Document:

Employment Agreement dated as of 2/14/2003

 EXHIBIT 10.10 
  
 February 14, 2003 
  
 Mr. Timothy Demarest 
 24 High Street 
 Summit, New Jersey 07901 
  
 Re: Offer of Employment 
  
 Dear Mr. Demarest: 
  
 I am pleased to extend an offer of employment with M.H. MEYERSON & CO., INC. (“Meyerson” or the “Company”) as Executive Vice President, Chief Technology Officer reporting directly to the Chief
Executive Officer, John P. Leighton (the “CEO”). Your employment with the Company is expected to commence on or about February 18, 2003 (the “Commencement Date”). 
  
 The terms of the Company’s offer are as follows: 
  

	1.	For the 24 months beginning with your start date and ending the day before your 24 month anniversary (the “Term”), in return for your best efforts, you will receive a base
salary of $700,000 during the Term paid at the annual rate of $350,000. In addition, after the end of the first quarter of this calendar year, you will receive a special bonus of $100,000 to be paid in due course after March 31, 2003.

  

	2.	You also will receive a grant of options to purchase 200,000 shares of Meyerson common stock with a strike price of $.48/share that will vest over two years and expire after five
years. You will receive options to purchase an additional 75,000 shares of Meyerson common stock in six months with a strike price based on the then existing market price as determined in accordance with the Company’s 2000 Stock Option Plan or
a newly-created stock option plan. 

  

	3.	You will be reviewed six months after the commencement date of your employment for an adjustment to compensation. Any such adjustment will be based solely on your performance.

  

	4.	During the Term the Company shall pay you a semi-annual cash incentive bonus (the “Incentive Bonus”) of one and one-half (1.5%) percent of the Company’s “Income
before income taxes” as reflected in the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”). The Incentive Bonus is payable as follows: (i) the Incentive Bonus for the six-month period ending July
31st shall be paid thirty (30) days after the Company files its Report on Form 10-Q for the quarter ended July
31st of the applicable year with the SEC; and (ii) the Incentive Bonus for the period ending January 31st shall be paid thirty (30) days after the Company’s independent auditors (the “Auditors”) shall have completed
their audit of the applicable fiscal year’s results. All calculations of the Incentive Bonuses shall be adjusted upwards or downwards, as the case may be, and any required additional payments by the Company or repayments by you of excess
payments shall be made after the Auditors shall have completed their audit of the applicable fiscal year’s results. You acknowledges that payment of the Incentive Bonus could have an adverse impact on the Company’s ability to maintain
compliance with the net capital rules promulgated under the Securities Exchange Act of 1934, as amended (the “Net Capital Rules”). Accordingly, the Company and you agree that if payment or accrual for payment of the amount due pursuant to
an Incentive Bonus would cause the Company to have less than One Million Five Hundred Thousand Dollars ($1,500,000) in Net Capital (as defined under the Net Capital Rules), the Company shall only be required to pay you, or accrue for payment, such
amount of the Incentive Bonus as would allow the Company to maintain Net Capital of not less than One Million Five Hundred Thousand Dollars ($1,500,000) and the balance of such Incentive Bonus shall be forfeited by you. 

  

	5.	Upon construction of a management bonus pool you will be considered for participation at a level to be determined then. Management will use its best efforts to establish that pool
promptly. 

  

	6.	You will be eligible for such override of the net profits of Meyerson’s technology business that you will foster, manage and promote as may be mutually agreed upon by you and
the Company. 

  

	7.	For the current calendar year, if the amounts to be paid you in paragraphs 4, 5 and 6 do not together equal $225,000, the Company will make up the difference.

  

	8.	If before the end of the Term, you leave Meyerson voluntarily or Meyerson terminates you with cause, other than salary earned as of the date of termination, you shall not receive
any severance, separation payment or other compensation, including any portion of the aforementioned guarantees that has not already been paid to you. If Meyerson terminates your employment without cause before the end of the Term, you will be paid
any portions of the guaranteed amounts that have not already been paid to you provided that you provide Meyerson with a release in a form acceptable to Meyerson. If Meyerson terminates your employment without cause before the end of the Term,
Meyerson will pay you any salary earned but not paid as of the date of termination, whether or not you provide a release. 

	 	•	For purposes of this letter, “best efforts” shall include your adherence to reasonable performance standards that the CEO may establish from time to time. For purposes of
this letter, “cause” shall mean: (i) deliberate or intentional failure by you to perform your material duties hereunder, including your intentional refusal to act upon a reasonable instruction from the CEO; (ii) an intentional act of
fraud, embezzlement, or theft or other material violation of law; (iii) intentional wrongful damage to material assets of Meyerson; (iv) intentional wrongful disclosure of material confidential information of Meyerson; (v) intentional wrongful
engagement in any competitive activity which would constitute a breach of this agreement and/or of your duty of loyalty; (vi) intentional breach of any material employment policy of Meyerson; (vii) your failure to maintain any registration, license
or other authorization required to perform your duties hereunder which failure is not cured within 45 days notice to you; or (viii) your violation of any law, rule, or regulation of any governmental authority, securities exchange or association or
other regulatory or self-regulatory body which violation is not cured immediately upon notice to you of such violation. 

  
 No act, or failure to act, on your part shall be deemed “intentional” if it was due primarily to an error in judgment or negligence, but shall
be deemed “intentional” only if done, or omitted to be done, by you in the absence of good faith and without reasonable belief that your action or omission was in, or not opposed to, the best interest of Meyerson. 
  

	7.	You will be eligible to participate in a range of health and welfare benefits, which will be effective the first month following the date of hire. 

  

	8.	This offer is contingent upon the following: 

  

	 	•	Your provision of evidence of your ability to work legally in the United States as required by the Immigration Reform and Control Act of 1986; 

  

	 	•	Your successful completion of a drug-screening test (details will follow); 

  

	 	•	Your successful completion of the firms’ screening process, which includes, but is not limited to, receipt of satisfactory reference and background checks, including your
federal income tax return or your W-2 for the past two years; and 

  

	 	•	Your execution of a confidentiality and proprietary information agreement and your obtaining all necessary licenses. 

  

	9.	You agree that you are not presently subject to a non-competition agreement, non-solicitation agreement, or any other agreement that may hinder or prevent you from fulfilling, in
whole or in part, your new role at Meyerson. 

  

	10.	This letter is not a guarantee of continued employment for any length of time. Thus, you also agree that you will be an employee at will, i.e., you or Meyerson can terminate
your employment at any time, with or without cause. In addition, during your employment, you will be subject to all the management, compliance and other policies of the Company as the Company may determine such policies from time to time.

  

	11.	This agreement supersedes all previous discussions and agreements, written or verbal, and constitutes the entire agreement between you and Meyerson. You further agree and
acknowledge that in accepting our offer of employment, you have not relied, to your detriment or otherwise, on any statements, promises, or assurances except those expressly set forth herein. You acknowledge that you have entered this agreement of
your own free will, after the opportunity to obtain advice of counsel, and after ample consideration. This agreement must be signed by both parties and may not be amended except in a writing signed by both parties. This agreement is binding on
Meyerson’s successors and assigns. 

  

	12.	You understand that the terms and conditions of this offer are provisional and are subject to Board approval. Management will use its best efforts to obtain that approval
immediately upon your acceptance of this offer. 

  
 We believe that
you will make an important contribution to fulfilling Meyerson’s goals and we look forward to having you join the Meyerson team. 
  
 Sincerely yours, 
  

	
	 /S/    JOHN P. LEIGHTON

	 John P. Leighton
 Chief Executive Officer
 M.H. MEYERSON & CO., INC.

 Acknowledged and Accepted 
  

 
  

					
	 /S/    TIMOTHY DEMAREST

	 	 February 14, 2003

	 	 
	 Timothy Demarest
	 	Date of Acceptance	 	 

  
  

 22004 Sypris Equity Plan

 Exhibit 10.1 
  
 2004 SYPRIS EQUITY PLAN  
  
 ARTICLE I. GENERAL 
  
 1.1 Purpose—The purpose of the 2004 Sypris Equity Plan (“Plan”) is to retain and to motivate directors, officers and other employees
(“Associates”) of Sypris Solutions, Inc. and its subsidiaries (together with such subsidiaries, as appropriate in context, the “Company”). 
  

1.2 Eligibility—The Company’s Compensation Committee (“Committee”) shall determine those Associates who may participate in the Plan
(“Participants”). 
  
 1.3 Term—The Committee may
grant awards under this Plan (“Awards”) from April 27, 2004, through April 27, 2014, and such Awards will survive the Plan’s expiration. 
  
 ARTICLE II. ADMINISTRATION 
  
 2.1 Interpretation—The Committee shall have complete authority to interpret the Plan or any Award, to prescribe, amend and rescind rules and
regulations relating thereto, and to make all other determinations necessary or advisable for the administration of the Plan or any Award Agreements (including to establish or amend any rules regarding the Plan that are necessary or advisable to
comply with, or qualify under, any applicable law, listing requirement, regulation or policy of any entity, agency, organization, governmental entity, or the Company, in the Committee’s sole discretion (“Rule”)). 
  
 2.2 Authority—The Committee shall have final authority, in its sole
discretion, to determine or interpret any of the following terms (collectively, “Terms”), with respect to both new and outstanding Awards, subject to applicable Rules: 
  

	 	Ø	eligibility criteria regarding any participation or exercise rights, 

	 	Ø	types of Awards, including those qualified under 26 USC §422 or its equivalent (“ISOs”), 

	 	Ø	amounts, classes, registration rights or restricted legends of related Shares, 

	 	Ø	timing and features of any rights, benefits or payments due to Participants under any Award (including voting, exercise, or dividend rights), 

	 	Ø	restrictions on assignment or transfer of any Awards or rights thereunder, 

	 	Ø	vesting and forfeiture terms, 

	 	Ø	convertibility or deferral rights, 

	 	Ø	the amounts, methods and forms of payment for amounts due from any Participant and for any taxes incident thereto, 

	 	Ø	Performance Objectives as described in Section 2.3, and 

  
 any other terms or conditions as the Committee specifies in written agreements, which shall govern the terms of each Award (and which need not be identical) (the
“Award Agreements”). The Committee may condition Awards upon the Participant’s execution of Award Agreements, representations regarding resale, blank stock powers, and any other documents that it may specify. Shares may be deposited
together with stock powers with any escrow agent (including the Company) as specified by the Committee. 
  

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 2.3 Performance Objectives – “Performance Objectives” may be expressed in terms of (a)
earnings per share, (b) Stock prices, (c) net income, (d) pre-tax income, (e) operating income, (f) return on equity or assets, (g) economic value added (h) sales, (i) cash flow from operating activities, (j) working capital, (k) other financial
objectives, or (l) any combination of the foregoing, with respect to the Company, any of its subsidiaries, any of its divisions or any combination thereof. Performance Objectives may be absolute or relative (to prior performance of the Company or to
the performance of one or more other entities or external indices) and may be expressed in terms of a progression within a specified range. Performance Objectives shall be established in writing by the Committee by the earlier of (x) the date on
which a quarter of the performance period has elapsed or (y) the date which is ninety days after the commencement of the performance period, and in any event while the performance relating to the Performance Objectives remains substantially
uncertain. 
  
 2.4 Amendments and Approvals—The Committee, at
its discretion, may amend the Plan, its interpretations or any Award at any time, subject to applicable Rules. With respect to any amendment, action or approval hereunder, the Committee may require the approval of any other persons or entities,
pursuant to applicable Rules. 
  
 2.5 Delegation—The
Committee may delegate any portion of their responsibilities and powers to one or more persons selected by them, subject to applicable Rules. Such delegation may be revoked by the Committee at any time. 
  
 ARTICLE III. STOCK SUBJECT TO PLAN 
  
 3.1 Limit on Shares – The Committee shall limit Awards in the aggregate
to a maximum of Three Million (3,000,000): (a) total shares of the Company’s $.01 par value common stock (“Common Stock”), and (b) total shares of any other classes of the Company’s then authorized common stock as are determined
by the Committee to be no more dilutive than the Common Stock (collectively, the “Stock” or, individually, the “Shares”); and no more than 50% of all Awards shall be ISOs. Such limits shall be increased only: (x) if approved by a
majority of the Company’s stockholders, (y) pursuant to Article VI, or (z) if approved by the Committee to replace any acquired business’ equity plan with an appropriate number of additional Shares, pursuant to applicable Rules. 3.2
Unvested Shares—If any Awards under the Plan shall expire, be forfeited or cancelled without having been fully exercised or vested, the reserved but unused Shares subject thereto shall continue to be available for new Awards. 
  
 ARTICLE IV. TYPES OF AWARDS 
  
 4.1 Stock—The Committee may grant Awards of Stock to Participants on Terms specified in the Award Agreements.

  
 4.2 Options—The Committee may grant Awards of options to
purchase or sell Stock, to Participants on Terms specified in the Award Agreements. The purchase price under any such Award shall be the closing price of the Stock on the date of grant, and the sale price under any such Award shall be the closing
price of the Stock on the date of the sale, unless the Committee designates another price in the Award Agreement; provided further that the fair market value (on each ISO’s Award date) of all ISOs’ Shares which first become exercisable by
a Participant in any calendar year under all Company plans shall not exceed $100,000. Awards above this limit or to non-employees shall be deemed separate, non-qualified Awards under 26 USC §422. 
  

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 4.3 Appreciation Rights – The Committee may grant Awards of rights to receive all or a portion of
the appreciation in the value of the Shares over a period of time, to Participants on Terms specified in the Award Agreements. 
  
 4.4 Other Awards—The Committee may grant Awards in tandem with, contingent upon, or convertible into, other Awards on Terms specified in the Award
Agreements. 
  
 ARTICLE V. TERMINATION OF AWARDS 
  
 5.1 Unvested Rights—Every unvested, unexercised right under this Plan
shall terminate and expire at the earlier of: the expiration date in the Award Agreement, or termination of the Participant’s employment, unless extended by the Committee. 
  
 5.2 Vested Rights—Every vested, unexercised right under this Plan shall terminate and expire (1) at the earlier of: (a)
the expiration date in the Award Agreement, (b) thirty days after termination of employment, (c) three months after a Participant’s retirement, or (d) one year after a Participant’s death or disability, unless (2) extended by the
Committee; provided that all of the foregoing shall be administered subject to the Committee’s Rules. 
  
 ARTICLE VI. ADJUSTMENT OF NUMBER OF SHARES 
  
 6.1 Stock Dividends—In the event that any stock dividend is declared on the Stock, the number of Shares in any Award Agreement and the maximum limit on Shares in Section 3.1 shall be adjusted by adding to each
such Share the number of Shares which would be distributable thereon (or any equivalent value of Stock as determined by the Committee in its sole discretion) if such Share had been outstanding on the date fixed for determining the stockholders
entitled to receive such dividend, with a corresponding adjustment in any consideration payable per share. 
  
 6.2 Reorganization—In the event that the outstanding Stock is exchanged for or changed into any different number or class of securities, whether
through reorganization, recapitalization, stock split, reverse stock split, combination of shares, merger or consolidation, then there shall be substituted for each Share subject to any Award the number and class of securities for which each
outstanding Share shall be so exchanged or into which each such Share shall be changed, with a corresponding adjustment in any consideration payable per Share or unit of such securities, and the maximum limit on Shares in Section 3.1 shall be
adjusted to take into account such capital adjustment. 
  
 ARTICLE VII. Change in
Control 
  
 7.1 Change in Control – A “Change in
Control” includes any transaction (or series of transactions): (a) if the stockholders of the Company immediately before the transaction do not retain immediately after the transaction, in substantially the same proportions, direct or indirect
beneficial ownership of more than 50% of the total combined voting power of the outstanding voting stock of the Company; (b) in which any person or group acquires, after the effective date of this Plan, more than 25% of the voting power of the
Company’s voting securities; (c) in which substantially all of the assets of the Company are sold; or (d) any similar event determined by the Committee to constitute a change in the control of the Company. In the event of a Change in Control,
the vesting date for all unvested or forfeitable rights in any Award shall be accelerated to the earlier of: (x) the date of such Change in Control or (y) any other date established by the 
  

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 Committee in its discretion to allow Participants an effective opportunity to enjoy such rights under the circumstances.

  
 ARTICLE VIII. MISCELLANEOUS 
  
 8.1 No Other Rights—Participation under the Plan shall not be construed
as giving an employee any future right of employment with the Company. Subject to applicable Rules, acceptance of any Award shall constitute acceptance of the Company’s right to terminate employment at will, and acceptance of all provisions of
the Plan. 
  
 8.2 Exercises Causing Loss of Compensation
Deduction—No part of an Award may be exercised to the extent the exercise would cause the Participant to have compensation which is nondeductible by the Company pursuant to applicable Rules. Any right not exercisable because of this limitation
shall be exercisable in any subsequent year in which the exercise would not cause the loss of such deduction, subject to the Terms and all applicable Rules. 
  
 8.3 Governing Law—This Plan and all matters relating to the Plan shall be interpreted and construed under the laws of the State of Delaware using any
dispute resolution methods selected by the Committee. 
  
 8.4
Termination of Plan—The Board of Directors may, at its discretion, terminate the Plan at any time for any reason. Termination of the Plan shall not affect unexpired outstanding options previously granted. 
  
 Dated this 24th day of February, 2004. 
  

			
	SYPRIS SOLUTIONS, INC.
		
	 By:
	 	 /s/ Jeffrey T. Gill

	 	 	 Jeffrey T. Gill
 President & Chief Executive Officer

  

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