Summary of SYPRIS SOLUTIONS INC

Item 5.02(e) Departure of Directors or Certain Executive Officers; Election of
Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective as of February 25, 2009, Sypris Solutions, Inc. (the "Company") amended the terms of its Executive Long-Term Incentive Program ("ELTIP") for 2009 (the "2009 ELTIP"), under the provisions of the 2004 Sypris Equity Plan. Effective as of March 2, 2009, the Company's Compensation Committee also exercised its discretion under the ELTIP to cancel 260,650 shares of previously awarded, performance-based restricted stock, including the cancellation of 147,508, 36,089, and 36,089 shares previously awarded to Jeffrey T. Gill, John R. McGeeney and Richard L. Davis, respectively.

The 2009 ELTIP terms were amended to provide for additional grants of time-based restricted stock and the suspension of performance-based grants as well as the grant of options to the Company's President and Chief Executive Officer. Under the amended terms of the 2009 ELTIP, Mr. Gill, Mr. McGeeney, Mr. Davis and Brian
A. Lutes, the Company's recently appointed Chief Financial Officer, were awarded new equity grants with a "fair value" of approximately $122,070, $61,500, $57,400 and $41,000, respectively. Mr. Gill was awarded 300,000 stock options which will vest on February 25, 2012 and become exercisable for two years at an exercise price of $0.82 per share, the closing price of the Company's common stock on February 25, 2009. Mr. McGeeney, Mr. Davis and Mr. Lutes were awarded 75,000, 70,000 and 50,000 shares of restricted stock, respectively, vesting in various increments on the first, second and third anniversaries of February 25, 2009.