Document:

EX-10(L)

 

Exhibit 10(l)

EMPLOYMENT AGREEMENT EXTENSION

     This EMPLOYMENT AGREEMENT EXTENSION (hereinafter referred to as this “AGREEMENT EXTENSION”),
is entered into effective the 31st day of March, 2008, by and between the Franklin Savings and Loan
Company, a savings and loan association incorporated under the laws of the State of Ohio
(hereinafter referred to as the “EMPLOYER”) and John P. Owens, an individual (hereinafter referred
to as the “EMPLOYEE”);

WITNESSETH:

     WHEREAS, the EMPLOYEE is currently employed as the Vice President of the EMPLOYER; and

     WHEREAS, the EMPLOYER and the EMPLOYEE are parties to an employment agreement dated December
20, 2004 (the “EMPLOYMENT AGREEMENT”); and

     WHEREAS, Section 1 of the EMPLOYMENT AGREEMENT provides that the Board of Directors of the
EMPLOYER may extend the term of the EMPLOYMENT AGREEMENT for a one-year term beyond the then
effective expiration date, provided the Board has determined that the EMPLOYMENT AGREEMENT should
be extended; and

     WHEREAS, as a result of the skill, knowledge, performance and experience of the EMPLOYEE, the
Board of Directors of the EMPLOYER has determined that the EMPLOYMENT AGREEMENT should be extended
for an additional one-year term; and

     WHEREAS, the EMPLOYEE desires to continue to serve as the Vice President of the EMPLOYER and
consents to the extension of the EMPLOYMENT AGREEMENT;

     NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the
EMPLOYER and the EMPLOYEE hereby agree as follows:

     1. Extension of Term of Employment Agreement. The term of the EMPLOYMENT AGREEMENT is
extended for a one year period and shall end on December 20, 2011 (the “EXTENDED TERM”).

     2. Effect of Prior Agreements. All of the terms and conditions of the EMPLOYMENT
AGREEMENT shall remain in full force and effect during the EXTENDED TERM.

 

 

     IN WITNESS WHEREOF, the EMPLOYER has caused this AGREEMENT EXTENSION to be executed by its
duly authorized officer, and the EMPLOYEE has consented to and signed this AGREEMENT EXTENSION,
each as of the day and year first above written.

	 	 	 	 	 	 
	 
Attest:
 	 	EMPLOYER:

Franklin Savings and Loan Company

 	 
	/s/ Margaret Havlin	 	By:  	
/s/ Gretchen Schmidt
 	 
	Margaret Havlin	 	 	Name:  	Gretchen J. Schmidt 	 
	 	 	 	Title:  	President 	 
	 
	 
Attest:
 	 	EMPLOYEE:

 	 
	/s/ Margaret Havlin	 	
/s/ John P. Owens
 	 
	Margaret Havlin	 	John P. Owens 	 
	 

-2-EX-10(N)

 

Exhibit 10(n)

EMPLOYMENT AGREEMENT EXTENSION

     This EMPLOYMENT AGREEMENT EXTENSION (hereinafter referred to as this “AGREEMENT EXTENSION”),
is entered into effective the 31st day of March, 2008, by and between the Franklin Savings and Loan
Company, a savings and loan association incorporated under the laws of the State of Ohio
(hereinafter referred to as the “EMPLOYER”) and Gregory W. Meyers, an individual (hereinafter
referred to as the “EMPLOYEE”);

WITNESSETH:

     WHEREAS, the EMPLOYEE is currently employed as the Vice President and CLO of the EMPLOYER; and

     WHEREAS, the EMPLOYER and the EMPLOYEE are parties to an employment agreement dated August 15,
2004 (the “EMPLOYMENT AGREEMENT”); and

     WHEREAS, Section 1 of the EMPLOYMENT AGREEMENT provides that the Board of Directors of the
EMPLOYER may extend the term of the EMPLOYMENT AGREEMENT for a one-year term beyond the then
effective expiration date, provided the Board has determined that the EMPLOYMENT AGREEMENT should
be extended; and

     WHEREAS, as a result of the skill, knowledge, performance and experience of the EMPLOYEE, the
Board of Directors of the EMPLOYER has determined that the EMPLOYMENT AGREEMENT should be extended
for an additional one-year term; and

     WHEREAS, the EMPLOYEE desires to continue to serve as the Vice President and CLO of the
EMPLOYER and consents to the extension of the EMPLOYMENT AGREEMENT;

     NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the
EMPLOYER and the EMPLOYEE hereby agree as follows:

     1. Extension of Term of Employment Agreement. The term of the EMPLOYMENT AGREEMENT is
extended for a one year period and shall end on August 15, 2011 (the “EXTENDED TERM”).

     2. Effect of Prior Agreements. All of the terms and conditions of the EMPLOYMENT
AGREEMENT shall remain in full force and effect during the EXTENDED TERM.

 

 

     IN WITNESS WHEREOF, the EMPLOYER has caused this AGREEMENT EXTENSION to be executed by its
duly authorized officer, and the EMPLOYEE has consented to and signed this AGREEMENT EXTENSION,
each as of the day and year first above written.

	 	 	 	 	 	 
	 
Attest:
 	 	EMPLOYER:

Franklin Savings and Loan Company

 	 
	/s/ Margaret Havlin	 	By:  	
/s/ Gretchen Schmidt
 	 
	Margaret Havlin	 	 	Name:  	Gretchen J. Schmidt 	 
	 	 	 	Title:  	President 	 
	 
	 
Attest:
 	 	EMPLOYEE:

 	 
	/s/ Margaret Havlin	 	
/s/ Gregory W. Meyers
 	 
	Margaret Havlin	 	Gregory W. Meyers 	 
	 

-2-EX-10.14

 

Exhibit 10.14

     FIFTH AMENDMENT dated as of December 14, 2007 (“Amendment”), to the FINANCING
AGREEMENT, dated as of July 15, 2005 (as amended, modified or supplemented from time to time, the
“Financing Agreement”), among HORSEHEAD CORPORATION (f/k/a Horsehead Corp. and Horsehead
Acquisition Corp.), a Delaware corporation (the “Company”), HORSEHEAD INTERMEDIARY CORP., a
Delaware corporation (“Horsehead Intermediary”), CHESTNUT RIDGE RAILROAD CORP., a Delaware
corporation (together with the Company and Horsehead Intermediary, the “Credit Parties”),
THE CIT GROUP/BUSINESS CREDIT, INC. (“CIT”), PNC BANK, NATIONAL ASSOCIATION (“PNC”
and together with CIT, collectively, the “Lenders”), and CIT, as agent for the Lenders (the
“Agent”). Terms which are capitalized in this Amendment and not otherwise defined shall
have the meanings ascribed to such terms in the Financing Agreement.

     WHEREAS, the Credit Parties have requested that the Agent and Lenders amend the limitation on
the aggregate amount of Capital Expenditures which the Company and its consolidated subsidiaries
may make in any fiscal year, as currently set forth in the Financing Agreement, and the Agent and
Lenders are willing to do so, on the terms and subject to the conditions set forth herein.

     NOW, THEREFORE, in consideration of the mutual promises contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereby agree as follows:

     Section One. Amendment to Financing Agreement. Effective as of the Effective Date
(as defined in Section Three hereof), Section 7.3 of the Financing Agreement is amended by deleting
subsection (d) thereof in its entirety, and by substituting the following in lieu thereof:

     “(d) Capital Expenditures. To cause the Company
and its consolidated subsidiaries not to contract for,
purchase, make expenditures for, lease pursuant to a Capital
Lease or otherwise incur obligations with respect to Capital
Expenditures (whether subject to a security interest or
otherwise) during any fiscal year of the Company in the
aggregate amount in excess of the amount corresponding to such
fiscal year as set forth below, provided,
however, that the Credit Parties shall only be
required to cause the Company and its consolidated
subsidiaries to comply with this financial covenant for any
referenced fiscal year, commencing with the fiscal year ending
on or about December 31, 2007, if the average of Net
Availability for the calendar month of December of such
referenced fiscal year is less than $30,000,000:

 

 

	 	 	 	 	 
	 	 	Maximum	 
	 	 	Capital	 
	Fiscal
Year:	 	Expenditures:	 
	2005
	 	$	9,400,000	 
	2006
	 	$	15,000,000	 
	2007
	 	$	50,000,000	 
	2008
	 	$	120,000,000	 
	2009
	 	$	70,000,000	 
	2010
	 	$	25,000,000	 

     Section Two. Representations and Warranties. Each of the Credit Parties warrants and
represents to the Agent and each Lender as follows:

          (a) the execution, delivery and performance of this Amendment by such Credit Party are within
its corporate powers, have been duly authorized by all necessary corporate action, and such Credit
Party has received all necessary consents and approvals (if any shall be required) for the
execution and delivery of this Amendment;

          (b) upon the execution of this Amendment, this Amendment shall constitute the legal, valid and
binding obligation of such Credit Party, enforceable against such Credit Party in accordance with
its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency or similar
laws affecting creditors’ rights generally and (ii) general principles of equity; and

          (c) no Default or Event of Default has occurred and is continuing.

     Each Credit Party confirms, reaffirms and restates to the Agent and each Lender, as of the
Effective Date, each of the representations and warranties set forth in the Financing Agreement,
except to the extent that such representations and warranties solely relate to a specific earlier
date, in which case each Credit Party confirms, reaffirms and restates such representations and
warranties as of such earlier date.

     Section Three. Conditions Precedent. The effectiveness of this Amendment is subject
to the following conditions precedent, including, where applicable, that the Agent shall have
received the following documents and other items (all such documents and other items to be in form
and substance satisfactory to the Agent):

          (a) This Amendment duly executed by authorized representatives of each of the Credit Parties
and each of the Lenders; and

          (b) Evidence that the execution, delivery and performance of this Amendment by each of the
Credit Parties have been duly authorized by all necessary action, and that no

-2-

 

amendment or other modification to the articles or certificate of incorporation or bylaws of
any Credit Party has been made since the date of the original delivery thereof to the Agent and
that such documents (in the form delivered to the Agent) remain in full force and effect; and

The date upon which all of the conditions precedent set forth in this Section Three shall have been
satisfied is referred to herein as the “Effective Date”.

     Section Four. General Provisions.

          (a) Except as herein expressly amended, the Financing Agreement and all other agreements,
documents, instruments and certificates executed in connection therewith, are ratified and
confirmed in all respects and shall remain in full force and effect in accordance with their
respective terms.

          (b) All references to the Financing Agreement and each other Loan Document shall mean the
Financing Agreement as amended hereby and as hereafter amended, supplemented and modified from time
to time.

          (c) This Amendment embodies the entire agreement between the parties hereto with respect to
the subject matter hereof and supercedes all prior agreements, commitments, arrangements,
negotiations or understandings, whether written or oral, of the parties with respect thereto.

          (d) This Amendment shall be governed by and construed in accordance with the internal laws of
the State of New York, without regard to the conflicts of law principles thereof.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

-3-

 

     IN WITNESS WHEREOF, the parties to this Amendment have signed below to indicate their
agreement with the foregoing and their intent to be bound thereby.

	 	 	 	 	 	 
	 	 	HORSEHEAD CORPORATION
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert D. Scherich
	 

	 	 	 	 
	 

	 	Name:
	 	Robert D. Scherich
	 

	 	Title:
	 	Vice President and Chief Financial Officer
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	HORSEHEAD INTERMEDIARY CORP.
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert D. Scherich
	 

	 	 	 	 
	 

	 	Name:
	 	Robert D. Scherich
	 

	 	Title:
	 	Vice President and Chief Financial Officer
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	CHESTNUT RIDGE RAILROAD CORP.
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert D. Scherich
	 

	 	 	 	 
	 

	 	Name:
	 	Robert D. Scherich
	 

	 	Title:
	 	Vice President and Chief Financial Officer
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	THE CIT GROUP/BUSINESS CREDIT, INC.,

as a Lender and as Agent
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Michael Aliberto
	 

	 	 	 	 
	 

	 	Name:
	 	Michael Aliberto
	 

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	Commitment: $50,025,000
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION,

as a Lender
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Douglas Hoffman
	 

	 	 	 	 
	 

	 	Name:
	 	Douglas Hoffman
	 

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	Commitment: $24,975,000

Signature Page to Fifth Amendment

-4-

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