Document:

Exhibit

                                                                                  
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
Executive Officer Severance Plan
		
	1.
	Purpose.  The purpose of the American Axle & Manufacturing Holdings, Inc. Executive Officer Severance Plan (the “Plan”) is to advance the interests of American Axle & Manufacturing Holdings, Inc. (the “Company,” and together with its subsidiaries, the “Company Group”)  and its shareholders by providing financial protection to selected executive officers and certain other employees as determined by the Administrator in its sole discretion from time to time upon termination of a participant’s employment in specific circumstances and to attract and retain talent. 

		
	2.
	Definitions.  For purposes of the Plan, the following words and phrases have the meanings specified below:

		
	2.1
	“Accountants” has the meaning set forth in Section 9.2. 

		
	2.2
	“Administrator” has the meaning set forth in Section 3. 

		
	2.3
	“Base Salary” with respect to a Participant means the rate of annual base salary paid to the Participant by the Company Group immediately preceding the Participant’s Date of Separation.

		
	2.4
	“Benefit Continuation” has the meaning set forth in Section 6.2(d). 

		
	2.5
	“Board” means the Board of Directors of the Company.

		
	2.6
	“Bonus” with respect to a Participant means the target annual bonus amount for the year in which the Participant’s Date of Separation occurs.

		
	2.7
	“Cause” means with respect to a Participant, unless otherwise defined in the employment agreement of the Participant, any of the following:  (a) the Participant’s willful and continued failure or refusal to perform the duties reasonably required of him or her to the Company Group;  (b) the Participant’s conviction of, or plea of nolo contendere to any felony or another crime involving dishonesty or moral turpitude or which reflects negatively upon the Company Group or otherwise impairs or impedes its operations; (c) the Participant’s engagement in any willful misconduct, gross negligence, act of dishonesty, violence or threat of violence (including any violation of federal securities laws) that is injurious to the Company Group; (d) the Participant’s material breach of any applicable agreement with or policy of the Company Group; (e) the Participant’s material failure to comply with any applicable laws and regulations or professional standards relating to the business of the Company Group; or (f) any other misconduct by the Participant that is injurious to the financial condition or business reputation of the Company Group. 

		
	2.8
	 “Code” means the Internal Revenue Code of 1986, as it may be amended from time to time and as interpreted by regulations and rulings issued pursuant to the Code.  Any references to a specific provision shall be deemed to include references to any successor Code provision.

		
	2.9
	“Committee” means the Compensation Committee of the Board.

		
	2.10
	“Covered Payments” has the meaning set forth in Section 9.1.  

		
	2.11
	“Date of Separation” means, with respect to a Participant, the date on which a Participant incurs a termination of employment that is a “separation from service” within the meaning of Section 409A of the Code.

		
	2.12
	“Effective Date” has the meaning set forth in Section 17. 

		
	2.13
	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.

		
	2.14
	“Excise Tax” has the meaning set forth in Section 9.1. 

		
	2.15
	“Good Reason” means any one or more of the following actions or omissions:

		
	(a)
	any material reduction in a Participant’s annual base salary or bonus opportunity as in effect immediately prior to the reduction; or

		
	(b)
	the relocation (other than by mutual agreement) of the office at which the Participant is to perform the majority of his or her duties to a location more than 50 miles from the location at which the Participant performed such duties prior to the relocation;

provided, however, that the Participant must provide the Company with (a) 45 days advance notice of termination in writing and (b) notice of the conduct that is the basis for the potential Good Reason termination in writing within 90 days of its initial existence, and such notice shall describe the conduct the Participant believes to constitute Good Reason.  The Company shall have 30 days to cure such conduct upon receipt of the notice of termination from the Participant.  If the Company cures the conduct that is the basis for the potential termination for Good Reason within such 30-day period, the Participant’s notice of termination shall be deemed withdrawn.  If the Participant does not give notice to the Company as described in this Section 2.15 within 90 days after an event giving rise to Good Reason, the Participant’s right to claim Good Reason termination on the basis of such event shall be deemed waived.
		
	2.16
	“Participant” has the meaning set forth in Section 4. 

		
	2.17
	 “Plan” means this Executive Officer Severance Plan, as described in this document and as amended from time to time.

		
	2.18
	“Release” has the meaning set forth in Section 7. 

		
	2.19
	“Severance Multiple” means the number applicable to a Participant’s position as set forth on Exhibit A, as amended from time to time.

		
	2.20
	“Severance Period” has the meaning set forth in Section 6.2. 

		
	3.
	Administration.  The Plan shall be administered by the Committee (the “Administrator”).  Subject to the provisions of the Plan, the Administrator shall have exclusive authority to interpret and administer the Plan, to establish, amend and rescind appropriate rules and regulations relating to the Plan, to delegate some or all of its authority under the Plan to the extent permitted by law, and to take all such steps and make all such determinations in connection with the Plan and the benefits granted pursuant to the Plan as it may deem necessary or advisable.  Any decision of the Administrator in the interpretation and administration of the Plan, as described herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned.  Except to the extent it would violate applicable law or rules, the Administrator may delegate all or a portion of its authority for administering the Plan to an officer or officers of the Company.  To the extent so delegated, the term “Administrator” hereunder shall be deemed to refer to such officer or officers.  The Administrator shall take such actions it deems necessary or desirable to ensure that such officer or officers have sufficient and appropriate authority for carrying out the intent and purpose of the Plan.

		
	4.
	Eligibility.  The participants under the Plan shall be limited to (i) executive officers of the Company, other than those executive officers who have an employment agreement or other separate arrangement providing for severance benefits upon a termination of employment (the “Executive Officer Participants”) and (ii) certain other employees of the Company Group as determined by the Administrator in its sole discretion from time 

to time (the “Associate Participants” and, together with the Executive Officer Participants, the “Participants”).  Individuals who qualify under the definition of Executive Officer Participant under this Section 4 shall automatically, without any independent action by the Administrator, become eligible to and shall participate in the Plan as Participants as of such date.  In the event that an individual no longer meets the definition of Executive Officer Participant, he or she shall automatically, without any independent action by the Administrator, no longer be eligible to participate in the Plan and such individual’s participation shall automatically, without any independent action by the Administrator, be terminated as of such date, subject to Section 15 of the Plan; provided, that for the avoidance of doubt, the Administrator may in its sole discretion elect to designate such individual as an Associate Participant.  The Administrator from time to time in its sole discretion shall select and notify any employees of the Company who will participate as Participants in the Plan.  Individuals who are designated by the Administrator as Associate Participants in accordance with this Section 4 and who undergo a change in title or job grade other than for reason of a promotion shall automatically, without any independent action by the Administrator, no longer be eligible to participate in the Plan and such individual’s participation shall automatically, without any independent action by the Administrator, be terminated as of such date, subject to Section 15 of the Plan; provided, that for the avoidance of doubt, the Administrator may in its sole discretion elect to treat any such individual differently in accordance with the terms of the Plan.
		
	5.
	No Effect on Equity Awards.  The Plan does not alter or amend any vesting or other terms and conditions of any equity-based compensation awards under the Company’s equity incentive compensation plans (including, but not limited to, the Company’s 2012 Omnibus Incentive Plan or 2018 Omnibus Incentive Plan), which shall be governed by the terms and conditions set forth in the equity incentive compensation plans and separate written grant agreements.

		
	6.
	Severance Benefits.

		
	6.1
	No severance benefits shall be payable under the Plan unless the Participant’s employment with the Company is involuntarily terminated by the Company without Cause or by the Participant’s resignation with Good Reason (a “Qualifying Event”).  For the avoidance of doubt, if in connection with a transaction or series or combination of transactions (i) a Participant’s employment transfers to an acquiror or its affiliate or (ii) a Participant is offered a comparable position with an acquiror or its affiliate with a level of compensation no less than and benefits comparable to that enjoyed by the Participant immediately prior to the closing of the applicable transaction, then a termination from the Company Group shall not constitute a Qualifying Event for purposes of the Plan.  In the event of a Change in Control (as defined in the Company Change in Control Plan), the Company Change in Control Plan or, if applicable, the terms provided under the Participant’s employment agreement, shall apply. 

		
	6.2
	Upon a Qualifying Event, subject to the provisions of the Plan (including compliance with the Restrictive Covenants) and timely execution and nonrevocation of a Release, the Participant shall receive the following benefits:

		
	(a)
	Severance.  A cash amount equal to the Participant’s Base Salary plus Bonus multiplied by the applicable Severance Multiple, payable in a lump sum on the 60th day following the Date of Separation;

		
	(b)
	Annual Bonus.  Any unpaid annual bonus for any completed performance year immediately preceding the year in which the Qualifying Event occurs as determined based on actual performance, payable to the Participant on the date such bonus would have been paid had the Participant remained employed with the Company, but in no event later than March 15th of the year in which the Qualifying Event occurs, notwithstanding anything to the contrary in an applicable plan or award document;

		
	(c)
	Pro rata Annual Bonus.  A cash amount equal to the annual bonus for the performance year in which the Qualifying Event occurs, determined based on actual performance and then prorated based on the number of days in such performance year elapsed through the date of the Qualifying Event, payable to the Participant on the date such bonus would have been paid had the Participant remained employed with the Company, but in no event later than March 15th of the year following the year in which the Qualifying Event occurs, notwithstanding anything to the contrary in an applicable plan or award document; 

		
	(d)
	Medical Coverage.  Upon a Qualifying Event, the Participant (and his or her eligible dependents) shall be entitled to continued participation in the Company’s medical plans, as in effect from time to time, at then-existing participation and coverage levels for active similarly situated employees (the “Benefit Continuation”) for the number of months equal to 12 multiplied by the applicable Severance Multiple (the “Severance Period”).  In the event that such Benefit Continuation is not permitted or advisable or the Company, in its sole discretion, elects, in lieu of Benefit Continuation, the Company shall pay to the Participant a cash amount (in the Company’s determination) equal to the then-current difference between the Participant’s monthly medical insurance cost immediately prior to the applicable Qualifying Event and the monthly cost for COBRA multiplied by the  number of months remaining in the Severance Period, payable in three separate semi-annual installments.  Any obligation to provide Benefit Continuation or payment in lieu of such Benefit Continuation shall cease upon the earlier of (i) the Participant becoming eligible to receive group health benefits under a program of a subsequent employer or (ii) the Participant not complying with the provisions of this Plan.  For the avoidance of doubt, the Participant (and his or her eligible dependents) shall be responsible for paying all employee contributions, deductibles and other cost-sharing items under such plans. Nothing in this Section 6.2 shall be construed to impair or reduce a Participant’s rights under COBRA or other applicable law.

		
	(e)
	Outplacement.  The Participant shall be entitled to reimbursement for outplacement service costs incurred (which shall include appropriate itemization and substantiation of expenses incurred) during the period from the Participant’s Date of Separation through the end of the applicable Severance Period, subject to a maximum amount of $20,000; provided, that such claims for reimbursement are submitted to the Company within 90 days following the date of invoice.

All payments under this Section 6.2 are subject to the Participant executing the Release and the Release becoming effective and irrevocable in its entirety.  If the Release does not become effective and irrevocable prior to the 60th day following the Date of Separation, the Company shall have no obligation to make any payments or provide benefits pursuant to the Plan.
		
	6.3
	General.  Nothing in this Section 6 shall be construed to impair or reduce a Participant’s right to any other accrued but unpaid compensation or benefits nor create a right or entitlement to any additional senior executive retirement benefit.

		
	7.
	Release and Restrictive Covenant.

		
	7.1
	Release.  A Participant shall only be entitled to receive the payments and benefits pursuant to Section 6 if he or she shall have executed and delivered (and not revoked) a release of claims against the Company (and its officers, directors, employees, affiliates, stockholders, etc.) substantially in the form attached hereto as Exhibit B (the “Release”), and such Release is in full force and effect by the 60th day following the Date of Separation.  Should the Participant revoke all or any portion of the Release within any allowed revocation period, then the Participant will be treated hereunder as if he or she did not execute the Release.

		
	7.2
	Restrictive Covenant.  During the Severance Period, the Participant shall not, without the prior written consent of the Company, directly or indirectly, and whether as principal or investor or as an employee, officer, director, manager, partner, consultant, agent or otherwise, alone or in association with any other person, firm, corporation or other business organization, carry on a business competitive with the Company in any geographic area in which the Company Group has engaged in business, or is reasonably expected to engage in business during such Severance Period (including, without limitation, any area in which any customer of the Company Group may be located); provided, however, that nothing herein shall limit the Participant’s right to own not more than 1% of any of the debt or equity securities of any business organization that is then filing reports with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Exchange Act (the “Restrictive Covenant”).  For the avoidance of doubt, (i) amounts payable pursuant to Section 6.2 are consideration for the Participant’s compliance with this Restrictive Covenant and (ii) the Restrictive Covenant shall be effective for the full Severance Period irrespective of whether any payments under Section 6.2 are terminated prior to the end of the Severance Period. 

		
	7.3
	Breach.  If a Participant breaches any provision of the Release or the Restrictive Covenant, the Administrator may determine that the Participant (i) will forfeit any unpaid portion of the payments provided pursuant to the Plan and (ii) will repay to the Company any amounts previously paid to him or her pursuant to the Plan.

		
	8.
	No Funding.  Nothing herein contained shall require or be deemed to require the Company to segregate, earmark or otherwise set aside any funds or other assets to provide for any payments made hereunder.  The rights of any Participant under the Plan shall be solely those of a general creditor of the Company.  However, in the event the Company foresees payment under the Plan, the Company may deposit cash or property, or both, equal in value to all or a portion of the benefits anticipated to be payable hereunder for any or all Participants into a trust, the assets of which are to be distributed at such times as are otherwise provided for in the Plan and are subject to the rights of the general creditors of the Company.

		
	9.
	Section 280G.

		
	9.1
	Notwithstanding any other provision of the Plan or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits provided or to be provided by the Company or its affiliates to a Participant or for the Participant’s benefit pursuant to the terms of the Plan or otherwise (“Covered Payments”) constitute parachute payments within the meaning of Section 280G of the Code and would, but for this Section 9, be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then the Covered Payments shall be payable either (i) in full or (ii) reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax, whichever of the foregoing (i) or (ii) results in the Participant’s receipt on an after-tax basis of the greatest amount of payments and benefits after taking into account the applicable federal, state, local and foreign income, employment and excise taxes (including the Excise Tax).  Any such reduction shall be made by the Company in its sole discretion consistent with the requirements of Section 409A of the Code.

		
	9.2
	Any determination required under this Section 9 shall be made in writing in good faith by the accounting firm that was the Company’s independent auditor immediately before the Qualifying Event (the “Accountants”).  The Company and the Participant shall provide the Accountants with such information and documents as the Accountants may reasonably request in order to make a determination under this Section 9.  The Company shall be responsible for all fees and expenses of the Accountants.

		
	10.
	Section 409A.  Notwithstanding anything to the contrary contained in the Plan, the payments and benefits provided under the Plan are intended to comply with or be exempt from Section 409A of the Code, and the provisions of the Plan shall be interpreted or construed consistently with that intent.  The Administrator may 

modify the payments and benefits under the Plan at any time solely as necessary to avoid adverse tax consequences under Section 409A; provided, however, that this Section 10 shall not create any obligation on the part of the Administrator to make such modifications or take any other action.
		
	10.1
	It is intended that the terms “termination” and “termination of employment” as used herein shall constitute a “separation from service” within the meaning of Section 409A.

		
	10.2
	Anything in the Plan to the contrary notwithstanding, each payment of compensation made to a Participant shall be treated as a separate and distinct payment from all other such payments for purposes of Section 409A.

		
	10.3
	In no event may a Participant be permitted to control the year in which any payment occurs.

		
	10.4
	Anything in the Plan to the contrary notwithstanding, if a Participant is a “specified employee” (within the meaning of Treasury Regulation Section 1.409A-1(i)) on the date of the Participant’s termination of employment, then any payment or benefit which would be considered “nonqualified deferred compensation” within the meaning of Section 409A that the Participant is entitled to receive upon the Participant’s termination of employment and which otherwise would be payable during the six-month period immediately following the Participant’s termination of employment will instead be paid or made available on the first day of the seventh month following the Participant’s termination of employment (or, if earlier, the date of the Participant’s death).

		
	10.5
	With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A:  (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year; and (iii) such payments shall be made on or before the last day of the Participant’s taxable year following the taxable year in which the expense occurred, or such earlier date as required hereunder.

		
	11.
	Clawback.  Any amounts payable under the Plan are subject to any policy providing for clawback, recoupment or recovery of amounts that were paid to the Participant as established from time to time by the Committee.  The Company shall make any determination for clawback, recoupment or recovery in its sole discretion and in accordance with any such policy and applicable law or regulation.

		
	12.
	Withholding.  The Company shall be entitled to withhold from payments to or on behalf of the Participant taxes and other authorized deductions. 

		
	13.
	Governing Law.  The Plan shall be construed, interpreted and governed in accordance with the laws of the State of Michigan, without giving effect to the principles of conflicts of law.

		
	14.
	Effect on Other Plans.  The Plan supersedes in all respects any other severance benefit plans, arrangements or policies of the Company that apply to Participants upon a Qualifying Event, but does not supersede (i) employment agreements between an employee and the Company Group and (ii) to the extent applicable, the Company Executive Officer Change in Control Plan.  No Participant shall be eligible to receive severance benefits under more than one severance arrangement of the Company (whether through an employment agreement or a benefit plan) at any time.  Notwithstanding the foregoing, the Company and the Board reserve the right to adhere to other policies and practices that may be in effect for other groups of employees.

		
	15.
	Amendment, Modification and Termination.  The Plan (including Exhibit A) may be modified, amended or terminated at any time by the Administrator without notice to Participants.  

		
	16.
	No Employment Rights.  Neither the Plan nor the benefits hereunder shall be a term of the employment of any employee, and the Company Group shall not be obligated in any way to continue the Plan.  The terms of the Plan shall not give any employee the right to be retained in the employment of the Company Group.

		
	17.
	Effective Date and Term.  The Plan shall become effective as of April 10, 2018 (the “Effective Date”).

Exhibit A

Severance Multiples
	
		
	Participants
	Applicable Severance Multiple

	Business Unit Presidents
VP/CFO 
VP-HR
VP- Controller 
	1.5

	Other Executive Officer Participants
	1

For any newly appointed Executive Officer Participant or employee designated as an Associate Participant by the Administrator, the Administrator shall determine the applicable Severance Multiple at the time such employee becomes eligible to participate in this Plan.

For the avoidance of doubt, notwithstanding an employee’s title being listed on the chart, such employee is not eligible to participate in this Plan if he or she is subject to an employment agreement providing for severance benefits. 

Exhibit B

Form of Release
FORM OF WAIVER AND MUTUAL RELEASE
This Waiver and Mutual Release, dated as of                   (this “Release”), by and between [NAME] (the “Participant”) and American Axle & Manufacturing Holdings, Inc., a Delaware corporation (the “Company”).
WHEREAS, the Participant participates in the Company’s Executive Officer Severance Plan (the “Plan”); and
WHEREAS, pursuant to Section 7 of the Plan, the Participant has agreed to execute and deliver a release and waiver of claims of the type and nature set forth herein as a condition to his or her entitlement to certain payments and benefits upon a Qualifying Event (as defined in the Plan), effective as of                   (the “Termination Date”).
NOW, THEREFORE, in consideration of the premises and mutual promises herein contained and for other good and valuable consideration received or to be received in accordance with the terms of the Plan, the Participant and the Company agree as follows:
1.    Return of Property.  On or prior to the Termination Date, the Participant represents and warrants that he or she will return all property made available to him in connection with his or her service to the Company, including, without limitation, credit cards, any and all records, manuals, reports, papers and documents kept or made by the Participant in connection with his or her employment as an officer or employee of the Company and its subsidiaries and affiliates, all computer hardware or software, cellular phones, files, memoranda, correspondence, vendor and customer lists, financial data, keys and security access cards.
2.    Participant Release.
(a)    In consideration of the payments and benefits provided to the Participant under the Plan and after consultation with counsel, the Participant and each of the Participant’s respective heirs, executors, administrators, representatives, agents, successors and assigns (collectively, the “Participant Parties”) hereby irrevocably and unconditionally release and forever discharge the Company and its subsidiaries and affiliates and each of their respective officers, employees, directors, shareholders and agents (“Company Parties”) from any and all claims, actions, causes of action, rights, judgments, obligations, damages, demands, accountings or liabilities of whatever kind or character (collectively, “Claims”), including, without limitation, any Claims under any federal, state, local or foreign law, that the Participant Parties may have, or in the future may possess, arising out of (i) the Participant’s employment relationship with and service as an employee, officer or director of the Company, and the termination of such relationship or service, and (ii) any event, condition, circumstance or obligation that occurred, existed or arose on or prior to the date hereof; provided, however, that the Participant does not release, discharge or waive (w) any rights to payments and benefits provided under the Plan that are contingent upon the execution by the Participant of this Release, (x) any right the Participant may have to enforce this Release or the Plan, (y) the Participant’s eligibility for indemnification in accordance with the Company’s certificate of incorporation, bylaws or other corporate governance document, or any applicable insurance policy, with respect to any liability he or she incurred or might incur as an employee, officer or director of the Company, or (z) any claims for accrued, vested benefits under any long-term incentive, employee benefit or retirement plan of the Company subject to the terms and conditions of such plan and applicable law including, without limitation, any such claims under the Employee Retirement Income Security Act of 1974, as amended.  This Section 2(a) does not apply to any Claims that the Participant Parties may have as of the date the Participant signs this Release arising under the Federal Age Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder (“ADEA”).  Claims arising under ADEA are addressed in Section 2(b) of this Release.

(b)    Participant’s Specific Release of ADEA Claims.  In further consideration of the payments and benefits provided to the Participant under the Plan, the Participant Parties hereby unconditionally release and forever discharge the Company Parties from any and all Claims that the Participant Parties may have as of the date the Participant signs this Release arising under ADEA.  By signing this Release, the Participant hereby acknowledges and confirms the following:  (i) the Participant was advised by the Company in connection with his or her termination to consult with an attorney of his or her choice prior to signing this Release and to have such attorney explain to the Participant the terms of this Release, including, without limitation, the terms relating to the Participant’s release of claims arising under ADEA, and the Participant has in fact consulted with an attorney; (ii) the Participant was given a period of not fewer than [21 days][45 days, to the extent required by ADEA,] to consider the terms of this Release and to consult with an attorney of his or her choosing with respect thereto; and (iii) the Participant knowingly and voluntarily accepts the terms of this Release.  The Participant also understands that he or she has seven days following the date on which he or she signs this Release (the “Revocation Period”) within which to revoke the release contained in this paragraph, by providing the Company a written notice of his or her revocation of the release and waiver contained in this paragraph.  No such revocation by the Participant shall be effective unless it is in writing and signed by the Participant and received by the Company prior to the expiration of the Revocation Period.
3.    Company Release.  The Company, for itself and on behalf of the Company Parties, hereby irrevocably and unconditionally releases and forever discharges the Participant Parties from any and all Claims, including, without limitation, any Claims under any federal, state, local or foreign law, that the Company Parties may have, or in the future may possess, arising out of (a) the Participant’s employment relationship with and service as an employee, officer or director of the Company, and the termination of such relationship or service, and (b) any event, condition, circumstance or obligation that occurred, existed or arose on or prior to the date hereof, excepting any Claim which would constitute or result from conduct by the Participant that would constitute a crime under applicable state or federal law; provided, however, notwithstanding the generality of the foregoing, nothing herein shall be deemed to release the Participant Parties from (x) any rights or claims of the Company arising out of or attributable to (A) the Participant’s actions or omissions involving or arising from fraud, deceit, theft or intentional or grossly negligent violations of law, rule or statute while employed by the Company and (B) the Participant’s actions or omissions taken or not taken in bad faith with respect to the Company; and (y) the Participant or any other Participant Party’s obligations under this Release or the Plan.
4.    No Assignment.  The parties represent and warrant that they have not assigned any of the Claims being released under this Release.
5.    Proceedings.
(a)    General Agreement Relating to Proceedings.  The parties represent and warrant that they have not filed, and they agree not to initiate or cause to be initiated on their behalf, any complaint, charge, or claim against the other party before any local, state or federal agency, court or other body relating to the Participant’s employment or the termination thereof, other than with respect to any claim that is not released hereunder including with respect to the obligations of the Company to the Participant and the Participant to the Company under the Plan (each, individually, a “Proceeding”), and each party agrees not to participate voluntarily in any Proceeding.  The parties waive any right they may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any Proceeding.
(b)    Proceedings Under ADEA.  Section 5(a) shall not preclude the Participant from filing any complaint, charge or claim challenging the validity of the Participant’s waiver of Claims arising under ADEA (which is set forth in Section 2(b) of this Release).  However, both the Participant and the Company confirm their belief that the Participant’s waiver of claims under ADEA is valid and enforceable, and that their intention is that all claims under ADEA will be waived.
(c)    Certain Administrative Proceedings.  In addition, Section 5(a) shall not preclude the Participant from filing a charge with or participating in any administrative investigation or proceeding by the Equal Employment Opportunity Commission or another Fair Employment Practices agency.  The Participant is, however, 

waiving his or her right to recover money in connection with any such charge or investigation.  The Participant is also waiving his or her right to recover money in connection with any charge filed by any other entity or individual, or by any federal, state or local agency.
6.    Remedies.
(a)    Each of the parties understands that by entering into this Release such party will be limiting the availability of certain remedies that such party may have against the other party and such party’s ability to pursue certain claims against the other party.
(b)    Each of the parties acknowledges and agrees that the remedies at law available to such party for breach of any of the obligations under this Release would be inadequate and that damages flowing from such a breach may not readily be susceptible to being measured in monetary terms.  Accordingly, each of the parties acknowledges, consents and agrees that, in addition to any other rights or remedies that such party may have at law or in equity, such party shall be entitled to seek a temporary restraining order or a preliminary or permanent injunction, or both, without bond or security, restraining the other party from breaching its obligations under this Release.  Such injunctive relief in any court shall be available to the relevant party, in lieu of, or prior to or pending determination in, any arbitration proceeding.
7.    Cooperation.  From and after the Termination Date, the Participant shall cooperate in all reasonable respects with the Company, its affiliates and subsidiaries and their respective directors, officers, attorneys and experts in connection with the conduct of any action, proceeding, investigation or litigation involving the Company or any of its affiliates or subsidiaries, including any such action, proceeding, investigation or litigation in which the Participant is called to testify.
8.    Unfavorable Comments.
(a)    Public Comments by the Participant.  The Participant agrees to refrain from making, directly or indirectly, now or at any time in the future, whether in writing, orally or electronically:  (i) any derogatory comment concerning the Company, its affiliates or subsidiaries or any of their current or former directors, officers, employees or shareholders, or (ii) any other comment that could reasonably be expected to be detrimental to the business or financial prospects or reputation of the Company or any of its affiliates or subsidiaries.
(b)    Public Comments by the Company.  The Company agrees to instruct its directors and employees to refrain from making, directly or indirectly, now or at any time in the future, whether in writing, orally or electronically:  (i) any derogatory comment concerning the Participant, or (ii) any other comment that could reasonably be expected to be detrimental to the Participant’s business or financial prospects or reputation.
9.    Severability Clause.  In the event any provision or part of this Release is found to be invalid or unenforceable, only that particular provision or part so found, and not the entire Release, will be inoperative.
10.    Non-admission.  Nothing contained in this Release will be deemed or construed as an admission of wrongdoing or liability on the part of the Company or the Participant.
11.    Governing Law.  All matters affecting this Release, including the validity thereof, are to be governed by, and interpreted and construed in accordance with, the laws of the State of Michigan applicable to contracts executed in and to be performed in that State.

THE PARTICIPANT ACKNOWLEDGES THAT HE OR SHE HAS READ THIS RELEASE, THAT HE OR SHE HAS REVIEWED IT WITH AND OBTAINED THE ADVICE OF COUNSEL AND THAT HE OR SHE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT HE OR SHE HEREBY EXECUTES THE SAME AND MAKES THIS RELEASE AND THE RELEASES PROVIDED FOR HEREIN VOLUNTARILY AND OF HIS OR HER OWN FREE WILL.
IN WITNESS WHEREOF, the parties have executed this Release as of the date first set forth above.
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. 

By:

PARTICIPANT
By:Exhibit 10.1

 

PURCHASE
AGREEMENT

 

This PURCHASE AGREEMENT (this "Agreement")
is made and entered into as of February 14, 2019 by and among P&F Industries Inc., a Delaware corporation (the "Company"),
and each of the undersigned sellers listed on Exhibit A attached hereto (each a “Seller” or the “Seller”
and, collectively, the “Sellers”). Each Seller is acting severally and not jointly with any other Seller, including,
without limitation, the obligation to sell the Purchased Shares (as defined below) hereunder and the representations and warranties
of Seller hereunder (which are made by Seller as to itself only).

 

WHEREAS, Seller directly owns shares,
beneficially and of record, of the issued and outstanding common stock, par value $0.01 per share, of the Company ("Company
Shares"); and

 

WHEREAS,
Seller desires to sell, and the Company desires to purchase, free and clear of any and all Liens (as defined herein) that number
of Company Shares (the “Purchased Shares”) as set forth on Exhibit A attached hereto, for a total aggregate
purchase price as set forth opposite such Seller’s name on such Exhibit A (the “Purchase Price”),
at a price per share of $7.6193, which is 97% of the value weighted average price of the Company Shares over the 20 trading days
ended on February 7, 2019.

 

NOW, THEREFORE,
in consideration of the foregoing premises and the covenants, agreements and representations and warranties contained herein, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

 

PURCHASE AND SALE; ClOSINGS

 

Section 1.1Purchase and Sale. Upon
the terms and subject to the conditions of this Agreement, Seller agrees to sell, convey, assign, transfer and deliver to the Company,
and the Company agrees to purchase from Seller, the Purchased Shares, free and clear of any and all mortgages, pledges, encumbrances,
liens, security interests, options, charges, claims, deeds of trust, deeds to secure debt, title retention agreements, rights of
first refusal or offer, limitations on voting rights, proxies, voting agreements, limitations on transfer or other agreements,
claims or other interests of any kind or nature whatsoever (collectively, "Liens").

 

Section 1.2Purchase Price. Upon
the terms and subject to the conditions of this Agreement, in consideration of the aforesaid sale, conveyance, assignment, transfer
and delivery to the Company of the Purchased Shares, the Company shall pay to Seller the Purchase Price in cash pursuant to the
wire transfer instructions as previously provided to Company.

 

     

     

    

 

Section 1.3Expenses. Except as
expressly set forth in this Agreement, all fees and expenses incurred by a party hereto in connection with the matters contemplated
by this Agreement shall be borne by the party incurring such fee or expense, including without limitation the fees and expenses
of any investment banks, attorneys, accountants or other experts or advisors retained by such party.

 

Section 1.4Closing.

(a)       The
consummation of the transactions contemplated by this Agreement (the "Closing") shall take place at 10:00 a.m.,
local time, on the Nasdaq Stock Market trading day immediately following the date hereof at the offices of the Company or at such
other place, date or time as the parties may agree in writing (the " Closing Date"); provided that the Company's
obligations to consummate the transactions contemplated by this Agreement shall be conditioned on (a) no condition existing on
Closing Date which would prevent the Company from drawing funds under that certain Second Amended and Restated Loan and Security
Agreement among the Company and certain of its subsidiaries as Borrowers and Guarantors and Capital One, National Association,
as Agent and Lender, as amended or otherwise modified through the date hereof, and (b) no injunction or other order, judgment,
law, regulation, decree or ruling or other legal restraint or prohibition having been issued, enacted or promulgated by a court
or other governmental authority of competent jurisdiction that would have the effect of prohibiting or preventing the consummation
of the transactions contemplated hereunder.

 

(b)       Notwithstanding
anything contained in this Agreement to the contrary (i) if the conditions precedent to the Company’s obligations to consummate
the Closing with respect to a Seller are not satisfied on or before 5:00 p.m. New York time on February 19, 2019, then the Company
may terminate the Agreement with respect to such Seller or the Sellers on written notice to such Seller or the Sellers, as the
case may be, whereupon the Company shall have no obligation or liability to the Seller or Sellers, as the case may be, under this
Agreement whatsoever and (ii) if the conditions precedent to Seller’s obligations to consummate the Closing are not satisfied
on or before 5:00 p.m. New York time on February 19, 2019, Seller may terminate the Agreement on written notice to the Company,
whereupon Seller shall have no obligation or liability to the Company under this Agreement whatsoever

 

Section 1.5Closing Deliveries.

 

(a)       At
the Closing, in accordance with Section 1.2, the Company shall deliver or cause to be delivered to Seller the Purchase Price by
wire transfer of immediately available funds to such account pursuant to the wire transfer instructions as previously provided
to the Company.

 

(b)       At
the Closing, Seller shall deliver or cause to be delivered to the Company all of the Purchased Shares by transfer via the Depository
Trust Company Deposit and Withdrawal at Custodian System ("DWAC") in accordance with the instructions specified
in writing prior to the Closing Date, such delivery to be confirmed as “settled” and not subject to reversal or cancellation
at or prior to the Closing.

 

    	 	2	 

     

    

 

 

ARTICLE
II

 

COVENANTS

 

Section 2.1Public Announcement; Public
Filings.Prior to the open of the Nasdaq Stock Market on the trading day immediately following the date hereof, the Company
shall issue a press release (in substantially the form attached hereto as Exhibit B) announcing the entry into this Agreement
and describing the terms of the transaction contemplated by this Agreement and any other material, non-public information that
the Company may have provided the Sellers at any time prior to the issuance of the Press Release. No party hereto nor any of its
respective Affiliates shall issue any press release or make any public statement relating to the transactions contemplated hereby
that is inconsistent with, or are otherwise contrary to, the statements in the press release.

 

 

ARTICLE
III

 

REPRESENTATIONS AND WARRANTIES OF Seller

 

 Seller hereby makes the following representations
and warranties to the Company:

 

Section 3.1Existence; Authority.
Seller is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, with all requisite
corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the
transactions contemplated hereby and has taken all necessary corporate action to authorize the execution, delivery and performance
of this Agreement.

 

Section 3.2Enforceability. This
Agreement has been duly and validly executed and delivered by Seller and, assuming due and valid authorization, execution and delivery
by the Company, this Agreement constitutes a legal, valid and binding obligation of the Seller enforceable against it in accordance
with its terms, except as such enforceability may be affected by bankruptcy, insolvency, moratorium and other similar laws relating
to or affecting creditors' rights generally and general equitable principles.

 

    	 	3	 

     

    

 

Section 3.3Ownership. Seller, in
its own name or in nominee name through one of its custodian’s accounts, is the sole record and beneficial owner of the Purchased
Shares, free and clear of any and all Liens. Seller has full power and authority to transfer full legal ownership of its respective
Purchased Shares to the Company, and Seller is not required to obtain the approval of any person or governmental agency or organization
to effect the sale of the Purchased Shares.

 

Section 3.4Good Title Conveyed.
The delivery of Purchased Shares through DWAC will effectively vest in the Company good, valid and marketable title to all Purchased
Shares, free and clear of any and all Liens.

 

Section 3.5Absence of Litigation.
There is no suit, action, investigation or proceeding pending or, to the knowledge of Seller threatened against such party that
could impair the ability of Seller to perform its obligations hereunder or to consummate the transactions contemplated hereby.

 

Section 3.6Other Acknowledgments.

 

(a)       Seller
hereby represents and acknowledges that it is a sophisticated investor and it acknowledges that the Company may have material Confidential
Information concerning the Company and its condition (financial and otherwise), results of operations, businesses, properties,
plans and prospects (including potential strategies, transactions, facts or circumstances that, if consummated, could be material
to the Company) and that such information could be material to Seller's' decision to sell the Purchased Shares or otherwise materially
adverse to Seller's interests. Seller acknowledges and agrees that the Company shall have no obligation to disclose to it any such
information and hereby waives and releases, to the fullest extent permitted by law, any and all claims and causes of action it
has or may have against the Company and its Affiliates, officers, directors, employees, agents and representatives based upon,
relating to or arising out of nondisclosure of such information or the sale of the Purchased Shares hereunder.

 

(b)       Seller
further represents that it has adequate information concerning the business and financial condition of the Company to make an informed
decision regarding the sale of the Purchased Shares and has, independently and without reliance upon the Company, made his own
analysis and decision to sell the Purchased Shares. With respect to legal, tax, accounting, financial and other considerations
involved in the transactions contemplated by this Agreement, including the sale of the Purchased Shares, Seller is not relying
on the Company (or any agent or representative thereof). Seller carefully considered and, to the extent it believes such discussion
necessary, discussed with professional legal, tax, accounting, financial and other advisors the suitability of the transactions
contemplated by this Agreement, including the sale of the Purchased Shares. Seller acknowledges that neither the Company nor any
of its directors, officers, subsidiaries or Affiliates has not made or makes any representations or warranties, whether express
or implied, of any kind except as expressly set forth in this Agreement.

 

(c)       Seller
is an "accredited investor" as defined in Rule 501 promulgated under the Securities Act. The sale of the Purchased Shares
by Seller (i) was privately negotiated in an independent transaction and (ii) does not violate any rules or regulations applicable
to Seller.

 

    	 	4	 

     

    

 

ARTICLE
IV

 

REPRESENTATIONS AND WARRANTIES OF 

THE
COMPANY

 

The Company makes the following representations
and warranties to Seller:

 

Section 4.1Existence; Authority.
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. The
Company has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder
and to consummate the transactions contemplated hereby and has taken all necessary corporate action to authorize the execution,
delivery and performance of this Agreement.

 

Section 4.2Enforceability. This
Agreement has been duly and validly executed and delivered by the Company and, assuming due and valid authorization, execution
and delivery by Seller, this Agreement constitutes a legal, valid and binding obligation of the Company, enforceable against it
in accordance with its terms, except as such enforceability may be affected by bankruptcy, insolvency, moratorium and other similar
laws relating to or affecting creditors' rights generally and general equitable principles.

 

Section 4.3 The Company is not in default
or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a default or violation)
of any term, condition or provision of (i) the organizational documents of the Company or any of its subsidiaries, (ii) to the
knowledge of the Company, any loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, permit, franchise
or license to which the Company or any of its subsidiaries is now a party or by which the Company’s or any of its subsidiaries’
properties or assets are bound or (iii) to the knowledge of the Company, any statute or any judgment, order, rule or regulation
of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company, any of its subsidiaries
or any of their respective properties, except, in the case of clauses (ii) and (iii), for defaults or violations that have not
had and would not be reasonably likely to have, individually or in the aggregate, a material adverse effect.

 

Section 4.4Absence of Litigation.
There is no suit, action, investigation or proceeding pending or, to the knowledge of the Company, threatened against such party
that could impair the ability of the Company to perform its obligations hereunder or to consummate the transactions contemplated
hereby.

 

ARTICLE
V

 

miscellaneous

 

Section 5.1Survival. Each of the
representations, warranties, covenants, and agreements in this Agreement or pursuant hereto shall survive the Closing. Notwithstanding
any knowledge of facts determined or determinable by any party by investigation, each party shall have the right to fully rely
on the representations, warranties, covenants and agreements of the other parties contained in this Agreement or in any other documents
or papers delivered in connection herewith. Each representation, warranty, covenant and agreement of the parties contained in this
Agreement is independent of each other representation, warranty, covenant and agreement. Except as expressly set forth in this
Agreement, no party has made any representation warranty, covenant or agreement.

  

    	 	5	 

     

    

 

Section 5.2Notices. Any notice,
request, demand, statement, authorization, approval or consent required or permitted to be made hereunder shall be in writing and
shall be hand delivered or sent by Federal Express, or other reputable courier service, and shall be deemed given when received
at the following addresses, if hand delivered, or sent by Federal Express or other reputable courier service:

 

Section 5.3

 

If to the Company:

 

445 Broadhollow Road, Suite 100

Melville, NY 11747

Attention: Richard B. Goodman, Esq.

With a copy to:

 

Ruskin Moscou Faltischek, P.C.

East Tower, 15th Floor

1425 RXR Plaza

Uniondale, NY 11556-1425

Attn: Steven J. Kuperschmid, Esq.

 

If to Seller:

 

Andrew Debnam

Equity Capital Markets

Mail zone XLMG5A

245 Summer Street

Boston MA 02210

 

With a copy to:

 

Andrew Boyd

Head of Global Equity Capital Markets

245 Summer Street

Boston MA 02210

 

    	 	6	 

     

    

 

Section 5.4Certain Definitions.
As used in this Agreement, (a) the term "Affiliate" shall have the meaning set forth in Rule 12b-2 under the Exchange
Act and shall include persons who become Affiliates of any person subsequent to the date hereof and (b) the Company and Seller
will be referred to herein individually as a "party" and collectively as "parties."

 

Section 5.5Specific Performance.
The Company, on the one hand, and Seller, on the other hand, acknowledge and agree that the other would be irreparably injured
by a breach of this Agreement and that money damages are an inadequate remedy for an actual or threatened breach of this Agreement.
Accordingly, the parties agree to the granting of specific performance of this Agreement and injunctive or other equitable relief
as a remedy for any such breach or threatened breach, without proof of actual damages, and further agree to waive any requirement
for the securing or posting of any bond in connection with any such remedy. Such remedy shall not be deemed to be the exclusive
remedy for a breach of this Agreement, but shall be in addition to all other remedies available at law or equity.

 

Section 5.6No Waiver. Any waiver
by any party hereto of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other
breach of such provision or of any breach of any other provision of this Agreement. The failure of a party hereto to insist upon
strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party
of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 

Section 5.7Severability. If any
term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be
invalid or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated by such holding. The parties agree that the court
making any such determination of invalidity or unenforceability shall have the power to reduce the scope, duration or area of,
delete specific words or phrases in, or replace any such invalid or unenforceable provision with one that is valid and enforceable
and that comes closest to expressing the intention of such invalid or unenforceable provision, and this Agreement shall be enforceable
as so modified after the expiration of the time within which the judgment may be appealed.

 

Section 5.8Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns;
provided that this Agreement (and any of the rights, interests or obligations of any party hereunder) may not be assigned
by any party without the prior written consent of the other parties hereto, such consent not to be unreasonably withheld. Any purported
assignment of a party's rights under this Agreement in violation of the preceding sentence shall be null and void.

 

    	 	7	 

     

    

 

Section 5.9Entire Agreement; Amendments.
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all
other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof and,
except as expressly set forth herein, is not intended to confer upon any person other than the parties hereto any rights or remedies
hereunder. This Agreement may be amended only by a written instrument duly executed by the parties hereto or their respective permitted
successors or assigns.

 

Section 5.10Headings. The section
headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

 

Section 5.11Governing Law. This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without giving
effect to choice of law principles thereof that would cause the application of the laws of any other jurisdiction.

 

Section 5.12Submission to Jurisdiction.
Each of the parties irrevocably submits to the exclusive jurisdiction and service and venue in any federal or state court sitting
in the State of Delaware for the purposes of any action, suit or proceeding arising out of or with respect to this Agreement. Each
of the parties irrevocably and unconditionally waives any objections to the laying of venue of any action, suit or proceeding relating
to this Agreement in any federal or state court sitting in the State of Delaware, and hereby further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has
been brought in an inconvenient forum. Each of the parties hereto hereby irrevocably waives
the right to A trial by jury.

 

Section 5.13Counterparts; Facsimile.
This Agreement may be executed in counterparts, including by facsimile or PDF electronic transmission, each of which shall be deemed
an original, but all of which together shall constitute one and the same Agreement.

 

Section 5.14Further Assurances.
Upon the terms and subject to the conditions of this Agreement, each of the parties hereto agrees to execute such additional documents,
to use commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist
and cooperate with the other parties in doing, all things necessary, proper or advisable to consummate or make effective, in the
most expeditious manner practicable, the transactions contemplated by this Agreement.

 

Section 5.15Interpretation. The
parties acknowledge and agree that this Agreement has been negotiated at arm's length and among parties equally sophisticated and
knowledgeable in the matters covered hereby. Accordingly, any rule of law or legal decision that would require interpretation of
any ambiguities in this Agreement against the party that has drafted it is not applicable and is hereby waived.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	8	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the day and year first written above.

 

 

	 	P&F INDUSTRIES, INC.
	 	 
	 	By:	 /s/ Joseph A. Molino, Jr.
	 	Name: Joseph A. Molino, Jr.
	 	Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

[SIGNATURE PAGES CONTINUE ON FOLLOWING PAGE]

 

 

     

     

    

 

	 	SELLERS
	 	 
	 	 
	 	FIDELITY PURITAN TRUST: FIDELITY LOW-PRICED STOCK FUND
	 	 
	 	 
	 	By:	/s/  Stacie M. Smith
	 	Name: Stacie M. Smith
	 	Title:   SVP and Treasurer
	 	 
	 	 
	 	FIDELITY LOW PRICED STOCK COMMINGLED POOL
	 	 
	 	 
	 	By:	/s/  Stacie M. Smith
	 	Name: Stacie M. Smith
	 	Title:   SVP and Treasurer
	 	 
	 	 
	 	FIDELITY PURITAN TRUST: FIDELITY LOW-PRICED STOCK K6 FUND
	 	 
	 	 
	 	By:	/s/  Stacie M. Smith
	 	Name: Stacie M. Smith
	 	Title:   SVP and Treasurer

 

  

     

     

    

 

EXHIBIT A

 

	
         

         

        SELLER
	
         

         

        PURCHASED SHARES
	
         

         

        PURCHASE PRICE

	
         

        Fidelity Puritan Trust: Fidelity Low-Priced Stock Fund
	
         

        321,334
	
         

        $2,448,340

	
         

        Fidelity Low Priced Stock Commingled Pool
	
         

        

        49,000
	
         

        

        $373,346

	
         

        Fidelity Puritan Trust: Fidelity Low-Priced Stock K6 Fund
	
         

        19,575
	
         

        

        $149,148

	
         

        TOTAL:
	
         

        389,909
	
         

        $2,970,834

  

 

     

     

    

 

EXHIBIT B

 

Form of Press Release 

  

P&F Industries Inc. Announces Stock
Repurchase Agreement 

 

MELVILLE, N.Y., February __, 2019 - P&F Industries,
Inc. (NASDAQ: PFIN) announced today that it has entered into an agreement whereby the Company will repurchase 389,909 shares of
its common shares from certain funds and accounts advised or subadvised by Fidelity Management & Research Company or one of
its affiliates in a privately negotiated transaction at approximately $7.62 per share for a total purchase price of $2,970,834.

 

Richard Horowitz, Chairman and Chief Executive Officer of the
Company, commented, “This transaction is a good use of capital and the repurchase should be immediately accretive to earnings
per share. Management continues to believe the Company is undervalued and that this repurchase is beneficial to all stockholders.”

 

The repurchase is expected to close within the next one or two
business days.

 

 

 

[P&F Information and Forward Looking Statement Language]

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