Document:

Exhibit 10.1

EMPLOYMENT AGREEMENT
This Employment Agreement is entered into as of April 1, 2020, with respect to an employment start date of April 1, 2020 (the “Effective Date”), by and between Stoneridge, Inc. (the “Company”) and James Zizelman (the “Executive”).
NOW, THEREFORE, in consideration of the mutual promises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows:
	1.	Employment.

A.The Company agrees to employ the Executive as its President of Control Devices, and the Executive accepts such employment for the Term (as defined in Section 2 below), subject to the terms and conditions set forth below. Executive shall report to the Chief Executive Officer of the Company.
B.During the Term, the Executive shall devote Executive’s full working time, attention, and energy to Executive’s employment and to the affairs of the Company, its subsidiaries and divisions, and perform faithfully and diligently Executive’s duties hereunder and such duties as are customarily performed by presidents of business divisions, together with such other duties as may be reasonably requested from time to time by the Company’s Chief Executive Officer and/or the Board of Directors of the Company (the “Board”).  The Executive agrees to comply with and be bound by the Company’s Code of Conduct, operational policies, procedures, and practices from time to time in effect during the Term.  The Company agrees that during the Term, Executive may retain his position on two (2) advisory boards: Lunewave and MicroEra Power.  Executive agrees that Executive’s connection with these advisory boards will not interfere with his ability to perform the employment requirements under this Employment Agreement.  
C.The Company agrees to permit Executive to work out of his home office in Florida, but Executive shall generally travel to the Company’s headquarters and to the Company’s other locations, in accordance with the needs of the Company.

2.Term.The term of Executive’s employment and the term of this Employment Agreement (the “Term”) shall commence as of the Effective Date and shall continue until June 30, 2021, subject to the termination and notice requirements described in Section 4 below.
	3.	Compensation and Benefits.

A.The Company shall pay to the Executive a base salary payable in accordance with the Company’s usual pay practices in the amount of Three Hundred Eighty Thousand dollars ($380,000.00) per annum.
B.Beginning with the Company’s 2020 fiscal year, the Executive shall be eligible to participate in the Company’s Annual Incentive Plan (the “AIP”) in effect at the time at the target level approved by the Compensation Committee of the Board (the “Committee”), or in accordance with a formula or other bonus plan established by the Committee for such fiscal year. The Company shall pay to the Executive any bonus compensation earned by Executive under the AIP at or around March 15 following the end of each fiscal year. For the Company’s 2020 fiscal years, Executive’s target bonus will be 75% of annual base salary.  In the event the Executive’s employment is terminated by the Company without “Cause,” the Executive shall be eligible for bonus compensation, if any, prorated on a per diem basis for the partial fiscal year. If the Executive’s employment is terminated for any other reason prior to the expiration of the Term, the Executive shall not be entitled to be paid any bonus compensation under the AIP.

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C.The Company shall provide to Executive a Sign-On Bonus of Two Hundred Fifty Thousand dollars ($250,000), subject to statutory payroll deductions, in a lump sum, as soon as is practicable after the successful completion of six (6) months of employment. 
D.The Company shall provide to Executive an End-of-Assignment Bonus of Two Hundred Fifty Thousand dollars ($250,000), subject to statutory payroll deductions, in a lump sum, as soon as is practicable after the successful completion of the Term.
E.The Executive shall be eligible to participate in the Company’s health, welfare, and retirement benefits, if any, for himself, his spouse and eligible dependents, as offered to the Company’s executive officers, per the terms of the various Company plans.
F.The Executive shall be entitled to participate in all retirement and other benefit plans, including 401(k) plans, of the Company generally available from time to time to employees of the Company and for which the Executive qualifies under the terms thereof.
G.The Executive shall be entitled to such vacation with pay during each year of his employment hereunder consistent with the policies of the Company, but in no event less than four (4) weeks in any such calendar year (pro-rated as necessary for partial calendar years during the Term); provided, however, that the vacation days taken do not interfere with the operations of the Company. Such vacation may be taken, in the Executive’s discretion, at such time or times as are not inconsistent with the reasonable business needs of the Company. Unused vacation time shall not be carried over to another year. The Executive shall not be entitled to any compensation in lieu of vacation in the event that the Executive, for whatever reason, including termination of employment, fails to take such vacation during any year of Executive’s employment hereunder. The Executive shall also be entitled to all paid holidays given by the Company to its executive officers.
H.The Company shall reimburse the Executive for expenses reasonably and necessarily incurred by the Executive in connection with the Company’s business. The Executive shall furnish such documentation with respect to reimbursement to be paid hereunder as the Company shall reasonably request.

	4.	Termination of Employment.This Employment Agreement shall be terminated prior to the expiration of the Term only under the following circumstances:

A.Termination by the Company for Cause. The Company may terminate this Employment Agreement and Executive’s employment for Cause at any time and without notice. For purposes of this Employment Agreement, termination for “Cause” shall result from the Executive’s: (1) misappropriation of funds from the Company; (2) conviction for a felony; (3) commission of a crime or act or series of acts involving moral turpitude; (4) commission of an act or series of acts of dishonesty; (5) breach of any material term of this Employment Agreement; (6) willful and repeated failure to perform the duties associated with the Executive’s position, which failure has not been cured within thirty (30) days after the Company gives notice thereof to the Executive; or (7) failure to cooperate with any Company investigation or with any investigation, inquiry, hearing or similar proceedings by any governmental authority having jurisdiction over the Executive or the Company. In the event of termination by the Company for Cause, the Executive shall only be entitled to payment of Executive’s unpaid base salary through the date of termination.

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B.Termination by the Company without Cause. The Company may terminate this Employment Agreement and Executive’s employment without Cause prior to the expiration of the Term at any time upon providing the Executive sixty (60) days’ prior written notice or by providing Executive his full base salary for sixty (60) days in lieu of notice.  
C.Termination by Executive. The Executive may terminate this Employment Agreement and Executive’s employment prior to the expiration of the Term at any time upon providing the Company ninety (90) days’ prior written notice.
D.Section 409A Compliance. To the extent the payments and benefits to be made or provided to Executive upon a termination of employment are “non-qualified deferred compensation” within the meaning of Code Section 409A, then they may only be made upon a “separation from service” of the Executive, within the meaning of Code Section 409A and for purposes of Section 409A, (i) each payment made under this Employment Agreement shall be treated as a separate payment; (ii) the Executive (his/her spouse or beneficiary) may not, directly or indirectly, designate the calendar year of payment; and (iii) except as provided by Section 409A, no acceleration of the time and form of payment of any nonqualified deferred compensation to the Executive or any portion thereof, shall be permitted. All compensation, including nonqualified deferred compensation with the meaning of Section 409A, payable pursuant to the terms of this Employment Agreement or otherwise, shall be subject to all applicable tax withholdings. In the event Executive is a “specified employee” under Code Section 409A, the payments under this Employment Agreement and related benefits, to the extent required, will be delayed in accordance with Code Section 409A(2).

5.Covenants, Non-Competition, Non-Solicitation, and Confidential Information.  
A.Covenants.  Employee acknowledges that he is subject to the following covenants for one (1) year from the date his employment with the Company ends (for any reason):
1)Employee shall not, directly or indirectly, own, manage, control, or participate in the ownership, management, or control of, or be employed or engaged by or otherwise affiliated or associated as a consultant, independent contractor, or otherwise with, any other corporation, partnership, proprietorship, firm, association or other business entity (i) that has material operations which are engaged in any business activity competitive with the business of the Company or (ii) engaged in the business of designing and/or manufacturing of engineered electrical and electronic components, modules, and systems for the automotive, medium- and heavy-duty truck, agricultural and off-highway vehicle markets.  Employee and the Company acknowledge that the ownership of not more than one percent (1%) of any class of publicly traded securities of any entity shall not be deemed a violation of this covenant.
2)Without prior written consent of Company, on Employee’s behalf or on behalf of any person or entity, directly or indirectly, hire or solicit the employment of any employee who has been employed by the Company or its subsidiaries or affiliates at any time during the six (6) months immediately preceding such date of hiring or solicitation. 

B.Executive agrees not to use, disclose or make accessible to any other person, firm, partnership, corporation or any other entity any Confidential Information (as defined below) pertaining to the business of the Company or any entity controlling, controlled by or under common control with the Company (each an “Affiliate”) except (i) while employed by the Company in the business of and for the benefit of the Company or its Affiliates or (ii) when required to do so by a court of competent jurisdiction, by any governmental agency having supervisory authority over the business of the Company or its Affiliates, or by any administrative body or legislative body with jurisdiction to order the Company or its Affiliates to divulge, disclose or make accessible such information. For purposes of this Employment 

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Agreement, “Confidential Information” shall mean non-public information concerning the Company’s financial data, statistical data, strategic business plans, product development (or other proprietary product data), customer and supplier lists, customer and supplier information, pricing data, information relating to governmental relations, discoveries, practices, processes, methods, trade secrets, developments, marketing plans and other non-public, proprietary and confidential information of the Company or its Affiliates, that, in any case, is not otherwise generally available to the public and has not been disclosed by the Company, or its Affiliates, as the case may be, to others not subject to confidentiality agreements. In the event the Executive’s employment is terminated hereunder for any reason, the Executive immediately shall return to the Company all Confidential Information in Executive’s possession. 
C.The Executive agrees and understands that the remedy at law for any breach by Executive of this Section 5 will be inadequate and that the damages flowing from such breach are not readily susceptible to being measured in monetary terms. Accordingly, it is acknowledged that, upon adequate proof of the Executive’s violation of any legally enforceable provision of this Section 5, the Company shall be entitled to immediate injunctive relief and may obtain a temporary order restraining any threatened or further breach. Nothing in this Section 5 shall be deemed to limit the Company’s remedies at law or in equity for any breach by the Executive of any of the provisions of this Section 5 which may be pursued or availed of by the Company.
D.The Executive and the Company agree that the covenants of non-competition and non-solicitation are reasonable covenants under the circumstances, and further agree that if, in the opinion of any court of competent jurisdiction such covenants are not reasonable in any respect, such court shall have the right, power, and authority to excise or modify such provision or provisions of these covenants as to the court shall appear not reasonable and to enforce the remainder of these covenants as so amended.

	6.	Miscellaneous.

A.The Executive represents and warrants that Executive is not a party to any agreement, contract or understanding, whether employment or otherwise, which would restrict or prohibit Executive from undertaking or performing employment in accordance with the terms and conditions of this Employment Agreement.
B.The provisions of this Employment Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions and any partially unenforceable provision to the extent enforceable in any jurisdiction nevertheless shall be binding and enforceable.
C.The rights and obligations of the Company under this Employment Agreement shall inure to the benefit of, and shall be binding on, the Company and its successors and assigns. “Successors and assigns” shall mean, in the case of the Company, any successor pursuant to a merger, consolidation, or sale, or other transfer of all or substantially all of the assets or common shares of the Company.
D.All notices and other communications hereunder shall be in writing and shall be deemed to have been given if delivered personally or sent by facsimile transmission, overnight courier, or certified, registered or express mail, postage prepaid. Any such notice shall be deemed given when so delivered personally or sent by facsimile transmission (provided that a confirmation copy is sent by overnight courier), one day after deposit with an overnight courier, or if mailed, five (5) days after the date of deposit in the United States mails, as follows:

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To the Company:To Executive:
Stoneridge, Inc.James Zizelman
39675 MacKenzie Drive, Suite 40018640 Cypress Haven Drive
Novi, Michigan 48377Fort Myers, Florida 33908
Telephone (248) 489-9300Telephone (585) 507-7186
Fax (248) 489-3970
Attn: Chief Executive Officer
With copy to: 
Susan Benedict
Chief Human Resources Officer
39675 MacKenzie Drive, Suite 400
Novi, Michigan 48377
Telephone (248) 489-9300
Fax (248) 489-3970
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E.The failure of either party to enforce any provision or provisions of this Employment Agreement shall not in any way be construed as a waiver of any such provision or provisions as to any future violations thereof, nor prevent that party thereafter from enforcing each and every other provision of this Employment Agreement.
F.This Employment Agreement supersedes all prior agreements and understandings between the parties and may not be modified or terminated orally. No modification, termination or attempted waiver shall be valid unless in writing and signed by the party against whom the same is sought to be enforced. 
G.This Employment Agreement shall not be assignable or otherwise transferable by Executive. The Company shall have the right to assign this Employment Agreement to any successor which agrees to be bound by the terms hereof.
H.This Employment Agreement shall be governed by and construed according to the laws of the State of Michigan.
I.This Employment Agreement may be executed in one or more counterparts, which together shall constitute one agreement.

IN WITNESS WHEREOF, the parties have executed this Employment Agreement on the dates set forth below. 
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	STONERIDGE, INC.
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	EXECUTIVE

	By:  /s/ Jonathan B. DeGaynor
Jonathan B. DeGaynor
President and CEO
	/s/ James Zizelman
James Zizelman

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April 1, 2020
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April 1, 2020

	Date
	Date

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Initial /s/ JZExhibit 10.2

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AMENDED AND RESTATED
OFFICERS’ AND KEY EMPLOYEES’ 
SEVERANCE PLAN OF 
STONERIDGE, INC.
Article 1​
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Introduction
1.1STONERIDGE, Inc. (“STONERIDGE”) hereby establishes this Amended and Restated Officers’ and Key Employees’ Severance Plan of STONERIDGE, Inc. (“Plan”), effective as of September 14, 2020, to provide salary continuation, and welfare benefit continuation (collectively, the “Severance Benefits”) to eligible officers and key employees of STONERIDGE (a) whose employment is involuntarily terminated and (b) who satisfy all Plan requirements for the receipt of Severance Benefits. 
1.2While the term of this Plan is indefinite, STONERIDGE as the Plan Sponsor reserves the right to amend, modify or terminate this Plan without notice; provided, however, any such amendment, modification or termination shall not adversely affect an Eligible Executive’s (as defined in Section 2.1) right to Severance Benefits if all conditions in Article 2 are satisfied at the time of the proposed amendment, modification or termination.   No benefits shall be provided hereunder to such Eligible Executive to the extent he or she receives benefits under a separate employment agreement or other plan, as further described under Section 4.7.  Lastly, nothing herein shall be deemed to modify the at-will employment status of any STONERIDGE Eligible Executive who is not subject to a specific employment agreement.
1.3STONERIDGE intends to pay the Severance Benefits provided hereunder from the general assets of STONERIDGE; however, STONERIDGE reserves the right to fund and provide all or part of the Severance Benefits hereunder through one or more welfare trusts.
1.4Information regarding the Plan, its claims procedures and employees’ rights under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), are included as Section 4.4 and Articles 5 and 6.
1.5This Plan shall be administered, in all respects, by the Compensation Committee of the Board of Directors of STONERIDGE or its adopted designee (the “Committee”), including sole responsibility for and absolute discretionary authority in determining eligibility to participate in this Plan, eligibility for benefits under the Plan, interpreting Plan terms, and resolving disputes under the Plan.
1.6As used herein, the following terms shall have the following meanings:
(a)Affiliate: For purposes of this Plan, an “Affiliate” shall mean any corporation which would be defined as a member of a “controlled group of corporations” within the meaning of Code Section 414(b) which includes STONERIDGE or any business organization which would be defined as a trade or 

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business (whether or not incorporated) which is under “common control” within the meaning of Code Section 414(c) with STONERIDGE but, in each case, only during periods any such corporation or business organization would be so defined.  This definition shall be modified for purposes of the definition of “Separation from Service” by the modification described in Treasury Regulation 1.409A-1(h).
(b)Board: For purposes of this Plan, the “Board” shall mean STONERIDGE’s Board of Directors.
(c)Cause:  For the purposes of this Plan, “Cause” shall mean:
(i)intentional misappropriation of funds from STONERIDGE; 
(ii)conviction for a felony; 
(iii)commission of a crime or act or series of acts involving moral turpitude; 
(iv)commission of an act or series of acts of dishonesty that are materially inimical to the best interests of STONERIDGE; 
(v)breach of any material term of such Eligible Executive’s employment agreement or employment obligations; 
(vi)willful and repeated failure to perform the duties associated with the Eligible Executive’s position, which failure has not been cured within thirty (30) days after STONERIDGE gives notice thereof to the Eligible Executive; or
(vii) failure to cooperate with any STONERIDGE investigation or with any investigation, inquiry, hearing or similar proceedings by any governmental authority having jurisdiction over the Eligible Executive or STONERIDGE.  
(d)Code:  For purposes of this Plan, “Code” shall mean the Internal Revenue Code of 1986, as amended and any lawful regulations or other lawful guidance promulgated thereunder.  Whenever a reference is made herein to a specific Code Section, such reference shall be deemed to include any successor Code Section having the same or a similar purpose.
(e)Change in Control:  For purposes of this Plan, “Change in Control” shall mean the occurrence of any of the following events:   
(i)the Board of Directors or shareholders of STONERIDGE approve a consolidation or merger that results in the shareholders of STONERIDGE immediately prior to the transaction giving rise to the consolidation or merger, owning less than 50% of the total combined voting power of all classes of equity securities entitled to vote of the 

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surviving entity immediately after the consummation of the transaction giving rise to the merger or consolidation; 
(ii)the Board of Directors or shareholders of STONERIDGE approve the sale of substantially all of the assets of STONERIDGE or the liquidation or dissolution of STONERIDGE; 
(iii)any person or other entity (other than STONERIDGE or a subsidiary of STONERIDGE or any STONERIDGE employee benefit plan (including any trustee of any such plan acting in its capacity as trustee)) purchases any common shares (or securities convertible into common shares) pursuant to a tender or exchange offer without the prior consent of the Board or becomes the beneficial owner of securities of STONERIDGE representing 35% or more of the voting power of STONERIDGE’s outstanding securities; or
(iv)during any period of two consecutive calendar years, individuals who at the beginning of such period constituted STONERIDGE’s Board (together with any new directors whose (x) election by STONERIDGE’s Board or (y) nomination for election by STONERIDGE’s shareholders was (prior to the date of the proxy or consent solicitation relating to such nomination) approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was previously so approved), cease for any reason to constitute a majority of the directors then in office.  
(f)Director: For purposes of this Plan, a “Director” shall mean a member of the Board of Directors.
(g)Involuntary Separation from Service: For purposes of this Plan, an “Involuntary Separation from Service” shall mean a Separation from Service due to the independent exercise by STONERIDGE (or any successor company) of the unilateral authority to terminate the Eligible Executive’s services, other than due to the Eligible Executive’s implicit or explicit request, where the Eligible Executive was willing and able to continue performing services.  
(h)Separation from Service: For purposes of this Plan, a “Separation from Service” shall mean the Eligible Executive’s termination from employment with STONERIDGE and all Affiliates on account of the Eligible Executive’s death, retirement or other termination of employment, as determined in accordance with Section 409A of the Code.  An Eligible Executive will not be deemed to have experienced a Separation from Service if on military leave, sick leave or other bona fide leave of absence, to the extent such leave does not exceed a period of six months or, if longer, such longer period of time as is protected by either statute or contract.  An Eligible Executive will not be deemed to have experienced a Separation from Service if the Eligible Executive provides continuing services that average more than 20 percent of 

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the services provided by the Eligible Executive to STONERIDGE or its Affiliates (whether as an employee or an independent contractor) during the immediately preceding 36-month period of services (or the full period of services to STONERIDGE and its Affiliates, if the Eligible Executive has provided services to STONERIDGE or its Affiliates for less than 36 months).  If an Eligible Executive provides services both as an employee and as an independent contractor of STONERIDGE, the Eligible Executive must cease providing services both as an employee and as an independent contractor to be treated as having experienced a Separation from Service. If an Eligible Executive ceases providing services as an independent contractor and begins providing services as an employee, or vice versa, the Eligible Executive will not be considered to have a Separation from Service until the Eligible Executive has ceased providing services in both capacities.  If an Eligible Executive provides services both as an employee of STONERIDGE and as a member of the Board of Directors, the services provided as a Director are not taken into account in determining whether the Eligible Executive has a Separation from Service under this Plan unless it is aggregated with any plan in which the Eligible Executive participates as a Director under Section 409A of the Code.
Article 2​
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Eligibility For Severance Benefits
2.1Eligibility:  A STONERIDGE officer or other key employee must satisfy all of the following conditions of this Plan in order to be eligible for Severance Benefits under this Plan:
(a)STONERIDGE must have designated such officer or key employee as a person eligible to receive severance benefits by listing him or her on Exhibit A.  Such designation shall be at the sole and complete discretion of STONERIDGE, and status as a STONERIDGE officer or key employee alone shall not include the right to participate in this Plan;
(b)The designated officer or key employee must experience an Involuntary Separation from Service from STONERIDGE for reasons other than (i) Cause, or (ii) following a leave of absence exceeding six months and without a return to active employment, or (iii) termination due to Change in Control while covered by a STONERIDGE Change In Control Agreement.
An officer or key employee who satisfies the foregoing conditions shall be deemed to be an “Eligible Executive” under the Plan.
Article 3​
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Severance Benefits
3.1Salary Continuation:  Subject to the terms of this Plan, an Eligible Executive shall be provided salary continuation for 12 months after the effective date of the Involuntary Separation from Service, payable (assuming the Code Section 409A Severance Limit described 

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in Section 3.3 is not exceeded) in accordance with normal payroll practices, commencing on a date selected by the Plan Administrator which is not later than 60 days following the date of the Eligible Executive’s Separation from Service and subject to normal tax withholding.  Notwithstanding the foregoing to the contrary, the Plan Administrator shall not be required to commence payments until it receives the release required pursuant to Section 3.4 and it becomes irrevocable.  In the event that the total amount of Severance Benefits provided pursuant to this Article 3 exceeds the Code Section 409A Severance Limit described in Section 3.3, salary continuation benefits shall be payable in accordance with the Alternate Payment Timing provisions of Section 3.3.  The Eligible Executive’s right to a series of installment payments under this Section shall be treated as a right to a series of separate payments as provided in Treasure Regulation  Section 1.409A-2(b)(2)(iii). 
3.2Benefit Continuation:  Subject to the terms of this Plan, an Eligible Executive shall receive medical, dental and life insurance benefit continuation for 12 months after the effective date of the Separation from Service, provided, however, Employer shall not be obligated to pay for Health and Welfare Benefits after the date on which Executive is eligible to receive benefits from another employer which are substantially equivalent to or greater than the benefits Executive received from Employer.  For medical and dental benefit continuation, such benefit continuation shall be pursuant to COBRA and shall be at the same levels elected prior to the Eligible Executive’s Separation from Service, and STONERIDGE will pay (or reimburse, as applicable) any required medical and dental benefit contribution premiums on behalf of the Eligible Executive during this 12-month period at the same level as they were payable by STONERIDGE immediately prior to the Separation from Service.   After such period, the Eligible Executive will be eligible for medical and dental benefit continuation under COBRA for the balance of the applicable COBRA period, subject to payment of COBRA rates by the Eligible Executive without reimbursement by STONERIDGE.  For life insurance benefit continuation, STONERIDGE will pay any required benefit contributions on behalf of the Eligible Executive during the initial 12-month period;  provided, however, that such required premium contributions will not be paid by STONERIDGE for six months following Separation from Service (at which time all required premium contributions during such six-month period shall be reimbursed to the Eligible Executive in a single lump sum payment on the day which is six months and one day following such Separation from Service).  The Eligible Executive shall be responsible for paying any required benefit contributions during the six-month period immediately following his or her Separation from Service with respect to any benefits that are considered to provide for a deferral of compensation (as determined under Section 409A of the Code), including, without limitation, continuation of life insurance benefits.  Failure to pay such required benefit contributions during such period shall result in forfeiture of the applicable benefits.  Upon Separation from Service, the Eligible Executive’s rights, if any, to participate in any other STONERIDGE pension and welfare benefit plans not specifically addressed in this Plan shall be governed by the terms of those pension and welfare plans.
3.3Alternative Payment Timing:  In the event that (a) the aggregate amount of Severance Benefits provided under Sections 3.1 exceeds two times the lesser of (i) the Eligible Executive’s annualized compensation for the preceding calendar year (or the current calendar year if the Eligible Executive did not have compensation from STONERIDGE or an Affiliate during the preceding calendar year), or (ii) the limit on compensation set forth in Section 

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401(a)(17) of the Code (the “Section 409A Severance Limit”), any payments in excess of the Section 409A Severance Limit shall be considered a separate benefit and no portion of such separate benefit shall be paid prior to the day which is six months and one day following the Eligible Executive’s Separation from Service.  The aggregate of the payments comprising such unpaid amount (the “Section 409A Severance Reduction Amount”) shall be paid to the Eligible Executive in a single lump sum payment on the day which is six months and one day following his or her Separation from Service.   
3.4 Required Release:  Notwithstanding the foregoing to the contrary, benefits described under this Section 3 shall not be provided to any Eligible Executive unless such Eligible Executive has executed and delivered to STONERIDGE a release, in form and substance reasonably satisfactory to STONERIDGE and similar to Exhibit B attached hereto.  
Article 4​
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General Provisions
4.1Other Plans:
(a)Benefits received under this Plan will not be included in compensation or earnings for purposes of determining benefits, including pension benefits, under any other employee benefit plan of STONERIDGE.
(b)Except as otherwise provided in this Plan, payment of benefits under this Plan will not adversely affect an Eligible Executive’s rights under any other employee benefit plan of STONERIDGE. An Eligible Executive’s rights under all other STONERIDGE pension or welfare benefit plans shall be governed by the terms of the plans in effect at the time of the Eligible Executive’s Separation from Service with STONERIDGE.
4.2No Rights to Employment:  Nothing herein, or in any other agreement offered or executed hereunder, or in oral discussions regarding this Plan, shall constitute a commitment for employment for any specified duration, or be deemed to limit STONERIDGE’s right or power to terminate the employment of any Eligible Executive.
4.3No Right to Transfer or Assign Benefits:  Benefits under this Plan are intended for the exclusive benefit of Eligible Executives (and their dependents and beneficiaries to the extent applicable).  Present and future benefits cannot be subjected to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge (except as required by law), and any attempt to do so is null and void.
4.4Plan Administration:
(a)The Plan constitutes an employee welfare benefit plan as defined in ERISA. The Plan Administrator for the Plan is the Compensation Committee of the Board of Directors of STONERIDGE, Inc., Stoneridge, Inc., 39675 MacKenzie Drive, Suite 400, Novi, Michigan, 48377 (the “Committee”).

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(b)Legal matters, including service of process, relating to the Plan should be addressed to STONERIDGE, Inc. Corporate Secretary at the address shown above.
(c)Records for the Plan are kept on a plan year basis, beginning January 1 and ending the following December 31.
(d)For government reporting purposes, the Employer Identification Number for STONERIDGE is 34-1598949.  In addition, the Plan is identified by the following official name and plan number:
Corporate Officers’ and Key Employee’s Severance Plan of STONERIDGE, Inc. Plan Number: 502.
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This Plan name and number should be used in any formal correspondence relating to the Plan.
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4.5Severability:  Any term or provision of this Plan which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such invalidity or unenforceability without thereby rendering invalid or unenforceable the remaining terms and provisions hereof or affecting the validity or enforceability of any of the terms or provisions of this Plan in any other jurisdiction.
4.6Code Section 409A Compliance:  This Plan is intended to be operated in compliance with the provisions of Section 409A of the Code.  In the event that any provision of this Plan fails to satisfy the provisions of Section 409A of the Code, then such provision shall be reformed so as to comply with Section 409A of the Code and to preserve as closely as possible the intention of STONERIDGE in maintaining the Plan, to the extent practicable; provided that, in the event it is determined not to be feasible to so reform a provision of this Plan as it applies to a payment or benefit due to an Eligible Executive or his or her beneficiary(ies), such payment shall be made without complying with Section 409A of the Code.  
4.7Non-duplication of Benefits:  To the extent, and only to the extent, a payment or benefit that is to be paid or provided under Article 3 of this Plan has been or will be paid or provided for the same purpose and is payable at the same time and in the same manner as under this Plan under the terms of another applicable plan, program, agreement or arrangement, including, without limitation, any employment agreement with the Eligible Executive, then the payment under this Plan shall be deemed to have been satisfied by the payment made or benefit(s) provided under such other applicable plan, program, agreement or arrangement, and under no circumstances shall the Eligible Executive be eligible for duplicate, overlapping or cumulative payments or benefits.  If this Section is applicable and the other plan, program, agreement or arrangement contains similar language which indicates that the like payments shall be made under this Plan rather than that plan, program, agreement or arrangement, the Committee shall resolve the issue so that the Eligible Executive is paid under one but not both arrangements.
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Article 5​
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Claims Procedure
5.1Claim:
(a)An Eligible Executive need not present a formal claim in order to qualify for rights or benefits under this Plan.  However, if STONERIDGE fails to provide any benefit to which an Eligible Executive is entitled hereunder or if any Eligible Executive believes (i) that the Plan is not being administered or operated in accordance with its terms, (ii) that fiduciaries of the Plan have breached their duties, or (iii) that his or her own legal rights are being violated with respect to the Plan (a “claimant”), the claimant must file a formal written claim for benefits under the procedures set forth in this Article 5 and utilizing such forms and in such manner as the Plan Administrator shall prescribe. The procedures in this Article 5 shall apply to all claims that any person has with respect to the Plan, including claims against fiduciaries and former fiduciaries, except to the extent the Plan Administrator determines, in its sole discretion, that it does not have the power to grant, in substance, all relief reasonably being sought by the claimant.
(b)A claim by any person shall be presented to the Committee in writing within 90 days following the date upon which the claimant (or his or her predecessor in interest) first knew (or should have known) of the facts upon which the claim is based, unless the Plan Administrator in writing consents otherwise.  The Committee shall, within 90 days of receiving the claim, consider the claim and issue his or her determination thereon in writing.  The Committee may extend the determination period for up to an additional 90 days by giving the claimant written notice.  If the claim is granted, the benefits or relief the claimant seeks will be provided.
5.2Denial:  If the claim is wholly or partially denied, the Committee shall, within 90 days (or such longer period as described above), provide the claimant with written notice of the denial, setting forth, in a manner reasonably calculated to be understood by the claimant,
(a)the specific reason or reasons for the denial,
(b)specific references to pertinent Plan provisions upon which the denial is based,
(c)a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why the additional material or information is necessary, and
(d)a description of the Plan’s appeal procedures describing the steps to be taken by the claimant and time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under ERISA in the event of the denial of the appeal.

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With the consent of the claimant, this determination period can be extended further.  If the Committee fails to respond to the claim in a timely manner, the claimant may treat the claim as having been denied by the Committee.
5.3Appeal:  Each claimant may appeal in writing the Committee’s denial of a claim (in whole or in part) to the Committee within 60 days after receipt by the claimant of written notice of the claim denial, or within 60 days after such written notice was due, if the written notice was not sent.  In connection with the review proceeding, the claimant or his or her duly authorized representative may review pertinent documents and may submit issues and comments in writing.  The claimant may include with the appeal such documents and other information as the claimant deems reasonable.  Any claims which the claimant does not in good faith pursue through the review stage of the procedure shall be treated as having been irrevocably waived.
5.4Review Procedures:  The Committee shall adopt procedures pursuant to which claims shall be reviewed and may adopt different procedures for different claims without being bound by past actions.  Any procedures adopted, however, shall be designed to afford a claimant a full and fair review of his or her claim.
5.5Final Decision:  The decision by the Committee upon review of an appeal shall be made not later than 60 days after the written appeal is received by the Committee, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but not later than 120 days after receipt of the appeal, unless the claimant agrees to a greater extension of that deadline.
5.6Form:  The decision by the Committee regarding the appeal following its review shall be in writing and shall be written in a manner reasonably calculated to be understood by the claimant.  In the event that the appeal is denied, the decision shall include at least the following information:
(a)the specific reason or reasons for the denial of the appeal, 
(b)specific references to pertinent Plan provisions upon which the denial is based,
(c)a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim and appeal, and
(d)a statement describing the procedures for voluntary dispute resolution offered by the Plan (if any) and the claimant’s right to obtain information regarding such procedures, along with a statement of the claimant’s right to bring a civil action under ERISA.
5.7Legal Effect:  To the extent permitted by law, the decision of the Committee (if no appeal thereof is made as herein provided) or the decision of the Committee, as the case may be, shall be final and binding on all parties.  Any claims which the claimant does not pursue 

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through the review and appeal stages of the procedures herein provided shall be deemed waived, finally and irrevocably.  No legal action for benefits under the Plan shall be brought unless and until the claimant has exhausted his or her remedies under this Article 5.  If, after exhausting the claims and appeal procedures, a claimant institutes any legal action against the Plan and/or STONERIDGE, the claimant may present only the evidence and theories which the claimant presented during the claims and appeal procedures.  Judicial review of the claimant’s denied claim shall be limited to a determination of whether the denial was arbitrary and capricious based on the evidence and theories which were presented to and considered by the Committee during the claims procedure or by the Committee during the appeal procedure.
5.8Plan Interpretation:  The Plan Administrator shall administer the Plan in accordance with its terms and the intended meanings of the Plan and any other welfare or pension benefit plan of STONERIDGE. The Plan Administrator shall have the sole and absolute discretionary authority to make any findings of fact needed in the administration of the Plan.
5.9Authority of Committee:  The Committee shall have the sole and absolute discretionary authority to interpret or construe the terms of the Plan, whether express or implied, and resolve any ambiguities, including but not limited to terms governing the eligibility of Executives and the administration of the Plan, and fashion any remedy which the Committee, in its sole judgment, deems appropriate.  The validity of any such finding of fact, interpretation, construction or decision shall not be afforded de novo review if challenged in court, by arbitration or in any other forum, and rather, shall be upheld unless clearly arbitrary or capricious.
5.10Exercise of Discretion:  To the extent the Plan Administrator or the Committee has been granted discretionary authority under the Plan, such fiduciary’s prior exercise of such authority shall not obligate it to exercise its authority in a like fashion thereafter.
5.11Intent:  If, due to errors in drafting, any Plan provision does not accurately reflect its intended meaning, as demonstrated by consistent interpretations or other evidence of intent, or as determined by the Committee in its sole and exclusive judgment, the provision shall be considered ambiguous and shall be interpreted by the Plan Administrator in a fashion consistent with its intent, as determined by the Committee in its sole discretion.  The Committee, without the need for Board of Directors’ approval, may amend the Plan retroactively to cure any such ambiguity.
5.12Consistency:  This Article 5 may not be invoked by any person to require the Plan to be administered in a manner which is inconsistent with its interpretation by the Committee.
5.13Final and Binding:  All actions taken and all determinations made in good faith by the Plan Administrator or by the Committee shall be final and binding upon all persons claiming any interest in or under the Plan.
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Article 6​
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The Plan and ERISA
6.1ERISA Requirements:  “ERISA” -- the Employee Retirement Income Security Act of 1974 -- is a comprehensive law that sets standards and procedures for employee benefit plans.  As a participant in the Plan, you have certain rights under ERISA.
You have the right under ERISA to receive additional information regarding the Plan.  Specifically, you are entitled to:
		●	Examine without charge, at the Plan Administrator’s office or upon request at your local Human Resources Department, all documents governing the Plan and a copy of the latest annual report (Form 5500 series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration.

		●	Obtain copies of all documents governing the operation of the Plan and other Plan information upon written request to the Plan Administrator (including copies of the latest annual report (Form 5500 series) and updated summary plan description (assuming that the Plan has been updated).  The Plan Administrator may make a reasonable charge for the copies.

		●	Receive a summary of the Plan’s annual financial report.  The Plan Administrator is required by law to furnish each participant with a copy of the summary annual report.

6.2Prudent Actions By Plan Fiduciaries:  In addition to creating rights for participants, ERISA imposes duties upon the persons who are responsible for the operation of the Plan.  The persons who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently in your interest and that of other participants and beneficiaries.  No one may fire you or otherwise discriminate against you in any way to prevent you from obtaining benefits or exercising your rights under ERISA.  If your claim for a benefit is denied in whole or in part, you must receive a written explanation of the reason for the denial.  You have the right to have your claim reviewed and reconsidered.  (See Article 5, above).
6.3Enforce Your Rights:  Under ERISA, there are steps you can take to enforce the above rights.  For instance, if you request materials from the Plan Administrator and do not receive them within 30 days, you may file suit in a federal court.  In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the Plan Administrator’s control.  If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or federal court. If you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court.  The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees.  If 

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you lose and the court finds that your claim is frivolous, the court may order you to pay these costs and fees.
6.4Assistance With Your Questions:  If you have any questions about the Plan, you should contact the Plan Administrator.  If you have any questions about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest area office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory, or you may contact the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution NW, Washington, D.C. 20210.  STONERIDGE supports both the spirit and letter of ERISA and is committed to assuring proper treatment and full disclosure of all pertinent information to plan participants.  It is the policy of STONERIDGE that no employee will be fired or discriminated against, either to prevent him or her from obtaining benefits or for exercising his or her rights under ERISA.
This Plan, as amended and restated, supersedes and replaces the Severance Plan Officers’ and Key Employees’ Severance Plan of STONERIDGE, INC. dated May 9, 2017.
This Plan is hereby adopted and approved this 14th day of September, 2020.
STONERIDGE, Inc.

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By:​ ​​ ​​ ​​ ​​ ​​ ​
Jonathan B. DeGaynor
President and Chief Executive Officer
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Exhibit 10.2

EXHIBIT A

ELIGIBLE EXECUTIVES
Susan Benedict, Chief Human Resources Officer & Assistant General Counsel – Labor & Employment
Laurent Borne, President Electronics & Chief Technology Officer
Thomas Dono, Chief Legal Officer
Robert R. Krakowiak, EVP, Chief Financial Officer and Treasurer
Daniel Kusiak, Chief Procurement Officer
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EXHIBIT B

RELEASE
As a condition to the payment of the benefits by STONERIDGE to Eligible Executive pursuant to this Plan, as described in Section 3.4, Eligible Executive shall deliver a signed release of claims against STONERIDGE.  Such release shall be delivered to Employer no later than sixty (60) days following a Separation From Service, shall be in a form and substance satisfactory to STONERIDGE, and, if applicable, shall not be revoked by Eligible Executive, and must include the operative language substantially similar to the following: 
In exchange for the payments set forth under the Corporate Officers’ and Key Employees’ Severance Plan of STONERIDGE, Inc. (“Severance Plan”), I and my heirs, personal representatives, successors and assigns, hereby forever release, remise and discharge STONERIDGE, Inc. (the “Employer”) and each of its past, present, and future officers, directors, shareholders, members, employees, trustees, agents, representatives, affiliates, successors and assigns (collectively the “Employer Released Parties”) from any and all claims, claims for relief, demands, actions and causes of action of any kind or description whatsoever, known or unknown, whether arising out of contract, tort, statute, treaty or otherwise, in law or in equity, which I now have or have had against any of the Employer Released Parties from the beginning of my employment with Employer to the date of this release, arising from, connected with, or in any way growing out of, or related to, directly or indirectly, (i) my employment by Employer, (ii) my service as an officer or key employee, as the case may be, of Employer, (iii) any transaction prior to the date of this release and all effects, consequences, losses and damages relating thereto, (iv) the services provided by me to Employer, or (v) my termination of employment with Employer under the common law or any federal, state or local statute, law, or ordinance including, but not limited to, all claims arising under the Civil Rights Acts of 1866 and 1964, the Equal Pay Act of 1963, the Age Discrimination in Employment Act of 1967, the Rehabilitation Act of 1973, the Older Workers Benefit Protection Act of 1990, the Americans with Disabilities Act of 1990, the Civil Rights Act of 1991, the Family and Medical Leave Act of 1993, the Genetic Information Nondiscrimination Act of 2008, the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), Title 4112 of the Ohio Revised Code, the wage and hour laws of Ohio and Michigan, the Elliott Larsen Civil Rights Act, the Michigan Persons with Disabilities Civil Rights Act, and all other federal, state or local laws governing employers and employees.
Notwithstanding this release of claims, I acknowledge that:  (i) nothing in this release will bar, impair or affect the obligations, covenants and agreements of Employer set forth in the Severance Plan; (ii) I retain the right to file a charge of alleged employment discrimination with the Equal Employment Opportunity Commission (EEOC) or a state or local civil rights agency or to participate in the investigation of such charge filed by another person or to initiate or respond to communications with the EEOC or a state or local civil rights agency; however, I waive all rights to recover or share in any damages or monetary payment awarded under any EEOC charge or state or local civil rights 

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agency charge or action; and (iii) I retain the right to file a charge or complaint or otherwise communicate with the Securities and Exchange Commission (SEC) or participate in any investigation or proceeding conducted by the SEC, and the release does not limit my right to receive an award for information provided to the SEC.
If the release described in this Exhibit B, as Employer may reasonably modify in its discretion, is not timely delivered by Eligible Executive to Employer or, if applicable, is timely revoked by Executive, then no payment shall be made under this Severance Plan. 

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