Document:

INDEMNIFICATION AGREEMENT

THIS AGREEMENT is made the [27th] day of September, 2007 by and between Endurance Specialty Holdings Ltd., a Bermuda company (the “Company”), and [Name of Officer], who serves as an officer of the Company on the date hereof (the “Indemnitee”).

WHEREAS, the Indemnitee serves as an officer of the Company;

WHEREAS, the Company wishes the Indemnitee to continue to serve as an officer of the Company and the Indemnitee is willing, under certain circumstances, to continue in such capacity; and

WHEREAS, as an inducement to continued service as a officer by the Indemnitee and its other directors and officers, the Company has determined to provide additional protection to the Indemnitee as set forth herein.

NOW, THEREFORE, in consideration of the Indemnitee’s continued and future service to the Company, the parties agree as follows:

  	1.
	Indemnification. The Company agrees to indemnify the Indemnitee to the full extent permitted by Bermuda law, as it exists now and as it may be amended in the future to permit additional indemnification for the Indemnitee. 

  	2.
	Additional Indemnification and Payment of Expenses. Without limiting the indemnification provided in Section 1 and subject to the limitations, terms and conditions of this Agreement, including, but not limited to, the limitations in Section 10, the Company agrees, to the fullest extent permitted by applicable law as in effect at any time during the term of this Agreement, to:

  	 
	a.
	indemnify the Indemnitee against all judgments for both compensatory and punitive damages, fines, penalties and settlements incurred in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (including, but not limited to, any action by or in the right of the Company), to which the Indemnitee is, was or at any time becomes a party, or is threatened to be made a party, by reason of the fact that the Indemnitee is, was or at any time becomes a director, officer, employee, agent or fiduciary of the Company, or is or was serving or at any time serves at the request of the Company as a director, officer, employee, agent, or fiduciary of another corporation, partnership, joint venture, trust or other enterprise or with respect to any employee benefit plan (or its participants
or beneficiaries) of the Company or any such other enterprise, and

  	 
	b.
	pay all costs, charges and other expenses, including, but not limited to, attorneys’ fees, costs of appearance, attachment and similar bonds (hereinafter referred to as “Expenses”) incurred in connection with the investigation, defense and appeal of any action, suit or proceeding described in Section 2(a), provided, that no monies shall be paid under this Section 2(b) unless the payment of such monies shall be authorized in the specific case upon a

 

 

determination that indemnification of the Indemnitee would be proper in the circumstances because the Indemnitee has met the standard of conduct which would entitle the Indemnitee to the indemnification thereby provided and such determination has been made:

  	 
	i.
	by the  Board of Directors (the “Board”) of the Company, by a majority vote at a meeting duly constituted by a quorum of directors not party to the proceedings or matter with regard to which the indemnification is, or would be claimed;

  	 
	ii.
	in the case such a meeting cannot be constituted by lack of a disinterested quorum, by independent legal counsel in a written opinion; or

  	 
	iii.
	by a majority vote of the shareholders of the Company entitled to vote upon Company matters generally (after giving effect to any adjustments to the voting power imposed pursuant to the Company’s bye-laws).

  	3.
	Maintenance of D&O Insurance. The Company currently maintains directors’ and officers’ liability insurance with a limit of coverage of $70,000,000 (the “D&O Policies”).

  	 
	a.
	So long as the Indemnitee shall continue to serve in any capacity described in Section 2 and thereafter so long as the Indemnitee shall be subject to any possible action, suit or proceeding by reason of the fact that the Indemnitee served in any of said capacities, the Company will purchase and maintain in effect for the benefit of the Indemnitee one or more valid, binding and enforceable policies of directors’ and officers’ liability insurance providing, in all respects, coverage and amounts at least comparable to that provided pursuant to the D&O Policies.

  	 
	b.
	Notwithstanding Section 3(a), the Company shall not be required to maintain directors’ and officers’ liability insurance in effect if such insurance is not reasonably available or if, in the reasonable business judgment of the Board as it may exist from time to time, either (i) the premium cost for such insurance is substantially disproportionate to the amount of insurance or (ii) the coverage is so limited by exclusions that there is insufficient benefit provided by such insurance.

  	 
	c.
	If the Company, acting under Section 3(b), does not purchase and maintain in effect directors’ and officers’ liability insurance, the Company shall indemnify and hold harmless the Indemnitee to the full extent of the coverage which would otherwise have been provided by the D&O Policies.

  	 
	d.
	The Company shall pay all Expenses incurred by the Indemnitee in connection with any action, suit or proceeding to enforce the Indemnitee’s rights under the D&O Policies.

 

 

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  	4.
	Procedure for Determination of Entitlement to Indemnification. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

  	5.
	Presumptions and Effect of Certain Proceedings.

  	 
	a.
	In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 4 of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption.

  	 
	b.
	If the person, persons or entity empowered or selected to determine whether Indemnitee is entitled to indemnification hereunder shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement shall be deemed to have been made and Indemnitee shall be entitled to indemnification hereunder.

  	 
	c.
	The termination of any action, suit or proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

  	6.
	Defense of Claims. With respect to any action, suit or proceeding described in Section 2, the Company may elect to assume the investigation and defense of such action, suit or proceeding with counsel it selects with the consent of the Indemnitee, which consent shall not be unreasonably withheld. After notice to the Indemnitee from the Company of its election to assume the investigation and defense of such action, suit or proceeding, the Company shall not be liable to the Indemnitee under this Agreement for any expenses subsequently incurred by the Indemnitee in connection with the investigation and defense of such action, suit or proceeding other than for services requested by the Company or the counsel it selected. The Indemnitee shall have the right to employ his own counsel, but the Expenses incurred by the
Indemnitee after notice from the Company of its assumption of the investigation and defense shall be at the expense of the Indemnitee. Notwithstanding the foregoing, however, the Indemnitee shall be entitled to separate counsel in any action, suit or proceeding brought by or on behalf of the Company or as to which counsel for the Indemnitee reasonably concludes that there is a conflict of interest between the Company and the Indemnitee, provided that the Company shall not be required to pay the expenses of more than one such separate counsel for persons it is 

 

 

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indemnifying in any one action, suit or proceeding unless the counsel originally chosen to represent such Indemnitees as a group reasonably concludes that substantial and material conflicts of interest prevent such counsel from acting for the Indemnitees as a single client.

  	7.
	Payment of Expenses. The Indemnitee’s reasonable Expenses incurred in connection with any action, suit or proceeding described in Section 2 or 3(d) shall be paid by the Company as they accrue, and, in any event, within twenty (20) days after the Company has received written request therefor from or on behalf of the Indemnitee. The Company shall continue to make such payments unless and until there has been a final adjudication by a court of competent jurisdiction establishing that the Indemnitee is not entitled to be indemnified for such Expenses in accordance with Section 10 of this Agreement.

  	8.
	Indemnitee’s Reimbursement. The Indemnitee agrees to reimburse the Company for all amounts paid by the Company pursuant to Sections 1, 2, 3(c), 3(d), 6, and 7 of this Agreement in the event and to the extent, but only in the event and only to the extent, that there is a final adjudication by a court of competent jurisdiction establishing that the Indemnitee is not entitled to be so indemnified or to have such Expenses paid by the Company.

  	9.
	Contribution. If the indemnification or payments of Expenses provided by this Agreement should be unavailable or insufficient to hold the Indemnitee harmless, then the Company agrees that, for purposes of this Section, the Company shall be treated as if it were a party to the threatened, pending or completed action, suit or proceeding in which the Indemnitee was involved and that the Company shall contribute to the amounts paid or payable by the Indemnitee as a result of Expenses, judgments for both compensatory and punitive damages, fines, penalties and amounts paid in settlement. The amount of contribution provided by this Section shall be determined by (i) the relative benefits accruing to the Company on the one hand and the Indemnitee on the other which arose out of the acts or omissions underlying the
threatened, pending or completed action, suit or proceeding in which the Indemnitee was involved, (ii) the relative fault of the Company on the one hand and the Indemnitee on the other in connection with such acts or omissions, and (iii) any other equitable considerations appropriate under the circumstances. For purposes of this Section, the relative benefits of the Company shall be deemed to be the benefits accruing to it and the relative benefit of the Indemnitee shall be deemed to be an amount not greater than the Indemnitee’s annual base salary or Indemnitee’s compensation from the Company plus any personal benefit received from such acts or omissions. The relative fault shall be determined by reference to, among other things, the fault of the Company and all of its directors, officers, employees and agents (other than the Indemnitee), as a group and treated as one entity, on the one hand, and the Indemnitee’s and such group’s relative intent, knowledge, access
to information and opportunity to have altered or prevented the act or omission on the other hand.

  	10.
	Limitations on Indemnification, Advancement and Contribution. Notwithstanding anything in the foregoing to the contrary, the Company shall not be liable under this 

 

 

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Agreement to make any indemnity payment, advancement of Expenses or contribution in connection with any action, suit or proceeding:

  	 
	a.
	to the extent that payment is actually made, or for which payment is available, to or on behalf of the Indemnitee under an insurance policy, except in respect of any amount in excess of the limits of liability of such policy or any applicable deductible for such policy; 

  	 
	b.
	to the extent that payment has or will be made to the Indemnitee by the Company otherwise than pursuant to this Agreement;

  	 
	c.
	to the extent that there was a final adjudication by a court of competent jurisdiction that the Indemnitee has committed (i) any intentional act of fraud, embezzlement or theft during the term of his employment with the Company, (ii) any gross negligence or willful misconduct during the term of his employment with the Company or (iii) any violation of any statutory or common law duty of loyalty to the Company or any of its subsidiaries during the term of his employment with the Company; 

  	 
	d.
	to the extent the application of such provision is prohibited under the Bermuda Companies Act 1981; or

  	 
	e.
	To the extent of any “short swing profit” disgorgement or similar liability arising under Section 16(b) of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

  	11.
	Enforcement of Indemnitee’s Rights. The Indemnitee shall have the right to enforce this Agreement in any court of competent jurisdiction if the Company either fails to indemnify the Indemnitee pursuant to the Company’s Bye-Laws or Section 1, 2, or 3(c) or fails to advance Expenses pursuant to the Company’s Bye-Laws or Section 7 within twenty (20) days of the receipt of written request to do so from or on behalf of the Indemnitee. The Company agrees to stipulate in any such suit that the Company is bound by all the provisions of this Agreement and is precluded from making any assertion to the contrary. The burden of proof shall be on the Company in any such suit to demonstrate by the weight of the evidence that the Indemnitee is not entitled to indemnification or advance payment of Expenses. The
Indemnitee’s Expenses incurred in establishing his right to indemnification or advancement of Expenses, in whole or in part, in any such action (or settlement thereof) shall be paid by the Company as they accrue and, in any event within twenty (20) days after the Company has received written request therefore from or on behalf of the Indemnitee. The Company shall continue to make such payments unless and until there has been a final adjudication by a court of competent jurisdiction establishing that the Indemnitee is not entitled to indemnification or advance payment of Expenses, in which event the Indemnitee agrees to reimburse the Company for all amounts paid under this Section 11.

  	12.
	Change in Control. The Company agrees that if there is a Change in Control, as defined below, of the Company (other than a Change in Control which has been 

 

 

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approved by a majority of the Board who were directors immediately prior to such Change in Control), then (a) any determination with respect to an Indemnitee’s eligibility to receive payment of expenses under Section 2(b)(i) shall be made by the members of the Board who were directors immediately prior to such Change in Control and (b) with respect to all other matters thereafter arising concerning the rights of the Indemnitee to indemnity payments and payments of Expenses under this Agreement, the Company shall seek legal advice only from special, independent counsel selected by the Indemnitee with the consent of the Company (which consent shall not be unreasonably withheld), and who has not otherwise performed services for the Company within the last five years (other than in such capacity and in connection with such matters). Such counsel, among other things, shall
render a written opinion to the Company and the Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under this Agreement and applicable law. The Company agrees to be bound by such written opinion of the special, independent counsel, to pay the reasonable fees of such counsel and to fully indemnify such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or counsel’s engagement pursuant hereto. A “Change in Control” for purposes of this Agreement shall be deemed to have occurred upon the earliest to happen of the following:

  	 
	a.
	the acquisition by any individual, entity or group (a “Person”), including any “person” within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act, of beneficial ownership within the meaning of Rule 13d-3 promulgated under the Exchange Act, of 50% or more of either (i) the then outstanding ordinary shares, par value $1.00 per share, of the Company (the “Outstanding Ordinary Shares”) or (ii) the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors pursuant to the Bye-Laws of the Company (the “Outstanding Voting Securities”); excluding, however, the following: (A)
any acquisition directly from the Company (excluding any acquisition resulting from the exercise of an exercise, conversion or exchange privilege unless the security being so exercised, converted or exchanged was acquired directly from the Company), (B) any acquisition by the Company, (C) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (D) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (c) of this definition of Change in Control; provided, further, that for purposes of clause (B), if any Person (other than the Company or any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company) shall
become the beneficial owner of 50% or more of the Outstanding Ordinary Shares or 50% or more of the Outstanding Voting Securities by reason of an acquisition by the Company, and such Person shall, after such acquisition by the Company, become the beneficial owner of any additional Outstanding Ordinary Shares or any additional Outstanding Voting Securities and such beneficial ownership is publicly announced, such additional beneficial ownership shall constitute a Change in Control;

 

 

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	b.
	individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of such Board within a 24 month period; provided, that any individual who becomes a director of the Company subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by the vote of at least a majority of the directors then comprising the Incumbent Board shall be deemed a member of the Incumbent Board; and provided, further, that any individual who was initially elected as a director of the Company as a result
of an actual or threatened solicitation by a Person other than the Board for the purpose of opposing a solicitation by any other Person with respect to the election or removal of directors, or any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board shall not be deemed a member of the Incumbent Board;

  	 
	c.
	the consummation of a reorganization, amalgamation, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Corporate Transaction”); excluding, however, a Corporate Transaction pursuant to which (i) all or substantially all of the individuals or entities who are the beneficial owners, respectively, of the Outstanding Ordinary Shares and the Outstanding Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 55% of, respectively, the outstanding shares of common stock, and the combined voting power of the outstanding securities entitled to vote generally in the
election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or indirectly) in substantially the same proportions relative to each other as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Ordinary Shares and the Outstanding Voting Securities, as the case may be, (ii) no Person (other than: the Company; any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; the corporation resulting from such Corporate Transaction; and any Person which beneficially owned, immediately prior to such Corporate Transaction, directly or indirectly, 50% or more of the Outstanding Ordinary Shares or the Outstanding Voting Securities, as the case may be) will beneficially own, directly
or indirectly, 50% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding securities of such corporation entitled to vote generally in the election of directors and (iii) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or

  	 
	d.
	the consummation of a plan of complete liquidation or dissolution of the Company.

 

 

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  	13.
	Settlement. The Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any action, suit or proceeding without its written consent, which consent shall not be unreasonably withheld. The Company shall not settle any action, suit or proceeding which would impose any penalty or limitation on the Indemnitee without the Indemnitee’s written consent, which consent shall not be unreasonably withheld. In the event that consent is not given and the parties hereto are unable to agree on a proposed settlement, independent legal counsel shall be retained by the Company, at its expense, with the consent of the Indemnitee, which consent shall not be unreasonably withheld, for the purpose of determining whether or not the proposed settlement is reasonable under
all of the circumstances, and if independent legal counsel determines the proposed settlement is reasonable, the settlement may be consummated without the consent of the other party.

  	14.
	Company Subrogation Rights. In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee against any person or organization and the Indemnitee shall execute all papers required and shall do everything that may be reasonably necessary to secure such rights.

  	15.
	Non-Exclusive. Nothing in this Agreement shall diminish or otherwise restrict, and this Agreement shall not be deemed exclusive of, the Indemnitee’s rights to indemnification or advancement of Expenses under any provision of Bermuda law or the Bye-Laws of the Company or otherwise.

  	16.
	Notice to the Company. The Indemnitee will promptly notify the Company of any threatened, pending or completed action, suit or proceeding against the Indemnitee described in Section 2. The failure to notify or promptly notify the Company shall not relieve the Company from any liability which it may have to the Indemnitee otherwise than under this Agreement, and shall relieve the Company from liability hereunder only to the extent the Company has been prejudiced.

	
                        17.
 	
                        Notices. Any notice that is required or permitted to be given under this Agreement shall be in writing and shall be personally delivered or deposited in the United States mail, certified or registered mail with proper postage prepaid and addressed:
 
	 	If to the Company, to:

	 	Endurance Specialty Holdings Ltd.

Wellesley House

90 Pitts Bay Road 

Pembroke HM08 

Bermuda

Attn: Secretary

 

 

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If to the Indemnitee, to the residence address or residence facsimile number of the Indemnitee set forth in the records of the Company.

Each party hereto may provide the other party hereto with notice of a new address for notices under this Section 17, in which event notices under this Agreement shall be delivered to such other address as the party may have furnished to the other party at least 10 calendar days prior to such notice.

  	18.
	Supersedes Prior Agreements. This Agreement replaces and supersedes any other agreement or agreements, oral or written, that the Company may have with Indemnitee with respect to the subject matter covered by this Agreement.

  	19.
	Separability. Each of the provisions of this Agreement is a separate and distinct agreement and independent of the others, so that if any provision shall be held to be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the validity or enforceability of the other provisions.

  	20.
	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Bermuda, without regard to principles of conflict of laws.

  	21.
	Duration of Agreement. Unless otherwise terminated pursuant to Section 23 hereof, this Agreement shall continue in effect until and terminate upon the later of (a) ten (10) years after the Indemnitee has ceased to occupy any of the positions or have any of the relationships described in Section 2(a) of this Agreement and (b) the final termination of all pending or threatened actions, suits, proceedings or investigations with respect to Indemnitee.

  	22.
	Binding Effect. This Agreement shall be binding upon the Indemnitee and upon the Company, its successors and assigns, and shall inure to the benefit of the Indemnitee, his heirs, personal representatives and assigns and to the benefit of the Company, its successors and assigns.

  	23.
	Amendment and Termination. Except for any automatic termination pursuant to Section 21 hereof, no amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by both parties.

  	24.
	Headings. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

  	25.
	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

 

  	 
	 
	 
	ENDURANCE SPECIALTY HOLDINGS LTD.

	 
	 
	 
	By: 
	

  

	 
	 
	 
	 
	Name: 
	 

	 
	 
	 
	 
	Title: 
	 

	 	 	 	 	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	[Name of Officer]l

 

 

10exv10w1

 

Exhibit 10.1

Execution Copy

TENTH AMENDMENT TO REVOLVING CREDIT

AND TERM LOAN AGREEMENT

     THIS TENTH AMENDMENT TO REVOLVING CREDIT AND TERM LOAN AGREEMENT (this “Amendment”) dated as
of September 28, 2007, is by and among COMMERCIAL VEHICLE GROUP, INC., a Delaware corporation (the
“Company”), the SUBSIDIARY BORROWERS parties hereto, the FOREIGN CURRENCY BORROWERS parties
hereto, the BANKS parties hereto, U.S. BANK NATIONAL ASSOCIATION, a national banking association,
one of the Banks, as administrative agent for the Banks (in such capacity, the “Agent”) and
COMERICA BANK, a Michigan banking corporation, one of the Banks, as syndication agent for the Banks
(in such capacity, the “Syndication Agent”).

     WHEREAS, the Company, the Subsidiary Borrowers, the Foreign Currency Borrowers, certain Banks,
the Agent and the Syndication Agent are parties to a Revolving Credit and Term Loan Agreement dated
as of August 10, 2004 as amended by a First Amendment to Revolving Credit and Term Loan Agreement
dated as of September 16, 2004, by a Second Amendment to Revolving Credit and Term Loan Agreement
and Amendment to Security Agreement dated as of February 7, 2005, by a Third Amendment to Revolving
Credit and Term Loan Agreement and Amendment to Security Agreement dated as of June 3, 2005, by a
Fourth Amendment to Revolving Credit and Term Loan Agreement dated as of June 29, 2005, by a Fifth
Amendment to Revolving Credit and Term Loan Agreement dated as of July 12, 2005, by a Sixth
Amendment to Revolving Credit and Term Loan Agreement dated as of December 29, 2005, by a Waiver
and Seventh Amendment to Revolving Credit and Term Loan Agreement dated as of March 26, 2007, by an
Eighth Amendment to Revolving Credit and Term Loan Agreement dated as of June 26, 2007 and by an
Amendment and Waiver Letter dated August 16, 2007 (as amended, the “Loan Agreement”);

     WHEREAS, the Company has requested that the Banks agree to various amendments to the covenants
regarding reporting, financial ratios and certain other matters as set out in the Loan Agreement to
facilitate future operations and a Permitted Acquisition and the Banks are willing to do so on the
terms and subject to the conditions set forth in this Amendment; and

     NOW, THEREFORE, for value received, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     1. Certain Defined Terms. Each capitalized term used herein without being defined
herein that is defined in the Loan Agreement shall have the meaning given to it therein.

     2. Amendments to Loan Agreement. The Loan Agreement is hereby amended as follows:

     (a) Section 1.1 of the Loan Agreement is amended to add the following definition of “PEKM
Acquisition” in appropriate alphabetical order:

 

 

     “PEKM Acquisition”: The acquisition of certain of the equity interests
of PEKM s.r.o. by a new indirect Foreign Subsidiary of the Company, CVG Czech I
s.r.o., on or about October 1, 2007.

     (b) The definition of “Ordinary Course of Business” in Section 1.1 of the Loan Agreement is
amended in its entirety to read as follows:

     “Ordinary Course of Business”: In respect of any transaction involving
a Borrower or any Subsidiary of a Borrower, the ordinary course of such Person’s
business and undertaken by such Person in good faith and not for purposes of evading
any covenant or restriction in any Loan Document.

     (c) Section 2.1(d) of the Loan Agreement is amended to delete therefrom the dollar amount
“$5,000,000” and insert in its place the dollar amount “$10,000,000” as the limitation on Swingline
Loans (subject to the other limitations set forth therein).

     (d) Section 5.1(b) of the Loan Agreement is amended in its entirety to read as follows:

     5.1(b) as soon as available, but not later than thirty (30) days after the end of each fiscal
quarter of each year (except 60 days after the end of each December), a copy of the unaudited
consolidated balance sheets of the Company, the Borrowers and each of their Subsidiaries, and the
related consolidated statements of income, shareholders’ equity and cash flows as of the end of
such fiscal quarter and for the portion of the fiscal year then ended, all certified on behalf of
the Company by an appropriate Responsible Officer as being complete and correct in all material
respects and fairly presenting in all material respects, in accordance with GAAP, the financial
position and the results of operations of the Borrowers and their Subsidiaries, subject to normal
year-end adjustments and absence of footnote disclosure.

     (e) Section 5.2(d) of the Loan Agreement is amended in its entirety to read as follows:

     5.2(d) together with each delivery of financial statements pursuant to subsection 5.1(a) and
subsection 5.1(b) (i) a management report, in reasonable detail, signed by a Responsible Officer of
the Company, describing the operations and financial condition of the Borrowers and their
Subsidiaries for the fiscal quarter and the portion of the fiscal year then ended (or for the
fiscal year then ended in the case of annual financial statements), and (ii) a report setting forth
in comparative form the corresponding figures for the corresponding periods of the previous fiscal
year and the corresponding figures from the most recent projections for the current fiscal year
delivered pursuant to subsection 5.2(f) and discussing the reasons for any significant variations;

     (f) Section 5.2(f) of the Loan Agreement is amended in its entirety to read as follows:

     5.2(f) as soon as available and in any event no later than thirty (30) days after the last
day of each fiscal year of the Company, projections of the Company’s (and its Subsidiaries’)
consolidated financial performance for the then current fiscal year on a month by month basis;

     (g) Section 6.4 (b) of the Loan Agreement is amended in its entirety to read as follows:

2

 

     6.4(b) extensions of credit in the Ordinary Course of Business by (i) the Company to any of
its Subsidiaries, or (ii) any Subsidiary of the Company to the Company or to any other Subsidiary
of the Company; provided that following an Event of Default, if requested by the Agent, the
obligations of each obligor shall be evidenced by notes, the sole originally executed copy of which
shall, at the request of the Agent, be pledged to the Agent, for the benefit of the Agent and the
Banks, and have such other terms as the Agent may reasonably require provided
further, that extensions of credit described in clauses (i) and (ii) of this Section 6.4(b)
shall be deemed to be in the Ordinary Course of Business if the proceeds thereof are used (A) to
repay or prepay Obligations in whole or in part, (B) to repay or prepay Indebtedness allowed under
Section 6.5(n) in whole or in part, or (C) for Permitted Acquisitions;

     (h) Section 6.4(v) of the Loan Agreement is amended by deleting from clause (ii) thereof the
dollar amount “$20,000,000” and inserting in its place the dollar amount “$40,000,000” as the cap
on capital contributions to Foreign Subsidiaries under the Loan Agreement.

     (i) Sections 6.19 and 6.20 of the Loan Agreement are amended in their entireties to read as
follows:

     Section 6.19 Total Leverage Ratio. The Borrowers shall not permit the Total Leverage
Ratio as of the last day of any fiscal quarter ending during the following periods for the four
fiscal quarter period then ended to be greater than the ratio set forth below for such period:

	 	 	 
	Fiscal Quarters	 	Maximum Total
	Ending	 	Leverage Ratio
	 
	 	 
	June 30, 2007

	 	2.50 to 1.00
	 
	 	 
	September 30, 2007

	 	3.75 to 1.00
	 
	 	 
	December 31, 2007 through March 31,
2008

	 	4.75 to 1.00
	 
	 	 
	June 30, 2008

	 	3.75 to 1.0
	 
	 	 
	September 30, 2008

	 	2.75 to 1.0
	 
	 	 
	December 31, 2008 and each fiscal
quarter end thereafter

	 	2.50 to 1.0

     Section 6.20 Fixed Charge Coverage Ratio. The Company shall not permit its Fixed
Charge Coverage Ratio:

     (a) for the twelve months then ended measured at the end the fiscal quarter ending June
30, 2007, to be less than 1.30 to 1.00.

     (b) for the twelve months then ended measured at the end of the fiscal quarters ending
September 30, 2007 and December 31, 2007, to be less than 1.10 to 1.00.

3

 

     (c) for the twelve months then ended measured at the end of the fiscal quarter ending
March 31, 2008, to be less than 1.00 to 1.00.

     (d) for the twelve months then ended measured at the end of the fiscal quarter ending
June 30, 2008, to be less than 1.10 to 1.00.

     (e) for the twelve month then ended measured at the end of the fiscal quarter ending
September 30, 2008 and at the end of each fiscal quarter thereafter, to be less than 1.30 to
1.00.

     (j) Exhibit 1.1(G) to the Credit Agreement is amended to read as 1.1(G) attached hereto.

     (k) Each of Schedules 4.2 and 6.5 to the Loan Agreement are hereby replaced in their
entireties with Schedules 4.2 and 6.5 attached hereto.

     3. Amendments to the Security Agreement. The Security Agreement is amended to add
thereto a pledge by each of the Company and CVG European Holdings, LLC of 65% of its Equity
Interest in CVG Global S.a.r.l. By its signature on this Amendment each of the Company and CVG
European Holdings, LLC hereby pledges to the Secured Parties 65% of the issued and outstanding
Equity Interest of CVG Global S.a.r.l. and Schedule 1 to the Security Agreement is amended to add
the following thereto:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Holder of	 	Issuer of	 	 	 	Stock	 	Equity	 	Equity	 	 
	Equity	 	Equity	 	Interest	 	Certificate	 	Interest	 	Interest	 	 
	Interest	 	Interest	 	Pledged	 	Number	 	Issued	 	Authorized	 	Par Value
	Commercial Vehicle Group, Inc.
	 	CVG Global S.a.r.l.	 	58.5 shares	 	Not applicable	 	90 shares	 	100 shares	 	152 Euros per share
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	CVG European Holdings, LLC
	 	CVG Global S.a.r.l.	 	6.5 shares	 	Not applicable	 	10 shares	 	100 shares	 	152 Euros per share

     4. Conditions to Effectiveness of this Amendment. This Amendment shall be effective
as of the date set forth above (the “Effective Date”), once the Agent has received sufficient
counterparts of this Amendment as required by the Agent, duly executed by the Borrowers and the
Required Banks, and the following conditions are satisfied or waived:

4

 

     (a) After giving effect to this Amendment, the representations and warranties of the
Borrowers in Article IV of the Loan Agreement and Section 7 of the Security Agreement shall
be true and correct in all material respects as though made on the date hereof, except to
the extent such representations and warranties by their terms are made as of a specific date
and except for changes that are permitted by the terms of the Loan Agreement.

     (b) After giving effect to this Amendment, no Event of Default and no Default shall
have occurred and be continuing.

     (c) The Agent shall have received from the Borrower for the benefit of the Banks an
amendment fee of $100,000.

     5. Acknowledgments. The Borrowers and the Banks acknowledge that, as amended hereby,
the Loan Agreement remains in full force and effect with respect to the Borrowers and the Banks,
and that each reference to the Loan Agreement in the Loan Documents shall refer to the Loan
Agreement, as amended hereby. The Borrowers confirm and acknowledge that they will continue to
comply with the covenants set out in the Loan Agreement and the other Loan Documents, as amended
hereby, and that their representations and warranties set out in the Loan Agreement and the other
Loan Documents, as amended hereby, are true and correct in all material respects as of the date of
this Amendment, except to the extent such representations and warranties by their terms are made as
of a specific date and except for changes that are permitted by the terms of the Loan Agreement (as
amended hereby). The Borrowers represent and warrant that (i) the execution, delivery and
performance of this Amendment and is within their corporate powers and have been duly authorized by
all necessary corporate action; (ii) this Amendment has been duly executed and delivered by the
Borrowers and constitute the legal, valid and binding obligations of the Borrowers, enforceable
against the Borrowers in accordance with their terms (subject to limitations as to enforceability
which might result from bankruptcy, insolvency, or other similar laws affecting creditors’ rights
generally and general principles of equity); and (iii) after giving effect to this Amendment no
Events of Default or Default exist and are continuing.

     6. General.

     (a) The Company agrees to reimburse the Agent and the Syndication Agent within 10 days
of demand for all reasonable out-of-pocket expenses paid or incurred by the Agent and the
Syndication Agent including filing and recording costs and fees and expenses of outside
counsel to the Agent and outside counsel to the Syndication Agent (determined on the basis
of such counsels’ generally applicable rates, which may be higher than the rates such
counsel charges the Agent or the Syndication Agent in certain matters) in the preparation,
negotiation and execution of this Amendment and any documents related thereto (collectively,
the “Amendment Documents”), and to pay and save the Banks harmless from all
liability for any stamp or other taxes which may be payable with respect to the execution or
delivery of this Amendment and the Amendment Documents, which obligations of the Company
shall survive any termination of the Loan Agreement.

5

 

     (b) This Amendment may be executed in as many counterparts (including via facsimile or
electronic PDF transmission) as may be deemed necessary or convenient, and by the different
parties hereto on separate counterparts, each of which, when so executed, shall be deemed an
original but all such counterparts shall constitute but one and the same instrument.

     (c) Any provision of this Amendment which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining portions hereof or
affecting the validity or enforceability of such provisions in any other jurisdiction.

     (d) The validity, construction and enforceability of this Amendment shall be governed
by the internal laws of the State of New York, without giving effect to conflict of laws
principles thereof, but giving effect to federal laws of the United States applicable to
national banks.

     (e) This Amendment and the Amendment Documents shall be binding upon the Borrowers, the
Banks, the Agent, the Syndication Agent and their respective permitted successors and
assigns, and shall inure to the benefit of the Borrowers, the Banks, the Agent, the
Syndication Agent and the successors and permitted assigns of the Banks, the Agent and the
Syndication Agent.

[the remainder of this page intentionally left blank]

6

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day
and year first above written.

	 	 	 	 	 
	 	COMMERCIAL VEHICLE GROUP, INC.

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title   CFO 	 
	 	 	 	 

Address:

6530 Campus Way

New Albany, Ohio 43054

Fax: (614) 289-5371

Attention: Jeff Vogel

	 	 	 	 	 
	 	SPRAGUE DEVICES, INC.
(formerly COMMERCIAL VEHICLE SYSTEMS, INC.)

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title   CFO 	 
	 	 	 	 
	 
	 	NATIONAL SEATING COMPANY

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title   CFO 	 
	 	 	 	 
	 
	 	TRIM SYSTEMS OPERATING CORP.

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title   CFO 	 
	 	 	 	 
	 
	 	CVS HOLDINGS, INC.

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title   CFO 	 
	 	 	 	 

[Signature Page 1 to Tenth Amendment]

 

 

	 	 	 	 	 
	 	TRIM SYSTEMS, INC.

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title   CFO 	 
	 	 	 	 
	 
	 	MAYFLOWER VEHICLE SYSTEMS, LLC

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title             CFO 	 
	 	 	 	 
	 
	 	CVG MANAGEMENT CORPORATION

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title           CFO 	 
	 	 	 	 
	 
	 	MONONA CORPORATION

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title   CFO 	 
	 	 	 	 
	 
	 	MONONA WIRE CORPORATION

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title          CFO 	 
	 	 	 	 
	 
	 	MONONA (MEXICO) HOLDINGS, LLC

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title             CFO 	 
	 	 	 	 

[Signature Page 2 to Tenth Amendment]

 

 

	 	 	 	 	 
	 	CABARRUS PLASTICS, INC.

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title          CFO 	 
	 	 	 	 

	 	 	 	 	 
	 	CVG EUROPEAN HOLDINGS, LLC

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title           CFO              	 
	 	 	 	 

[Signature Page 3 to Tenth Amendment]

 

 

	 	 	 	 	 
	 	FOREIGN CURRENCY BORROWERS:

COMMERCIAL VEHICLE SYSTEMS LIMITED

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title   CFO 	 
	 	 	 	 
	 
	 	KAB SEATING LIMITED

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title   CFO 	 
	 	 	 	 
	 
	 	BOSTROM LIMITED

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title   CFO 	 
	 	 	 	 
	 
	 	BOSTROM INTERNATIONAL LIMITED

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title   CFO 	 
	 	 	 	 
	 
	 	CVS HOLDINGS LIMITED

 	 
	 	By  	/s/ Chad M. Utrup
 	 
	 	 	Title   CFO 	 
	 	 	 	 

[Signature Page 4 to Tenth Amendment]

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By  	/s/ Richard A. Clemmerson
 	 
	 	 	Title   Assistant Vice President
 	 
	 	In its individual corporate capacity and as Agent

Address:

800 Nicollet Mall

Minneapolis, MN 55402

Fax: 612-303-2258

Attention: Richard A. Clemmerson 

[Signature Page 5 to Tenth Amendment]

 

 

	 	 	 	 	 
	 	COMERICA BANK

 	 
	 	By  	/s/ Illegible
 	 
	 	 	Title   Vice President 	 
	 	 	 	 
	 	Address:
Comerica Tower

500 Woodward Avenue

Detroit, Michigan 48226

Fax: 313-222-3389

Attention: Timothy J. Campbell 

[Signature Page 6 to Tenth Amendment]

 

 

	 	 	 	 	 
	 	ASSOCIATED BANK, N.A.

 	 
	 	By  	/s/ Illegible
 	 
	 	 	Title     Assistant Vice President
 	 
	 	Address:

401 E. Kilbourn Avenue

Suite 400

Milwaukee, WI 53202

Fax: 414-283-2300

Attention: Viktor Gottlieb

E-mail: viktor.gottlieb@associatedbank.com 

[Signature Page 7 to Tenth Amendment]

 

 

	 	 	 	 	 
	 	CITIZENS BANK OF PENNSYLVANIA

 	 
	 	By  	/s/ Illegible
 	 
	 	 	Title     Vice President
 	 
	 	Address:

525 William Penn Place

Room 2910

Pittsburgh, PA 15219-1729

Fax: 412-552-6307 

[Signature Page 8 to Tenth Amendment]

 

 

	 	 	 	 	 
	 	NATIONAL CITY BANK OF THE MIDWEST

 	 
	 	By  	/s/ Kenneth M. Blackwell
 	 
	 	 	Title     Vice President
 	 
	 	Address:

755 West Big Beaver Road; Locator R-J40-25C

Troy, Michigan 48084

Fax: 248-729-8820

Attention: Kenneth M. Blackwell

E-mail: Kenneth.blackwell@nationalcity.com 

[Signature Page 9 to Tenth Amendment]

 

 

	 	 	 	 	 
	 	SUNTRUST BANK

 	 
	 	By  	/s/ William C. Humphries
 	 
	 	 	Title     Managing Director
 	 
	 	Address:

303 Peachtree Street

10th Floor, MC 1928

Atlanta, GA 30308

Fax: 404-658-5989

Attention: William Humphries, Managing Director

E-mail: William.Humphries@suntrust.com 

[Signature Page 10 to Tenth Amendment]

 

 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION

 	 
	 	By  	/s/ Illegible
 	 
	 	 	Title     Vice President
 	 
	 	Address:

201 East Fifth Street

Cincinnati, OH 45202

Fax: 513-651-8951

Attention: Jeff Stein

E-Mail: jeffrey.stein@pncbank.com 

[Signature Page 11 to Tenth Amendment]

 

 

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION

 	 
	 	By  	/s/ Roger D. Campbell
 	 
	 	 	Title     SVP
 	 
	 	Address:

88 East Broad Street, 2nd Floor

Columbus, Ohio 43215

Fax: 614-460-3469

Attention: Roger D. Campbell

e-mail: Roger_campbell@keybank.com 

[Signature Page 12 to Tenth Amendment]

 

 

	 	 	 	 	 
	 	LASALLE BANK NATIONAL ASSOCIATION

 	 
	 	By  	/s/ Ted Lape
 	 
	 	 	Title     SVP
 	 
	 	Address:

LaSalle Bank N.A.

One Columbus

10 W. Broad St., Suite 2250

Columbus, OH 43215-3418

Attention: Steven P. Shepard, Senior V.P.

Fax: 614-225-1631 

[Signature Page 13 to Tenth Amendment]

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