Document:

Amendment No. 1 to Coke Purchase Agreement

 Exhibit 10.14 
 EXECUTION VERSION 
 SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN
REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL 
 HAS BEEN SEPARATELY
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE 

ASTERISKS (*****). 
 AMENDMENT NO. 1 TO COKE PURCHASE AGREEMENT 
 THIS AMENDMENT NO. 1 TO COKE
PURCHASE AGREEMENT (this “Amendment”), dated as of May 8, 2012, is made by and between HAVERHILL NORTH COKE COMPANY (“Seller”), and AK STEEL CORPORATION (“Purchaser”). 

RECITALS 

WHEREAS, Seller and Purchaser are parties to that certain Coke Purchase Agreement dated August 31, 2009 (as amended, modified or
otherwise supplemented, the “Coke Purchase Agreement”); and 
 WHEREAS, Seller and Purchaser desire to amend
the Coke Purchase Agreement as set forth in this Amendment. 
 NOW THEREFORE, in consideration of the promises and the mutual
agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, agree as follows: 

1. Definitions. Capitalized terms used in this Amendment that are not otherwise defined herein shall have the meanings set forth in the Coke
Purchase Agreement. 
 2. Amendment Effective Date. The effective date of this Amendment shall be January 1, 2011 (the
“Amendment Effective Date”). 
 3. Amendments. 
 (a) Effective on and as of the Amendment Effective Date, Section 3.1(c)(v) is hereby deleted in its entirety and replaced by the following: 

(v) The Forecasted O&M Component for each Contract Year will be determined in accordance with the following formula:

 Forecasted O&M Component (Coke Plants) = [Forecast O&M Expenses (or if such Forecast is subject to a dispute, the
Presumed O&M Expenses, until such time as the dispute is resolved) in respect of the Coke Plants (excluding the Forecast O&M Expenses associated with the Cogeneration Plant) set forth in the approved Forecast for the applicable

 
Contract Year * *****% and then divided by Purchaser’s Targeted Coke Production in respect of the Coal Blend(s) to be utilized during such Contract Year] + [Forecast O&M Expenses (or if
such Forecast is subject to a dispute, the Presumed O&M Expenses, until such time as the dispute is resolved) associated with the Cogeneration Plant set forth in the approved Forecast for the applicable Contract Year ÷ Purchaser’s
Targeted Coke Production in respect of the Coal Blend(s) to be utilized during such Contract Year]. 
 (b) Effective on and
as of the Amendment Effective Date, Section 3.1(c)(vi) is hereby deleted in its entirety and replaced by the following: 
 (vi) Seller shall endeavor in good faith to operate and maintain the Coke Plants in accordance with the Forecasted O&M Component for the applicable Contract Year in accordance with Prudent Operating
and Maintenance Practices. Subject to the foregoing, within thirty (30) days following the conclusion of each Contract Year, Seller will submit to Purchaser a Written report that summarizes the actual O&M Component for such Contract Year
(the “Actual O&M Component”) as determined in accordance with the following formula: 
 Actual O&M
Component = budgeted O&M expenses in respect of the Coke Plants (excluding O&M Expenses associated with the Cogeneration Plant) for the applicable Contract Year * *****%, plus or minus *****% of the variance between actual O&M expenses
and budgeted O&M expenses and then divided by the actual Coke Tonnage delivered to Purchaser from the Coke Plants during such Contract Year (including Nonconforming Coke Tonnage rejected by Purchaser) + [budgeted O&M expenses associated with
the Cogeneration Plant for the applicable Contract Year, plus or minus *****% of the variance between the actual O&M and the budgeted O&M expenses ÷ the actual Coke Tonnage delivered to Purchaser from the Coke Plants during such
Contract Year (including Nonconforming Coke Tonnage rejected by Purchaser)] 

  
 - 2 -

 Where applicable, but subject to Article VII, Purchaser shall pay Seller an amount equal to
the product of (i) any positive difference between (y) the actual O&M Expenses in respect of the Coke Plants and Cogeneration Plant for the applicable Contract Year and (z) the Forecast O&M Expenses in respect of the Coke
Plants and Cogeneration Plant as set forth in the Forecast for such Contract Year, converted to a per ton bases and multiplied by (ii) actual Coke production delivered to Purchaser during such Contract Year (excluding, in each case,
Nonconforming Coke Tonnage rejected by Purchaser). Where applicable, but subject to Article VII, Seller shall credit Purchaser an amount equal to the product of (i) any negative difference between the (y) Actual O&M Expenses in respect
of the Coke Plants and Cogeneration Plant for the applicable Contract Year and (z) Forecasted O&M Expenses in respect of the Coke Plants and Cogeneration Plant for such Contract Year, converted to a per ton bases and multiplied by
(ii) actual Coke production delivered to Purchaser during such Contract Year; provided, however, that in no event shall the actual Coke production amount utilized in the denominators to the foregoing formulas be less than *****%
of the Targeted Coke Production for the applicable Contract Year; provided, further, that such *****% limitation shall not apply to any Month during such Contract Year when a Production Turndown is in effect. Such payment or credit
shall, as applicable, be added to or deducted from the amounts otherwise payable in accordance with the invoice in respect of the Month during which such credit or payment is determined, and shall be subject to reasonable verification by Purchaser.
For clarity, set forth on Schedule 3.1(c)(vi) are examples of this calculation showing both a payment by Purchaser and a credit to Purchaser. 
 (c) Effective on and as of the Amendment Effective Date, Section 3.1(d)(vi) is hereby deleted in its entirety and replaced by the following: 

(vi) The Guaranteed Coke Yield Percentage is determined in accordance with the following formula: 

Blast furnace coke “dry” yield equals *****% less the sum of the percentage of dry basis volatile matter in the Coal Blend
(using the weighted average actual volatile matter in the Coal Blend determined based upon daily coal samples) plus a three percent (*****%) allowance for net operating losses in the coking process plus a five percent (*****%) allowance for Breeze;
provided, however, if the Weighted Average actual moisture content of such Coal Blend Tonnage exceeds *****%, then for each increment of *****% in excess of *****%, such *****% allowance shall be correspondingly increased by *****%. By way of
example, if the actual Weighted Average moisture content of the Coal Blend is *****%, then the corresponding allowance for net operating losses in the coking process would be *****%. 

  
 - 3 -

 (d) Effective on and as of the Amendment Effective Date, Schedule 3.1(c)(vi) attached
hereto as Attachment A is hereby added to the Coke Purchase Agreement immediately before Schedule 4.1. 
 4. Miscellaneous.

 (a) Counterparts Facsimile Signatures. This Amendment may be executed in one or more counterparts and by the different
Parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and same instrument. Any executed counterpart may be delivered by facsimile, and when so
delivered, shall be legally enforceable in accordance with its terms. Any such facsimile shall be followed by delivery, as promptly as practicable, of a non-facsimile original. 
 (b) Mutuality of Drafting. The Parties hereby stipulate and agree that each of them fully participated and was adequately represented by counsel in the negotiation and preparation of this Amendment
and the Parties further stipulate and agree that in the event of an ambiguity or other necessity for the interpretation to be made of the context of this Amendment, this Amendment shall not be construed in favor of or against Seller or Purchaser as
a consequence of one Party having had a greater role in the preparation of this Amendment, but shall be construed as if the language were mutually drafted by both parties will full assistance of counsel. 

(c) Governing Law. This Amendment shall be governed by, construed in accordance with, the laws of the State of Ohio without regard
to its conflicts of law provisions, and the rights and remedies of the Parties hereunder will be determined in accordance with such laws. 
 (d) Captions. The captions and headings in this Amendment are for convenience of reference purposes only and have no legal force or effect. Such captions and headings shall not be considered a part
of this Amendment for purposes of interpreting, construing or applying this Amendment and will not define, limit, extend, explain or describe the scope or extent of this Amendment or any of its terms and conditions. 

(e) Terms and Conditions of the Coke Purchase Agreement. Except as expressly modified hereby, all terms and conditions of the Coke
Purchase Agreement remain in full force and effect and are hereby in all respects ratified and confirmed. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  
 - 4 -

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the
date first set forth above. 
  

			
	HAVERHILL NORTH COKE COMPANY
		
	By:	 	/s/ P. Michael Hardesty
		 	Name: P. Michael Hardesty
		 	Title: Vice President
	
	AK STEEL CORPORATION
		
	By:	 	/s/ Maurice A. Reed
		 	Name: Maurice A. Reed
		 	Title: Dir. Engineering, Raw Materials & Energy

 [AMENDMENT NO. 1 TO COKE
PURCHASE AGREEMENT] 

 ATTACHMENT A 
 Schedule 3.1(c)(vi) 
 Example No. 1 – Contract Year O&M Reconciliation -
same tons, same cost 
  

													
	 	  	(A)
O&M 
Forecasted
Expenses	 	  	(B)
O&M 
Actual
Expenses	 	  	(B) –
(A)
O&M Expense
Variances	 
	 Coke Tons Delivered (AK ONLY)
	  	 	*****	  	  	 	*****	  	  			
				
	 Coke Plants (Total Expense)
	  				  				  			
	 Coke
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Heat
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Cogeneration (Total Expense)
	  	 	*****	  	  	 	*****	  	  	 	*****	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Total O&M Variance Split Due (To) / From AK
	  				  				  	 	*****	  
				
	 Total O&M Due from AK for Current Year
	  				  				  	 	*****	  
				
	 Total Paid by AK during Current Year
	  				  				  	 	*****	  
				
	 Total Net Due (To) / From AK
	  				  				  	 	*****	  
				
	 Forecasted O&M Rate
	  				  				  	 	*****	  
				
	 Actual O&M Rate
	  				  				  	 	*****	  
				
	 Rate Difference
	  				  				  	 	*****	  
				
	 Net Due (To) / From AK
	  				  				  	 	*****	  

  

	* 	 AK’s burden/benefit is *****% of the *****% over or under for Coke and *****% of the over or under for Power. 

	** 
	 Includes Variance between Forecasted and Actual 

	† 	 Current Year Sales X Current Year Forecasted O&M Rate 

	‡ 	 Difference due to billing at 2 decimal places when the budget is actually more (*****) 

  
 Schedule
3.1(c)(vi) - 1 

 Example No. 2 – Contract Year O&M Reconciliation—same tons, increase cost

  

													
	 	  	(A)
O&M 
Forecasted
Expenses	 	  	(B)
O&M 
Actual
Expenses	 	  	(B) –
(A)
O&M Expense
Variances	 
	 Coke Tons Delivered (AK ONLY)
	  	 	*****	  	  	 	*****	  	  			
				
	 Coke Plants (Total Expense)
	  				  				  			
	 Coke
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Heat
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Cogeneration (Total Expense)
	  	 	*****	  	  	 	*****	  	  	 	*****	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
				
	 Total
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Total O&M Variance Split Due (To) / From AK
	  				  				  	 	*****	  
				
	 Total O&M Due from AK for Current Year
	  				  				  	 	*****	  
				
	 Total Paid by AK during Current Year
	  				  				  	 	*****	  
				
	 Total Net Due (To) / From AK
	  				  				  	 	*****	  
				
	 Forecasted O&M Rate
	  				  				  	 	*****	  
				
	 Actual O&M Rate
	  				  				  	 	*****	  
				
	 Rate Difference
	  				  				  	 	*****	  
				
	 Net Due (To) / From AK
	  				  				  	 	*****	  

  

	* 	 AK’s burden/benefit is *****% of the *****% over or under for Coke and *****% of the over or under for Power. 

	** 
	 Includes Variance between Forecasted and Actual 

	† 	 Current Year Sales X Current Year Forecasted O&M Rate 

  
 Schedule
3.1(c)(vi) - 2 

 Example No. 3 – Example Contract Year O&M Reconciliation—same tons, decrease cost

  

													
	 	  	(A)
O&M 
Forecasted
Expenses	 	  	(B)
O&M 
Actual
Expenses	 	  	(B) –
(A)
O&M Expense
Variances	 
	 Coke Tons Delivered (AK ONLY)
	  	 	*****	  	  	 	*****	  	  			
				
	 Coke Plants (Total Expense)
	  				  				  			
	 Coke
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Heat
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Cogeneration (Total Expense)
	  	 	*****	  	  	 	*****	  	  	 	*****	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
				
	 Total
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Total O&M Variance Split Due (To) / From AK
	  				  				  	 	*****	  
				
	 Total O&M Due from AK for Current Year
	  				  				  	 	*****	  
				
	 Total Paid by AK during Current Year
	  				  				  	 	*****	  
				
	 Total Net Due (To) / From AK
	  				  				  	 	*****	  
				
	 Forecasted O&M Rate
	  				  				  	 	*****	  
				
	 Actual O&M Rate
	  				  				  	 	*****	  
				
	 Rate Difference
	  				  				  	 	*****	  
				
	 Net Due (To) / From AK
	  				  				  	 	*****	  

  

	* 	 AK’s burden/benefit is *****% of the *****% over or under for Coke and *****% of the over or under for Power. 

	** 
	 Includes Variance between Forecasted and Actual 

	† 	 Current Year Sales X Current Year Forecasted O&M Rate 

  
 Schedule
3.1(c)(vi) - 3 

 Example No. 4 – Example Contract Year O&M Reconciliation, decrease tons, same cost

  

													
	 	  	(A)
O&M 
Forecasted
Expenses	 	  	(B)
O&M 
Actual
Expenses	 	  	(B) –
(A)
O&M Expense
Variances	 
	 Coke Tons Delivered (AK ONLY)
	  	 	*****	  	  	 	*****	  	  			
				
	 Coke Plants (Total Expense)
	  				  				  			
	 Coke
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Heat
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Cogeneration (Total Expense)
	  	 	*****	  	  	 	*****	  	  	 	*****	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
				
	 Total
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Total O&M Variance Split Due (To) / From AK
	  				  				  	 	*****	  
				
	 Total O&M Due from AK for Current Year
	  				  				  	 	*****	  
				
	 Total Paid by AK during Current Year
	  				  				  	 	*****	  
				
	 Total Net Due (To) / From AK
	  				  				  	 	*****	  
				
	 Forecasted O&M Rate
	  				  				  	 	*****	  
				
	 Actual O&M Rate
	  				  				  	 	*****	  
				
	 Rate Difference
	  				  				  	 	*****	  
				
	 Net Due (To) / From AK
	  				  				  	 	*****	  

  

	* 	 AK’s burden/benefit is *****% of the *****% over or under for Coke and *****% of the over or under for Power. 

	** 
	 Includes Variance between Forecasted and Actual 

	† 	 Current Year Sales X Current Year Forecasted O&M Rate 

  
 Schedule
3.1(c)(vi) - 4 

 Example No. 5 – Example Contract Year O&M Reconciliation—decrease tons, increase costs

  

													
	 	  	(A)
O&M Forecasted
Expenses	 	  	(B)
O&M Actual
Expenses	 	  	(B) –
(A)
O&M Expense
Variances	 
	 Coke Tons Delivered (AK ONLY)
	  	 	*****	  	  	 	*****	  	  			
				
	 Coke Plants (Total Expense)
	  				  				  			
	 Coke
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Heat
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Cogeneration (Total Expense)
	  	 	*****	  	  	 	*****	  	  	 	*****	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
				
	 Total
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Total O&M Variance Split Due (To) / From AK
	  				  				  	 	*****	  
				
	 Total O&M Due from AK for Current Year
	  				  				  	 	*****	  
				
	 Total Paid by AK during Current Year
	  				  				  	 	*****	  
				
	 Total Net Due (To) / From AK
	  				  				  	 	*****	  
				
	 Forecasted O&M Rate
	  				  				  	 	*****	  
				
	 Actual O&M Rate
	  				  				  	 	*****	  
				
	 Rate Difference
	  				  				  	 	*****	  
				
	 Net Due (To) / From AK
	  				  				  	 	*****	  

  

	* 	 AK’s burden/benefit is *****% of the *****% over or under for Coke and *****% of the over or under for Power. 

	** 
	 Includes Variance between Forecasted and Actual 

	† 	 Current Year Sales X Current Year Forecasted O&M Rate 

  
 Schedule
3.1(c)(vi) - 5 

 Example # 6 – Example Contract Year O&M Reconciliation—decrease tons, decrease costs

  

													
	 	  	(A)	 	  	(B)	 	  	(B) – (A)	 
	 	  	O&M Forecasted
Expenses	 	  	O&M Actual
Expenses	 	  	O&M Expense
Variances	 
	 Coke Tons Delivered (AK ONLY)
	  	 	*****	  	  	 	*****	  	  			
				
	 Coke Plants (Total Expense)
	  				  				  			
	 Coke
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Heat
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Cogeneration (Total Expense)
	  	 	*****	  	  	 	*****	  	  	 	*****	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
				
	 Total
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Total O&M Variance Split Due (To) / From AK
	  				  				  	 	*****	  
				
	 Total O&M Due from AK for Current Year
	  				  				  	 	*****	  
				
	 Total Paid by AK during Current Year
	  				  				  	 	*****	  
				
	 Total Net Due (To) / From AK
	  				  				  	 	*****	  
				
	 Forecasted O&M Rate
	  				  				  	 	*****	  
				
	 Actual O&M Rate
	  				  				  	 	*****	  
				
	 Rate Difference
	  				  				  	 	*****	  
				
	 Net Due (To) / From AK
	  				  				  	 	*****	  

  

	* 	 AK’s burden/benefit is *****% of the *****% over or under for Coke and *****% of the over or under for Power. 

	** 
	 Includes Variance between Forecasted and Actual 

	† 	 Current Year Sales X Current Year Forecasted O&M Rate 

  
 Schedule
3.1(c)(vi) - 6 

 Example # 7 – Example Contract Year O&M Reconciliation—increase tons, same costs

  

													
	 	  	(A)	 	  	(B)	 	  	(B) – (A)	 
	 	  	O&M Forecasted
Expenses	 	  	O&M Actual
Expenses	 	  	O&M Expense
Variances	 
	 Coke Tons Delivered (AK ONLY)
	  	 	*****	  	  	 	*****	  	  			
				
	 Coke Plants (Total Expense)
	  				  				  			
	 Coke
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Heat
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Cogeneration (Total Expense)
	  	 	*****	  	  	 	*****	  	  	 	*****	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
				
	 Total
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Total O&M Variance Split Due (To) / From AK
	  				  				  	 	*****	  
				
	 Total O&M Due from AK for Current Year
	  				  				  	 	*****	  
				
	 Total Paid by AK during Current Year
	  				  				  	 	*****	  
				
	 Total Net Due (To) / From AK
	  				  				  	 	*****	  
				
	 Forecasted O&M Rate
	  				  				  	 	*****	  
				
	 Actual O&M Rate
	  				  				  	 	*****	  
				
	 Rate Difference
	  				  				  	 	*****	  
				
	 Net Due (To) / From AK
	  				  				  	 	*****	  

  

	* 	 AK’s burden/benefit is *****% of the *****% over or under for Coke and *****% of the over or under for Power. 

	** 
	 Includes Variance between Forecasted and Actual 

	† 	 Current Year Sales X Current Year Forecasted O&M Rate 

  
 Schedule
3.1(c)(vi) - 7 

 Example # 8 – Example Contract Year O&M Reconciliation—increase tons, increase costs

  

													
	 	  	(A)	 	  	(B)	 	  	(B) – (A)	 
	 	  	O&M Forecasted
Expenses	 	  	O&M Actual
Expenses	 	  	O&M Expense
Variances	 
	 Coke Tons Delivered (AK ONLY)
	  	 	*****	  	  	 	*****	  	  			
				
	 Coke Plants (Total Expense)
	  				  				  			
	 Coke
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Heat
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Cogeneration (Total Expense)
	  	 	*****	  	  	 	*****	  	  	 	*****	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
				
	 Total
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Total O&M Variance Split Due (To) / From AK
	  				  				  	 	*****	  
				
	 Total O&M Due from AK for Current Year
	  				  				  	 	*****	  
				
	 Total Paid by AK during Current Year
	  				  				  	 	*****	  
				
	 Total Net Due (To) / From AK
	  				  				  	 	*****	  
				
	 Forecasted O&M Rate
	  				  				  	 	*****	  
				
	 Actual O&M Rate
	  				  				  	 	*****	  
				
	 Rate Difference
	  				  				  	 	*****	  
				
	 Net Due (To) / From AK
	  				  				  	 	*****	  

  

	* 	 AK’s burden/benefit is *****% of the *****% over or under for Coke and *****% of the over or under for Power. 

	** 
	 Includes Variance between Forecasted and Actual 

	† 	 Current Year Sales X Current Year Forecasted O&M Rate 

  
 Schedule
3.1(c)(vi) - 8 

 Example # 9 – Example Contract Year O&M Reconciliation—increase tons, decrease costs

  

													
	 	  	(A)	 	  	(B)	 	  	(B) – (A)	 
	 	  	O&M Forecasted
Expenses	 	  	O&M Actual
Expenses	 	  	O&M Expense
Variances	 
	 Coke Tons Delivered (AK ONLY)
	  	 	*****	  	  	 	*****	  	  			
				
	 Coke Plants (Total Expense)
	  				  				  			
	 Coke
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Heat
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Cogeneration (Total Expense)
	  	 	*****	  	  	 	*****	  	  	 	*****	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	*****	  	  	 	*****	  	  	 	*****	  
				
	 Total O&M Variance Split Due (To) / From AK
	  				  				  	 	*****	  
				
	 Total O&M Due from AK for Current Year
	  				  				  	 	*****	  
				
	 Total Paid by AK during Current Year
	  				  				  	 	*****	  
				
	 Total Net Due (To) / From AK
	  				  				  	 	*****	  
				
	 Forecasted O&M Rate
	  				  				  	 	*****	  
				
	 Actual O&M Rate
	  				  				  	 	*****	  
				
	 Rate Difference
	  				  				  	 	*****	  
				
	 Net Due (To) / From AK
	  				  				  	 	*****	  

  

	* 	 AK’s burden/benefit is *****% of the *****% over or under for Coke and *****% of the over or under for Power. 

	** 
	 Includes Variance between Forecasted and Actual 

	† 	 Current Year Sales X Current Year Forecasted O&M Rate 

 Schedule 3.1(c)(vi)—9Energy Sales Agreement

 Exhibit 10.15 
 Execution Version 
 SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN
REDACTED BECAUSE CONFIDENTIAL 
 TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS 

BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE 

TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****). 

ENERGY SALES AGREEMENT 
 by and between 
 Haverhill North Coke Company 

and 

AK Steel Corporation 
 Dated August 31, 2009 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1: DEFINITIONS
	  	 	1	  
	 1.1
	  	Definitions	  	 	1	  
	 ARTICLE 2: GENERAL TERMS AND CONDITIONS
	  	 	6	  
	 2.1
	  	Term of Agreement	  	 	6	  
	 2.2
	  	Capacity In Which the Parties Are Entering Into This Agreement	  	 	6	  
	 2.3
	  	Parties’ Obligations	  	 	6	  
	 2.4
	  	Production of Energy	  	 	7	  
	 2.5
	  	Transmission of Energy	  	 	7	  
	 2.6
	  	Scheduling	  	 	8	  
	 2.7
	  	Communications and Data Exchange	  	 	8	  
	 2.8
	  	Record Retention	  	 	8	  
	 2.9
	  	Verification	  	 	8	  
	 ARTICLE 3: COMPENSATION
	  	 	9	  
	 3.1
	  	Base kWh Charge	  	 	9	  
	 3.2
	  	Adjusted kWh Charge	  	 	9	  
	 3.3
	  	Tax Rider	  	 	9	  
	 3.4
	  	Environmental Credits	  	 	9	  
	 ARTICLE 4: BILLING AND PAYMENT
	  	 	10	  
	 4.1
	  	Invoices	  	 	10	  
	 4.2
	  	Payment	  	 	10	  
	 4.3
	  	Overdue Payments	  	 	10	  
	 ARTICLE 5: FORCE MAJEURE EVENTS
	  	 	10	  
	 5.1
	  	Haverhill Force Majeure Event(s)	  	 	10	  
	 5.2
	  	AK Force Majeure Event(s)	  	 	11	  
	 ARTICLE 6: DISPUTE RESOLUTION
	  	 	12	  
	 6.1
	  	Attempt at Resolution	  	 	12	  
	 6.2
	  	Interpretation and Dispute Resolution	  	 	12	  
	 6.3
	  	Consolidated	  	 	13	  
	 ARTICLE 7: REPRESENTATIONS AND WARRANTIES
	  	 	13	  
	 7.1
	  	Haverhill’s Representations and Warranties	  	 	13	  
	 7.2
	  	AK’s Representations and Warranties	  	 	13	  
	 7.3
	  	Holding’s Representations and Warranties	  	 	14	  
	 ARTICLE 8: DEFAULT AND REMEDIES
	  	 	15	  
	 8.1
	  	AK’s Events of Default	  	 	15	  
	 8.2
	  	Haverhill’s Events of Default	  	 	15	  
	 8.3
	  	Pursuit of Remedies	  	 	15	  
	 ARTICLE 9: GUARANTEES AND RESTRICTIONS
	  	 	16	  
	 9.1
	  	Guarantee of Haverhill’s Obligations	  	 	16	  
	 9.2
	  	Transfer Restrictions	  	 	16	  
	 9.3
	  	Holding Guaranty	  	 	16	  
	 ARTICLE 10: MISCELLANEOUS PROVISIONS
	  	 	16	  
	 10.1
	  	Haverhill’s Indemnification of AK for Infringement	  	 	16	  
	 10.2
	  	Notices	  	 	16	  
	 10.3
	  	Limitation of Liability; Exclusive Remedies	  	 	17	  
	 10.4
	  	Rules of Interpretation	  	 	17	  

  
 i 

							
	 10.5
	  	Governing Law	  	 	17	  
	 10.6
	  	Severability	  	 	17	  
	 10.7
	  	Confidentiality	  	 	18	  
	 10.8
	  	Entire Agreement	  	 	18	  
	 10.9
	  	Captions	  	 	18	  
	 10.10
	  	Independent Contractor	  	 	18	  
	 10.11
	  	Waivers and Remedies	  	 	19	  
	 10.12
	  	Assignability	  	 	19	  
	 10.13
	  	Binding Effect	  	 	19	  
	 10.14
	  	No Third Party Beneficiaries	  	 	19	  
	 10.15
	  	Mutuality of Drafting	  	 	19	  
	 10.16
	  	Survival	  	 	19	  
	 10.17
	  	Counterparts; Facsimile Signatures	  	 	20	  
	 10.18
	  	Further Assurances	  	 	20	  
	 10.19
	  	Cooperation with Financing Efforts	  	 	20	  
	 10.20
	  	No Setoff	  	 	20	  

 SCHEDULES: 
  

			
	Schedule A	  	Guarantee of Haverhill’s Obligations
		
	Schedule B	  	Guarantee of AK’s Obligations

  
 ii 

 ENERGY SALES AGREEMENT 

THIS ENERGY SALES AGREEMENT (the “Agreement”), is made and entered into this 31st day of August 2009, by and between
Haverhill North Coke Company, a Delaware corporation (“Haverhill”) and AK Steel Corporation, a Delaware corporation (“AK Steel”). This Agreement is a companion accord to the Coke Purchase Agreement by and between Haverhill and AK
Steel dated concurrently with this Agreement (the “Related Coke Purchase Agreement”). Haverhill and AK Steel are referred to individually herein as a “Party” and collectively as the “Parties”. 

RECITALS 

WHEREAS, Haverhill has constructed (i) a one hundred oven metallurgical coke making plant (the “Phase I Plant”),
(ii) an additional one hundred oven metallurgical coke making plant (the “Phase II Plant”) and an associated cogeneration plant that converts steam produced at such coke plant into electrical energy (the “Cogeneration
Plant”), and (iii) related facilities and equipment (the Phase II Plant, the Cogeneration Plant and such related facilities and equipment related to the Phase II Plant and the Cogeneration Plant are collectively referred to as the
“Plant”), all located at Haverhill (Franklin Furnace), Ohio (the “Site”). The Plant is owned and operated by Haverhill based upon heat recovery technology that is proprietary to Haverhill and its Affiliates (as defined below);

 WHEREAS, AK Steel desires to arrange for the purchase of the Tendered Energy (as defined below) for the Term (as
defined below) on an output basis either directly or through AK Electrical Supply LLC, a Delaware limited liability company (“AK Electrical”), its Affiliate; 
 WHEREAS, Haverhill consents to sell such Tendered Energy to, as applicable, AK Steel and/or AK Electrical (collectively, “AK”); 

WHEREAS, the Parties acknowledge that (i) they are entering into this Agreement and the Related Coke Purchase Agreement as a
single integrated transaction, (ii) they would not enter into the Related Coke Purchase Agreement without also entering into this Agreement, and (iii) this Agreement and the Related Coke Purchase Agreement are inextricably linked
technically and economically, that neither would be feasible without the other, and they constitute a single integrated transaction and agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants and promises set forth below, including the Related Coke Purchase Agreement, the receipt and sufficiency of which are hereby acknowledged,
the Parties hereto, intending to be legally bound, hereby agree as follows: 
 ARTICLE 1: DEFINITIONS 

 

	1.1	Definitions. The following terms set forth in this Agreement are defined as follows: 

A. “Adjusted kWh Charge” has the meaning set forth in Section 3.2. 

  
 1 

 B. “Affiliate” means, with respect to any Person, any other Person that directly
or indirectly controls, or is controlled by, or is under common control with such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either (a) to vote fifty percent (50%) or
more of the securities having ordinary voting power for the election of directors of such Person; or (b) to direct or cause the direction of the management and policies of such Person, whether by ownership interest, contract or otherwise.

 C. “Agreement” has the meaning set forth in the introductory paragraph. 

D. “AK” has the meaning set forth in the Recitals. 
 E. “AK Electrical” has the meaning set forth in the Recitals. 
 F.
“AK Event of Default” has the meaning set forth in Section 8.1. 
 G. “AK Force Majeure Event” has the
meaning set forth in Section 5.2A. 
 H. “AK Steel” has the meaning set forth in the introductory paragraph of
this Agreement. 
 I. “Assign” means assigning or delegating any of the rights or obligations of the Parties to any
Person, or either Party selling, leasing, transferring or voluntarily disposing of all or a substantial portion of its assets. 

J. “Base kWh Charge” has the meaning set forth in section 3.1, 

K. “Bankrupt” means, with respect to any Party or its permitted assignee: 

(a) applying for or consenting to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of
itself or of all or a substantial part of its property; 
 (b) making a general assignment for the benefit of its creditors;

 (c) commencing a voluntary case under any bankruptcy code, as now or hereafter in effect (“Bankruptcy Code”);

 (d) filing a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization,
winding-up, or composition or readjustment of debts; 
 (e) taking any action for the purpose of effecting any of the foregoing;
or 
 (f) being a defendant, respondent, alleged debtor, or otherwise having commenced against it, in any court of competent
jurisdiction, a proceeding or case under the Bankruptcy Code or a case seeking: 
 (i) its liquidation, reorganization,
dissolution or winding up, or the composition or adjustment of its debts; 

  
 2 

 (ii) the appointment of a trustee, receiver, custodian, liquidator or the like, of such
Party or Person or of all or any substantial part of its property; o 
 (iii) similar relief under any law relating to
bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and
continue unstayed and in effect, for a period of sixty (60) or more days; or an order for relief against such Party or Person shall be entered in a case under the Bankruptcy Code. 

L. “Bankruptcy Code” has the meaning set forth in the definition of “Bankrupt”. 

M. “Business Day” means any day except Saturday, Sunday and any day which shall be in Cincinnati, Ohio a legal holiday or a day
on which banking institutions are authorized or required by law or other government action to close. 
 N. “Change in
Law” means the occurrence, after the Effective Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority. 

O. “Coal Blend” means each coal blend utilized at the Plant pursuant to the Related Coke Purchase Agreement. 

P. “Cogeneration Plant” has the meaning set forth in the Recitals. 

Q. “Dispute” has the meaning set forth in Section 6.1. 

R. “Effective Date” means the date of this Agreement. 
 S. “Energy” means three-phase, 60-cycle alternating current electric energy, expressed in units of kilowatt-hours, generated by the Cogeneration Plant. 

T. “FERC” means the Federal Energy Regulatory Commission. 

U. “Governmental Authority(ies)” means any federal, state or local government, and political subdivision(s) thereof, and any
entity(ies) exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 V. “Haverhill” has the meaning set forth in the introductory paragraph of this Agreement. 
 W. “Haverhill Event of Default” has the meaning set forth in Section 8.2. 

  
 3 

 X. “Haverhill Force Majeure Event” has the meaning set forth in Section 5.1A.

 Y. “Holding” means AK Steel Holding Corporation, a Delaware corporation. 

Z. “Indenture” means the “Indenture” dated as of June 11, 2002 by and among AK Steel, Holding, Douglas Dynamics,
L.L.C. and Fifth Third Bank, including (as applicable) any amendment(s) thereto or extension(s) thereof. 
 AA. “Interest
Rate” means an interest rate equal to ***** above the rate announced by JPMorgan Chase Bank, N.A. as its prime rate at the date of accrual of the late payment (provided that the prime rate may not be the lowest rate of interest charged by
JPMorgan Chase Bank, N.A. to its customers) or at the highest interest rate permitted by applicable law, whichever interest rate is lower. 
 BB. “Iron Ore Supplier” has the meaning set forth in Section 10.12. 

CC. “Kilowatt” or “kW” means the unit of measurement of useful energy equivalent to 1000 watts. 

DD. “Kilowatt-hour” or “kWh” means the unit of measurement of electric energy equivalent to one (1) kW used over
a period of one hour. 
 EE. “Lenders” has the meaning set forth in Section 10.12. 

FF. “Manifest Error” means an arithmetical error. 
 GG. “Middletown Plant” means AK’s steel plant works located in Middletown, Ohio. 
 HH. “Party” or “Parties” has the meaning set forth in the introductory paragraph of this Agreement. 
 II. “Person” means any individual, corporation, limited liability company, association, partnership, joint venture, trust or other enterprise or unincorporated organization or any Governmental
Authority. 
 JJ. “Phase I Plant” has the meaning set forth in the Recitals. 

KK. “Phase II Plant” has the meaning set forth in the Recitals. 

LL. “PJM” means the regional transmission organization certificated by FERC known to conduct and control all transmission and
ancillary services above 69 kVa in a 13 state (and the District of Columbia) service region, including southern Ohio. 
 MM.
“Plant” has the meaning set forth in the Recitals. 
 NN. “Point of Delivery” means the interconnection point
between the Plant and the interstate transmission grid as authorized by PJM. 

  
 4 

 OO. “Production Turndown” has the meaning set forth in the Related Coke Purchase
Agreement. 
 PP. “Prudent Operating and Maintenance Practices” means the practices, methods, standards and procedures
generally accepted and followed by a prudent, diligent, skilled and experienced manager and operator acting in accordance with standards generally utilized in the United States, with respect to the management, operation and maintenance of
manufacturing facilities having similar characteristics to the Plant which, at the particular time in question, in the exercise of reasonable judgment and in light of facts then known or that reasonably should have been known at the time a decision
was made, would be expected to accomplish the desired results and goals, including such goals as efficiency, reliability, economy and profitability, in a manner consistent with applicable governmental requirements. 

QQ. “Related Coke Purchase Agreement” has the meaning set forth in the introductory paragraph of this Agreement. 

RR. “Rules” has the meaning set forth in Section 6.2A. 

SS. “Section(s)” are the sections and subsections of the Articles contained in this Agreement. 

TT. “Section 45 Credit” means a credit under Section 45 of the Internal Revenue Code of 1986, or any similar or successor
provision. 
 UU. “Severstal Dearborn” has the meaning set forth in Section 2.1B. 

VV. “Severstal Termination Agreement” has the meaning set forth in Section 2.1B. 

WW. “Severstal Warren” has the meaning set forth in Section 2.1B. 

XX. “Site” has the meaning set forth in the Recitals. 
 YY. “Steel Making Facilities” means steel making facilities that utilize a blast furnace and basic oxygen furnace or electric arc furnace for the production of iron and raw steel. 

ZZ. “Tax” means all taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges of any kind
imposed, levied, or collected by any Governmental Authority; provided, however, that the term “Tax” shall not include taxes based on or measured by net income. 
 AAA. “Tax Increase” has the meaning set forth in Section 3.3. 
 BBB.
“Tax Reduction” has the meaning set forth in Section 3.3. 
 CCC. “Tendered Energy” has the meaning set
forth in Section 2.2. 
 DDD. “Term” has the meaning set forth in Section 2.1A. 

  
 5 

 EEE. “Weighted Average” means an average that takes into account the proportional
relevance of the moisture content of each coal comprising each particular Coal Blend, rather than treating each such component equally. 
 ARTICLE 2: GENERAL TERMS AND CONDITIONS 
 2.1 Term of Agreement. 

A. Subject to Section 2.IB, Section 2.1D and Article 8, the term of this Agreement (“Term”) shall commence on the
Effective Date and shall run concurrently with the term of the Related Coke Purchase Agreement, including any renewal of the term thereof. Notwithstanding anything to the contrary set forth herein, this Agreement shall terminate automatically upon
the termination of the Related Coke Purchase Agreement. 
 B. Notwithstanding anything to the contrary in this Agreement, neither
Party shall have any obligations under this Agreement unless Haverhill, Severstal Warren, Inc. (“Severstal Warren”) and Severstal Dearborn, Inc. (“Severstal Dearborn”) have, on or before August 31, 2009, entered into a
termination agreement, in form and substance satisfactory to Haverhill in its sole discretion, pursuant to which (i) Haverhill and Severstal Warren agree to terminate that certain Coke Purchase Agreement dated as of November 21, 2006,
between Haverhill and Severstal Warren effective as of September 1, 2009, and (ii) Haverhill and Severstal Dearborn agree to terminate that certain Coke Purchase Agreement dated as of November 21, 2006, between Haverhill and Severstal
Dearborn effective as of January 1, 2010 (the “Severstal Termination Agreement”). 
 C. Haverhill shall notify AK
promptly following August 31, 2009 regarding whether Haverhill, Severstal Warren and Severstal Dearborn have entered into the Severstal Termination Agreement on or before August 31, 2009. 

D. This Agreement shall terminate automatically, without any further action by either Party, if Haverhill, Severstal Warren and Severstal
Dearborn have not entered into the Severstal Termination Agreement on or before August 31, 2009. 
 2.2 Capacity In Which the Parties
Are Entering Into This Agreement. Haverhill, in its capacity as a seller of Energy, shall generate Energy on an interruptible basis. Commencing on May 1, 2010, Haverhill shall tender fifty percent (50%) of that Energy (the
“Tendered Energy”) at the Point of Delivery to AK or its designated Affiliate. AK, in its capacity as the buyer of the Tendered Energy, shall purchase each kWh of Tendered Energy so tendered directly or on behalf of, as applicable, its
designated Affiliate for the Adjusted kWh Charge (subject to Section 3.3) in accordance with the terms and conditions of this Agreement. 

2.3 Parties’ Obligations. 
 A. Haverhill shall: 
 (i) Operate its Plant in accordance with Prudent Operating
and Maintenance Practices; and 

  
 6 

 (ii) Comply in a timely manner with all obligations imposed under this Agreement.

 B. AK shall: 
 (i) Accept and pay for each kWh of Tendered Energy tendered to the Point of Delivery by Haverhill for the Adjusted kWh Charge (subject to Section 3.3); 

(ii) Cooperate with Haverhill as to any and all regulatory compliance efforts; 

(iii) Obtain the necessary authorizations and establish the necessary accounts with PJM to receive Tendered Energy from Haverhill at the
Point of Delivery; and 
 (iv) Comply in a timely manner with all obligations imposed under this Agreement. 

2.4 Production of Energy. 

A. The Parties acknowledge that as a cogeneration facility, the Plant is subject to the manufacturing needs of producing coke on a
continuous basis and that, accordingly, Energy production cannot be increased or decreased to correspond to particular demands for Tendered Energy. Further, if portions of the Plant related to steam or Energy production are out of service due to
planned or unplanned outages, Tendered Energy deliveries to the Point of Delivery will decrease or cease. Accordingly, the Parties acknowledge that the amount of Tendered Energy produced and tendered to the Point of Delivery, as a result of
(i) the Coal Blend utilized at the Plant, (ii) variations in respect of steam and Energy production resulting from normal Plant operations, (iii) seasonal conditions, (iv) interruptions of operations, (v) Production
Turndowns, (vi) the technical and economic feasibility of duct firing, and (vii) scheduled or forced outages at the Plant, will not be firm, and may be subject to interruptions. 

B. Consistent with Prudent Operating and Maintenance Practices, Haverhill shall sell to AK or its Affiliate Tendered Energy from the Plant
at the Point of Delivery. Subject to this Section 2.4, Haverhill is not obligated to produce and tender any set quantity of kWh. 
 2.5
Transmission of Energy. Haverhill shall be responsible for delivering the Tendered Energy to the Point of Delivery. AK shall be responsible for making arrangements with PJM or others regarding the transmission of Tendered Energy once it
reaches the Point of Delivery. 

  
 7 

 2.6 Scheduling. 
 A. One (1) Business Day before the start of each week (for purposes of this Section 2.6 only, a “week” being defined as a seven (7) day period running from Tuesday through
Monday), Haverhill shall provide AK with its schedule by clock hour showing the anticipated output of the Cogeneration Plant for each day of the following week. Haverhill shall provide timely updates to such schedule as necessary. On or before the
first day of each Month, Haverhill shall provide a schedule of planned outages during such Month. 
 B. AK and, as applicable,
its designated Affiliate shall take all steps required by PJM to receive the Tendered Energy at the Point of Delivery and arrange for its respective consumption. 
 C. AK and, as applicable, its designated Affiliate shall be responsible for scheduling and truing up all Kilowatts of Tendered Energy tendered by Haverhill to the Point of Delivery. All losses, penalties,
gains or sales arising from the differential between the Tendered Energy that Haverhill tenders to the Point of Delivery and the Tendered Energy to be taken by AK or, as applicable, its designated Affiliate shall be the sole responsibility of AK.

 2.7 Communications and Data Exchange. 
 A. Haverhill and AK agree to supply to each other all data and information that is reasonably required by such Parties in respect of this Agreement. 

B. Haverhill and AK will establish an electronic information exchange to fulfill such data and information exchanges, including real time
unit output. 
 C. Haverhill and AK will schedule a quarterly energy management meeting for the purpose of discussing Energy
generation planning and sales results. 
 2.8 Record Retention. AK and Haverhill shall each retain for a period of seven (7) years
records detailing the Kilowatts of Tendered Energy delivered to the Point of Delivery, receipt and sales records from PJM, and Tendered Energy production information reasonably required to verify the Kilowatts of Tendered Energy delivered to the
Point of Delivery 
 2.9 Verification. In the event of a good faith dispute regarding any invoice issued or payment due under this
Agreement, each Party will have the right to verify, at its sole expense, the accuracy of the invoice or the calculation of the payment due by obtaining from the other Party copies of relevant portions of the books and records of the other Party
including the records described in Section 2.8, reasonably necessary to complete such verification. The right of verification will survive the termination of this Agreement for a period of two (2) years after termination. 

  
 8 

 ARTICLE 3: COMPENSATION 
 3.1 Base kWh Charge. AK shall pay to Haverhill a base fee of ***** for each kWh tendered to the Point of Delivery (the “Base kWh Charge”). 

3.2 Adjusted kWh Charge. The Parties acknowledge that Energy production depends upon the moisture content of each Coal Blend. Accordingly, the
Base kWh Charge shall be adjusted (increased or decreased) based upon the Weighted Average moisture content of the coals comprising each Coal Blend for the applicable month (the “Adjusted kWh Charge”). Accordingly, if the actual Weighted
Average moisture content of such Coal Blend tonnage exceeds *****%, then for each *****% increment thereof in excess of *****%, the Base kWh Charge shall be correspondingly increased by *****%. Conversely, if the actual Weighted Average moisture
content of such Coal Blend tonnage is less than *****%, then for each *****% increment thereof less than *****%, the Base kWh Charge shall be correspondingly reduced by *****%. By way of example, if the actual Weighted Average moisture content of
the Coal Blend is *****%, then such Adjusted kWh Charge is ***** (namely, the sum of the (i) Base kWh Charge plus the (ii) product of the Base kWh Charge multiplied by *****%). Conversely, and by way of example, if the actual Weighted
Average moisture content of the Coal Blend is *****%, then such Adjusted kWh Charge is ***** (namely, the sum of (i) Base kWh Charge minus the (ii) product of the Base kWh Charge multiplied by *****%). 

3.3 Tax Rider. If any Change in Law subjects Haverhill to any increase in the amount of Taxes imposed on or with respect to the production or sale
of the Tendered Energy relative to the amount of Taxes that would be imposed under applicable law in effect as of the Effective Date (each a “Tax Increase”), Haverhill shall be entitled to place a rider on the sale price of each kWh that
accurately reflects such Tax Increase. Prior to the tax rider being implemented, Haverhill shall document in a written report the type, scope, impact and cost of each Tax Increase underlying the tax rider. In the event that a Change in Law results
in a reduction of the amount of Taxes imposed on or with respect to the production or sale of the Tendered Energy relative to the amount of Taxes that would be imposed under applicable law in effect as of the Effective Date or, if later, the date on
which the most recent tax rider was implemented (each a “Tax Reduction”), a reduction in either the tax rider or the cost per kWh that accurately reflects such Tax Reduction shall be implemented. Haverhill shall document in a written
report the type, scope, impact and cost of each Tax Reduction. The tax rider shall be levied on each kWh tendered to the Point of Delivery commencing as of the date the applicable Tax Increases became effective. The tax rider shall be recalculated
each year. As part of the annual recalculation, the actual amount of the increased tax for the previous year will be compared with the actual amount collected by the tax rider and the difference (negative or positive) shall be included in the
recalculated tax rider for the next year 
 3.4 Environmental Credits. Haverhill shall receive *****% and AK shall receive *****% of the
economic value realized in respect of any tax credit (excluding any Section 45 Credit) or governmental incentive attributed to the ownership or operation of the Cogeneration Plant. Without limiting the foregoing, should green seals,
environmental credits, CO2 or other pollution emission rights or credits be available or awarded, Haverhill shall receive *****% and AK shall receive *****% of the economic value realized in respect of all such rights or credits. 

  
 9 

 ARTICLE 4: BILLING AND PAYMENT 

4.1 Invoices. 
 A. Within
one (1) Business Day following the close of each week, Haverhill will prepare an invoice which (i) presents a line item stating the number of kWh tendered to the Point of Delivery as metered by PJM, (ii) calculates the amount of money
due for Tendered Energy tendered to the Point of Delivery during such week, which shall be the product of (y) the Adjusted kWh Charge multiplied by (z) the number of kWh tendered to the Point of Delivery during such week, and (iii) as
applicable, amounts due pursuant to Section 3.3. 
 B. Each weekly invoice will be sent by Haverhill to AK by facsimile
transfer or other electronic means as designated by AK. 
 4.2 Payment. 

A. Payment of the invoice shall be due within three (3) Business Days of the delivery of the invoice. 

B. Weekly invoiced amounts shall be due and payable by AK to Haverhill in immediately available funds by wire transfer to an account
designated by Haverhill to AK. 
 C. If AK reasonably believes that any invoice incorporates overcharged amounts based on
Manifest Error, it shall notify Haverhill in writing of such Manifest Error including the amount and the basis of its belief prior to the due date of the invoice. AK shall make timely payment for all but the alleged overcharge due to Manifest Error.
If Haverhill accepts the amount and reason for the invoice adjustment it shall notify AK as such. If Haverhill disagrees as to the proper amount due then the Parties shall meet and seek in good faith to resolve the alleged overcharge within fifteen
(15) days. If the issue is not resolved within the fifteen (15) days time frame, then either Party may seek the dispute resolution provisions of Article 6. 
 4.3 Overdue Payments. Overdue amounts shall accrue interest at the Interest Rate from the applicable due date. 
 ARTICLE 5: FORCE MAJEURE EVENTS 
 5.1 Haverhill Force Majeure Event(s). 

A. Haverhill Force Majeure Event(s) are: 
 1) acts of God, acts of the public enemy, insurrections, riots, strikes, lockouts, boycotts, floods, interruptions to transportation, actions or inactions of a Governmental Authority, embargoes, acts of
military authorities or other causes of a similar nature which wholly or partly prevent the production or delivery of Energy; or 

  
 10 

 2) the unavailability of sufficient quantities of metallurgical coals utilized for any Coal
Blend, or transportation services in respect thereof; 
 provided, that no event shall constitute a Haverhill Force Majeure Event unless such
event is beyond the reasonable control of and without the fault or negligence of Haverhill and which by the exercise of due foresight Haverhill could not reasonably have been expected to avoid and which Haverhill is unable to overcome by the
exercise of due diligence and reasonable care. 
 B. Haverhill shall provide AK with prompt written notice of the nature and
probable duration of each Haverhill Force Majeure Event and of the extent of its effects on Haverhill’s performance hereunder, including its good faith estimate of the amount of Tendered Energy, if any, that Haverhill will be able to deliver to
AK at the Point of Delivery. 
 C. Haverhill will use commercially reasonable efforts to limit the effects and duration of each
Haverhill Force Majeure Event, including (as applicable) restoring any damaged property necessary to reinstate the obligations of Haverhill under this Agreement; provided, however, nothing in this Article shall be deemed to require Haverhill to
resolve any strike or other labor dispute except on terms that are satisfactory to Haverhill in its sole discretion. Once Haverhill’s ability to perform is no longer suspended as a result of the applicable Haverhill Force Majeure Event, the
obligations of AK and Haverhill under this Agreement will be reinstated. 
 5.2 AK Force Majeure Event(s). 

A. AK Force Majeure Event(s) are acts of God, acts of the public enemy, insurrections, riots, strikes, lockouts, boycotts, floods,
interruptions to transportation, actions or inactions of a Governmental Authority, embargoes, acts of military authorities or other causes of a similar nature which in whole or in part prevent AK from being able to accept Tendered Energy at the
Point of Delivery; provided, that no event shall constitute an AK Force Majeure Event unless such event is beyond the reasonable control of and without the fault or negligence of AK and which by the exercise of due foresight AK could not reasonably
have been expected to avoid and which AK is unable to overcome by the exercise of due diligence and reasonable care. 
 B. AK
shall provide Haverhill with prompt written notice of the nature and probable duration of each AK Force Majeure Event and of the extent of its effects on AK’s performance hereunder. 

C. AK will use commercially reasonable efforts to limit the effects and duration of each AK Force Majeure Event, including (as applicable)
restoring any damaged property necessary to fully reinstate the obligations of AK under this Agreement; provided, however, nothing in this Article shall be deemed to require AK to resolve any strike or other labor dispute except on terms that are
satisfactory to AK in AK’s sole discretion. Once AK’s ability to perform is no longer suspended as a result of the applicable AK Force Majeure Event, the obligations of AK and Haverhill under this Agreement will be reinstated. 

  
 11 

 D. An AK Force Majeure Event shall not relieve AK of any payment obligations under this
Agreement. 
 ARTICLE 6: DISPUTE RESOLUTION 
 6.1 Attempt at Resolution. Should any claim, cause of action or dispute (collectively, a “Dispute”) arise out of any of the provisions of this Agreement, the Parties shall first attempt
in good faith to resolve such Dispute within thirty (30) days after either Party notifies the other that a Dispute exists. No Party may commence an arbitration under Section 6.2 below until after the passage of such thirty (30) day
period. 
 6.2 Interpretation and Dispute Resolution. 
 A. Any Dispute not resolved pursuant to Section 6.1 between the Parties arising out of or relating to this Agreement, the Related Coke Purchase Agreement, the relationship of the Parties created by
those agreements, or the breach, validity or enforceability of those agreements shall be resolved by binding arbitration pursuant to the terms of the United States Arbitration Act, whether or not federal jurisdiction is obtained. Any and all
arbitration(s) hereunder shall be conducted in Cincinnati, Ohio in accordance with the Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association. 

B. Any and all such arbitration(s) shall be conducted by a panel of three (3) neutral arbitrators. The claimant shall appoint an
arbitrator when it serves its demand for arbitration, the respondent shall submit an answering statement within thirty (30) days of service of the demand for arbitration and shall at that time appoint an arbitrator, and the two Party-appointed
arbitrators shall select a third arbitrator to chair the arbitration within fifteen (15) days after service of the answering statement. If the Party-appointed arbitrators are unable to agree upon a third arbitrator, then the third arbitrator
shall be appointed in accordance with the Rules. 
 C. The arbitration award by the arbitration panel shall be final and binding,
shall include interest at the Interest Rate and, unless the arbitrator panel expressly determines them not to be appropriate, shall include costs, including reasonable attorneys’ fees, together with interest at the Interest Rate. Any
arbitration award may be enforced by the state or federal courts sitting in Cincinnati, Ohio or any other court of competent jurisdiction (including but not limited to any jurisdiction in which the Party against whom the award is sought to be
enforced holds or keeps assets). 
 D. Upon the date of an arbitration award pursuant to this Section 6.2, if it is
determined that an amount is due from one Party to the other Party, then such amount will be paid to the Party to whom it is due within ten (10) days from the written determination of the arbitration panel. Overdue payments shall bear interest
at the Interest Rate. The failure by such Party to pay any amount due or otherwise take the required actions within the required time hereunder shall be an AK Event of Default or Haverhill Event of Default, as applicable. 

  
 12 

 6.3 Consolidated. If the Parties initiate multiple arbitration proceedings (i) relating to this
Agreement and the Related Coke Purchase Agreement, or (ii) for which the subject matters are related by common questions of law or fact, then all such proceedings shall be consolidated into a single arbitral proceeding heard by the same
arbitral panel. The arbitral panel shall be authorized to establish procedures which it deems appropriate in its discretion to adjudicate consolidated Disputes, including bifurcating the issues or issuing interim awards. 

ARTICLE 7: REPRESENTATIONS AND WARRANTIES 
 7.1 Haverhill’s Representations and Warranties. Haverhill hereby represents and warrants, as of the Effective Date, to AK as follows: 

A. Due Organization. Haverhill is a corporation duly organized and validly existing and in good standing under the laws of the
State of Delaware and has all requisite corporate power and authority to own and operate its business and properties and to carry on its business as such business is now being conducted and is duly qualified to do business in Ohio. 

B. Due Authorization; Enforceability. Haverhill has full corporate power and authority to execute and deliver this Agreement and to
perform its obligations hereunder. This Agreement is the valid and binding obligation of Haverhill, enforceable against Haverhill in accordance with its terms, except as the enforceability thereof may be limited by applicable bankruptcy laws
affecting creditors’ right generally, and by general equitable principles regardless of whether the issue of enforceability is considered in a proceeding in equity or at law. 

C. Non-Contravention. The execution, delivery and performance of this Agreement by Haverhill and the consummation of the
transactions contemplated hereby do not contravene the certificate of incorporation or by-laws of Haverhill and do not conflict with or result in a breach of or default under any indenture, mortgage, lease, agreement, instrument, judgment, decree,
order or ruling to which Haverhill is a party or by which it or any of its properties is bound or affected. 
 D. Regulatory
Approvals. All governmental or other authorizations, approvals, orders or consents required in connection with the execution, delivery and performance of this Agreement by Haverhill have been obtained or can reasonably be expected to be obtained
in due course. 
 7.2 AK’s Representations and Warranties. AK hereby represents and warrants, as of the Effective Date, to Haverhill
as follows: 
 A. Due Organization. AK is a corporation duly organized and validly existing and in good standing under the
laws of the State of Delaware and has all requisite corporate power and authority to own and operate its business and properties and to carry on its business as such business is now being conducted and is duly qualified to do business in Ohio.

  
 13 

 B. Due Authorization; Enforceability. AK has full corporate power and authority to
execute and deliver this Agreement and to perform its obligations hereunder. This Agreement is the valid and binding obligation of AK, enforceable against AK in accordance with its terms, except as the enforceability thereof may be limited by
applicable bankruptcy laws affecting creditors’ right generally, and by general equitable principles regardless of whether the issue of enforceability is considered in a proceeding in equity or at law. 

C. Non-Contravention. The execution, delivery and performance of this Agreement by AK and the consummation of the transactions
contemplated hereby do not contravene the certificate of incorporation or by-laws of AK and do not conflict with or result in a breach of or default under any indenture, mortgage, lease, agreement, instrument, judgment, decree, order or ruling to
which AK is a party or by which it or any of its properties is bound or affected. 
 D. Regulatory Approvals. All
governmental or other authorizations, approvals, orders or consents required in connection with the execution, delivery and performance of this Agreement by AK have been obtained or can reasonably be expected to be obtained in due course.

 7.3 Holding’s Representations and Warranties. Holding hereby represents and warrants, as of the Effective Date, to Haverhill as
follows: 
 A. Due Organization. Holding is a corporation duly organized and validly existing and in good standing under
the laws of the State of Delaware and has all requisite corporate power and authority to own and operate its business and properties and to carry on its business as such business is now being conducted and is duly qualified to do business in Ohio.

 B. Due Authorization; Enforceability. Holding has full corporate power and authority to execute and deliver this
Agreement and to perform its obligations hereunder. This Agreement is the valid and binding obligation of Holding, enforceable against Holding in accordance with its terms, except as the enforceability thereof may be limited by applicable bankruptcy
laws affecting creditors’ right generally, and by general equitable principles regardless of whether the issue of enforceability is considered in a proceeding in equity or at law. 

C. Non-Contravention. The execution, delivery and performance of this Agreement by Holding and the consummation of the transactions
contemplated hereby do not contravene the certificate of incorporation or by-laws of Holding and do not conflict with or result in a breach of or default under any indenture, mortgage, lease, agreement, instrument, judgment, decree, order or ruling
to which Holding is a party or by which it or any of its properties is bound or affected. 
 D. Regulatory Approvals. All
governmental or other authorizations, approvals, orders or consents required in connection with the execution, delivery and performance of this Agreement by Holding have been obtained or can reasonably be expected to be obtained in due course.

  
 14 

 ARTICLE 8: DEFAULT AND REMEDIES 

8.1 AK’s Events of Default. AK shall be in default upon the occurrence of one or more of the following events (each an “AK Event of
Default”): 
 A. Any payment default by AK under the terms and conditions of this Agreement that remains uncured for ten
(10) days following receipt of written notice by Haverhill to AK; 
 B. If AK becomes Bankrupt; 

C. Except as provided in Section 8.1A above, if AK otherwise fails to perform, observe or comply with any other material term,
condition, obligation, covenant or provision of this Agreement, and such breach has not been corrected, cured or remedied within sixty (60) days after written notice of such breach has been delivered to AK; provided, that if such cure cannot
reasonably be completed within such sixty (60) day period, then provided AK promptly commences action(s) to effect a cure and continues to prosecute such cure with reasonable diligence thereafter, such cure period shall be extended by an
additional sixty (60) days; or 
 D. A Purchaser Default (as such term is defined in the Related Coke Purchase Agreement)
exists under the Related Coke Purchase Agreement. 
 8.2 Haverhill’s Events of Default. Haverhill shall be in default upon the
occurrence of one or more of the following events (each a “Haverhill Event of Default”): 
 A. If Haverhill fails to
perform, observe or comply with any material term, condition, obligation, covenant or provision of this Agreement, and such breach has not been corrected, cured or remedied within sixty (60) days after written notice of such breach has been
delivered to Haverhill; provided, that if such cure cannot reasonably be completed within such sixty (60) day period, then provided Haverhill promptly commences action(s) to effect a cure and continues to prosecute such cure with reasonable
diligence thereafter, such cure period shall be extended by an additional sixty (60) days; 
 B. If Haverhill becomes
Bankrupt; or 
 C. If a Seller Default (as such term is defined in the Related Coke Purchase Agreement) exists under the Related
Coke Purchase Agreement. 
 8.3 Pursuit of Remedies. Upon the occurrence of an AK Event of Default or a Haverhill Event of Default, the
non-defaulting Party may, subject to Section 10.3, pursue its remedies in equity or at law, including the right to terminate this Agreement by delivery of written notice thereof to the other Party. No termination of this Agreement shall release
either Party from any obligations (including those arising out of a breach of this Agreement) that may have accrued under this Agreement prior to such termination. 

  
 15 

 ARTICLE 9: GUARANTEES AND RESTRICTIONS 

9.1 Guarantee of Haverhill’s Obligations. The obligations of Haverhill under this Agreement shall be guaranteed by SunCoke Energy, Inc., a
Delaware corporation and Sun Coal & Coke Company, a Delaware corporation, pursuant to a guaranty in the form of Schedule A that Haverhill shall cause to be executed and delivered to AK at the time of the execution and delivery of this
Agreement. 
 9.2 Transfer Restrictions. AK shall not transfer or otherwise dispose of the Middletown Plant without the prior written
consent of Haverhill. If AK wishes to sell, lease, transfer or otherwise dispose of all or a substantial portion of its assets (other than the Middletown Plant), whether in a single transaction or series of transactions, then it shall cause to be
delivered to Haverhill at least forty-five (45) days prior to such sale, lease, transfer or other disposition (i) a written notice of such sale, lease, transfer or other disposition, (ii) a guaranty executed by Holding in the form of
Schedule B; and (iii) an opinion of independent legal counsel to Holding, which legal counsel shall be reasonably satisfactory to Haverhill and which opinion shall be in form and substance reasonably satisfactory to Haverhill, to the effect
that such guaranty is the legal, valid and binding obligation of, and enforceable against Holding, subject to customary exceptions. The Parties acknowledge that in the event any of the foregoing obligations are breached by AK or Holding, Haverhill
shall be entitled to both interim and permanent injunctive relief in respect of such obligations, including (as applicable) injunctive relief and specific enforcement against AK and Holding. Notwithstanding the foregoing, AK shall not be restricted
from creating or permitting to exist (and the foregoing provisions shall not apply to) any lien, security interest or other encumbrance on any of its assets. 
 9.3 Holding Guaranty. Following the expiration, cancellation or termination of the Indenture, Holding shall promptly (i) notify Haverhill of such circumstance in writing, and (ii) execute
and deliver to Haverhill a guaranty of Holding in favor of Haverhill in the form of Schedule B. Such guaranty obligation shall be specifically enforceable by Haverhill against Holding. 

ARTICLE 10: MISCELLANEOUS PROVISIONS 
 10.1 Haverhill’s Indemnification of AK for Infringement. Haverhill shall indemnify, defend and hold AK, its Affiliates and their successors and assigns, officers, directors, employees and
agents harmless from any and all actions, causes of action, claims, demands, costs, liabilities, expenses and damages (including reasonable attorneys’ fees and costs) incurred by any of them as a result of the design, construction or operation
of the Plant infringing in whole or in part any copyright, patent, trade secret, or other proprietary right held by any third party. 
 10.2
Notices. All notices, requests and demands to or upon the Parties to be effective shall be in writing. Except for invoices, such communications shall be addressed and directed to the Parties listed below as follows, or to such other address
or recipient as either Party may designate in writing: 

  
 16 

			
	If to Haverhill to:	  	If to AK to:
		
	 Haverhill North Coke Company

c/o SunCoke Energy, Inc.
 Parkside
Plaza
 11400 Parkside Drive
 Knoxville,
TN 37934
 Attention:
 Senior Vice
President and General Counsel
 Fax: (865) 288-5280
 Confirm: (865) 288-5213
	  	 AK Electric Supply Company LLC

9227 Centre Pointe Drive
 West Chester, OH
45069
  
 Attention:
 General Counsel
 Fax: (513) 425-5607
 Confirm: (513) 425-2690

 10.3 Limitation of Liability; Exclusive Remedies. NEITHER HAVERHILL NOR AK NOR ANY OF THEIR RESPECTIVE AFFILIATES
OR ASSIGNEES SHALL BE LIABLE, WHETHER BASED IN CONTRACT, TORT (INCLUDING NEGLIGENCE), WARRANTY, STRICT LIABILITY OR ANY OTHER LEGAL THEORY FOR ANY CONSEQUENTIAL, INCIDENTAL OR INDIRECT DAMAGES (INCLUDING DAMAGES IN RESPECT OF EXISTING OR FUTURE LOST
PROFITS), OR FOR SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES OF ANY KIND IN RESPECT OF ANY BREACH(ES) OF THIS AGREEMENT OR OTHERWISE. EXCEPT WHERE THIS AGREEMENT EXPRESSLY PROVIDES FOR EQUITABLE RELIEF, THE REMEDIES OF THE PARTIES SET FORTH IN THIS
AGREEMENT ARE EXCLUSIVE. 
 10.4 Rules of Interpretation. Defined terms in this Agreement shall include in the singular number the plural
and in the plural number the singular. Unless otherwise expressly specified, any agreement, contract or document defined or referred to herein shall mean such agreement, contract or document as the same may hereafter be amended, supplemented or
otherwise modified from time to time. The words “include”, “includes”, and “including” shall not be limiting and shall be deemed in all instances to be followed by the phrase “without limitation”. References
to “days” shall mean calendar days unless otherwise indicated. The Schedules to this Agreement shall form part of this Agreement for all purposes. References herein to Articles, Sections or Schedules shall mean such Articles, Sections or
Schedules of or to this Agreement. 
 10.5 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws
of the State of Ohio without regard to its conflicts of law provisions, and the rights and remedies of the Parties hereunder will be determined in accordance with such laws. 
 10.6 Severability. If any provision of this Agreement 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 of this Agreement.

  
 17 

 10.7 Confidentiality. Each Party and its Affiliates shall keep all information provided by one Party
to the other, including this Agreement and the Related Coke Purchase Agreement, and the terms thereof (including pricing under this Agreement and the Related Coke Purchase Agreement) strictly confidential and will not disclose any such information
to any third party; provided, however, (i) Haverhill may disclose this Agreement to prospective investors in, and Lenders to, Haverhill subject to AK’s approval of terms and conditions in respect of the confidentiality of such disclosure,
which approval shall not be unreasonably withheld, conditioned or delayed by AK; (ii) if either Party becomes legally required (by oral questions, interrogatories, request for information or documents, orders issued by any Governmental
Authority, or any other process) to disclose such information, such Party will give prior notice to the other Party of the requirement and the terms thereof and shall cooperate with the other Party to minimize the disclosure of the information, seek
a protective order or other appropriate remedy, and if such protective order or other remedy is not obtained, then such Party will furnish only that portion of such information that it is legally required to furnish; and (iii) either Party may
disclose this Agreement and the terms hereof to the extent that such disclosure is required under the Securities Act of 1933, the Securities Exchange Act of 1934 or the rules and regulations promulgated thereunder, or by the rules of any applicable
securities exchange. Notwithstanding the foregoing, this Section 10.7 shall not apply to such information that was previously known by the Party receiving such information without obligation of confidentiality, in the public domain (either
prior to or after the furnishing of such documents or information hereunder) through no fault of such receiving Party, or later acquired by such receiving Party, without obligation of confidentiality, from another source not having an obligation of
confidentiality to the disclosing Party. 
 10.8 Entire Agreement. This Agreement (including the Schedules attached hereto) and
the Related Coke Purchase Agreement, as a single integrated transaction, constitute the entire agreement among the Parties concerning the subject matter hereof and supersede and cancel any prior agreements, representations, warranties, or
communications, whether oral or written, among the Parties regarding the transactions contemplated by, and the subject matter of, this Agreement. The provisions of this Agreement shall not be amended, reformed, altered, or modified in any way by any
practice or course of dealing prior to or during the term of this Agreement, and can only be amended, reformed, altered, or modified by a writing signed by an authorized representative of each of the Parties. The Parties specifically acknowledge
that they have not been induced to enter into this Agreement by any representation, stipulation, warranty, agreement, or understanding of any kind other than as expressed in this Agreement and the Related Coke Purchase Agreement. 

10.9 Captions. The captions and headings in this Agreement are for convenience of reference purposes only and have no legal force or effect. Such
captions and headings shall 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. 
 10.10 Independent Contractor. Neither Party to this Agreement is the partner, legal representative or agent of
the other, nor shall either Party have the right or authority to assume, create or incur any liability or any obligation of any kind implied, against or in the name or on behalf of the other Party. 

  
 18 

 10.11 Waivers and Remedies. The failure of either Party to insist in any one or more instances upon
strict performance of any of the provisions of this Agreement or to take advantage of any of its rights hereunder shall not be construed as a waiver of any such provisions or the relinquishment of any such rights, but the same shall continue and
remain in full force and effect. Except as otherwise expressly limited in this Agreement, all remedies under this Agreement shall be cumulative and in addition to every other remedy provided for herein or by law. 

10.12 Assignability. Except as respects AK Electrical, no Party shall Assign any of its rights or obligations under this Agreement, including to
any Affiliate of a Party, without also assigning the Related Coke Purchase Agreement and obtaining the prior written consent of the other Party. Such consent shall not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing,
AK and Holding hereby consent to the granting of a security interest in and a collateral assignment by Haverhill of this Agreement and its rights herein to any Person that provides debt, loans, credit or credit support, acts as counterparty on any
interest rate hedging arrangements, or provides other financing, or any successor, assign or designee thereof, to Haverhill in connection with any financing related to the Phase I Plant, the Phase II Plant and/or the Cogeneration Plant
(collectively, the “Lenders”). In furtherance of the foregoing, AK and Holding acknowledge that the Lenders may under certain circumstances assume the interests and rights of Haverhill under this Agreement; provided, that if following such
assumption the Lenders seek to sell the Phase I Plant, the Phase II Plant and the Cogeneration Plant and assign this Agreement to the purchaser of the Phase I Plant, the Phase II Plant and the Cogeneration Plant, they will not sell the Phase I
Plant, the Phase II Plant and the Cogeneration Plant to a Person that (i) has a greater than 50% ownership interest in one or more Steel Making Facilities in North America, or (ii) is a direct supplier of iron ore to AK Steel pursuant to a
contract with a term of greater than one year pursuant to which the quantity of iron ore sold exceeds 25% of AK Steel’s annual iron ore requirements (an “Iron Ore Supplier”). Haverhill shall be relieved of and released from its
obligations under this Agreement from and after such assumption. 
 10.13 Binding Effect. This Agreement shall be binding upon and inure
to the benefit of the Parties and their respective successors and permitted assigns. 
 10.14 No Third Party Beneficiaries. Except as
otherwise expressly set forth herein, the terms and conditions of this Agreement are solely for the benefit of the Parties and no other Person shall have any rights hereunder. 
 10.15 Mutuality of Drafting. The Parties hereby stipulate and agree that each of them fully participated and was adequately represented by counsel in the negotiation and preparation of this
Agreement and the Parties further stipulate and agree that in the event of an ambiguity or other necessity for the interpretation to be made of the content of this Agreement, this Agreement shall not be construed in favor of or against Haverhill or
AK as a consequence of one Party having had a greater role in the preparation of this Agreement, but shall be construed as if the language were mutually drafted by both Parties with full assistance of counsel. 

10.16 Survival. The provisions of Section 2.8 (Record Retention), 2.9 (Verification), 8.3 (Pursuit of Remedies), Section 10.1
(Haverhill’s Indemnification of AK for Infringement), Section 10.2 (Notices), Section 10.3 (Limitation of Liability; Exclusive Remedies), Section 10.5 (Governing Law), Section 10.6 (Severability), Section 10.7
(Confidentiality), Section 10.8 (Entire Agreement), Section 10.10 (Independent Contractor), Section 10.14 (No Third Party Beneficiaries), Section 10.15 (Mutuality of Drafting), Section 10.6 (Survival) and Article 6 (Dispute
Resolution) shall remain in full force and effect after termination of this Agreement. 

  
 19 

 10.17 Counterparts; Facsimile Signatures. This Agreement may be executed in one or more counterparts
and by the different Parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and same instrument. Any executed counterpart may be delivered by
facsimile, and when so delivered, shall be legally enforceable in accordance with its terms. Any such facsimile shall be followed by delivery, as promptly as practicable, of a non-facsimile original. 

10.18 Further Assurances. From time to time after the date hereof and without further consideration, the Parties shall take such other action, and
execute such other documents and instruments, as either Party may reasonably request to more effectively carry out the transactions contemplated by this Agreement. 
 10.19 Cooperation with Financing Efforts. AK and Holding shall reasonably cooperate with Haverhill’s efforts in obtaining and maintaining financing on a non-recourse (or other) basis for the
Phase I Plant, the Phase II Plant and/or the Cogeneration Plant. Without limiting the generality of the foregoing, AK and Holding shall: (i) execute such documents (including consent agreements and legal opinions) as Haverhill or the Lenders
will reasonably request in view of obtaining and maintaining such financing whereby AK and/or Holding (a) certify to the Lenders that this Agreement is in full force and effect and has not been modified or amended and that there are no defaults
under this Agreement by AK or Holding or, to AK’s or Holding’s knowledge, by Haverhill (except, in each case, as specifically stated in such certification), (b) represent and warrant to the Lenders that this Agreement is enforceable
against AK and Holding, (c) consent to the collateral assignment of this Agreement to the Lenders as security for the debt relating to the Phase I Plant, the Phase II Plant and/or the Cogeneration Plant, (d) agree to make payments to
accounts as notified by Haverhill from time to time, (e) agree to give the Lenders notice of and a reasonable opportunity to cure any defaults of Haverhill under this Agreement, and (f) clarify provisions of this Agreement as reasonably
requested by the Lenders or Haverhill without increasing AK’s or Holding’s liability hereunder; (ii) accompany Haverhill on a reasonable number of presentations to potential Lenders; and (iii) provide information (including
financial information and, as requested by the Lenders from time to time, the names of all Iron Ore Suppliers) about AK and Holding as the Lenders may reasonably request. Haverhill shall reimburse each of AK and Holding for its reasonable and
documented out-of-pocket costs and expenses incurred in connection with actions taken pursuant to this Section 10.19, including reasonable fees and expenses of outside counsel retained to provide a legal opinion as contemplated by clause
(i) above. 
 10.20 No Setoff. Each payment by AK or by any other Person on its behalf to Haverhill pursuant to this Agreement shall
be made without offset, abatement, withholding or reduction of any kind. 

  
 20 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective duly
authorized officers as of the date first above written. 
  

									
	HAVERHILL NORTH COKE COMPANY	 		 	AK STEEL CORPORATION
					
	 By:
	 	/s/ Michael J. Thomson	 		 	By:	 	/s/ John F. Kaloski
	 Name:
	 	Michael J. Thomson	 		 	Name:	 	John F. Kaloski
	 Title:
	 	President	 		 	Title:	 	Sr. V.P. Operations

 AK Steel Holding Corporation executes this Agreement solely for the purpose of affirming its obligation pursuant to
Sections 7.3, 9.2, 9.3, 10.12 and 10.19. 
  

			
	 AK STEEL CORPORATION

		
	By:	 	/s/ John F. Kaloski
	Name:	 	John F. Kaloski
	Title:	 	Sr. V.P. Operations

  
 21 

 Schedule A  
 Guarantee of Haverhill’s Obligations 
 GUARANTY 

THIS GUARANTY, dated as of August 31, 2009 (“Guaranty”), is made by SunCoke Energy, Inc., a Delaware corporation and Sun
Coal & Coke Company, a Delaware corporation (collectively, “Guarantors”), for the benefit of AK Steel Corporation, a Delaware corporation (“AK”). 
 Recitals 
 A. This Guaranty is made pursuant to the Energy Sales Agreement entered
into on the date hereof by and between AK and Haverhill North Coke Company, a Delaware corporation (“Haverhill”) (“Energy Sales Agreement”). 
 B. This Guaranty is made for the benefit of AK to guarantee the performance by Haverhill of its obligations under the Energy Sales Agreement (the obligations referred to herein are collectively the
“Guaranteed Obligations”). 
 C. It is a condition to AK entering into the Energy Sales Agreement that Guarantors shall have executed
and delivered this Guaranty. 
 D. Guarantors will obtain benefits from Haverhill entering into the Energy Sales Agreement and, accordingly,
desire to execute this Guaranty in order to satisfy the conditions described in the preceding paragraph and to induce AK to enter into the Energy Sales Agreement. 
 Agreements 
 NOW, THEREFORE, in consideration of the foregoing and
other benefits accruing to Guarantors, the receipt and sufficiency of which are hereby acknowledged, Guarantors hereby make the following representations and warranties to AK and hereby covenant to AK as follows: 

1. Guarantors guarantee to AK the full performance of all Guaranteed Obligations. Guarantors understand, agree and confirm that AK may
enforce this Guaranty against Guarantors without first proceeding against Haverhill. 
 2. The liability of Guarantors hereunder
shall not be affected or impaired by (a) any other continuing or other guaranty, undertaking or maximum liability of Guarantors or of any other person as to the obligations and performance of Haverhill; (b) any reduction of any such other
guaranty or undertaking; (c) any dissolution, termination or increase, decrease or change in personnel by Haverhill; (d) any payment made to AK in respect of the Guaranteed Obligations which AK repays to Haverhill pursuant to court order
in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and Guarantors waive any right to the deferral or modification of their obligations hereunder by reason of any such proceeding; (e) any assignment by
Haverhill of any of its rights under the Energy Sales Agreement; or (f) the sale, transfer or other disposition by Guarantors of any or all of the share capital of Haverhill; provided, notwithstanding any other provision in this Guaranty, no
action shall commence 

  
 22 

 
against Guarantors unless and until written notice of default is first made upon Haverhill and Guarantors pursuant to the requirements set forth in the Energy Sales Agreement and Haverhill or
Guarantors fail to cure such default within the applicable cure period set forth in the Energy Sales Agreement. 
 3. Other than
the notice required to be given to Guarantors as specified in Section 2 of this Guaranty, Guarantors hereby waive notice of acceptance of this Guaranty and notice of any liability to which it may apply, and waive promptness, diligence,
presentment, demand of payment, protest, notice of dishonor or nonpayment of any such liabilities, suit or taking of other action by AK against Guarantors. 
 4. AK may at any time and from time to time without the consent of or notice to Guarantors, without incurring responsibility to Guarantors, without impairing or releasing the obligations of Guarantors
hereunder upon or without any terms or conditions and in whole or in part: 
 (a) exercise or refrain from exercising any rights
against Haverhill or otherwise act or refrain from acting; 
 (b) settle or compromise any of the Guaranteed Obligations or any
liability (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof., and/or 
 (c) consent
to or waive any breach of, or any act, omission or default under, the Energy Sales Agreement, or otherwise amend, modify or supplement the Energy Sales Agreement. 
 5. No invalidity, irregularity or unenforceability of all or any part of the Guaranteed Obligations shall affect, impair or be a defense to this Guaranty, and this Guaranty shall be primary, absolute and
unconditional notwithstanding the occurrence of any event or the existence of any other circumstances which might constitute a legal or equitable discharge of a surety or guarantor except payment in full of the Guaranteed Obligations. 

6. This Guaranty is a continuing one and all liabilities to which it applies or may apply under the terms hereof shall be conclusively
presumed to have been created in reliance hereon. No failure or delay on the part of AK in exercising any right, power or privilege hereunder shall operate as a waiver thereof., nor shall any single or partial exercise of any right, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein expressly specified are cumulative and not exclusive of any rights or remedies which AK would
otherwise have. Other than the notice required to be given to Guarantors as specified in Section 2 of this Guaranty, no notice to or demand on Guarantors in any case shall entitle Guarantors to any other further notice or demand in similar or
other circumstances or constitute a waiver of the rights of AK to any other or further action in any circumstances without notice or demand. It is not necessary for AK to inquire into the capacity or powers of Haverhill or the officers, directors,
or agents acting or purporting to act on its behalf, and any indebtedness made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder. 

  
 23 

 7. Guarantors waive, to the maximum extent permitted by applicable law, any right to require
AK to (a) proceed against Haverhill or (as applicable) any other person; or (b) pursue any other of its remedies. 
 8.
Guarantors assume all responsibility for being and keeping themselves informed of Haverhill’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment or nonperformance of the Guaranteed Obligations and
the nature, scope and extent of the risks which Guarantors assume and incur hereunder, and agree that AK shall have no duty to advise Guarantors of information known to them regarding such circumstances or risks. 

9. If and to the extent that Guarantors make any payment or performance to AK pursuant to or in respect of this Guaranty, then any claim
which Guarantors may have against Haverhill by reason thereof shall be subject and subordinate to the prior payment and performance in full of the Guaranteed Obligations to AK. 
 10. Guarantors hereby agree to pay all reasonable out-of-pocket costs and expenses of AK (including, without limitation, the reasonable fees and disbursements of counsel employed by AK) in connection with
the enforcement of this Guaranty and any amendment, waiver or consent relating hereto against Guarantors. 
 11. This Guaranty
shall be binding upon Guarantors and their successors and assigns, and shall inure to the benefit of AK and its successors and assigns. 
 12. Neither this Guaranty nor any provision hereof may be changed, waived, discharged or terminated except with the written consent of AK and Guarantors. 

13. Guarantors acknowledge that an executed (or conformed) copy of the Energy Sales Agreement has been made available to their principal
executive officers and such officers are familiar with the contents thereof. 
 14. All notices requests, demands or other
communications pursuant hereto shall be made in writing (including telegraphic, telex, facsimile transmission or cable communication) and mailed, telegraphed, telexed, transmitted, cabled or delivered to the following addresses (or to such other
addresses as designated by Guarantors or AK): 
  

	 	If to Guarantors:	SunCoke Energy, Inc. 

 Parkside
Plaza 
 11400 Parkside Drive 
 Knoxville, TN, 37934 
 Attention: Vice President and General Counsel 

Fax: (865) 288-5280 
 Confirm: (865) 258-5213 

  
 24 

	 	If to AK:	        AK Steel Corporation 

         9227 Centre Pointe. Drive 

        West Chester, OH 45069 

        Attention: General Counsel 

        Fax: (513) 425.5607 

        Confirm: (513) 425-2690 
 All such notices and communication shall be mailed, telegraphed, telexed, facsimile transmitted, or cabled or sent by overnight courier, and shall be effective when received. 

15. This Guaranty and the rights and obligations of AK and of Guarantors shall be governed by and construed in accordance with the law of
the State of Ohio, 
 16. This Guaranty may be executed in one or more counterparts and by the different parties hereto on
separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 
 IN WITNESS WHEREOF, Guarantors have caused this Guaranty to be executed and delivered as of the date first above written, 

 

			
	SunCoke Energy, Inc.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	Sun Coal & Coke Company
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 25 

 Schedule B  
 Guarantee of AK’s Obligations 
 GUARANTY 

THIS GUARANTY, dated as of [insert] (“Guaranty”), is made by AK Steel Holding Corporation, a Delaware corporation
(“Guarantor”), for the benefit of Haverhill North Coke Company, a Delaware corporation (“Haverhill”). 

Recitals 
 A. This Guaranty is made pursuant to the Energy Sales Agreement dated as of August 31, 2009 by and between Haverhill and AK Steel Corporation, a Delaware corporation (“AKS”) (“Energy
Sales Agreement”). 
 B. This Guaranty is made for the benefit of Haverhill to guarantee the performance by AKS of its
obligations under the Energy Sales Agreement (the obligations referred to herein are collectively the “Guaranteed Obligations”). 
 C. It is a condition of Haverhill entering into the Energy Sales Agreement that Guarantor shall have executed and delivered this Guaranty upon the occurrence of the events set forth in Section 9.2 or
as otherwise set forth in Section 9.3 of the Energy Sales Agreement. 
 D. Guarantor will obtain benefits from AKS entering
into the Energy Sales Agreement and, accordingly, desires to execute this Guaranty in order to satisfy the conditions described in the preceding paragraph and to induce Haverhill to enter into the Energy Sales Agreement. 

Agreements 
 NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to Guarantor, the receipt and sufficiency of which are hereby acknowledged, Guarantor hereby makes the following
representations and warranties to Haverhill and hereby covenants to Haverhill as follows: 
 1. Guarantor guarantees to Haverhill
the full performance of all Guaranteed Obligations. Guarantor understands, agrees and confirms that Haverhill may enforce this Guaranty against Guarantor without first proceeding against AKS. 

2. The liability of Guarantor hereunder shall not be affected or impaired by (a) any other continuing or other guaranty, undertaking
or maximum liability of Guarantor or of any other person as to the obligations and performance of AKS; (b) any reduction of any such other guaranty or undertaking; (c) any dissolution, termination or increase, decrease or change in
personnel by AKS; (d) any payment made to Haverhill in respect of the Guaranteed Obligations which Haverhill repays to AKS pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and
Guarantor waives any right to the deferral or modification of their obligations hereunder by reason of any such proceeding; (e) any assignment by AKS of any of its rights under the Energy Sales Agreement; or (f) the sale,

  
 26 

 
transfer or other disposition by Guarantor of any or all of the share capital of AKS; provided, notwithstanding any other provision in this Guaranty, no action shall commence against Guarantor
unless and until written notice of default is first made upon AKS and Guarantor pursuant to the requirements set forth in the Energy Sales Agreement and AKS or Guarantor fails to cure such default within the applicable cure period set forth in the
Energy Sales Agreement. 
 3. Other than the notice required to be given to Guarantor as specified in Section 2 of this
Guaranty, Guarantor hereby waives notice of acceptance of this Guaranty and notice of any liability to which it may apply, and waives promptness, diligence, presentment, demand of payment, protest, notice of dishonor or nonpayment of any such
liabilities, suit or taking of other action by Haverhill against Guarantor. 
 4. Haverhill may at any time and from time to time
without the consent of or notice to Guarantor, without incurring responsibility to Guarantor, without impairing or releasing the obligations of Guarantor hereunder upon or without any terms or conditions and in whole or in part: 

(a) exercise or refrain from exercising any rights against AKS or otherwise act or refrain from acting; 

(b) settle or compromise any of the Guaranteed Obligations or any liability (including any of those hereunder) incurred directly or
indirectly in respect thereof or hereof; and/or 
 (c) consent to or waive any breach of, or any act, omission or default under,
the Coke Purchase Agreement, or otherwise amend, modify or supplement the Coke Purchase Agreement. 
 5. No invalidity,
irregularity or unenforceability of all or any part of the Guaranteed Obligations shall affect, impair or be a defense to this Guaranty, and this Guaranty shall be primary, absolute and unconditional notwithstanding the occurrence of any event or
the existence of any other circumstances which might constitute a legal or equitable discharge of a surety or guarantor except payment in full of the Guaranteed Obligations. 
 6. This Guaranty is a continuing one and all liabilities to which it applies or may apply under the terms hereof shall be conclusively presumed to have been created in reliance hereon. No failure or delay
on the part of Haverhill in exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. The rights and remedies herein expressly specified are cumulative and not exclusive of any rights or remedies which Haverhill would otherwise have. Other than the notice required to be given to
Guarantor as specified in Section 2 of this Guarantee, no notice to or demand on Guarantor in any case shall entitle Guarantor to any other further notice or demand in similar or other circumstances or constitute a waiver of the rights of
Haverhill to any other or further action in any circumstances without notice or demand. It is not necessary for Haverhill to inquire into the capacity or powers of AKS or the officers, directors, or agents acting or purporting to act on its behalf,
and any indebtedness made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder. 

  
 27 

 7. Guarantor waives, to the maximum extent permitted by applicable law, any right to require
Haverhill to (a) proceed against AKS or (as applicable) any other person; or (b) pursue any other of its remedies. 

8. Guarantor assumes all responsibility for being and keeping itself informed of AKS’ financial condition and assets, and of all
other circumstances bearing upon the risk of nonpayment or nonperformance of the Guaranteed Obligations and the nature, scope and extent of the risks which Guarantor assumes and incurs hereunder, and agrees that Haverhill shall have no duty to
advise Guarantor of information known to it regarding such circumstances or risks. 
 9. If and to the extent that Guarantor
makes any payment or performance to Haverhill pursuant to or in respect of this Guaranty, then any claim which Guarantor may have against AKS by reason thereof shall be subject and subordinate to the prior payment and performance in full of the
Guaranteed Obligations to Haverhill. 
 10. Guarantor hereby agrees to pay all reasonable out-of-pocket costs and expenses of
Haverhill (including, without limitation, the reasonable fees and disbursements of counsel employed by Haverhill) in connection with the enforcement of this Guaranty and any amendment, waiver or consent relating hereto against Guarantor. 

11. This Guaranty shall be binding upon Guarantor and its successors and assigns, and shall inure to the benefit of Haverhill and its
successors and assigns. 
 12. Neither this Guaranty nor any provision hereof may be changed, waived, discharged or terminated
except with the written consent of Haverhill and Guarantor. 
 13. Guarantor acknowledges that an executed (or conformed) copy of
the Energy Sales Agreement has been made available to its principal executive officers and such officers are familiar with the contents thereof 
 14. All notices requests, demands or other communications pursuant hereto shall be made in writing (including telegraphic, telex, facsimile transmission or cable communication) and mailed, telegraphed,
telexed, transmitted, cabled or delivered to the following addresses (or to such other addresses as designated by Guarantor or Haverhill): 
  

	 	If to Guarantor:	AK Steel Holding Corporation 

9227 Centre Pointe Drive 
 West Chester, OH 45069 
 Attention: 

General Counsel 

Fax: (513) 425-5607 
 Confirm: (513) 425-2690 
  

	 	If to Haverhill:	Haverhill North Coke Company 

c/o SunCoke Energy, Inc. 
 Parkside Plaza 
 11400 Parkside Drive 

Knoxville, TN, 37934 
 Attention: Vice President and General Counsel 
 FAX: (865) 288-5280

 Confirm: (865) 258-5213 

  
 28 

 All such notices and communication shall be mailed, telegraphed, telexed, facsimile transmitted, or cabled
or sent by overnight courier, and shall be effective when received. 
 15. This Guaranty and the rights and obligations of
Haverhill and of Guarantor shall be governed by and construed in accordance with the law of the State of Ohio. 
 16. This
Guaranty may be executed in one or more counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same
instrument. 
 IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be executed and delivered as of the date first above written.

  

			
	AK Steel Holding Corporation
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 29

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