Liquidation Manager Agreement



 Exhibit 10.1 
 LIQUIDATION MANAGER AGREEMENT 
 This LIQUIDATION MANAGER AGREEMENT (“Agreement”) is made and entered into this 15th day of January, 2013, but this Agreement shall not be effective until the day following the Dissolution Effective Date
as defined below (the “Effective Date”), by and between Richard E. Stoddard (“Liquidation Manager”) and Kaiser Ventures, LLC (the “Company”). Liquidation Manager and the Company are sometimes
collectively referred to herein as the “Parties” or individually as a “Party.” 

RECITALS 
 A. On January 15, 2013, the Board of Managers of the Company approved a Plan of Dissolution and Liquidation for the Company (the “Plan of Dissolution”) and a Second Amended
and Restated Operating Agreement for the Company (the “New Operating Agreement”). 
 B. The Plan of
Dissolution and the New Operating Agreement will be submitted to the Company’s members in 2013 for approval and if the Company’s Class A members approve the Plan and New Operating Agreement, the date of such approval shall be the
effective date of the dissolution of the Company (the “Dissolution Effective Date”). 
 C. Pursuant to
the Plan of Dissolution and the New Operating Agreement, the Company’s Board of Managers will consist of one member. 

D. The Company wishes to appoint the Liquidation Manager to serve as the sole member of the Board of Managers and to perform the
duties and to have the responsibilities set forth in the Plan of Dissolution and the New Operating Agreement and the Liquidation Manager is willing to accept such appointment. 
 NOW, THEREFORE, for and in consideration of the mutual covenants and obligations contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties agree as follows: 
 1. DEFINITIONS. Capitalized terms used
herein and not otherwise defined shall have the meaning ascribed to them in the New Operating Agreement as it may be further amended, modified or supplemented from time to time. 

2. ACCEPTANCE. As of the Effective Date Liquidation Manager (i) accepts his appointment and
agrees to serve as the sole manager of the Company; and (ii) agrees to observe and perform all duties and obligations imposed upon the Liquidation Manager under this Agreement, the Plan of Dissolution, and the New Operating Agreement
(collectively, the “Governing Documents”). Liquidation Manager will be performing the services described in the Governing Documents as an independent contractor and not as an employee of the Company. Liquidation Manager may use the
title “Liquidation Manager” or the title “Managing Liquidation Director” in his dealings with third parties on behalf of the Company. 
 3. COMPLIANCE WITH PLAN OF DISSOLUTION AND NEW OPERATING
AGREEMENT. The Liquidation Manager agrees to carry out, observe and perform all duties and obligations imposed by the Governing Documents and applicable law, including with respect to the payment of Distributions,
approved Claims and other payments in accordance with the terms of the Governing 

  
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Documents. Other than the duties and obligations of the Liquidation Manager set forth in the Governing Documents and imposed by applicable law, the Liquidation Manager shall have no other duties
or obligations of any kind to the Company, its members or its creditors. 
 4. POWERS AND
RIGHTS OF THE LIQUIDATION MANAGER. As of the Effective Date, the Liquidation Manager shall have all of the powers and rights conferred upon the Liquidation
Manager by the Governing Documents. These powers and rights include, but are not limited to, for and on behalf of the Company: (i) to identify, settle, compromise, litigate, establish reserves or otherwise resolve any disputed Claims;
(ii) to sell, abandon, liquidate and otherwise convert to cash, any non-cash Assets (including the receipt of installment, deferred, loan or royalty payments) expeditiously and in such manner as he believes to be in the best interests of the
Company; (iii) to employ or engage such personnel, consultants and professionals as may be reasonably necessary or appropriate to assist in the implementation of the dissolution, liquidation and winding up of the Company; and (iv) to
exercise all other powers and rights provided in the Governing Documents and as provided by applicable law. 
 5.
DISTRIBUTIONS, CLAIMS AND OTHER PAYMENTS PAYABLE OUT OF ASSETS AND LIMITATION
ON THE LIQUIDATION MANAGER’S PERSONAL LIABILITY. Distributions, Claims and Payments are solely payable out of the Assets
of the Company. The Liquidation Manager shall have no personal liability for Distributions, Claims and other payments that are to be made under the Governing Documents. 
 6. COMPENSATION OF LIQUIDATION MANAGER. Commencing the month following the Effective Date, the Liquidation Manager shall
be compensated for his consulting services to the Company and its Affiliates as follows: 
 a.
PRE-SALE CONSULTING FEE. Subject to the provisions of paragraph 6.c. below, until the transfer of substantially all of the Company’s ownership interest in Kaiser Eagle
Mountain, LLC, Lake Tamarisk Development, LLC and Mine Reclamation, LLC or the assets of such entities (collectively, the “Eagle Mountain Assets”) to one or more third parties in one or a series of transactions; the Liquidation
Manager shall be paid a consulting fee of $23,000 per month in arrears for all of his services to the Company and its Affiliates. 
 b. POST-SALE CONSULTING FEE. Subject to the provisions of paragraph 6.c. below, upon the closing of the transfer of the Eagle
Mountain Assets to a third-party in one or a series of transactions, the Liquidation Manager shall be compensated for all of his services performed in connection with this Agreement at the rate of $17,500 per month in arrears. 

c. CONTINGENT FEE PAYMENT. Notwithstanding the provisions of Paragraphs 6.a
and b. above, the Liquidation Manager’s monthly fixed consulting compensation shall terminate on June 30, 2014, but this date may be extended up to December 31, 2014, if there has not been a previous transaction for the Eagle Mountain
assets and a transaction for the sale or other third-party transfer of the Eagle Mountain assets is reasonably likely to occur on or before December 31, 2014, or if there are material uncertainties with regard to the final liquidation of the
Company such as the final resolution of all claims. Upon the cessation of the payment of the monthly consulting fee and if this Agreement has not been otherwise terminated, the Liquidation Manager may continue to provide services to the Company and
its Affiliates as provided in this Agreement and the Liquidation Manager shall thereafter be compensated on a contingent basis pursuant to a separate agreement or amendment to this Agreement which shall be finalized and executed by Liquidation
Manager and the Company on or before the earlier of the Dissolution Effective Date or such date as may be required in connection with the filings made by the Company with the Securities and Exchange Commission in pursuing the dissolution of the
Company. 

  
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 d. The Liquidation Manager shall be reimbursed for all his reasonable out-of-pocket
expenses that he incurs in connection with performing the duties, responsibilities and obligations of the Liquidation Manager under the Governing Documents upon submission of appropriate invoices and supporting documentation. 

7. REMOVAL OF LIQUIDATION MANAGER. The Member Representative may
remove the Liquidation Manager as provided in the Governing Documents. In addition, members of the Company owning collectively at least five percent (5%) of the Company may petition the Delaware Chancery Court for the removal of the Liquidation
Manager for “cause.” For purposes of this Section 7 and the Governing Documents, “cause” shall be determined by the Member Representative or the Delaware Chancery Court and shall mean. 

a. A willful material breach by the Liquidation Manager of any provision of the Governing Documents or applicable law;

 b. Gross negligence or dishonesty in the performance of the Liquidation Manager’s duties; 

c. Engaging in conduct or activities or holding any position that materially conflicts with the interests of the Company,
its members or creditors, or materially interferes with the Liquidation Manager’s duties and responsibilities to the Company or its Affiliates; or 
 d. An act of fraud, embezzlement or theft in connection with the Liquidation Manager’s services for the Company or its Affiliates or the conviction of the Liquidation Manager of any
felony. 
 Unless the Member Representative or, if applicable, the Chancery Court, orders the immediate removal of the
Liquidation Manager for cause, the Liquidation Manager shall continue to serve until a successor Liquidation Manager is appointed as provided in the New Operating Agreement and such appointment becomes effective. 

8. RESIGNATION OF THE LIQUIDATION
MANAGER. The Liquidation Manager may resign upon providing thirty (30) days prior written notice to the Company and the Member Representative. 

9. INDEMNIFICATION. The Company shall continue to indemnify the Liquidation Manager as provided in
the New Operating Agreement, to the maximum extent permitted by applicable law, and to the extent provided in that certain Indemnification Agreement between the Liquidation Manager and the Company dated effective July 10, 2001. These
indemnification obligations will survive any termination of this Agreement. 
 10. TERMINATION
OF THIS AGREEMENT. This Agreement shall be effective and commence upon the Effective Date (i.e., the day following the Dissolution Effective Date) and this Agreement shall terminate upon the
resignation, death, permanent disability or removal of the Liquidation Manager and upon the later of: 
 a. The
filing by the Company of a Certificate of Cancellation with the State of Delaware; or 

  
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 b. Thirty (30) days following a separate entity or entities assuming all
the Claims of the Company and all the Assets of the Company have been sold or otherwise transferred and there is no material part of the purchase or transfer price yet to be collected or obtained. 

Notwithstanding the termination of this Agreement, the indemnification obligation of the Company under Section 9 of this Agreement
shall continue in accordance with its terms. 
 11. MISCELLANEOUS  

a. ASSIGNMENT. This Agreement and the rights and obligations of the Liquidation Manager may not be sold,
transferred, assigned, pledged or hypothecated by the Liquidation Manager. 
 b.
NON-WAIVER. Failure to insist upon strict compliance with any provision of this Agreement or the waiver of any specific event of non-compliance shall not be deemed to be or operate as a waiver of such provision
or any other provision hereof or any other event of non-compliance. 
 c. BINDING
EFFECT. This Agreement shall be binding upon and inure to the benefit of the Company and any successor and assigns. 
 d. NO THIRD PARTY BENEFICIARIES. Nothing in this Agreement is intended to confer on any Person any rights or remedies hereunder as
third party beneficiaries or otherwise except for the Affiliates of the Company. 
 e. HEADINGS.
The headings throughout this Agreement are for convenience only and shall in no way be deemed to define, limit, or add to the meaning of any provision of this Agreement. 
 f. CONTEXT. Whenever required by the context, the singular shall include the plural, the plural the singular, and one gender such other gender as is appropriate. 

g. NOTICES. All notices, request, demands, consents and other communications hereunder shall be transmitted
in writing and shall be deemed to have been duly given when hand delivered or sent by certified United States mail, postage prepaid, with return by certified requested, addressed to the parties as follows: if to the Company, at its principal place
of business; and if to the Liquidation Manager, at             , Denver, Colorado 80220. 
 h. COSTS. In any action taken to enforce the provisions of this Agreement, the prevailing Party shall be reimbursed all costs incurred in such legal action including
reasonable attorney’s fees in such action. 
 i. SEVERABILITY. If any provision or clause of
this Agreement, as applied to any party or circumstances shall be adjudged by a court to be invalid or unenforceable, said adjudication shall in no manner effect any other provision of this Agreement, the application of such provision to any other
circumstances or the validity or enforceability of this Agreement. 
 j. GOVERNING LAW.
This Agreement shall be governed by and construed in accordance with the laws of the State of California without regarding to principles of conflicts of laws thereof. 

  
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 k. RELATIONSHIP TO THE
COMPANY. The Liquidation Manager shall be the sole manager of the Company. The Liquidation Manager shall not for any purpose be considered an employee of the Company. The Liquidation Manager acknowledges that he
will be receiving a 1099 from the Company for the compensation he may be paid under the terms of this Agreement and that the Liquidation Manager shall be fully responsible for all taxes, self-employment payments and other similar items. 

IN WITNESS WHEREOF, the Parties hereto have executed this Liquidation Manager Agreement to be effective as of the Effective Date
as defined above notwithstanding the actual date of signature. 
  

							
	 “LIQUIDATION MANAGER”
 RICHARD E. STODDARD
	 		 	 “COMPANY”
 KAISER VENTURES, LLC

				
	 /s/ Richard E. Stoddard
	 		 	By:	 	 /s/ Terry L. Cook

	Richard E. Stoddard	 		 		 	Terry L. Cook 
		 		 		 	Executive Vice President-Administration & General Counsel


  
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