Exhibit 10.2
HAYES LEMMERZ INTERNATIONAL, INC.
PERFORMANCE CASH PLAN
AWARD AGREEMENT
AWARD AGREEMENT , entered into as of
, between HAYES LEMMERZ INTERNATIONAL, INC ., a Delaware
corporation (the “Company”), and
(the “Participant”).
WHEREAS,
the Company desires to grant to the Participant this Award to
provide financial incentive for the Participant to achieve
strategic performance objectives; and
WHEREAS,
the terms of this Award are subject to the terms of the Hayes
Lemmerz International, Inc. Performance Cash 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 .
The
Company has established a target Award for the Participant shown on
Exhibit A. The actual Award paid to the Participant shall be
based on the achievement of the defined performance goals set forth
in Exhibit A. The amount of the target Award shall be set in
United Stated dollars. The actual Award payable with respect to any
Performance Period shall be determined in United States dollars. If
the Participant is not paid in dollars, the actual Award payable
for any Performance Period shall be converted to the
Participant’s local currency using the exchange rate in
effect on the date that the Committee determines the actual Award
payable for such Performance Period.
2.
Certain Adjustments . The Committee in its sole discretion
may amend or adjust Exhibit A and any other terms and
conditions of an outstanding Award; provided, however, that no
amendment or adjustment shall cause the Award to become subject to
Section 409A of the Code.
3.
Payment . Subject to Section 4, the amount payable to
the Participant under Section 1 shall be paid in a cash lump sum
within 120 days following the end of each Performance
Period.
4.
Termination of Employment .
(a) Except
as provided in this Section, no amount shall be payable under the
Award with respect to any Performance Period if the Participant has
a Termination of Employment before the end of such Performance
Period.
(b) If
the Participant has a Termination of Employment due to death or
Disability before the end of a Performance Period, the Participant
shall become fully vested in a pro rata award (as defined below)
for such Performance Period, and such amount shall be paid in
