Document:

Exhibit 10.12

 

Execution Version

 

ADMINISTRATIVE SERVICES AGREEMENT

 

BETWEEN

 

QUINTANA SHIPPING LTD.

 

AND

 

QUINTANA MINERALS CORPORATION

 

 

TABLE OF CONTENTS

 

	
ARTICLE I
    
	
DEFINITIONS
    
	
 
    	
 
    
	
Section 1.01   Definitions
    	
1
    
	
Section 1.02   Construction
    	
2
    
	
 
    	
 
    
	
ARTICLE II
    
	
RETENTION   OF MINERALS; SCOPE OF SERVICES
    
	
 
    	
 
    
	
Section 2.01 Retention   of Minerals
    	
2
    
	
Section 2.02 Scope of   Services
    	
2
    
	
Section 2.03 Exclusion   of Services
    	
3
    
	
Section 2.04   Performance of Services by Affiliates
    	
3
    
	
Section 2.05   Representations and Warranties of Minerals
    	
3
    
	
Section 2.06   Representations and Warranties of the Company
    	
3
    
	
 
    	
 
    
	
ARTICLE III
    
	
BOOKS,   RECORDS AND REPORTING
    
	
 
    	
 
    
	
Section 3.01 Books and   Records
    	
4
    
	
Section 3.02 Audits
    	
4
    
	
Section 3.03 Reports
    	
4
    
	
 
    	
 
    
	
ARTICLE IV
    
	
PAYMENT   AMOUNT
    
	
 
    	
 
    
	
Section 4.01 Payment   Amount
    	
5
    
	
Section 4.02 Payment   of Payment Amount
    	
5
    
	
Section 4.03 Disputed   Charges
    	
5
    
	
Section 4.04 Set Off
    	
5
    
	
Section 4.05 Minerals   Employees
    	
5
    
	
 
    	
 
    
	
ARTICLE V
    
	
ASSIGNMENTS   AND SUBCONTRACTS
    
	
 
    	
 
    
	
Section 5.01   Assignments
    	
6
    
	
 
    	
 
    
	
ARTICLE VI
    
	
TERMINATION
    
	
 
    	
 
    
	
Section 6.01   Termination by the Company
    	
6
    
	
 
    	
 
    
	
ARTICLE VII
    
	
GENERAL   PROVISIONS
    
	
 
    	
 
    
	
Section 7.01 Notices
    	
6
    

 

i

 

	
Section 7.02 Entire   Agreement; Superseding Effect
    	
7
    
	
Section 7.03 Effect of   Waiver or Consent
    	
7
    
	
Section 7.04 Amendment   or Restatement
    	
7
    
	
Section 7.05   Restriction on Assignment; Binding Effect
    	
7
    
	
Section 7.06 Governing   Law; Severability
    	
7
    
	
Section 7.07 Further   Assurances
    	
7
    
	
Section 7.08 Directly   or Indirectly
    	
7
    
	
Section 7.09   Counterparts
    	
8
    

 

ii

 

ADMINISTRATIVE SERVICES AGREEMENT

 

This Administrative Services Agreement (this “Agreement”) is dated as of April 4, 2014 (the “Effective Date”), between Quintana Shipping Ltd., a Republic of the Marshall Islands corporation (the “Company”) and Quintana Minerals Corporation, a Texas corporation (“Minerals” and, together with the Company, the “Parties” and each, a “Party”).

 

RECITALS

 

A.                                    The Company wishes to engage Minerals to provide certain general and administrative services to the Company.

 

B.                                    Minerals is willing to undertake such engagement, subject to the terms and conditions of this Agreement.

 

NOW, THEREFORE, the Company and Minerals agree as follows:

 

ARTICLE I
 DEFINITIONS

 

Section 1.01                             Definitions.  As used in this Agreement, the following terms have the respective meanings set forth below or set forth in the Sections referred to below:

 

“Affiliate” shall mean with respect to any Person, any other Person that directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person.

 

“Agreement” is defined in the introductory paragraph.

 

“Bankrupt” with respect to any Person shall mean such Person shall generally be unable to pay its debts as such debts become due, or shall so admit in writing or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against such Person seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), shall remain undismissed or unstayed for a period of 30 days; or such Person shall take any action to authorize any of the actions set forth above.

 

“Company” is defined in the introductory paragraph.

 

“Default Rate” shall mean an interest rate (which shall in no event be higher than the rate permitted by applicable law) equal to 300 basis points over LIBOR.

 

“Effective Date” is defined in the introductory paragraph.

 

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“Governmental Approval” shall mean any material consent, authorization, certificate, permit, right of way grant or approval of any Governmental Authority that is necessary for the ownership and operation of the Company in accordance with applicable Laws.

 

“Governmental Authority” shall mean any court or tribunal in any jurisdiction or any federal, state, tribal, municipal or local government or other governmental body, agency, authority, department, commission, board, bureau, instrumentality, arbitrator or arbitral body or any quasi-governmental or private body lawfully exercising any regulatory or taxing authority.

 

“Laws” shall mean any applicable statute, common law, rule, regulation, judgment, order, ordinance, writ, injunction or decree issued or promulgated by any Governmental Authority.

 

“Minerals” is defined in the introductory paragraph.

 

“Parties” is defined in the introductory paragraph.

 

“Payment Amount” is defined in Section 4.01.

 

“Person” means an individual, corporation, partnership, joint venture, trust, limited liability company, unincorporated organization or other entity.

 

“Services” is defined in Section 2.02.

 

Other terms defined herein have the meanings so given them.

 

Section 1.02                             Construction.  Unless the context requires otherwise: (a) the gender (or lack of gender) of all words used in this Agreement includes the masculine, feminine, and neuter; (b) references to Articles and Sections refer to Articles and Sections of this Agreement; (c) references to money refer to legal currency of the United States of America; and (d) “including” means “including without limitation”.

 

ARTICLE II
 RETENTION OF MINERALS; SCOPE OF SERVICES

 

Section 2.01                             Retention of Minerals.

 

(a)                                 The Company hereby engages Minerals to perform the Services (as defined below) and to provide all employees and any facilities and equipment not otherwise provided by the Company necessary to perform the Services. Minerals hereby accepts such engagement and agrees to perform the Services as directed and in the manner specified by the Company and to provide any facilities and equipment not otherwise provided by the Company, and to provide all employees necessary to perform the Services.

 

Section 2.02                             Scope of Services.  The “Services” shall consist of management, administrative and advisory services, and any other services necessary to assist in conducting the Company’s business, each, as requested by the Company. Services shall include the payment of salaries and benefits and related overhead for employees of Minerals (or any of its Affiliates) designated by the Company in connection with the Services. The Services shall be provided as

 

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directed and in the manner specified by the Company. Minerals hereby covenants and agrees that the Services will be performed (i) in accordance with applicable material Governmental Approvals and Laws and (ii) in accordance with industry standards.

 

Section 2.03                             Exclusion of Services.  At any time, the Company may temporarily or permanently exclude any particular service from the scope of the Services upon 30-days’ notice to Minerals.

 

Section 2.04                             Performance of Services by Affiliates.  The Parties hereby agree that in discharging its obligations hereunder, Minerals may engage any of its Affiliates to perform the Services (or any part of the Services) on its behalf and that the performance of the Services (or any part of the Services) by any such Affiliate shall be treated as if Minerals performed such Services itself. Notwithstanding the foregoing, nothing contained herein shall relieve Minerals of its obligations hereunder.

 

Section 2.05                             Representations and Warranties of Minerals.  Minerals hereby represents, warrants and covenants to the Company that the following statements are true and correct as of the date hereof:

 

(a)                                 Minerals is duly incorporated, validly existing, and in good standing under the laws of the State of Texas; and Minerals has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder;

 

(b)                                 Minerals has duly executed and delivered this Agreement, and this Agreement constitutes the legal, valid and binding obligation of Minerals, enforceable against it in accordance with its terms (except as may be limited by bankruptcy, insolvency or similar laws of general application and by the effect of general principles of equity, regardless of whether considered at law or in equity); and

 

(c)                                  the authorization, execution, delivery, and performance of this Agreement by Minerals does not and will not (i) conflict with, or result in a breach, default or violation of, (A) its articles of incorporation or by-laws, (B) any contract or agreement to which it is a party or is otherwise subject, or (C) any law, order, judgment, decree, writ, injunction or arbitral award to which it is subject; or (ii) require any consent, approval or authorization from, filing or registration with, or notice to, any governmental authority or other Person, unless such requirement has already been satisfied, except, in the case of clause (i)(B) and (i)(C), for such conflicts, breaches, defaults or violations that would not have a material adverse effect on Minerals or on its ability to perform its obligations hereunder, and except, in the case of clause (ii), for such consents, approvals, authorizations, filings, registrations or notice, the failure of which to obtain or make would not have a material adverse effect on Minerals or on its ability to perform its obligations hereunder.

 

Section 2.06                             Representations and Warranties of the Company.  The Company hereby represents, warrants and covenants to Minerals that the following statements are true and correct as of the date hereof:

 

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(a)                                 the Company is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its formation; the Company has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder;

 

(b)                                 the Company has duly executed and delivered this Agreement, and this Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms (except as may be limited by bankruptcy, insolvency or similar laws of general application and by the effect of general principles of equity, regardless of whether considered at law or in equity); and

 

(c)                                  the authorization, execution, delivery, and performance of this Agreement by the Company does not and will not (i) conflict with, or result in a breach, default or violation of, (A) its organizational documents, (B) any contract or agreement to which it is a party or is otherwise subject, or (C) any law, order, judgment, decree, writ, injunction or arbitral award to which it is subject; or (ii) require any consent, approval or authorization from, filing or registration with, or notice to, any governmental authority or other Person, unless such requirement has already been satisfied, except, in the case of clause (i)(B) and (i)(C), for such conflicts, breaches, defaults or violations that would not have a material adverse effect on the Company or on its ability to perform their obligations hereunder, and except, in the case of clause (ii), for such consents, approvals, authorizations, filings, registrations or notice, the failure of which to obtain or make would not have a material adverse effect on the Company or on its ability to perform their obligations hereunder.

 

ARTICLE III
 BOOKS, RECORDS AND REPORTING

 

Section 3.01                             Books and Records.  Minerals shall maintain accurate books and records regarding the performance of the Services and its calculation of the Payment Amount, and shall maintain such books and records for the period required by applicable accounting practices or law.

 

Section 3.02                             Audits.  The Company shall have the right, upon reasonable notice, and at all reasonable times during usual business hours, to audit, examine and make copies of the books and records referred to in Section 3.01. Such right may be exercised through any agent or employee of the Company designated in writing by it or by an independent public accountant, engineer, attorney or other agent so designated.  The Company shall bear all costs and expenses incurred in any inspection, examination or audit. Minerals shall review and respond in a timely manner to any claims or inquiries made by the Company regarding matters revealed by any such inspection, examination or audit.

 

Section 3.03                             Reports.  Minerals shall prepare and deliver to the Company any reports provided for in this Agreement and such other reports as the Company may reasonably request from time to time regarding the performance of the Services.

 

4

 

ARTICLE IV
 PAYMENT AMOUNT

 

Section 4.01                             Payment Amount.  Minerals shall invoice the Company monthly at cost for the amount of any direct or indirect expenses incurred by Minerals in connection with its or its Affiliates’ performance of the Services (the “Payment Amount”).

 

Section 4.02                             Payment of Payment Amount.  The Company shall pay to Minerals the full Payment Amount due under Section 4.01 within 10 days of receipt of an invoice.

 

Section 4.03                             Disputed Charges.  THE COMPANY MAY, WITHIN 90 DAYS AFTER RECEIPT OF A CHARGE FROM MINERALS, TAKE WRITTEN EXCEPTION TO SUCH CHARGE, ON THE GROUND THAT THE SAME WAS NOT A REASONABLE COST INCURRED BY MINERALS OR ITS AFFILIATES IN CONNECTION WITH THE SERVICES. THE COMPANY SHALL NEVERTHELESS PAY IN FULL WHEN DUE THE FULL PAYMENT AMOUNT OWED TO MINERALS. SUCH PAYMENT SHALL NOT BE DEEMED A WAIVER OF THE RIGHT OF THE COMPANY TO RECOUP ANY CONTESTED PORTION OF ANY AMOUNT SO PAID. HOWEVER, IF THE AMOUNT AS TO WHICH SUCH WRITTEN EXCEPTION IS TAKEN, OR ANY PART THEREOF, IS ULTIMATELY DETERMINED NOT TO BE A REASONABLE COST INCURRED BY MINERALS OR ITS AFFILIATES IN CONNECTION WITH ITS PROVIDING THE SERVICES HEREUNDER, SUCH AMOUNT OR PORTION THEREOF (AS THE CASE MAY BE) SHALL BE REFUNDED BY MINERALS TO THE COMPANY TOGETHER WITH INTEREST THEREON AT THE DEFAULT RATE DURING THE PERIOD FROM THE DATE OF PAYMENT BY THE COMPANY TO THE DATE OF REFUND BY MINERALS.

 

Section 4.04                             Set Off.  In the event that Minerals owes the Company a sum certain in an uncontested amount under any other agreement, then any such amounts shall be aggregated and the Company and Minerals shall discharge their obligations by netting those amounts against any amounts owed by the Company to Minerals under this Agreement. If the Company or Minerals owes the other party a greater aggregate amount, that party shall pay to the other party the difference between the amounts owed.

 

Section 4.05                             Minerals Employees.  The obligations under Sections 4.01 and 4.02 shall be limited to reimbursement of Minerals or its Affiliates for expenses directly related to the provision of the Services, which are incurred by Minerals (or its Affiliates) in connection with its employment of individuals engaged in the provision of Services hereunder.  The Company shall not be obligated to pay to Minerals employees directly any compensation, salaries, wages, bonuses, benefits, social security taxes, workers’ compensation insurance, retirement and insurance benefits, training and other such expenses.

 

5

 

ARTICLE V
 ASSIGNMENTS AND SUBCONTRACTS

 

Section 5.01                             Assignments.

 

(a)                                 Without the prior consent of Minerals, the Company may not sell, assign, transfer or convey any of its rights, or delegate any of its obligations, under this Agreement to any Person.

 

(b)                                 Without the prior consent of the Company, Minerals may not sell, assign, transfer or convey any of its rights, or delegate any of its obligations, under this Agreement to any Person, other than the delegation of performance of Services to an Affiliate of Minerals as permitted by Section 2.04 and the sale, assignment, transfer or conveyance of its rights hereunder to any such Affiliate.

 

ARTICLE VI
 TERMINATION

 

Section 6.01                             Termination by the Company.

 

(a)                                 The Company may terminate this Agreement at any time by giving notice of such termination to Minerals. Any termination under this Section 6.01(a) shall become effective 30 days after delivery of such notice, or such later time (not to exceed the first anniversary of the delivery of such notice) as may be specified by the Company.

 

(b)                                 If this Agreement is terminated in accordance with this Section 6.01, all rights and obligations under this Agreement shall cease except for (i) obligations that expressly survive termination of this Agreement; (ii) liabilities and obligations that have accrued prior to such termination, including the obligation to pay any amounts that have become due and payable prior to such termination, and (iii) the obligation to pay any portion of the Payment Amount that has accrued prior to such termination, even if such portion has not become due and payable at that time.

 

ARTICLE VII
 GENERAL PROVISIONS

 

Section 7.01                             Notices.  Except as expressly set forth to the contrary in this Agreement, all notices, requests or consents provided for or permitted to be given under this Agreement must be in writing and must be delivered to the recipient in person, by courier or mail or by facsimile, telegram, telex, cablegram or similar transmission; and a notice, request or consent given under this Agreement is effective on receipt by the Party to receive it; provided, however, that a facsimile or other electronic transmission that is transmitted after the normal business hours of the recipient shall be deemed effective on the next business day. All notices, requests and consents to be sent to Minerals must be sent to or made at the address given below for Minerals. All notices, requests and consents (including copies thereof) to be sent to the Company must be sent to or made at the address given below for the Company.

 

6

 

	
Address for Notices:
    	
 
    	
Company:
    	
 
    	
Minerals:
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Quintana Shipping Ltd.
    	
 
    	
Quintana Minerals Corporation
    
	
 
    	
 
    	
5 Xenial Street, 6th Floor
    	
 
    	
601 Jefferson, Suite 3600
    
	
 
    	
 
    	
Kifissia 14562 Greece
    	
 
    	
Houston, Texas 77002
    
	
 
    	
 
    	
Attention: Vicky Poziopoulou
    	
 
    	
Attention: Dwight Dunlap
    

 

Section 7.02                             Entire Agreement; Superseding Effect.  This Agreement constitutes the entire agreement of the Parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein.

 

Section 7.03                             Effect of Waiver or Consent.  Except as otherwise provided in this Agreement, a waiver or consent, express or implied, to or of any breach or default by any Party in the performance by that Party of its obligations under this Agreement is not a consent or waiver to or of any other breach or default in the performance by that Party of the same or any other obligations of that Party under this Agreement. Except as otherwise provided in this Agreement, failure on the part of a Party to complain of any act of another Party or to declare another Party in default under this Agreement, irrespective of how long that failure continues, does not constitute a waiver by that Party of its rights with respect to that default until the applicable statute-of-limitations period has run.

 

Section 7.04                             Amendment or Restatement.  This Agreement may be amended or restated only by a written instrument executed by each of the Parties.

 

Section 7.05                             Restriction on Assignment; Binding Effect.  This Agreement is binding on and shall inure to the benefit of the Parties and their respective successors and permitted assigns.

 

Section 7.06                             Governing Law; Severability.  THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, EXCLUDING ANY CONFLICT-OF-LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE CONSTRUCTION OR THE INTERPRETATION OF THIS AGREEMENT TO THE LAW OF ANOTHER JURISDICTION. If any provision of this Agreement or the application thereof to any Person or any circumstance is held invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law.

 

Section 7.07                             Further Assurances.  In connection with this Agreement and the transactions contemplated hereby, each Party shall execute and deliver any additional documents and instruments and perform any additional acts that may be reasonably necessary or appropriate to effectuate and perform the provisions of this Agreement and those transactions.

 

Section 7.08                             Directly or Indirectly.  Where any provision of this Agreement refers to action to be taken by any Party, or which such Party is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Party, including actions taken by or on behalf of any Affiliate of such Party.

 

7

 

Section 7.09          Counterparts.  This Agreement may be executed in counterparts with the same effect as if each signing party had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument.

 

[Signature page follows]

 

8

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first set forth above.

 

	
 
    	
QUINTANA SHIPPING LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eleftherios A. Papatrifon
    
	
 
    	
Name:
    	
Eleftherios A. Papatrifon
    
	
 
    	
Title:
    	
Chief Executive Officer
    

 

Signature Page to Administrative Services Agreement

 

 

	
 
    	
QUINTANA MINERALS CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Dwight L. Dunlap
    
	
 
    	
Name:
    	
Dwight L. Dunlap
    
	
 
    	
Title:
    	
Vice President and Treasurer
    

 

Signature Page to Administrative Services AgreementExhibit 10.1-BOD Form of RSU Agreement

Non-employee directors

AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
2012 Omnibus Incentive Plan

Form of
Restricted Stock Unit Award Agreement
 
You have been selected to receive a grant of Restricted Stock Units (“RSUs”) pursuant to the American Axle & Manufacturing Holdings, Inc. 2012 Omnibus Incentive Plan in accordance with the terms and conditions below:

Participant: 
Grant Date: 
Number of RSUs: 

THIS AWARD AGREEMENT (the “Agreement”) is made effective as of the Grant Date, as specified above, between American Axle & Manufacturing Holdings, Inc., a Delaware corporation (the “Company”), and the Participant.

RECITALS

A. The Company has adopted the American Axle & Manufacturing Holdings, Inc. 2012 Omnibus Incentive Plan (the “Plan”). The Plan is incorporated in and made a part of this Agreement. Capitalized terms that are not defined in this Agreement have the same meanings as in the Plan; and

B. The Compensation Committee of the Board of Directors (the “Committee”) determined that it is in the best interests of the Company and its shareholders to grant RSUs to the Participant, pursuant to the terms of this Agreement and the Plan.
   
The parties agree as follows:

1. Grant of the RSUs. The Company grants to the Participant, on the terms and conditions of this Agreement, the number of RSUs set forth above. Each RSU corresponds to one Share (subject to adjustment pursuant to the Plan) and constitutes a contingent and unsecured promise of the Company to pay the Participant one Share on the vesting date for the RSU, subject to the terms of the Plan and this Agreement.
    
2. Vesting of the RSUs.
              
(a) Vesting Period. Subject to Section 2(c) herein, the RSUs shall vest 100 percent on the first annual anniversary of the Grant Date (“Vesting Period”).

(b) Vesting Date. The date on which the RSUs vest pursuant to Section 2(a) or, if earlier, Section 2(c), is referred to as the “Vesting Date.”

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Non-employee directors

(c) Earlier Vesting and Forfeiture.

(i) Early Vesting: To the extent not already vested under Section 2(a), the total number of RSUs granted under this Agreement shall fully vest upon the death or Disability of the Participant or the occurrence of a Change in Control. 

(ii) Forfeiture: Except as otherwise expressly stated in Section 2(c)(i), if the Participant’s service as a member of the Board terminates for any reason prior to the Vesting Date, the RSUs shall be forfeited and cancelled without consideration.

(d) Definitions.
    
(i) “Change in Control:” For purposes of this Agreement, “Change in Control” means the occurrence of any of the following: 

(1) Any “person” as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as used in Section 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) of the Exchange Act (but excluding the Company and any subsidiary and any employee benefit plan sponsored or maintained by the Company or any subsidiary (including any trustee of such plan acting as trustee)), directly or indirectly, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), of securities of the Company representing 30 percent or more of the combined voting power of the Company’s then outstanding securities; or

(2) The consummation of any merger or other business combination involving the Company, a sale of more than 50 percent of the Company’s assets, liquidation or dissolution of the Company or a combination of the foregoing transactions (the “Transactions”) other than a Transaction immediately following which the shareholders of the Company immediately prior to the Transaction own, in the same proportion, more than 50 percent of the voting power, directly or indirectly, of (A) the surviving corporation in any such merger or other business combination; (B) the purchaser of or successor to the Company’s assets; (C) both the surviving corporation and the purchaser in the event of any combination of Transactions; or (D) the parent company owning 100 percent of such surviving corporation, purchaser or both the surviving corporation and the purchaser, as the case may be; or

(3) Within any 12 month period, the persons who were directors immediately before the beginning of such period (the “Incumbent Directors”) shall cease (for any reason other than death) to constitute at least a majority of the Board or the board of directors of a successor to the Company. For this purpose, any director who was not a director at the beginning of such period shall be deemed to be an Incumbent Director if such director was elected to the Board by, or on the recommendation of or with the approval of, at least two thirds of the directors who then qualified as Incumbent Directors (so long as such director was not nominated by a person who commenced or threatened to commence an election contest or proxy solicitation by or on behalf of a person (other than the Board) or who has entered into an agreement to effect a Change in Control or expressed an intention to cause such a Change in Control).

Notwithstanding the foregoing, to the extent that any Award constitutes a deferral of compensation subject to Section 409A (as defined in Section 16 below), and if that Award 

2

Non-employee directors

provides for a change in the time or form of payment upon a Change in Control, then no Change in Control shall be deemed to have occurred upon an event described in subsections (1) through (3) above unless such event shall constitute a “change in ownership” or “change in effective control” of, or a change in the ownership of a substantial portion of the assets of, the Company under Section 409A.
    
(ii) “Disability:” For purposes of this Agreement, “Disability” means either of the following:

(1) Inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or

(2) By reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under     an accident and health plan covering Employees of the Company.
 
3. Settlement of the RSUs. Each vested RSU shall be settled by the delivery of one Share to the Participant. Settlement of the RSUs shall occur on the first business day of the month following the month in which the Vesting Date occurs or as soon as administratively practicable thereafter, but in no event later than March 15th of the calendar year immediately following the calendar year in which the Vesting Date occurs (the “Payment Date”). The Payment Date may be deferred at the election of the Participant in accordance with procedures authorized by the Committee; provided, however, that any such deferral must comply with Section 409A (as defined in Section 16 below).

4. Share Delivery. Delivery of any Shares in connection with settlement of the Award will be by book-entry credit to an account in the Participant’s name established by the Company with its transfer agent.

5. Recapitalization. In the event of any change in the capitalization of the Company such as a stock split or a corporate transaction such as any merger, consolidation, separation, or otherwise, the number of RSUs subject to this Agreement shall be equitably adjusted by the Committee, in its sole discretion, to prevent dilution or enlargement of rights.

6. Beneficiary Designation. The Participant may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under this Agreement is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by the Participant, shall be in a form prescribed by the Company, and will be effective only when delivered by the Participant in writing to the Corporate Human Resources Department of the Company during the Participant’s lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.
             
7. Shareholder Rights. Prior to the Payment Date, the Participant shall not have any rights as a shareholder of the Company in connection with this Award, unless and until the Shares are distributed to Participant. Following delivery of Shares upon the Payment Date, the Participant shall have all rights as a shareholder with respect to such Shares.

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Non-employee directors

8. Dividend Equivalents. Upon payment of dividends with respect to the Shares, the Participant shall be entitled to receive Dividend Equivalents with respect to each outstanding RSU. Dividend Equivalents will be paid quarterly as soon as administratively practicable following the payment of dividends with respect to the Shares, but in no event later than March 15th of the year following the calendar year in which dividends are paid. The Company will determine the form of payment of Dividend Equivalents, which may include cash, Shares or a combination thereof. Upon a forfeiture of the RSUs, further payments of Dividend Equivalents shall be cancelled.

9. No Right to Continued Service as a Director. Neither the Plan nor this Agreement shall (i) be construed as giving the Participant the right to be retained as a member of the Board or (ii) confer on the Participant any right to receive another grant of RSUs or any other equity-based award at any time in the future or in respect of any future period.

10. Transferability.
    
(a) The RSUs shall not be transferable other than by will, the laws of descent and distribution, pursuant to a domestic relations order entered by a court of competent jurisdiction or to a Permitted Transferee for no consideration pursuant to the Plan. Any RSU transferred to a Permitted Transferee shall be further transferable only by will, the laws of descent and distribution, pursuant to a domestic relations order entered by a court of competent jurisdiction, or, for no consideration, to another Permitted Transferee of the Participant. The Shares delivered to the Participant on the Payment Date shall not be subject to transfer restrictions and shall be fully paid, non-assessable and registered in the Participant’s name.

(b) Except as set forth in the Plan, a Participant’s rights under the Plan shall be exercisable during the Participant’s lifetime only by the Participant, or in the event of the Participant’s legal incapacity, the Participant’s legal guardian or representative.

11. Responsibility for Taxes.  Regardless of any action by the Company with respect to any or all tax obligations of the Participant with respect to the RSUs, the Participant acknowledges responsibility for payment of all such taxes. The Company makes no representations regarding the treatment of any tax obligations in connection with the grant or vesting of the RSUs, any subsequent sale of Shares and the receipt of dividends, if any. The Company makes no commitment to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate the Participant’s liability for such tax. 

12. Securities Laws.  This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required, or the Committee determines are advisable. The Participant agrees to take all steps the Company determines are necessary to comply with all applicable provisions of federal and state securities law in exercising Participant’s rights under this Agreement. The Committee may impose such restrictions on any Shares acquired by a Participant pursuant to the RSUs as it may deem necessary or advisable, under applicable federal securities laws, the requirements of any stock exchange or market upon which such Shares are then listed or traded or any blue sky or state securities laws applicable to such Shares. In addition, the Shares shall be subject to any trading restrictions, stock holding requirements or other policies in effect from time to time as determined by the Committee.
 
    

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13. Notices.   Notice under this Agreement shall be addressed to the Company in care of its Secretary at the principal executive offices of the Company and to the Participant at the address appearing in the records of the Company for the Participant, or to either party at another address that the party designates in writing to the other. Notice shall be effective upon receipt.

14. Governing Law. The interpretation, performance and enforcement of the RSUs and this Agreement shall be governed by the laws of the State of Delaware without regard to principles of conflicts of law. To the extent any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall remain in full force and effect.

15. RSUs Subject to Plan.
    
(a) The RSUs are granted subject to the Plan and to such rules and regulations as the Committee may adopt for administration of the Plan. The Committee is authorized to administer, construe, and make all determinations necessary or appropriate to administer the Plan and this Agreement, all of which shall be binding upon the Participant.

(b) To the extent of any inconsistencies between the Plan and this Agreement, the Plan shall govern. This Agreement and the Plan constitute the entire agreement between the parties regarding the subject matter hereof. They supersede all other agreements, representations or understandings (whether oral or written, express or implied) that relate to the subject matter hereof.

(c) The Committee may, at any time, terminate, amend, modify or suspend the Plan and amend or modify this Agreement; provided, however, that no termination, amendment, modification or suspension shall materially and adversely alter or impair the rights of the Participant under this Agreement, without the Participant’s written consent.
    
16. Section 409A. The RSUs are intended to satisfy the requirements of Section 409A of the U.S. Internal Revenue Code and the final regulations promulgated thereunder (“Section 409A”). This Agreement shall be interpreted, administered and construed in a manner consistent with that intent. Notwithstanding the forgoing, if the Company determines that any provision of this Agreement or the Plan contravenes Section 409A or could cause the Participant to incur any tax, interest or penalties under Section 409A, the Committee may, in its sole discretion and without the Participant’s consent, modify such provision to (i) comply with, or avoid being subject to, Section 409A, or to avoid the incurrence of any taxes, interest and penalties under Section 409A, and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without materially increasing the cost to the Company or contravening the provisions of Section 409A. This Section 16 does not create an obligation of the Company to modify the Plan or this Agreement and does not guarantee that the RSUs will not be subject to taxes, interest and penalties under Section 409A.

17. Recoupment. The RSUs, the underlying Shares and any gains received in connection with the sale of the Shares shall be subject to any clawback, recoupment or similar policy as 

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permitted or mandated by applicable law, rules, regulations or any Company policy as enacted, adopted or modified from time to time.

18. Personal Data Privacy. The Participant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant’s personal data by and among, as applicable, the Company and its subsidiaries for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands that the Company may hold certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, date of birth, social security number (or any other social or national identification number), salary, nationality, job title and number of RSUs for the purpose of implementing, administering and managing the Participant’s Award (the “Data”). The Participant understands that the Data may be transferred to the Company or to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Participant’s country or elsewhere, and that any recipient’s country may have different data privacy laws and protections than the Participant’s country. The Participant authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Participant’s participation in the Plan.  Furthermore, the Participant acknowledges and understands that the transfer of the Data to the Company or to any third parties is necessary for the Participant’s participation in the Plan. The Participant may view the Data, request information about the storage and processing of Data, request any corrections to Data, or withdraw the consents herein (in any case, without cost to the Participant) by contacting Corporate Human Resources in writing. The withdrawal of any consent by the Participant may affect the Participant’s participation in the Plan. The Participant may contact Corporate Human Resources for further information about the consequences of any withdrawal of consents herein.
19.  Headings. The headings of sections and subsections are included solely for convenience of reference and shall not affect the meaning of the provisions of this Agreement.

20. Successor.  All obligations of the Company under the Plan and this Agreement, with respect to the RSUs, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

21. Signature in Counterparts. This Agreement may be signed in counterparts. Each counterpart shall be an original, with the same effect as if the signatures were on the same 
instrument.

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22. Enforceability. To the extent any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms. 

                 AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.

By:    __________________________________ 
Authorized Officer

Agreed and acknowledged 
as of the Date of Grant: 

__________________________

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