Document:

ex10_1.htm

    Exhibit
10.1

    

    

    May 20,
2008

    

    VIA HAND
DELIVERY

    

    Jeffrey
W. Epstein

    

    

    Dear
Jeffrey:

    

    This
letter (“Letter
Agreement”) confirms our agreement concerning the extension of the
initial term of the employment agreement between TerreStar Networks Inc., a
Delaware corporation (the “Company”) and you, dated as
of January 15, 2008 (the “Employment Agreement”), and certain
changes to the Employment Agreement necessitated to reflect your promotion to
the position of President of the Company and TerreStar Corporation.

    

    The
Company and you agree that the Employment Agreement is hereby amended in the
following regards:

    

    1.             Extension of Initial
Term

    

    The term
“Expiration Date,” as set forth in Section 5(b) of the Employment Agreement,
shall hereafter mean the close of business on May 20, 2009.  Likewise,
for all purposes under the Employment Agreement, the term “Initial Term” shall
hereafter mean the period measured from the Commencement Date through the
Expiration Date as defined in the preceding sentence.

    

    2.             Position; Reporting
Line

    

    You shall
be employed as the President, General Counsel and Secretary of the Company and
of TerreStar Corporation.  To reflect this promotion, all references
to the positions of Senior Vice President, General Counsel and Secretary, as
they appear in the Employment Agreement, are hereafter replaced with a reference
to the positions of President, General Counsel and Secretary.  You
shall report directly to the Chief Executive Officer of the Company and, in the
absence thereof, to the Board of Directors of the
Company.  Notwithstanding the foregoing, you agree that the Company or
its successor may appoint another person to serve as General Counsel and/or
Secretary of the Company and/or TerreStar Corporation at any time without such
appointment constituting a breach of the Employment Agreement or this Letter
Agreement.

    

    3.             Compensation

    

    Your Base
Salary shall be increased, effective as of April 18, 2008, to a rate of Four
Hundred Twenty-Five Thousand Dollars ($425,000) per annum, payable in accordance
with the Company’s normal payroll schedule.  The Annual Bonus that you
will be eligible to receive for 2008 and thereafter shall be based on a target
of Seventy-Five Percent (75%) of your then current Base Salary, as adjusted by
the preceding sentence.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.             Good
Reason

    

    The
Company’s appointing another person to serve as General Counsel and/or Secretary
of the Company and/or TerreStar Corporation at any time shall not be construed
as a material adverse change in your position, authority, duties or
responsibilities, or as an effective demotion, or as otherwise constituting an
event giving rise to “Good Reason” as defined in Section 5(h) of the Employment
Agreement or a termination of your employment by the Company or its successor
without Cause.

    

    5.             Miscellaneous

    

    This
Letter Agreement shall be governed by, and construed in accordance with, the
laws of the Commonwealth of Virginia, without reference to principles of
conflict of laws. This Letter Agreement is the full and final understanding
between you and the Company regarding the extension of the Initial Term of the
Employment Agreement and the change in your position.  Except as
modified by the terms of this Letter Agreement, the Employment Agreement remains
in full force and effect. This Letter Agreement shall not be modified,
waived or amended except by a written agreement executed by the parties hereto
or their respective successors and legal representatives.  This Letter
Agreement shall inure to the benefit of and be binding upon you, the
Company and its successors and assigns.

    

    If the
foregoing terms are acceptable to you, please confirm your agreement by signing
your name below.  Your signature below will indicate that you are entering
into this Letter Agreement freely and with a full understanding of its terms and
effect.

    

    
      	 
      	
              Very
      truly yours,

            
	 
      	 
      
	 
      	
              /s/
      William Freeman

            	 
      
	 
      	
              William
      Freeman

            	 
      
	 
      	
              Chairman
      of the Board of Directors of 

              TerreStar
      Networks Inc.

            	 
      
	 
      	 
      	 
      
	 
      	 
      
	 
      	 
      
	
              AGREED
      AND ACCEPTED:

            	 
      
	 
      	 
      	 
      
	
              /s/
      Jeffrey W. Epstein

            	 
      	 
      
	
              Jeffrey
      W. Epstein

            	 
      	 
      
	 
      	 
      	 
      
	
              Date:

            	
              5/20/2008ex10_2.htm

    Exhibit
10.2

    

    

    May 20,
2008

    

    VIA HAND
DELIVERY

    

    Dennis
Matheson

     

    

    Dear
Dennis:

    

    This
letter (“Letter
Agreement”) confirms our agreement concerning the extension of the
initial term of the employment agreement between TerreStar Networks Inc., a
Delaware corporation (the “Company”) and you, dated as
of January 15, 2008 (the “Employment Agreement”) and certain
changes to the Employment Agreement necessitated by the Company’s recent
restructuring of its senior management team.

    

    The
Company and you agree that the Employment Agreement is hereby amended in the
following regards:

    

    1.             Extension of Initial
Term

    

    The term
“Expiration Date,” as set forth in Section 5(b) of the Employment Agreement,
shall hereafter mean the close of business on May 20, 2009.  Likewise,
for all purposes under the Employment Agreement, the term “Initial Term” shall
hereafter mean the period measured from the Commencement Date through the
Expiration Date as defined in the preceding sentence.

    

    2.             Reporting
Line

    

    You shall
report directly to the Chief Executive Officer of the Company and, in the
absence thereof, to the President of the Company.

    

    3.             Good
Reason

    

    The
modification to your reporting line, to provide that in the absence of a Chief
Executive Officer you shall report to the President of the Company, shall not be
construed as a material adverse change in your position, authority, duties or
responsibilities or otherwise constitute an event giving rise to “Good Reason”
as defined in Section 5(h) of the Employment Agreement.

    

    4.             Miscellaneous

    

    This
Letter Agreement shall be governed by, and construed in accordance with, the
laws of the Commonwealth of Virginia, without reference to principles of
conflict of laws. This Letter Agreement is the full and final understanding
between you and the Company regarding the extension of the Initial Term of the
Employment Agreement and the change in your reporting line.  Except as
modified by the terms of this Letter Agreement, the Employment Agreement
remains
in full force and effect. This Letter Agreement shall not be modified,
waived or amended except by a written agreement executed by the parties hereto
or their respective successors and legal representatives.  This Letter
Agreement shall inure to the benefit of and be binding upon you, the
Company and its successors and assigns.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    If the
foregoing terms are acceptable to you, please confirm your agreement by signing
your name below.  Your signature below will indicate that you are entering
into this Letter Agreement freely and with a full understanding of its terms and
effect.

    

    
      	 
      	
              Very
      truly yours,

            
	 
      	 
      
	 
      	
              /s/
      Jeffrey W. Epstein

            	 
      
	 
      	
              Jeffrey
      W. Epstein

            	 
      
	 
      	
              President,
      General Counsel and 

              Secretary,
      TerreStar Corporation 

              and
      TerreStar Networks Inc.

            	 
      
	 
      	 
      	 
      
	 
      	 
      
	 
      	 
      
	
              AGREED
      AND ACCEPTED:

            	 
      
	 
      	 
      	 
      
	
              /s/
      Dennis Matheson

            	 
      	 
      
	
              Dennis
      Matheson

            	 
      	 
      
	 
      	 
      	 
      
	
              Date:

            	
              5/20/2008EX-4.(a)

[EXECUTION COPY]

FIRST AMENDMENT TO MULTICURRENCY CREDIT AGREEMENT

This FIRST AMENDMENT TO MULTICURRENCY CREDIT AGREEMENT, dated as of May 15, 2008 (this
“Amendment”), among (i) CLEVELAND-CLIFFS INC, an Ohio corporation (the “Borrower”),
(ii) the undersigned Lenders, and (iii) BANK OF AMERICA, N.A., as Administrative Agent, Swing Line
Lender and L/C Issuer, amends certain provisions of the Multicurrency Credit Agreement, dated as of
August 17, 2007 (as amended, restated and otherwise modified from time to time, the “Credit
Agreement”), among the Borrower, the Lenders, Bank of America, N.A., as Administrative Agent,
Swing Line Lender and L/C Issuer, and JPMorgan Chase Bank, N.A., as Syndication Agent. Capitalized
terms used herein without definition shall have the meanings assigned to such terms in the Credit
Agreement.

RECITALS

WHEREAS, the Borrower has requested that the undersigned Lenders and the Administrative Agent
agree to amend certain of the terms and provisions of the Credit Agreement, as specifically set
forth in this Amendment; and

WHEREAS, the undersigned Lenders and the Administrative Agent are prepared to amend the Credit
Agreement on the terms, subject to the conditions and in reliance on the representations set forth
herein.

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

Section 1. Amendment to Credit Agreement.

(a) Amendment to Section 6.17 (Limitations on Restrictions). Section 6.17 of the
Credit Agreement is hereby amended by restating clause (x) contained in such Section in its
entirety as follows:

“(x) any agreements not referred to in clause (ix) above evidencing Indebtedness;
provided, that (A) no Default or Event of Default has occurred and is continuing or
would result from the incurrence of such Indebtedness and (B) in the case of the issuance of
any Indebtedness in an aggregate principal amount in excess of U.S. $50,000,000,
individually or U.S. $100,000,000 in the aggregate for all Indebtedness issued pursuant to
this clause (x) (collectively, “Other Debt Issuances”), the Administrative
Agent shall have received not less than five (5) Business Days prior written notice of the
incurrence of each such Other Debt Issuance (including copies of all documents relating to
such Other Debt Issuances in “draft” form not less than two (2) Business Days prior to the
incurrence thereof and final copies of such documents promptly upon the closing of such
Other Debt Issuance); provided, further, that to the extent that any
affirmative covenant, negative covenant or event of default relating to any such Other Debt
Issuances is more restrictive than a substantially similar provision set forth in this
Agreement, as reasonably determined by the Administrative Agent in consultation with the
Borrower (each such provision in such Other Debt Issuances that is more restrictive is
referred to herein as an “Incorporated Provision”), then, upon written notice by the
Administrative Agent to the Borrower, each such Incorporated Provision shall, so long as
such Other Debt Issuances shall be outstanding, be automatically incorporated into this
Agreement as an additional term and provision hereof (it being understood that this
Agreement shall not be modified in any manner to make any other terms or provisions hereof
less restrictive). Each such Incorporated Provision shall be a term hereof as fully as set
forth herein and any failure to comply with such Incorporated Provision shall constitute a
Default and Event of Default hereunder;”

Section 2. Conditions Precedent. This Amendment shall become effective as of
the date first written above upon execution hereof by the Borrower, the Guarantors, the
Administrative Agent and the Required Lenders.

Section 3. Continued Validity of Loan Documents. Except for the amendment to
the Credit Agreement set forth in Section 1 hereof, this Amendment shall not, by
implication or otherwise, limit, impair, constitute a waiver of or otherwise affect any rights or
remedies of the Administrative Agent or any Lender under any of the Loan Documents, nor alter,
modify, amend or in any way affect any of the rights, remedies, obligations or any covenants of the
Borrower or any Guarantor contained in any of the other Loan Documents, all of which are ratified
and confirmed in all respects and shall continue in full force and effect.

Section 4. Representations and Warranties. Each of the Borrower and the
Guarantors (each, a “Loan Party”) hereby represents and warrants to the Administrative
Agent and the Lenders as follows:

(a) Due Execution and Authorization; Legal, Valid and Binding Obligation. The
execution and delivery and performance by such Loan Party of this Amendment is within such Person’s
corporate powers and has been duly authorized by all necessary action on its part. This Amendment,
the Credit Agreement as amended hereby and all other Loan Documents to which such Person is a party
constitute the legal, valid and binding obligations of such Person, enforceable against such Person
in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance or similar Laws affecting the enforcement of creditors’ rights
generally and by general principles of equity (regardless of whether the application of such
principles is considered in a proceeding in equity or at Law). This Amendment, the Credit
Agreement as amended hereby and the other Loan Documents do not, nor does the performance or
observance by such Loan Party of any of the matters and things herein or therein provided for, (i)
contravene or constitute a default under any provision of Law or any judgment, injunction, order or
decree binding upon such Loan Party or any provision of the organizational documents (e.g.,
charter, articles of incorporation or by laws, articles of association or operating agreement,
partnership agreement or other similar document) of such Loan Party, (ii) contravene or constitute
a default under any covenant, indenture or agreement of or affecting such Loan Party or any of its
Property, in each case where such contravention or default, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect or (c) result in the creation or
imposition of any Lien on any Property of such Loan Party.

(b) Representations and Warranties in Loan Documents. All representations and
warranties of each Loan Party set forth in the Credit Agreement and in any other Loan Document are
true and correct in all material respects on and as of the date hereof to the same extent as though
made on and as of such date, except to the extent such representations and warranties specifically
relate to an earlier date, in which case such representations and warranties shall have been true
and correct in all material respects on and as of such earlier date.

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

Section 5. Ratification. Except as expressly amended or waived hereby, the
Credit Agreement, the other Loan Documents and all documents, instruments and agreements related
thereto, are hereby ratified and confirmed in all respects and shall continue in full force and
effect. The Credit Agreement, together with this Amendment, shall be read and construed as a
single agreement. All references in the Loan Documents to the Credit Agreement or any other Loan
Document shall hereafter refer to the Credit Agreement or any other Loan Document as amended
hereby.

Section 6. Counterparts; Integration; Effectiveness. This Amendment may be
executed in counterparts (and by different parties hereto in different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single
contract. Delivery of an executed counterpart of a signature page to this Amendment by telecopier
(or electronic mail (in PDF format)) shall be effective as delivery of a manually executed
counterpart of this Amendment.

Section 7. Miscellaneous. This Amendment constitutes the entire agreement of
the parties with respect to the subject matter hereof and supersedes any prior understandings or
agreements which may have existed with respect thereto. Except as expressly provided herein, this
Amendment shall not, by implication or otherwise, limit, impair, constitute a waiver of or
otherwise affect any rights or remedies of the Administrative Agent or any Lender under the Credit
Agreement or the other Loan Documents, nor alter, modify, amend or in any way affect any of the
obligations or covenants contained in the Credit Agreement or any of the other Loan Documents, all
of which are ratified and confirmed in all respects and shall continue in full force and effect.
To the extent there is any inconsistency between the terms and provisions of any Loan Document and
the terms and provisions of this Amendment, the terms and provisions of this Amendment shall
govern. The headings used in this Amendment are for convenience of reference only and shall not in
any way be deemed to limit, define or describe the scope and intent of this Amendment or any
provision hereof. This Amendment shall be binding upon and inure to the benefit of the
Administrative Agent, each of the Lenders and each of the Loan Parties and their respective
Subsidiaries, and to each of their respective successors in title and assigns. This Amendment may
not be modified or amended except in a manner permitted by Section 10.11 of the Credit Agreement.
In making proof of this Amendment, it shall not be necessary to produce or account for more than
one such counterpart.

Section 8. Costs and Expenses. Pursuant to Section 10.13 of the Credit
Agreement, all reasonable out-of-pocket costs and expenses incurred or sustained by the
Administrative Agent in connection with this Amendment, including all reasonable and properly
documented fees, charges and disbursements fees of counsel of the Administrative Agent in
producing, reproducing and negotiating this Amendment, will be for the account of the Borrower
whether or not this Amendment is consummated.

Section 9. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF
LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY).

[Remainder of page intentionally blank.]

1

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

“Borrower”

Cleveland-Cliffs Inc

	 	 	 
	By:

	 	/s/ Laurie Brlas
	 

	 	 
	Name:

	 	Laurie Brlas

	 	 	Title: Executive Vice President and Chief Financial

Officer

2

	 	 	 
	“Administrative Agent”

	Bank of America, N.A., as Administrative Agent

	By:/s/ Matthew Hichbom

	 	

	 

	Name:

Title:

	 	Matthew Hichbom

Assistant Vice President

3

	 	 	Bank of America, N.A., as a Lender, Swing
Line Lender and as L/C Issuer

By: /s/ Kenneth G. Wood  

Name: Kenneth G. Wood

Title: Senior Vice President

4

	 	 	 
	JPMorgan chase bank, n.a., as a Lender

	By:/s/ Henry W. Centa

	 	

	 

	Name:

	 	Henry W. Centa

	 	 	Title: Senior Vice President

5

Charter One Bank, n.a., as a Lender

By: /s/ Robert G. Dracon, Jr.

Name:Robert G. Dracon, Jr.

Title: Vice President

6

KEYBANK NATIONAL ASSOCIATION, as

Documentation Agent and a Lender

By: /s/ Lawrence A. Mack

Name: Lawrence A. Mack

Title: EVP

7

Fifth Third Bank, as a Lender

By: /s/ R. C. Lanctot

Name: Roy C. Lanctot

Title: Vice President

8

Commonwealth Bank of Australia, as a Lender

By: /s/ D. Heuston 

Name: David Heuston

Title: Head of Risk Management

9

Wachovia Bank, National Association,

as a Lender

By: /s/ P. Kaufmann

Name: Patrick J. Kaufmann

Title: Senior Vice President

10

Westpac Banking Corporation, as a

Lender

By:

Name:

Title:

11

PNC Bank, National Association, as a
Lender

By: /s/ Jennifer L. Loew

Name: Jennifer L. Loew

Title: Vice President

12

US Bank, N.A., as a Lender

By: /s/ Patrick McGraw

Name: Patrick McGraw

Title: Vice President

U.S. Bank, N.A.

13

BMO CAPITAL MARKETS, FINANCING INC., 

as a Lender

By: /s/ Thad D. Rasche

Name: Thad D. Rasche

Title: Director

14

National Australia Bank Limited

A.B.N. 12 004 044 937, as a Lender

By: /s/ Stephen Daniels

Name: Stephen Daniels

Title: Director

National Australia Bank Limited

15

NATIONAL CITY BANK, as a Lender

By: /s/ R. S. Coleman

Name: Robert S. Coleman

Title: Senior Vice President

16

Comerica Bank, as a Lender

By: /s/ Brandon Welling

Name: Brandon Welling

Title: Account Officer

17

RATIFICATION OF GUARANTY

Each of the undersigned Guarantors hereby (a) acknowledges and consents to the foregoing
Amendment and the Borrower’s execution thereof, (b) joins the foregoing Amendment for the sole
purpose of consenting to and being bound by the provisions of Sections 4 and 5 thereof and (c)
ratifies and confirms all of their respective obligations and liabilities under the Loan Documents
to which any of them is a party and ratifies and confirms that such obligations and liabilities
extend to and continue in effect with respect to, and continue to guarantee the Obligations of the
Borrower under the Loan Documents.

“Guarantors”

The Cleveland-Cliffs Iron Company

	 	 	 
	By:

	 	/s/ Steven Raguz
	 

	 	 
	Name:

Title:

	 	Steven M. Raguz

Treasurer

	 	 	Cliffs Mining Company

	 	 	 
	By:

	 	/s/ Laurie Brlas
	 

	 	 
	Name:

	 	Laurie Brlas

	 	 	Title: Executive Vice President and Chief Financial

Officer

Cliffs Sales Company

Northshore Mining Company

Silver Bay Power Company

Cliffs Minnesota Mining Company

Cliffs Empire, Inc.

Cliffs TIOP, Inc.

Cliffs North American Coal, LLC (f/k/a PinnOak
Resources, LLC)

	 	 	 
	By:

	 	/s/ Laurie Brlas
	 

	 	 
	Name:

Title:

	 	Laurie Brlas

Vice President

18

	 	 	CLF PinnOak LLC

	 	 	 
	By:

	 	/s/ D. J. Gallagher
	 

	 	 
	Name:

Title:

	 	Donald J. Gallagher

President

19

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