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  Exhibit 10.36    
    

 
    Hawaiian Telcom
  Performance Compensation Plan    
    
    (adopted by the Compensation Committee on March 21, 2011)    

I.     Purpose  

        The purpose of the Hawaiian Telcom Performance Compensation Plan (the "Plan") is to promote the interests of Hawaiian Telcom Holdco, Inc. and its
affiliates (collectively, the "Company") by providing eligible non-union employees in the Company's service with the opportunity to participate in an incentive compensation program under
which such employees may be rewarded for their contributions to the Company's success with performance cash awards (the "Plan Awards") upon the attainment of pre-established performance
goals (the "Performance Goals"), which may include Company, business unit, and/or individual goals, for a particular fiscal year of the Company (the "Performance Year"). 

II.    Plan Term  

        The Plan shall continue in effect until modified or terminated by the Compensation Committee of the Company's Board of Directors. This Plan supersedes all prior
bonus or incentive plans with respect to employees eligible to participate in this Plan or any written or verbal representations regarding bonus or incentive plans. 

III.  Administration of the Plan  

        The Plan shall be administered by the Compensation Committee of the Board of Directors of the Company (the "Plan Administrator"). The Plan Administrator shall
have full and exclusive power, authority, and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power to (i) determine
which employees are eligible to participate in the Plan, (ii) determine the terms and conditions of each Plan Award granted under the Plan, including the target bonus amounts and Performance
Goals for each Performance Year applicable to the Plan Award, (iii) determine the extent to which Performance Goals are achieved, (iv) determine the amounts to be paid out pursuant to
Plan Awards and the timing of such payments, (v) adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith, (vi) amend or modify the
Plan and any such rules or provisions of the Plan; and (vii) make such determinations under, and issue such interpretations of, the provisions of the Plan and any outstanding Plan Awards
thereunder as it may deem necessary or advisable. 

        The
Plan Administrator, in its sole discretion and on such terms and conditions as it may provide, may delegate all or part of its authority and powers under the Plan to one or more
directors and/or officers of the Company. Decisions of the Plan Administrator, and any delegate thereof pursuant to the provisions of the Plan, shall be final, conclusive, and binding on all parties
who have an interest in the Plan or any Plan Award thereunder and shall be given the maximum deference permitted by law. 

IV.    Award Eligibility  

        Non-union employees of the Company designated by the Plan Administrator to participate in the Plan shall be eligible to receive a payout pursuant to a
Plan Award if they (i) have worked a minimum of thirty (30) days during the Performance Year, (ii) were hired prior to December 1 of the Performance Year, and
(iii) are actively at work on the Company payroll at the time of payout of the Plan Award. Employees who meet the thirty (30) day minimum service requirement, but who were on a
Company-approved leave of absence for a portion of the Performance Year, will be eligible for a pro-rated payout pursuant to a Plan Award based on their earnings while on active work
status during such Performance Year. 

 

        Notwithstanding
the foregoing, the following are not eligible for payout pursuant to a Plan Award: 

	•
	Employees who have received an overall performance appraisal/review rating of "Below Requirements" or "Fails to Meet
Expectations" for the last review received prior to payout under a Plan Award.   

	•
	Employees eligible for a sales commission, part-time employees working in a position eligible for Team
Performance Awards (TPA), union employees, contractors, temporary workers, and interns. 

V.     Plan Award Ranges  

        Each eligible non-union employee may receive a Plan Award within the range (in percentage points) of his or her job level salary band, with such
incentive ranges (e.g., 0-10%) for each salary band set by the CEO and the Plan Administrator. Incentive ranges shall be reviewed annually by the CEO and the Plan Administrator.
Generally, all jobs within the same job level salary band are eligible for the same incentive range, and the incentive range increases with higher job levels reflecting jobs with increasing impact on
Company performance. The CEO may, in his sole and absolute discretion, re-allocate, among the Company's senior vice presidents, vice presidents, executive directors and directors, the Plan
Awards for such executive officers. 

VI.   Performance Year and Performance Goals  

        For each Performance Year, the Plan Administrator shall establish the Performance Goals as well as the threshold level of Performance Goals that must be reached
before a payout pursuant to any Plan Award will be considered. Company goals may include, but shall not be limited to, one or more objective, measurable performance factors as determined by the Plan
Administrator, including, but not limited to: (i) revenue, (ii) adjusted EBITDA, (iii) cash flow, and (iv) customer satisfaction. Such Performance Goals generally shall be
established by the Plan Administrator by the end of the first quarter of the applicable Performance Year. 

        The
Plan Administrator shall establish performance threshold, target, and maximum levels for each Performance Goal and, if applicable, the relative weight assigned to each Performance
Goal. If performance falls below the threshold for all Performance Goals, no payout pursuant to the applicable Plan Award will be considered. The thresholds, targets, maximums, and payout formulas may
vary from Performance Year to Performance Year. 

VII. Calculation of Plan Awards  

	A.
	The
payout to be made pursuant to any Plan Award shall be calculated using eligible earnings only, consisting of total base earnings, including vacation pay
and personal day pay, and pay for approved leaves as determined by the Plan Administrator or delegate thereof pursuant to the provisions of the Plan. Overtime pay and payments pursuant to other
incentive programs are not included.

	B.
	Eligible
employees who were promoted or transferred during a Performance Year will have the payout pursuant to their Plan Award prorated according to total
eligible earnings in each qualified job.

	C.
	If
an employee is working as a regular part-time or full-time (hourly paid) non-exempt employee during a Performance
Year, the payout pursuant to their Plan Award for such Performance Year shall be calculated based upon the same incentive range for the job level of a full-time exempt employee having a
position in the same job level. 

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VIII.  Payment of Awards  

        Payouts pursuant to Plan Awards will be included in the employees' regular paychecks. 

IX.   General  

	A.
	Nothing
in the Plan shall confer upon any participant in the Plan the right to continued employment with the Company, or affect in any way the right of the
Company to terminate the Participant's employment at any time, and for any reason, or change the Participant's responsibilities.

	B.
	Plan
Award opportunities under the Plan represent unfunded and unsecured obligations of the Company and a holder of any right hereunder in respect of any
Plan Award shall have no rights other than those of a general unsecured creditor of the Company.

	C.
	An
eligible employee's rights and interests under the Plan, or any amounts payable under the Plan, may not be assigned, pledged, or transferred except, in
the event of such employee's death, to a designated beneficiary as may be permitted by the Plan Administrator, or in the absence of such designation, by will or the laws of descent and distribution.

	D.
	The
validity, construction, and effect of the Plan, any rules and regulations relating to the Plan, and any Plan Award, shall be determined in accordance
with the laws of the State of Hawaii (without giving effect to principles of conflicts of laws thereof).

	E.
	In
the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of
the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

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QuickLinks

Exhibit 10.36

Hawaiian Telcom Performance Compensation Plan (adopted by the Compensation Committee on March 21, 2011)Exhibit 10.20

 

ACCURIDE CORPORATION

 

DIRECTORS’ DEFERRED COMPENSATION PLAN

 

(As Amended and Restated Effective January 1, 2009)

 

 

ACCURIDE CORPORATION

 

DIRECTORS’ DEFERRED COMPENSATION PLAN

 

(As Amended and Restated Effective January 1, 2009)

 

Table of Contents

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE I.
    	
DEFINITIONS
    	
1
    
	
 
    	
 
    	
 
    
	
ARTICLE II.
    	
ELECTION TO DEFER
    	
3
    
	
 
    	
 
    	
 
    
	
ARTICLE III.
    	
DEFERRED COMPENSATION ACCOUNTS
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE IV.
    	
PAYMENT OF DEFERRED COMPENSATION
    	
5
    
	
 
    	
 
    	
 
    
	
ARTICLE V.
    	
ADMINISTRATION; AMENDMENT
    	
6
    
	
 
    	
 
    	
 
    
	
EXHIBIT A
    	
 
    	
 
    

 

 

ACCURIDE CORPORATION

DIRECTORS’ DEFERRED COMPENSATION PLAN

 

(As Amended and Restated Effective January 1, 2009)

 

The Accuride Corporation Directors’ Deferred Compensation Plan (as it may be amended from time to time, the “Plan”) was adopted by Accuride Corporation, a corporation organized under the laws of the state of Delaware (the “Company”), effective as of May 19, 2006, for the benefit of its eligible non-employee directors.   The Plan was subsequently amended and restated effective January 1, 2008.  The Plan is hereby amended and restated in the form of this document effective January 1, 2009.

 

ARTICLE I.
  DEFINITIONS

 

Section 1.1             “Accounts” shall mean the Director’s Cash Account and Stock Account, if any.

 

Section 1.2             “Board” shall mean the Board of Directors of the Company.

 

Section 1.3             “Book Value” shall mean book value per share based on generally accepted accounting principles consistently applied, and excluding, in the Board of Directors’ discretion, any extraordinary or unusual charges or credits such as one time write-offs of goodwill or similar events.

 

Section 1.4             “Cash Account” means the account created by the Company pursuant to Article III of this Plan in accordance with an election by a Director to receive deferred cash compensation under Article II hereof.

 

Section 1.5             “Cash Fees” shall mean Fees payable in cash.

 

Section 1.6             “Change in Control” means  the occurrence of a “change in the ownership,” a “change in the effective control” or a “change in the ownership of a substantial portion of the assets” of a corporation, as determined in accordance with this Section 1.6.  In determining whether an event shall be considered a “change in the ownership,” a “change in the effective control” or a “change in the ownership of a substantial portion of the assets” of a corporation, the following provisions shall apply:

 

(a)           A “change in the ownership” of the Company shall occur on the date on which any one person, or more than one person acting as a group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (a “Person”)), acquires ownership of stock of the Company that, together with stock held by such Person, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(v).  If a Person is considered either to own more than 50% of the total fair market value or total voting power of the stock of the Company, or to have effective control of the Company within the meaning of Section 1.6(b) and such Person acquires

 

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additional stock of the Company, the acquisition of additional stock by such Person shall not be considered to cause a “change in the ownership” of the Company.

 

(b)           A “change in the effective control” of the Company shall occur on either of the following dates:

 

(i)            The date on which any Person, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person) ownership of stock of the Company possessing 30% or more of the total voting power of the Company’s equity securities, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(vi).  If a Person is considered to possess 30% or more of the total voting power of the Company’s equity securities, and such Person acquires additional stock of the Company, the acquisition of additional stock by such Person shall not be considered to cause a “change in the effective control” of the Company; or

 

(ii)           The date on which a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(vi).

 

(c)           A “change in the ownership of a substantial portion of the assets” of the Company shall occur on the date on which any one Person acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person) assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(vii).  A transfer of assets shall not be treated as a “change in the ownership of a substantial portion of the assets” when such transfer is made to an entity that is controlled by the shareholders of the Company, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(vii)(B).

 

(d)           Notwithstanding the foregoing, the following acquisitions shall not constitute a Change in Control: (i) an acquisition by the Company, or (ii) an acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company.

 

Section 1.7             “Common Stock” shall mean the common stock of the Company, par value $0.01 per share.

 

Section 1.8             “Company” means Accuride Corporation, a Delaware corporation.

 

Section 1.9             “DCUs” means deferred compensation units which have the value equal to shares of Common Stock, one DCU being equal to one share of Common Stock.

 

Section 1.10           “Director” shall mean a member of the Board who is not an employee of the Company or any of its subsidiaries.

 

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Section 1.11           “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

Section 1.12           “Fees” shall mean all amounts payable to a Director for serving as a member of the Board, including without limitation any (a) annual or other periodic retainer payments; (b) fees payable for meeting attendance; (c) fees payable for committee membership; and (d) fees payable for Board or committee chairmanship.

 

Section 1.13           “Incentive Plan” shall mean the Accuride Corporation 2005 Incentive Award Plan, as amended from time to time and any successor plan thereto.

 

Section 1.14           “Plan” shall have the meaning set forth in the recitals hereto.

 

Section 1.15           “Separation from Service” shall mean with respect to a non-employee member of the Board, that he or she has ceased to be a member of the Board, as construed consistent with the principles set forth in Treas. Reg. §1.409A-1(h).

 

Section 1.16           “Stock Account” shall mean the account created by the Company pursuant to Article III of this Plan in accordance with an election by a Director to receive stock-based compensation under Article II hereof.

 

Section 1.17           “Stock Fees” shall mean Fees that are payable in Common Stock or Common Stock equivalents.

 

Section 1.18           “Stock Value” shall mean, per share, for any given day, (i) if the Common Stock of the Company is not publicly traded, the Book Value of the Company’s Common Stock on such day, and (ii) if the Common Stock of the Company is publicly traded, the closing price of the Company’s Common Stock as reported on the exchange upon which such Common Stock is listed on such day or, if the closing price is not available for the Common Stock on a date in question, then the next preceding practicable date for which such closing price is available.

 

Section 1.19           “Year” shall mean calendar year.

 

ARTICLE II.
  ELECTION TO DEFER

 

Section 2.1             A Director may elect, on or before December 31 of any Year, to defer payment of all or a specified part of the Fees earned during the Year following such election and in any succeeding Years (until the Director ceases to be a Director); provided, however, that with respect to Year 2006, a Director may elect, within thirty days after the effective date of this Plan, to defer all or a specified part of all Fees payable for services performed after the election.  Any person who shall become a Director during any Year, and who was not a Director of the Company on the preceding December 31, may elect, no later than thirty days after the Director’s term begins, to defer payment of all or a specified part of such Fees payable for services performed subsequent to the election.  Any Fees deferred pursuant to this Paragraph shall be paid to the Director at the time(s) and in the manner specified in Article IV hereof, as designated by the Director.

 

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Section 2.2             The election to participate in the Plan and manner of payment shall be designated by submitting a deferral election form in substantially the form attached hereto as Exhibit A to the Chief Financial Officer of the Company.  Any subsequent changes to the Director’s election as to the time and manner of payment shall be made in accordance with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).

 

Section 2.3             The election shall continue from Year to Year unless the Director amends or terminates it by written request delivered to the Secretary of the Company prior to the commencement of the Year for which the amendment or termination is first effective.

 

ARTICLE III.
  DEFERRED COMPENSATION ACCOUNTS

 

Section 3.1             The Company shall maintain separate bookkeeping accounts for the Fees deferred by each Director.

 

Section 3.2             The Company shall credit, on the date Cash Fees would otherwise become payable, to the Cash Account of each Director the deferred portion of any Fees due the Director as to which an election to defer such Fees into the Cash Account has been made.  On the first day of each quarter, the Company shall credit the Cash Account of each Director with interest calculated on the basis of the balance in such account on the first day of each month of the preceding quarter at a rate equal to four percent (4%) per annum.

 

Section 3.3

 

(a)           The Company shall credit, on the date Stock Fees would otherwise become payable, the Stock Account of each Director with DCUs equal to:

 

(i)            That number of shares of Common Stock equal to the shares of Common Stock or Common Stock equivalents payable as Stock Fees otherwise deferred by the Director under this Plan; and

 

(ii)           as an election to defer Cash Fees into the Stock Account has been made, the amount of such Cash Fees divided by the Stock Value on the date such Cash Fees would otherwise have been paid.

 

(b)           On the date that any dividends are paid with respect to Common Stock, the Company shall credit each Director with the number of DCUs equal to the cash dividends payable on the number of DCUs held in such Director’s Stock Account divided by the Stock Value on the dividend payment date.

 

(c)           If adjustments are made to the outstanding shares of Common Stock as a result of split-ups, recapitalizations, mergers, consolidations and the like, an appropriate adjustment also will be made in the number of DCUs credited to the Director’s Stock Account.

 

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Section 3.4             Fees deferred in the form of cash (and the interest payable thereon) shall be held in the general assets of the Company and no separate fund or trust shall be created or moneys set aside on account of the Cash Account.  Further, the Company shall not be required to acquire, reserve, segregate, or otherwise set aside shares of its Common Stock for the payment of its obligations, if any, with respect to the Stock Account, but shall make available as and when required a sufficient number of shares of its Common Stock to meet the needs of the Plan.

 

Section 3.5             Nothing contained herein shall be deemed to create a trust of any kind or any fiduciary relationship.  To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of any unsecured general creditor of the Company.

 

Section 3.6             Amounts that a Director has elected to defer to his Cash Account shall not be transferred to his Stock Account, or vice versa.

 

ARTICLE IV.
  PAYMENT OF DEFERRED COMPENSATION

 

Section 4.1             Subject to Section 4.4, amounts contained in a Director’s Accounts shall be distributed as the Director’s election (made pursuant to Section 2.2) shall provide.  In the absence of a Director’s election with respect to form of distribution, the amounts contained in the Director’s Accounts shall be distributed as a lump sum payment.  In the absence of a Director’s election with respect to the commencement date for distribution, the amounts in the Director’s Accounts shall be distributed as of the first January 1 to occur following the date of Separation from Service with the Company for any reason.  Distributions from the Plan shall be made as follows:

 

(a)           The Cash Account and any Cash Fees credited to a Director’s Stock Account shall be paid in cash.  Amounts credited to a Director’s Stock Account shall be based on the Stock Value of the DCUs held in the Stock Account on the earlier of: (i) the date of payment; or (ii) the date of the Director’s Separation from Service with the Company.

 

(b)           Stock Fees credited to a Director’s Stock Account shall be paid in the form of Common Stock under the Incentive Award Plan.

 

(c)           Installment payments shall be treated as a single payment for purposes of Section 409A of the Code.

 

Section 4.2             Each Director shall have the right to designate a beneficiary who is to succeed to his or her right to receive payments hereunder in the event of death.  Any designated beneficiary shall receive payments in the same manner as the Director if he or she had lived.  In case of a failure of designation or the death of a designated beneficiary without a designated successor, the balance of the amounts contained in the Director’s Accounts shall be paid, in accordance with Section 4.1, to the Director’s or former Director’s estate in full on the first day of the Year following the Year in which he or she dies.  No designation of beneficiary

 

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or change in beneficiary shall be valid unless it is in writing, signed by the Director and filed with the Secretary of the Company.

 

Section 4.3             Notwithstanding any election to the contrary, payment of a Director’s Accounts on account of a Separation from Service shall commence no earlier than the first day of the seventh month following the Separation from Service date for any Director who is a “specified employee” under Section 409A of the Code as of the Separation from Service date.

 

Section 4.4             Notwithstanding any other provisions of the Plan to the contrary, if a Change of Control occurs prior to the complete distribution of a Director’s Accounts, then any portion of such Accounts that has not theretofore been distributed shall be distributed to the Director (or, as applicable, his beneficiary) within 30 days after the Change in Control.

 

ARTICLE V.
  ADMINISTRATION; AMENDMENT

 

Section 5.1             The Plan shall be administered by the Board.  The Board may delegate certain administrative authority to a committee or subcommittee of the Board or to one or more employees of the Company, but shall retain the ultimate responsibility for the interpretation of, and amendments to, the Plan.  Members of the Board shall not be liable for any of their actions or determinations made in good faith with respect to the administration of the Plan.  Except to the extent superseded by the laws of the United States, the laws of the State of Delaware, without regard to its conflict of laws principles, shall govern in all matters relating to the Plan.  All expenses related to plan administration shall be paid by the Company.  All decisions made by the Board with respect to issues hereunder shall be final and binding on all parties.

 

Section 5.2             In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation, spin-off, recapitalization or any other corporate event affecting the Common Stock or the share price of the Common Stock, the Board may, in its sole discretion, make such equitable adjustments, if any, with respect to the DCUs credited to the Directors’ Stock Accounts (including, without limitation, adjusting the number of DCUs credited thereto and/or the kind of securities thereby), as the Board may deem necessary or appropriate to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan and to reflect such changes.

 

Section 5.3             Except to the extent required by law, the right of any Director or any beneficiary to any benefit or to any payment hereunder shall not be subject in any manner to attachment or other legal process for the debts of such Director or beneficiary, and any such benefit or payment shall not be subject to alienation, sale, transfer, assignment or encumbrance.

 

Section 5.4             The Plan may be amended, suspended or terminated in whole or in part from time to time by the Board except that no amendment, suspension, or termination shall apply to the payment to any Director or beneficiary of a deceased Director of any amounts previously credited to a Director’s Accounts.

 

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*  *  *  *  *

 

I hereby certify that the Plan was amended and restated by the Board of Directors of Accuride Corporation on December 17, 2008, effective January 1, 2009.

 

Executed on December 29, 2008.

 

	
 
    	
/s/ David K. Armstrong
    
	
 
    	
Corporate   Secretary
    

 

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Exhibit A

 

Accuride Corporation

Directors’ Deferred Compensation Plan

DEFERRAL ELECTION FORM

 

	
 
    	
SEND   COMPLETED FORM TO: David K. Armstrong, Chief   Financial Officer, Accuride Corporation, 7140 Office Circle,   Evansville, IN  47715, (812)   962-5000. 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
o
    	
Initial   Enrollment (complete Sections 1, 3, 4 & 5)
    	
o
    	
Change   Deferral Rate (complete Sections 2 &5)
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
o
    	
Change   Beneficiary (complete Sections 4 & 5)
    	
 
    	
 
    

 

	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Social   Security Number
    	
Last Name
    	
First Name
    	
MI
    
	
 
    	
 
    	
 
    	
 
    
	
Mailing   Address
    	
City
    	
State
    	
Zip Code
    	
Daytime Telephone
    
						

 

SECTION 1 - DEFERRAL ELECTION

 

Pursuant to the Accuride Corporation Directors’ Deferred Compensation Plan (as it may be amended from time to time, the “Plan”), I hereby elect:

 

A. Cash Fees:

 

To defer receipt of all or a portion of the Cash Fees (as defined in the Plan) that would otherwise become payable to me after January 1, 2009 and for succeeding calendar years commencing January 1, 2010 in accordance with the percentages indicated below:

 

           % of the aggregate Cash Fees shall be credited to my Cash Account as defined in the Plan;

 

           % of the aggregate Cash Fees shall be credited to my Stock Account as defined in the Plan;

 

           % of the aggregate Cash Fees shall not be deferred, but shall be paid to me directly as they accrue.

 

B. Stock Fees:

 

To defer receipt of all or a portion of the Stock Fees (as defined in the Plan) that would otherwise become payable to me after January 1, 2009 and for succeeding calendar years commencing January 1, 2010 in accordance with the percentages indicated below

 

           % of the aggregate Stock Fees shall be credited to my Stock Account as defined in the Plan;

 

           % of the aggregate Cash Fees shall not be deferred, but shall be paid to me directly as they vest and are payable.

 

I understand that, once effective, such election will remain in effect until modified or revoked in writing by me in accordance with the Plan and that any modification or revocation will be effective only with respect to the portion of my Fees earned in the calendar year after such modification or revocation.  I further understand that if I have elected Fee deferrals to be credited to my Stock Account under the Plan, then such deferrals will be made in the form of Deferred Compensation Units, and also that my rights to my Cash and Stock Accounts are unfunded and unsecured and are no greater than the rights of an unsecured general creditor of the Company.

 

 

SECTION 2 - DEFERRAL RATE CHANGE

 

A. Cash Fees

 

I elect to change my deferral rate to                  % of the aggregate Cash Fees to be credited to my Cash Account,                  % of the aggregate Cash Fees to be credited to my Stock Account, and                  % of the aggregate Cash Fees to be not deferred, but paid to me directly as they accrue.

 

B.  Stock Fees

 

I elect to change my deferral rate to                  % of the aggregate Stock Fees to be credited to my Stock Account, and                  % of the aggregate Stock Fees to be not deferred, but paid to me directly as they vest and become payable.

 

I understand that this election will take effect as of the first day of the calendar year immediately following the date of this election.  I further understand that once effective, this election will remain in effect until modified or revoked in writing by me and that such modification or revocation will be effective only for calendar years following the year in which such modification or revocation is made.

 

SECTION 3 — ACCOUNT DISTRIBUTION

 

A.                                    Commencement of Distribution

 

Except as otherwise set forth in Section 3C, below, I elect to commence receiving distributions from my Accounts in accordance with the following election (check one):

 

o            As of the first January 1 to occur following the date I separate from service with the Company for any reason; or

 

o            As of the earlier of (1) January 1 of the                      (insert number) calendar year after the deferral is made (not less than 3 nor more than 10) or (2) the first January 1 to occur following the date I separate from service with the Company for any reason.

 

I understand that the date of my distribution may be delayed for compliance with Federal tax requirements, if applicable.  I further understand that any Deferred Compensation Units in my Stock Account will be valued for distribution on the earlier of: (i) the payment date; or (ii) the date of my Separation from Service with the Company.

 

B.                                    Form of Distribution

 

Except as otherwise set forth in Section 3C, below, I elect to receive distributions from my Accounts in accordance with the following election (check one):

 

o            In one lump sum; or

 

o            In                (insert number) equal annual installments (not less than 2 nor more than 10).

 

I understand that the first distribution from my Accounts shall be payable as of the date I selected in Section 3A, above, and that if I elect annual installment payments I will receive an installment as of each January 1 immediately following the first distribution until my Accounts have been distributed in full, subject to any applicable Federal tax requirements.  Payments will be made on a pro rata basis from my Accounts.

 

C.                                    Change in Control

 

I understand that, notwithstanding any other provision of this Deferral Election Form to the contrary, my Accounts shall automatically be fully distributed to me in one lump sum within 30 days after the occurrence of a Change in Control (as defined in the Plan).

 

ii

 

SECTION 4 - BENEFICIARY DESIGNATION

 

If you die before you receive full payment of your Accounts, the amount remaining in your Accounts will be paid in a lump sum to your Beneficiary designated in this Section 4:

 

	
Social   Security Number
    	
Last   Name
    	
First   Name
    	
MI
    
	
 
    	
 
    	
 
    	
 
    
	
Mailing   Address
    	
City
    	
State
    	
Zip   Code
    	
Telephone
    
						

 

SECTION 5 - AUTHORIZATION

 

I agree that my successors in interest and my assigns and all persons claiming under me shall, to the extent consistent with applicable law, be bound by the statements contained herein and by the provisions of the Plan as they now exist and as they may be amended from time to time.

 

I have read and understand this form and hereby authorize the Administrator to take all actions indicated on this form.

 

	
Director’s   Signature
    	
Date
    

 

This section for Company use only.

 

Date approved:                                                                                                        By:

 

iii

 

FIRST AMENDMENT TO

ACCURIDE CORPORATION

DIRECTORS’ DEFERRED COMPENSATION PLAN

 

WHEREAS, Accuride Corporation (the “Corporation”) has adopted the Directors’ Deferred Compensation Plan (the “Plan”); and

 

WHEREAS, Section 5.4 of the Plan permits the Board of Directors of the Corporation to amend the Plan, subject to certain limitations; and

 

WHEREAS, the Board of the Corporation desires to amend the Plan to eliminate deferrals into the Stock Account (as defined in the Plan) subject to approval of the bankruptcy court;

 

NOW, THEREFORE, the Plan is hereby amended as follows:

 

FIRST:  By substituting the following for Section 3.3(a) of the Plan effective for deferrals occurring on or after October 28, 2009:

 

“(a)  Notwithstanding any election to the contrary to defer into the Stock Account, for deferrals occurring on and after October 28, 2009, the Company shall credit the Director’s Cash Account with an amount equal to:

 

(i) the Stock Value of any Stock Fees otherwise payable to the Director on the date such Stock Fees would otherwise have been paid;

 

(ii) the Cash Fees otherwise payable to the Director on the date Cash Fees would otherwise become payable; and

 

(iii) any interest thereon as provided under Section 3.2.”

 

SECOND:   The provisions of this First Amendment shall be effective October 28, 2009, but subject to the approval of the bankruptcy court.

 

THIRD:  Except to the extent herein above set forth, the Plan shall remain in full force and effect.

 

*  *  *  *  *

 

I hereby certify that the foregoing First Amendment to the Directors’ Deferred Compensation Plan was duly adopted by the Board of Directors of Accuride Corporation on October 28, 2009 and approved by the bankruptcy court on November 24, 2009.

 

Executed on this 8th day of January, 2010.

 

	
 
    	
/s/   Stephen A. Martin
    
	
 
    	
Corporate   Secretary
    

 

 

SECOND AMENDMENT TO THE

ACCURIDE CORPORATION DIRECTORS’

DEFERRED COMPENSATION PLAN

(As Amended and Restated Effective January 1, 2009)

 

Effective May 19, 2006, Accuride Corporation (the “Company”) established the Accuride Corporation Directors’ Deferred Compensation Plan (the “Plan”) for the benefit of its eligible non-employee directors.  The Plan was subsequently amended and restated, effective January 1, 2009, and was further amended by that First Amendment to Accuride Corporation Directors’ Deferred Compensation Plan, effective October 28, 2009.

 

The Company desires to further amend the Plan as set forth herein.

 

1.                                       This Second Amendment shall be effective as of January 1, 2009.

 

2.                                       This Second Amendment amends only the provisions of the Plan as set forth herein, and those provisions not expressly amended by this Second Amendment shall continue in full force and effect.  Notwithstanding the foregoing, this Second Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions and the intent of this Second Amendment.

 

3.                                       Section 1.10 (Director) of the Plan is hereby amended and restated in its entirety to provide as follows:

 

“Director” shall mean a member of the Board who is not an employee of the Company or any of its subsidiaries, provided, however, that the Company’s Chairman and Interim President and Chief Executive Officer, William M. Lasky, shall also be considered a Director under this plan such that Mr. Lasky may elect to defer any Board-related Fees.

 

4.                                       Section 1.13 (Incentive Plan) of the Plan is hereby amended and restated in its entirety to provide as follows:

 

“Incentive Plan” shall mean the Accuride Corporation 2010 Incentive Award Plan, as amended from time to time and any successor plan thereto.

 

 

5.                                       Section 2.2 (Election to Defer) of the Plan is hereby amended and restated in its entirety to provide as follows:

 

The election to participate in the Plan and manner of payment shall be designated by submitting a deferral election form in substantially the form attached hereto as Exhibit A to the Chief Financial Officer of the Company.  Any subsequent changes to the Director’s election as to the time and manner of payment shall be made in accordance with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).  Accordingly, any change to a previous deferral election may not take effect for at least 12 months following the date on which the election is made, and the payment with respect to which the election is made must be deferred for a period of not less than five years following the date on which the payment would otherwise have been paid.  If a Director previously elected to have the payment of his or her Director’s Account begin on a specified date, the change in election must be made not less than 12 months before the specified date payment was scheduled to be paid.

 

6.                                       Section 3.3(a) (Deferred Compensation Accounts) of the Plan is hereby amended and restated in its entirety to provide as follows:

 

(a)                                  For deferrals occurring on or after December 16, 2010, the Company shall credit, on the date Stock Fees would otherwise become payable, the Stock Account of each Director with DCUs equal to:

 

(i)                                     that number of shares of Common Stock equal to the shares of Common Stock or Common Stock equivalents payable as Stock Fees otherwise deferred by the Director under this Plan; and

 

(ii)                                  as an election to defer Cash Fees into the Stock Account has been made, the amount of such Cash Fees divided by the Stock Value on the date such Cash Fees would otherwise have been paid.

 

ii

 

7.                                       Section 4.2 (Payment of Deferred Compensation) of the Plan is hereby amended and restated in its entirety to provide as follows:

 

Each Director shall have the right to designate a beneficiary who is to succeed to his or her right to receive payments hereunder in the event of death.  Any designated beneficiary or the Director’s or former Director’s estate, in the case of a failure of designation or the death of a designated beneficiary, shall receive payment of the Director’s Accounts in the same manner as the Director elected to receive payment of the Director’s Accounts pursuant to the Plan.

 

8.                                       Article IV (Payment of Deferred Compensation) of the Plan is hereby amended by adding the following new Section 4.5 to the end thereof:

 

The Company intends, but does not and cannot warrant or guarantee, that amounts payable pursuant to the Plan will be paid in compliance with Section 409A of the Code.  This Plan shall be operated in compliance with Section 409A of the Code and each provision of this Plan shall be interpreted, to the extent possible, to comply with Section 409A of the Code.

 

IN WITNESS WHEREOF, the Company has caused this Second Amendment to be executed by its duly authorized representative on this 16th day of December, 2010.

 

	
 
    	
ACCURIDE   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Stephen A. Martin
    
	
 
    	
Corporate   Secretary
    

 

iii

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