================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): OCTOBER 20, 2006
DURA AUTOMOTIVE SYSTEMS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 000-21139 38-3185711
(State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.)
incorporation)
2791 RESEARCH DRIVE, ROCHESTER HILLS, MICHIGAN 48309
(Address of Principal Executive Offices, including Zip Code)
(248) 299-7500
(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c)
================================================================================
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On October 20, 2006, Dura Holding Germany GmbH (the "Company"), a wholly owned
subsidiary of Dura Automotive Systems, Inc.("Dura"), and Mr. Jurgen von Heyden,
Dura's Vice President and President - Body & Glass Division, reached an
agreement whereby Mr. von Heyden's employment with the Company will terminate
effective December 31, 2007 (the "Termination Date"). During the period between
October 1, 2006 to the Termination Date, the Company is required to continue to
pay Mr. von Heyden's current monthly remuneration. During this period, Mr. von
Heyden will be entitled to bonus payments in accordance with the regulations
stipulated in 9.3 of Mr. von Heyden's Service Contract for Managing Director,
which provides that Mr. von Heyden will be entitled to continue to participate
in Dura's Annual Bonus Plan on the basis of the average percentage paid to
Dura's Leadership Team. The Company has agreed to pay the life and disability
insurance premiums for Mr. von Heyden through the Termination Date. Effective
immediately, Mr. von Heyden has been released from his work duties to the
Company. During the term of employment, Mr. von Heyden is prohibited from
engaging in any competitive activity and any income earned by Mr. von Heyden
during this period will be set off against his claims under the service
contract with the Company. Upon execution and performance of the agreement
neither party has any further rights or claims against the other party from the
employment relationship.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
DURA AUTOMOTIVE SYSTEMS, INC.
Date: October 20, 2006 By /s/ Keith R. Marchiando
-------------------------------------
Keith R. Marchiando
Vice President, Chief Financial
Officer (principal accounting and
financial officer)