Document:

TWO YEAR RESTRICTED
STOCK AWARD AGREEMENT

        Effective
as of __[Date]__ (“Grant Date”), the Company hereby grants to
___[Employee]_certain rights to ownership of up to: [# of
Shares] total Restricted Shares on the Terms of this Agreement, the
attached Program, and the 2004 Sypris Equity Plan (“Plan”) as follows: 

		
	 
Vesting Dates	 
# of Shares Vesting
	 
[2nd Anniversary]	 
[100%]

        Intending
to be legally bound by all such Terms, I acknowledge the sole authority of the Committee
to interpret such Terms, the forfeiture of my rights upon any termination of my employment
under such Terms and my continuing status as an “at will” employee (subject to
termination without cause or notice). I have received and had an opportunity to review,
with the benefit of any legal counsel of my choosing, the Plan, the Program and this Award
Agreement. 

				
	SYPRIS SOLUTIONS, INC.	 	PARTICIPANT	 
	 	 	 	 
	By: ___________________________	 	Signature:  __________________________	 
	 	 	 	 
	Name:    ________________________	 	Name:     _____________________________	 
	 	 	 	 
	Title:   ________________________	 	Title:   ______________________________	 

STANDARD TERMS OF
AWARDS GRANTED UNDER
TWO YEAR RESTRICTED STOCK PROGRAM (“PROGRAM”)
OF THE 2004 SYPRIS
EQUITY PLAN (“PLAN”)

     1.    
          Awards – All “Awards” granted under this Program will be
          Restricted Shares subject to, and governed by, the terms of the Plan, this
          Program and a valid, executed Award Agreement. 

     2.    
          Shares – Initially, each “Restricted Share” is the right
          to own one Share of the Common Stock (subject to adjustments per the Plan) after
          the Vesting Date, unless earlier forfeited. Shares will be held by the Company
          until the Vesting Date, and physically distributed to the Participant
          thereafter, with any legends required by applicable Rules. Participants may not
          vote, or receive dividends on, unvested Shares. 

     3.    
          Taxes — The Participant must arrange for tax withholding in
          accordance with applicable Rules, to the satisfaction of the Committee. 

     4.    
          Vesting – One hundred percent of the Award shall vest on the second
          anniversary of the Grant Date (the “Vesting Date”), unless forfeited
          before such Vesting Date. 

     5.    
          Forfeiture – Each Restricted Share will terminate, expire and be
          forfeited as provided in Article V of the Plan. (The Committee has sole
          discretion to determine whether a demotion is a “termination” of
          employment.) 

     6.    
          Leaves of Absence – The Committee may in its discretion treat all or
          any portion of any period during which a Participant is on military or on an
          approved leave of absence as a period of employment for purposes of the accrual
          of rights hereunder. 

     7.    
          No Other Rights – The Awards include no other rights beyond those
          expressly provided in the Plan, this Program or the Award Agreement. Awards are
          non-assignable and non-transferable except by will or the laws of descent and
          distribution, unless otherwise approved by the Committee. 

     8.    
          Definitions – Unless otherwise specified, all capitalized terms
          herein shall have the meanings assigned to them in the Plan or in the Award
          Agreement.1-3-5 RESTRICTED STOCK
AWARD AGREEMENT 

        Effective
as of __[Date]__ (“Grant Date”), the Company hereby grants to
___[Employee]_ certain rights to ownership of up to: [# of
Shares] total Restricted Shares on the Terms of this Agreement, the
attached Program, and the 2004 Sypris Equity Plan (“Plan”) as follows: 

		
	 
Vesting Dates	 
# of Shares Vesting
	 
[1st Anniversary]	 
[30%]
	 
[3rd Anniversary]	 
[30%]
	 
[5th Anniversary]	 
[40%]

        Intending
to be legally bound by all such Terms, I acknowledge the sole authority of the Committee
to interpret such Terms, the forfeiture of my rights upon any termination of my employment
under such Terms and my continuing status as an “at will” employee (subject to
termination without cause or notice). I have received and had an opportunity to review,
with the benefit of any legal counsel of my choosing, the Plan, the Program and this Award
Agreement. 

				
	SYPRIS SOLUTIONS, INC.
 	 	PARTICIPANT
 	 
	 	 	 	 
	By: _________________________	 	Signature: ___________________	 
	 	 	 	 
	Name: ______________________	 	Name: ______________________	 
	 	 	 	 
	Title: _______________________	 	Title: _______________________	 

STANDARD TERMS OF
AWARDS GRANTED UNDER
THE 1-3-5 RESTRICTED STOCK PROGRAM (“PROGRAM”)
OF
THE 2004 SYPRIS EQUITY PLAN (“PLAN”) 

     1.    
          Awards – All “Awards” granted under this Program will be
          Restricted Shares subject to, and governed by, the terms of the Plan, this
          Program and a valid, executed Award Agreement. 

     2.    
          Shares – Initially, each “Restricted Share” is the right
          to own one Share of the Common Stock (subject to adjustments per the Plan) after
          its Vesting Date, unless earlier forfeited. Shares will be held by the Company
          until their Vesting Dates, and physically distributed to the Participant
          thereafter, with any legends required by applicable Rules. Participants may not
          vote, or receive dividends on, unvested Shares. 

     3.    
          Taxes — The Participant must arrange for tax withholding in
          accordance with applicable Rules, to the satisfaction of the Committee. 

     4.    
          Vesting – Thirty percent of the Award shall vest on each of its
          first and third anniversaries of the Grant Date, and forty percent of the Award
          shall vest on the fifth anniversary of the Grant Date (each anniversary, a
          “Vesting Date”), unless forfeited before such Vesting Date. 

     5.    
          Forfeiture – Each Restricted Share will terminate, expire and be
          forfeited as provided in Article V of the Plan. (The Committee has sole
          discretion to determine whether a demotion is a “termination” of
          employment.) 

     6.    
          Leaves of Absence – The Committee may in its discretion treat all or
          any portion of any period during which a Participant is on military or on an
          approved leave of absence as a period of employment for purposes of the accrual
          of rights hereunder. 

     7.    
          No Other Rights – The Awards include no other rights beyond those
          expressly provided in the Plan, this Program or the Award Agreement. Awards are
          non-assignable and non-transferable except by will or the laws of descent and
          distribution, unless otherwise approved by the Committee. 

     8.    
          Definitions – Unless otherwise specified, all capitalized terms
          herein shall have the meanings assigned to them in the Plan or in the Award
          Agreement.LONG-TE RM INCENTIVE
AWARD AGREEMENT  

(NON-QUALIFIED STOCK
OPTIONS) 

        Effective
as of __[Date]__ (“Grant Date”), the Company hereby grants to
_[Employee]_ certain rights to purchase up to: [# of
Shares] total Option Shares for $[Price] per Share
until [6th Anniversary of Grant Date]_ (“Expiration
Date”) on the Terms of this Agreement, the attached Program, and the 2004 Sypris
Equity Plan (“Plan”) as follows: 

				
	 
Vesting Dates	# of Options
Vesting	 
Option Prices	 
Expiration Dates
	 
[3rd Anniversary]	 
[30%]	 
[FMV at grant]	 
[6th Anniversary]
	 
[4th Anniversary]	 
[30%]	 
[FMV at grant]	 
[6th Anniversary]
	 
[5th Anniversary]	 
[40%]	 
[FMV at grant]	 
[6th Anniversary]

(RESTRICTED STOCK) 

        Effective
as of the Grant Date, the Company hereby grants to ___[Employee]_
certain rights to ownership of up to: [# of Shares] total
Restricted Shares on the Terms of this Agreement, the attached Program, and the 2004
Sypris Equity Plan (“Plan”) as follows: 

		
	 
Vesting Dates	 
# of Shares Vesting
	 
[3rd Anniversary]	 
33%
	 
[5th Anniversary]	 
33%
	 
[7th Anniversary]	 
34%

        Intending
to be legally bound by all such Terms, I acknowledge the sole authority of the Committee
to interpret such Terms, the forfeiture of my rights upon any termination of my employment
under such Terms and my continuing status as an “at will” employee (subject to
termination without cause or notice). I have received and had an opportunity to review,
with the benefit of any legal counsel of my choosing, the Plan, the Program and this Award
Agreement. 

				
	SYPRIS SOLUTIONS, INC.	 	PARTICIPANT	 
	 	 	 	 
	By: ___________________________	 	Signature:  __________________________	 
	 	 	 	 
	Name:    ________________________	 	Name:     _____________________________	 
	 	 	 	 
	Title:   ________________________	 	Title:   ______________________________	 

STANDARD TERMS OF
AWARDS GRANTED UNDER 
THE 2005 EXECUTIVE LONG-TERM INCENTIVE PROGRAM
(“PROGRAM”)
OF THE 2004 SYPRIS EQUITY PLAN (“PLAN”) 

     1.    
          PURPOSE OF PROGRAM. The Company’s Long-Term Incentive
          Program under the Plan shall be effective for all Awards incorporating these
          Terms on or after July 1, 2005, to advance the Company’s growth and
          prosperity by providing long-term financial incentives to its executives, and to
          further the Company’s philosophy of equity ownership by the Company’s
          officers in accordance with the Company’s Equity Ownership Guidelines. 

     2.    
          AWARDS. Each Program Participant will be eligible to
          receive an annual Award of Options and an annual Award of Restricted Shares as
          determined by the Committee. 

     3.    
          OPTIONS. Initially, each “Option” is the right to
          purchase one Option Share at the Option Price, from its Vesting Date until its
          Expiration Date or forfeiture (subject to adjustments per the Plan). Options
          must be exercised with 48 hours advance written notice, unless waived by the
          Company. 

	  	
3.1
Option Price. “Option Price” means the closing price per Option Share on
the Grant Date. The Option Price is payable to the Company in cash or any other method of
payment authorized by the Committee in its discretion, which may include Stock (valued as
the closing price per Share on the exercise date) or vested Options (valued as the closing
price per Share on the exercise date, less the Option Price), in each case in accordance
with applicable Rules. Similarly, the Participant must arrange for tax withholding in
accordance with applicable Rules, to the satisfaction of the Committee. 

	  	
3.2
Option Shares. Initially, each “Option Share” is one Share of the Common
Stock (subject to adjustments per the Plan). Option Shares may be certificated upon
request, with any legends required by applicable Rules. Participants may vote, and receive
dividends on, any Shares that they own. 

	  	
3.3
Option Vesting. Unless otherwise determined by the Committee, Option Awards will
vest 30% on the third anniversary of the grant date, 30% on the fourth anniversary of the
grant date and 40% on the fifth anniversary of the grant date (each such anniversary, a
“Vesting Date”), unless forfeited before such Vesting Date. 

	  	
3.4
Expiration Date. Each Option's "Expiration Date" will be the sixth anniversary of its Grant Date. 

     4.    
          RESTRICTED SHARES. Initially, each “Restricted
          Share” is the right to own one Share of the Common Stock (subject to
          adjustments per the Plan) after its Vesting Date, unless earlier forfeited. 

	  	
4.1
Restricted Share Vesting. Unless otherwise determined by the Committee, grants of
Restricted Shares will vest approximately 33% on the third anniversary of the grant date,
33% on the fifth anniversary of the grant date and 34% on the seventh anniversary of the
grant date (each such anniversary, a “Vesting Date”), unless forfeited before
such Vesting Date. 

	  	
4.2
Distribution. All Shares will be held by the Company until their Vesting Dates, and
physically distributed to the Participant thereafter, with any legends required by
applicable Rules. Participants may not vote, or receive dividends on, unvested Shares. 

     5.    
          REDUCTION IN JOB RESPONSIBILITIES. If a Participant’s
          job responsibilities are significantly reduced, the Participant shall
          automatically cease to participate in this Program with respect to future
          Awards, unless otherwise reinstated by the Committee. 

     6.    
          RETIREMENT OR DISABILITY. In the event of any normal
          retirement after age 65 or qualification to receive long-term disability
          benefits under the Company’s then current policies, such retirement or
          disability period shall be treated as a period of employment for purposes of the
          accrual of rights hereunder, including any vesting or exercise rights. 

     7.    
          ANNUAL REVIEW. The Committee will review the terms and
          conditions of the Program annually at its regular meetings in February,
          including the Awards of Options and Restricted Shares for the then current year,
          as well as the Company’s performance with respect to its long term
          strategic goals such as the Company’s market share, customer share,
          geographic expansion, portfolio mix, capital structure/financial strength,
          managerial development, capital markets, financial variability and risk profile. 

     8.    
          LEAVES OF ABSENCE. The Committee may in its discretion
          treat all or any portion of any period during which a Participant is on military
          or on an approved leave of absence as a period of employment for purposes of the
          accrual of rights hereunder. 

     9.    
          OTHER TERMINATIONS. If employment is terminated other than
          for retirement, death or disability, each unvested Option or Restricted Share
          will be immediately forfeited, and the Participant will have up to thirty (30)
          days in which to exercise vested Options. In the event of death, all unvested
          Awards will be immediately vested, and the Participant’s representative or
          estate shall have one (1) year in which to exercise any Options. 

     10.    
          ADMINISTRATION. The Committee shall have complete authority
          to administer or interpret this Program or any Award, to prescribe, amend and
          rescind rules and regulations relating thereto, and to make all other
          determinations necessary or advisable for the administration of the Program or
          any Award Agreements (including to establish or amend any rules regarding the
          Program that are necessary or advisable to comply with, or qualify under, any
          applicable law, listing requirement, regulation or policy of any entity, agency,
          organization, governmental entity, or the Company, in the Committee’s sole
          discretion (“Rule”)). In addition, with respect to any future grants
          or the unvested portion of any Awards, the Committee may amend or terminate
          these Terms or any Awards, in its sole discretion without the consent of any
          employee or beneficiary, subject to applicable Rules, at any time and from
          time-to-time. With respect to any amendment, action or approval hereunder, the
          Committee may require the approval of any other persons or entities, pursuant to
          applicable Rules. The decisions of the Committee in interpreting and applying
          the Program will be final. 

     11.    
          MISCELLANEOUS. Unless otherwise specified, all capitalized
          terms herein shall have the meanings assigned to them in the Plan or in the
          Award Agreement. 

	  	
11.1
No Other Rights. The Awards include no other rights beyond those expressly provided
in the Plan, this Program or the Award Agreement. Awards are non-assignable and
non-transferable except by will or the laws of descent and distribution, unless otherwise
approved by the Committee. 

	  	
11.2
Taxes. The Participant must arrange for tax withholding in accordance with
applicable Rules, to the satisfaction of the Committee. 

	  	
11.3
Delegation. The Committee may delegate any portion of their responsibilities and
powers to one or more persons selected by them, subject to applicable Rules. Such
delegation may be revoked by the Committee at any time. 

			
	 	2	06/27/05

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