Restatement of Personal Savings Plan

EXHIBIT 10.1


RESTATEMENT OF THE
AMERICAN AXLE & MANUFACTURING, INC.
PERSONAL SAVINGS PLAN FOR
HOURLY-RATE ASSOCIATES


EFFECTIVE APRIL 1, 2000


2


TABLE OF CONTENTS


PAGE
---- ARTICLE I - ESTABLISHMENT OF PERSONAL SAVINGS PLAN................................................................1


1.01 Establishment of Plan................................................................................1
1.02 Effective Date of Amended Plan.......................................................................1
1.03 Governmental Rulings.................................................................................1


ARTICLE II - DEFINITION OF TERMS..................................................................................1


2.01 Account..............................................................................................1
2.02 Administrator........................................................................................1
2.03 After-Tax Assets.....................................................................................1
2.04 After-Tax Associate Contributions....................................................................2
2.05 American Axle Stock..................................................................................2
2.06 American Axle Stock Fund.............................................................................2
2.07 Associate............................................................................................2
2.08 Business Day.........................................................................................3
2.09 Code.................................................................................................3
2.10 Compensation.........................................................................................3
2.11 Corporation..........................................................................................3
2.12 Date of Valuation....................................................................................3
2.13 Before-Tax Assets....................................................................................4
2.14 Before-Tax Associate Contributions...................................................................4
2.15 Distributee..........................................................................................4
2.16 Effective Date of Investment Option Election.........................................................4
2.17 Effective Date of Loan...............................................................................4
2.18 Effective Date of Termination........................................................................5
2.19 Effective Date of Transfer of Assets.................................................................5
2.20 Effective Date of Withdrawal.........................................................................5
2.21 Eligible Rollover Distribution.......................................................................5
2.22 Eligible Weekly Earnings.............................................................................5
2.23 Financial Hardship...................................................................................6
2.24 Highly Compensated Associates........................................................................7
2.25 Investment Options...................................................................................8
2.26 Leased Employees.....................................................................................8
2.27 Named Fiduciary......................................................................................9
2.28 Net Asset Value......................................................................................9
2.29 Normal Retirement Age................................................................................9
2.30 Participant..........................................................................................9
2.31 Plan.................................................................................................9
2.32 Plan Year............................................................................................9
2.33 Prime Rate..........................................................................................10
2.34 Recordkeeper........................................................................................10
2.35 Seniority...........................................................................................10


i


3


2.36 Total and Permanent Disability......................................................................10
2.37 Trustee.............................................................................................11 ARTICLE III - ELIGIBILITY........................................................................................11


3.01 Eligibility.........................................................................................11


ARTICLE IV - CASH OR DEFERRED ARRANGEMENT........................................................................11


4.01 Cash or Deferred Arrangement........................................................................11
4.02 Transfer of Assets to or Receipt of Assets from Other Qualified Plans...............................13
4.03 Rollovers...........................................................................................14
4.04 Cash or Deferred Arrangement Limitation.............................................................15


ARTICLE V - AFTER-TAX ASSOCIATE CONTRIBUTIONS....................................................................19


5.01 After-Tax Associate Contributions...................................................................19
5.02 Transfer of Assets to or Receipt of Assets from Other Qualified Plans...............................19
5.03 After-Tax Contribution Limitation...................................................................20
5.04 Special Rules.......................................................................................21
5.05 Limitation on Multiple Use..........................................................................23


ARTICLE VI - INVESTMENT OF PARTICIPANT'S CONTRIBUTIONS...........................................................24


6.01 Investment Options..................................................................................24
6.02 Vesting.............................................................................................26
6.03 Withdrawals.........................................................................................26
6.04 Distribution of Assets..............................................................................28
(a) Settlement Upon Termination of Employment...........................................................28
(b) Attainment of Age 70 1/2............................................................................30
(c) Undeliverable Assets................................................................................31
6.05 Form of Distribution................................................................................31
6.06 Loans...............................................................................................35


ARTICLE VII - TRUST FUND.........................................................................................38


7.01 Contributions to the Trustee........................................................................38
7.02 Investment Options..................................................................................38
(a) Capital Preservation Fund...........................................................................38
(b) Income Fund.........................................................................................39
(c) Asset Allocation Fund(s)............................................................................39
(d) Large Cap Equity Fund(s)............................................................................39
(e) Mid Cap Equity Fund(s)..............................................................................39
(f) Small Cap Equity Fund(s)............................................................................39
(g) Equity Index Fund(s)................................................................................39
(h) International Equity Fund(s)........................................................................40
(i) Socially Oriented Fund(s)...........................................................................40


ii


4


(j) American Axle Stock Fund............................................................................40
7.03 American Axle Stock Fund............................................................................40
(a) Acquisition of Stock................................................................................40
(b) Information to Fund Holders.........................................................................41
(c) Voting Rights.......................................................................................41
(d) Confidentiality.....................................................................................41
(e) Named Fiduciary.....................................................................................42


ARTICLE VIII - OTHER PROVISIONS..................................................................................42


8.01 Non-Assignability...................................................................................42
8.02 Designation of Beneficiaries in Event of Death......................................................43
8.03 Merger or Consolidation.............................................................................44
8.04 Limitations on Contributions and Benefits...........................................................44
8.05 Before-Tax Associate Contributions Limitation.......................................................46
8.06 Investment Decisions................................................................................47
8.07 Special Provisions Regarding Veterans...............................................................47
8.08 Prohibition on Reversion............................................................................48


ARTICLE IX - ADMINISTRATION......................................................................................49


9.01 Administrative Responsibility.......................................................................49
9.02 Records.............................................................................................50
9.03 Administrative Expenses.............................................................................50
9.04 Participant Statements..............................................................................50
9.05 Incapacity..........................................................................................50
9.06 Notice of Claim Denial..............................................................................51
9.07 Confidential Information............................................................................51


ARTICLE X - AMENDMENT, MODIFICATION, SUSPENSION, OR TERMINATION..................................................52
10.01 Amendment, Modification, Suspension or Termination................................................52
10.02 Distribution Upon Plan Termination................................................................52
10.03 Distribution Upon Sale of Subsidiary or Corporation Assets........................................52


iii


5


ARTICLE I
ESTABLISHMENT OF PERSONAL SAVINGS PLAN


1.01 ESTABLISHMENT OF PLAN


American Axle & Manufacturing, Inc. hereby establishes The American
Axle & Manufacturing, Inc. Personal Savings Plan for Hourly-Rate
Associates (hereinafter referred to as the Plan), as set forth herein.


1.02 EFFECTIVE DATE OF AMENDED PLAN


The amended Plan shall become effective April 1, 2000, except as
otherwise may be provided herein.


1.03 GOVERNMENTAL RULINGS


This Plan is conditioned upon approval by the Internal Revenue Service
in accordance with Sections 401 and 501(a) of the Code, or any section
of the Code which amends, supersedes, or supplements said sections.


ARTICLE II
DEFINITION OF TERMS


The following definitions will apply to all words and phrases capitalized in the text, which follows.


2.01 "ACCOUNT"


Account means the assets credited to a Participant in the trust fund
established under the Plan.


2.02 "ADMINISTRATOR"


Administrator means American Axle & Manufacturing, Inc.


2.03 "AFTER-TAX ASSETS"


After-Tax Assets means the shares of the Investment Options purchased
with After-Tax Associate Contributions and dividends and earnings
thereon.


6


2.04 "AFTER-TAX ASSOCIATE CONTRIBUTIONS"


After-Tax Associate Contributions means amounts contributed to the
trust fund by the Corporation as elected by a Participant in accordance
with Section 5.01.


2.05 "AMERICAN AXLE STOCK"


Effective October 1, 2001, American Axle Stock means common stock of
American Axle & Manufacturing Holdings, Inc.


2.06 "AMERICAN AXLE STOCK FUND"


Effective October 1, 2001, American Axle Stock Fund means a fund
invested only in American Axle Stock.


2.07 ASSOCIATE"


Associate means


(A) any person regularly employed in the United States by the
Corporation on an hourly-rate basis, including:


(I) hourly-rate persons employed on a full-time basis;
and


(II) part-time hourly-rate associates.


(B) the term "Associate" shall not include employees of any
directly or indirectly wholly-owned or substantially
wholly-owned subsidiary of the Corporation acquired or formed
by the Corporation on or after, March 1, 1994.


(C) the term "Associate" shall not include employees represented
by a labor organization which has not signed an agreement
making the Plan applicable to such employees.


(D) the term "Associate" shall not include Leased Employees as
defined under Article II, Section 2.26.


2 7


2.08 "BUSINESS DAY"


Business Day means a day the New York Stock Exchange is open for
business. If the New York Stock Exchange is closed as a result of a
holiday, weekend, or at the end of a Business Day, normally 4:00 p.m.
Eastern Time, then the Effective Date will be the next following
Business Day.


2.09 "CODE"


The term "Code" means the Internal Revenue Code of 1986, as amended.


2.10 "COMPENSATION"


Compensation means the total amount paid by the Corporation to the
Associate with respect to hourly-rate employment during any Plan Year
as evidenced by Internal Revenue Service Form W-2 or its equivalent,
plus amounts not currently includable in income by reason of Sections
125, 132(f)(4) and/or 402(e)(3) of the Code. Effective January 1, 1997,
the family aggregation rules of Code Section 401(a)(17)(A) and
414(q)(6) shall not apply to the determination of Compensation.


2.11 "CORPORATION"


Corporation means American Axle & Manufacturing, Inc. a Delaware
corporation.


2.12 "DATE OF VALUATION"


Date of Valuation means the end of a Business Day, Normally 4:00 p.m.
Eastern Time, that a Participant initiates an investment option
election, withdrawal, transfer of assets, settlement upon termination
of employment, or loan, and such date shall be the Effective Date of
Investment Option Election, Effective Date of Withdrawal, Effective
Date of Transfer of Assets, Effective Date of Termination, or Effective
Date of Loan, whichever applies.


3 8


2.13 "BEFORE-TAX ASSETS"


Before-Tax Assets means the units or shares of the Investment Options
purchased with Before-Tax Associate Contributions and dividends and
earnings thereon.


2.14 "BEFORE-TAX ASSOCIATE CONTRIBUTIONS"


Before-Tax Associate Contributions means amounts contributed to the
trust fund by the Corporation as elected by a Participant in accordance
with Sections 4.01 and 4.02.


2.15 "DISTRIBUTEE"


Distributee means an Associate or former Associate of the Corporation
to whom assets are to be distributed. Additionally, the surviving
spouse of the Associate or former Associate or alternate payee to whom
assets are to be distributed under a Qualified Domestic Relations
Order, as defined in Section 414(p) of the Code, are Distributees with
regard to their interest.


2.16 "EFFECTIVE DATE OF INVESTMENT OPTION ELECTION"


Effective Date of Investment Option Election means the Business Day on
which appropriate direction to the Trustee is received by the party
designated by the Administrator for an investment option change.


2.17 "EFFECTIVE DATE OF LOAN"


Effective Date of Loan means the Business Day on which appropriate
direction to the Recordkeeper is received by the party designated by
the Administrator for a loan.


4 9


2.18 "EFFECTIVE DATE OF TERMINATION"


Effective Date of Termination means the Business Day on which
termination of employment with the Corporation occurs.


2.19 "EFFECTIVE DATE OF TRANSFER OF ASSETS"


Effective Date of Transfer of Assets means the Business Day on which
appropriate direction to the Recordkeeper is received by the party
designated by the Administrator for a transfer of assets.


2.20 "EFFECTIVE DATE OF WITHDRAWAL"


Effective Date of Withdrawal means the Business Day on which
appropriate direction to the Recordkeeper is received by the party
designated by the Administrator for a withdrawal.


2.21 "ELIGIBLE ROLLOVER DISTRIBUTION"


The term Eligible Rollover Distribution shall have the meaning set
forth in Section 6.05(b).


2.22 "ELIGIBLE WEEKLY EARNINGS"


Eligible Weekly Earnings means base pay plus any Cost-of-Living
Allowance received by a Participant from the Corporation with respect
to hourly-rate employment during a calendar week and any Performance
Bonus Payment (as defined in the Collective Bargaining Agreement) made
to a Participant during the Plan Year. The term Eligible Weekly
Earnings shall include any pay received for overtime hours, night
shift, seven-day premiums, and suggestion awards. Eligible Weekly
Earnings shall not include any other special payments, fees, or
allowances. For Plan Years beginning prior to January 1, 2002, annual
Eligible Weekly Earnings and Compensation taken into account for
purposes of the


5 10


discrimination tests in Section 4.04 may not exceed $170,000 per year
(or as may be adjusted by the Secretary of the Treasury of the United
States). Effective January 1, 2002, the annual Eligible Weekly Earnings
of each Participant taken into account in determining allocations and
Compensation taken into account for purposes of the discrimination
tests in Section 4.04 shall not exceed $200,000, as adjusted for
cost-of-living increases in accordance with Section 401(a)(17)(B) of
the Code. Annual Eligible Weekly Earnings means Eligible Weekly
Earnings during the Plan Year or such other consecutive 12-month period
over which Eligible Weekly Earnings is otherwise determined under the
Plan (the determination period). The cost-of-living adjustment in
effect for a calendar year applies to annual Eligible Weekly Earnings
and Compensation for the determination period that begins with or
within such calendar year. Effective January 1, 1997, the family
aggregation rules of Code Sections 401(a)(17)(A) and 414(q)(6) shall
not apply to the determination of Eligible Weekly Earnings.


2.23 "FINANCIAL HARDSHIP"


Financial Hardship means a reason given by a Participant when applying
for a withdrawal before age 59-1/2 which indicates the withdrawal is
(1) necessary to meet immediate and heavy financial needs of the
Participant, (2) for an amount required to meet the immediate financial
need created by the hardship, and (3) for an amount that is not
reasonably available from other resources of the Participant. The
amount of such withdrawal may be increased to include any amounts
necessary to pay reasonably anticipated income taxes and penalties
resulting from the early withdrawal. The reason must be permitted under
existing


6 11


Internal Revenue Service regulations and rulings and must be acceptable
to the Named Fiduciary or its delegate for one of the following
reasons:


(A) purchase or construction of the Participant's principal
residence;


(B) payment of expenses to prevent foreclosure on the
Participant's principal residence or to prevent eviction from
the Participant's principal residence;


(C) payment of tuition for the next 12 months of post-secondary
education for a Participant, a Participant's spouse, or a
Participant's dependent;


(D) payment of medical expenses previously incurred or necessary
to obtain medical care for a Participant, a Participant's
spouse, or a Participant's dependent; or


(E) any other reason acceptable under published Internal Revenue
Service regulations and rulings.


2.24 "HIGHLY COMPENSATED ASSOCIATES"


For purposes of this Plan, the term Highly Compensated Associates
means, effective January 1, 1997, Highly Compensated active Associates
and Highly Compensated former Associates. For purposes of this Section,
a Highly Compensated active Associate includes any Associate who:


(A) (I) received compensation from the Corporation in excess
of $80,000.00 (as adjusted under the Code) and, if
the Corporation elects, was a member of the top-paid
group (top 20% ranked on the basis of compensation)
for the preceding Plan Year, or


(II) was a 5% owner of the Corporation at any time during
the Plan Year or the preceding Plan Year.


7 12


(B) A Highly Compensated former Associate includes any Associate
who was a Highly Compensated Associate when he separated from
service or was a Highly Compensated Associate after attaining
age 55.


(C) The determination of who is a Highly Compensate Associate,
including the determinations of the number and identity of
Associate's in the top-paid group, will be made in accordance
with Section 414(q) of the Code and regulations thereunder.


2.25 "INVESTMENT OPTIONS"


Investment Options means the investments available to eligible
Participants pursuant to Article VI, 6.01 and Article VII, 7.02 of this
Plan.


2.26 "LEASED EMPLOYEES"


Leased Employee means any person who, pursuant to an agreement between
the Corporation and any leasing organization, has performed services
for the Corporation on a substantially full-time basis for a period of
at least one year, and, effective January 1, 1997, such services are
performed under the primary direction or control of the Corporation.
Contributions or benefits provided a Leased Employee by the leasing
organization which is attributable to services performed for the
Corporation shall be treated as provided by the Corporation. A Leased
Employee shall not be considered an employee of the Corporation if such
employee is covered by the safe harbor requirements of Section
414(n)(5) of the Code.


8 13


2.27 "NAMED FIDUCIARY"


Named Fiduciary means the Compensation Committee of the Board of
Directors of American Axle & Manufacturing, Inc. except as set forth in
Section 8.06 and 9.01.


2.28 "NET ASSET VALUE"


Net Asset Value means the closing price of a unit or share of an
Investment Option on a given day as reported by the Recordkeeper.
Effective October 1, 2001, for assets attributable to the American Axle
...