Exhibit 10.2
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Human Resources |
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Date Issued: | Supersedes Number: | |||
December 4, 2009 | Original | |||
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Prepared By: |
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Human Resources Director / General Counsel
Approved By: Compensation Committee | ||||
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Title: | Flexible Cash Allowance Policy |
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Flexible Cash Allowance Policy
Effective January 1, 2010, TriMas Corporation will provide a cash allowance for certain senior executives in lieu of any other perquisites (including, but not limited to, car related payments, club dues, and supplemental life insurance). Executives covered by this policy will receive a cash allowance to be paid in equal payments at the beginning of each financial quarter to be used at the executive’s discretion.
Depending on the executive’s position, participation in the cash allowance policy will be subject to approval by the Compensation Committee.
The cash allowance will be separate from the executive physical benefit that is currently in place for certain senior executives which will continue to be provided at company expense.
Both eligibility to receive and the amount of the cash allowance will be reviewed and adjusted as necessary on an annual basis, in accordance with the compensation review process. The Compensation Committee reserves the right to cancel or modify the terms of the cash allowance policy at any time.
For 2010, participants in the cash allowance policy and the respective allowance paid shall be as follow:
Position |
| 2010 Cash Allowance |
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President, Chief Executive Officer |
| $ | 55,000 |
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Chief Financial Officer |
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General Counsel |
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Vice President, Finance and Treasurer |
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President, Packaging Systems |
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Business Unit Presidents |
| $ | 25,000 |
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Vice President / Directors |
| As approved |
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