Document:

Unassociated Document

    Exhibit
10.1

    

    2009 SYPRIS THREE-YEAR BONUS
AGREEMENT

    

    THIS AGREEMENT is effective as
of [date of award], by and between Sypris Solutions, Inc., a Delaware
corporation (together with its subsidiaries, “Company”), and _____________
(“Employee”).

     

    WHEREAS, the Company is experiencing
severe economic conditions in its chosen markets, including historic reductions
in North American heavy vehicle production levels and the related tightening of
global credit markets; and

     

    WHEREAS, the Company believes that
significant strategic opportunities are likely to emerge for the Company as
those markets recover; and

     

    WHEREAS, the Company’s
Compensation Committee (the “Committee”) and Board of Directors (the “Board”)
have determined that a select group of key employees is critical to the
Company’s successful pursuit of such strategic opportunities; and

     

    WHEREAS, the Committee and the
Board have approved this 2009 Sypris Three-Year Bonus Agreement (“Agreement”) in
order to retain such key employees through the expected period of such
recovery.

     

    NOW, THEREFORE, in reliance on
the premises and terms hereof, the parties agree as follows:

     

    1.           Bonus Award.  On
[date of award], the Company will pay the Employee an amount equal to
[______________] (the “Three-Year Bonus”), subject to the following
provisions:

     

    a)         If the Company terminates the
Employee without Cause before [third anniversary of the
grant date], then the Company will pay a pro rata portion of the
Three-Year Bonus within thirty (30) days of such termination date, and this
Agreement will automatically terminate without further notice or obligation by
the Company.

     

    b)         If the Company terminates the
Employee with Cause before [third anniversary of the
grant date],    then this Agreement will
automatically terminate without further notice or obligation by the
Company.

     

    c)         If the Employee terminates
employment, for any
reason, before [third
anniversary of the grant date], then this Agreement will automatically
terminate without further notice or obligation by the Company.

     

    d)         All or any portion of the Three-Year
Bonus may be paid in common stock (valued at its closing price on [1 day
prior to third anniversary of the grant date], or any earlier termination date),
at the sole election of the Committee.

     

    2.           Definition of
Cause.  “Cause” means the Employee’s: (i) fraud, gross
negligence, willful misconduct or failure to perform essential job duties, which
causes material harm to the Business, and which remains uncured for thirty (30)
days after receipt of detailed written request for cure, (ii) conviction of any
felony or any other crime of moral turpitude, (iii) inability or unwillingness
to perform his or her duties for a continuous period of thirty (30) days after
receipt of the Company’s written notice thereof, and (iv) death or
disability.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.           Assignment.  This
Agreement will be binding upon, and will be for the benefit of the Company and
the Employee, as well as their respective heirs, personal representatives,
successors and assigns.

     

    4.           Notices.  Any notice
to a party required hereunder may be hand delivered, electronically transmitted
by facsimile or e-mail, or sent by registered or certified mail.

     

    5.           Applicable Law;
Disputes.  This Agreement will be governed by the internal laws
of the Commonwealth of Kentucky.  Any dispute arising under this
Agreement will be resolved by arbitration in Louisville, Kentucky, in accordance
with the commercial arbitration rules of the American Arbitration
Association.  The arbitration award will be final and binding upon the
parties, and judgment upon the award may be entered in any court having
jurisdiction. In the event the Employee incurs legal fees and other expenses to
enforce any rights or benefits in connection with this Agreement and is
successful in enforcing such rights or benefits, the Employee will be entitled
to any reasonable legal fees and expenses.  Otherwise, each party will
pay its own legal fees and expenses associated with any dispute.

     

    6.           Amendment;
Waiver.  This Agreement, together with any other written
agreements duly executed by an officer of the Company and the Employee, is the
entire agreement between the parties with respect to the subject matter hereof
and may only be amended, modified or terminated by a written instrument signed
by the parties hereto, which makes specific reference to this
Agreement.  No waiver of either party’s rights will be implied from
any forbearance or communication except a written waiver, expressly designated
as such by the waiving party.

     

    IN WITNESS WHEREOF, the
parties have caused this Agreement to be duly executed effective as of the date
first set forth above.

    

    
      
        	
                SYPRIS
      SOLUTIONS, INC.

              	 
      	
                EMPLOYEE

              
	 
      	 
      	 
      	 
      	 
      
	
                By:

              	
                  

              	 
      	
                Signed:

              	
                  

              
	 
      	 
      	 
      	 
      	 
      
	
                Name:

              	
                  

              	 
      	
                Name:

              	
                  

              
	 
      	 
      	 
      	 
      	 
      
	
                Date:

              	
                  

              	 
      	
                Date:

              	
                  

              

      

    

    
      
         

      

      
        2PROMISSORY NOTE- CMC
XXIII

    Indigo-Energy,
Inc.

     

    
      	
              $100,000
      (One Hundred Thousand Dollars)

            	
              Dated:
      4-30-2009  

            
	
              Principal
      Amount

            	
              State
      of Nevada   

            

    

     

    Funding Date- On or before
April 30, 2009

    Due Date-  April 30,
2011

     

    FOR VALUE RECEIVED, One Hundred
Thousand Dollars ($100,000), the undersigned, Indigo-Energy, Inc., a Nevada
Corporation, located at 701 N. Green Valley Parkway, Suite 200, Henderson, NV
89074 (Borrowers) hereby promises to pay to the order
of Carr-Miller Capital (Maker) the sum of $100,000 (One Hundred
Thousand Dollars).  The purpose of this funding is to meet the final
requirement of the Global Finance Agreement Section 2. a. ii) $500K for the
second of six funding commitments.  Said sum shall be paid in the
manner following:

    

    This
Promissory Note shall
bear simple Interest at
ten percent (10%) per annum from the Funding Date to the Due Date.

    

    At the
Due Date Borrower will repay the Note in the following manner:

    

    Borrower
will repay the Principal Amount along with outstanding Interest due within 10
days of the Due Date via check to the Makers address.  Borrower may
pre-pay this note at any time without penalty by payment of Principal Amount and
pro-rata interest.

    

    This Note
shall at the option of the Maker be immediately due and payable upon the
occurrence of any of the following:

    

    
      	
               
      

            	
              1-

            	
              Breach
      of any condition of any of the security
  interest.

            

    

    
      	
               
      

            	
              2-

            	
              Upon
      the insolvency, dissolution, or liquidation of the
    Borrowers.

            

    

    

    In the
event this note shall be in default, and placed with an attorney for collection,
then the Borrower agrees to pay all reasonable attorney fees and costs of
collection. Payments not made within 10 days of due date shall be subject to a
late charge of 10% of said payment.  All payments hereunder shall be
made to the Maker.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    The
Borrowers agree to be fully bound hereunder until this note shall be fully paid
and waive demand, presentment and protest and all notices thereto and further
agrees to remain bound, notwithstanding any extension, renewal, modification,
waiver, or other indulgence by the Maker or upon the discharge or release of the
Borrowers, or upon the exchange, substitution, or release of any collateral
granted as security for this Note.  No modification or indulgence by
Maker shall be binding unless in writing, and any indulgence for one occasion
shall not be an indulgence for any other or future occasion.  This
Note shall take effect as a sealed instrument and shall be construed, governed,
and enforced in accordance with the laws of the State of Nevada.

    

    Signed
the date recorded below:

    

    
      
        
          
            
              	 
      	 	 
      	 
      
	
                      Stanley
      L. Teeple, CFO

                    	 	
                      Date

                    	 
      
	
                      Indigo-Energy,
      Inc.

                    	 	 
      	 
      

            

          

        

      

    

    

    Accepted
by Maker:

    

    
      
        
          
            
              
                
                  
                    	 
      	 
      	 
      	 
      	 
      	 
	
                            Carr-Miller
      Capital

                          	
                              

                          	
                            Date

                          	
                              

                          	
                            TIN

                          	 

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        2

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