Exhibit 10.3

 

AMENDMENT NO. 2 TO COMMITMENT AGREEMENT

 

As of November 15, 2004

 

To the Subscribers under the

Commitment Agreement referred to below

 

Ladies and Gentlemen:

 

Reference is made to the Commitment Agreement, dated as of February 23, 2004,
entered into by and among Oglebay Norton Company and the other parties (the
“Subscribers”) signatory thereto, as amended by Amendment No. 1 to the
Commitment Agreement, dated as of June 29, 2004 (the “Agreement”). Defined terms
used but not otherwise defined herein shall have the meaning ascribed to them in
the Agreement.

 

In connection with the Company’s Second Amended Joint Plan of Reorganization of
Debtors and Debtors in Possession as modified and dated July 30, 2004 and as
further modified and filed with or submitted to the Bankruptcy Court on
September 24, September 28 and October 1, 2004 (the “Plan Modifications”) (as so
modified, the “Amended Plan”) and the approval by the Bankruptcy Court on August
4, 2004 of the Second Amended Disclosure Statement Pursuant to Section 1125 of
the Bankruptcy Code for the Amended Plan, as modified and dated July 30, 2004
(the “Disclosure Statement”), the parties have agreed to amend the Agreement (1)
to accurately reflect the treatment of the holders of claims under the MLO
Contract in the Amended Plan, (2) to accurately reflect the treatment of the
Senior Notes in the Amended Plan, (3) to accurately reflect the treatment of the
Subordinated Notes in the Amended Plan, (4) to amend the Company’s obligation
with respect to the exit financing contemplated by the Silverpoint Commitment
Letter, (5) to include the agreement of the Subscribers to support confirmation
and consummation of the Amended Plan, (6) to amend and restate the terms of the
Offering and the conditions precedent to the Subscribers’ obligation to perform
their obligations under the Agreement, (7) to change the date on which the
non-completion of the Restructuring Transaction will become a Termination Event
from October 15, 2004 to December 15, 2004, (8) to change the date prior to
which the Registration Statement relating to the Offering shall be declared
effective from September 23, 2004 to November 15, 2004, (9) to acknowledge the
discussions and negotiations being conducted with certain third parties and the
existence of certain objections to the Amended Plan as well as the adversary
proceeding commenced against the Company and others by certain holders of Senior
Notes, (10) to amend Exhibit A to the Agreement to accurately reflect the
Restructuring Terms as set forth and described in the Amended Plan and the
Disclosure Statement (as modified by the Plan Modifications) and (11) to amend
and restate on Schedule 1 attached hereto the respective beneficial ownership of
Subordinated Notes, Commitment Amounts and Commitment Fees of each of the
Subscribers as of the date hereof and reflect the substitution as Noteholders of
successors in interest to certain of the original Noteholders who were parties
to the Agreement.

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Upon receipt of the Requisite Subscribers’ consent as described herein, the
Agreement shall be amended as follows:

 

1. Preliminary Statement C of the Agreement shall be deleted in its entirety and
replaced by the following:

 

“Under the terms and upon the effective date of the Plan (the “Effective Date”),
(i) existing classes of equity in the Company and interests therein will be
cancelled and the holders thereof will receive the treatment provided for in the
Term Sheet, and (ii) the Company’s 10% Senior Subordinated Notes due 2009 (the
“Subordinated Notes”) will be cancelled and the Company will, in exchange
therefore, issue shares of common stock of the reorganized Company (the “Common
Stock”) as contemplated in the Amended Plan and the Disclosure Statement (as
modified by the Plan Modifications). The Company and the Subscribers agree that
the MLO earn-out contract claims under the Interest Purchase Agreement among the
Company, Johnson Mining, Inc., The Cary Mining Company Inc., Michigan Minerals
Associates, Inc., and Michigan Limestone Operations Limited Partnership, dated
April 14, 200 (the “MLO Contract”), should be amended as described in the
Disclosure Statement and, as of the Effective Date, should be assumed by the
reorganized Company.”

 

2. Preliminary Statement D of the Agreement shall be deleted in its entirety and
replaced by the following:

 

“In connection with the Amended Plan, the Company will implement, among other
things, an offering (the “Offering”) registered under the Securities Act of
1933, as amended (the “Securities Act”), pursuant to which the Company will
extend to the holders of the Subordinated Notes not party to this Agreement the
right to subscribe for their pro rata share (based on their respective
beneficial ownership of the total of $100 million principal amount of
outstanding Subordinated Notes) of $80 million of shares of convertible
preferred stock of the reorganized Company (the “Preferred Shares”) having the
rights and preferences set forth in the Term Sheet attached hereto as Exhibit A
(the “Term Sheet”). Pursuant to this Agreement, the Company will offer and sell
to (i) holders of Subordinated Notes party to this Agreement their pro rata
share of $80 million of Preferred Shares and (ii) holders of Subordinated Notes
and Third Party Investors parties to this Agreement having Standby Commitments
(as defined herein) the Preferred Shares not subscribed for in the Offering, and
those holders of Subordinated Notes and Third Party Investors will purchase such
Preferred Shares. In addition, the Company will offer and sell to those holders
of Subordinated Notes and Third Party Investors having Standby Commitments, and
those holders of Subordinated Notes and Third Party Investors will purchase,
additional Preferred Shares for an aggregate purchase price of $5 million. The
Company will offer and sell

 

2

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those Preferred Shares under this Agreement in reliance on Section 4(2) of the
Securities Act. In addition, the Company will prepare and file with the
Securities and Exchange Commission (the “SEC”) a resale registration statement
covering the Preferred Shares sold pursuant to this Agreement and the underlying
Common Stock (the “Resale Registration Statement”).”

 

3. Preliminary Statement E of the Agreement shall be deleted in its entirety and
replaced by the following:

 

“E. The Noteholders hold the principal amount of Subordinated Notes set forth
opposite their respective names on Schedule 1 to Amendment No. 2 of this
Agreement, which represents approximately 37.3% of the aggregate amount of
Subordinated Notes outstanding.”

 

4. Preliminary Statement F of the Agreement shall be deleted in its entirely and
replaced by the following:

 

“F. The proceeds from the issuance of the Preferred Shares will be used to fund
the redemption of the Company’s outstanding Senior Secured Notes due 2008 (the
“Senior Notes”), subsequent to their reinstatement on the Effective Date
pursuant to the Amended Plan.”

 

5. Section 1(a) of the Agreement shall be deleted in its entirety and replaced
by the following:

 

“(a) Each Noteholder agrees to purchase that number of Preferred Shares having
an aggregate Purchase Price (defined below) equal to such Noteholder’s pro rata
share of $80 million based on such Noteholder’s respective beneficial ownership
of $100 million principal amount of outstanding Subordinated Notes as set forth
opposite their respective names on Schedule 1 to Amendment No. 2 to this
Agreement (the “Basic Commitment Amount”). In addition, each Noteholder and each
Third Party Investor agrees to purchase (the “Standby Commitment”) Preferred
Shares issuable pursuant to the Offering that are not subscribed for and
purchased by holders of the Subordinated Notes other than the Noteholders
(“Unsubscribed Shares”) having an aggregate Purchase Price (the “Standby
Commitment Amount”) determined as follows: (i) each Noteholder’s Standby
Commitment shall equal up to that number of Unsubscribed Shares having an
aggregate Purchase Price equal to the difference between (x) such Noteholder’s
Commitment Amount set forth opposite its name on Schedule 1 to Amendment No. 2
to this Agreement and (y) such Noteholder’s Basic Commitment Amount set forth
opposite its name on Schedule 1 to Amendment No. 2 to this Agreement; and (ii)
each Third-Party Investor’s Standby Commitment shall equal up to that number of
Unsubscribed Shares having an aggregate Purchase Price equal to such Third-Party
Investor’s Commitment Amount set forth opposite its

 

3

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name on Schedule 1 to Amendment No. 2 to this Agreement. If the aggregate
Purchase Price of the Unsubscribed Shares is less than the aggregate Standby
Commitment Amounts of the Noteholders and Third-Party Investors, the
Unsubscribed Shares shall be allocated to the Noteholders and the Third-Party
Investors pro rata based upon the amounts of their respective Standby Commitment
Amounts. In addition to the Preferred Shares having an aggregate purchase price
of $80 million that are subject to the Offering and the Noteholders’ Basic
Commitment Amount and notwithstanding the provisions of Exhibit A to this
Agreement, each Noteholder having a Standby Commitment and each Third Party
Investor agrees to purchase, and the Company agrees to issue and sell to such
Noteholders and Third Party Investors, a pro rata portion of that number of
Preferred Shares having an aggregate purchase price of $5 million, such pro rata
portions to be based upon such Subscribers’ respective Standby Commitment
Amounts. For the avoidance of doubt, in no event shall any Subscriber be
obligated to purchase Preferred Shares for an aggregate Purchase Price in excess
of such Subscriber’s Commitment Amount.”

 

6. Section 1(c) of the Agreement shall be deleted in its entirety and replaced
by the following:

 

“(c) Use of Proceeds. The proceeds from the issuance and sale of the Preferred
Shares will be applied by the Company to the redemption of the Senior Notes,
subsequent to their reinstatement on the Effective Date pursuant to the Amended
Plan.”

 

7. Section 2 of the Agreement shall be deleted in its entirety and replaced by
the following:

 

“The offer and sale of the Preferred Shares to holders of the Subordinated Notes
not party to this Agreement will be registered under the Securities Act. The
Company agrees, unless waived by Subscribers representing two-thirds of the
aggregate Commitment Amounts pursuant to this Agreement (the “Requisite
Subscribers”), to prepare and file with the SEC an amendment to the registration
statement under the Securities Act with respect to the Offering of the Preferred
Shares (the “Registration Statement”) as soon as practicable and to use its
reasonable best efforts to cause the Registration Statement to become effective
as soon as possible thereafter and, in any event, prior to November 15, 2004 (or
such later date as may be reasonably requested and agreed by the Requisite
Subscribers). The terms and conditions of the Offering will be consistent with
the Restructuring Terms, including the deposit of the Purchase Price and stock
certificates, to the extent applicable, representing the Preferred Shares in
escrow until the Effective Date or termination of the Plan by the Company. In
addition, the Company agrees to prepare and file with the SEC as soon as
practicable the Resale Registration Statement and to use

 

4

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its reasonable best efforts to cause the Resale Registration Statement to become
effective on the Effective Date. Pursuant to the Amended Plan, on the Effective
Date the Company will enter into a registration rights agreement substantially
in the form of Exhibit B to Amendment No. 2 to this Agreement. The Company will
afford the Subscribers and their counsel and financial advisors the opportunity
to review and comment on the Registration Statement, the Resale Registration
Statement and any amendments or supplements thereto prior to the filing thereof
with the SEC.”

 

8. Section 3(b) of the Agreement shall be amended by adding the following
proviso to the end thereof:

 

“provided, however, that the fee of certain Third Party Investors shall be two
percent (2%) as indicated on Schedule 1 to Amendment No. 2 to this Agreement.”

 

9. Section 4(a) of the Agreement shall be amended by adding the following new
sentence to the end thereof:

 

“The foregoing representations and warranties do not take into account (i) the
objections filed by various parties to the Amended Plan, (ii) the adversary
proceeding commenced against the Company and others by certain holders of the
Senior Notes or (iii) the consequences of a ruling adverse to the Company in
connection with either such objections or such adversary proceeding.”

 

10. Section 5(a)(ii) of the Agreement shall be deleted in its entirety and
replaced by the following:

 

“(ii) shall execute definitive agreements regarding the Confirmation Facility
(as defined in the Amended Plan) consistent in all material respects with the
terms thereof attached as an Exhibit to the Amended Plan.”

 

11. Section 5(g) of the Agreement shall be deleted in its entirety and replaced
by the following:

 

“(g) The parties agree to the amendment of the MLO Contract substantially as set
forth in Exhibit III.C.2 to the Amended Plan and the assumption of the MLO
Contract as so amended on the Effective Date of the Plan.”

 

12. Section 5 of the Agreement shall be amended by adding the following new
Section 5 (h) thereto:

 

“(h) Amended Plan Support. Each Noteholder shall take (and shall cause its
affiliates to take) all necessary and appropriate actions to support

 

5

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confirmation and consummation of the Amended Plan containing terms and
conditions consistent in all material respects with the Amended Plan in
accordance with the Bankruptcy Code as expeditiously as possible and shall not
and shall cause its affiliates not to object, or solicit objections or support
any such objection by a third party, to confirmation of such Amended Plan;
provided, however, that (i) nothing contained herein shall limit the ability of
each Noteholder to consult with the Company or its representatives and advisors,
or to appear and be heard, concerning any matter arising in the Chapter 11 Cases
(as defined in the Amended Plan) so long as such consultation or appearance is
not inconsistent with the terms of such Amended Plan and this Agreement; and
(ii) this Agreement shall not be construed to require any Noteholder to support
or have any obligation with respect to any plan other than such Amended Plan.
Notwithstanding anything to the contrary herein, nothing herein shall require
any Noteholder (or representative thereof that is also a director or officer of
the company or a member of a statutory committee established in the Chapter 11
Cases) to take or to refrain from taking any action (x) in such person’s
capacity as such a director or officer or member to the extent required to
comply with their fiduciary obligations under law applicable to such director or
officer or member (including the Bankruptcy Code) or (y) in connection with
supporting, participating in, voting for or entering into an alternative
proposal or plan that a majority of the members of the Creditors’ Committee (as
defined in the Amended Plan) who are not Noteholders determines, in good faith
after consultation with its legal and/or financial advisors, is reasonably
likely to be consummated (taking into account all legal, financial, and
regulatory aspects of the proposal) and is superior, from a financial point of
view, to the holders of the Subordinated Notes.”

 

13. Section 6(a) of the Agreement shall be deleted in its entirety and replaced
by the following:

 

6. Conditions Precedent.

 

(a) The obligation of each Subscriber to perform its obligations hereunder shall
be subject to the following conditions which can be waived only by the Requisite
Subscribers:

 

(i) the fees and expenses referred to in Section 3(c) hereof shall have been
paid in full;

 

(ii) the Company shall have entered into the Confirmation Facility consistent in
all material respects with the terms thereof filed as an Exhibit to the Amended
Plan;

 

(iii) an amended plan, containing terms and conditions consistent in all
material respects with the Amended Plan, shall have been

 

6

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confirmed by the Bankruptcy Court pursuant to an order (the “Confirmation
Order”) that (x) is consistent in all material respects with the Amended Plan,
(y) contains a finding of ‘good faith’ with respect to the participation in the
Amended Plan of each Noteholder and (z) does not modify in any respect the
recoveries or the treatment provided by such Amended Plan for Class 7 (Old
Senior Subordinated Note Claims) or establish or permit any claim or encumbrance
on any part of such recoveries (except as contemplated in the Amended Plan and
the Disclosure Statement (as modified by the Plan Modifications)), and such
Confirmation Order shall have become a final order;

 

(iv) the Amended Plan shall be consummated on terms consistent in all material
respects with the Amended Plan and the Disclosure Statement (as modified by the
Plan Modifications);

 

(v) the representations and warranties of the Company contained herein shall be
true and correct in all material respects on and as of the date hereof and the
Effective Date, with the same force and effect as though made on and as of such
date, except to the extent that any representation or warranty is made as of a
specified date, in which case such representation or warranty shall be true and
correct as of such specified date, and the Company shall have performed or
complied with, in all material respects, its covenants required to be performed
or complied with under this Agreement (and the Company shall have delivered to
the Subscribers a certificate signed by an authorized executive to the effect
that each of the conditions specified in this subsection (a)(v) is satisfied in
all respects);

 

(vi) the Registration Statement relating to the Offering shall have become
effective and the issuance of the Preferred Shares issuable pursuant to the
Offering (including the shares of Common Stock issuable upon conversion thereof)
shall have been duly registered under the Securities Act and the Offering shall
have expired;

 

(vii) the Resale Registration Statement filed by the Company pursuant hereto
shall have been amended to reflect the results of the Offering and disclose the
respective numbers of Preferred Shares being registered for resale on behalf of
each of the Subscribers;

 

(viii) the Company shall have executed and delivered to the Subscribers a
registration rights agreement substantially in the form attached as Exhibit B to
Amendment No. 2 to this Agreement; and

 

(ix) the issuance of the shares of Common Stock to the holders of the
Subordinated Notes in respect of the cancellation thereof in accordance with the
Amended Plan and the Disclosure Statement (as modified by the Plan
Modifications) shall be exempt from the registration requirements of the
Securities Act by virtue of Section 1145 of the Bankruptcy Code.”

 

7

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14. Section 6(b)(v) of the Agreement shall be deleted in its entirety.

 

15. Section 7(a)(vi) of the Agreement shall be deleted in its entirety and
replaced by the following: “(vi) [intentionally omitted].”

 

16. Section 7(a)(vii) of the Agreement shall be deleted in its entirety and
replaced by the following:

 

“(vii) the Restructuring Transaction is not completed by December 15, 2004”

 

17. Section 7(a) of the Agreement shall be amended by adding the following new
sentence to the end thereof:

 

“Notwithstanding clause (iv) of the preceding sentence or Section 5(b) of this
Agreement, no Termination Event or breach of Section 5(b) of this Agreement
shall be deemed to have occurred as a result of the furnishing of information to
the Consortium (as defined in the Disclosure Statement under the caption
“Consortium Letters of Intent”) or the participation by the Company, at the
request or with the prior consent of the Creditors’ Committee (as defined in the
Amended Plan), in discussions or negotiations with the Consortium with respect
to any Alternative Proposal made by the Consortium.”

 

18. The Term Sheet attached as Exhibit A to the Agreement shall be deemed
amended to the extent necessary to conform to the Restructuring Terms
(including, without limitation, (i) the treatment of the Senior Note claim, the
Subordinated Note claim, the MLO Contract claims and the General Unsecured
Claims, (ii) the terms of the New Preferred Shares, the Warrants and the
DIP/Exit Facility and (iii) the terms and conditions of the Offering and the
sale of the Preferred Shares), as set forth and described in the Amended Plan
and the Disclosure Statement (as modified by the Plan Modifications) and the
Agreement as amended hereby.

 

19. The terms of the Management Incentive Plan, the Management Stock Plan and
the Change in Control Agreements (each as defined or referred to in the Amended
Plan) as set forth in Exhibit I.A.51, Exhibit I.A.52 and Exhibit IV.C.3.a,
respectively, to the Amended Plan are hereby approved.

 

20. Schedule 1 attached hereto hereby amends and restates the respective
beneficial ownership of Subordinated Notes, Commitment Amounts and Commitment
Fees of each of the Subscribers as set forth on the signature pages of the
original Agreement and Schedule 1 to Amendment No. 1 to the Agreement to reflect
as of the date hereof changes in beneficial ownership of Subordinated Notes by
certain Noteholders and the substitution as Noteholders of successors in
interest to certain of the original Noteholders who were parties to the
Agreement. Each of the Subscribers hereby confirms the information set forth
opposite its name on Schedule 1 attached hereto.

 

8

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21. In order to facilitate the Offering of rights to purchase Preferred Shares
to holders of Subordinated Notes who are not parties to this Agreement, each
Noteholder agrees, at the Company’s request, to promptly confirm in writing or
by email that its beneficial ownership of Subordinated Notes remains as set
forth on Schedule 1 or, if such beneficial ownership has been reduced or
increased, the principal amount of Subordinated Notes then owned by the
Noteholder.

 

The delivery to the Company of this letter duly executed by you will evidence
your agreement to the amendments to the Agreement set forth above. These
amendments will become effective, and binding upon the Company and all of the
Subscribers, upon delivery to the Company of copies of this letter duly executed
by the Requisite Subscribers.

 

The provisions of Section 14 of the Agreement relating to counterparts and
facsimile signatures shall be applicable to this Amendment No. 2 to the
Agreement.

 

[The balance of this page has been intentionally left blank.]

 

9

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Except as amended hereby, the Agreement shall remain in full force and effect in
accordance with its terms.

 

Very truly yours,

OGLEBAY NORTON COMPANY

By:

 

/s/ Rochelle F. Walk

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Name:

 

Rochelle F. Walk

Title:

 

Vice President, General Counsel and Secretary

 

10

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NOTEHOLDERS:

 

SUBSCRIBERS

 

Airlie Opportunity Master Fund, LTD.

By:

 

/s/ Adam Goodfriend

--------------------------------------------------------------------------------

Name:

 

Adam Goodfriend

Title:

 

Managing Director

Thomas G. Berlin

/s/ Thomas G. Berlin

--------------------------------------------------------------------------------

Christopher R. Siegel

By:

 

/s/ Christopher R. Siegel

--------------------------------------------------------------------------------

H. Sheppard Boone

By:

 

/s/ H. Sheppard Boone

--------------------------------------------------------------------------------

Neil Janovic

By:

 

/s/ Neil Janovic

--------------------------------------------------------------------------------

Adam Janovic

By:

 

/s/ Adam Janovic

--------------------------------------------------------------------------------

Thomas Boucher

By:

 

/s/ Thomas Boucher

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Thomas DiTosto

By:

 

/s/ Thomas DiTosto

--------------------------------------------------------------------------------

Connecticut General Life Insurance

By:

 

/s/ Leon Meyers

--------------------------------------------------------------------------------

Name:

 

Leon Meyers

Title:

 

Senior Vice President

Evan Janovic

By:

 

/s/ Evan Janovic

--------------------------------------------------------------------------------

Robert Altman

By:

 

/s/ Ronald Altman

--------------------------------------------------------------------------------

John Dougherty

By:

 

/s/ John Dougherty

--------------------------------------------------------------------------------

Ramer 1990 Living Trust

By:

 

/s/ Lawrence Ramer

--------------------------------------------------------------------------------

Name:

 

Lawrence Ramer

Title:

 

Trustee

 

12

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Ingalls & Snyder Value Part. L.C.

By:

 

/s/ Thomas Boucher

   

--------------------------------------------------------------------------------

Name:

 

Thomas Boucher

Title:

 

General Partner

Shannah Ferguson

By:

 

/s/ Shannah Ferguson

   

--------------------------------------------------------------------------------

Theresa M. Foote

By:

 

/s/ Theresa M. Foote

   

--------------------------------------------------------------------------------

Kenneth J. Foote IRA

By:

 

/s/ Kenneth J. Foote

   

--------------------------------------------------------------------------------

Name:

 

Kenneth J. Foote

William Robert Thomas Trust

By:

 

/s/ Shirley A. Foote

   

--------------------------------------------------------------------------------

Name:

 

Shirley A. Foote

Title:

 

Trustee

Abigail Foote Thomas Trust

By:

 

/s/ Shirley A. Foote

   

--------------------------------------------------------------------------------

Name:

 

Shirley A. Foote

Title:

 

Trustee

 

13

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Lynn Foote

By:

 

/s/ Lynn Foote

   

--------------------------------------------------------------------------------

Steadfast LLC

By:

 

/s/ Steven M. Foote

   

--------------------------------------------------------------------------------

Name:

 

Steven M. Foote

Title:

 

Manager

Blythefield Farms LLC

By:

 

/s/ Kenneth J. Foote

   

--------------------------------------------------------------------------------

Name:

 

Kenneth J. Foote

Title:

 

Manager

Richard Groenendyke

By:

 

/s/ Richard Groenendyke

   

--------------------------------------------------------------------------------

Heritage Mark Foundation

By:

 

/s/ Kenneth J. Foote

   

--------------------------------------------------------------------------------

Name:

 

Kenneth J. Foote

Title:

 

Trustee

Bradford Shingleton Trust

By:

 

/s/ Brad Shingleton

   

--------------------------------------------------------------------------------

Name:

 

Brad Shingleton

Title:

 

Trustee

 

14

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Elizabeth A. Shingleton Trust

By:

 

/s/ Shirley A. Foote

   

--------------------------------------------------------------------------------

Name:

 

Shirley A. Foote

Title:

 

Trustee

Jennifer C. Shingleton Trust

By:

 

/s/ Shirley A. Foote

   

--------------------------------------------------------------------------------

Name:

 

Shirley A. Foote

Title:

 

Trustee

Rebecca M. Shingleton Trust

By:

 

/s/ Shirley A. Foote

   

--------------------------------------------------------------------------------

Name:

 

Shirley A. Foote

Title:

 

Trustee

Brad Shingleton

By:

 

/s/ Brad Shingleton

   

--------------------------------------------------------------------------------

David Shuldiner

By:

 

/s/ David Shuldiner

   

--------------------------------------------------------------------------------

Kenneth P. Singleton

By:

 

/s/ Kenneth P. Singleton

   

--------------------------------------------------------------------------------

 

15

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CFG Trust

By:

 

/s/ Cheryl F. Groenendyke

   

--------------------------------------------------------------------------------

Name:

 

Cheryl F. Groenendyke

Title:

 

Trustee

Martin L. Solomon

By:

 

/s/ Martin L. Solomon

   

--------------------------------------------------------------------------------

WCI Steel, Inc. Defined Pension Benefit Plan By:   Banc One High Yield Partners,
LLC

By:

 

/s/ James P. Shanahan, Jr.

   

--------------------------------------------------------------------------------

Name:

 

James P. Shanahan, Jr.

Title:

 

Manager

Legacy Aggressive High Yield Fund By:   Banc One High Yield Partners, LLC

By:

 

/s/ James P. Shanahan, Jr.

   

--------------------------------------------------------------------------------

Name:

 

James P. Shanahan, Jr.

Title:

 

Managing Director/General Counsel

Southern UTE Permanent Fund By:   Banc One High Yield Partners, LLC

By:

 

/s/ James P. Shanahan, Jr.

   

--------------------------------------------------------------------------------

Name:

 

James P. Shanahan, Jr.

Title:

 

Manager

 

16

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Pacholder High Yield Fund, Inc. By:   Banc One High Yield Partners, LLC

By:

 

/s/ James P. Shanahan, Jr.

   

--------------------------------------------------------------------------------

Name:

 

James P. Shanahan, Jr.

Title:

 

Secretary

One Group Income Bond Fund By:   Banc One High Yield Partners, LLC

By:

 

/s/ James P. Shanahan, Jr.

   

--------------------------------------------------------------------------------

Name:

 

James P. Shanahan, Jr.

Title:

 

Manager

One Group High Yield Bond Fund By:   Banc One High Yield Partners, LLC

By:

 

/s/ James P. Shanahan, Jr.

   

--------------------------------------------------------------------------------

Name:

 

James P. Shanahan, Jr.

Title:

 

Manager

THIRD PARTY INVESTORS Robert T. Clutterbuck Trust

By:

 

/s/ Robert T. Clutterbuck

   

--------------------------------------------------------------------------------

Name:

 

Robert T. Clutterbuck

Title:

 

Trustee

John Stein

By:

 

/s/ John Stein

   

--------------------------------------------------------------------------------

 

17

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Steven N. Stein

By:

 

/s/ Steven N. Stein

   

--------------------------------------------------------------------------------

Robert L. Gipson

By:

 

/s/ Robert L. Gipson

   

--------------------------------------------------------------------------------

Thomas L. Gipson

By:

 

/s/ Thomas L. Gipson

   

--------------------------------------------------------------------------------

Gator Investment Company

By:

 

/s/ Adam Janovic

   

--------------------------------------------------------------------------------

Name:

 

Adam Janovic

Title:

 

Member

Fledgling Associates LLC

By:

 

/s/ Edward Stern

   

--------------------------------------------------------------------------------

Name:

 

Edward Stern

Title:

 

Manager

Nikolaos Monoyios

By:

 

/s/ Nikolaos Monoyios

   

--------------------------------------------------------------------------------

Stifel Nicolaus & Company, Incorporated

By:

 

/s/ Ronald J. Kruszewski

   

--------------------------------------------------------------------------------

Name:

 

Ronald J. Kruszewski

Title:

 

Chairman and Chief Executive Officer

 

18