SEC Contract Filing

Filing Date: 2018-02-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.61
<SEQUENCE>3
<FILENAME>towr-20171231xex10_61.htm
<DESCRIPTION>EXHIBIT 10.61
<TEXT>
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 Exhibit 1061 Kersten Amendment to Employment Agreement
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 <font style="display: inline;font-size:11pt;">February 27</font><font style="display: inline;font-size:11pt;">, 2018</font>
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 <font style="display: inline;font-size:11pt;">Jeffrey Kersten</font>
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 <font style="display: inline;font-size:11pt;">17672 Laurel Park Drive N.</font>
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 <font style="display: inline;font-size:11pt;">Livonia, MI 48152</font>
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 <font style="display: inline;font-size:11pt;">Re: </font><font style="display: inline;font-size:11pt;"> Amendment to Employment Agreement With Respect to </font><font style="display: inline;font-size:11pt;">Vesting of </font><font style="display: inline;font-size:11pt;">LTI Awards</font><font style="display: inline;font-size:11pt;">&nbsp;</font>
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 <font style="display: inline;font-size:11pt;">Dear </font><font style="display: inline;font-size:11pt;">Jeff</font><font style="display: inline;font-size:11pt;">,</font>
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 <font style="display: inline;font-size:11pt;">Reference is made to </font><font style="display: inline;font-size:11pt;">the </font><font style="display: inline;font-size:11pt;">Employment Agreement, dated as of </font><font style="display: inline;font-size:11pt;">August 31</font><font style="display: inline;font-size:11pt;">, 201</font><font style="display: inline;font-size:11pt;">6</font><font style="display: inline;font-size:11pt;">, between you and Tower Automotive Operations USA I, LLC (the &#x201C;</font><font style="display: inline;font-size:11pt;">Employment Agreement</font><font style="display: inline;font-size:11pt;">&#x201D;).</font>
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 <font style="display: inline;font-size:11pt;">This is to confirm that</font><font style="display: inline;font-size:11pt;">,</font><font style="display: inline;font-size:11pt;"> effective </font><font style="display: inline;font-size:11pt;">the date hereof,</font><font style="display: inline;font-size:11pt;"> Section 4.</font><font style="display: inline;font-size:11pt;">7</font><font style="display: inline;font-size:11pt;"> of the Employment Agreement</font><font style="display: inline;font-size:11pt;"> is hereby amended in its entirety, to read as follows:</font>
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 <font style="display: inline;font-size:11pt;">&#x201C;4.7</font><font style="display: inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 22.8pt 0pt 0pt;"></font><font style="display: inline;font-size:11pt;"></font><font style="display: inline;font-size:11pt;text-decoration:underline;">Accelerated Vesting of Equity and LTI Awards</font><font style="display: inline;font-size:11pt;">.&nbsp;&nbsp;Notwithstanding anything in the 2010 Plan or any award agreement issued thereunder to the contrary, all then outstanding awards granted to the Employee pursuant to the 2010 Plan, including equity-based awards, performance awards (payable in cash and/or stock) and awards</font><font style="display: inline;font-size:11pt;">&nbsp;</font><font style="display: inline;font-size:11pt;">granted prior to the Effective Date (the &#x201C;2010 Plan Awards&#x201D;), shall immediately become fully vested upon the consummation of a Change in Control (as defined below) (assuming, in the case of each