Document:

Consulting Agreement, dated as of December 23, 2004

  
 Exhibit 10.5

  
 CONSULTING AGREEMENT 
  
 This Consulting Agreement (“Agreement”) is made and entered into
this 23rd day of December, 2004, by and between IMPCO Technologies, Inc., a Delaware Corporation (hereafter
“the Company” or “IMPCO”) and Robert Stemmler (hereafter “Consultant”). 
  
 WHEREAS, the Company wishes to engage Consultant to provide services to the Company in his areas of experience and expertise; 
  
 WHEREAS, Consultant is willing to provide services to the Company for such
period in accordance herewith; 
  
 NOW, THEREFORE, IN
CONSIDERATION of the mutual promises set forth below, the Company and Consultant agree as follows: 
  
 Section 1. EMPLOYMENT. 
  
 1.1 Term. The Company agrees to employ Consultant to provide services to the Company, and the Consultant agrees to provide services to the Company,
in accordance with the terms and provisions of this Agreement, for the period commencing January 1, 2005 and ending on April 30, 2007, unless terminated sooner as permitted by the terms of this Agreement. 
  
 1.2 Description of Services. Consultant hereby accepts employment
under this Agreement and agrees to devote his best efforts and substantially full time, attention and energy to the Company’s business. Consultant’s duties shall include such activities, responsibilities and duties as may be reasonably
assigned from time to time by the Chief Executive Officer. The Company, through its Chief Executive Officer, shall retain full direction and control of the manner, means and methods by which Consultant performs the services for which he is employed
hereunder. 
  
 Section 2. COMPENSATION.

  
 2.1 Base Salary. For all services rendered by
Consultant under this Agreement, the Company shall pay Consultant a salary of $360,000 per year, less all lawful and agreed upon withholdings. The annual base salary will be paid to Consultant every two weeks pursuant to IMPCO’s normal payroll
policy, as modified from time to time. 
  
 2.2 Benefits.
During the Term of this Agreement, Consultant shall be entitled to the following benefits: 
  
 (a) Except as otherwise specified in this Agreement, the fringe benefits that the Company makes generally available to its executive
employees, which currently include 

  

 
medical insurance and a Section 401(k) defined contribution employee savings plan and a deferred compensation plan (unqualified); 
  
 (b) Term life insurance in the face amount of $750,000;

  
 (c) Long-term disability insurance providing
for monthly disability payments of $10,000 to the expiration of this Agreement after a waiting period not in excess of ninety (90) days; 
  
 (d) Four (4) weeks of paid vacation each calendar year, pro rated on a daily basis for any period of the Term which is less than a full
year; 
  
 (e) Ten (10) days of sick leave each
calendar year, pro rated on a daily basis for any period of the Term which is less than a full year. Unused sick leave will not be accumulated or carried over nor paid upon termination of this Agreement; 
  
 (f) A paid up annuity to provide lifetime medical insurance
for Consultant and his spouse. 
  
 2.3 Business Expense
Reimbursement. During the term of this Agreement, the Company will reimburse Consultant for reasonable out-of-pocket expenses incurred by Consultant in performance of services for the Company under this Agreement (e.g. transportation, food and
lodging expenses incurred while traveling on Company business), all subject to such policies and other requirements as the Company may from time to time establish for its employees generally. Consultant shall maintain such records as will enable the
Company to deduct such items as business expenses when computing its taxes.  
  
 Section 3. TERMINATION. 
  
 3.1 Expiration of Term. This Agreement will automatically expire upon conclusion of its Term. Additionally, notwithstanding the Term stated in
Paragraph 1.1, this Agreement may be terminated by either party at any time before its expiration, by giving the other party thirty (30) days’ written notice. 
  
 3.2 For Cause. The Company may terminate this Agreement immediately for “Cause”, which shall mean
(a) grossly negligent or intentionally wrongful personal or professional conduct of Consultant, including but not limited to criminal conduct, which, in the reasonable and good faith judgment of the Company injures or tends to injure the reputation
of the Company or otherwise adversely affects the material interests of the Company; or (b) any act or omission of Consultant, not remedied within 20 working days after written notice from the Chief Executive Officer stating that failure to remedy
such conduct may result in Termination for Cause, which: 
  
 (a) interferes materially with, or suggests a material inability to perform, the Consultant’s duties to the Company; or 
  

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 (b) represents a material breach of this Consulting Agreement. 
  
 Section 4. EFFECTS OF TERMINATION. 
  
 4.1 Termination for Cause; Voluntary Resignation. If Consultant is
terminated for Cause as defined in Section 3.2 above, or if Consultant resigns voluntarily, Consultant shall not be entitled to any additional compensation of any kind after the effective date of the termination, except Base Salary earned by
Consultant prior to the effective date of the termination. 
  
 4.2
Termination Without Cause. If Consultant is terminated by the Company without Cause or Consultant voluntarily resigns his position during the Term of this Agreement, Consultant shall be entitled to severance as follows: 
  
 (a) If Consultant is terminated between January 1, 2005 and
December 31, 2005, Consultant shall be entitled to one year’s severance, calculated at his then current Base Salary. 
  
 (b) If Consultant is terminated between January 1, 2006 and June 30, 2006, Consultant shall be entitled to six months’ severance,
calculated at his then current Base Salary. 
  
 (c) If Consultant is terminated between July 1, 2006 and April 30, 2007, he shall not be entitled to receive any additional compensation of any kind, except Base Salary earned by Consultant prior to the effective date of the termination.

  
 Section 5. CONFIDENTIALITY. 
  
 In consideration of his consulting with the Company, or any of its related
entities, and of the compensation which may be paid to Consultant, he agrees to the following conditions of consulting relating specifically to the Company’s Confidential Information: 
  
 (a) Confidential Information includes, but is not limited
to, all information not generally known to the public relating to the business of the Company or any third party that is contributed to, developed by, disclosed to, or known to Consultant in the course of his employment with the Company, including
but not limited to trade secrets, know-how, concepts, methods, techniques, designs, drawings, specifications, computer programs, support and training materials (including written material, videotapes, overheads and the like), client, customer or
supplier lists, pricing information, marketing plans or information, or other records concerning the Company’s finances, contracts, services or personnel. 
  

(b) Consultant will respect the confidences of the Company and will not at any time during or after his employment with the Company,
directly or indirectly, divulge or 

  

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disclose for any purpose or use for his own benefit any Confidential Information that has been obtained by or disclosed to Consultant as a result of his
employment with the Company. 
  
 (c) At the
conclusion of his employment relationship with the Company, Consultant will return and will not keep or preserve any records or copies of records relating to the Company, or its business, or its Confidential Information. Consultant will take such
steps as may be reasonably necessary to prevent disclosure of Confidential Information to others and will not disclose Confidential Information to others without the prior written consent of the Company’s Chief Executive Officer. 
  
 (d) This Agreement not to disclose Confidential Information
will continue to apply even after Consultant is no longer employed by the Company, and until such time as the Confidential Information becomes public knowledge through no fault of his own. Consultant will report to the Company any and all
unauthorized disclosures or uses of Confidential Information. Consultant acknowledges that any publication or disclosure of Confidential Information to others may cause immediate and irreparable harm to the Company and if Consultant should publish
or disclose Confidential Information to others, the Company shall be entitled to injunctive relief or any other remedies to which it is entitled under law or equity. 
  
 Section 6. MISCELLANEOUS. 
  
 6.1. Waiver of Breach. The waiver by the Company of any breach by the Consultant of any provision of this Agreement
shall not operate or be construed as a waiver of any subsequent breach by the Consultant. 
  
 6.2. Applicable Law and Venue. This Agreement will be interpreted, construed and enforced in all respects in accordance with the laws of the State of California and venue for any action arising out of this
Agreement shall be in Los Angeles County, California. 
  
 6.3.
Entire Agreement. This document contains the entire agreement of the parties concerning the details of Consultant’s employment with the Company and all promises, representations, understandings, arrangements and prior agreements
concerning the details of Consultant’s employment with the Company are merged herein and superseded hereby. The provisions of this Agreement may not be amended, modified, repealed, waived, extended or discharged except by an agreement in
writing signed by the party against whom enforcement of any amendment, modification, repeal, waiver, extension or discharge is sought. 
  
 6.4. Severability. If any provision of this Agreement is invalid or unenforceable in any jurisdiction, the other provisions herein shall be remain
in full force and effect in such jurisdiction and shall be liberally construed in order to effectuate the purpose and intent of this Agreement, and the invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not
affect the validity or enforceability of any such provision in any other jurisdiction. 
  

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 6.5. Attorneys’ Fees. If suit or action is commenced by either party against the other
concerning this Agreement, the prevailing party shall be awarded its costs and reasonable attorneys’ fees, including any costs or fees incurred on appeal. 
  

6.6. Notices. Any notice, request, consent, or approval required or permitted to be given under this Agreement or pursuant to law shall be
sufficient if in writing, and personally delivered to Consultant or by registered or certified mail to Consultant’s residence (as noted in the Company’s records) or if personally delivered to the Company’s Corporate Secretary at the
Company’s principal office. 
  

									
	 IMPCO Technologies, Inc.
	 	 	 	 CONSULTANT

				
	By	 	 /s/ Nickolai Gerde
	 	 	 	/s/ Robert M. Stemmler
				
	 Its
	 	 Chief Financial Officer
	 	 	 	 Robert M. Stemmler

					
	 Date:
	 	 December 23, 2004
	 	 	 	 Date:
	 	 December 23, 2004

  

 5Letter Agreement

 Exhibit 10.66 
  
 Kevin D. Silva 
 Chief Administrative Officer 
  
 [MBIA Logo] 
 Capital Strength. Triple-A Performance 
  
 MBIA Insurance Corporation 
 [Letterhead]

  
 November 15, 2004 
  
 REVISED 
  
 John B. Caouette 
 [Home Address] 
  
 Dear Jack: 
  
 This letter is to acknowledge that your last day with MBIA as a regular
full-time employee is on December 24, 2004 (the “Separation Date”). 
  
 You will be entitled to receive any vested benefits to which you are entitled under MBIA’s retirement plans as of your Separation Date. Such vested benefits will be paid to you pursuant to the terms of the
applicable plan. You will also have such rights under any other benefit plan or arrangement sponsored by MBIA as are provided to other employees who terminate employment with MBIA. 
  
 Your medical, dental, life and short and long-term disability insurance ends as of December 24, 2004. You and your family
may continue coverage under certain of the insurance plans, at your own cost, in accordance with COBRA. MBIA will provide you with a separate letter describing your COBRA rights. If you chose, you may elect to receive retiree medical and dental
coverage. You will also be eligible to convert your life insurance coverage to an individual policy. You will not be eligible to participate in MBIA’s Retirement Plans past the separation date except to the extent of any vested rights therein.

  
 Whether or not you sign the attached Agreement and General
Release (the “Agreement”), you will be entitled to the benefits referred to in the previous paragraphs and you may elect medical and dental benefit continuation coverage pursuant to COBRA. Alternatively, you may elect retiree medical and
dental benefit continuation coverage. 
  
 Further, we are offering
the following additional payments and benefits as specified in this letter and subject to your execution and adherence to the terms of the attached Agreement and General Release: 
  

	 	•	2004 Year-end Awards: You will not receive new restricted stock unit, stock option and MBV awards for the 2004 performance year. 

  

	 	•	2004 Bonus: Your 2004 cash bonus will be awarded to you in a lump sum payment in March 2005 when the other EPC 2004 cash bonuses are paid (minus applicable taxes and
withholdings). The amount of your 2004 cash bonus will be determined relative to and in conjunction with other EPC bonuses. 

	 	•	Restricted Stock Units: All outstanding restricted stock units will continue to naturally vest in accordance with the vesting terms of the original grant.

  

	 	•	Stock Options: Your current outstanding stock options will continue to naturally vest under the original grant terms, during the period beginning on the Separation Date to
the fifth anniversary of your separation. 

  

	 	•	You will have five years from the Separation Date to exercise your vested options; however, this exercise period shall not exceed the option’s original expiration date.

  

	 	•	All outstanding options will expire on the fifth anniversary of the Separation Date. 

  

	 	•	If at any time before the end of the five year period MBIA’s stock price has traded at a price of at least $90.00 for a period of 10 consecutive trading days at any point
during each trading day, all unvested options will immediately vest and you will have 12 months from the last day of the 10 consecutive day period to exercise all of your vested options (not to exceed the original five year exercise period or the
options original expiration date). All outstanding options not exercised during this 12 month period will expire. 

  

	 	•	MBV Awards: You will receive the following MBV award cash payments for performance years 2001, 2002, and 2003 after the conclusion of the Revocation Period (minus applicable
taxes and withholdings).  

  

	 	•	A lump sum payment for your 2001 MBV award (grant date of 2/7/2002) in the amount of $1,143,000. 

  

	 	•	A lump sum payment for your 2002 MBV award (grant date of 2/12/2003) in the amount of $1,062,500. 

  

	 	•	A lump sum payment for your 2003 MBV award (grant date of 2/10/2004) in the amount of $616,667. 

  

	 	•	2004 Pension Equivalent: You will receive a lump sum cash payment equivalent to a 2004 pension contribution after the conclusion of the Revocation Period (minus applicable
taxes and withholding). This payment is in lieu of receiving a 2004 pension contribution under MBIA’s retirement plans and the amount will not exceed last year’s pension contribution. 

  
 You have up to twenty-one (21) days from your receipt of this letter and the
enclosed Agreement and General Release to elect to accept the terms and conditions set forth. To indicate your acceptance, please return the signed original letter and notarized Agreement and General Release no earlier than December 24, 2004 to
Kevin D. Silva, Chief Administrative Officer, MBIA Insurance Corporation, 113 King Street, Armonk, New York 10504. 
  
 In addition, you have seven (7) days after signing the letter and the Agreement to revoke your acceptance of its terms. The letter and the Agreement will
not become effective until the eighth (8th) day following your signing of the Agreement. 
  
 MBIA is not providing you with any legal, tax or financial advice. We advise
you to consult with an attorney of your choice before signing the Agreement. 

 On behalf of MBIA, we want to convey our gratitude for your contributions during your tenure with MBIA
and pledge to make this transition as smooth as possible for both you and MBIA. We wish you continued success in your future endeavors. 
  
 Sincerely, 
  

	
	 /s/ KEVIN D. SILVA

  
 Kevin D. Silva 
  

			
	Accepted and Agreed:	  	 
		
	 /s/ JOHN B. CAOUETTE

	  	11/24/04
	John B. Caouette	  	Date
		
	c: Gary Dunton

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