Document:

CHELSEA THERAPEUTICS INTERNATIONAL, LTD.

 

2004
STOCK PLAN, AS AMENDED

 

Approved by the Board: January 25 and
June 5, 2012

Approved by the Stockholders: June 12,
2012

 

1.             Purpose.
The purpose of 2004 Stock Plan, as amended (the “Plan”) of Chelsea Therapeutics International, Ltd. (the “Company”)
is to increase shareholder value and to advance the interests of the Company by furnishing a variety of economic incentives (“Incentives”)
designed to attract, retain and motivate employees, directors and consultants. Incentives may consist of opportunities to purchase
or receive shares of Common Stock, $0.0001 par value, of the Company (“Common Stock”) on terms determined under
this Plan, including options granted hereunder that do not qualify as “incentive stock options” (“ISOs”)
or (Nonstatutory Stock Options, or “NSOs”).

 

2.             Administration.
The Plan shall be administered by a committee of the Board of Directors of the Company (the “Committee”). The
Committee shall consist of not less than two directors of the Company who shall be appointed from time to time by the board of
directors of the Company. Each member of the Committee shall be a “non-employee director” within the meaning of Rule
16b-3 of the Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange
Act”), and an “outside director” as defined in Section 162(m) of the Internal Revenue Code of 1986, as amended
(the “Code”). The Committee shall have complete authority to determine all provisions of all Incentives awarded
under the Plan (as consistent with the terms of the Plan), to interpret the Plan, and to make any other determination which it
believes necessary and advisable for the proper administration of the Plan. The Committee’s decisions and matters relating
to the Plan shall be final and conclusive on the Company and its participants. No member of the Committee will be liable for any
action or determination made in good faith with respect to the Plan or any Incentives granted under the Plan. The Committee will
also have the authority under the Plan to amend or modify the terms of any outstanding Incentives in any manner; provided, however,
that the amended or modified terms are permitted by the Plan as then in effect and that any recipient of an Incentive adversely
affected by such amended or modified terms has consented to such amendment or modification. No amendment or modification to an
Incentive, however, whether pursuant to this Section 2 or any other provision of the Plan, will be deemed to be a re-grant of such
Incentive for purposes of this Plan (notwithstanding that such amendment or modification may be deemed to be a new grant of an
incentive stock option, as such term is defined in Section 422 of the Code, under the Code). If at any time there is no Committee,
then for purposes of the Plan the term “Committee” shall mean the Company’s Board of Directors.

 

3.             Eligible Participants.
Employees of the Company or its subsidiaries (including officers and employees of the Company or its subsidiaries), directors and
consultants, advisors or other independent contractors who provide services to the Company or its subsidiaries (including members
of the Company’s scientific advisory board) shall become eligible to receive Incentives under the Plan when designated by
the Committee. Participants may be designated individually or by groups or categories (for example, by pay grade) as the Committee
deems appropriate. Participation by officers of the Company or its subsidiaries and any performance objectives relating to such
officers must be approved by the Committee. Participation by others and any performance objectives relating to others may be approved
by groups or categories (for example, by pay grade) and authority to designate participants who are not officers and to set or
modify such targets may be delegated.

 

    	 

    	 	

    
 

4.             Types of Incentives.
Incentives under the Plan may be granted in any one or a combination of the following forms: (a) incentive stock options and non-statutory
stock options (Section 6); (b) stock appreciation rights (“SARs”) (Section 7); (c) stock awards (Section 8);
(d) restricted stock (Section 8); and (e) performance shares (Section 9). Only employees of the Company shall be entitled to receive
incentive stock options under Section 422 of the Code.

 

5.             Shares Subject
to the Plan.

 

5.1.          Number
of Shares. Subject to adjustment as provided in Section 11.6, the number of shares of Common Stock which may be issued under
the Plan is 10,400,000 shares of Common Stock. Of such aggregate number of shares of Common Stock that may be issued under the
Plan, the maximum number of shares that may be issued as incentive stock options under Section 422 of the Code is 10,400,000.
Any shares of Common Stock available for issuance as incentive stock options may be alternatively issued as other types of Incentives
under the Plan. Shares of Common Stock that are issued under the Plan or that are subject to outstanding Incentives will be applied
to reduce the maximum number of shares of Common Stock remaining available for issuance under the Plan.

 

5.2.          Cancellation.
To the extent that cash in lieu of shares of Common Stock is delivered upon the exercise of an SAR pursuant to Section 7.4, the
Company shall be deemed, for purposes of applying the limitation on the number of shares, to have issued the greater of the number
of shares of Common Stock which it was entitled to issue upon such exercise or on the exercise of any related option. In the event
that a stock option or SAR granted hereunder expires or is terminated or canceled unexercised or unvested as to any shares of Common
Stock, such shares may not be reissued under the Plan either pursuant to stock options, SARs or otherwise. In the event that shares
of Common Stock are issued as restricted stock or pursuant to a stock award and thereafter are forfeited or reacquired by the Company
pursuant to rights reserved upon issuance thereof, such forfeited and reacquired shares may not be reissued under the Plan, either
as restricted stock, pursuant to stock awards or otherwise. Shares of Common Stock which are withheld to pay the exercise price
of an option and/or any related withholding obligations shall not be available for issuance under the Plan.

 

6.             Stock Options.
A stock option is a right to purchase shares of Common Stock from the Company. The Committee may designate whether an option is
to be considered an incentive stock option or a non-statutory stock option. To the extent that any incentive stock option granted
under the Plan ceases for any reason to qualify as an “incentive stock option” for purposes of Section 422 of the Code,
such incentive stock option will continue to be outstanding for purposes of the Plan but will thereafter be deemed to be a non-statutory
stock option. Each stock option granted by the Committee under this Plan shall be subject to the following terms and conditions:

 

6.1.          Price.
The option price per share shall be determined by the Committee, subject to adjustment under Section 11.6, subject to Section
6.5(e).

 

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6.2.          Number.
The number of shares of Common Stock subject to the option shall be determined by the Committee, subject to adjustment as provided
in Section 11.6. The number of shares of Common Stock subject to a stock option shall be reduced in the same proportion that the
holder thereof exercises a SAR if any SAR is granted in conjunction with or related to the stock option.

6.3.          Duration
and Time for Exercise. Subject to earlier termination as provided in Section 11.4 and except for incentive stock options which
shall be subject to the provisions of Section 6.5, the term of each stock option shall be determined by the Committee but shall
not exceed ten years from the date of grant. Each stock option shall become exercisable at such time or times during its term as
shall be determined by the Committee at the time of grant. The Committee may accelerate the exercisability of any stock option.

 

6.4.          Manner
of Exercise. Subject to the conditions contained in this Plan and in the agreement with the recipient evidencing such option,
a stock option may be exercised, in whole or in part, by giving written notice to the Company, specifying the number of shares
of Common Stock to be purchased and accompanied by the full purchase price for such shares. The exercise price shall be payable
(a) in United States dollars upon exercise of the option and may be paid by cash; uncertified or certified check; bank draft; (b)
at the discretion of the Committee, by delivery of shares of Common Stock that are already owned by the participant in payment
of all or any part of the exercise price, which shares shall be valued for this purpose at the Fair Market Value on the date such
option is exercised; or (c) at the discretion of the Committee, by instructing the Company to withhold from the shares of Common
Stock issuable upon exercise of the stock option shares of Common Stock in payment of all or any part of the exercise price and/or
any related withholding tax obligations, which shares shall be valued for this purpose at the Fair Market Value or in such other
manner as may be authorized from time to time by the Committee. The shares of Common Stock delivered by the participant pursuant
to Section 6.4(b) must have been held by the participant for a period of not less than six months prior to the exercise of the
option, unless otherwise determined by the Committee. Prior to the issuance of shares of Common Stock upon the exercise of a stock
option, a participant shall have no rights as a shareholder. Except as otherwise provided in the Plan, no adjustment will be made
for dividends or distributions with respect to such stock options as to which there is a record date preceding the date the participant
becomes the holder of record of such shares, except as the Committee may determine in its discretion.

 

6.5.          Stock
Options. Notwithstanding anything in the Plan to the contrary, the following additional provisions shall apply to the grant
of stock options:

 

(a)            To
the extent that the aggregate Fair Market Value (determined as of the
time the option is granted) of the shares of Common Stock with respect to which incentive stock options (as such term is defined
in Section 422 of the Code) are exercisable for the first time by any participant during any calendar year (under the Plan and
any other incentive stock option plans of the Company or any subsidiary or parent corporation of the Company) shall exceed $100,000,
such excess portion of the incentive stock options will be treated as Non-Statutory Stock Options; provided that this provision
shall have no force or effect to the extent that its inclusion in the Plan is not necessary for the Incentive to qualify as incentive
stock options pursuant to Section 422 of the Code. The determination
will be made by taking incentive stock options into account in the order in which they were granted. 

 

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(b)            Any
incentive stock option certificate authorized under the Plan shall contain such other provisions as the Committee shall deem advisable,
but shall in all events be consistent with and contain all provisions required in order to qualify the options as incentive stock
options.

 

(c)            All
incentive stock options must be granted within ten years from the earlier of the date on which this Plan was adopted by board of
directors or the date this Plan was approved by the Company’s shareholders.

 

(d)            Unless
sooner exercised, all incentive stock options shall expire no later than 10 years after the date of grant. No incentive stock option
may be exercisable after ten (10) years from its date of grant (or five (5) years from its date of grant if, at the time the incentive
stock option is granted, the Participant owns, directly or indirectly, more than 10% of the total combined voting power of all
classes of stock of the Company or any parent or subsidiary corporation of the Company).

 

(e)            The
exercise price for stock options shall be not less than 100% of the Fair Market Value of the Common Stock subject thereto on the
date of grant; provided that the exercise price shall be 110% of the Fair Market Value for incentive stock options if, at the time
granted, the participant owns, directly or indirectly, more than 10% of the total combined voting power of all classes of stock
of the Company or any parent or subsidiary corporation of the Company.

 

7.             Stock Appreciation
Rights. An SAR is a right to receive, without payment to the Company, a number of shares of Common Stock, cash or any combination
thereof, the amount of which is determined pursuant to the formula set forth in Section 7.4. An SAR may be granted (a) with respect
to any stock option granted under this Plan, either concurrently with the grant of such stock option or at such later time as determined
by the Committee (as to all or any portion of the shares of Common Stock subject to the stock option), or (b) alone, without reference
to any related stock option. Each SAR granted by the Committee under this Plan shall be subject to the following terms and conditions:

 

7.1.          Number;
Exercise Price. Each SAR granted to any participant shall relate to such number of shares of Common Stock as shall be determined
by the Committee, subject to adjustment as provided in Section 11.6. In the case of an SAR granted with respect to a stock option,
the number of shares of Common Stock to which the SAR pertains shall be reduced in the same proportion that the holder of the
option exercises the related stock option. The exercise price of an SAR will be determined by the Committee, in its discretion,
at the date of grant but may not be less than 100% of the Fair Market Value of the shares of Common Stock subject thereto on the
date of grant.

 

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7.2.          Duration.
Subject to earlier termination as provided in Section 11.4, the term of each SAR shall be determined by the Committee but shall
not exceed ten years and one day from the date of grant. Unless otherwise provided by the Committee, each SAR shall become exercisable
at such time or times, to such extent and upon such conditions as the stock option, if any, to which it relates is exercisable.
The Committee may in its discretion accelerate the exercisability of any SAR.

 

7.3.          Exercise.
An SAR may be exercised, in whole or in part, by giving written notice to the Company, specifying the number of SARs which the
holder wishes to exercise. Upon receipt of such written notice, the Company shall, within 90 days thereafter, deliver to the exercising
holder certificates for the shares of Common Stock or cash or both, as determined by the Committee, to which the holder is entitled
pursuant to Section 7.4.

 

7.4.          Payment.
Subject to the right of the Committee to deliver cash in lieu of shares of Common Stock (which, as it pertains to officers and
directors of the Company, shall comply with all requirements of the Exchange Act), the number of shares of Common Stock which shall
be issuable upon the exercise of an SAR shall be determined by dividing:

 

(a)            the
number of shares of Common Stock as to which the SAR is exercised multiplied by the amount of the appreciation in such shares (for
this purpose, the “appreciation” shall be the amount by which the Fair Market Value of the shares of Common Stock subject
to the SAR on the exercise date exceeds (1) in the case of an SAR related to a stock option, the exercise price of the shares of
Common Stock under the stock option or (2) in the case of an SAR granted alone, without reference to a related stock option, an
amount which shall be determined by the Committee at the time of grant, subject to adjustment under Section 11.6); by

 

(b)            the
Fair Market Value of a share of Common Stock on the exercise date.

 

In lieu of
issuing shares of Common Stock upon the exercise of a SAR, the Committee may elect to pay the holder of the SAR cash equal to the
Fair Market Value on the exercise date of any or all of the shares which would otherwise be issuable. No fractional shares of Common
Stock shall be issued upon the exercise of an SAR; instead, the holder of the SAR shall be entitled to receive a cash adjustment
equal to the same fraction of the Fair Market Value of a share of Common Stock on the exercise date or to purchase the portion
necessary to make a whole share at its Fair Market Value on the date of exercise.

 

8.             Stock
Awards and Restricted Stock. A stock award consists of the transfer by the Company to a participant of shares of Common Stock,
without other payment therefor, as additional compensation for services to the Company. The participant receiving a stock award
will have all voting, dividend, liquidation and other rights with respect to the shares of Common Stock issued to a participant
as a stock award under this Section 8 upon the participant becoming the holder of record of such shares. A share of restricted
stock consists of shares of Common Stock which are sold or transferred by the Company to a participant at a price determined by
the Committee (which price shall be at least equal to the minimum price required by applicable law for the issuance of a share
of Common Stock) and subject to restrictions on their sale or other transfer by the participant, which restrictions and conditions
may be determined by the Committee as long as such restrictions and conditions are not inconsistent with the terms of the Plan.
The transfer of Common Stock pursuant to stock awards and the transfer and sale of restricted stock shall be subject to the following
terms and conditions:

 

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8.1.          Number
of Shares. The number of shares to be transferred or sold by the Company to a participant pursuant to a stock award or as
restricted stock shall be determined by the Committee.

 

8.2.          Sale
Price. The Committee shall determine the price, if any, at which shares of restricted stock shall be sold or granted to a participant,
which may vary from time to time and among participants and which may be below the Fair Market Value of such shares of Common Stock
at the date of sale.

 

8.3.          Restrictions.
All shares of restricted stock transferred or sold hereunder shall be subject to such restrictions as the Committee may determine,
including, without limitation any or all of the following:

 

(a)            a prohibition
against the sale, transfer, pledge or other encumbrance of the shares of restricted stock, such prohibition to lapse at such time
or times as the Committee shall determine (whether in annual or more frequent installments, at the time of the death, disability
or retirement of the holder of such shares, or otherwise), provided that such prohibition shall not lapse faster than 1/3 per year
from the date of grant;

 

(b)            a requirement
that the holder of shares of restricted stock forfeit, or (in the case of shares sold to a participant) resell back to the Company
at his or her cost, all or a part of such shares in the event of termination of his or her employment or consulting engagement
during any period in which such shares are subject to restrictions; or

 

(c)            such
other conditions or restrictions as the Committee may deem advisable.

 

8.4.          Escrow.
In order to enforce the restrictions imposed by the Committee pursuant to Section 8.3, the participant receiving restricted stock
shall enter into an agreement with the Company setting forth the conditions of the grant. Shares of restricted stock shall be
registered in the name of the participant and deposited, together with a stock power endorsed in blank, with the Company. Each
such certificate shall bear a legend in substantially the following form:

 

The transferability of this certificate
and the shares of Common Stock represented by it are subject to the terms and conditions (including conditions of forfeiture) contained
in the 2004 Stock Plan of Chelsea Therapeutics International, Ltd., (the “Company”), as amended from time to time,
and an agreement entered into between the registered owner and the Company. A copy of the 2004 Stock Plan, as amended from time
to time, and the agreement is on file in the office of the secretary of the Company.

 

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8.5.          End
of Restrictions. Subject to Section 11.5, at the end of any time period during which the shares of restricted stock are subject
to forfeiture and restrictions on transfer, such shares will be delivered free of all restrictions to the participant or to the
participant’s legal representative, beneficiary or heir.

 

8.6.          Shareholder.
Subject to the terms and conditions of the Plan, each participant receiving restricted stock shall have all the rights of a shareholder
with respect to shares of stock during any period in which such shares are subject to forfeiture and restrictions on transfer,
including without limitation, the right to vote such shares. Dividends paid in cash or property other than Common Stock with respect
to shares of restricted stock shall be paid to the participant currently.

 

9.             Performance
Shares. A performance share consists of an award which shall be paid in shares of Common Stock, as described below. The grant
of a performance share shall be subject to such terms and conditions as the Committee deems appropriate, including the following:

 

9.1.          Performance
Objectives. Each performance share will be subject to performance objectives for the Company or one of its operating units
to be achieved by the participant before the end of a specified period. The number of performance shares granted shall be determined
by the Committee and may be subject to such terms and conditions, as the Committee shall determine. If the performance objectives
are achieved, each participant will be paid in shares of Common Stock or cash as determined by the Committee. If such objectives
are not met, each grant of performance shares may provide for lesser payments in accordance with formulas established in the award.

 

9.2.          Not
Shareholder. The grant of performance shares to a participant shall not create any rights in such participant as a shareholder
of the Company, until the payment of shares of Common Stock with respect to an award.

 

9.3.          No
Adjustments. No adjustment shall be made in performance shares granted on account of cash dividends which may be paid or other
rights which may be issued to the holders of Common Stock prior to the end of any period for which performance objectives were
established.

 

9.4.          Expiration
of Performance Share. If any participant’s employment or consulting engagement with the Company is terminated for any
reason other than normal retirement, death or disability prior to the achievement of the participant’s stated performance
objectives, all the participant’s rights on the performance shares shall expire and terminate unless otherwise determined
by the Committee. In the event of termination of employment or consulting by reason of death, disability, or normal retirement,
the Committee, in its own discretion may determine what portions, if any, of the performance shares should be paid to the participant.

 

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9.5           Vesting.
In no event will performance shares vest less than one year after the date of grant.

 

10.           Change of
Control.

 

10.1         Change
in Control. For purposes of this Section 10, a “Change in Control” of the Company will mean the following:

 

(a)           the sale, lease,
exchange or other transfer, directly or indirectly, of substantially all of the assets of the Company (in one transaction or in
a series of related transactions) to a person or entity that is not controlled by the Company;

 

(b)           the approval
by the shareholders of the Company of any plan or proposal for the liquidation or dissolution of the Company;

 

(c)           any person not
a shareholder of the Company on the date of the Plan becomes after the effective date of the Plan the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of (i) 20% or more, but not 50% or more, of the combined
voting power of the Company’s outstanding securities ordinarily having the right to vote at elections of directors, unless
the transaction resulting in such ownership has been approved in advance by the Continuing Directors (as defined below), or (ii)
50% or more of the combined voting power of the Company’s outstanding securities ordinarily having the right to vote at elections
of directors (regardless of any approval by the Continuing Directors); provided that a traditional institutional or venture capital
financing transaction shall be excluded from this definition; or

 

(d)           a merger or consolidation
to which the Company is a party if the shareholders of the Company immediately prior to the effective date of such merger or consolidation
have “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act), immediately following the effective
date of such merger or consolidation, of securities of the surviving corporation representing (i) 50% or more, but less than 80%,
of the combined voting power of the surviving corporation’s then outstanding securities ordinarily having the right to vote
at elections of directors, unless such merger or consolidation has been approved in advance by the Continuing Directors, or (ii) less
than 50% of the combined voting power of the surviving corporation’s then outstanding securities ordinarily having the right
to vote at elections of directors (regardless of any approval by the Continuing Directors).

 

10.2         Continuing
Directors. For purposes of this Section 10, “Continuing Directors” of the Company will mean any individuals
who are members of the Board on the effective date of the Plan and any individual who subsequently becomes a member of the Board
whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of
the Continuing Directors (either by specific vote or by approval of the Company’s proxy statement in which such individual
is named as a nominee for director without objection to such nomination).

 

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10.3         Acceleration
of Incentives. Unless otherwise resolved by the Committee in its sole discretion at such time, if a Change in Control of the
Company occurs whereby the acquiring entity or successor to the Company does not agree to assume the Incentives or replace them
with substantially equivalent incentive awards (as determined by the Committee in its reasonable discretion), then (a) all outstanding
options and SARs will vest and will become immediately exercisable in full and, if not exercised on the date of the Change of
Control, will terminate on such date regardless of whether the participant to whom such options or SARs have been granted remains
in the employ or service of the Company or any subsidiary of the Company or any acquiring entity or successor to the Company;
(b) the restrictions on all shares of restricted stock awards shall lapse immediately; and (c) all performance shares criteria
shall be deemed to be met and payment made immediately.

 

10.4         Cash
Payment for Options. If a Change in Control of the Company occurs, then the Committee, if approved by the Committee in its
sole discretion either in an agreement evidencing an option at the time of grant or at any time after the grant of an option, and
without the consent of any participant affected thereby, may determine that:

 

(a)           some
or all participants holding outstanding options will receive, with respect to some or all of the shares of Common Stock subject
to such options, as of the effective date of any such Change in Control of the Company, cash in an amount equal to the excess of
the Fair Market Value of such shares immediately prior to the effective date of such Change in Control of the Company over the
exercise price per share of such options; and

 

(b)           any
options as to which, as of the effective date of any such Change in Control, the Fair Market Value of the shares of Common Stock
subject to such options is less than or equal to the exercise price per share of such options, shall terminate as of the effective
date of any such Change in Control.

 

			If the Committee makes a determination as set forth in subparagraph (a) of this Section 10.4, then
as of the effective date of any such Change in Control of the Company such options will terminate as to such shares and the participants
formerly holding such options will only have the right to receive such cash payment(s). If the Committee makes a determination
as set forth in subparagraph (b) of this Section 10.4, then as of the effective date of any such Change in Control of the Company
such options will terminate, become void and expire as to all unexercised shares of Common Stock subject to such options on such
date, and the participants formerly holding such options will have no further rights with respect to such options.

 

11.           General.

 

11.1.        Effective
Date. The Plan will become effective upon approval by the Company’s board of directors.

 

11.2.        Duration.
The Plan shall remain in effect until all Incentives granted under the Plan have either been satisfied by the issuance of shares
of Common Stock or the payment of cash or been terminated under the terms of the Plan and all restrictions imposed on shares of
Common Stock in connection with their issuance under the Plan have lapsed. No Incentives may be granted under the Plan after the
earlier of the tenth anniversary of the date of the adoption of the Plan or the date the Plan is approved by the shareholders of
the Company.

 

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11.3.        Non-transferability
of Incentives. Except in the event of the holder’s death, by will or the laws of descent and distribution to the limited
extent provided in the Plan or the Incentive, unless approved by the Committee, no stock option, SAR, restricted stock or performance
award may be transferred, pledged or assigned by the holder thereof, either voluntarily or involuntarily, directly or indirectly,
by operation of law or otherwise, and the Company shall not be required to recognize any attempted assignment of such rights by
any participant. During a participant’s lifetime, an Incentive may be exercised only by him or her or by his or her guardian
or legal representative.

 

11.4.        Effect
of Termination or Death. In the event that a participant ceases to be an employee of or consultant to the Company, or the participants’
other service with the Company is terminated, for any reason, including death, any Incentives may be exercised or shall expire
at such times as may be determined by the Committee in its sole discretion in the agreement evidencing an Incentive. Notwithstanding
the other provisions of this Section 11.4, upon a participant’s termination of employment or other service with the
Company and all subsidiaries, the Committee may, in its sole discretion (which may be exercised at any time on or after the date
of grant, including following such termination), cause options and SARs (or any part thereof) then held by such participant to
become or continue to become exercisable and/or remain exercisable following such termination of employment or service and Restricted
Stock Awards, Performance Shares and Stock Awards then held by such participant to vest and/or continue to vest or become free
of transfer restrictions, as the case may be, following such termination of employment or service, in each case in the manner determined
by the Committee; provided, however, that no Incentive may remain exercisable or continue to vest beyond its expiration date. Any
incentive stock option that remains unexercised more than one (1) year following termination of employment by reason of death or
disability or more than three (3) months following termination for any reason other than death or disability will thereafter be
deemed to be a Non-Statutory Stock Option.

 

11.5.        Additional
Conditions. Notwithstanding anything in this Plan to the contrary: (a) the Company may, if it shall determine it necessary
or desirable for any reason, at the time of award of any Incentive or the issuance of any shares of Common Stock pursuant to any
Incentive, require the recipient of the Incentive, as a condition to the receipt thereof or to the receipt of shares of Common
Stock issued pursuant thereto, to deliver to the Company a written representation of present intention to acquire the Incentive
or the shares of Common Stock issued pursuant thereto for his or her own account for investment and not for distribution; and (b)
if at any time the Company further determines, in its sole discretion, that the listing, registration or qualification (or any
updating of any such document) of any Incentive or the shares of Common Stock issuable pursuant thereto is necessary on any securities
exchange or under any federal or state securities or blue sky law, or that the consent or approval of any governmental regulatory
body is necessary or desirable as a condition of, or in connection with the award of any Incentive, the issuance of shares of Common
Stock pursuant thereto, or the removal of any restrictions imposed on such shares, such Incentive shall not be awarded or such
shares of Common Stock shall not be issued or such restrictions shall not be removed, as the case may be, in whole or in part,
unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions
not acceptable to the Company. Notwithstanding any other provision of the Plan or any agreements entered into pursuant to the Plan,
the Company will not be required to issue any shares of Common Stock under this Plan, and a participant may not sell, assign, transfer
or otherwise dispose of shares of Common Stock issued pursuant to any Incentives granted under the Plan, unless (a) there
is in effect with respect to such shares a registration statement under the Securities Act of 1933, as amended (the “Securities
Act”), and any applicable state or foreign securities laws or an exemption from such registration under the Securities
Act and applicable state or foreign securities laws, and (b) there has been obtained any other consent, approval or permit
from any other regulatory body which the Committee, in its sole discretion, deems necessary or advisable. The Company may condition
such issuance, sale or transfer upon the receipt of any representations or agreements from the parties involved, and the placement
of any legends on certificates representing shares of Common Stock, as may be deemed necessary or advisable by the Company in order
to comply with such securities laws or other restrictions. The Committee may restrict the rights of participants to the extent
necessary to comply with Section 16(b) of the Exchange Act, the Internal Revenue Code or any other applicable law or regulation.
The grant of an Incentive award pursuant to the Plan shall not limit in any way the right or power of the Company to make adjustments,
reclassifications, reorganizations or changes of its capital or business structure or to merge, exchange or consolidate or to dissolve,
liquidate, sell or transfer all or any part of its business or assets.

 

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11.6.        Adjustment.
In the event of any recapitalization, stock dividend, stock split, combination of shares or other change in the Common Stock, the
number of shares of Common Stock then subject to the Plan, including shares subject to restrictions, options or achievements of
performance shares, shall be adjusted in proportion to the change in outstanding shares of Common Stock. In the event of any such
adjustments, the purchase price of any option, the performance objectives of any Incentive, and the shares of Common Stock issuable
pursuant to any Incentive shall be adjusted as and to the extent appropriate, in the discretion of the Committee, to provide participants
with the same relative rights before and after such adjustment.

 

11.7.        Incentive
Plans and Agreements. Except in the case of stock awards, the terms of each Incentive shall be stated in a plan or agreement
approved by the Committee. The Committee may also determine to enter into agreements with holders of options to reclassify or convert
certain outstanding options, within the terms of the Plan, as incentive stock options or as non-statutory stock options and in
order to eliminate SARs with respect to all or part of such options and any other previously issued options.

 

11.8.        Withholding.

 

(a)           The
Company shall have the right to (i) withhold and deduct from any payments made under the Plan or from future wages of the participant
(or from other amounts that may be due and owing to the participant from the Company or a subsidiary of the Company), or make other
arrangements for the collection of, all legally required amounts necessary to satisfy any and all foreign, federal, state and local
withholding and employment-related tax requirements attributable to an Incentive, or (ii) require the participant promptly to remit
the amount of such withholding to the Company before taking any action, including issuing any shares of Common Stock, with respect
to an Incentive. At any time when a participant is required to pay to the Company an amount required to be withheld under applicable
income tax laws in connection with a distribution of Common Stock or upon exercise of an option or SAR, the participant may satisfy
this obligation in whole or in part by electing (the “Election”) to have the Company withhold from the distribution
shares of Common Stock having a value up to the amount required to be withheld. The value of the shares to be withheld shall be
based on the Fair Market Value of the Common Stock on the date that the amount of tax to be withheld shall be determined (“Tax
Date”).

 

    	11

    	 

    
 

(b)           Each
Election must be made prior to the Tax Date. The Committee may disapprove of any Election, may suspend or terminate the right to
make Elections, or may provide with respect to any Incentive that the right to make Elections shall not apply to such Incentive.
An Election is irrevocable.

 

(c)           If a
participant is an officer or director of the Company within the meaning of Section 16 of the Exchange Act, then an Election is
subject to the following additional restrictions:

 

(1)        No
Election shall be effective for a Tax Date which occurs within six months of the grant or exercise of the award, except that this
limitation shall not apply in the event death or disability of the participant occurs prior to the expiration of the six-month
period.

 

(2)        The
Election must be made either six months prior to the Tax Date or must be made during a period beginning on the third business day
following the date of release for publication of the Company’s quarterly or annual summary statements of sales and earnings
and ending on the twelfth business day following such date.

 

(d)           If
the option granted to a participant hereunder is an incentive stock option, and if the participant sells or otherwise disposes
of any of the shares of Common Stock acquired pursuant to the incentive stock option on or before the later of (1) the date
two years after the date of grant, or (2) the date one year after the date of exercise, the participant shall immediately
notify the Company in writing of such disposition. The participant agrees that the participant may be subject to income tax withholding
by the Company on the compensation income recognized by the participant from the early disposition by payment in cash or out of
the current earnings paid to the participant.

 

11.9.        No
Continued Employment, Engagement or Right to Corporate Assets. No participant under the Plan shall have any right, because
of his or her participation, to continue in the employ of the Company for any period of time or any right to continue his or her
present or any other rate of compensation. Nothing contained in the Plan shall be construed as giving an employee, a consultant,
such persons’ beneficiaries or any other person any interests of any kind in the assets of the Company or creating a trust
of any kind or a fiduciary relationship of any kind between the Company and any such person.

 

    	12

    	 

    
 

11.10.      Deferral
Permitted. Payment of cash or distribution of any shares of Common Stock to which a participant is entitled under any Incentive
shall be made as provided in the Incentive. Payment may be deferred at the option of the participant if provided in the Incentive.

 

11.11.     No
Repricing or Cash Buyouts. No Incentive may be repriced after its issuance, whether by an adjustment to the individual or
aggregate exercise or purchase price, the aggregate amount of equity securities subject to the Incentive, or otherwise. No Incentive
that is not payable in cash may be exchanged with the Company for cash, whether by cashless net exercise or otherwise.

 

11.12.     Amendment
of the Plan. The Board may amend, suspend or discontinue the Plan at any time; provided, however, that no amendments to the
Plan will be effective without approval of the shareholders of the Company if shareholder approval of the amendment is then required
pursuant to Section 422 of the Code, the regulations promulgated thereunder or the rules of any stock exchange or Nasdaq or similar
regulatory body. No termination, suspension or amendment of the Plan may adversely affect any outstanding Incentive without the
consent of the affected participant; provided, however, that this sentence will not impair the right of the Committee to take
whatever action it deems appropriate under Sections 2, 10 and 11 of the Plan.

 

11.13.     Definition of Fair Market Value.
For purposes of this Plan, the “Fair Market Value” of a share of Common Stock at a specified date shall, unless
otherwise expressly provided in this Plan, be the amount which the Committee or the board of directors of the Company determines
in good faith in the exercise of its reasonable discretion to be 100% of the fair market value of such a share as of the date
in question; provided, however, that notwithstanding the foregoing, if such shares are listed on a U.S. securities exchange or
are quoted on the Nasdaq National Market System or Nasdaq SmallCap Stock Market (“Nasdaq”), then Fair Market
Value shall be determined by reference to the last sale price of a share of Common Stock on such U.S. securities exchange or Nasdaq
on the applicable date. If such U.S. securities exchange or Nasdaq is closed for trading on such date, or if the Common Stock
does not trade on such date, then the last sale price used shall be the one on the date the Common Stock last traded on such U.S.
securities exchange or Nasdaq.

 

    	13

    	 

    
 

11.14.     Breach
of Confidentiality, Assignment of Inventions, or Non-Compete Agreements. Notwithstanding anything in the Plan to the contrary,
in the event that a participant materially breaches the terms of any confidentiality, assignment of inventions, or non-compete
agreement entered into with the Company or any subsidiary of the Company, whether such breach occurs before or after termination
of such participant’s employment or other service with the Company or any subsidiary, the Committee in its sole discretion
may immediately terminate all rights of the participant under the Plan and any agreements evidencing an Incentive then held by
the participant without notice of any kind.

 

11.15.     Governing
Law. The validity, construction, interpretation, administration and effect of the Plan and any rules, regulations and actions
relating to the Plan will be governed by and construed exclusively in accordance with the laws of the State of North Carolina,
notwithstanding the conflicts of laws principles of any jurisdictions.

 

11.16.     Successors
and Assigns. The Plan will be binding upon and inure to the benefit of the successors and permitted assigns of the Company
and the participants in the Plan.

 

 

 

 

 

Amended by the Board on January 25 and
June 5, 2012

 

    	14Exhibit 10.64

 

Aufhebungsvertrag/

Cancellation Agreement

 

	Zwischen der	Tower Automotive Holding GmbH
	Between	De-Gaspari-Straße 8
	 	51469 Bergisch Gladbach

 

	 	-„Tower“ oder „die Gesellschaft“ –
	 	- „Tower“ or „the Company“ –

 

	und	Herrn Dr. Gyula Meleghy
	and	Lichtenweg 48A
	 	51465 Bergisch Gladbach
	 	Nordrhein Westfalen Germany

 

Präambel

Preamble

 

Herr Dr. Meleghy ist seit dem 1.2.2000
für die Gesellschaft, mit ihr oder der Tower International, Inc. oder mit Vorgängergesellschaften oder Konzerngesellschaften
einer dieser beiden Gesellschaften verbundenen Unternehmen (nachfolgend gemeinsam die „Tower Gruppe“) tätig, zuletzt
als Geschäftsführer der Gesellschaft. Grundlage der Tätigkeit ist ein Anstellungsvertrag vom 15.2.2000, der ursprünglich
mit der Dr. Meleghy GmbH abgeschlossen, später aber mehrfach geändert und auf die Gesellschaft übertragen wurde
(„der Anstellungsvertrag“). Da Herr Dr. Meleghy beabsichtigt, auf eigenen Wunsch aus den Diensten der Tower Gruppe
auszuscheiden, sind die Vertragspartner nun übereingekommen, sämtliche vertraglichen Beziehungen zwischen der Tower Gruppe
und Herrn Dr. Meleghy einvernehmlich zu beenden. Hierzu wird folgende Vereinbarung getroffen:

 

Dr. Meleghy has been providing services
to the Company, to affiliated entities of the Company or of Tower International, Inc. or of predecessors of any of these two (hereinafter
the “Tower Group”) since 1 February 2000, most recently as a managing director of the Company and on the basis of a
service agreement dated 15 February 2000, initially entered into with Dr. Meleghy GmbH but subsequently amended several times and
transferred to the Company (the “Service Agreement”). In light of Dr. Meleghy’s desire to voluntarily resign
and retire from the Tower Group, the Parties now wish to end all contractual relations existing between the Tower Group and Dr.
Meleghy by amicable agreement. To this end the Parties agree as follows:

 

    	 

    	 

    

 

1. Beendigung

1. Termination

 

Die Vertragspartner sind sich einig, dass
das zwischen der Gesellschaft und Herrn Dr. Meleghy bestehende Anstellungsverhältnis sowie sämtliche etwaigen sonstigen
Anstellungsverhältnisse mit Gesellschaften der Tower Gruppe mit Wirkung zum 30.4.2012 („Beendigungstermin“) einvernehmlich
aufgehoben werden. Das vertragliche Wettbewerbsverbot besteht bis zum Beendigungstermin in vollem Umfang fort.

 

The Parties agree that the service relationship
between the Company and Dr. Meleghy as well as any further employment and/or service relationships with entities of the Tower
Group shall be terminated with effect as per 30 April 2012 (“Termination Date”) by mutual consent. The contractual
prohibition of competition shall continue in full effect until the Termination Date.

 

2. Amtsniederlegung

2. Resignation from Offices

 

(1)          Herr Dr. Meleghy hat derzeit neben
seinem Amt als Geschäftsführer der Gesellschaft bei anderen Gesellschaften der Tower Gruppe u.a. noch die in Anlage A
genannten Ämter inne.

 

(1)          In addition to his office as
managing director of the Company, Dr. Meleghy currently holds inter alia the offices with other entities of the Tower Group set
out in Appendix A.

 

(2)          Sämtliche Ämter und Funktionen
bei oder für Gesellschaften der Tower Gruppe wird Herr Dr. Meleghy mit Wirkung zum 30.4.2012 niederlegen. Hierzu unterzeichnet
Herr Dr. Meleghy die als Anlage beigefügte Niederlegungserklärung hinsichtlich seines Amtes als Geschäftsführer
der Gesellschaft. Zusätzlich verpflichtet sich Herr Dr. Meleghy zeitlich unbegrenzt, auf Anfrage unverzüglich sämtliche
zur Beendigung seiner Ämter und Funktionen bei Gesellschaften der Tower Gruppe erforderlichen und/oder von der Gesellschaft
für zweckmäßig erachteten Handlungen vorzunehmen und Erklärungen abzugeben, gegebenenfalls auch mehrfach.
Diese Verpflichtung umfasst auch alle Handlungen und Erklärungen, die erforderlich sind und/oder von der Gesellschaft für
zweckmäßig erachtet werden, um die Übertragung einzelner oder aller Ämter und Funktionen auf einen von der
Gesellschaft zu benennenden Nachfolger zu bewirken.

 

    	Seite 2

    	 

    

 

(2)          Dr. Meleghy shall resign from
all offices and functions with or for entities of the Tower Group effective April 30, 2012 . To this end Dr. Meleghy shall sign
the resignation letter attached to this agreement in respect of his office as managing director of the Company. In addition Dr.
Meleghy undertakes an obligation, unlimited in time, to render any declaration and perform any act required and/or considered expedient
by the Company in order to effect termination of his offices and functions with entities of Tower Group, immediately upon the Company’s
request and more than once if necessary. This obligation shall also include any act and/or declaration required and/or considered
expedient by the Company in order to effect transfer of any or all of the offices and functions to a successor designated by the
Company. 

 

3. Übergabe und Rückfragen
nach Beendigung

3. Handover and Support after Termination

 

In der Zeit bis zum Beendigungstermin bereitet
Herr Dr. Meleghy die professionelle Übergabe seiner Aufgaben an einen Nachfolger vor und ermöglicht die reibungslose
Übertragung seines Verantwortungsbereichs. Da der Nachfolger seine Tätigkeit erst nach dem Beendigungstermin aufnehmen
wird, steht Herr Dr. Meleghy auch an drei von der Gesellschaft näher zu bezeichnenden Terminen in den Monaten Juni und gegebenenfalls
Juli 2012 in den Geschäftsräumen der Gesellschaft zur Verfügung, ohne dass hierfür eine gesonderte Vergütung
geschuldet wäre. Sofern darüber hinausgehende diesbezügliche Termine anfallen, werden diese mit EUR 3.000 pro Tag
vergütet. Die Gesellschaft teilt Herrn Dr. Meleghy die Daten, an denen seine Anwesenheit in den Räumlichkeiten der
Gesellschaft benötigt wird, jeweils spätestens zehn Tage im voraus mit. Herr Dr. Meleghy verpflichtet sich, seinen Nachfolger
in positiver und konstruktiver Weise sowohl bei den Kunden der Gesellschaft als auch bei seinen Kollegen innerhalb der Tower Gruppe
vorzustellen und ihm nach besten Kräften einen positiven Start zu ermöglichen. Für telefonische Rückfragen
steht Herr Dr. Meleghy auch nach erfolgter Übergabe bis zum 30.4.2013 zur Verfügung.

 

During the period until the Termination
Date, Dr. Meleghy shall prepare the professional handover of his tasks to his successor and shall ensure a smooth transition of
his areas of responsibility. In view of the fact that the successor will not commence his services until after the Termination
Date, Dr. Meleghy shall be available at the office of the Company on three dates to be specified by the Company in the months of
June and, if necessary, in July 2012, without any additional compensation being owed for this. Additional dates in this regard
will be compensated at the rate of EUR 3,000 per day. The Company shall notify Dr. Meleghy of the dates on which his presence at
the Company’s office is required at least ten days in advance. Dr. Meleghy undertakes to introduce his successor to customers
of the Company as well as colleagues within the Tower Group in a positive and constructive manner and to ensure a smooth start
to the best of his ability. After completion of the introduction and handover Dr. Meleghy shall remain available to answer questions
by telephone until 30 April 2013. 

 

    	Seite 3

    	 

    

 

4. Vergütung

4. Salary

 

(1)          Bis zum Beendigungstermin erhält
Herr Dr. Meleghy seine feste monatliche Vergütung in Höhe von EUR 28.000,00 brutto fortgezahlt.

 

(1)          Dr. Meleghy shall continue
to receive his fixed monthly salary of EUR 28,000.00 gross until the Termination Date. 

 

(2)          Ein etwaiger Bonusanspruch für
das Jahr 2011 bleibt von dieser Vereinbarung unberührt und richtet sich ausschließlich nach den Regeln des Plans in
seiner jeweils geltenden Fassung. Ein Bonusanspruch für das Jahr 2012 besteht nicht.

 

(2)          Any bonus payment for
the year 2011 shall remain unaffected by this agreement and shall be exclusively governed by the rules and provisions of the bonus
plan, as amended from time to time. For the year 2012, Dr. Meleghy shall not be eligible for any bonus payment. . 

 

(3)          Der Eintritt der Unverfallbarkeit
der Herrn Dr. Meleghy gewährten, aber noch nicht unverfallbaren restricted share units (Transaction Bonus RSUs), die planmäßig
am 20.4.2012 unverfallbar werden, bleibt von dieser Vereinbarung und dem Ausscheiden von Herrn Dr. Meleghy unberührt. Es wird
klargestellt, dass die vorgenannten Transaction Bonus RSUs nach den Regeln des entsprechenden Plans in seiner jeweils geltenden
Fassung und zum dort vorgesehenen Zeitpunkt unverfallbar werden.

 

(3)          Vesting of the unvested restricted
share units (Transaction Bonus RSUs) granted to Dr. Meleghy and scheduled to vest to him on April 20, 2012, shall not be affected
by this agreement or by his resignation. For avoidance of doubt, the aforementioned Transaction Bonus RSUs shall vest in accordance
and as scheduled in the rules of the applicable plan, as amended from time to time.

 

(4)          Weitere Vergütungsansprüche
bestehen nicht.

 

(4)          There shall be no further claims
to remuneration. 

 

5. Dienstwagen

5. Company Car

 

Die Parteien werden eine Übernahme
des Leasing-Vertrags über den Dienstwagen durch Herrn Dr. Meleghy prüfen. Die Einzelheiten werden in einer gesonderten
Vereinbarung geregelt. Herr Dr. Meleghy hat der Gesellschaft spätestens bis zum Beendigungstermin verbindlich schriftlich
mitzuteilen, ob er, wenn möglich, von seinem Recht zur Übernahme des Leasing-Vertrags Gebrauch macht; anderenfalls verfällt
es. Übernimmt Herr Dr. Meleghy den Leasing-Vertrag nicht, so hat er den Dienstwagen spätestens am Beendigungstermin mit
allem Zubehör an die Gesellschaft zurückzugeben. Ein Zurückbehaltungsrecht ist ausgeschlossen.

 

    	Seite 4

    	 

    

 

The parties will jointly review whether
the lease contract for the company car made available to Dr Meleghy can be taken over by Dr. Meleghy. The details shall be agreed
separately. Dr. Meleghy shall notify the Company by binding written declaration no later than the Termination Date whether he intends
to make use of his right, if possible, to take over the lease contract; otherwise such right shall be forfeited. In the event that
Dr. Meleghy does not take over the lease contract, he shall return the car and any equipment to the Company on the Termination
Date at the latest. There shall be no right of retention.

 

6. Rückgabe von Gegenständen

6. Return of Property

 

Spätestens am Beendigungstermin übergibt
Herr Dr. Meleghy alle die Gesellschaft oder mit ihr verbundene Unternehmen betreffenden Unterlagen, insbesondere alle Notizen,
Aufzeichnungen, Protokolle, Berichte, Akten, Korrespondenz, EDV-Auswertungen und andere ähnliche Dokumente, gleich ob in Papierform
oder auf einem sonstigen Speichermedium, an die Gesellschaft, ohne Kopien zu behalten. Gleichermaßen gibt Herr Dr. Meleghy
alle ihm überlassenen Arbeitsmittel und Gegenstände zurück, insbesondere ggf. überlassenen Schlüssel oder
sonstige Mittel der Zutrittsberechtigung. Elektronisch gespeicherte Daten überträgt Herr Dr. Meleghy auf einen Datenträger,
übergibt diesen an Gesellschaft und löscht die Daten auf sämtlichen privat genutzten Computern, ohne Kopien zu behalten.
Spätestens am Beendigungstermin bestätigt Herr Dr. Meleghy schriftlich, dass sich am Tag der Bestätigung keine der
Unterlagen und Gegenstände mehr in seinem Besitz befinden und er keinerlei Zugriff mehr auf vorgenannte Daten hat. Ein Zurückbehaltungsrecht
bezüglich der vorstehenden Rückgabeverpflichtungen ist ausgeschlossen.

 

By April 30, 2012, , Dr. Meleghy shall
return to the Company any and all documents concerning the Company or its affiliates, in particular notes, records, minutes, reports,
files, correspondence, prints and other similar documents, whether in paper form or on data carriers, without retaining any copies.
Likewise, Dr. Meleghy shall return all objects in his possession, in particular any keys or other means of access. Any electronically
saved data shall be stored on data carriers and delivered to the Company, deleting all such data from privately used computers,
without retaining any copies. Upon the Termination Date at the latest Dr. Meleghy shall confirm in writing that none of the aforementioned
documents or objects remain in his possession and that he no longer has access to any such data. There shall be no right of retention
in respect of any of the aforementioned documents or objects.

 

    	Seite 5

    	 

    

 

7. Verschwiegenheit

7. Secrecy

 

Herr Dr. Meleghy ist verpflichtet, alle
ihm während seiner Tätigkeit bekannt gewordenen vertraulichen betriebsinternen Angelegenheiten, vor allem Geschäfts-
und Betriebsgeheimnisse der Gesellschaft und der mit ihr verbundener Unternehmen sowie finanzielle Informationen, insbesondere
Inhalte von Geschäftsverträgen, Listen und Daten tatsächlicher und potentieller Kunden und Lieferanten, Preisinformationen,
technische und verfahrensbezogene Daten und Informationen, Geschäftsplanungen und -ergebnisse sowie strategische Planungen
und Überlegungen, streng geheim zu halten. Herr Dr. Meleghy wird die vorgenannten Informationen keinesfalls im Rahmen oder
zu Zwecken des Wettbewerbs mit Gesellschaften der Tower Gruppe nutzen. Die Verpflichtungen dieses Absatzes bestehen unbeschränkt
auch nach dem Beendigungstermin fort.

 

Dr. Meleghy shall observe strict secrecy
on all confidential matters that have become known to him in the course of his employment with the Company, in particular but not
limited to business and trade secrets relating to the Company and its affiliates as well as financial information, the contents
of business contracts, lists and data on current and potential customers and sub-contractors, information on prices, technical
and process-related data and information, budget planning and results as well as strategic planning and calculation. In no event
shall Dr. Meleghy use any such information for purposes or in connection of competing against entities of the Tower Group. The
obligations set out in this subsection shall continue in effect without limitation even after the Termination Date.

 

8. Nachvertragliches Abwerbeverbot
/ Vertragsstrafe

8. Post-contractual Non-solicitation / Contractual Penalty

 

(1)          In der Zeit bis zum 31.12.2013 („Verbotszeitraum“)
wird Herr Dr. Meleghy ohne vorherige schriftliche Zustimmung der Gesellschaft weder für sich selbst noch für einen Dritten,
einen Mitarbeiter, leitenden Angestellten oder ein Organmitglied, der/das für die Gesellschaft oder ein anderes Unternehmen
der Tower Gruppe tätig ist oder innerhalb eines Jahres vor dem Beendigungstermin tätig war, abwerben oder anstellen oder
in sonstiger Weise beschäftigen, eine Anstellung oder andere Beschäftigung anbieten oder einen Dritten bei einer solchen
Anstellung, Beschäftigung oder dem entsprechenden Angebot unterstützen, gleich in welcher Funktion eine solche Anstellung
oder Beschäftigung erfolgen soll. Während des Verbotszeitraums wird Herr Dr. Meleghy auch mit den vorgenannten Personen
nicht in einer Weise kommunizieren, die zu einer Beendigung der Vertragsbeziehung der entsprechenden Person zu der betreffenden
Gesellschaft führen könnte und die Vertragsbeziehung mit dieser Gesellschaft auch nicht in sonstiger Weise beeinträchtigen.

 

    	Seite 6

    	 

    

 

(1)          In the period until 31 December
2013 (“Restricted Period”) Dr. Meleghy shall not, without the Company’s prior written consent, whether on
his own behalf or that of any third party, solicit the employment of or offer to or actually employ, or procure or assist any third
party to offer to or actually employ, or solicit any employee, executive or board member who is or was employed by the Company
or any other entity of the Tower Group within the period of one year prior to the Termination Date. Nor shall Dr. Meleghy even
hold any communication with any such person which may result in any such individual leaving the respective company or otherwise
interfere with the contractual relationship of such individual to such company or any of its affiliates.

 

(2)          Ferner verpflichtet sich Herr Dr.
Meleghy, während des Verbotszeitraums bei jeder beabsichtigten Beteiligung an, Tätigkeit für oder Investition in
einem Unternehmen, das im Wettbewerb zu der Gesellschaft oder einem anderen Unternehmen der Tower Gruppe steht („Wettbewerber“),
folgende Beschränkungen einzuhalten:

 

a.          Herr Dr. Meleghy ist
weder als Gesellschafter, Organmitglied, Arbeitnehmer oder Berater eines Wettbewerbers gehindert, sämtliche Aufträge
zu erfüllen, die dem Wettbewerber am 30.4.2012 bereits erteilt waren. Auch sind weder Herr Dr. Meleghy selbst noch der Wettbewerber
gehindert, Angebote abzugeben, die ausschließlich Nachfolgeaufträge zu derartigen zuvor bereits erteilten Aufträgen
darstellen. Umgekehrt sind auch weder die Gesellschaft noch die übrigen Unternehmen der Tower Gruppe gehindert, Angebote abzugeben,
mit denen Aufträge abgelöst werden sollen, die bei dem Wettbewerber bestehen.

 

b.          Während des Verbotszeitraums
ist Herrn Dr. Meleghy selbst und dem Wettbewerber jeder Versuch untersagt, der Gesellschaft oder einem anderen Unternehmen der
Tower Gruppe am 30.4.2012 bereits erteilte Aufträge streitig zu machen oder auf derartige Aufträge Angebote abzugeben.
Von diesem Verbot umfasst sind auch Nachfolgeaufträge an die Gesellschaft oder andere Unternehmen der Tower Gruppe.

 

(2)          In addition,
Dr. Meleghy undertakes to comply with the following rules for the duration of the Restricted Period for his potential or envisaged
participation, engagement and/or investment in entities (“Competitor”) that may compete with the Company and/or other
entities of the Tower Group:

 

a.          Dr. Meleghy, whether
as a shareholder, board member, employee or advisor of a Competitor, shall not be prevented from fulfilling all orders placed with
the Competitor existing as of April 30, 2012. Nor shall he and the Competitor be prevented from tendering for orders solely replacing
such existing orders. The Company and/or the other entities of the Tower Group shall not be prevented from tendering for orders
replacing orders placed with the Competitor.

 

    	Seite 7

    	 

    

 

b.          During the Restricted
Period Dr. Meleghy and the Competitor must not attempt to entice away or tender for orders placed with the Company or other entities
of the Tower Group as of April 30, 2012. This prohibition shall also include replacement orders for the Company and/or any other
entities of the Tower Group.

 

(3)          Für jeden Fall einer Verletzung
der Verpflichtungen in Absatz 1 verwirkt Herr Dr. Meleghy an die Gesellschaft eine Vertragsstrafe in Höhe von EUR 10.000,00.
Für jeden Fall einer Verletzung der Verpflichtungen in Absatz 2 verwirkt Herr Dr. Meleghy an die Gesellschaft eine Vertragsstrafe
in Höhe von EUR 30.000,00. Im Falle eines Dauerverstoßes wird die Vertragsstrafe für jeden angefangenen Kalendermonat,
in dem Verstoß andauert, erneut verwirkt. Weitergehende Ansprüche, insbesondere auf Schadensersatz, bleiben ausdrücklich
vorbehalten.

 

(3)          In the event of any violation
of the obligations set out in subsection 1 above Dr. Meleghy shall pay to the Company a contractual penalty of EUR 10,000.00.
In the event of any violation of the obligations set out in subsection 2 above Dr. Meleghy shall pay to the Company a contractual
penalty of EUR 30,000.00. In the event of a continuing violation the penalty shall be payable for each full or partial calendar
month in which the violation continues. The Company reserves the right to assert further claims, in particular damage claims.

 

9. Sprachregelung

9. Non-disparagement

 

In ihrer internen und externen Kommunikation
werden beide Vertragspartner von jeder mündlichen und schriftlichen Äußerungen absehen, die geeignet ist, dem Ansehen
des jeweils anderen Vertragspartners zu schaden oder seinen Charakter, seine Ehrlichkeit, Integrität, Moral, sein geschäftliches
Geschick oder seine Fähigkeiten in Zweifel zu ziehen.

 

In their internal and external communication
both parties shall refrain from making verbal or written statements that would disparage or impugn the other party’s character,
honesty, integrity, morality, business acumen or abilities.

 

    	Seite 8

    	 

    

 

10. Sozialversicherungsrechtlicher
Hinweis

10. Social security notice

 

Herrn Dr. Meleghy ist bekannt, dass verbindliche
Auskünfte über die steuer- bzw. sozialversicherungsrechtlichen Konsequenzen dieses Vertrages allein das zuständige
Finanzamt bzw. die zuständige Agentur für Arbeit erteilen kann.

 

Dr. Meleghy is aware that binding information
on possible consequences of this agreement as to tax and social security can only be obtained from the competent tax, respectively
labour authority. 

 

11. Erledigungsklausel

11. Settlement

 

Die Vertragspartner sind sich einig, dass
mit Erfüllung der in diesem Vertrag geregelten Verpflichtungen sämtliche wechselseitigen Ansprüche, gleich aus welchem
Rechtsgrund, ob bekannt oder unbekannt, aus und im Zusammenhang mit dem Anstellungsverhältnis und seiner Beendigung abschließend
geregelt und erledigt sind.

 

The Parties are agreed that upon performance
of the obligations set out in this agreement all mutual claims, regardless of their legal basis, whether known or unknown, from
and in connection with the employment relationship and its termination shall be fully finally settled.

 

12. Schriftformerfordernis

12. Written form

 

Änderungen und Ergänzungen dieses
Vertrages bedürfen zu ihrer Gültigkeit der Schriftform. Dies gilt auch für eine Aufhebung oder Abänderung dieses
Schriftformerfordernisses selbst. Mündliche Nebenabreden bestehen nicht.

 

Any amendments and/or supplements to
this agreement must be made in writing in order to be valid. This shall also apply to an amendment or cancellation of this requirement
for the written form. There are no verbal side agreements.

 

13. Schlussbestimmungen

13. Concluding Provisions

 

(1)          Sollte eine Bestimmung dieses Vertrages
ungültig sein oder werden, so beeinträchtigt dies die Gültigkeit der übrigen Bestimmungen nicht. Anstelle der
unwirksamen Bestimmungen oder zur Ausfüllung etwaiger Lücken in diesem Vertrag soll eine angemessene Regelung gelten,
die in rechtlich zulässiger Weise der wirtschaftlichen Absicht der Vertragspartner am nächsten kommt. Dies gilt auch,
wenn die Unwirksamkeit einer Bestimmung auf einem Maß der Leistung oder der Zeit beruht; es gilt dann das rechtlich zulässige
Maß.

 

    	Seite 9

    	 

    

 

(1)          If any provision of this agreement
should be or become invalid, this shall not affect the validity of the remaining provisions. Instead of the invalid provision or
to fill any gaps in this agreement, a suitable provision shall apply which achieves to the greatest possible extent the economic
intent of the Parties. The same shall apply where the invalidity or a provision is due to a measure of time or performance; in
such case the legally admissible measure shall apply.

 

(2)          Im Falle einer Abweichung zwischen
der deutschen und der englischen Fassung ist die deutsche Fassung maßgeblich.

 

(2)          In the event of any discrepancies
between the German and the English version, the German wording shall prevail.

 

	Ort, Datum 	Livonia, MI / USA	 	Ort, Datum 	Bergisch Gladbach, Germany
	Place, Date 	April 25, 2012	 	Place, Date 	April 26, 2012

 

	/s/ Mike Rajkovic	 	/s/ Gyula Meleghy
	Mike Rajkovic	 	Dr. Gyula Meleghy

 

	/s/ James C. Gouin	 
	Jim Gouin	 

 

als vertretungsberechtigte Geschäftsführer

 

der Alleingesellschafterin der

Tower Automotive Holding GmbH,

Tower Automotive Holdings Europe BV

 

acting as managing directors of the sole

shareholder of Tower Automotive Holding GmbH,

Tower Automotive Holdings Europe BV

 

    	Seite 10

    	 

    

 

Annex A

 

Ämter in Gesellschaften des Tower Konzerns

Offices with entities of Tower Group

 

	Gesellschaft /

Company	 	Rechtsordnung /

Jurisdiction	 	Amt /

Office
	 	 	 	 	 
	Tower Automotive Holding GmbH	 	Deutschland

Germany	 	Geschäftsführer

managing director 
	 	 	 	 	 
	Tower International, Inc.	 	USA	 	President International (Named Executive Officer)
	 	 	 	 	 
	Changchun Tower Golden Ring Automotive Products Company Ltd.	 	China	 	Legal Representative ; Director; and Chairman
	 	 	 	 	 
	Tower Automotive (Wuhu) Company Ltd.	 	China	 	Board Director
	 	 	 	 	 
	Tower DIT (Xiangtan) Automotive Products Co., Ltd.  	 	China	 	Board Director
	 	 	 	 	 
	Tower (Shanghai) Automotive Tech Service Co. Ltd.	 	China	 	Supervisor
	 	 	 	 	 
	Tower (Ningbo) DIT Automotive Products Co., Ltd. 	 	China	 	Board Director
	 	 	 	 	 
	Seojin Industrial Co., Ltd.	 	Korea	 	Joint Representative Director
	 	 	 	 	 
	Tower Automotive India Private Limited	 	Indien / India	 	Board Director
	 	 	 	 	 
	Baarn Steel B.V.	 	Niederlande /

Netherlands 	 	Managing Board Director

 

    	Seite 11

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