SEC Contract Filing

Filing Date: 2015-02-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex101_settlementagreementx.htm
<DESCRIPTION>SETTLEMENT AGREEMENT
<TEXT>
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<a name="s18F566055BCE892864DFBF145E85602B"></a><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;text-decoration:underline;">EXECUTION VERSION</font></div></div><br><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:center;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">SETTLEMENT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">This Settlement Agreement dated February 24, 2015 (this &#8220;</font><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">Agreement</font><font style="font-family:Arial;font-size:12pt;">&#8221;) is by and among TriMas Corporation (the &#8220;</font><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">Company</font><font style="font-family:Arial;font-size:12pt;">&#8221;) and the entities and natural persons listed on </font><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">Exhibit A</font><font style="font-family:Arial;font-size:12pt;">&#32;hereto (collectively, &#8220;</font><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">Engaged</font><font style="font-family:Arial;font-size:12pt;">&#8221;) (each of the Company and Engaged, a &#8220;</font><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">Party</font><font style="font-family:Arial;font-size:12pt;">&#8221; to this Agreement, and collectively, the &#8220;</font><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">Parties</font><font style="font-family:Arial;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">In consideration of and reliance upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:8px;padding-top:8px;text-align:left;text-indent:48px;"><font style="padding-bottom:8px;padding-top:8px;text-align:left;font-family:Arial;font-size:12pt;color:#010000;padding-right:48px;">1.</font><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">Board Nomination and Other Company Matters</font><font style="font-family:Arial;font-size:12pt;">. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;color:#010000;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:12pt;">Upon the execution of this Agreement, Engaged hereby agrees not to nominate any directors or bring any other business or proposals before or at the 2015 Annual Meeting of the Company&#8217;s stockholders.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;color:#010000;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:12pt;">Promptly after the execution of this Agreement, the Company agrees that the Board of Directors of the Company (the &#8220;</font><font style="font-family:Arial;font-size:12pt;text-decoration:underline;">Board</font><font style="font-family:Arial;font-size:12pt;">&#8221;) shall take all necessary actions to increase the size of the Board to nine directors with the newly created directorship resulting from such increase to be designated as a Class II director and shall immediately appoint Herbert Parker a Class II director of the Company. The Company agrees that Mr. Parker shall be appointed to each of the Compensation and the Audit Committees of the Board. The Company agrees that during the Standstill Period (as defined below) it will not establish an Executive Committee of the Board, or any other committee that has the right to exercise all of the authority of the Board in the management of the business affairs of the Company, unless Herbert Parker is appointed to be a member of such committee. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;color:#010000;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:12pt;">Engaged acknowledges that all members of the Board, including Herbert Parker, are required to comply with all policies, procedures, processes, codes, rules, standards and guidelines applicable to Board members, including the Company&#8217;s code of business conduct and ethics, securities trading policies, director confidentiality policies, and corporate governance guidelines, and preserve the confidentiality of Company business and information, including discussions of matters considered in meetings of the Board or Board committees. Engaged further acknowledges that Herbert Parker shall be required to provide to the Company the information required to be or customarily disclosed for directors, candidates for direc