Document:

Exhibit 10.16

 

SECOND AMENDMENT TO THE

TRIMAS CORPORATION

2002 LONG TERM EQUITY INCENTIVE PLAN

 

Pursuant to Section 7(d) of
the TriMas Corporation 2002 Long Term Equity Incentive Plan (the “2002 Equity
Plan”) and resolutions adopted by the Board of Directors of TriMas Corporation
(the “Corporation”) on May 3, 2007, the 2002 Equity Plan is hereby amended
as set forth below.

 

Effective as
of the last business day immediately preceding the effective date of the
Corporation’s Registration Statement under the Securities Act of 1933, as
amended, Section 2(m) of the Plan is amended and restated in its
entirety to read as follows:

 

2.             Definitions.

 

(m)          “Fair Market Value” unless defined otherwise in the Plan,
means, as of any determination date, the value of a share of Common Stock,
calculated as follows:

 

               (i)            If
the Common Stock is listed on any established Stock Exchange or a national
market system, without limitation, the New York Stock Exchange, the Nasdaq
National Market or the Nasdaq Small Cap Market, the Fair Market Value shall be
the closing sales price for a share of such stock (or the closing bid, if no
sales were reported) as quoted on such exchange or system for the date of
determination, as reported in The Wall Street Journal or such other source as
the Administrator deems reliable.

 

               (ii)           If
the Common Stock is regularly quoted by a recognized securities dealer but
selling prices are not reported, the Fair Market Value shall be the mean
between the high bid and low asked prices for a share of the Common Stock for
the date of determination.

 

               (iii)          In
the absence of an established market for the Common Stock, the Fair Market
Value for the determination date shall be calculated in good faith by the
Committee.

 

This Second
Amendment to the TriMas Corporation 2002 Long Term Equity Incentive Plan is
hereby adopted on the 3rd day of May, 2007.

 

	
   

  	
  TRIMAS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joshua
  A. Sherbin

  
	
   

  	
   

  	
  Joshua A.
  Sherbin

  
	
   

  	
  Its: 

  	
  Secretary
  and General CounselExhibit 10.17

 

THIRD AMENDMENT TO THE

TRIMAS CORPORATION

2002 LONG TERM EQUITY INCENTIVE PLAN

 

Pursuant to Section 7(d) of
the TriMas Corporation 2002 Long Term Equity Incentive Plan (the “2002 Equity
Plan”) and resolutions adopted by the Board of Directors of TriMas Corporation
(the “Corporation”) on February 28, 2008, the 2002 Equity Plan is hereby
amended as set forth below, subject to the Stockholder approval requirement
also described below.

 

Effective May 2,
2008, upon receipt of Stockholder approval to increase the number of shares
reserved for issuance under the Corporation’s 2006 Long Term Equity Incentive
Plan by 235,877, a corresponding number of forfeited, unallocated shares shall
be cancelled under the 2002 Equity Plan, and Section 4(a) of the 2002
Equity Plan shall be amended and restated to read as follows:

 

4.             Shares Subject to Plan.

 

(a)           Subject to adjustment as provided in Section 4(b) hereof,
effective May 2, 2008, the total number of shares reserved for issuance in
connection with Awards under the Plan shall be reduced to 1,786,123.  No Award may be granted if the number of
Shares to which such Award relates, when added to the number of Shares
previously issued under the Plan, exceeds the number of Shares reserved under
the preceding sentence.  If any Awards
are forfeited, canceled, terminated, exchanged or surrendered, or any such
Award is settled in cash or otherwise terminates without a distribution of
Shares to the Participant, any Shares counted against the number of Shares
reserved and available under the Plan with respect to such Award shall, to the
extent of any such forfeiture, settlement, termination, cancellation, exchange
or surrender, again be available for Awards under the Plan.

 

This Third
Amendment to the TriMas Corporation 2002 Long Term Equity Incentive Plan is
hereby adopted on the 2nd day of May, 2008.

 

	
   

  	
  TRIMAS
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Joshua
  A. Sherbin

  
	
   

  	
   

  	
  Joshua A.
  Sherbin

  
	
   

  	
  Its: 

  	
  Vice
  President, Secretary and General CounselExhibit 10.18

 

FOURTH AMENDMENT TO THE

TRIMAS CORPORATION

2002 LONG TERM EQUITY INCENTIVE PLAN

 

Pursuant to Section 7(d) of
the TriMas Corporation 2002 Long Term Equity Incentive Plan (the “2002 Equity
Plan”) and resolutions adopted by the Compensation Committee of TriMas
Corporation (the “Corporation”) on September 10, 2008, effective September 10,
2008, the 2002 Equity Plan is hereby amended for Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), as set forth below.

 

1.             The introductory paragraph and
subsections (i) and (iv) of Section 5(b) “Options” are
amended and restated to read as follows:

 

(b)                                Options.  The Committee is authorized to grant Options,
which may be NQSOs or ISOs to Eligible Persons on the following terms and conditions:

 

(i)                                  Exercise
Price.  The exercise price per Share
purchasable under an Option shall be determined by the Committee, and the
Committee may, without limitation, set an exercise price that is based upon
achievement of performance criteria if deemed appropriate by the Committee;
provided that no Option shall be granted with an exercise price below Fair
Market Value on the grant date.

 

(iv)                           [Reserved.]

 

2.             Subsections (i) and (ii) of
Section 5(c) “SARS” are amended and restated to read as follows:

 

(i)                                  Right
to Payment.  An SAR shall confer on
the Eligible Person to whom it is granted a right to receive with respect to
each Share subject thereto, upon exercise thereof, the excess of (1) the
Fair Market Value of one Share on the date of exercise over (2) the
exercise price (Fair Market Value) of the SAR as determined by the Committee as
of the date of grant of the SAR (which in the case of an SAR granted in tandem
with an Option, shall be equal to the exercise price of the underlying Option).

 

(ii)                               Other
Terms.  The Committee shall
determine, at the time of grant, the time or times at which an SAR may be
exercised in whole or in part, the method of exercise, method of settlement,
form of consideration payable in settlement, method by which Shares will be delivered
or deemed to be delivered to Eligible Persons, whether or not an SAR shall be
in tandem with any other Award, and any other terms and conditions of any
SAR.  Unless the Committee determines
otherwise, an SAR granted in tandem with an Option only may be granted at the
time of grant of the related Option.

 

3.             Subsection (v) of Section 5(d) “Restricted
Shares” shall be amended and restated to read as follows:

 

(v)                              [Reserved.]

 

1

 

4.             The first sentence in Subsection (i) of
Section 5(e) “Restricted Share Units” shall be amended and restated
to read as follows:

 

(i)            Award and Restrictions.  Delivery of Shares or cash, as the case may
be, will occur upon expiration of the deferral period specified for Restricted
Share Units by the Committee.

 

5.             Section 7(c ) “Taxes” shall be
amended by the addition of the following sentence at the end of the paragraph
to read as follows:

 

Payments under
the Plan are intended to be exempt from or in compliance with Code Section 409A,
but in no event shall the Company, an Affiliate or Subsidiary, be responsible
for any tax or penalty owed by a Participant or Beneficiary with regard to any
Plan benefit.

 

6.             Section 7(d) “Changes to
Plan and Awards” shall be amended by the addition of the following sentence at
the end of the paragraph to read as follows:

 

Notwithstanding
the foregoing, the Company reserves the right to unilaterally amend the Plan to
the extent necessary to exempt the benefits from or conform the benefits with
the requirements of Code Section 409A.

 

7.             A new Subsection (m), entitled “Code
Section 409A” shall be added to Section 7 of the Plan to read as
follows:

 

               (m)          Code
Section 409A.  Between January 1,
2005 and the effective date of this Amendment, the Plan was administered in
good faith compliance under Code Section 409A, taking into account the
statutory language, legislative history and interim guidance issued by the
Internal Revenue Service relating to Code Section 409A.  The Plan is intended to be construed in a
manner that will provide benefits that are exempt from or in compliance with
Code Section 409A.  All provisions
of the Plan shall be interpreted in accordance with such intention.

 

                A new
Subsection (n), entitled “Delayed Distributions to Specified Employees” shall
be added to Section 7 to read as follows:

 

               (n)           Delayed
Distributions to Specified Employees. 
Notwithstanding anything in the Plan to the contrary, all or part of a
payment to a Participant who is determined to constitute a “specified employee”
under Code Section 409A at the time of the Participant’s separation from
service (as defined under Code Section 409A), shall be delayed (if then
required under Code Section 409A) until the first day of the seventh month
following the Participant’s separation from service or date of death, if
earlier, unless the applicable payment date commences on or after the first day
of the seventh month following the Participant’s separation from service.  Payments that are delayed shall be aggregated
and paid in a lump sum on the first day of the seventh month following a
Participant’s separation from service.

 

2

 

This Fourth
Amendment to the TriMas Corporation 2002 Long Term Equity Incentive Plan is
hereby adopted on the 10th day of September, 2008.

 

	
   

  	
  TRIMAS
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joshua
  A. Sherbin

  
	
   

  	
   

  	
  Joshua A.
  Sherbin

  
	
   

  	
  Its: Vice
  President, Secretary and General Counsel

  

 

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