Document:

Exhibit 10.23

 

FIRST
AMENDMENT TO MONITORING AGREEMENT (this “First Amendment”),
dated as of November 1, 2006, between TriMas Corporation, a Delaware corporation,
(the “Company”), and Heartland Industrial Group, L.L.C., a Delaware
limited partnership (“Heartland”).

 

WHEREAS,
Heartland and the Company have entered into the Monitoring Agreement (the “Agreement”),
dated as of June 6, 2002;

 

WHEREAS, the
Company has filed a registration statement on Form S-1 with the Securities
and Exchange Commission for an initial public offering of shares of its common
stock (the “IPO”); and

 

WHEREAS, in
connection with and conditioned upon the occurrence of the IPO, the Company and
Heartland desire to enter into the following agreements and to amend the
Agreement as more fully set forth below;

 

NOW,
THEREFORE, in consideration of the foregoing recitals and the covenants and
conditions contained herein, the parties hereto agree as follows:

 

(a)                                  In
order to facilitate the IPO, Heartland and the Company agree to modify the
Agreement to eliminate Heartland’s continuing obligations to provide certain
services to the Company and Company’s obligations to pay the Monitoring Fee to
Heartland in consideration of a settlement payment of $10,000,000, payable in
cash in immediately available funds upon the closing of the IPO (the “Closing”).
To effectuate the foregoing, upon the making of such payment, the following
amendments shall be effected:

 

(1)                                  Section 2
of the Agreement is hereby amended and restated in its entirety as follows:

 

“Services. Heartland hereby agrees that, during the term of this
Agreement, it shall render to the Company, by and through itself and its
officers, employees and representatives as Heartland in its sole discretion
shall designate from time to time, advisory and consulting services in relation
to the following affairs of the Company and its subsidiaries: (i) advice
in designing financing structures and advice regarding relationships with the
Company and its subsidiaries’ lenders, bankers and lessors; (ii) advice
regarding the structure and timing of public and private offerings of debt and
equity securities of the Company and its subsidiaries and other financings
(including capital lease financings); (iii) advice regarding property
dispositions or acquisitions; and (iv) such other advice directly related
or ancillary to the foregoing advisory services as may be reasonably
requested by the Company.”

 

 

(2)                                  Section 3
of the Agreement is hereby amended and restated in its entirety as follows:

 

“Fees. In consideration
of the services contemplated by Section 2, until the Termination Date, the
Company shall pay to Heartland or its designees a transaction fee in connection
with the consummation of each acquisition, divestiture or financing (including
capital lease financings) by the Company or any of its subsidiaries (but
excluding sales and purchases of personal property in the ordinary course of
business) in an amount equal to 1% of the aggregate value of each such
transaction, for its services in negotiating, analyzing, arranging financing
and executing such acquisitions, divestitures and financings. Such fees shall
not be payable in respect of the IPO. As used herein, “Termination Date” means
the date on which Heartland and its affiliates (including, without limitation,
the “Heartland Entities” referred to in the shareholders’ agreement entered
into June 6, 2002, as amended from time to time) hold, directly or
indirectly, beneficial ownership of less than 10% of the common equity
interests of the Company acquired on June 6, 2002, or such earlier date as
the Company and Heartland shall agree.”

 

(3)                                  Section 4 of the
Agreement shall be interpreted with respect to matters following the Closing to
relate to the services and activities contemplated by the Agreement as amended upon
the Closing, whether or not any transaction is consummated.

 

(b)                                 Miscellaneous.
This First Amendment shall become effective and shall be conditioned upon the
occurrence of the IPO. Upon such effectiveness, this First Amendment and the
Agreement together shall constitute the entire agreement between the parties
with respect to the subject matter hereof, and shall supersede all previous
oral and written (and all contemporaneous oral) negotiations, commitments,
agreements and understandings relating hereto. This First Amendment shall be
governed by, and construed and interpreted in accordance with, the laws of the
State of New York. This First Amendment shall inure to the benefit of, and be
binding upon, Heartland, the Company and their respective successors and
permitted assigns provided for in the Agreement. This First Amendment may be
executed by one or more parties to this First Amendment on any number of
separate counterparts, and all of said counterparts taken together shall be
deemed to constitute one and the same instrument.

 

2

 

IN WITNESS
WHEREOF, the parties have caused this First Amendment to be executed and
delivered by their duly authorized officers or agents as of the date first
above written.

 

	
   

  	
  HEARTLAND
  INDUSTRIAL GROUP, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Heartland
  Industrial Associates, L.L.C., its general

  partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dan Tredwell

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TRIMAS
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Grant
  Beard

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

3Exhibit 10.24

 

SECOND
AMENDMENT TO MONITORING AGREEMENT (this “Second Amendment”),
dated as of November 1, 2006, between TriMas Corporation, a Delaware corporation,
(the “Company”), and Heartland Industrial Group, L.L.C., a Delaware
limited partnership (“Heartland”).

 

WHEREAS,
Heartland and the Company have entered into the Monitoring Agreement, dated as
of June 6, 2002, as amended pursuant to the First Amendment to the
Monitoring Agreement dated as of November 1, 2006 (as amended, the “Agreement”);

 

WHEREAS, the
Company has filed a registration statement on Form S-1 with the Securities
and Exchange Commission for an initial public offering of shares of its common
stock (the “IPO”); and

 

WHEREAS, in
connection with and conditioned upon the occurrence of the IPO, the Company and
Heartland desire to enter into the following agreements and to amend the
Agreement as more fully set forth below, which amendment supersedes and
replaces, in its entirety, the First Amendment to the Monitoring Agreement;

 

NOW, THEREFORE,
in consideration of the foregoing recitals and the covenants and conditions
contained herein, the parties hereto agree as follows:

 

(a)                                  In
order to facilitate the IPO, Heartland and the Company agree to modify the
Agreement to eliminate Heartland’s continuing obligations to provide certain
services to the Company and Company’s obligations to pay the Monitoring Fee to
Heartland in consideration of a termination payment of $10,000,000, payable in
cash in immediately available funds upon the closing of the IPO (the “Closing”).
To effectuate the foregoing, upon the making of such payment, the following
amendments shall be effected:

 

(1)                                  Section 2 of the
Agreement is hereby amended and restated in its entirety as follows:

 

“Services. Heartland hereby agrees that, during the term of this
Agreement, it shall render to the Company, by and through itself and its
officers, employees and representatives as Heartland in its sole discretion
shall designate from time to time, advisory and consulting services in relation
to the following affairs of the Company and its subsidiaries: (i) advice
in designing financing structures and advice regarding relationships with the
Company and its subsidiaries’ lenders, bankers and lessors; (ii) advice
regarding the structure and timing of public and private offerings of debt and
equity securities of the Company and its subsidiaries and other financings
(including capital lease financings); (iii) advice regarding property
dispositions or acquisitions; and (iv) such other advice directly related
or ancillary to the foregoing advisory services as may be reasonably
requested by the Company.”

 

 

(2)                                  Section 3 of the
Agreement is hereby amended and restated in its entirety as follows:

 

“Fees. Subsequent to the
consummation of the IPO and solely to the extent approved by the disinterested
members of the Company’s Board of Directors on a case by case basis, the
Company, in consideration of the services contemplated by Section 2, until
the Termination Date, may pay to Heartland or its designees a transaction
fee in connection with the consummation of each acquisition, divestiture or
financing (including capital lease financings) by the Company or any of its
subsidiaries (but excluding sales and purchases of personal property in the
ordinary course of business) in an amount up to 1% of the aggregate value of
each such transaction, for its services in negotiating, analyzing, arranging
financing and executing such acquisitions, divestitures and financings. Such
fees shall not be payable in respect of the IPO. As used herein, “Termination
Date” means the date on which Heartland and its affiliates (including, without
limitation, the “Heartland Entities” referred to in the shareholders’ agreement
entered into June 6, 2002, as amended from time to time) hold, directly or
indirectly, beneficial ownership of less than 10% of the common equity
interests of the Company acquired on June 6, 2002, or such earlier date as
the Company and Heartland shall agree.”

 

(3)                                  Section 4 of the
Agreement shall be interpreted with respect to matters following the Closing to
relate to the services and activities contemplated by the Agreement as amended
upon the Closing, whether or not any transaction is consummated.

 

(b)                                 Miscellaneous.
This First Amendment shall become effective and shall be conditioned upon the
occurrence of the IPO. Upon such effectiveness, this First Amendment and the
Agreement together shall constitute the entire agreement between the parties
with respect to the subject matter hereof, and shall supersede all previous
oral and written (and all contemporaneous oral) negotiations, commitments,
agreements and understandings relating hereto. This First Amendment shall be
governed by, and construed and interpreted in accordance with, the laws of the
State of New York. This First Amendment shall inure to the benefit of, and be
binding upon, Heartland, the Company and their respective successors and
permitted assigns provided for in the Agreement. This First Amendment may be
executed by one or more parties to this First Amendment on any number of
separate counterparts, and all of said counterparts taken together shall be
deemed to constitute one and the same instrument.

 

2

 

IN WITNESS
WHEREOF, the parties have caused this First Amendment to be executed and
delivered by their duly authorized officers or agents as of the date first
above written.

 

	
   

  	
  HEARTLAND
  INDUSTRIAL GROUP, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Heartland
  Industrial Associates, L.L.C., its general

  partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dan Tredwell

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TRIMAS
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Grant
  Beard

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

3

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