Exhibit 10.14
Form of Change in Control Agreement
The Company has a Form of Change in Control Agreement with the following
executive officers:
Xxxxx X. Xxxxxxx
Xxxxx X. Xxxxx
Sten Forseke
Xxxxxx X. Xxxxxx
Xxxxx X. Xxxxxx
STONERIDGE, INC.
0000 Xxxx Xxxxxx Xxxxxx
Xxxxxx, Xxxx 00000
February 12, 1999
Stoneridge Executive Officer
0000 Xxxx Xxxxxx Xxxxxx
Xxxxxx, XX 00000
Dear Officer:
On May 4, 1998, the Board of Directors of Stoneridge, Inc. (the "Company")
decided that certain of the key employees of the Company should be provided
assurances of continued employment and/or compensation in the event of a change
of control of Stoneridge, Inc. There is no contemplation at this time that such
a change will take place. However, as a protection to you and the Company, the
Board has adopted the following:
1. In the event that a shareholder or a group of shareholders own more
shares of the Company than the total number of shares owned by me, my direct
descendants and trusts for the Xxxxxx family, a change of control will be deemed
to have taken place.
2. If such an event takes place while you are an employee of the Company,
the Company shall be obligated for two years of continued compensation and
benefits for you beginning on the date at which the change of control has
occurred. Such compensation shall be the same compensation, including any
bonus, which you earned in the fiscal year prior to the change of control, and
benefits will either be the equivalent benefits or cash compensation in lieu of
benefits based upon the prior fiscal year.
3. The two-year continued compensation period expires exactly two years
from the date that the change of control occurred. It runs whether or not you
continue in the employ of the Company. Benefits do not include stock options
(vested or unvested).
February 12, 1999
Page 2
4. Your continued employment at the Company (or any successor in interest)
is not guaranteed. However, you are to receive compensation and benefits even
if you leave the Company at your option.
Please acknowledge receipt and understanding of this agreement.
STONERIDGE, INC.
By:
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X.X. Xxxxxx, Chairman of the Board
Received and agreed to:
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Stoneridge Executive Officer
