February 5, 1999
Xx. Xxxxx X. Xxxxxx
0000 Xxxxx
Xxxxx Xxx, Xxxxxxxx
Re: Stay Bonus Agreement
Dear Xxxxx:
Reference is made to that certain Stay Bonus Agreement dated as of September 30,
1998, by and between you and JPE, Inc. (the "Corporation"). Pursuant to Section
2(b)(1) and 2(c) of the Stay Bonus Agreement, you are entitled to receive a
payment of an installment of the Stay Bonus in the amount of $41,666.67 on
December 31, 1998. As you know, the Corporation is prohibited from paying such
installment pursuant to the terms of the October 1, 0000 Xxxxxx Xxxxxxxxx to the
Forbearance Agreement, dated August 10, 1998, as amended, by and among the
Corporation and its Banks.
Pursuant to our discussion, you have agreed to extend the date of receipt of
payment of the December 31, 1998 installment of the Stay Bonus until the
earliest date described in Section 2(b)(2), (3) or (4) or June 30, 1999. You
also agree that this extension of the date for receipt of the December 31, 1998
installment does not operate as a breach of the Stay Bonus Agreement as long as
all other terms of the Agreement are met.
Please confirm your agreement with the foregoing by signing the enclosed copy of
this letter and returning it to the undersigned. Thank you for your assistance.
Very truly yours,
JPE, Inc.
/s/ Xxxxxxx X. Chrysler
--------------------------------
Xxxxxxx X. Chrysler
President
Agreed this 5th day of February, 1999,
to be effective as of December 31, 1998
/s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
