Retention and Transition Bonus Payment Agreement between Tower Automotive Operations USA I, LLC and Mark Malcolm

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement is between Tower Automotive Operations USA I, LLC and Mark Malcolm. It confirms that Mark Malcolm will receive his retention and transition bonuses, as outlined in his employment agreement, on or about July 14, 2017. Due to the delayed payment, the company will add 6% annual interest from January 17, 2017 until the payment date. All other terms of the employment agreement and a prior general release remain in effect. Mark Malcolm must sign to acknowledge and accept these terms.

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EX-10.72 3 towr-20161231xex10_72.htm EXHIBIT 10.72 Malcom Agreement re_Retention and Transistion Bonus Ex 10.72

17672 N. Laurel Park Drive

Suite 400 E

Livonia, MI  48152



January 10, 2017



Mark Malcolm

1364 Maple Street

Plymouth, MI  48170



Re: Retention and Transition Bonuses



Dear Mark,



Reference is made to the “Retention Bonus” and “Transition Bonus” (collectively, the Bonuses”) set forth in Sections 4.6 and 4.7, respectively, of the Second Amended and Restated Employment Agreement, dated as of July 28, 2014 (the “Employment Agreement”), between you and Tower Automotive Operations USA I, LLC (the “Company”).



As discussed, in light of the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and other considerations, the Company will pay the Bonuses to you on or about July 14, 2017.  Because of the delay in payment, the Company will add interest to the Bonuses for the period from January 17, 2017 through the date immediately preceding the date of payment at a simple rate of six percent (6.0%) per annum.



Except as provided by this letter, the provisions of the Employment Agreement which survived your retirement from the Company effective December 31, 2016, as set forth in Section 7.15 of the Employment Agreement, remain in full force and effect, as does the General Release entered into between you and the Company dated December 2, 2016.



Please acknowledge your agreement with the foregoing by countersigning this letter below and returning it to me.



Regards,



Tower Automotive Operations USA I, LLC







/s/ Jeffrey L. Kersten ________________________

Jeffrey L. Kersten, Vice President and CFO



Acknowledged and agreed:





/s/ Mark M. Malcolm ____________________________

Mark Malcolm