TRIMAS CORP
EXHIBIT 10.20
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<BR></FONT><FONT SIZE=2><B>  Exhibit 10.20    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT SIZE=2><B>
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<P style="font-family:times;"><FONT SIZE=2><B><I>This publication describes the Annual Value Creation Plan, a discretionary bonus plan, for key employees of TriMas. Some of the AVC Plan's highlights
include:</I></B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Participants are selected by the AVCP
Committee.</I></B></FONT><FONT SIZE=2>&nbsp;<BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>The Plan's financial targets are established through the annual budgeting process and are
expressed as Incentive earnings before subtracting interest, taxes, depreciation and amortization&#151;adjusted for asset
management.</I></B></FONT><FONT SIZE=2><BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>You and your manager set individual performance
targets.</I></B></FONT><FONT SIZE=2>&nbsp;<BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Target Plan awards may be 10% of pay or more, depending on position scope and responsibility. You
may earn more or less than your target based on actual Company (and, as applicable, Unit performance) and individual performance relative to
targets.</I></B></FONT><FONT SIZE=2><BR><BR> </FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>For any Plan payment to be made in any year, Company performance results must be at least 90% of
targeted results.</I></B></FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="kc15702_the_annual_value_creation_plan_(avcp)"> </A>
<A NAME="toc_kc15702_2"> </A>
<BR></FONT><FONT SIZE=2><B>  The Annual Value<BR>  Creation Plan (AVCP)    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>TriMas is committed to ensuring that our total compensation program is consistent with market competitive pay practices, while providing opportunities to attract and retain
excellent performers essential to our business success. As a component of your total compensation, the Annual Value Creation Plan, a discretionary bonus plan, works to support our overall business
objectives by aligning individual goals with the goals of shareholders and focusing attention on the key measures of success. This plan is designed to reward achievement of key business goals and
individual performance based on your contributions.</I></FONT><FONT SIZE=2><BR>

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<P style="font-family:times;"><FONT SIZE=2><B>Participation</B></FONT><FONT SIZE=2><BR>
The AVCP Committee identifies the specific positions that are eligible for participation in the AVCP. The AVCP Committee is made up of the CEO, CFO, and VP HR of TriMas. In general, the Committee will
award eligibility to SBU leadership, facility leadership and their direct reports (depending on size of the operation), and corporate leadership. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Performance Measures</B></FONT><FONT SIZE=2><BR>
AVCP awards are based on "Group", "Unit", and "Individual" performance during the year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Group and Unit Performance</I></B></FONT><FONT SIZE=2><BR>
As defined in the box on the following page, the AVCP uses Incentive EBITDA ("Earnings Before Interest, Taxes, Depreciation and Amortization") as the measure of Group and Unit performance. While there
are many possible measures for performance, EBITDA was selected because it is a good measure of cash flow&#151;the "fuel" for reinvestment in our businesses and valued by investors because cash
flow provides resources for reinvestment. In addition, consideration is given to the year over year working capital change as it relates to the percentage of sales. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

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<A NAME="toc_kc15702_3"> </A>
<BR></FONT><FONT SIZE=2><I>The Annual Value Creation Plan</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Each
year, baseline performance levels for EBITDA are established through the business planning process and then adjusted for the year-over-year change in working capital to
better reflect the importance of assets and asset management. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>"Incentive EBITDA"</B></FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2>EBITDA (pronounced "E-BE-DA") is a measure of cash flow calculated as revenue minus expenses (before interest, taxes, depreciation and amortization). By excluding interest, taxes, depreciation and amortization from the
expenses used in the calculation, the earnings figure that results is a good indication of the amount of money being brought into the Company.<BR>
<BR>
For the AVCP, the annual EBITDA target is adjusted to reflect the cost of additional investment in the pursuit of EBITDA and to reward and encourage asset management. The adjustment is made as shown at right.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I> Here's how the Incentive EBITDA is<BR>
measured for the AVCP:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR> </I></B></FONT><FONT SIZE=2><I>Prior year average working capital as a percent<BR>
of sales<BR> </I></FONT><FONT SIZE=2><B><I>minus<BR> </I></B></FONT><FONT SIZE=2><I>Current year average working capital as a<BR>
percent of sales<BR> </I></FONT><FONT SIZE=2><B><I>equals<BR> </I></B></FONT><FONT SIZE=2><I>Year-over-year change in average working<BR>
capital as a percent of sales<BR> </I></FONT><FONT SIZE=2><B><I>times<BR> </I></B></FONT><FONT SIZE=2><I>Current year sales<BR> </I></FONT><FONT SIZE=2><B><I>times<BR> </I></B></FONT><FONT SIZE=2><I>20%<BR> </I></FONT><FONT SIZE=2><B><I>equals<BR>
EBITDA Incentive Factor<BR> </I></B></FONT></TD>
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<P style="font-family:times;"><FONT SIZE=2><B><I>Individual Performance</I></B></FONT><FONT SIZE=2><BR>
At the beginning of each year, you and your immediate leader will establish three to five measurable goals that are consistent with organizational goals (and subject to approval by the next level of
management). At the end of the year, individual performance will be measured relative to those goals. Each year, there may be a corporate-wide focus for some or all of the individual
goals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>AVCP Steps&#151;Beginning of the Year</B></FONT><BR><FONT SIZE=2><I>At the beginning of each year, we go through the following five steps:  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Beginning of Year&#151;Step 1: Determine Your Target Award</I></B></FONT><FONT SIZE=2><BR>
Your AVCP target award is simply a percentage of your annual base salary. This percentage is based on your position and scope of responsibility. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>Target
Award Example:</U><BR></FONT> <FONT SIZE=2><I>Setting AVCP Target Award: Assume the employee's AVCP target is 10% of base salary, and that base salary is $80,000. In this case, the employee's AVCP award target is $8,000
(10% X $80,000).</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Beginning of Year&#151;Step 2: Determine Position and Related Components</I></B></FONT><FONT SIZE=2><BR>
Your AVCP award will be made up of three components: 1)&nbsp;Group Incentive EBITDA, 2)&nbsp;Unit Incentive EBITDA, and 3)&nbsp;individual performance. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ke15702_the_annual_value_creation_plan"> </A>
<A NAME="toc_ke15702_1"> </A>
<BR></FONT><FONT SIZE=2><I>The Annual Value Creation Plan    <BR>    </I></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>Beginning of Year &#150; Step&nbsp;3: Determine the Corresponding Component Weighting</I></B></FONT><FONT SIZE=2><BR>
Each component of your AVCP award has a "weighting" that indicates the component's relative importance to your overall Plan award, as summarized in the following chart: </FONT></P>

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<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Position </FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Group<BR>
Weighting </FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Unit<BR>
Weighting </FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Individual<BR>
Weighting </FONT></TH>
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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Corporate/Group Controller</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>75%&nbsp;&#150;<BR>
TriMas</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>0%</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>25%</B></FONT></TD>
</TR>
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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
<BR>
Group President</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
<BR>
25%&nbsp;&#150;<BR>
TriMas</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
<BR>
50%&nbsp;&#150;&nbsp;Group<BR>
Cequent/Energy/ISG/PSG</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
<BR>
25%</B></FONT></TD>
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<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SBU President/Local SBU (Cequent)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
50%&nbsp;&#150;<BR>
Cequent</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
25%&nbsp;&#150;&nbsp;Individual SBU<BR>
(Cequent)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
25%</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SBU President/Local SBU (Cequent)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
15%&nbsp;&#150;<BR>
Cequent</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
60%&nbsp;&#150;&nbsp;Individual SBU<BR>
(Cequent&nbsp;&#150;&nbsp;TriMas<BR>
Corporation Pty&nbsp;Ltd)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
25%</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SBU President/Local SBU (Energy)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
15%&nbsp;&#150;<BR>
TriMas</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
60%&nbsp;&#150;&nbsp;Individual SBU<BR>
(Energy)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
25%</B></FONT></TD>
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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SBU President/ Local SBU (ISG)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
15%&nbsp;&#150;<BR>
TriMas</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
60%&nbsp;&#150;&nbsp;Individual SBU<BR>
(ISG)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
25%</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SBU President/ Local SBU (PSG)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
15%&nbsp;&#150;<BR>
PSG</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
60% Individual SBU<BR>
(PSG)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
25%</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SBU President/SBU Support (PTC)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
15%&nbsp;&#150;<BR>
TriMas</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
60%&nbsp;&#150; Individual SBU<BR>
(PTC)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
25%</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
Local SBU (PTC)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
15%&nbsp;&#150;<BR>
PTC</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
60% Individual SBU<BR>
(PTC)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
25%</B></FONT></TD>
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<P style="font-family:times;"><FONT SIZE=2><U>Component
Weighting Example:</U><BR></FONT> <FONT SIZE=2><I>Assume an employee in an ISG Unit position has an AVCP target of $8,000. The employee's target award is made up of the following components:</I></FONT></P>

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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Group Incentive EBITDA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>15%&nbsp;weight&nbsp;&times;&nbsp;$8,000&nbsp;=&nbsp;$1,200</FONT></TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ke15702_the_annual_value_creation_plan_1"> </A>
<A NAME="toc_ke15702_2"> </A>
<BR></FONT><FONT SIZE=2><I>The Annual Value Creation Plan    <BR>    </I></FONT></P>

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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Unit Incentive EBITDA</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>60%&nbsp;weight&nbsp;&times;&nbsp;$8,000&nbsp;=&nbsp;$4,800</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Individual Performance</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>25%&nbsp;weight&nbsp;&times;&nbsp;$8,000&nbsp;=&nbsp;<U>$2,000</U></FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> $8,000</FONT></TD>
</TR>
</TABLE></DIV>
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<P style="font-family:times;"><FONT SIZE=2><B><I>Beginning of Year&nbsp;&#150; Step 4: Determine Target Performance for the Year</I></B></FONT><FONT SIZE=2><BR>
The Plan's financial targets are established through the annual business planning process. At the beginning of the year you will receive information about the target for Group Incentive EBITDA in the
coming year and, as applicable, the target for Unit Incentive EBITDA. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Beginning of Year&nbsp;&#150; Step 5: Set Your Individual Goals for the Year</I></B></FONT><FONT SIZE=2><BR>
By February&nbsp;15 of each year, you and your leader will set individual performance targets for the year. Your individual performance goals must be approved by the next higher level of management.
Each year, there may be a corporate-wide focus on some or all of the individual goals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> AVCP Steps&nbsp;&#150; End of the Year  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>At
the end of each plan year, AVCP awards will be determined following these four steps: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>End of Year&nbsp;&#150; Step 1: Determine Actual Performance Result</I></B></FONT><FONT SIZE=2><BR>
Soon after the end of each Plan year, actual Group Incentive EBITDA, Unit Incentive EBITDA and individual performance results will be measured. Incentive EBITDA measures are compared to the targets
determined in the business planning process, and individual performance results are compared to goals set at the beginning of the year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Results
for each of the categories are expressed as Actual Performance divided by Target Performance. In this way, 100% indicates performance targets were met for the measure; a percentage above 100%
indicates performance targets were exceeded&#151;below 100% means performance targets were not achieved. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>Determine
Actual Performance Example:</U><BR></FONT> <FONT SIZE=2><I>Assume the target for Unit EBITDA was $10&nbsp;million, and actual Unit Incentive EBITDA was $11&nbsp;million. Then performance results for Unit Incentive EBITDA equals
110% of target ($11&nbsp;million actual divided by $10&nbsp;million targeted&nbsp;= 1.10 or 110%).</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>End of Year&nbsp;&#150; Step 2: Determine Corresponding Payment Factor</I></B></FONT><FONT SIZE=2><BR>
The AVCP then uses a "Performance Payment Factor" (see table, below) to determine a percentage of target award for each component (Group Incentive EBITDA, individual performance and, for Unit
positions, Unit Incentive EBITDA). </FONT></P>

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<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="183" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B><I>Percent&nbsp;of&nbsp;target&nbsp;achieved&nbsp;for&nbsp;a&nbsp;given<BR>
component (see Step 1): </I></B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2><B><I>Performance&nbsp;Payment&nbsp;Factor: </I></B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> &lt;90% of target</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>0% of target award</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 90% of target</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50% of target award</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 95% of target</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>90% of target award</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 100% of target</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100% of target award</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 105% of target</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>110% of target award</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 110% of target</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>120% of target award</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 115% of target</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>135% of target award</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> 120% of target</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>150% of target award</FONT></TD>
</TR>
</TABLE></DIV>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_kg15702_1_5"> </A>


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</FONT> <FONT SIZE=2><I>The Annual Value Creation Plan  </I></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
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<TD WIDTH="187" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>120% of target</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>150% of target award</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
120% - 150% of target</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
150% of target award plus 3% for each<BR>
additional 1% that performance exceeds<BR>
120% of target</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&gt;150% of target</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
240% of target award</FONT></TD>
</TR>
</TABLE></DIV>
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<P style="font-family:times;"><FONT SIZE=2>No payment will be made for any award component when actual performance for that component is below the applicable
threshold. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Regardless of results for other measures, if Corporate Incentive EBITDA falls below 50% for any year, there will be no AVCP awards paid for that year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Results
between the levels stated on the chart above will be interpolated, i.e.,&nbsp;for actual results between the stated percentages, there will be a corresponding payment level between the
stated payment factor percentages. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>Determine
Payment Factor Example:</U><BR></FONT> <FONT SIZE=2><I>Assume actual Group Incentive EBITDA is 120% of target. Using the Performance Payment Factor table, we can determine that 150% of the target award for the Group Incentive
EBITDA component will be paid.  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>End of Year &#150; Step 3: Multiply by Component Weighting<BR>  </I></B></FONT><FONT SIZE=2>After determining the applicable Performance Payment Factor for each award component based on the actual results for Group Incentive
EBITDA (and Unit Incentive EBITDA for Unit
positions) and individual performance results, the Performance Payment Factors are multiplied by the applicable component weighting determined at the beginning of the year. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><U>Component
Weighting Example:</U><BR></FONT> <FONT SIZE=2><I>For an employee within the ISG unit with the following results for each performance category&nbsp;&#150;&nbsp;Group Incentive EBITDA&nbsp;&#150; 110% of
target; Unit Incentive EBITDA&nbsp;&#150;&nbsp;120% of target; and Individual Performance&nbsp;&#150;&nbsp;100% of target&nbsp;&#150;&nbsp;the Performance Payment
Factors and the Component Weightings are multiplied as follows:  </I></FONT></P>

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<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="52" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="36" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="47" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="26" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="26" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2><B><I>Performance Category</I></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>Performance<BR>
vs. Plan</I></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>Payment<BR>
Factor</I></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>Component<BR>
Weighting</I></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>Total</I></B></FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=13 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Group Incentive EBITDA:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>110%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>120%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>X</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>=</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Unit Incentive EBITDA:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>120%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>150%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>X</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>=</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>90%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Individual Performance:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>X</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>=</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25%</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><B><I>End of Year&nbsp;&#150;&nbsp;Step 4: Sum of Weighted Payment Factors Equals Actual Award<BR>  </I></B></FONT><FONT SIZE=2>The fourth and final step to determine the actual AVCP award is to sum the weighted performance payment
factors for each component, then multiply the total by the target award
amount, as illustrated in the following example. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><U>Actual
Award Example:</U><BR></FONT> <FONT SIZE=2><I>Assume you are an ISG unit employee with a total Plan award target of $8,000. Also assume the following results are achieved for each performance category: Group Incentive
EBITDA&nbsp;&#150;&nbsp;110% of target; Unit Incentive EBITDA&nbsp;&#150;&nbsp;120% of target; and Individual Performance&nbsp;&#150;&nbsp;100% of target. Given these
assumptions, your actual AVCP award is determined to be 133% of the $8,000 target award, or $10,640.  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_kg15702_1_6"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The Annual Value Creation Plan  </I></FONT></P>

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<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="52" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="36" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="24" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="47" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="26" style="font-family:times;"></TD>
<TD WIDTH="18" style="font-family:times;"></TD>
<TD WIDTH="39" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2><B><I>Performance Category</I></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>Performance<BR>
vs. Plan</I></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>Payment<BR>
Factor</I></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>Component<BR>
Weighting</I></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>Total</I></B></FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=13 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Group Incentive EBITDA:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>110%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>120%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>X</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>=</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Unit Incentive EBITDA:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>120%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>150%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>X</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>=</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>90%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> Individual Performance:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>X</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>=</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>+&nbsp;&nbsp;&nbsp;&nbsp;25%</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
<TD ALIGN="RIGHT" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=9 ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B><I>Total Weighted Performance:</I></B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B><I>133%</I></B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B><I></I></B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=9 ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B><I>Target Award:</I></B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B><I>$8,000</I></B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B><I></I></B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=9 ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B><I>Actual Award:</I></B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B><I>$10,640</I></B></FONT></TD>
</TR>
</TABLE></DIV>
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<P style="font-family:times;"><FONT SIZE=2><B> Additional Information</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Discretion of Payments<BR>  </I></B></FONT><FONT SIZE=2>The AVCP Committee reserves the right to defer, increase/reduce, or cancel any payments under the plan at any time (including during a plan year) based on the best
interests of
the Corporation and its shareholders, including, but not limited to, circumstances relating to (1)&nbsp;individual performance, (2)&nbsp;the Corporation's financial performance, or (3)&nbsp;the
Company's future performance objectives. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Prorated Awards<BR>  </I></B></FONT><FONT SIZE=2>If you move between units within the year, your award will be calculated to reflect the time spent in each unit. Base Salary and AVCP percent will be based upon the unit you
are employed in as of <SUP>12</SUP>/<SMALL>31</SMALL> (all transfers will be handled on a case by case basis). If you move into or out of an AVCP eligible position, you will receive a prorated award based on
your salary while in an eligible position. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Payment of Awards<BR>  </I></B></FONT><FONT SIZE=2>Payment will be made not later than the <SUP>3</SUP>/<SMALL>15</SMALL> after the prior plan year end 12/31. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>Termination of Employment<BR>  </I></B></FONT><FONT SIZE=2>If you terminate employment prior to the end of the fiscal year due to death, retirement or disability, you will be eligible for a pro-rata share when awards are
paid. If you terminate for any other reasons prior to the plan payout, you forfeit your award for the plan year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Administration<BR>  </I></B></FONT><FONT SIZE=2>The AVCP Committee will administer the plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Future of the Plan<BR>  </I></B></FONT><FONT SIZE=2>The AVCP Committee reserves the right to amend, interpret or cancel this discretionary plan at any time based on the best interests of the Company and its shareholders. This
plan supercedes all prior documentation relating to the Annual Value Creation Plan. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>Questions?</B></FONT><FONT SIZE=2><BR>
If you have questions about the Annual Value Creation Plan described here, or about any other aspect of your TriMas compensation program, contact your local Human Resources representative. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Note:&nbsp;&nbsp;&nbsp;&nbsp;</I></B></FONT><FONT SIZE=2>At no time is this plan to be considered an employment contract between the participants and the Company. It does not guarantee
participants the right of continued employment. It does not affect a participant's right to leave the Company or the Company's right to discharge a participant. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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<P><br><A NAME="08ZCI15701_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_kc15702_1">Exhibit 10.20</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_kc15702_2">The Annual Value Creation Plan (AVCP)</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_kc15702_3">The Annual Value Creation Plan</A></FONT><BR>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ke15702_1">The Annual Value Creation Plan</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ke15702_2">The Annual Value Creation Plan</A></FONT><BR>
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