Document:

Exhibit

Exhibit 10.37

HUNTINGTON INGALLS INDUSTRIES, INC.
DIRECTOR COMPENSATION POLICY
BOARD DEFERRED COMPENSATION POLICY

Elections by Directors.  A Director who has met his or her Ownership Guideline under the Directors’ Compensation Policy may elect (the “Election”) by the date that the Administrator prescribes (the “Election Deadline”) to receive one hundred percent (100%) of his or her Annual Equity Award for the following calendar year in the form of either (a) shares of Common Stock or (b) Stock Units payable in five years (“Five-Year Stock Units”). The first election opportunity shall be in 2014 with respect to the Annual Equity Award for the 2015 calendar year.  A Director who does not make an election will receive his or her Annual Equity Award in Stock Units payable at separation from service from the Company. 
Payment Date: On each Election, the Director shall elect whether he or she wishes to receive Common Stock or Five-Year Stock Units. If the Director elects to receive Five-Year Stock Units, the Five-Year Stock Units shall be payable on the earlier of (a) the date the Director has a separation from service from the Company within the meaning of Section 409A, including due to the Director’s death or (b) January 15th of the fifth (5th) calendar year ending after the calendar year in which the Annual Equity Award is earned (the “Payment Date”).  
Stock Units and Accounts.  Each Director who receives Stock Units shall have a Stock Unit Account. The Stock Units shall be credited to the Director’s Stock Unit Account on the quarterly grant dates on which the Annual Equity Award is earned.  The number of Stock Units shall be calculated in accordance with the Directors’ Compensation Policy. Any Account Earnings shall be credited to the Director’s Stock Unit Account in accordance with the Administration Provisions.
Vesting.  A Director shall be one hundred percent (100%) vested at all times in his or her Stock Unit Account.
Distributions from Stock Unit Account. At the Payment Date, each Stock Unit shall be converted into one share of Common Stock and the shares shall be distributed to the Director as follows: 
		
	(a)
	Except as otherwise provided in paragraphs (b) and (c) below, distribution shall be made in a lump sum within 30 days following the Payment Date. All Account Earnings accrued to the date of any distribution shall be included in the payment.

		
	(b)
	If the Payment Date occurs by reason of the Director’s death, the lump sum distribution of shares of Common Stock shall be made in the following order:  (i) to the Director’s beneficiary selected by the Director on a form provided by the Administrator; (ii) if there is no beneficiary designation effective at the Director’s death, to the Director’s surviving spouse; or (iii) if there is no beneficiary designation effective or surviving spouse at the Director’s death, to the Director’s estate or personal representative, in each case as soon as administratively feasible following the Director’s death, but in no event later than 90 days following the Director’s death, provided the recipient shall not have a right to designate the taxable year of the payment.

		
	(c)
	Any fraction of a Stock Unit to be distributed shall be converted into an amount in cash equal to the Fair Market Value of one share of the Common Stock on the trading day immediately preceding the date of distribution, multiplied by such fraction, and the cash shall be distributed.

BOARD DEFERRED COMPENSATION POLICY
ADMINISTRATION PROVISIONS
The following provisions relate to the administration of the Board Deferred Compensation Policy (the “Policy”).  
ARTICLE I.  ADMINISTRATION

Section 1.01    Administrator.  The Committee shall serve as the Administrator and shall administer all aspects of the Policy.  Notwithstanding the foregoing, (a) the full Board shall have the authority to take any action that could be taken by the Committee, and (b) the Committee may delegate some or all of its functions hereunder to a subcommittee or to one or more officers or employees of the Company in its discretion. 

(a)     The Administrator shall have discretionary authority to interpret and administer, correct errors in administration of, and otherwise implement the Policy. The Administrator also shall have authority to take all actions necessary to ensure that any transactions pursuant to the Policy do not result in liability under Section 16(b) of the Securities Exchange Act of 1934. All actions of the Administrator with respect to the Policy shall be final and binding on all persons.  
(b)    The Company shall maintain complete and adequate records pertaining to the Directors’ Stock Unit Accounts. 

Section 1.02    Elections.  Elections shall be made by completing and executing an election form prescribed by the Administrator and delivering the election form to the Administrator on or before the Election Deadline. Any Election shall become irrevocable as of the close of business on the date of the Election Deadline. The Election Deadline shall be December 31 of the year immediately prior to the year in which the Annual Equity Award to which the Election applies is earned, or such earlier date as may be determined by the Administrator.

Section 1.02    Amendment and Termination.  The Committee may, without the consent of Directors or their beneficiaries, amend the Policy at any time and from time to time; provided, that no amendment may reduce the number of Stock Units allocated to a Director’s Stock Unit Account as of the date of the amendment without the Director’s consent.  The Committee may terminate the Policy at any time.  Upon termination of the Policy, no further amounts shall be deferred, and distributions in respect of credits to Directors’ Stock Unit Accounts as of the date of termination shall be made in the manner and at the time prescribed under the Policy immediately before termination or otherwise as required or permitted under Section 409A.

ARTICLE II.  ACCOUNT EARNINGS

Section 2.01    Dividend Credits.  Dividends or other distributions with respect to the Common Stock shall be credited to a Director’s Stock Unit Account as additional Stock Units (“Account Earnings”) throughout the period of such Director’s participation in the Policy until all distributions to which the Director is entitled have been made.  The Account Earnings shall be credited as a number of shares (including fractional shares) of Common Stock with a Fair Market Value (as of the applicable dividend payment date) equal to (i) for cash dividends or distributions, the amount of any cash dividends or distributions, (ii) for distributions of property (other than Common Stock but including any securities convertible into the Common Stock), the Fair Market Value of any distributions of such property, and (iii) for distributions of Common Stock, the number of shares (including fractional shares) of Common Stock, in each case to which the Director would have been entitled from time to time had he or she been the owner on the record dates for the payment of such dividends or distributions of the number of shares of the Common Stock equal to the number of Stock Units in his or her Stock Unit Account on such dates. Each credit of Account Earnings shall be effective as of the payment date for the dividend or distribution.

ARTICLE III.  GENERAL PROVISIONS

Section 3.01    Funding.  Benefits payable under the Policy shall be paid from the general assets of the Company, and nothing shall give any Director any rights that are greater than those of a general unsecured creditor of the Company.  The Company shall not be required to fund or otherwise segregate assets to be used for payment of benefits under the Policy.  The Company, in its discretion, may maintain one or more trusts to hold assets to be used for payment of benefits under the Policy; provided, that the assets of such trust shall be subject to the creditors of the Company in the event that the Company becomes insolvent or is subject to bankruptcy or 

insolvency proceedings. Any payments by a trust of benefits under the Policy shall be considered payment by the Company and shall discharge the Company of any further liability for the payments made by such trust.
    
Section 3.02    No Right to Directorship.  The Policy shall not give any Director any right with respect to continuance of directorship of the Company or limit in any way the right of the Company to terminate his or her directorship at any time.

Section 3.03     Authorized Payments.  If the Committee receives evidence satisfactory to it that any person entitled to receive a payment hereunder is, at the time the benefit is payable, physically, mentally or legally incompetent to receive such payment and to give a valid receipt therefor, and that an individual or institution is then maintaining or has custody of such person and that no guardian, committee or other representative of the estate of such person has been duly appointed, the Committee may direct that such payment be paid to such individual or institution maintaining or having custody of such person, and the receipt of such individual or institution shall be valid and a complete discharge for the payment of such benefit.

Section 3.04    Section 409A.  Although the Company makes no guarantee with respect to the tax treatment of payments and benefits hereunder, the Policy is intended to comply with the applicable requirements of Section 409A and shall be limited, construed and interpreted in accordance with such intent. Accordingly, the Company reserves the right to amend the provisions of the Policy at any time in order to avoid the imposition of an excise tax under Section 409A on any payments deferred, accrued or to be made hereunder. In no event shall the Company or any of its affiliates be liable for any additional tax, interest or penalty that may be imposed on a Director by Section 409A or for damages for failing to comply with Section 409A, other than for withholding or other obligations applicable to employers, if any, under Section 409A.

Section 3.05     Assignment of Benefits.  Benefits provided under the Policy may not be transferred, assigned or alienated by the Director, either voluntarily or involuntarily, other than by will or the laws of descent and distribution. These transfer restrictions shall not apply to: (a) transfers to the Company; or (b) transfers pursuant to a qualified domestic relations order (as defined in the Code).  Notwithstanding the foregoing, the Company may honor any transfer required pursuant to the terms of a court order in a divorce or similar domestic relations matter to the extent that such transfer does not adversely affect the Company’s ability to register the offer and sale of the underlying shares on a Form S-8 Registration Statement and such transfer is otherwise in compliance with all applicable legal, regulatory and listing requirements.

Section 3.06     Governing Law.  The Policy and the actions taken in connection herewith shall be governed by and construed in accordance with the internal laws of the Commonwealth of Virginia, without giving effect to its principles of conflict of laws.

Section 3.07     2012 Plan.  Stock Units under the Policy shall be subject to the provisions of the 2012 Plan, which are incorporated herein by reference.

Section 3.08     Recoupment. Any payments or issuances of shares under the Plan are subject to recoupment pursuant to the Company’s Policy Regarding the Recoupment of Certain Performance-Based Compensation Payments as in effect from time to time, as well as any recoupment or similar provisions of applicable law, and the Director shall promptly make any reimbursement requested by the Board pursuant to such policy or applicable law with respect to amounts deferred under the Plan. Further, the Director agrees, by electing to participate in the Plan, that the Company and its affiliates may deduct from any amounts it may owe the Director from time to time (such as other compensation) to the extent of any amounts the Director is required to reimburse the Company pursuant to such policy or applicable law with respect to amounts deferred under the Plan.

Section 3.09     Compliance with Laws. The Company’s obligation to make any payments or issue any shares under the Policy is subject to full compliance with all then applicable requirements of law, the Securities and Exchange Commission or other regulatory agencies having jurisdiction over the Company and its shares, and of any exchange upon which stock of the Company may be listed.  

Section 3.10     Limitations on Rights Associated with Stock Units.  A Director shall not have the rights and privileges of a stockholder, including without limitation the right to vote or receive dividends (except as Account Earnings), with respect to any shares which may be issued in respect of the Stock Units until the date appearing on the certificate(s) for such shares (or, in the case of shares entered in book entry form, the date that the shares are actually recorded in such form for the benefit of the Director), if such shares become deliverable.

Section 3.11     Adjustment. The Stock Units are subject to adjustment upon the occurrence of events such as stock splits, stock dividends and other changes in capitalization in accordance with Section 6(a) of the 2012 Plan.  In the event of any adjustment, the Company will give the Director written notice thereof which will set forth the nature of the adjustment.

ARTICLE IV.  DEFINITIONS

As used in this Policy, the following capitalized terms shall have the following meanings:
Section 4.01     “2012 Plan” shall mean the Huntington Ingalls Industries, Inc. 2012 Long-Term Incentive Stock Plan and any successor plan, in each case, as amended from time to time.

Section 4.02     “Account Earnings” shall have the meaning set forth in Section 2.01 of the Administrative Provisions.
    
Section 4.03    “Administrator” shall mean the administrator of the Policy appointed pursuant to Section 1.01 of the Administrative Provisions.

Section 4.04    “Annual Equity Award” shall have the meaning set forth in the Directors’ Compensation Policy.

Section 4.05    “Board” shall mean the Board of Directors of the Company.
    
Section 4.06    “Code” shall mean the Internal Revenue Code of 1986, as amended, and applicable Treasury regulations promulgated thereunder.

Section 4.07    “Committee” shall mean the Committee described in Section 3(a) of the 2012 Plan.

Section 4.08    “Common Stock” means the Company’s common stock, par value $0.01 per share.

Section 4.09     “Director” shall mean a member of the Board who is not an officer or employee of the Company.

Section 4.10    “Directors’ Compensation Policy” shall mean the Amended and Restated Directors’ Compensation Policy of even date herewith, as amended from time to time.

Section 4.11    “Election” shall have the meaning set forth in the Summary of Terms.

Section 4.12    “Election Deadline” shall have the meaning set forth in the Summary of Terms.

Section 4.13    “Fair Market Value” means, as of any date, (a) with respect to the Common Stock, the closing price reported for the Common Stock on such date on the principal national securities exchange on which it is then traded (or if such date was not a trading day, on the trading day immediately prior thereto), or, if the Common Stock is not traded, listed or otherwise reported or quoted on a national securities exchange, the fair market value of the Common Stock on such date as determined by the Administrator; and (b) with respect to any other property, the fair market value thereof on such date as determined by the Administrator.

Section 4.14    “Five-Year Stock Units” means Stock Units that are payable in the fifth year after the year in which the Stock Units are credited to a Director’s Stock Unit Account (or upon the Director’s separation from service, if earlier), as described in the Summary of Terms.
    
Section 4.15    “Ownership Guideline” shall have the meaning set forth in the Directors’ Compensation Policy.

Section 4.16    “Payment Date” shall have the meaning set forth in the Summary of Terms.

Section 4.17    “Policy” means this Board Deferred Compensation Policy, including the Summary of Terms and the Administrative Provisions, as amended from time to time.

Section 4.18     “Section 409A” shall mean Section 409A of the Code and the regulations promulgated thereunder.

Section 4.19    “Stock Unit” shall mean a measure of value equal to one share of the Common Stock.
    
Section 4.20    “Stock Unit Account” shall mean a bookkeeping account for recording a Director’s Stock Units and any Account Earnings credited with respect thereto under the Policy.Exhibit

Exhibit 10.5.5

PERFORMANCE SHARE UNIT AGREEMENT
under the
SUNCOKE ENERGY, INC. LONG-TERM PERFORMANCE ENHANCEMENT PLAN
This Performance Share Unit Agreement (the “Agreement”), is entered into as of _______________ (the “Agreement Date”), by and between SunCoke Energy, Inc. (“SunCoke”) and                              , an employee of SunCoke or one of its Affiliates (the “Participant”).
W I T N E S S E T H:
WHEREAS, the SunCoke Energy, Inc. Long-Term Performance Enhancement Plan (the “Plan”) is administered by the Compensation Committee (the “Committee”), and the Committee has determined to grant to the Participant, pursuant to the terms and conditions of the Plan, an award (the “Award”) of Performance Share Units (“PSUs”), representing rights to receive shares of Common Stock, which Award is subject to a risk of forfeiture by the Participant, with the payout of such PSUs being conditioned upon the attainment of performance goals established by the Committee for the applicable performance period and the Participant’s continued employment with SunCoke or one of its Affiliates through the Determination Date (as defined herein); and
WHEREAS, the Participant has determined to accept such Award.
NOW, THEREFORE, in consideration of these premises and the mutual promises of each of the Parties herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, SunCoke and the Participant, each intending to be legally bound hereby, agree as follows:
ARTICLE I
AWARD OF PERFORMANCE SHARE UNITS
1.1    Identifying Provisions.  For purposes of this Agreement, the following terms shall have the following respective meanings:
(a)    Participant:  ________________
(b)    Grant Date:  ________________
(c)    Target Number of Total PSUs:  ________________, in the aggregate, divided as follows:
		
	(i)
	A target number of ________________PSUs (Adj. EBITDA), the eventual payout of which is dependent upon the level of attainment of certain targets for three-year cumulative adjusted earnings before interest, taxes, depreciation and amortization (“Adj. EBITDA”), and further adjusted for three-year total shareholder return (“TSR”), relative to the NASDAQ U.S. Benchmark Iron & Steel Total Return Index, as more particularly described on “Exhibit A,” attached hereto.  

		
	(ii)
	A target number of ________________PSUs (ROIC), the eventual payout of which is dependent upon the level of attainment of certain targets for three-year average pre-tax return on invested capital, including coke, logistics and unallocated corporate cost, but excluding discontinued operations and legacy costs [e.g., Black Lung, pensions and other post-employment benefits] (“ROIC”), and further adjusted for TSR, relative to the 

NASDAQ U.S. Benchmark Iron & Steel Total Return Index, as more particularly described on “Exhibit A,” attached hereto.  
		
	(d)
	Performance Period:  Three-year period beginning on January 1, 2018 and ending on December 31, 2020.

The term “PSUs” used herein shall mean and refer to the PSUs (Adj. EBITDA) and PSUs (ROIC) collectively.  Any initially capitalized terms and phrases used in this Agreement but not otherwise defined herein, shall have the respective meanings ascribed to them in the Plan.
1.2    Award of PSUs.  Subject to the terms and conditions of the Plan and this Agreement, the Participant is hereby granted the target number of total PSUs set forth in Section 1.1.
1.3    Dividend Equivalents.  The Participant shall be entitled to receive payment from SunCoke in an amount equal to each cash dividend (“Dividend Equivalent”) payable subsequent to the Grant Date, just as though such Participant, on the record date for payment of such dividend, had been the holder of record of shares of Common Stock equal to the target number of PSUs.  SunCoke shall establish a bookkeeping methodology to account for the Dividend Equivalents to be credited to the Participant.  The Dividend Equivalents will not bear interest.  
1.4    Adjustment, Vesting and Payment of PSUs and Dividend Equivalents.
(a)    Adjustment.
(1)    The target number of total PSUs subject to each PSU Award shall be adjusted by the Committee after the end of the Performance Period, based on the level of achievement of the performance goal(s) established with respect to the Performance Period as set forth in the attached Exhibit A. The date that the Committee determines the level of performance goal achievement applicable to the Award is the “Determination Date”.
(2)    Dividend Equivalents will be subject to the same adjustment, determined by multiplying the amount of Dividend Equivalents as of the Determination Date by the percentage adjustment made to the PSUs.
(b)    Vesting.  Except as set forth in Section 1.5(b), (c) and (d) below, a Participant shall become vested in this PSU Award and related Dividend Equivalents on the Determination Date, if  the Participant remains in continuous employment with SunCoke or one of its Affiliates until the Determination Date.  PSUs and Dividend Equivalents that do not vest shall be forfeited.
(c)    Payment.  Except as set forth in Section 1.5(b) and (c) below, actual payment for vested PSUs and vested Dividend Equivalents shall be made to the Participant within one month after the Determination Date.
(1)    Payment for vested PSUs.  Payment for vested PSUs shall be made in shares of Common Stock.  The number of shares of Common Stock paid to the Participant shall be equal to the aggregate total number of PSUs that vest on the Determination Date.
(2)    Payment of Related Dividend Equivalents.  Payment for the vested Dividend Equivalents will be made in cash.
1.5    Termination of Employment.
(a)    Termination of Employment - In General.  Upon termination of the Participant’s employment with SunCoke and its Affiliates prior to the Determination Date for any reason other than a Qualifying Termination or due to death or permanent disability, the Participant shall forfeit 100% of such Participant’s PSUs, together with the related Dividend Equivalents, and the Participant shall not be entitled to receive any Common Stock or any payment of any Dividend Equivalents with respect to the forfeited PSUs.

(b)    Qualifying Termination of Employment.  In the event of the Participant’s Qualifying Termination prior to the Determination Date, the Participant’s outstanding PSUs and Dividend Equivalents shall vest immediately as follows:
(i)    For the PSUs (Adj. EBITDA):  at the higher of (A) the target level, or (B) the actual performance level attained for Adj. EBITDA; and
(ii)    For the PSUs (ROIC):  at the higher of (A) the target level, or (B) the actual performance level attained for ROIC,
in each case, calculated as of the fiscal quarter ending on, or immediately prior to, the date of the Change in Control, and adjusted for TSR (calculated as of the date of the Change in Control), relative to the NASDAQ U.S. Benchmark Iron & Steel Total Return Index, as more particularly described on “Exhibit A,” attached hereto.  Each of such vested PSUs (Adj. EBITDA) and PSUs (ROIC) shall be paid in the form described in Section 1.4(c) above within one month following such Qualifying Termination.
(c)    Termination of Employment Due to Death or Permanent Disability.  In the event of the Participant’s termination of employment due to death or permanent disability prior to the Determination Date, the Participant’s outstanding PSUs and Dividend Equivalents shall vest immediately at the target level and be paid in the form described in Section 1.4(c) above within one month following such termination of employment.
(d)    Termination Due to Retirement.  In the event of the Participant’s termination of employment with SunCoke and its Affiliates prior to the Determination Date due to Retirement, the Participant’s PSUs and Dividend Equivalents shall remain outstanding and shall be adjusted at the end of the performance period as described in Section 1.4.  The Participant shall vest in a pro rata portion of the adjusted PSUs determined by multiplying the number of PSUs by a fraction, the numerator of which is the number of full months that have elapsed from the beginning of the performance period to the employment termination date and the denominator of which is the number of full months in the performance period.  The Participant also shall vest in the adjusted pro rata portion of the related Dividend Equivalents.  The Participant’s PSUs and Dividend Equivalents that vest shall be paid in the form described in Section 1.4(c) above within one month following the Determination Date.
For purposes of this Section 1.5,
(i)    a Participant’s termination of employment shall not be deemed to be a “Retirement” unless: (x) such termination is other than for Just Cause; (y) the Participant has attained at least 55 years of age; and (z) the Participant’s age, when added to such Participant’s years of credited service with the SunCoke and/or its Affiliates, equals at least 65 years; and 
(ii)    a Participant shall have a “permanent disability” if  such Participant is found to be disabled, under the terms of SunCoke’s long-term disability policy in effect at the time of the Participant’s termination, due to such condition or if the Committee in its discretion makes such determination.
ARTICLE II
GENERAL PROVISIONS
2.1    Effect of Plan; Construction.  The entire text of the Plan is expressly incorporated herein by this reference and so forms a part of this Agreement.  In the event of any inconsistency or discrepancy between the provisions of the PSU Award covered by this Agreement and the terms and conditions of the Plan under which such PSUs are granted, the provisions in the Plan shall govern and prevail.  The PSUs, the related Dividend Equivalents and this Agreement are each subject in all respects to, and SunCoke 

and the Participant each hereby agree to be bound by, all of the terms and conditions of the Plan, as the same may have been amended from time to time in accordance with its terms.
2.2    Tax Withholding.  All distributions under this Agreement are subject to withholding of all applicable taxes.
(a)    Payment in Cash.  Cash payments in respect of any vested PSU or Dividend Equivalent shall be made net of any applicable federal, state, or local withholding taxes.
(b)    Payment in Stock.  Immediately prior to the payment of any shares of Common Stock to Participant in respect of vested PSUs, the Participant shall remit an amount sufficient to satisfy any Federal, state and/or local withholding tax due on the receipt of such Common Stock.  At the election of the Participant, and subject to such rules as may be established by the Committee, such withholding obligations may be satisfied through the surrender of shares of Common Stock (otherwise payable to Participant in respect of such vested PSUs) having a value, as of the date that such vested PSUs first became payable, sufficient to satisfy the applicable tax obligation.
2.3    Administration.  Pursuant to the Plan, the Committee is vested with conclusive authority to interpret and construe the Plan, to adopt rules and regulations for carrying out the Plan, and to make determinations with respect to all matters relating to this Agreement, the Plan and Awards made pursuant thereto.  The authority to manage and control the operation and administration of this Agreement shall be likewise vested in the Committee, and the Committee shall have all powers with respect to this Agreement as it has with respect to the Plan.  Any interpretation of this Agreement by the Committee, and any decision made by the Committee with respect to this Agreement, shall be final and binding.
2.4    Amendment.  This Agreement may be amended in accordance with the terms of the Plan.
2.5    Captions.  The captions at the beginning of each of the numbered Sections and Articles herein are for reference purposes only and will have no legal force or effect.  Such captions will not be considered a part of this Agreement for purposes of interpreting, construing or applying this Agreement and will not define, limit, extend, explain or describe the scope or extent of this Agreement or any of its terms and conditions.
2.6    Governing Law.  The validity, construction, interpretation and effect of this instrument shall be governed exclusively by and determined in accordance with the law of the State of Delaware (without giving effect to the conflicts of law principles thereof), except to the extent preempted by federal law, which shall govern.
2.7    Notices.  All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing, by facsimile, by overnight courier or by registered or certified mail, postage prepaid and return receipt requested.  Notices to SunCoke shall be deemed to have been duly given or made upon actual receipt by SunCoke.  Such communications shall be addressed and directed to the parties listed below (except where this Agreement expressly provides that it be directed to another) as follows, or to such other address or recipient for a party as may be hereafter notified by such party hereunder:
(a)    If to SunCoke:        SunCoke Energy, Inc.
Compensation Committee of the Board of Directors
1011 Warrenville Road
Lisle, IL  60532
Attention:  Corporate Secretary
		
	(b)
	If to the Participant:    To the address for Participant as it appears on SunCoke’s records.

2.8    Severability.  If any provision hereof is found by a court of competent jurisdiction to be prohibited or unenforceable, it shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability, and such prohibition or unenforceability shall not invalidate the balance of such provision to the extent it is not prohibited or unenforceable, nor invalidate the other provisions hereof.
2.9    Entire Agreement.  This Agreement constitutes the entire understanding and supersedes any and all other agreements, oral or written, between the parties hereto, in respect of the subject matter of this Agreement and embodies the entire understanding of the parties with respect to the subject matter hereof.
2.10    Forfeiture.  The shares of Common Stock or cash payments received in connection with the Award granted pursuant to this Agreement constitute incentive compensation.  The Participant agrees that any shares of Common Stock or cash payments received with respect to the Award will be subject to any clawback/forfeiture provisions applicable to SunCoke that are required by any law in the future, including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and/or any applicable regulations.
*     *     *
This Award is conditioned upon the acceptance by the Participant of the terms and conditions of the Award as set forth in this Agreement.  To accept this Agreement, a Participant must access E*Trade Financial Services’ website.

SUNCOKE ENERGY, INC.
Long Term Performance Enhancement Plan
Performance Share Unit Agreement
Exhibit A

Calculation of TSR Modifier*

*In the event that SunCoke's TSR performance is negative, the overall payout of the award shall be capped at 100%.

Three-year TSR calculation:  TSR = [Pf - Pi+ D]/[Pi], where:
TSR = Three-year total shareholder return on SXC common stock, expressed as a percent.
Pf =  average closing price for SXC common stock for the ten-day trading period immediately preceding December 31, 2020.
D =  reinvested dividends during the period from January 1, 2018 through December 31, 2020.
Pi =  average closing price for SXC common stock for the ten-day trading period immediately preceding January 1, 2018.

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