Termination of Split Dollar Life Insurance Agreement between Autocam Corporation and Thomas K. O'Mara

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Summary

This agreement, effective September 17, 2004, is between Autocam Corporation and Thomas K. O'Mara. It formally ends all prior split dollar life insurance agreements between the parties. The company has paid the owner all amounts due under the plans, totaling $208,172.53. The company will continue to pay the insurance policy premiums, which will be treated as compensation to the owner under a separate employment agreement. Both parties acknowledge the termination and the release of funds.

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EX-10.27 39 y99020exv10w27.txt TERMINATION OF SPLIT DOLLAR LIFE INSURANCE AGREEMENT Exhibit 10.27 TERMINATION OF SPLIT DOLLAR LIFE INSURANCE AGREEMENT This Termination of Split Dollar Life Insurance Agreement (the "Termination"), is effective September 17, 2004, between AUTOCAM CORPORATION, a Michigan corporation, of 4070 East Paris Ave, Kentwood, Michigan 49512 ("Company"), and Thomas K. O'Mara ("Owner"). BACKGROUND A. On one or more dates prior to the date here of Company and Owner have executed one or more Split Dollar Life Insurance Agreements (the "Plans"). B. The Plans were intended to qualify as a life insurance employee benefit plan as described in Rev. Rule 64-328. C. Company and Owner now desire to terminate all of the Plans. AGREEMENT The parties agree as follows: 1. Distribution of Amounts Due. Pursuant to the employment agreement all of the Plans are terminated and company has release and distributed to Owner all amounts due to Company under the Plans ($208,172.53). 2. Notice of Termination. This Termination serves as written notice of termination of all of the Plans. 3. Acknowledgement of Termination. Owner and Executive acknowledge release of the amounts due under the Plans and this Termination. 4. Future Premiums. Company shall continue to pay the premiums on each of the policies and the premiums paid will be compensation to the Owner as agreed upon pursuant to an employment agreement between Owner and Company. 5. Effective Date. This Termination is effective as of the date set forth above. AUTOCAM CORPORATION, a Michigan Corporation By /s/ John C. Kennedy /s/ Thomas K. O'Mara --------------------------------- --------------------------------- John C. Kennedy, President Thomas K. O'Mara