Document:

Exhibit 10.25

 

TRIMAS CORPORATION

39400 Woodward Avenue, Suite 130

Bloomfield Hills, MI 48304

 

August 31, 2006

 

Heartland Industrial
Partners, L.P.

55
Railroad Avenue

Greenwich, CT 06830

 

HIP Side-By-Side Partners,
L.P.

55
Railroad Avenue

Greenwich, CT 06830

 

Heartland Industrial
Partners (FF), L.P.

55 Railroad Avenue

Greenwich, CT 06830

 

Heartland Industrial
Partners (C1), L.P.

55 Railroad Avenue

Greenwich, CT 06830

 

Gentlemen:

 

TriMas
Corporation (“TriMas”) hereby agrees that for so long as Heartland Industrial
Partners, L.P., HIP Side-By-Side Partners, L.P., Heartland Industrial Partners
(FF), L.P. and Heartland Industrial Partners (C1), L.P. (each, a “VCOC
Investor” and, collectively, the “VCOC Investors”) or any of their
affiliates (collectively the “Investors”) directly or through one or
more conduit subsidiaries continues to hold any securities of TriMas or any of
its subsidiaries (each, a “Company” and, collectively, the “Companies”)
as of the date hereof, each Company shall:

 

1.                                       Provide each VCOC Investor or its designated
representative with (i) the right to inspect and copy the books and records of
such Company and its subsidiaries, (ii) copies of all audited financial
statements of such Company and its subsidiaries and (iii) copies of all materials
provided to such Company’s Board of Directors, except for materials that, upon
the advice of such Company’s counsel, would constitute a waiver of the
attorney-client privilege;

 

2.                                       As requested by each VCOC Investor, (a) make
appropriate officers and/or directors of such Company available periodically
for consultation with each VCOC Investor or

 

 

its
designated representative with respect to material matters relating to the
business and affairs of such Company, (b) inform each VCOC Investor or its
designated representative in advance with respect to any material corporate
actions, including, without limitation, extraordinary dividends, mergers,
acquisitions or dispositions of assets, issuances of material incremental
amounts of debt or equity and material amendments to the certificate of
incorporation or bylaws or other organizational documents of such Company, and
(c) provide each VCOC Investor or its designated representative with the right
to consult with such Company with respect to actions of the type referred to in
the preceding clause (b);

 

3.                                      Allow each VCOC Investor the right to attend
meetings of such Company’s board of directors (the “Board of Directors”) as an
observer without voting rights and receive notice of such meetings in
accordance with such Company’s bylaws or other applicable organizational
documents and copies of Board of Directors’ materials (except for materials
that, upon the advice of such Company’s counsel, would constitute a waiver of
the attorney-client privilege) distributed to any member of the Board of
Directors in connection with such meetings. Such Company’s failure to provide
any such notice shall not in any way affect the validity of any meeting of the
Board of Directors or any action taken at any such meeting. Reasonable costs
and expenses incurred by each VCOC Investor’s observer for the purpose of
attending Board of Directors’ meetings will be borne by such Company. The
provisions of this paragraph 3 will terminate once each VCOC Investor and its
affiliates cease to own in aggregate shares representing 1% of the total outstanding shares of
common stock of such Company; and

 

4.                                      Provide each VCOC Investor or its designated
representative with such other rights of consultation as may reasonably be
determined by such VCOC Investor to be necessary to qualify its investment in
such Company as a “venture capital investment” for purposes of the United
States Department of Labor Regulation published at 29 C.F.R. Section 

2510.3-101(d)(3)(i) (the “Plan Asset Regulations”).

 

Each
VCOC Investor agrees that it will keep confidential and will not disclose,
divulge, or use for any purpose (other than to monitor its investment in the
Companies) any confidential information obtained from any Company pursuant to
the terms of this Agreement (including notice of such Company’s intention to
file a registration statement), unless such confidential information (a) is
known or becomes known to the public in general, (b) is or has been
independently developed or conceived by each VCOC Investor without use of such
Company’s confidential information, or (c) is or has been made known or
disclosed to each VCOC Investor by a third party without a breach of any
obligation of confidentiality such third party may have to any Company;
provided, however, that each VCOC Investor may disclose confidential
information (i) to its attorneys, accountants, consultants, representatives and
other professionals to the extent necessary to obtain their services in
connection with monitoring its investment in any Company, (ii) to any
prospective purchaser of any securities of any

 

 

Company from any VCOC
Investor, if such prospective purchaser agrees to maintain the confidentiality
of such information; (iii) to any wholly owned subsidiary of any VCOC Investor
or to any affiliate, partner, member, stockholder, officer or director of any
VCOC Investor or of any wholly owned subsidiary of any VCOC Investor; or (iv)
as may otherwise be required by law.

 

Each
Company agrees to consider, in good faith, the recommendations of each VCOC
Investor or its designated representative in connection with the matters on
which it is consulted as described above, recognizing that the ultimate
discretion with respect to all such matters shall be retained by such Company.

 

In
the event any VCOC Investor or any of the other Investors transfers all or any
portion of its investment in any Company to an affiliated entity that is
intended to qualify as a venture capital operating company under the Plan Asset
Regulations, such transferee shall be afforded the same rights with respect to
such Company afforded to such VCOC Investor hereunder and shall be treated, for
such purposes, as a third party beneficiary hereunder.

 

This
agreement shall be governed by, and construed in accordance with, the laws of
the State of New York, regardless of the laws that might otherwise govern under
applicable principles of conflicts of laws thereof.

 

 

Kindly
acknowledge your agreement with the foregoing by executing this agreement where
indicated below.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
    TRIMAS
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Joshua Sherbin

  	
   

  
	
   

  	
  Name: Joshua Sherbin

  
	
   

  	
  Title: General Council

  

 

 

1

 

HEARTLAND INDUSTRIAL
PARTNERS, L.P.

 

By: HEARTLAND INDUSTRIAL
ASSOCIATES, L.L.C.

Its: General Partner

 

	
  By:

  	
  /s/
  [ILLEGIBLE]

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

HEARTLAND INDUSTRIAL
PARTNERS (FF), L.P.

 

By: HEARTLAND INDUSTRIAL
ASSOCIATES, L.L.C.

Its: General Partner

 

	
  By:

  	
  /s/
  [ILLEGIBLE]

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

HEARTLAND INDUSTRIAL
PARTNERS (C1), L.P.

 

By: HEARTLAND INDUSTRIAL
ASSOCIATES, L.L.C.

Its: General Partner

 

	
  By:

  	
  /s/
  [ILLEGIBLE]

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

	
   

  	
  HIP SIDE-BY-SIDE PARTNERS, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
   HEARTLAND INDUSTRIAL

  ASSOCIATES, L.L.C.

  
	
   

  	
  Its:  General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  [ILLEGIBLE]

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:Exhibit
10.4

 

SETTLEMENT
AGREEMENT

 

                SETTLEMENT
AGREEMENT (the “Agreement”) dated as of December 29, 2006 (the “Effective Date”)
between Tyco International Ltd., a Bermuda corporation (“Parent”), and Richard J.
Meelia (“Executive”).

 

W I T N E S S E T H:

 

                WHEREAS,
Executive currently serves as Chief Executive Officer of Parent’s Tyco
Healthcare business segment; and

 

                WHEREAS,
Parent and Executive previously entered into a Retention Agreement effective as
of February 14, 2002, which was subsequently amended effective December 9, 2004
and again effective December 9, 2005 (as amended, the “Retention Agreement”),
to encourage Executive to remain in the employ of the Company (as defined
therein) and to ensure the continued availability of his advice and counsel;
and

 

                WHEREAS,
Executive has agreed with Parent to terminate the Retention Agreement and to
relinquish all payment and benefit rights thereunder in exchange for a
settlement payment, as further described herein; and

 

                WHEREAS,
Parent and Executive desire to enter into this Settlement Agreement to document
such termination and settlement;

 

                NOW
THEREFORE, in consideration of the foregoing, of the mutual

promises contained herein and of other good
and valuable consideration, the

receipt and sufficiency of which are hereby
acknowledged, the parties hereto

hereby agree as follows:

 

                1.             TERMINATION OF RETENTION
AGREEMENT.  Executive hereby acknowledges
and agrees that the Retention Agreement is hereby terminated and shall
hereinafter be null, void and of no effect, and that he shall not be entitled
to any payments or benefits thereunder from Parent, the Company (as defined
therein) or any other subsidiary or affiliate of Parent, direct or indirect. In
addition, Parent and Executive acknowledge and agree that any elections made by
Executive under the Retention Agreement with respect to his stock options shall
be null, void and of no effect, and that Executive’s rights with respect to his
stock option, restricted stock, restricted share unit and performance share
awards shall be as described in the applicable award agreements, without giving
effect to any provision of such award agreements that reference the Retention
Agreement.

 

 

 

                2.             SETTLEMENT PAYMENT.  As consideration for the foregoing agreement,
Parent agrees to pay Executive the sum of US $5,000,000 on the last regular
scheduled pay date in January, 2007, which payment Executive agrees to accept
in full satisfaction of all his rights under the Retention Agreement.

 

                3.             COUNTERPARTS. This Agreement may be
executed in several counterparts, each of which shall be deemed to be an
original but all of which together will constitute one and the same
instruments.

 

                4.             MISCELLANEOUS.  This Agreement sets forth the entire
agreement of the parties hereto in respect of the subject matter contained
herein. No agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either
party which are not expressly set forth in this Agreement. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of
the State of New York without regard to its conflicts of law principles.

 

                5.             WITHHOLDING.  Parent may withhold from any and all amounts
payable under this Agreement such federal, state and local taxes as may be
required to be withheld pursuant to any applicable law or regulation.

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as

of the date first written above.

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
  TYCO INTERNATIONAL LTD.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Laurie Siegel

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name: Laurie Siegel

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title: SVP, Human
  Resources

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  RICHARD J. MEELIA

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  /s/ Richard J. Meelia

  

 

 

2

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