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Exhibit 10.31
AMENDMENT EMPLOYMENT
AGREEMENT
BETWEEN STONERIDGE, INC. AND JOHN
C. COREY
THIS AMENDMENT
TO EMPLOYMENT AGREEMENT, dated February 28, 2006, (the
“Employment Agreement”) by and between Stoneridge,
Inc., an Ohio Corporation (the “Company”) and John C.
Corey (the “Executive”) is dated December 31,
2008.
WHEREAS,
certain law changes and compliance issues with respect to Internal
Revenue Code (the “Code”) Section 409A necessitate
amendment of this Employment Agreement;
NOW, THEREFORE,
in consideration of the mutual promises and mutual covenants herein
contained and for other good and valuable consideration, the
adequacy and receipt of which are hereby acknowledged, the parties
agree as follows:
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A new sentence
shall be added to the end of Section 3(c), and shall provide as
follows:
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“Notwithstanding anything in this
Employment Agreement or any other plan or program of the Company to
the contrary, in the event of Executive’s termination from
employment under circumstances such that Executive is bonus
eligible, such bonus shall be determined, and paid to Executive
based upon satisfaction of the relevant performance goals as of the
date of the Executive’s termination from employment, and the
appropriate calculations.”
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Section 4(c)
shall be removed in its entirety and replace by the following
Section 4(c) and shall provide as follows:
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“(c) In addition to making the
monthly payments described above, the Company shall pay the
Executive a lump sum payment equal to the Executive Pro Rata Annual
Bon
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