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HAYES LEMMERZ INTERNATIONAL, INC. OFFICER BONUS PLAN AWARD AGREEMENT

Executive Compensation Plan Agreement

HAYES LEMMERZ INTERNATIONAL, INC. OFFICER BONUS PLAN AWARD AGREEMENT You are currently viewing:
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HLI OPERATING CO INC

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Title: HAYES LEMMERZ INTERNATIONAL, INC. OFFICER BONUS PLAN AWARD AGREEMENT
Governing Law: Delaware     Date: 6/17/2005

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EXHIBIT 10

 

 

                                                                   EXHIBIT 10.2

 

                       HAYES LEMMERZ INTERNATIONAL, INC.

                               OFFICER BONUS PLAN

 

                                AWARD AGREEMENT

 

         AWARD AGREEMENT, entered into as of _________, 2005, between HAYES

LEMMERZ INTERNATIONAL, INC., a Delaware corporation (the "Company"), and

_________________(the "Executive"), an employee of the Company.

 

         WHEREAS, the Company desires to grant to the Executive this Award to

provide financial incentive for the Executive to achieve strategic performance

objectives; and

 

         WHEREAS, the terms of this Award are subject to the terms of the Hayes

Lemmerz International, Inc. Officer Bonus Plan (the "Plan"), and any term

capitalized in this Award Agreement but not defined herein shall have the

meaning assigned to it in the Plan;

 

         NOW, THEREFORE, in consideration of the mutual covenants hereinafter

set forth and for other good and valuable consideration, the parties hereto

have agreed and do hereby agree as follows:

 

         1. Award.

 

         (a) The Company shall pay the Executive an amount equal to the

percentage determined under paragraph (b) multiplied by the Executive's Base

Salary, determined using the average actual annual salary rate during the

Performance Period, based on the number of days at each actual salary rate.

 

         (b) The percentage shall be determined based on the Executive's

satisfaction (or failure to satisfy) as determined by the Committee the

Performance Criteria identified in Exhibit A during the Performance Period.

 

         (c) The Performance Period for this Award shall be the period

beginning on January 1, 2005 and ending on June 30, 2006.

 

         2. Certain Adjustments. The Committee in its sole discretion may amend

or adjust Exhibit A or other terms and conditions of an outstanding Award.

 

         3. Payment. Subject to Section 4, the amount payable to the Executive

under Section 1 shall be paid in cash according to the following schedule -

33-1/3% in July 2006, 33-1/3% in July 2007, and 33-1/3% in July 2008.

 

         4. Termination of Employment.

 

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