Amended and Restated Officers and Key Employees Severance Plan of Stoneridge, Inc., dated September 14, 2020
AMENDED AND RESTATED
OFFICERS’ AND KEY EMPLOYEES’
SEVERANCE PLAN OF
Eligibility For Severance Benefits
An officer or key employee who satisfies the foregoing conditions shall be deemed to be an “Eligible Executive” under the Plan.
Corporate Officers’ and Key Employee’s Severance Plan of STONERIDGE, Inc. Plan Number: 502.
This Plan name and number should be used in any formal correspondence relating to the Plan.
With the consent of the claimant, this determination period can be extended further. If the Committee fails to respond to the claim in a timely manner, the claimant may treat the claim as having been denied by the Committee.
The Plan and ERISA
You have the right under ERISA to receive additional information regarding the Plan. Specifically, you are entitled to:
|●||Examine without charge, at the Plan Administrator’s office or upon request at your local Human Resources Department, all documents governing the Plan and a copy of the latest annual report (Form 5500 series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration.|
|●||Obtain copies of all documents governing the operation of the Plan and other Plan information upon written request to the Plan Administrator (including copies of the latest annual report (Form 5500 series) and updated summary plan description (assuming that the Plan has been updated). The Plan Administrator may make a reasonable charge for the copies.|
|●||Receive a summary of the Plan’s annual financial report. The Plan Administrator is required by law to furnish each participant with a copy of the summary annual report.|
This Plan, as amended and restated, supersedes and replaces the Severance Plan Officers’ and Key Employees’ Severance Plan of STONERIDGE, INC. dated May 9, 2017.
This Plan is hereby adopted and approved this 14th day of September, 2020.
Jonathan B. DeGaynor
President and Chief Executive Officer
Susan Benedict, Chief Human Resources Officer & Assistant General Counsel – Labor & Employment
Laurent Borne, President Electronics & Chief Technology Officer
Thomas Dono, Chief Legal Officer
Robert R. Krakowiak, EVP, Chief Financial Officer and Treasurer
Daniel Kusiak, Chief Procurement Officer
As a condition to the payment of the benefits by STONERIDGE to Eligible Executive pursuant to this Plan, as described in Section 3.4, Eligible Executive shall deliver a signed release of claims against STONERIDGE. Such release shall be delivered to Employer no later than sixty (60) days following a Separation From Service, shall be in a form and substance satisfactory to STONERIDGE, and, if applicable, shall not be revoked by Eligible Executive, and must include the operative language substantially similar to the following:
In exchange for the payments set forth under the Corporate Officers’ and Key Employees’ Severance Plan of STONERIDGE, Inc. (“Severance Plan”), I and my heirs, personal representatives, successors and assigns, hereby forever release, remise and discharge STONERIDGE, Inc. (the “Employer”) and each of its past, present, and future officers, directors, shareholders, members, employees, trustees, agents, representatives, affiliates, successors and assigns (collectively the “Employer Released Parties”) from any and all claims, claims for relief, demands, actions and causes of action of any kind or description whatsoever, known or unknown, whether arising out of contract, tort, statute, treaty or otherwise, in law or in equity, which I now have or have had against any of the Employer Released Parties from the beginning of my employment with Employer to the date of this release, arising from, connected with, or in any way growing out of, or related to, directly or indirectly, (i) my employment by Employer, (ii) my service as an officer or key employee, as the case may be, of Employer, (iii) any transaction prior to the date of this release and all effects, consequences, losses and damages relating thereto, (iv) the services provided by me to Employer, or (v) my termination of employment with Employer under the common law or any federal, state or local statute, law, or ordinance including, but not limited to, all claims arising under the Civil Rights Acts of 1866 and 1964, the Equal Pay Act of 1963, the Age Discrimination in Employment Act of 1967, the Rehabilitation Act of 1973, the Older Workers Benefit Protection Act of 1990, the Americans with Disabilities Act of 1990, the Civil Rights Act of 1991, the Family and Medical Leave Act of 1993, the Genetic Information Nondiscrimination Act of 2008, the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), Title 4112 of the Ohio Revised Code, the wage and hour laws of Ohio and Michigan, the Elliott Larsen Civil Rights Act, the Michigan Persons with Disabilities Civil Rights Act, and all other federal, state or local laws governing employers and employees.
Notwithstanding this release of claims, I acknowledge that: (i) nothing in this release will bar, impair or affect the obligations, covenants and agreements of Employer set forth in the Severance Plan; (ii) I retain the right to file a charge of alleged employment discrimination with the Equal Employment Opportunity Commission (EEOC) or a state or local civil rights agency or to participate in the investigation of such charge filed by another person or to initiate or respond to communications with the EEOC or a state or local civil rights agency; however, I waive all rights to recover or share in any damages or monetary payment awarded under any EEOC charge or state or local civil rights
agency charge or action; and (iii) I retain the right to file a charge or complaint or otherwise communicate with the Securities and Exchange Commission (SEC) or participate in any investigation or proceeding conducted by the SEC, and the release does not limit my right to receive an award for information provided to the SEC.
If the release described in this Exhibit B, as Employer may reasonably modify in its discretion, is not timely delivered by Eligible Executive to Employer or, if applicable, is timely revoked by Executive, then no payment shall be made under this Severance Plan.