Document:

Exhibit

SEPARATION AGREEMENT
This Separation Agreement (this “Separation Agreement”) between Horizon Global Corporation (the “Company”) and Carl S. Bizon (“you” and similar words) sets forth certain terms of your separation from the Company and its affiliates, including certain waivers and releases by you required under the Company’s Executive Severance/Change of Control Policy (the “Severance Policy”) or otherwise in order to receive certain separation payments and benefits, as set forth in detail below.
By signing this Separation Agreement, you and the Company agree as follows:
1.STATUS OF EMPLOYMENT
You agree that, as of September 20, 2019, you resign from all positions you hold (if any) as an officer or director of the Company and the Company’s subsidiaries and affiliates, as applicable (other than your position as Chief Executive Officer and President of the Company), and that you will promptly execute any documents and take any actions as may be necessary or reasonably requested by the Company to effectuate or memorialize your termination from all such positions with the Company and its subsidiaries and affiliates.  You also agree that you will terminate from your position as Chief Executive Officer and President of the Company, effective September 23, 2019.  Furthermore, you agree that, effective September 30, 2019 (the “Separation Date”), you resign from all other positions you hold (if any) with, and as an employee of, the Company and the Company’s subsidiaries and affiliates, as applicable, and that you will promptly execute any documents and take any actions as may be necessary or reasonably requested by the Company to effectuate or memorialize your termination from all positions with the Company and its subsidiaries and affiliates. You agree that the terminations described in this Paragraph 1 shall be treated as set forth in Paragraph 2 of this Separation Agreement.  
2.SEVERANCE BENEFITS
In consideration for you (a) signing this Separation Agreement, and (b) signing, no earlier than the Separation Date and no later than 52 days following the Separation Date, a general waiver and release of claims, substantially in the form attached hereto as Exhibit A (the “Release”), and letting the Release become effective as set forth in the Release, (x) for purposes of the Severance Policy and this Separation Agreement, your separation from the Company will be deemed a Qualifying Termination (as defined in the Severance Policy), and (y) you will receive the payments and benefits as specified on Exhibit B attached hereto, all subject to applicable tax withholding (the “Severance Benefits”).  The Severance Benefits will be in full satisfaction of any amounts due under the Severance Policy, the Horizon Global Corporation Amended and Restated 2015 Equity and Incentive Compensation Plan (as amended or amended and restated from time to time, the “Equity Plan”), and other compensation arrangements of the Company.
3.RESTRICTIVE COVENANTS
By signing this Separation Agreement, you reaffirm that you will continue to abide by the covenants set forth in Section 7 of the Severance Policy, which expressly survive your Qualifying Termination.

4.LIMITATIONS
Nothing in this Separation Agreement or the Severance Policy shall be binding upon the parties to the extent it is void or unenforceable for any reason, including, without limitation, as a result of any law regulating competition or proscribing unlawful business practices; provided, however, that to the extent that any provision in this Separation Agreement or the Severance Policy could be modified to render it enforceable under applicable law, it shall be deemed so modified and enforced to the fullest extent allowed by law.
5.OTHER ACKNOWLEDGEMENTS
Nothing in this Separation Agreement or the Severance Policy prevents you from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations.  Furthermore, no Company policy or individual agreement between the Company and you shall prevent you from providing information to government authorities regarding possible legal violations, participating in investigations, testifying in proceedings regarding the Company’s past or future conduct, engaging in any future activities protected under the whistleblower statutes administered by any government agency (e.g., EEOC, NLRB, SEC, etc.) or receiving a monetary award from a government-administered whistleblower award program for providing information directly to a government agency. The Company nonetheless asserts and does not waive its attorney-client privilege over any information appropriately protected by privilege. 
6.MATERIAL BREACH
You agree that in the event of any breach of any provision of Section 7 of the Severance Policy, the Company will be entitled to equitable and/or injunctive relief and, because the damages for such a breach will be impossible or impractical to determine and will not therefore provide a full and adequate remedy, the Company or (as applicable) any and all past, present or future parents, subsidiaries and affiliates of the Company (the “Horizon Companies”) will also be entitled to specific performance by you. No amount owing to you under this Separation Agreement shall be subject to set-off or reduction by reason of any claims which the Company has or may have against you.  You will be entitled to recover actual damages if the Company breaches this Separation Agreement, including any unexcused late or non-payment of any amounts owed under this Separation Agreement, or any unexcused failure to provide any other benefits specified in this Separation Agreement.  Failure by either party to enforce any term or condition of this Separation Agreement at any time shall not preclude that party from enforcing that provision, or any other provision, at a later time.
7.REVIEW OF SEPARATION AGREEMENT
This Separation Agreement is important. You are advised to review it carefully and consult an attorney before signing it, as well as any other professional whose advice you value, such as an accountant or financial advisor.  If you agree to the terms of this Separation Agreement, sign in the space below where your agreement is indicated.  The payments and benefits specified in this Separation Agreement are contingent on your signing this Separation Agreement and the Release no earlier than the Separation Date and no later than 52 calendar days following the Separation Date, and not revoking the Release.

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8.RETURN OF PROPERTY
You affirm that you will return to the Company, no later than the Separation Date (or such earlier time as the Company may reasonably request), all Company Property, as described more fully below.  “Company Property” includes Company-owned computers, tablets, mobile phones, equipment, supplies and documents.  Such documents may include, but are not limited to, customer information, supplier information, product information, financial statements, cost data, price lists, invoices, forms, passwords, electronic files and media, mailing lists, contracts, reports, manuals, personnel files, correspondence, business cards, drawings, employee lists or directories, photographs, maps, surveys, and the like, including copies, notes or compilations made there from, whether such documents are embodied on “hard copies” or contained on computer disk or any other medium. You further agree that you will not retain any copies or duplicates of any such Company Property.
9.RESIDENCE AND RELOCATION
You agree that you will, no later than December 31, 2019, fully vacate the residential space that has been leased by the Company for you (the “Company-Leased Residence”).  Further, you agree that you will remove all personal property from the Company-Leased Residence no later than December 31, 2019.  In addition, you agree that you will return to the Company the automobile that has been leased by the Company for you no later than December 31, 2019.
The Company agrees that the Company will pay the reasonable costs of packing and shipping your personal property to your selected location in Australia, as well as other reasonable costs relating to your relocation back to Australia (such shipping and other reasonable costs, the “Relocation Costs”); provided, however, that the Company shall select any relocation firm(s) that will assist with such Relocation Costs.  Further, the Company shall provide you with one one-way business class flight (through an airline selected by the Company) from the United States to your selected location in Australia.
The Company agrees that it will provide you with assistance with respect to your compliance with applicable immigration laws to the extent related to your relocation from the United States to Australia, which assistance may include the retention of a consultant.  The Company agrees to pay the reasonable fees or costs of any consultant or assistance described in this paragraph. You are required to provide requested information to any such consultant on a timely basis.
If any reimbursements or in-kind benefits provided by the Company pursuant to this Separation Agreement would constitute deferred compensation for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, such reimbursements or in-kind benefits shall be subject to the following rules: (a) the amounts to be reimbursed, or the in-kind benefits to be provided, shall be determined pursuant to the terms of the applicable benefit plan, policy or agreement and shall be limited to your lifetime and the lifetime of your eligible dependents; (b) the amount eligible for reimbursement, or the in-kind benefits provided, during any calendar year may not affect the expenses eligible for reimbursement, or the in-kind benefits provided, in any other calendar year; (c) any reimbursement of an eligible expense shall be made on or before the last day of the calendar year following the calendar year in which the expense was incurred; and (d) your right to an in-kind benefit or reimbursement is not subject to liquidation or exchange for cash or another benefit.

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10.FUTURE COOPERATION
You agree that you shall, without any additional compensation, respond to reasonable requests for information from the Company regarding matters that may arise in the Company’s business. You further agree to fully and completely cooperate with the Company, its advisors and its legal counsel with respect to any litigation that is pending against the Company and any claim or action that may be filed against the Company in the future. Such cooperation shall include making yourself available at reasonable times and places for interviews, reviewing documents, testifying in a deposition or a legal or administrative proceeding, and providing advice to the Company in preparing defenses to any pending or potential future claims against the Company.  The Company agrees to (or to cause one of its affiliates to) pay/reimburse you for any approved travel expenses reasonably incurred as a result of your cooperation with the Company, with any such payments/reimbursements to be made in accordance with the Company's expense reimbursement policy as in effect from time to time.
11.NON-DISPARAGEMENT
You agree that, subject to Paragraph 5 of this Separation Agreement, you will not make or issue, or procure any person, firm, or entity to make or issue, any statement in any form, including written, oral and electronic communications of any kind, which conveys negative or adverse information concerning the Company, the Horizon Companies, or any and all past, present, or future related persons or entities, including but not limited to the Company’s and the Horizon Companies’ officers, directors, managers, employees, shareholders, agents, attorneys, successors and assigns, specifically including without limitation Horizon Global Corporation, their business, their actions or their officers or directors, to any person or entity, regardless of the truth or falsity of such statement.  This Paragraph does not apply to truthful testimony compelled by applicable law or legal process.
12.TAX MATTERS
By signing this Separation Agreement, you acknowledge that you will be solely responsible for any taxes, which may be imposed on you as a result of the Severance Benefits or other amounts under this Separation Agreement, or any other personal income amounts. All amounts payable to you under this Separation Agreement will be subject to applicable US tax withholding by the Company, and the Company has not made any representations or guarantees regarding the tax result for you with respect to any income recognized by you in connection with this Separation Agreement, the Severance Benefits, or any other amounts payable under this Separation Agreement or any other personal income amounts.

The Company agrees to retain one or more consultants to assist you with the preparation of your individual income tax returns for US and non-US tax returns for all tax years where the Company’s compensation triggers multinational tax filing. In the event that your tax returns with respect to these tax years are subject to an audit by a governmental entity responsible for the administration of imposition of any tax, the Company will retain one or more consultants to assist you with such audit, provided that such audit is not the result of any unlawful action by you or your intentional or reckless misconduct (including, but not limited to, fraud or misrepresentation) or bad faith. The Company agrees to pay the reasonable fees and costs of any consultant described in this paragraph. You are required to provide requested information to any such consultant on a timely basis.

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13.OTHER ACKNOWLEDGEMENTS
You and the Company also acknowledge and agree that any outstanding option rights, cash incentive awards, restricted stock unit awards and performance share unit awards previously granted by the Company to you under the Equity Plan will be amended by this Separation Agreement to the extent necessary or desirable to provide for the treatment of such awards as set forth in Exhibit B attached hereto.
14.NATURE OF AGREEMENT
By signing this Separation Agreement, you acknowledge that you are doing so freely, knowingly and voluntarily. You acknowledge that in signing this Separation Agreement you have relied only on the promises written in this Separation Agreement and not on any other promise made by the Company or Horizon Companies.  This Separation Agreement is not, and will not be considered, an admission of liability or of a violation of any applicable contract, law, rule, regulation, or order of any kind.  This Separation Agreement contains the entire agreement between the Company, other Horizon Companies and you regarding your departure from the Company, except that all post-employment covenants contained in the Severance Policy remain in full force and effect.  The Severance Benefits are in full satisfaction of any severance benefits under the Severance Policy, the Equity Plan, and of any other compensation arrangements between you and the Company or the Horizon Companies. This Separation Agreement may not be altered, modified, waived or amended except by a written document signed by a duly authorized representative of the Company and you.  Except as otherwise explicitly provided, this Separation Agreement will be interpreted and enforced in accordance with the laws of the state of Michigan, and the parties hereto, including their successors and assigns, consent to the jurisdiction of the state and federal courts of Michigan.  The headings in this document are for reference only, and shall not in any way affect the meaning or interpretation of this Separation Agreement. 
[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, you and the Company have executed this Separation Agreement as of the dates set forth below.
CARL S. BIZON
/s/ Carl S. Bizon
     
Date: 9/30/2019
HORIZON GLOBAL CORPORATION
By:     /s/ Jay Goldbaum
Name: Jay Goldbaum
Title: General Counsel, Chief Compliance 
Officer, and Corporate Secretary

Date: 10/2/2019

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Exhibit A
Release

This Release is between Horizon Global Corporation (the “Company”) and Carl S. Bizon (“you” and similar words), in consideration of the benefits provided to you and to be received by you from or on behalf of the Company as described in the Separation Agreement between the Company and you dated as of the applicable date referenced therein (the “Separation Agreement”).  Capitalized terms used herein without definition have the meanings ascribed to such terms in the Separation Agreement.
By signing this Release, you and the Company hereby agree as follows:
1.WAIVER AND RELEASE
You, on behalf of yourself and anyone claiming through you, including each and all of your legal representatives, administrators, executors, heirs, successors and assigns (collectively, the “Releasors”), hereby fully, finally and forever release, absolve and discharge the Company and each and all of its legal predecessors, successors, assigns, fiduciaries, parents, subsidiaries, divisions and other affiliates, and each of the foregoing’s respective past, present and future principals, partners, shareholders, directors, officers, employees, agents, consultants, attorneys, trustees, administrators, executors and representatives (collectively, the “Company Released Parties”), of, from and for any and all claims, causes of action, lawsuits, controversies, liabilities, losses, damages, costs, expenses and demands of any nature whatsoever, at law or in equity, whether known or unknown, asserted or unasserted, foreseen or unforeseen, that the Releasors (or any of them) now have, have ever had, or may have against the Company Released Parties (or any of them) based upon, arising out of, concerning, relating to or resulting from any act, omission, matter, fact, occurrence, transaction, claim, contention, statement or event occurring or existing at any time in the past up to and including the date on which you sign this Release, including, without limitation: (a) all claims arising out of or in any way relating to your employment with or separation of employment from the Company or its affiliates; (b) all claims for compensation or benefits, including salary, commissions, bonuses, vacation pay, expense reimbursements, severance pay, fringe benefits, stock options, restricted stock units or any other ownership interests in the Company Released Parties; (c) all claims for breach of contract, wrongful termination and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, invasion of privacy and emotional distress; (e) all other common law claims; and (f) all claims (including claims for discrimination, harassment, retaliation, attorneys fees, expenses or otherwise) that were or could have been asserted by you or on your behalf in any federal, state, or local court, commission, or agency, or under any federal, state, local, employment, services or other law, regulation, ordinance, constitutional provision, executive order or other source of law, including without limitation under any of the following laws, as amended from time to time: the Age Discrimination in Employment Act (the “ADEA”), as amended by the Older Workers’ Benefit Protection Act of 1990 (the “OWBPA”), Title VII of the Civil Rights Act of 1964, 42 U.S.C. §§ 1981 & 1981a, the Americans with Disabilities Act, the Equal Pay Act, the Employee Retirement Income Security Act, the Lilly Ledbetter Fair Pay Act of 2009, the Family and Medical Leave Act, Sarbanes-Oxley Act of 2002, the National Labor Relations Act, the Rehabilitation Act of 1973, the WARN Act, Federal Executive Order 11246, the Genetic Information Nondiscrimination Act, the Elliott-Larsen Civil Rights Act, the Michigan Equal Pay Law, the Michigan Minimum Wage Law of 1964, 

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the Michigan Persons With Disabilities Civil Rights Act, and the Michigan Whistleblower's Protection Act (the “Release”).
2.SCOPE OF RELEASE
Nothing in this Release (a) shall release the Company from any of its obligations set forth in the Separation Agreement or any claim that by law is non-waivable, (b) shall release the Company from any obligation to defend and/or indemnify you against any third party claims arising out of any action or inaction by you during the time of your employment and within the scope of your duties with the Company to the extent you have any such defense or indemnification right, and to the extent permitted by applicable law and to the extent the claims are covered by the Company’s director & officer liability insurance or (c) shall affect your right to file a claim for workers’ compensation or unemployment insurance benefits.
You further acknowledge that by signing this Release, you do not waive the right to file a charge against the Company with, communicate with or participate in any investigation by the EEOC, the Securities and Exchange Commission or any comparable state or local agency. However, you waive and release, to the fullest extent legally permissible, all entitlement to any form of monetary relief arising from a charge you or others may file, including without limitation any costs, expenses or attorneys’ fees. You understand that this waiver and release of monetary relief would not affect an enforcement agency’s ability to investigate a charge or to pursue relief on behalf of others.  Notwithstanding the foregoing, you will not give up your right to any benefits to which you are entitled under any retirement plan of the Company that is intended to be qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended, or any monetary recovery under the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Sarbanes-Oxley Act of 2002.
By executing this Release you represent that, as of the date you sign this Release, no claims, lawsuits, or charges have been filed by you or on your behalf against the Company Released Parties.
3.REVIEW OF RELEASE
In compliance with the requirements of the OWBPA, you acknowledge by your signature below that, with respect to the rights and claims waived and released under this Release under the ADEA, you specifically acknowledge and agree as follows: (a) you have read and understand the terms of this Release; (b) you have been advised and hereby are advised, and have had the opportunity, to consult with an attorney before signing this Release; (c) you are releasing the Company and the other Company Released Parties from, among other things, any claims that you may have against them pursuant to the ADEA; (d) the releases contained in the Release do not cover rights or claims that may arise after you sign this Release; (e) you have been given a period of 52 days in which to consider and execute this Release (although you may elect not to use the full 52-day period at your option); (f) you may revoke the Release during the seven-day period following the date on which you sign this Release, and the Release will not become effective and enforceable until the seven-day revocation period has expired; and (g) any such revocation must be submitted in writing to the Company c/o Jay Goldbaum, General Counsel, Chief Compliance Officer, and Corporate Secretary, Horizon Global Corporation, 2600 West Big Beaver Road, Suite 555, Troy, Michigan 48084 prior to the expiration of such seven-day revocation period.  If you revoke the Release within such seven-day revocation period, it shall be null and void.  

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4.ENTIRE AGREEMENT
This Release, the Separation Agreement, and the documents referenced therein contain the entire agreement between you and the Company, and take priority over any other written or oral understanding or agreement that may have existed in the past.  You acknowledge that no other promises or agreements have been offered for this Release (other than those described above) and that no other promises or agreements will be binding unless they are in writing and signed by you and the Company.  Should any provision of this Release be declared by a court of competent jurisdiction to be illegal, void, or unenforceable, the remaining provisions shall remain in full force and effect; provided, however, that upon a finding that the Release, in whole or part, is illegal, void, or unenforceable, you shall be required, at the option of the Company, either to return the Severance Benefits (as defined in the Separation Agreement) or to execute a release that is legal and enforceable.

I agree to the terms and conditions set forth in this Release.

CARL S. BIZON
/s/ Carl S. Bizon

Date:  9/30/2019

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Exhibit B
Severance and Other Benefits*

		
	1.
	Severance benefits under the Severance Policy,† which severance benefits consist of the following (as further described in, and qualified by reference to, the Severance Policy):

		
	◦
	Payment of an amount equal in value to the product of (a) 1.5, multiplied by (b) the sum of (i) $630,000 (your annual base salary rate (as in effect on the Separation Date)) plus (ii) $315,000 (the value of your target short-term incentive award for the 2019 calendar year).  This amount will be payable in equal installments in accordance with the Company’s payroll practices as in effect from time to time commencing on the day the Release becomes effective and ending on the last payroll date of or on behalf of the Company in the last month of the 18-month period following the Separation Date, provided that the first such payment shall include all amounts that would have been paid to you in accordance with the Company’s payroll practices if such payments had begun on the Separation Date;

		
	◦
	Payment of (a) all accrued but unpaid base salary through the Separation Date and (b) 10 days of earned but unused vacation through the Separation Date. These amounts will be payable by the next payroll date following the Separation Date; 

		
	◦
	A transaction bonus amount equal to $840,752, in cash, in connection with the Company’s sale of its Asia-Pacific business segment, payable on the day the Release becomes effective;

		
	◦
	If you timely elect to continue group health care coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), and subject to the Company’s COBRA policies, the Company or its appropriate affiliate will reimburse you for the employer’s portion of premiums for continued group health coverage under COBRA until the earliest of (a) the termination of your COBRA period, (b) 18 months after the Separation Date, or (c) the date you become eligible to receive any medical benefits under any plan or program of any other employer.  You will be responsible for payment of the COBRA premium and will be reimbursed by the Company or its appropriate affiliate for the portion of the premium that the Company or its appropriate affiliate would have paid for group health coverage if you had continued to be an employee of the Company or its appropriate affiliate.  In the event that your COBRA period expires before the date that is 18 months after the Separation Date, the Company or its appropriate affiliate will pay you a monthly amount equal to the monthly contribution that the Company or its appropriate affiliate would have paid for your coverage under the applicable group health plan of the Company or its appropriate affiliate if you had continued as an employee of the Company or its appropriate affiliate until the earlier of (x) 18 months after the Separation Date or (y) the date on which you become eligible to receive any medical benefits under any plan or program of any other employer; and

______________________
*  Except as otherwise expressly provided, all benefits are to be paid or provided in the manner and at the time specified in the applicable plan or agreement, or as required under applicable law.
†  All benefits will remain subject to Section 8(B) of the Severance Policy.

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	◦
	Executive-level outplacement services until the earlier of (a) 12 months following the Separation Date or (b) the date on which you become employed by a subsequent employer.

		
	◦
	Treatment of outstanding Equity Plan awards as follows, subject in all cases to the applicable terms and provisions of the Equity Plan, the related award agreements and the Severance Policy:

		
	▪
	Each of your unvested awards that are outstanding under the Equity Plan, other than equity awards and cash incentive awards that are subject to vesting upon the attainment of performance goals, shall vest in an amount equal to (a) the product of (i) the total number of shares subject to such award and (ii) a fraction, the numerator of which is equal to the number of whole calendar months that have elapsed from the grant date of the applicable award to the Separation Date and the denominator of which is equal to the full number of calendar months in the vesting period of such award, less (b) the number of shares that had already become vested as of the Separation Date in respect of such award.  As a result, the following portions of the following awards granted to you under the Equity Plan will vest as of the Separation Date:

		
	•
	March 1, 2018 Restricted Stock Units Grant: 12,810 RSUs

		
	•
	March 19, 2019 Restricted Stock Units Grant: 19,444 RSUs

		
	•
	June 6, 2019 Restricted Stock Units Grant: 11,648 RSUs

RSUs that vest as described in this paragraph will be settled on the earlier of April 7, 2020 and your death.  
		
	▪
	Notwithstanding the foregoing, each equity award and cash incentive award granted under the Equity Plan that is subject to vesting upon the attainment of performance goals shall become payable in an amount equal to (a) the product of (i) the total number of shares or amount of cash, as applicable, that is earned with respect to such award at the end of the applicable performance period based on actual performance in accordance with the terms of the governing arrangements under which such performance-based award was granted and, (ii) a fraction, the numerator of which is equal to the number of whole calendar months that have elapsed from the grant date of the applicable award to the Separation Date and the denominator of which is the full number of calendar months in the vesting period of such award, less (b) the number of shares or amount of cash that had already become vested as of the Separation Date in respect of such award.  Awards that vest as described in this paragraph will be settled at the time when such awards are settled under the applicable terms of the Equity Plan for individuals who remain employed through the end of the applicable performance period.

As a result of the pro-ration formula described above, the target number of PSUs subject to each of your outstanding PSU awards is as follows:
	
			
	Grant Date
	Original Target PSUs
	Pro-Rated Target PSUs

	March 19, 2019
	100,000
	19,444

	June 6, 2019
	96,096
	11,648

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	2.
	Accrued vested benefits under any other benefit plans, programs or arrangements of the Company or its appropriate affiliate (including any vested benefits under the Company’s qualified and nonqualified retirement plans), subject to the terms of such plans, programs or arrangements.

		
	3.
	With respect to each equity award referenced above, all applicable withholding requirements with respect thereto shall be satisfied by retention by the Company of a portion of the shares otherwise deliverable to you thereunder, with the shares so retained credited against such withholding requirement at the market value of such shares on the date of such delivery, provided that in no event will the market value of the shares to be so withheld exceed the minimum amount of taxes required to be withheld.

B-3Exhibit

HORIZON GLOBAL CORPORATION

Performance Share Units Agreement
Signing Grant

This PERFORMANCE SHARE UNITS AGREEMENT (this “Agreement”) is made as of  ________________ by and between Horizon Global Corporation, a Delaware corporation (the “Company”), and ___________________ (the “Grantee”).

1.Certain Definitions.  Capitalized terms used, but not otherwise defined, in this Agreement will have the meanings given to such terms in the Company’s Amended and Restated 2015 Equity and Incentive Compensation Plan (the “Plan”).
2.Grant of PSUs.  Subject to and upon the terms, conditions and restrictions set forth in this Agreement and in the Plan, the Company has granted to the Grantee as of _______________ (the “Date of Grant”) ____________ performance-based Restricted Stock Units (“PSUs”).  Subject to the degree of attainment of the performance goals established for these PSUs, as approved by the Committee and thereafter communicated to the Grantee (the “Statement of Performance Goals”), the Grantee may earn from ___% to _____% of the PSUs.  Each PSU shall then represent the right of the Grantee to receive one Common Share subject to and upon the terms and conditions of this Agreement.  
3.Payment of PSUs.  The PSUs will become payable in accordance with the provisions of Section 6 of this Agreement if the Grantee’s right to receive payment for the PSUs becomes both earned and nonforfeitable in accordance with Section 5 of this Agreement.
4.Restrictions on Transfer of PSUs.  Subject to Section 15 of the Plan, neither the PSUs evidenced hereby nor any interest therein or in the Common Shares underlying such PSUs shall be transferable prior to payment to the Grantee pursuant to Section 6 hereof other than by will or pursuant to the laws of descent and distribution.
5.Earning and Vesting of PSUs.
		
	(a)
	A percentage of the PSUs from ____% to ____% shall be earned (such portion, the “Earned PSUs”) to the extent that the performance goals described in the Statement of Performance Goals for these PSUs (the “_________Performance Goals”) are achieved for the period commencing on _____________ and ending on _______________ (the “Performance Period”), once determined and certified by the Committee in its sole discretion.  The Earned PSUs shall become nonforfeitable and payable to the Grantee (“Vested,” or similar terms), if at all, in three substantially equal installments on each of the first three anniversaries of the Date of Grant (the period commencing on the Date of Grant and ending on the third anniversary of the Date of Grant, the “Vesting Period”), subject to the Grantee remaining in continuous employment with the Company or a Subsidiary through each such anniversary.  Any PSUs that do not so Vest will be forfeited, including, except as provided in Section 5(b) or Section 5(c) below, if the Grantee ceases to be continuously employed by the Company or a Subsidiary prior to the end of the Vesting Period.  For purposes of this Agreement, “continuously employed” (or substantially similar terms) means the absence of any interruption or termination of the Grantee’s employment with the Company or a Subsidiary.  Continuous employment shall not be considered interrupted or terminated in the case of transfers between locations of the Company and its Subsidiaries.

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	(b)
	Notwithstanding Section 5(a) above, the PSUs shall be earned and Vest (to the extent the PSUs have not previously Vested) and be paid pursuant to Section 6 hereof upon the occurrence of any of the following events at a time when the PSUs have not been forfeited in the following manner:

		
	(i)
	If the Grantee should die or become Disabled prior to the end of the Vesting Period while the Grantee is continuously employed by the Company or any of its Subsidiaries, the Grantee shall earn and Vest in the number of PSUs which the Grantee would have earned and Vested in in accordance with the terms and conditions of this Section 5 if Grantee had remained in the continuous employ of the Company or a Subsidiary from the Date of Grant until the end of the Vesting Period or the occurrence of a Change in Control to the extent a Replacement Award is not provided, whichever occurs first; or

		
	(ii)
	in the event of a Change in Control that occurs prior to the end of the Vesting Period, the PSUs shall be earned and Vest in accordance with Section 5(c) below.

		
	(c)
	

		
	(i)  
	Notwithstanding Section 5(a) above, if at any time before the end of the Vesting Period or forfeiture of the PSUs, and while the Grantee is continuously employed by the Company or a Subsidiary, a Change in Control occurs, then the PSUs will be earned and Vest (except to the extent that a Replacement Award is provided to the Grantee in accordance with Section 5(c)(ii) to continue, replace or assume the PSUs covered by this Agreement (the “Replaced Award”)) as follows:  the Performance Period and the Vesting Period will terminate and the Committee as constituted immediately before the Change in Control will determine and certify the Earned PSUs based on actual performance through the most recent date prior to the Change in Control for which achievement of the ________ Performance Goals can reasonably be determined, and such Earned PSUs shall be 100% Vested.  PSUs that are earned and Vest in accordance with this Section 5(c)(i) will be paid as provided for in Section 6 of this Agreement.

		
	(ii)
	For purposes of this Agreement, a “Replacement Award” means an award (A) of the same type (e.g., performance-based restricted stock units) as the Replaced Award, (B) that has a value at least equal to the value of the Replaced Award, (C) that relates to publicly traded equity securities of the Company or its successor in the Change in Control or another entity that is affiliated with the Company or its successor following the Change in Control, (D) if the Grantee holding the Replaced Award is subject to U.S. federal income tax under the Code, the tax consequences of which to such Grantee under the Code are not less favorable to such Grantee than the tax consequences of the Replaced Award, and (E) the other terms and conditions of which are not less favorable to the Grantee holding the Replaced Award than the terms and conditions of the Replaced Award (including the provisions that would apply in the event of a subsequent Change in Control).  A Replacement Award may be granted only to the extent it does not result in the Replaced Award or Replacement Award failing to comply with or be exempt from Section 409A of the Code.  Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the two preceding sentences are satisfied.  The determination of whether the conditions of this Section 5(c)(ii) are satisfied will be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion.

		
	(iii)
	If, after receiving a Replacement Award, the Grantee experiences a termination of employment with the Company or a Subsidiary (or any of their successors) (as 

2

applicable, the “Successor”) by reason of a termination by the Successor without Cause or by the Grantee for Good Reason, in each case within a period of two years after the Change in Control and during the remaining vesting period for the Replacement Award, 100% of the Replacement Award shall become nonforfeitable with respect to the performance-based restricted stock units covered by such Replacement Award upon such termination and shall be paid in accordance with  Section 6(a) of this agreement.
		
	(iv)
	If a Replacement Award is provided, notwithstanding anything in this Agreement to the contrary, any outstanding PSUs that at the time of the Change in Control are not subject to a “substantial risk of forfeiture” (within the meaning of Section 409A of the Code) will be deemed to be earned and Vested at the time of such Change in Control and will be paid as provided for in Section 6 of this Agreement.

		
	(d)
	For purposes of this Agreement, the following definitions apply:

		
	(i)
	“Good Reason” shall mean (A) a material and permanent diminution in the Grantee’s duties or responsibilities; (B) a material reduction in the aggregate value of base salary and bonus opportunity provided to the Grantee by the Company; or (C) a permanent reassignment of the Grantee to another primary office more than 50 miles from the current office location.  The Grantee must notify the Company of the Grantee’s intention to invoke termination for Good Reason within 90 days after the Grantee has knowledge of such event, provide the Company 30 days’ opportunity for cure, and terminate employment within two years following the initial existence of such event, or such event shall not constitute Good Reason.  The Grantee may not invoke termination for Good Reason if Cause exists at the time of such termination.

		
	(ii)
	“Cause” shall mean (A) the Grantee’s conviction of or plea of guilty or nolo contendere to a crime constituting a felony under the laws of the United States or any State thereof or any other jurisdiction in which the Company or its Subsidiaries conduct business; (B) the Grantee’s willful misconduct in the performance of the Grantee’s duties to the Company or its Subsidiaries and failure to cure such breach within thirty days following written notice thereof from the Company; (C) the Grantee’s willful failure or refusal to follow directions from the Board (or direct reporting executive) and failure to cure such breach within thirty days following written notice thereof from the Board; or (D) the Grantee’s breach of fiduciary duty to the Company or its Subsidiaries for personal profit.  Any failure by the Company or a Subsidiary to notify the Grantee after the first occurrence of an event constituting Cause shall not preclude any subsequent occurrences of such event (or a similar event) from constituting Cause.  Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prevents the Grantee from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity the Grantee is not prohibited from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the Exchange Act.

		
	(iii)
	“Disabled” shall mean (A) the Grantee is unable to engage in any substantial gainful activity due to medically determinable physical or mental impairment expected to result in death or to last for a continuous period of not less than 12 months, or (B) due to any medically determinable physical or mental impairment expected to result in death or last for a continuous period not less than 12 months, the Grantee has received 

3

income replacement benefits for a period of not less than three months under an accident and health plan sponsored by the Company.
		
	(e)
	Any PSUs that have not Vested pursuant to Section 5 by the end of the Vesting Period will be forfeited automatically and without further notice after the end of the Vesting Period (or earlier if, and on such date that, Grantee ceases to be an employee of the Company or a Subsidiary prior to the end of the Vesting Period for any reason other than as described in this Section 5).

6.Form and Time of Payment of PSUs.  
		
	(a)
	Payment for the PSUs, after and to the extent they have become earned and Vested, shall be made in the form of Common Shares.  Except as provided in Section 6(b), payment shall be made as soon as administratively practical following (but in no event later than thirty (30) days following) the end of the Vesting Period.

		
	(b)
	Notwithstanding Section 6(a), to the extent that the PSUs are earned and Vested on the date of a Change in Control, Grantee will receive payment for Vested PSUs in Common Shares on the date of the Change in Control; provided, however, that if such Change in Control would not qualify as a permissible date of distribution under Section 409A(a)(2)(A) of the Code, and the regulations thereunder, and where Section 409A of the Code applies to such distribution, the Grantee is entitled to receive the corresponding payment on the date that would have otherwise applied pursuant to Section 6(a).

		
	(c)
	Except to the extent provided by Section 409A of the Code and permitted by the Committee, no Common Shares may be issued to the Grantee at a time earlier than otherwise expressly provided in this Agreement.

		
	(d)
	The Company’s obligations to the Grantee with respect to the PSUs will be satisfied in full upon the issuance of Common Shares corresponding to such PSUs.

7.Dividend Equivalents; Voting and Other Rights.
		
	(a)
	The Grantee shall have no rights of ownership in the Common Shares underlying the PSUs and no right to vote the Common Shares underlying the PSUs until the date on which the Common Shares underlying the PSUs are issued or transferred to the Grantee pursuant to Section 6 above.

		
	(b)
	From and after the Date of Grant and until the earlier of (i) the time when the PSUs are paid in accordance with Section 6 hereof or (ii) the time when the Grantee’s right to receive Common Shares in payment of the PSUs is forfeited in accordance with Section 5 hereof, on the date that the Company pays a cash dividend (if any) to holders of Common Shares generally, the Grantee shall be credited with cash per PSU equal to the amount of such dividend.  Any amounts credited pursuant to the immediately preceding sentence shall be subject to the same applicable terms and conditions (including earning, Vesting, payment and forfeitability) as apply to the PSUs based on which the dividend equivalents were credited, and such amounts shall be paid in cash at the same time as the PSUs to which they relate.

		
	(c)
	The obligations of the Company under this Agreement will be merely that of an unfunded and unsecured promise of the Company to deliver Common Shares in the future, and the rights of the Grantee will be no greater than that of an unsecured general creditor. No assets of the Company will be held or set aside as security for the obligations of the Company under this Agreement.

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8.Adjustments.  The PSUs and the number of Common Shares issuable for each PSU and the other terms and conditions of the grant evidenced by this Agreement are subject to adjustment as provided in Section 11 of the Plan.
9.Withholding Taxes.  To the extent that the Company is required to withhold federal, state, local or foreign taxes in connection with the delivery to the Grantee of Common Shares or any other payment to the Grantee or any other payment or vesting event under this Agreement, and the amounts available to the Company for such withholding are insufficient, it shall be a condition to the obligation of the Company to make any such delivery or payment that the Grantee make arrangements satisfactory to the Company for payment of the balance of such taxes required to be withheld.  The Grantee may elect that all or any part of such withholding requirement shall be satisfied by retention by the Company of a portion of the Common Shares to be delivered to the Grantee or by delivering to the Company other Common Shares held by the Grantee. If such election is made, the shares so retained shall be credited against such withholding requirement at the market value of such Common Shares on the date of such delivery.  In no event will the market value of the Common Shares to be withheld and/or delivered pursuant to this Section 9 to satisfy applicable withholding taxes exceed the minimum amount of taxes required to be withheld.
10.Compliance With Law.  The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided, however, notwithstanding any other provision of the Plan and this Agreement, the Company shall not be obligated to issue any Common Shares pursuant to this Agreement if the issuance thereof would result in a violation of any such law.
11.Compliance With Section 409A of the Code.  To the extent applicable, it is intended that this Agreement and the Plan comply with or be exempt from the provisions of Section 409A of the Code.  This Agreement and the Plan shall be administered in a manner consistent with this intent, and any provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code shall have no force or effect until amended to comply with or be exempt from Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by the Company without the consent of the Grantee).  If the PSUs become payable on the Grantee’s “separation from service” with the Company and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i) of the Code and the Grantee is a “specified employee” as determined pursuant to procedures adopted by the Company in compliance with Section 409A of the Code, then, to the extent necessary to comply with Section 409A of the Code and avoid any additional taxes thereunder,  payment for the PSUs shall be made on the earlier of the fifth business day of the seventh month after the date of the Grantee’s “separation from service” with the Company and its Subsidiaries within the meaning of Section 409A(a)(2)(A)(i) of the Code or the Grantee’s death.
12.Interpretation.  Any reference in this Agreement to Section 409A of the Code will also include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.  Except as expressly provided in this Agreement, capitalized terms used herein will have the meaning ascribed to such terms in the Plan.
13.No Right to Future Awards or Employment.  The grant of the PSUs under this Agreement to the Grantee is a voluntary, discretionary award being made on a one-time basis and it does not constitute a commitment to make any future awards.  The grant of the PSUs and any payments made hereunder will not be considered salary or other compensation for purposes of any severance pay or similar allowance, except as otherwise required by law.  Nothing contained in this Agreement shall confer upon the Grantee any right to be employed or remain employed by the Company or any of its Subsidiaries, nor limit or affect in any manner the right of the Company or any of its Subsidiaries to terminate the employment or adjust the compensation of the Grantee.

5

14.Relation to Other Benefits.  Any economic or other benefit to the Grantee under this Agreement or the Plan shall not be taken into account in determining any benefits to which the Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company or any of its Subsidiaries and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or any of its Subsidiaries.
15.Amendments.  Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, that (a) no amendment shall adversely affect the rights of the Grantee under this Agreement without the Grantee’s written consent, and (b) the Grantee’s consent shall not be required to an amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the Code or Section 10D of the Exchange Act. 
16.Severability.  In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.
17.Relation to Plan.  This Agreement is subject to the terms and conditions of the Plan.  In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern.  The Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein or in the Plan, have the right to determine any questions which arise in connection with this Agreement.  Notwithstanding anything in this Agreement to the contrary, Grantee acknowledges and agrees that this Agreement and the award described herein (and any settlement thereof) are subject to the terms and conditions of the Company’s clawback policy (if any) as may be in effect from time to time specifically to implement Section 10D of the Exchange Act and any applicable rules or regulations promulgated thereunder (including applicable rules and regulations of any national securities exchange on which the Common Shares may be traded) (the “Compensation Recovery Policy”), and that relevant sections of this Agreement shall be deemed superseded by and subject to the terms and conditions of the Compensation Recovery Policy from and after the effective date thereof.
18.Electronic Delivery.  The Company may, in its sole discretion, deliver any documents related to the PSUs and the Grantee’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the Grantee’s consent to participate in the Plan by electronic means.  The Grantee hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.
19.Governing Law.  This Agreement shall be governed by and construed with the internal substantive laws of the State of Delaware, without giving effect to any principle of law that would result in the application of the law of any other jurisdiction.
20.Successors and Assigns.  Without limiting Section 4 hereof, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and assigns of the Company.
21.Acknowledgement.  The Grantee acknowledges that the Grantee (a) has received a copy of the Plan, (b) has had an opportunity to review the terms of this Agreement and the Plan, (c) understands the terms and conditions of this Agreement and the Plan and (d) agrees to such terms and conditions.
22.Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same agreement.        

6

HORIZON GLOBAL CORPORATION

By: ________________________

Name: Jay Goldbaum
Title:   General Counsel, Chief Compliance Officer & Corporate Secretary

Grantee Acknowledgment and Acceptance 

By: _________________________    

Name:  
Title: 
    

7

    
Statement of Performance Goals
This Statement of Performance Goals applies to the PSUs granted to the Grantee on the Date of Grant and applies with respect to the Performance Share Units Agreement between the Company and the Grantee (the “Agreement”).  Capitalized terms used in this Statement of Performance Goals that are not specifically defined in this Statement of Performance Goals have the meanings assigned to them in the Agreement.
		
	1.
	Definitions.  For purposes hereof:

		
	a.
	“Beginning Stock Price” means the closing price of a Common Share on the principal stock exchange on which the Common Shares are then traded on ________________.

		
	b.
	“Ending Stock Price” means the average closing price of a Common Share on the principal stock exchange on which the Common Shares are then traded for the last 30 trading days of the Performance Period.

		
	2.
	PSU Performance Matrix.  From ___% to ___% of the PSUs will be earned based on absolute Common Shares price performance during the Performance Period as follows:

	
			
	Performance Level
	Ending Stock Price Minus Beginning Stock Price
	PSUs Earned

	Below Threshold I
	Less than $______
	_____%

	Threshold I
	$______
	_____%

	Threshold II
	$______
	_____%

	Threshold III
	$______
	_____%

	Maximum
	$______ or greater
	_____%

		
	3.
	Number of PSUs Earned.  Following the Performance Period, the Committee shall determine whether and to what extent the ___________ Performance Goals have been satisfied for the Performance Period and shall determine the number of PSUs that shall become Earned PSUs hereunder and under the Agreement on the basis of the following:

		
	a.
	Below Threshold I.  If, upon the conclusion of the Performance Period, the Ending Stock Price minus the Beginning Stock Price is less than $_______, as set forth in the Performance Matrix, then ___% of the PSUs shall become Earned PSUs.

		
	b.
	Threshold I.  If, upon the conclusion of the Performance Period, the Ending Stock Price minus the Beginning Stock Price is equal to $_____, as set forth in the Performance Matrix, then ____% of the PSUs shall become Earned PSUs.

		
	c.
	Between Threshold I and Threshold II.  If, upon the conclusion of the Performance Period, the Ending Stock Price minus the Beginning Stock Price is greater than $_____ but less than $______, a percentage between ____% and ____% (determined on the basis of straight-line mathematical interpolation) of the PSUs (rounded up to the nearest whole number of PSUs) shall become Earned PSUs.

		
	d.
	Threshold II.  If, upon the conclusion of the Performance Period, the Ending Stock Price minus the Beginning Stock Price is equal to $_____, as set forth in the Performance Matrix, then _____% of the PSUs shall become Earned PSUs.  

		
	e.
	Between Threshold II and Threshold III.  If, upon the conclusion of the Performance Period, the Ending Stock Price minus the Beginning Stock Price is greater than $______ but less than $______, a percentage between ____% and ____% (determined on the basis of straight-line mathematical interpolation) of the PSUs (rounded up to the nearest whole number of PSUs) shall become Earned PSUs.

8

		
	f.
	Threshold III.  If, upon the conclusion of the Performance Period, the Ending Stock Price minus the Beginning Stock Price is equal to $______, as set forth in the Performance Matrix, then _____% of the PSUs shall become Earned PSUs.

		
	g.
	Between Threshold III and Maximum.  If, upon the conclusion of the Performance Period, the Ending Stock Price minus the Beginning Stock Price is greater than $______ but less than $______, a percentage between _____% and _____% (determined on the basis of straight-line mathematical interpolation) of the PSUs (rounded up to the nearest whole number of PSUs) shall become Earned PSUs.

		
	h.
	Equals or Exceeds Maximum.  If, upon the conclusion of the Performance Period, the Ending Stock Price minus the Beginning Stock Price is equal to or greater than $______, as set forth in the Performance Matrix, then ____% of the PSUs shall become Earned PSUs.

9

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