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AXL > SEC Filings for AXL > Form 8-K on 3-Oct-2013All Recent SEC Filings




Change in Directors or Principal Officers, Financial S

Item 5.02 -- Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On September 27, 2013, American Axle & Manufacturing Holdings, Inc. ("AAM") and David C. Dauch, Chairman of the Board, President & Chief Executive Officer of AAM, amended and restated Mr. Dauch's employment agreement with AAM, originally dated August 27, 2012, to provide certain payments and benefits to Mr. Dauch in the event his employment is terminated within two years after, or prior to but in connection with, a Change in Control (as defined in the agreement). The amended and restated employment agreement also provides that the term of the agreement will be automatically extended until the date that is two years following the Change in Control.
If Mr. Dauch's employment is terminated without Cause or for Good Reason (each as defined in the agreement) on or within two years after, or prior to but in connection with, a Change in Control, Mr. Dauch will be entitled to continued payment of his base salary (currently $1,100,000), an annual bonus and medical benefits for two years, in addition to any accrued and unpaid compensation and benefits, and outplacement services. The amount of the annual bonus payments to Mr. Dauch shall be determined based on his average annual bonus for the three fiscal years preceding the termination of his employment or the Change in Control, or based on his target bonus for the year of the termination of his employment or of the Change in Control, whichever is highest. This salary and benefit continuation is subject to Mr. Dauch's execution of a general waiver and release of claims against AAM and his continued compliance with the confidentiality, non-competition, non-solicitation and intellectual property assignment provisions of the agreement.
The foregoing summary of certain provisions of the agreement with Mr. Dauch does not purport to be complete and is qualified in its entirety by reference to the entire amended and restated employment agreement, which is attached as Exhibit 10.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits
Exhibit No.   Description

10.1          Amended and Restated Employment Agreement dated September 27, 2013
              by and between the Company and David C. Dauch

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