker
	Company Name
	Ticker
	Company Name
	Ticker

	AAON INC
	AAON
	EXPONENT INC
	EXPO
	MYR GROUP INC
	MYRG

	AAR CORP
	AIR
	FEDERAL SIGNAL CORP
	FSS
	NATIONAL PRESTO INDS INC
	NPK

	ABM INDUSTRIES INC
	ABM
	FORWARD AIR CORP
	FWRD
	NAVIGANT CONSULTING INC
	NCI

	ACTUANT CORP  -CL A
	ATU
	FRANKLIN ELECTRIC CO INC
	FELE
	ON ASSIGNMENT INC
	ASGN

	AEGION CORP
	AEGN
	G&K SERVICES INC  -CL A
	GK
	ORION GROUP HOLDINGS INC
	ORN

	AEROJET ROCKETDYNE HOLDINGS
	AJRD
	GENERAL CABLE CORP/DE
	BGC
	PATRICK INDUSTRIES INC
	PATK

	AEROVIRONMENT INC
	AVAV
	GIBRALTAR INDUSTRIES INC
	ROCK
	PGT INC
	PGTI

	ALAMO GROUP INC
	ALG
	GREENBRIER COMPANIES INC
	GBX
	POWELL INDUSTRIES INC
	POWL

	ALBANY INTL CORP  -CL A
	AIN
	GRIFFON CORP
	GFF
	PROTO LABS INC
	PRLB

	ALLEGIANT TRAVEL CO
	ALGT
	HARSCO CORP
	HSC
	QUANEX BUILDING PRODUCTS
	NX

	AMERICAN WOODMARK CORP
	AMWD
	HAWAIIAN HOLDINGS INC
	HA
	RAVEN INDUSTRIES INC
	RAVN

	APOGEE ENTERPRISES INC
	APOG
	HEALTHCARE SERVICES GROUP
	HCSG
	RESOURCES CONNECTION INC
	RECN

	APPLIED INDUSTRIAL TECH INC
	AIT
	HEARTLAND EXPRESS INC
	HTLD
	ROADRUNNER TRANS SYSTEMS INC
	RRTS

	ARCBEST CORP
	ARCB
	HEIDRICK & STRUGGLES INTL
	HSII
	SAIA INC
	SAIA

	ASTEC INDUSTRIES INC
	ASTE
	HILLENBRAND INC
	HI
	SIMPSON MANUFACTURING INC
	SSD

	ATLAS AIR WORLDWIDE HLDG INC
	AAWW
	HUB GROUP INC  -CL A
	HUBG
	SKYWEST INC
	SKYW

	AZZ INC
	AZZ
	INSPERITY INC
	NSP
	SPX CORP
	SPXC

	BARNES GROUP INC
	B
	INSTEEL INDUSTRIES
	IIIN
	SPX FLOW INC
	FLOW

	BRADY CORP
	BRC
	INTERFACE INC
	TILE
	STANDEX INTERNATIONAL CORP
	SXI

	BRIGGS & STRATTON
	BGG
	JOHN BEAN TECHNOLOGIES
	JBT
	TASER INTERNATIONAL INC
	TASR

	BRINKS CO
	BCO
	KAMAN CORP
	KAMN
	TEAM INC
	TISI

	CDI CORP
	CDI
	KELLY SERVICES INC  -CL A
	KELYA
	TENNANT CO
	TNC

	CELADON GROUP INC
	CGI
	KNIGHT TRANSPORTATION INC
	KNX
	TETRA TECH INC
	TTEK

	CHART INDUSTRIES INC
	GTLS
	KORN/FERRY INTERNATIONAL
	KFY
	TITAN INTERNATIONAL INC
	TWI

	CIRCOR INTL INC
	CIR
	LINDSAY CORP
	LNN
	TREX CO INC
	TREX

	COMFORT SYSTEMS USA INC
	FIX
	LSC COMMUNICATIONS INC
	LKSD
	TRUEBLUE INC
	TBI

	CUBIC CORP
	CUB
	LYDALL INC
	LDL
	UNIFIRST CORP
	UNF

	DONNELLEY (R R) & SONS CO
	RRD
	MARTEN TRANSPORT LTD
	MRTN
	UNIVERSAL FOREST PRODS INC
	UFPI

	DXP ENTERPRISES INC
	DXPE
	MATSON INC
	MATX
	US ECOLOGY INC
	ECOL

	ECHO GLOBAL LOGISTICS INC
	ECHO
	MATTHEWS INTL CORP  -CL A
	MATW
	VERITIV CORP
	VRTV

	ENCORE WIRE CORP
	WIRE
	MERCURY SYSTEMS INC
	MRCY
	VIAD CORP
	VVI

	ENGILITY HOLDINGS INC
	EGL
	MOBILE MINI INC
	MINI
	VICOR CORP
	VICR

	ENPRO INDUSTRIES INC
	NPO
	MOOG INC  -CL A
	MOG.A
	WABASH NATIONAL CORP
	WNC

vi

APPENDIX B
TO
PERFORMANCE STOCK UNITS AGREEMENT

GLOSSARY

For purposes of this Agreement:

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

A “Change of Control” shall be deemed to have occurred upon the first of the following events to occur:

(i)    any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation (not including in the securities beneficially owned by such Person any securities acquired directly from the Corporation or its Affiliates) representing 35% 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 a transaction described in clause (A) of paragraph (iii) below; 

(ii)    the following individuals cease for any reason to constitute a majority of the number of directors then serving on the Board: individuals who, on the date hereof, constitute the Board and any new director (other than a 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) 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 (the “Incumbent Board”); provided, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened election contest (an “Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; 

(iii)    there is consummated a merger, consolidation, wind-up, reorganization or restructuring of the Corporation with or into any other entity, or a similar event or series of such events, other than (A) any such event or series of events which results in (1) the voting securities of the Corporation outstanding immediately prior to such event or series of events continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Corporation or any subsidiary of the Corporation, at least 51% of the combined voting power of the securities of the Corporation or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation and (2) the 

vii

individuals who comprise the Board immediately prior thereto constituting immediately thereafter at least a majority of the board of directors of the Corporation, the entity surviving such merger or consolidation or, if the Corporation or the entity surviving such merger is then a subsidiary, the ultimate parent thereof, or (B) any such event or series of events effected to implement a recapitalization of the Corporation (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Corporation or its Affiliates) representing 35% or more of the combined voting power of the Corporation’s then outstanding securities; or 

(iv)    the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated an agreement for the sale or disposition by the Corporation of all or substantially all of the Corporation’s assets (it being conclusively presumed that any sale or disposition is a sale or disposition by the Corporation of all or substantially all of its assets if the consummation of the sale or disposition is contingent upon approval by the Corporation’s stockholders unless the Board expressly determines in writing that such approval is required solely by reason of any relationship between the Corporation and any other Person or an Affiliate of the Corporation and any other Person), other than a sale or disposition by the Corporation of all or substantially all of the Corporation’s assets to an entity (A) at least 51% of the combined voting power of the voting securities of which are owned by stockholders of the Corporation in substantially the same proportions as their ownership of the Corporation immediately prior to such sale or disposition and (B) the majority of whose board of directors immediately following such sale or disposition consists of individuals who comprise the Board immediately prior thereto.

Notwithstanding the foregoing, (A) a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the common stock of the Corporation immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions and (B) if required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, a “Change of Control” shall be deemed to have occurred only if a “change in the ownership of the corporation,” a “change in effective control of the corporation” or a “change in the ownership of a substantial portion of the assets of the corporation,” within the meaning of Section 409A(a)(2)(A)(v) of the Code shall also be deemed to have occurred under Section 409A of the Code.

“Good Reason” means: 

		
	(i) 
	A material and permanent diminution in Grantee’s duties or responsibilities;

		
	(ii)
	A material reduction in the aggregate value of base salary and bonus opportunity provided to Grantee by the Corporation; or

viii

		
	(iii)
	A permanent reassignment of Grantee to another primary office more than 50 miles from the current office location.

Grantee must notify the Corporation of Grantee’s intention to invoke termination for Good Reason within 90 days after Grantee has knowledge of such event and provide the Corporation 30 days’ opportunity for cure, or such event shall not constitute Good Reason.  Grantee may not invoke termination for Good Reason if Cause exists at the time of such termination.

“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, (iii) 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.

“Qualifying Termination” means a termination of Grantee’s Service with the Corporation or a Subsidiary or an Affiliate of the Corporation for any reason other than:

(i)    death; 
(ii)    Disability; 
(iii)    Cause; or
(iv)    a termination of Service by Grantee without Good Reason (as defined above).

ix

APPENDIX C
TO
PERFORMANCE STOCK UNIT AGREEMENT

NON-U.S. ADDENDUM

Additional Terms and Conditions for Equity Grants Under the TriMas Corporation 2011 Omnibus Incentive Compensation Plan, as amended

January 2017
Terms and Conditions

This Addendum includes additional terms and conditions that govern the performance stock units (“PSUs”) granted to you under the TriMas Corporation 2011 Omnibus Incentive Compensation Plan, as amended (referred to as the “Plan”) if you reside in one of the countries listed below.  Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Plan and/or your award agreement (the “Agreement”) that relates to your award.  By accepting your award, you agree to be bound by the terms and conditions contained in the paragraphs below in addition to the terms of the Plan, the Agreement, and the terms of any other document that may apply to you and your award.  

Notifications

This Addendum also includes information regarding exchange controls and certain other issues of which you should be aware with respect to participation in the Plan.  The information is based on the securities, exchange control, and other laws in effect in the respective countries as of January 2017.  Such laws are often complex and change frequently.  As a result, it is strongly recommended that you not rely on the information in this Addendum as the only source of information relating to the consequences of your participation in the Plan because the information may be out of date at the time you vest in your PSUs or sell shares acquired under the Plan.

In addition, the information contained herein is general in nature and may not apply to your particular situation, and TriMas Corporation (the “Corporation”) is not in a position to assure you of a particular result.  Accordingly, you are advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your situation.

Finally, if you are a citizen or resident of a country other than the one in which you are currently working, transferred employment after the PSUs were granted to you, or are considered a resident of another country for local law purposes, the information contained herein may not apply.

COUNTRY-SPECIFIC LANGUAGE
Below please find country specific language that applies to Grantees in the following countries: the United Kingdom.

x

UNITED KINGDOM

Terms and Conditions

Retirement.  For purposes of the Agreement, “Retirement” shall mean the termination of Grantee’s services with the Corporation or a Subsidiary or an Affiliate in circumstances determined by the Committee (in its reasonable discretion, provided that, for the avoidance of doubt, the Committee shall not be obliged to exercise its discretion in favor of the Grantee) to be retirement.

Dividend Equivalent Rights. Section II.A.3 of the Agreement is hereby amended in its entirety to read as follows:

From and after the Grant Date and until the earlier of (a) the time when the PSUs are earned and/or vest and are settled in accordance with Section II.A.7 hereof or (b) the time when Grantee’s rights to the PSUs are forfeited in accordance with Section II.A.6 or II.A.7 hereof, on the date that the Corporation pays a cash dividend (if any) to holders of Stock generally, Grantee shall be notionally credited with cash per PSU equal to the amount of such dividend.  Any amounts notionally credited pursuant to the immediately preceding sentence shall be subject to the same applicable terms and conditions (including vesting, payment or forfeitability) as apply to the PSUs based on which the dividend equivalents were notionally credited, and such amounts shall be paid in either cash or Stock, as determined by the Committee in its sole discretion, at the same time as the PSUs to which they relate.  If such amounts are paid in Stock, the number of shares so paid shall be rounded down to the nearest whole number and shall be determined by dividing such credited amounts by the Fair Market Value per share of Stock on the payment date. Notwithstanding the foregoing provisions of this Section II.A.3, Grantee shall not be entitled to the cash notionally credited at any time to the PSUs (or the Stock representing the same, as the case may be) either legally or beneficially unless and until Grantee becomes entitled to receive the actual Stock in respect of the Award pursuant to Section II.A.7 of this Agreement.
Non-Transferability of Award.  Section II.B.1 of the Agreement is hereby amended in its entirety to read as follows:

“Except as described below, this Award and the PSUs subject to this Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and the Award shall lapse and any unvested PSUs subject to this Award shall be forfeited if a bankruptcy order is made in respect of Grantee.  For the avoidance of doubt, the provisions contained in Section 10.2 of the Plan which allow each Participant to designate a beneficiary for the PSUs awarded to him or her under the Plan shall not apply to this Award.” 

Withholding.  Section II.B.2 of the Agreement is hereby amended in its entirety to read as follows:

“Grantee hereby indemnifies the Corporation, Grantee’s employer or any other person in respect of: 

xi

		
	(i)
	any amount of income tax for which the Corporation, Grantee’s employer or any other person is obliged to account under the Pay-As-You-Earn system and any amounts of employee’s national insurance contributions arising from the vesting of the Award (or which would not otherwise have arisen but for the grant of the Award to Grantee); and 

		
	(ii)
	any amount of income tax for which the Corporation, Grantee’s employer or any other person is obliged to account under the Pay-As-You-Earn system and any amounts of employee’s national insurance contributions arising in respect of, or in connection with the holding or disposal by Grantee of the shares of Stock acquired pursuant to the Award or the conversion of such shares of Stock into securities of another description whilst such shares of Stock are held by Grantee,

 
and in pursuance of such indemnity, Grantee hereby agrees that he or she shall pay to the Corporation (or to such other entity as directed by it) such amount as shall be notified to Grantee by the Corporation as being due on any occasion under such indemnity, within seven days after being so notified.  To the extent that Grantee fails to pay any amount so notified to him or her by the Corporation within seven days after such notification, Grantee hereby agrees that the Corporation may withhold, or procure the withholding, from any salary, wages, payment or payments due to Grantee from the Corporation or Grantee’s employer an amount which is equal to the amount notified to Grantee, sell or procure the sale of sufficient of the shares of Stock acquired by Grantee pursuant to the Award on behalf of Grantee to produce a sum which after any costs of sale is sufficient to discharge the amount so notified to Grantee and retain such sum or make such other arrangements, by which Grantee hereby agrees to be bound, so as to ensure that the amount notified to Grantee is discharged in full.  The Corporation will not be obliged to deliver any shares of Stock to Grantee pursuant to the Award, if Grantee fails to comply with his or her obligations under the foregoing provisions of this Section II.B.2 and Grantee shall not be entitled to receive the delivery of such shares of Stock.”

Clawback Policy.  Section II.B.13 of the Agreement shall not apply.

Data Privacy.  A new Section II.B.14 is added to the Agreement to read as follows:

“The Corporation and Grantee’s employer (together the “Data Processors”) will process the Grantee’s personal data and each may transfer the Grantee’s personal data to their Subsidiaries, HM Revenue and Customs and third party service providers, for the purposes of managing and administering the Award and the operation of the Plan including but not limited to:
		
	(a)
	     administering and maintaining records relating to Grantee;

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	(b)
	providing information to (i) trustees of any employee benefit trust or (ii) other third party administrators involved directly or indirectly in the operation of the Plan;

		
	(c)
	providing information relating to Grantee in connection with the operation of the Plan to HM Revenue and Customs;

		
	(d)
	providing information to potential purchasers of one or more of the Data Processors; and

		
	(e)
	allowing any personal data provided by Grantee to be sent to and kept and used by any third party engaged by the Corporation to administer the Plan, including but not limited to the maintenance by such a third party of a database of Participants in the Plan.

Such personal data includes (without limitation) Grantee’s name, home address and telephone number; date of birth; social insurance or national insurance number or other identification number; salary; nationality; job title; any Stock or directorships held in the any of the Data Processors; alleged, proven and convicted offences, felonies and/or wilful misconduct; wilful failure or refusal to follow directions from the board of the Corporation; breach of fiduciary duty to the Corporation or a Subsidiary; and details of all Awards or any other entitlement to Stock awarded, cancelled, exercised, vested, unvested or outstanding in Grantee’s favour.
Grantee’s personal data may be transferred to the Data Processors or to any third parties assisting in the implementation, administration and management of the Plan and/or the Award which are based outside of the UK. Grantee’s employer and the Corporation (as appropriate) will implement safeguards to ensure the appropriate levels of protection for all such personal data. Grantee may request a list with the names and addresses of any potential recipients of the data by contacting their local human resources representative.
Grantee’s personal data will be held only as long as is necessary for the purpose for which it was collected. Grantee may (without cost) by contacting in writing their local human resources representative (i) view or request additional information about the storage and processing of their personal data, and/or (ii) request that any personal data that the Data Processors hold about Grantee which is inaccurate or out of date is corrected where appropriate.”

Loss of Office or Employment.  A new Section II.B.15 is added to the Agreement to read as follows:

“In no circumstances shall Grantee, on ceasing to hold the office or employment by virtue of which he has been granted this Award, be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under the Award or the Plan which he might otherwise have enjoyed 

xiii

whether such compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by way of compensation for loss of office or otherwise.”

Notifications

There are no country-specific notifications.

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