Document:

2005A Amendment to Loan Documents

 EXHIBIT 10.6.6 
  
 2005A AMENDMENT TO LOAN DOCUMENTS 
  
 THIS 2005A AMENDMENT TO LOAN DOCUMENTS (this “Amendment”), is made and entered into as of March 10, 2005, by and
among (i) JP MORGAN CHASE BANK, N.A. (successor by merger to BANK ONE, NA with its main office in Chicago, Illinois), a national banking association (the “Agent Bank”) (JP MORGAN CHASE BANK, N.A. may also be referred to as a
“Bank”); (ii) the BANKS identified on Schedule 1.1 hereto (each a “Bank” and collectively, the “Banks”); (iii) SYPRIS SOLUTIONS, INC., a Delaware corporation, with its principal office and place of business and
registered office in Louisville, Jefferson County, Kentucky (the “Borrower”) and (iv) the GUARANTORS identified on Schedule 1.2 hereto (each a “Guarantor” and collectively, the “Guarantors”). 
  
 PRELIMINARY STATEMENT: 
  
 A. Certain of the Guarantors and their Affiliates entered into a Loan
Agreement dated as of March 21, 1997, with the Agent Bank (the “Original Loan Agreement”), whereby the Agent Bank extended in favor of the Guarantors a revolving line of credit in the amount of $20,000,000, a term loan in the amount of
$10,000,000 and a swing line of credit subfacility in the amount of $5,000,000. 
  
 B. The predecessors to the Borrower and certain of the Guarantors entered into a 1997A Amended and Restated Loan Agreement dated as of November 1, 1997, with the Agent Bank (the “1997A Loan Agreement”),
whereby the Agent Bank increased the revolving line of credit to $30,000,000 and the term loan to $15,000,000 and provided the swing line of credit subfacility in the amount of $5,000,000. The 1997A Loan Agreement was subsequently amended by, among
other amendments, the 1998A Amendment to Loan Documents dated as of February 18, 1998. 
  
 C. The Borrower, certain of the Guarantors, the Agent Banks and the Banks entered into the 1999 Amended and Restated Loan Agreement dated as of October 27, 1999 (the “1999 Loan Agreement”), which amended,
restated and replaced the Original Loan Agreement and the 1997A Loan Agreement, as amended. The 1999 Loan Agreement provided for (i) a revolving line of credit in the amount of $100,000,000, (ii) a swing line subfacility of $5,000,000 and (iii) a
letter of credit subfacility of $15,000,000. The 1999 Loan Agreement was subsequently amended by the 2000A Amendment to Loan Documents dated as of November 9, 2000 (the “2000A Amendment”). 
  
 D. The Borrower, certain of the Guarantors, the Agent Bank and the Banks
entered into the 2001A Amendment to Loan Documents dated as of February 15, 2001 and having an effective date of December 31, 2000 (the “2001A Amendment”) in order to (i) change certain financial covenants and (ii) make certain other
changes as set forth therein. 
  
 E. The Borrower, the Guarantors,
the Agent Bank and the Banks entered into the 2002A Amendment to Loan Documents dated as of December 21, 2001 and having an effective date of January 1, 2002 (the “2002A Amendment”) in order to (i) to restructure, reorganize and/or rename,
as applicable, certain of the Guarantors, and to add a Guarantor and (ii) to amend the 1999 Loan Agreement and other Loan Documents to reflect such changes in the Guarantors and (iii) make certain other changes as set forth therein. 
  
 F. The Borrower, the Guarantors, the Agent Bank and the Banks entered into
the 2002B Amendment to Loan Documents dated as of July 3, 2002 (the “2002B Amendment”) in order to (i) increase the revolving line of credit to $125,000,000, (ii) add a new participant Bank and (iii) make certain other changes as set forth
therein. 
  
 G. The Borrower, the Guarantors, the Agent Bank and
the Banks entered into the 2003A Amendment to Loan Documents dated as of October 16, 2003 (the “2003A Amendment”) in order to (i) extend the maturity of the line of credit from January 2, 2005 to October 16, 2008, (ii) to add a new Section

  

 
2.1G to the Loan Agreement providing a mechanism for Borrower to increase its line of credit by an additional $25,000,000 and (iii) to make certain other
changes as set forth therein. The 1999 Loan Agreement, as amended by the 2000A Amendment, 2001A Amendment, the 2002A Amendment, the 2002B Amendment and the 2003A Amendment, is referred to herein as the “Loan Agreement.” 
  
 H. The Agent Bank and the Banks in May 2004 consented to the Borrower’s
issuance of $55,000,000 of senior notes pursuant to a note purchase agreement. 
  
 I. The Borrower in April 2004 created a new subsidiary, Sypris Technologies Kenton, Inc., a Delaware corporation (“STK”), and the Agent Bank and the Banks consented to the creation of STK as a subsidiary, on
the condition that STK become a Guarantor under the Loan Agreement. STK became a Guarantor under the Loan Agreement by executing and delivering to the Agent Bank a Guaranty Agreement dated June 1, 2004, guarantying the obligations of the Borrower to
the Banks (the “STK Guaranty”). 
  
 J. The Borrower in
June 2004 requested that the Banks consent to the Borrower’s acquisition of a facility in Toluca, Mexico (the “Toluca Facility”). The Banks consented to the acquisition of the Toluca Facility. The Borrower created the following second
tier subsidiary and third tier subsidiaries related to the Toluca Facility: (i) Sypris Technologies Mexican Holdings, LLC (the interests of which are held by Sypris Technologies, Inc.) and (ii) Sypris Technologies Mexico, S. de R.L. de C.V. and
Sypris Technologies Toluca, S.A. de C.V. (the interests of which are held by Sypris Technologies Mexican Holdings, LLC and Sypris Technologies, Inc.) (all of the foregoing Subsidiaries are referred to as the “Toluca Subsidiaries”).

  
 K. The Borrower, the Guarantors, the Agent Bank and the Banks
wish to amend the Loan Documents, among other things, (i) to include provisions related to the Borrower’s issuance of $55,000,000 of senior notes in May 2004, (ii) to amend one of the financial covenants of the Loan Agreement, (iii) to include
a provision related to the Toluca Facility and (iv) to make certain other changes. Terms not defined herein shall have the meanings set forth in the Loan Agreement. 
  
 L. Subject to the terms set forth herein, the Banks are agreeable to the amendments to the Loan Documents set forth herein.

  
 NOW, THEREFORE, in consideration of the promises and the
mutual covenants and agreements set forth herein and for other good and valuable consideration, the mutuality, receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  
 1. AMENDMENTS TO LOAN AGREEMENT. 
  
 A. Amendment of Definitions Section of Loan Agreement. The following
definitions are added to the Loan Agreement: 
  
 “$55,000,000 Senior Notes” means the $55,000,000 Aggregate Principal Amount Senior Notes issued on an unsecured basis pursuant to the Note Purchase Agreement.” 
  
 “Note Purchase Agreement” means the Note Purchase Agreement dated as of May 15, 2004 by and among
the Borrower and certain lenders party thereto, pursuant to which the Borrower issued $55,000,000 Senior Notes. 
  
 B. Amendment to Section 7.2 (Indebtedness, Guaranties, etc.). The following provision is added to Section 7.2 as subsection H: 
  
 “H. $55,000,000 Senior Notes.” 
  

 C. Amendment to Section 7.6 of the Loan Agreement. Section 7.6 of the Loan Agreement is hereby
replaced and restated to read in its entirety as follows: 
  
 “7.6 Fixed Charge Coverage Ratio. The Borrower shall not permit the Fixed Charge Coverage Ratio for any Fiscal Quarter to fall below the following applicable ratio calculated as of the end of the
applicable Fiscal Quarter set forth below: 
  

			
	 Fiscal Quarter Ending

	 	 Applicable Minimum Ratio

	 3/31/05
	 	1.25 to 1.00
	 6/30/05
	 	1.25 to 1.00
	 9/30/05
	 	1.25 to 1.00
	 12/31/05
	 	1.50 to 1.00
	 3/31/06
	 	1.75 to 1.00
	 6/30/06 and thereafter
	 	2.00 to 1.00

  
 D. Agreement
Related to Toluca Subsidiaries. Notwithstanding the requirement of the Loan Agreement that all Subsidiaries of the Borrower become Guarantors, the Borrower, the Guarantors, the Banks and the Agent Bank agree that the Toluca Subsidiaries are not
required to become Guarantors under the Loan Agreement at any time prior to the sixtieth (60th) day after the date
of this Amendment (the “Deadline”) but that the Toluca Subsidiaries must become Guarantors by the Deadline unless other alternative arrangements (such as a pledge of the interests in the Toluca Subsidiaries to the Agent Bank for the
benefit of the Banks) reasonably satisfactory to the Agent Bank have been made prior to such Deadline. 
  
 2. RATIFICATION. Except as specifically amended by the provisions hereinabove, the Loan Documents remain in full force and effect. The Borrower and
Guarantors reaffirm and ratify all of their respective obligations to Agent Bank and the Banks under all of the Loan Documents, as amended and modified hereby, including, but not limited to, the Loan Agreement, the Guaranty Agreements, the Negative
Pledge Agreement and all other agreements, documents and instruments now or hereafter evidencing and/or pertaining to the Loan Agreement. Each reference to all or any of the Loan Documents contained in any other of the Loan Documents shall be deemed
to be a reference to such Loan Document, as modified hereby. 
  
 3. CONDITIONS PRECEDENT. The Banks’ obligations under this Amendment are expressly conditioned upon and subject to the following: 
  
 A. the execution and delivery by the Borrower and the Guarantors, as applicable, of this Amendment; 
  
 B. the representations and warranties of the Borrower and
the Guarantors as applicable in this Amendment shall be true and accurate in all respects. 
  
 4. CONDITIONS SUBSEQUENT. The Banks’ obligations under this Amendment are expressly conditioned upon and subject to the Borrower’s completing the following conditions within sixty (60) days after the
date hereof: 
  
 A. delivery to the Agent Bank of
a copy of the certificate of the corporate secretary of Borrower certifying resolutions of the Borrower’s board of directors to the effect that execution, delivery and performance of this Amendment have been duly authorized and as to the
incumbency of those authorized to execute and deliver this Amendment and all other documents to be executed in connection herewith; 
  
 B. with respect to each corporate Guarantor, delivery to the Agent Bank of a copy of the certificate of the corporate secretary of each
corporate Guarantor certifying resolutions of such 

  

 
Guarantor’s board of directors to the effect that execution, delivery and performance of this Amendment have been duly authorized and as to the
incumbency of those authorized to execute and deliver this Amendment and all other documents to be executed in connection herewith; 
  
 C. with respect to each non-corporate Guarantor, delivery to the Agent Bank of a copy of the certificate of the Secretary or other
appropriate representative of such Guarantor (i) certifying as to the authenticity, completeness and accuracy of, and attaching copies of the written consent of the managers of such Guarantor authorizing the execution, delivery and performance of
this Amendment, and (ii) certifying the names and true signatures of the officers of such Guarantor authorized to execute and deliver on behalf of such Guarantor this Amendment; and 
  
 D. The Toluca Subsidiaries shall have become Guarantors by the Deadline or other alternative arrangements
(such as a pledge of the interests in the Toluca Subsidiaries to the Agent Bank for the benefit of the Banks) reasonably satisfactory to the Agent Bank shall have been made prior to the Deadline. 
  
 5. REPRESENTATIONS, WARRANTIES, AND COVENANTS OF THE BORROWER. To
induce the Agent Bank and the Banks to enter into this Amendment, the Borrower represents and warrants to Agent Bank and the Banks as follows: 
  
 A. The Borrower has full power, authority, and capacity to enter into this Amendment, and this Amendment constitutes the legal, valid and
binding obligation of the Borrower, enforceable against it in accordance with its respective terms. 
  
 B. No uncured Event of Default under the Notes or any of the other Loan Documents has occurred which continues unwaived by the Agent Bank,
and no Potential Default exists as of the date hereof. 
  
 C. The Person executing this Amendment on behalf of the Borrower is duly authorized to do so. 
  
 D. The representations and warranties made by the Borrower in any of the Loan Documents are hereby remade and restated as of the date
hereof. 
  
 E. Except as previously disclosed to
the Agent Bank or disclosed in the Borrower’s filings with the Securities and Exchange Commission, copies of which have been provided previously to the Agent Bank, there are no material actions, suits, legal, equitable, arbitration or
administrative proceedings pending or threatened against the Borrower, the adverse determination of which could have a material adverse effect on the Loan Documents, the business operations or financial condition of the Borrower and the Guarantors
taken as a whole, or the ability of the Borrower to fulfill its obligations under the Loan Documents. 
  
 6. REPRESENTATIONS, WARRANTIES, AND COVENANTS OF THE GUARANTORS. To induce the Agent Bank and the Banks to enter into this Amendment, the
Guarantors represent and warrant to the Agent Bank and the Banks as follows: 
  
 A. each Guarantor has full power, authority, and capacity to enter into this Amendment, and this Amendment constitutes the legal, valid and binding obligations of such Guarantor, enforceable against such Guarantor in
accordance with their terms. 
  
 B. the Person
executing this Amendment on behalf of each Guarantor is duly authorized to do so. 
  
 C. the representations and warranties made by each Guarantor in any of the Loan Documents are hereby remade and restated as of the date
hereof. 
  

 D. except as previously disclosed to the Agent Bank, there are no material actions,
suits, legal, equitable, arbitration or administrative proceedings pending or threatened against any Guarantor, the adverse determination of which could have a material adverse effect on the Loan Documents, the business operations or financial
condition of the Borrower and the Guarantors taken as a whole or the ability of any Guarantor to fulfill its obligations under the Guaranty Agreement. 
  
 7. MISCELLANEOUS. 
  
 A. Amendment and Other Fees and Expenses. The Borrower agrees to pay to or for the account of the Agent Bank, whichever is
applicable, upon the closing of this Amendment (i) any recording or filing fees incurred by Agent Bank in connection with this Amendment, and (ii) the reasonable fees and expenses of Agent Bank’s counsel in negotiating, drafting and closing
this Amendment, and related documents up to the amount set forth in a letter from Bank’s counsel to the Borrower and agreed to by Borrower. 
  
 B. Illegality. In case any one or more of the provisions contained in this Amendment should be invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. 
  
 C. Changes in Writing. No modification, amendment or waiver of any provision of this Amendment nor consent to any departure by the
Borrower or any of the Guarantors therefrom, will in any event be effective unless the same is in writing and signed by the Agent Bank, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. 
  
 D. Successors and Assigns. This
Amendment will be binding upon and inure to the benefit of the Borrower, the Guarantors, the Agent Bank and the Banks and their respective successors and assigns; provided, however, that neither the Borrower nor the Guarantors may
assign this Amendment in whole or in part without the prior written consent of the Agent Bank, and the Agent Bank and the Banks at any time may assign this Amendment in whole or in part, as provided in Section 11 of the Loan Agreement. 

 
 E. Amendment Fee. The Borrower shall pay to the
Agent Bank for the benefit of the Banks in proportion to their respective Revolving Credit Facility Pro Rata Shares as of the date of this Amendment, an amendment fee equal to 10/100 of one percent (0.10%) of the Revolving Loan Commitments (such
amendment fee to be $125,000 in total). The Borrower shall have no liability to any particular Bank for its Revolving Credit Facility Pro Rata Share of the amendment fee paid to Agent Bank if Agent Bank does not properly remit such amount to such
Bank; instead such Bank’s sole remedy in respect thereof shall be against the Agent Bank. 
  
 F. Counterparts. This Amendment may be signed in any number of counterpart copies and by the parties hereto on separate
counterparts, but all such copies shall constitute one and the same instrument. 
  
  

 IN WITNESS WHEREOF, the Agent Bank, each Bank, the Borrower and each Guarantor has caused this Amendment
to be duly executed as of the day and year first above written. 
  

			
	 JP MORGAN CHASE BANK, N.A.
 (successor by
merger to BANK ONE, NA
 with main office in Chicago, Illinois), as the
 Agent Bank

		
	By	 	 /s/ J. Duffy Baker

	 	 	 J. Duffy Baker

	 	 	 First Vice President

	
	 JP MORGAN CHASE BANK, N.A.
 (successor by
merger to BANK ONE, NA
 with main office in Chicago, Illinois), as a
 Bank

		
	By	 	 /s/ J. Duffy Baker

	 	 	 J. Duffy Baker

	 	 	 First Vice President

	
	 BANK OF AMERICA, N.A.
 as a
Bank

		
	By	 	 /s/ Bryan Hulker

	 	 	 Bryan Hulker

	 	 	 Vice President

	
	 LASALLE BANK NATIONAL ASSOCIATION
 as a
Bank

		
	By	 	 /s/ A. Mark Mital

	 	 	 A. Mark Mital

	 	 	 First Vice President

	
	 SUNTRUST BANK, N.A.
 as a
Bank

		
	By	 	 /s/ Anson M. Lewis

	 	 	 Anson M. Lewis

	 	 	 Vice President

	
	 U.S. BANK NATIONAL
 ASSOCIATION
f/k/a
 FIRSTAR BANK, N.A.,
 as a Bank

		
	By	 	 /s/ David A. Wombwell

	 	 	 David A. Wombwell

	 	 	 Senior Vice President

  

			
	 NATIONAL CITY BANK OF KENTUCKY
 as a
Bank

		
	By	 	 /s/ Rob King

	 	 	 Rob King

	 	 	 Senior Vice President

	
	SYPRIS SOLUTIONS, INC. (the “Borrower”)
		
	By	 	 /s/ Anthony C. Allen

	 	 	 Anthony C. Allen

	 	 	 Vice President and Treasurer

	
	 SYPRIS TEST & MEASUREMENT, INC.,
 a
Delaware corporation (“ST&M”)
 (as a “Guarantor”)

		
	By	 	 /s/ Anthony C. Allen

	 	 	 Anthony C. Allen

	 	 	 Assistant Secretary

	
	 SYPRIS TECHNOLOGIES, INC.
 a Delaware
corporation (“ST”)
 (as a “Guarantor”)

		
	By	 	 /s/ Anthony C. Allen

	 	 	 Anthony C. Allen

	 	 	 Assistant Secretary

	
	 SYPRIS ELECTRONICS, LLC,
 a Delaware limited
liability company (“SE”)
 (as a “Guarantor”)

		
	By	 	 /s/ Anthony C. Allen

	 	 	 Anthony C. Allen

	 	 	 Assistant Secretary

  

			
	 SYPRIS DATA SYSTEMS, INC.,
 a Delaware
corporation (“SDS”)
 (as a “Guarantor”)

		
	By	 	 /s/ Anthony C. Allen

	 	 	 Anthony C. Allen

	 	 	 Assistant Secretary

	
	 SYPRIS TECHNOLOGIES MARION, LLC,
 a Delaware
limited liability company (“Marion”)
 (as a “Guarantor”)

		
	By	 	 /s/ Anthony C. Allen

	 	 	 Anthony C. Allen

	 	 	 Assistant Secretary

	
	 SYPRIS TECHNOLOGIES KENTON, INC.
 a Delaware
corporation (“STK”)
 (as a “Guarantor”)

		
	By	 	 /s/ Anthony C. Allen

	 	 	 Anthony C. Allen

	 	 	 Assistant SecretaryIncentive Bonus Plan

 Exhibit 10.17 
  
 SYPRIS SOLUTIONS, INC. 
 INCENTIVE BONUS PLAN 
 2004 FISCAL YEAR 
  

	1.	ESTABLISHMENT OF PLAN. 

  
 Sypris Solutions, Inc., a Delaware corporation (the “Company”), established this corporate bonus plan effective as
of January 1, 2004 (the “Plan”), to provide a financial incentive for employees of the Company to advance the growth and prosperity of the Company. 
  

	2.	ELIGIBILITY. 

  
 Employees of the Company who are specifically designated by the Compensation Committee of the Board of Directors of the Company (the “Compensation
Committee”) for participation during the current year shall be eligible to participate in the Plan. 
  

	3.	PARTICIPANT’S PERCENTAGE SHARE. 

  
 The bonus potential for each participant will be established as a percent of
the bonus pool and approved by the Compensation Committee at the beginning of each Plan year. Each participant will be provided with a copy of this Plan, which will include an exhibit that lists the participant’s full name, salary, percentage
share of the bonus pool (“Percentage Share”), bonus potential based upon the current year’s operating budget, and his or her objectives for the current year. 
  

	4.	BONUS POOL. 

  
 The Bonus Pool will be funded by a portion of the increase in the economic value added (“EVA”) generated by the Company during the current Plan
Year from the EVA generated by the Company during its Base Year. 
  
 4.1 EVA Defined. The EVA for the Company during any Plan Year will be defined as its net operating profit after taxes, less a charge for the Company’s cost of capital. 
  
 4.2 Base Year EVA. The Base Year EVA for 2004 will be equal to the EVA
generated by the Company during 2003. In future years, the Base Year EVA will be determined as follows: 
  
 (a) In the event EVA increased during the year prior to the Plan Year, the EVA for that year will serve as the new Base Year EVA.

  
 (b) In the event EVA decreased during the
year prior to the Plan Year, the EVA for the preceding Plan Year will serve as the new Base Year EVA. 
  
 4.3 Bonus Pool Funding. The Bonus Pool will be funded with (i) 15% of each dollar of improvement in EVA from the Base Year when the Base Year EVA
is a negative number and (ii) 30% of each dollar of improvement in EVA when the Base Year EVA is a positive number. For instances in which the Base Year EVA is a negative number and the final EVA for the Plan Year is a positive number, the Bonus
Pool will be funded with 15% of each dollar of improvement in EVA from the Base Year up to a value of zero and 30% of each dollar of improvement in EVA thereafter. 
  

	5.	BONUS AWARD. 

  
 Each qualified participant will be eligible for a Bonus Award that is equal to the product of his or her Percentage Share times the actual dollar value of
the Bonus Pool, subject to the provisions of Sections 8.1, 8.2 and the following: 
  
 5.1 Management Objectives. Each participant will have from three to five Management Objectives for the Plan year, each of which will be specific with regard to (i) the expected outcome, (ii) the expected
financial impact on the Company and (iii) the date or dates by which the objective must be achieved. Each objective will receive a weighting, the total of which for all objectives will be equal to 100%. The chief executive officer of the Company
will have the responsibility to review and determine each participant’s performance to objectives and to assign each individual a percentage that will be used as a factor to determine the actual amount of the awards to be distributed.

  
 5.2 Discretionary Review. The chief executive officer
of the Company will have the discretion to increase the actual amount of the awards to be distributed by up to 20% of the participant’s bonus potential, based upon the individual’s specific performance and contribution to the Company. Such
discretion will be used sparingly and will generally be limited to the recognition of extenuating circumstances and/or exceptional accomplishments that may or may not have been captured by the Management Objectives. 
  
 5.3 Approval of the Compensation Committee. The Bonus Award for each
participant will be subject to the review of and approval by the Compensation Committee. As a matter of policy, the Compensation Committee will not approve the award of any bonus that would otherwise lead or contribute to an operating loss as
reported on the consolidated financial statements of Sypris Solutions, Inc. 
  
 5.4 Qualification. Awards will be payable to each eligible participant as soon as administratively practicable after release of the audited annual financial statements of the Company and the approval of the
Compensation Committee; provided, however, that the Plan shall be in effect as of the date of payment and such employee shall be employed by the Company as of the date of payment. NO EMPLOYEE SHALL HAVE ANY RIGHT TO PAYMENT OF AN AWARD UNLESS THE
PLAN IS IN EFFECT AND THE EMPLOYEE IS EMPLOYED BY THE COMPANY AS OF THE DATE OF PAYMENT. 
  
 5.5 Payment and Holdback. Subject to the conditions listed above, each participant will receive an amount that is equal to Eighty percent (80%) of his or her approved Bonus Award for the current Plan Year. The
balance of the Bonus Award will be retained by the Company and paid to the participant upon the completion of the next annual audit, subject to (a) the absence of a decline in EVA from the previous year and (b) the provisions of Sections 5 and 8. In
the event the EVA declines during the following year, the twenty percent (20%) holdback will be forfeited. No employee shall have any right to payment of the retained balance of his or her Bonus Award unless the plan is in effect and the employee is
employed by the Company as of the date of payment. 
  
 5.6 Caps
and Limitations. There will be no caps or other such limitations established with regard to the amount of individual potential Bonus Awards, other than the provisions of Sections 4 and 5, which could result in Bonus Awards that are less in value
than those listed on the attached Exhibit A. 
  

 2 

	6.	METHOD OF DISTRIBUTION. 

  
 Cash awards shall be payable by check in lump sum. All such payments will be subject to withholding for income, social
security or other such payroll taxes as may be appropriate. 
  

	7.	ADMINISTRATION. 

  
 The Compensation Committee shall administer this Plan. The decisions of the Compensation Committee in interpreting and applying the Plan shall be final.

  

	8.	MISCELLANEOUS. 

  
 8.1 Employment Rights. The adoption and maintenance of this Plan is not an employment agreement between the Company and any employee. Nothing
herein contained shall be deemed to give any employee the right to be retained in the employ of the Company nor to interfere with the right of the Company to discharge any employee at any time. 
  
 8.2 Acquisitions and Divestitures. The variables to be used in the
calculation of EVA will be prorated for any acquisition and/or divestiture to reflect the timing of such event or events during the current Plan year at the time of such acquisition or divestiture. 
  
 8.3 Amendment and Termination. The Company may, without the consent of
any employee or beneficiary, amend or terminate the Plan at any time and from time-to-time. 
  
 8.4 Governing Law. This Plan shall be governed by and construed in accordance with the laws of the State of Delaware. 
  
 8.5 Construction. The headings and subheadings of this Plan have been inserted for convenience for reference only and are to be ignored in any
construction of the provisions hereof. The masculine shall be deemed to include the feminine, the singular shall include the plural, and the plural shall include the singular unless the context otherwise requires. The invalidity or unenforceability
of any provision hereunder shall not affect the validity or enforceability of the balance hereof. This Plan represents the entire undertaking by the Company concerning its subject matter and supersedes all prior undertakings with respect thereto. No
provision hereof may be waived or discharged except by a written document approved by the Compensation Committee and signed by a duly authorized representative of the Company. 
  
 The parties indicate their acknowledgement of the terms and conditions of this Plan as of the date first written above.

  

					
	SYPRIS SOLUTIONS, INC.	 	 	 	PARTICIPANT
			
	  	 	 	 	  
	 Robert E. Gill
 Chairman
	 	 	 	 
			
	  	 	 	 	  
	 Jeffrey T. Gill
 President and CEO
	 	 	 	 

  

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