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  Exhibit 10.20    
    

         

  

This publication describes the Annual Value Creation Plan, a discretionary bonus plan, for key employees of TriMas. Some of the AVC Plan's highlights
include:

	•
	Participants are selected by the AVCP
Committee. 

 
	•
	The Plan's financial targets are established through the annual budgeting process and are
expressed as Incentive earnings before subtracting interest, taxes, depreciation and amortization—adjusted for asset
management.

 
	•
	You and your manager set individual performance
targets. 

 
	•
	Target Plan awards may be 10% of pay or more, depending on position scope and responsibility. You
may earn more or less than your target based on actual Company (and, as applicable, Unit performance) and individual performance relative to
targets.

 
	•
	For any Plan payment to be made in any year, Company performance results must be at least 90% of
targeted results.

 
 

  The Annual Value
  Creation Plan (AVCP)    
    

TriMas is committed to ensuring that our total compensation program is consistent with market competitive pay practices, while providing opportunities to attract and retain
excellent performers essential to our business success. As a component of your total compensation, the Annual Value Creation Plan, a discretionary bonus plan, works to support our overall business
objectives by aligning individual goals with the goals of shareholders and focusing attention on the key measures of success. This plan is designed to reward achievement of key business goals and
individual performance based on your contributions.

 

Participation

The AVCP Committee identifies the specific positions that are eligible for participation in the AVCP. The AVCP Committee is made up of the CEO, CFO, and VP HR of TriMas. In general, the Committee will
award eligibility to SBU leadership, facility leadership and their direct reports (depending on size of the operation), and corporate leadership. 

Performance Measures

AVCP awards are based on "Group", "Unit", and "Individual" performance during the year. 

Group and Unit Performance

As defined in the box on the following page, the AVCP uses Incentive EBITDA ("Earnings Before Interest, Taxes, Depreciation and Amortization") as the measure of Group and Unit performance. While there
are many possible measures for performance, EBITDA was selected because it is a good measure of cash flow—the "fuel" for reinvestment in our businesses and valued by investors because cash
flow provides resources for reinvestment. In addition, consideration is given to the year over year working capital change as it relates to the percentage of sales. 

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The Annual Value Creation Plan

Each
year, baseline performance levels for EBITDA are established through the business planning process and then adjusted for the year-over-year change in working capital to
better reflect the importance of assets and asset management. 

"Incentive EBITDA"

			
	EBITDA (pronounced "E-BE-DA") is a measure of cash flow calculated as revenue minus expenses (before interest, taxes, depreciation and amortization). By excluding interest, taxes, depreciation and amortization from the
expenses used in the calculation, the earnings figure that results is a good indication of the amount of money being brought into the Company.

For the AVCP, the annual EBITDA target is adjusted to reflect the cost of additional investment in the pursuit of EBITDA and to reward and encourage asset management. The adjustment is made as shown at right.	 	 Here's how the Incentive EBITDA is

measured for the AVCP:          
 Prior year average working capital as a percent

of sales
 minus
 Current year average working capital as a

percent of sales
 equals
 Year-over-year change in average working

capital as a percent of sales
 times
 Current year sales
 times
 20%
 equals

EBITDA Incentive Factor
 

Individual Performance

At the beginning of each year, you and your immediate leader will establish three to five measurable goals that are consistent with organizational goals (and subject to approval by the next level of
management). At the end of the year, individual performance will be measured relative to those goals. Each year, there may be a corporate-wide focus for some or all of the individual
goals. 

AVCP Steps—Beginning of the Year
At the beginning of each year, we go through the following five steps:  

Beginning of Year—Step 1: Determine Your Target Award

Your AVCP target award is simply a percentage of your annual base salary. This percentage is based on your position and scope of responsibility. 

Target
Award Example:
 Setting AVCP Target Award: Assume the employee's AVCP target is 10% of base salary, and that base salary is $80,000. In this case, the employee's AVCP award target is $8,000
(10% X $80,000).

Beginning of Year—Step 2: Determine Position and Related Components

Your AVCP award will be made up of three components: 1) Group Incentive EBITDA, 2) Unit Incentive EBITDA, and 3) individual performance. 

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The Annual Value Creation Plan    
    

Beginning of Year – Step 3: Determine the Corresponding Component Weighting

Each component of your AVCP award has a "weighting" that indicates the component's relative importance to your overall Plan award, as summarized in the following chart: 

							
	Position 	 	Group

Weighting 	 	Unit

Weighting 	 	Individual

Weighting 
	Corporate/Group Controller	 	75% –

TriMas	 	0%	 	25%
	

Group President	

 	

25% –

TriMas	

 	

50% – Group

Cequent/Energy/ISG/PSG	

 	

25%
	

SBU President/Local SBU (Cequent)	
 	

50% –

Cequent	
 	

25% – Individual SBU

(Cequent)	
 	

25%
	

SBU President/Local SBU (Cequent)	
 	

15% –

Cequent	
 	

60% – Individual SBU

(Cequent – TriMas

Corporation Pty Ltd)	
 	

25%
	

SBU President/Local SBU (Energy)	
 	

15% –

TriMas	
 	

60% – Individual SBU

(Energy)	
 	

25%
	

SBU President/ Local SBU (ISG)	
 	

15% –

TriMas	
 	

60% – Individual SBU

(ISG)	
 	

25%
	

SBU President/ Local SBU (PSG)	
 	

15% –

PSG	
 	

60% Individual SBU

(PSG)	
 	

25%
	

SBU President/SBU Support (PTC)	
 	

15% –

TriMas	
 	

60% – Individual SBU

(PTC)	
 	

25%
	

Local SBU (PTC)	
 	

15% –

PTC	
 	

60% Individual SBU

(PTC)	
 	

25%

Component
Weighting Example:
 Assume an employee in an ISG Unit position has an AVCP target of $8,000. The employee's target award is made up of the following components:

			
	 Group Incentive EBITDA
	 	15% weight × $8,000 = $1,200

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The Annual Value Creation Plan    
    

			
	 Unit Incentive EBITDA
	 	60% weight × $8,000 = $4,800
	 Individual Performance
	 	25% weight × $8,000 = $2,000
	
	 	 $8,000

Beginning of Year – Step 4: Determine Target Performance for the Year

The Plan's financial targets are established through the annual business planning process. At the beginning of the year you will receive information about the target for Group Incentive EBITDA in the
coming year and, as applicable, the target for Unit Incentive EBITDA. 

Beginning of Year – Step 5: Set Your Individual Goals for the Year

By February 15 of each year, you and your leader will set individual performance targets for the year. Your individual performance goals must be approved by the next higher level of management.
Each year, there may be a corporate-wide focus on some or all of the individual goals. 

 AVCP Steps – End of the Year  

At
the end of each plan year, AVCP awards will be determined following these four steps: 

End of Year – Step 1: Determine Actual Performance Result

Soon after the end of each Plan year, actual Group Incentive EBITDA, Unit Incentive EBITDA and individual performance results will be measured. Incentive EBITDA measures are compared to the targets
determined in the business planning process, and individual performance results are compared to goals set at the beginning of the year. 

Results
for each of the categories are expressed as Actual Performance divided by Target Performance. In this way, 100% indicates performance targets were met for the measure; a percentage above 100%
indicates performance targets were exceeded—below 100% means performance targets were not achieved. 

Determine
Actual Performance Example:
 Assume the target for Unit EBITDA was $10 million, and actual Unit Incentive EBITDA was $11 million. Then performance results for Unit Incentive EBITDA equals
110% of target ($11 million actual divided by $10 million targeted = 1.10 or 110%).

End of Year – Step 2: Determine Corresponding Payment Factor

The AVCP then uses a "Performance Payment Factor" (see table, below) to determine a percentage of target award for each component (Group Incentive EBITDA, individual performance and, for Unit
positions, Unit Incentive EBITDA). 

			
	Percent of target achieved for a given

component (see Step 1): 	 	Performance Payment Factor: 
	 <90% of target
	 	0% of target award
	 90% of target
	 	50% of target award
	 95% of target
	 	90% of target award
	 100% of target
	 	100% of target award
	 105% of target
	 	110% of target award
	 110% of target
	 	120% of target award
	 115% of target
	 	135% of target award
	 120% of target
	 	150% of target award

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 The Annual Value Creation Plan  

			
	120% of target	 	150% of target award
	

120% - 150% of target	
 	

150% of target award plus 3% for each

additional 1% that performance exceeds

120% of target
	

>150% of target	
 	

240% of target award

No payment will be made for any award component when actual performance for that component is below the applicable
threshold. 

Regardless of results for other measures, if Corporate Incentive EBITDA falls below 50% for any year, there will be no AVCP awards paid for that year. 

Results
between the levels stated on the chart above will be interpolated, i.e., for actual results between the stated percentages, there will be a corresponding payment level between the
stated payment factor percentages. 

Determine
Payment Factor Example:
 Assume actual Group Incentive EBITDA is 120% of target. Using the Performance Payment Factor table, we can determine that 150% of the target award for the Group Incentive
EBITDA component will be paid.  

End of Year – Step 3: Multiply by Component Weighting
  After determining the applicable Performance Payment Factor for each award component based on the actual results for Group Incentive
EBITDA (and Unit Incentive EBITDA for Unit
positions) and individual performance results, the Performance Payment Factors are multiplied by the applicable component weighting determined at the beginning of the year. 

Component
Weighting Example:
 For an employee within the ISG unit with the following results for each performance category – Group Incentive EBITDA – 110% of
target; Unit Incentive EBITDA – 120% of target; and Individual Performance – 100% of target – the Performance Payment
Factors and the Component Weightings are multiplied as follows:  

													
	Performance Category
	 	Performance

vs. Plan
	 	Payment

Factor
	 	 
	 	Component

Weighting
	 	 
	 	Total

	
	 Group Incentive EBITDA:
	 	110%	 	120%	 	X	 	15%	 	=	 	18%
	 Unit Incentive EBITDA:
	 	120%	 	150%	 	X	 	60%	 	=	 	90%
	 Individual Performance:
	 	100%	 	100%	 	X	 	25%	 	=	 	25%

End of Year – Step 4: Sum of Weighted Payment Factors Equals Actual Award
  The fourth and final step to determine the actual AVCP award is to sum the weighted performance payment
factors for each component, then multiply the total by the target award
amount, as illustrated in the following example. 

Actual
Award Example:
 Assume you are an ISG unit employee with a total Plan award target of $8,000. Also assume the following results are achieved for each performance category: Group Incentive
EBITDA – 110% of target; Unit Incentive EBITDA – 120% of target; and Individual Performance – 100% of target. Given these
assumptions, your actual AVCP award is determined to be 133% of the $8,000 target award, or $10,640.  

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The Annual Value Creation Plan  

													
	Performance Category
	 	Performance

vs. Plan
	 	Payment

Factor
	 	 
	 	Component

Weighting
	 	 
	 	Total

	
	 Group Incentive EBITDA:
	 	110%	 	120%	 	X	 	15%	 	=	 	18%
	 Unit Incentive EBITDA:
	 	120%	 	150%	 	X	 	60%	 	=	 	90%
	 Individual Performance:
	 	100%	 	100%	 	X	 	25%	 	=	 	+    25%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
	 	Total Weighted Performance:	 	133%
	
	 	Target Award:	 	$8,000
	
	 	Actual Award:	 	$10,640

 Additional Information

Discretion of Payments
  The AVCP Committee reserves the right to defer, increase/reduce, or cancel any payments under the plan at any time (including during a plan year) based on the best
interests of
the Corporation and its shareholders, including, but not limited to, circumstances relating to (1) individual performance, (2) the Corporation's financial performance, or (3) the
Company's future performance objectives. 

Prorated Awards
  If you move between units within the year, your award will be calculated to reflect the time spent in each unit. Base Salary and AVCP percent will be based upon the unit you
are employed in as of 12/31 (all transfers will be handled on a case by case basis). If you move into or out of an AVCP eligible position, you will receive a prorated award based on
your salary while in an eligible position. 

Payment of Awards
  Payment will be made not later than the 3/15 after the prior plan year end 12/31. 

Termination of Employment
  If you terminate employment prior to the end of the fiscal year due to death, retirement or disability, you will be eligible for a pro-rata share when awards are
paid. If you terminate for any other reasons prior to the plan payout, you forfeit your award for the plan year. 

Administration
  The AVCP Committee will administer the plan. 

Future of the Plan
  The AVCP Committee reserves the right to amend, interpret or cancel this discretionary plan at any time based on the best interests of the Company and its shareholders. This
plan supercedes all prior documentation relating to the Annual Value Creation Plan. 

Questions?

If you have questions about the Annual Value Creation Plan described here, or about any other aspect of your TriMas compensation program, contact your local Human Resources representative. 

Note:    At no time is this plan to be considered an employment contract between the participants and the Company. It does not guarantee
participants the right of continued employment. It does not affect a participant's right to leave the Company or the Company's right to discharge a participant. 

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QuickLinks

Exhibit 10.20

The Annual Value Creation Plan (AVCP)

The Annual Value Creation Plan

The Annual Value Creation Plan

The Annual Value Creation PlanQuickLinks
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  Exhibit 10.23    
    

 
 

  AMENDMENT NO. 2
  TO STOCK PURCHASE AGREEMENT    
    

        AMENDMENT NO. 2 (this "Amendment"), dated as of November 27, 2006, to the STOCK PURCHASE AGREEMENT,
dated as of May 17, 2002 (as amended, the "Stock Purchase Agreement") by and among TRIMAS CORPORATION, a Delaware corporation, METALDYNE CORPORATION, a Delaware
corporation, and HEARTLAND INDUSTRIAL PARTNERS, L.P. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in the Stock Purchase Agreement. 

R E C I T A L S : 

        In
consideration of the premises and mutual agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 

A G R E E M E N T : 

        The
parties agree as follows: 

        1.    Amendments to Section 1.01.    (a) Section 1.01 of the Stock Purchase
Agreement is hereby amended by deleting clause (x) of the definition of "Company Liabilities" and replacing such clause in its entirety with the following: 

"(x)
all Liabilities of the Company or any Company Subsidiary not otherwise covered in the preceding clauses (i) through (ix) or in Section 9.01(c) or Section 9.02 and all
other Liabilities determined to be Liabilities of the Company pursuant to Section 11.12." 

        (b)
Section 1.01 of the Stock Purchase Agreement is hereby amended by deleting clause (vi) of the definition of "Parent Liabilities" and replacing such clause in its
entirety with the following: 

"(vi)
all Liabilities of Parent or any of its Subsidiaries (other than the Company or the Company Subsidiaries) not otherwise covered in the preceding clauses (i) through (v) or in
Section 9.01(c) or Section 9.02 and all other Liabilities determined to be Liabilities of Parent or any of its Subsidiaries (other than the Company or the Company Subsidiaries) pursuant
to Section 11.12." 

 

        2.    Amendment to Section 7.08(b).    Section 7.08(b) of the Stock
Purchase Agreement is hereby amended by deleting clause (iii) thereof and replacing such clause in its entirety with the following: 

"(iii)
Allocable Taxes. To the extent that any income Taxes to which a Tax Return described in Section 7.08(a) relates are attributable to any income or gain resulting from any deferred
intercompany transactions or pursuant to Treas. Reg. 1.1502-13 (and any predecessor, successor or similar provision) or any corresponding provision(s) of state law and to the Company or
any of the Company Subsidiaries ceasing to be a member of a consolidated, combined or unitary group that includes Parent or any of its Affiliates (other than the Company or any of the Company
Subsidiaries), those income Taxes shall be borne 57.99% by Parent and 42.01% by the Company. The procedures for payment by one party to the other provided in this Section 7.08(b) shall govern
the payments of amounts determined under this Section 7.08(b)(iii)." 

        3.    Addition of Section 11.12.    The following provisions are hereby added to
the Stock Purchase Agreement as a new Section 11.12: 

        "SECTION 11.12.    Resolution of Disputes Relating to Liabilities.

(a)    Enforcement.    This
Section 11.12 shall be construed and enforced in accordance with the Federal Arbitration Act, as in effect at the
time of such enforcement, notwithstanding any other choice of law provision contained in this Agreement. 

(b)    Negotiation.    If
there is any dispute or disagreement between or among any of the parties with respect to whether any particular Liabilities
constitute Company Liabilities or Parent Liabilities or a combination thereof (a "Dispute"), then the Dispute, upon the written request of either the Company or Parent to the other, shall be referred
to representatives of such parties for decision, each party being represented by an individual who has the authority to resolve the Dispute (collectively, the "Representatives"). The Representatives
shall promptly meet in a good faith effort to resolve the Dispute. All negotiations pursuant to this Section 11.12(b) shall be considered confidential settlement discussions, and none of the
parties may offer into evidence, mention or otherwise use statements made in connection with such negotiations in any subsequent alternative dispute resolution proceeding. The parties agree that no
arbitrator shall have the authority to consider any such statements. If, any time after the thirtieth (30th) day after the above-described written request for referral is delivered,
either the Company or Parent believes that the Dispute cannot be resolved by the Representatives through negotiation, then such party may 

2

 

submit
the Dispute to arbitration under Section 11.12(c) by filing a request for arbitration with the American Arbitration Association, or such other nationally recognized alternative dispute
resolution firm upon which the Company and Parent mutually agree in writing (the "ADR Firm"), and delivering a copy of such request for arbitration to the other party. 

(c)    Arbitration.    Any
Dispute submitted to arbitration under this Section 11.12(c) shall be finally settled by binding arbitration
administered by the ADR Firm under the Commercial Arbitration Rules of the American Arbitration Association ("AAA"), as amended by the provisions of this Section 11.12(c) (the "Arbitration
Rules"). Service of any matters in reference to such arbitration shall be given in the manner described in Section 11.01. All proceedings related to such arbitration shall be held in Detroit,
Michigan, unless the parties otherwise agree in writing. The matter shall be decided by one neutral arbitrator who shall be selected by the parties from the AAA panel list in accordance with the
Arbitration Rules concerning appointment; if the parties are unable to agree upon a neutral arbitrator, one shall be chosen in accordance with such rules. The arbitrator shall give the parties written
notice of his or her decision, with the legal and factual reasons therefore set out. If either the Company or Parent so requests within ten (10) calendar days after the decision is rendered,
the arbitrator shall have thirty (30) calendar days thereafter to reconsider and modify such decision. Thereafter, the decision shall be final and binding with respect to all parties, including
Buyer. A judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The Company and Parent agree to equally split the cost of any arbitration,
including the administrative fee of the ADR Firm and the compensation of the arbitrator. The parties shall each bear all their own legal
costs and expenses associated with the arbitration, including the fees and expenses of legal counsel and expert witnesses. 

(d)    Continued
Performance.    The fact that the dispute resolution procedures specified in this Section 11.12 shall have been or may be
invoked shall not excuse any party from performing its obligations under this Agreement, and during the pendency of any such procedures, all parties shall continue to perform their respective
obligations under this Agreement in good faith. 

(e)    Exclusivity.    Notwithstanding
the agreement to arbitrate contained in this Section 11.12, any party may apply to any court having
jurisdiction to (i) enforce this agreement to arbitrate, and (ii) seek provisional injunctive relief so as to maintain the status quo until the arbitration award is rendered or the
Dispute is otherwise resolved. Except as otherwise expressly set forth in a written 

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agreement
among the parties, this Section 11.12 sets forth the exclusive method of resolving any Dispute." 

        4.    Provisions of General Application; No Prejudice.    Except as otherwise expressly
provided by this Amendment, all of the terms, conditions and provisions to the Stock Purchase Agreement remain unaltered. Any determination made prior to the effective date of this Amendment by the
chief executive officer of Parent with respect to the Liabilities of the parties pursuant to the original language of the Stock Purchase Agreement shall remain in effect and shall not be subject to
any determination or re-determination under the provisions contained in this Amendment. The Stock Purchase Agreement and this Amendment shall be read and construed as one agreement. If any
of the terms of this Amendment shall conflict in any respect with any of the terms of the Stock Purchase Agreement, the terms of this Amendment shall be controlling. This Amendment is without
prejudice to any pending issues or disputes or unknown current situations as to which the amended language above relates. 

        5.    Parent Representation and Covenant.    As of date first above written, Parent,
based on the actual knowledge of the officers listed on Schedule 5(a) attached hereto, represents and warrants that there are no Losses potentially subject to assertion or recovery by the
Parent Indemnified Parties under Section 9.01(b) of the Stock Purchase Agreement or any other provision thereof, except for the Losses listed on Schedule 5(b) attached hereto. Parent
covenants to deliver to the Company upon the effective date of this Amendment an update to Schedule 5(b), amended as necessary to make it true and complete as of the effective date of this
Amendment based on the actual knowledge of the officers listed on Schedule 5(a) attached hereto after reasonable inquiry of such officers' direct reports. 

        6.    Company Representation and Covenant.    As of date first above written, the
Company, based on the actual knowledge of the officers listed on Schedule 6(a) attached hereto, represents and warrants that there are no Losses potentially subject to assertion or recovery by
the Company Indemnified Parties under Section 9.01(a) of the Stock Purchase Agreement or any other provision thereof, except for the Losses listed on Schedule 6(b) attached hereto. The
Company covenants to deliver to Parent upon the effective date of this Amendment an update to Schedule 6(b), amended as necessary to make it true and complete as of the
effective date of this Amendment based on the actual knowledge of the officers listed on Schedule 6(a) attached hereto after reasonable inquiry of such officers' direct reports. 

        7.    Counterparts; Effectiveness; Captions.    This Amendment may be signed in any
number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. The captions of this Amendment are included for
convenience of reference only, do not constitute a part hereof and shall be disregarded in the construction hereof. This Amendment shall become effective only upon the occurrence of the merger
contemplated by the Amended and Restated Agreement and Plan of Merger dated as of November 27, 2006 (the "Plan of Merger") to which 

4

 

Metaldyne
Corporation is a party, together with any revisions to such merger as contemplated by any amendments, supplements, restatements or amendments and restatements to the Plan of Merger. 

        8.    GOVERNING LAW.    THE VALIDITY, CONSTRUCTION AND EFFECT OF THIS AMENDMENT SHALL BE
GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW OF SUCH STATE. 

        9.    Entire Agreement.    This Amendment constitutes the full and entire understanding
and agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations, understandings and agreements between such parties in respect of such subject
matter. 

5

 

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

							
	 	 	TRIMAS CORPORATION
	

 	
 	

By:	
 	

/s/ Joshua Sherbin

	 	 	 	 	Name:	 	Joshua A. Sherbin
	 	 	 	 	Title:	 	General Counsel
	

 	
 	

HEARTLAND INDUSTRIAL PARTNERS, L.P.
	

 	
 	

By:	
 	

Heartland Industrial Associates L.L.C.,

        its General Partner
	

 	
 	

By:	
 	

/s/ Daniel P. Tredwell

	 	 	 	 	Name:	 	Daniel P. Tredwell
	 	 	 	 	Title:	 	Sr. Managing Director
	

 	
 	

METALDYNE CORPORATION
	

 	
 	

By:	
 	

/s/ Thomas A. Amato

	 	 	 	 	Name:	 	Thomas A. Amato
	 	 	 	 	Title:	 	EVP Commercial Operations and

Business Development

6

 
 

  Schedule 5(a)    
    

Timothy
D. Leuliette

Jeffrey M. Stafeil

Logan G. Robinson

Thomas A. Amato

Kimberly A. Kovac

Joseph Nowak

Thomas V. Chambers 

Schedule 5(b)

	1.
	The
Company owes certain amounts to Parent as identified in the Company's Memorandum to Parent dated July 18, 2006 (the "July Memorandum"), including
amounts for severance, accounts payable, BRP/SERP liability and NOLs. Parent has preliminarily reconciled the amounts reflected in the July Memorandum to the current balance of such amounts reflected
in Parent's records as of January 9, 2007. Such reconciliation reflects Parent's determination that $4,296,640.63 is owed by the Company. Parent may determine that additional amounts are owed
by the Company as it continues to finalize its reconciliation. Further, additional amounts relating to these matters are expected to become due in the future from the Company. Additionally, the
parties have confirmed Company's responsibility to reimburse Parent for its actual out-of-pocket costs associated with certain SERP expenses as set forth in the letter dated December 20, 2006, signed
by Sam Valenti, the Chairman of the Company, which is attached hereto and incorporated herein by this reference.

	2.
	In
2006 Parent asserted claims against Company relating to certain post-retirement benefit obligations. Company has paid Parent $1,098,314.75 for this
obligation and has received an additional invoice for $2,598.95, which is due the week of January 15, 2007, relating to this obligation. If further issues arise with regard to post-retirement
obligations, Parent will seek indemnification from Company.

	3.
	A
letter dated August 9, 2006 directed to Entegra Fasteners Corporation was received by Parent from Bradley Associates concerning alleged regulatory
violations relating to a storage tank located at 321 Foster Avenue, Wood Dale, Illinois. This letter was forwarded to the Company on August 21, 2006. Parent believes that this matter is
an obligation of the Company.

	4.
	Parent
has been remitting payments on behalf of Grant Oil Tool Company pursuant to the Eighth Partial Consent Decree in the matter of United States v.
Chevron, et al relating to the Operating Industries, Inc. Superfund site. Such payments totaled approximately $6,000 from 2004 through August 29, 2006, and additional payments may have been
made prior to 2004. Further, projected obligations of Grant Oil Tool Company of at least $300,000 are anticipated to be due in the future. Parent is attempting to determine whether these obligations
properly belong to the Company.

	5.
	Parent
continues to investigate certain workers' compensation claims upon which it has been paying or has paid, to determine whether they are properly
obligations of the Company. As of January 9, 2007, the results of the internal investigation indicate that $52,610 has been paid on these claims to date, and it is anticipated that an
additional $49,465.58 will be paid in the future on these claims.

	6.
	Price
Pfister has asserted certain claims against Parent and the Company relating to asbestos related claims. The Company is defending those claims and
indemnifying Parent against them.

	7.
	On
November 6, 2006, Parent was notified of a potential claim by the Environmental Protection Agency relating to the Dearborn Refining Site. Based on a
review of the manifests associated with the waste on this site, it appears that Hi Low Products, a Company subsidiary, may be liable for the materials presently attributed to Parent by the EPA. Parent
will be seeking indemnification from Company related to this claim. 

	8.
	Company
has historically taken the responsibility for certain Superfund sites and Parent believes these sites remain an obligation of the Company and expects
the Company to continue to monitor these sites, as required by the applicable governmental authorities. The Superfund sites include Stringfellow, California (for Price Pfister location); Monterey,
California (former Operating Industries, Inc. location); Wayne Recycling & Reclamation in Indiana; Muskego Landfill in Wisconsin; Greer, South Carolina (former Aqua Tech Environmental location);
Whittier, California (former Omega Chemical Corporation); Spring Valley Landfill; and Massachusetts Military Reservation in Cape Cod, MA.

	9.
	Company
has historically taken responsibility for certain remediation sites and Parent believes these sites remain an obligation of the Company and expects
the Company to continue to monitor these sites, as required by the applicable governmental authorities. The remediation sites include Verona Well Fields, Winamac Industries (Winamac, Indiana); Westbar
(Westbend, Wisconsin); NI West (Newark, NJ); Automotive Wheel (Brea, CA); Sportrack Automotive (Pt. Huron, MI); Eagle Window & Door (Dubuque, IA); and Steelcraft Plant 4 (Blue Ash, OH).
Futhermore, Parent is reviewing the historical responsibility relating to Walker-McDonald (Greenville, TX) and Taylor Building Products (West Branch, MI) and believes that all or a portion of the
liability relating to these sites may be an obligation of the Company.

	10.
	This
Schedule 5(b) is not intended to address amounts owed by the Company to Parent relating to various ongoing contractual relationships, including, by way
of example only, the Parent's sale of software licenses to the Company, the purchase and sale of products, and any rebate agreements relating to shared services, such as the existing agreement with
UPS. The terms and conditions applicable to each such contractual relationship shall govern.

	11.
	The
Parent reserves all rights with respect to disputing liability for the Losses alleged by the Company on Schedule 6(b) of this Agreement. 

        With
reference to the Stock Purchase Agreement of May 17, 2002 among Heartland Industrial Partners L.P., Trimas Corporation and Metaldyne Corporation (Agreement), Section 7.09
(f)(l), says in part that the company (Trimas) will reimburse parent (Metaldyne) upon Metaldyne's written demand (accompanied by appropriate documentation) for 42.01% of Metaldyne's actual
out-of-pocket costs paid
to Corporate Employees (as defined) as supplemental executive retirement benefits. The relevant Corporate Employees are Lee Gardner, Timothy Wadhams, Keith Junk, Peter DeChants and David Liner. In
addition, the Agreement requires Trimas to reimburse Metaldyne for 100% of supplemental executive retirement benefits paid to William Meyers. Bill Billig is not listed, so Trimas's obligation to
reimburse Metaldyne for supplemental executive retirement benefits paid to Billig is governed by Section 1.01(x) of the Agreement for "all Liabilities not otherwise covered", which makes Trimas
responsible for 42.01% of such liabilities. We believe that Trimas is already paying its appropriate percentages of the costs of retirement benefits paid to Mr. Meyers and Mr. Billig, who are retired. 

As
you are aware, the individuals identified above may contend that Metaldyne is required under an amended SERP passed by the outgoing Masco Tech board on November 21, 2000 to accelerate this
SERP benefit and to pay the benefit earlier in the form of a lump sum to these individuals. We are contesting the validity of this enhanced SERP, including its acceleration concept. 

This
letter is to obtain your assurance that you will reimburse Metaldyne for the Trimas percentage (42.01%, or in the case of Mr. Meyers 100%) of the actual out-of-pocket cost of supplemental
executive retirement benefits paid to or for the benefit of the individuals listed above, if and when Metaldyne is required to pay these potential accelerated SERP obligations, including in the event
that we compromise these potential obligations. 

Agreed
and Accepted, 

/s/
Sam Valenti

Sam Valenti, Chairman

Trimas Corporation 

 
 

  Schedule 6(a)    
    

Grant
Beard

Skip Autry

Joshua Sherbin

Robert Zalupski

Dwayne Newcom 

Schedule 6(b)

        1.     The
state of New Jersey has assessed the Company the amount of approximately $64,100 for taxes due related to the years 2000 - 2002 as a result of a lack of
timely response by the Parent to state revenue authority inquiries. The Parent has agreed to handle all correspondence and interface with the state revenue authorities. The Company believes that the
tax liability in question would not have existed if the Parent had timely addressed initial requests from the State of New Jersey with respect to this matter. 

        2.     The
Parent's amendment of certain tax returns for tax years prior to 2002 gave rise to tax refunds in the approximate amount of $245,900 which the Company believes is due
and owing from the Parent to the Company. 

        3.     The
Company is currently investigating claims against Parent for costs in excess of $500,000 related to Parent's retention of Hewitt & Associates as a third party
administrator for health care benefits and the Company's subsequent transition to a suitable alternative provider. 

        4.     The
Company reserves all rights with respect to disputing liability for the Losses alleged by the Parent on Schedule 5(b) of this Agreement. 

QuickLinks

Exhibit 10.23

AMENDMENT NO. 2 TO STOCK PURCHASE AGREEMENT

Schedule 5(a)

Schedule 6(a)

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