Document:

exhibit10-3.htm

    

      EXHIBIT
10.3

      

      
        	 
      	
                SECOND
      AMENDMENT

              	 
      
	 
      	
                TO
      THE

              	 
      
	 
      	
                AK
      STEEL HOLDING CORPORATION

              	 
      
	 
      	
                EXECUTIVE
      OFFICER SEVERANCE AGREEMENT

              	 
      
	 
      	 
      	 
      

      

      

      

      WHEREAS,
the parties to this Second Amendment entered into and executed an Executive
Officer Severance Agreement (the “Agreement”) dated July 26, 2004;
and

      

      WHEREAS,
the parties desire to eliminate any question that the Agreement satisfies the
requirements under Internal Revenue Service Revenue Ruling 2008-13 with respect
to the deductibility of performance-based compensation under Section 162(m) of
the Internal Revenue Code; and

      

      WHEREAS,
if the Agreement does not satisfy the requirements under Revenue Ruling 2008-13
with respect to deductibility, it could result in substantial adverse tax
consequences;

      

      NOW,
THEREFORE, in consideration of the foregoing premises, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Second Amendment agree that Section E(2)(b) of
the Agreement is hereby amended to read as follows:

      

      “b.           Lump Sum
and MIP Payments.
You will receive a lump-sum payment which shall be separate from, but
equal in amount to, your assigned target [for CEO, substitute: “equal in
amount to one and one half times, your assigned target”] under the AK
Steel Corporation Annual Management Incentive Plan (“MIP”) for the calendar year
during which your Date of Termination occurs.  Payment of this lump
sum amount will be made within ten days after the effective date of your Release
of Claims. You also will receive on a prorated basis the MIP incentive award, if
any, to which you otherwise would be entitled for the calendar year during which
your Date of Termination occurs.  The amount of such prorated MIP
incentive award shall be determined in accordance with Section 6, above, and
adjusted to reflect the percentage of your actual period of participation in the
MIP prior to termination during such calendar year.  Payment of any
such prorated MIP incentive award will be made within ten days after the later
of: (i) the date that any awards under the MIP with respect to such calendar
year are paid to participants under the MIP, or (ii) the effective date of your
Release of Claims.”

       

      IN
WITNESS WHEREOF, the parties accept and agree to the foregoing terms, and have
executed this Agreement in duplicate on the dates set forth below their
respective signatures.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      

      
        	 
      	
                AK
      STEEL  HOLDING CORPORATION

              
	 
      	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	
                James
      L. Wainscott, Chairman, President

              
	 
      	 
      	
                &
      Chief Executive Officer

              
	 
      	 
      	 
      
	 
      	
                Date:

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                AK
      STEEL CORPORATION

              
	 
      	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	
                James
      L. Wainscott , Chairman, President

              
	 
      	 
      	
                &
      Chief Executive Officer

              
	 
      	 
      	 
      
	 
      	
                Date:

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                Signature
      of Executive Officer

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                Name
      (Please print)

              
	 
      	 
      	 
      
	 
      	
                Date:

              	 
      
	 
      	 
      	 
      

      

      

- 2
-exhibit10-4.htm

     

     

    

    EXHIBIT
10.4

    

    SECOND
AMENDMENT

    TO
THE

    AK
STEEL CORPORATION

    EXECUTIVE
MINIMUM AND SUPPLEMENTAL RETIREMENT PLAN

    

    (as amended and restated as
of October 18, 2007)

    

    

    Pursuant
to the power of amendment reserved to the Board of Directors of AK Steel Holding
Corporation in Section 9.3 of the AK Steel Corporation Executive Minimum and
Supplemental Retirement Plan (as amended and restated as of October 18, 2007)
(the “Plan”), the Plan is hereby amended as follows effective as of October 22,
2009:

    

    
      	
              1.  

            	
              Section
      2.20 is changed in its entirety to read as
  follows:

            

    

    

    “2.20           ‘Qualified DB Plan’ means any
tax-qualified defined benefit pension plan sponsored by the Company including
the NCPP and the RAPP, and any predecessor, substitute or successor of any such
plan.”

    

    
      	
              2.  

            	
              Section
      2.21 is changed in its entirety to read as
  follows:

            

    

    

    “2.21           ‘Qualified DC Plan’ means any
tax-qualified defined contribution plan sponsored by the Company including the
AK Steel Corporation Thrift Plan A and any predecessor, substitute or successor
of any such plan.”

    

    
      	
              3.  

            	
              Section
      6.4 is changed in its entirety to read as
  follows:

            

    

    

    “6.4           Offset for Other
Pensions

    

    A
Member's Benefit shall be reduced as of the Member's Benefit Commencement Date
by: (a) any accrued benefit under any Company-provided Qualified DB Plan,
actuarially adjusted under the terms of the Qualified DB Plan as if the benefit
under the Qualified DB Plan commenced at the same time as the Member's Benefit;
and (b) the actuarial equivalent, determined under the assumptions set forth in
Section 8.2 of this Plan, of any Company-provided vested benefits accumulated
under any Qualified DC Plan, including any such benefits that are attributable
to nonelective contributions to the plan by the Company on and after October 22,
2009, and excluding any such benefits attributable to Company contributions that
are contingent on participants making elective contributions to such
plan.”

    

    
      	
              4.  

            	
              Section
      8.1(b) is changed in its entirety to read as
  follows:

            

    

    
      	
               
      

            	 

    

    
      	
               
      

            	
              “(b)

            	
              With
      respect to a Member who has achieved his or her Vesting Date and whose
      Termination Date occurs before he or she attains age 55, his or her vested
      Benefit shall be paid to the Member, or in the event of his or her death
      prior to such payment, to his or her designated beneficiary, as soon as
      administratively feasible

            

    

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    after
his or her 55th
birthday (or his or her date of death, if sooner), but no later than 30 days
after such date; provided however, if such Member’s Termination Date is on
account of a determination that he or she is Permanently Disabled (as defined in
Section 7.2), such Member’s Benefit shall be paid as soon as administratively
feasible after his or her Termination Date, but no later than 30 days after such
date.”

    

    IN
WITNESS WHEREOF, AK Steel Holding Corporation has caused this Second Amendment
to be executed this 2nd day of November, 2009.

    

    

    
      	 
      	
              AK
      STEEL HOLDING CORPORATION

            
	 
      	 
      	 
      
	 
      	
              By:  
      

            	 /s/ David C.
      Horn
	 
      	 
      	
              David
      C. Horn, Senior Vice President,

            
	 
      	 
      	
              General
      Counsel and SecretaryEXHIBIT 10.1

FORM OF AMENDMENT 

TO 

EMPLOYMENT AGREEMENT 

DATED AS OF MARCH 1, 2007, AS AMENDED

          This
Amendment (the “Amendment”) to the Employment Agreement (as defined below), is
made as of the October 30, 2009 among Rodman & Renshaw Holding, LLC, a
Delaware limited liability company (“Holding”), having its principal place of
business at 1251 Avenue of the Americas, New York, New York 10020, Rodman &
Renshaw, LLC, a Delaware limited liability company (“R&R””), having its
principal place of business at 1251 Avenue of the Americas, New York, New York
10020, Rodman & Renshaw Capital Group, Inc., a Delaware corporation
(“Rodman”), having its principal place of business at 1251 Avenue of the
Americas, New York, New York 10020 and John J. Borer III (the “Executive”), an
individual, having his principal place of business at 1251 Avenue of the
Americas, New York, New York 10020.  

W I T N
E S S E T H:

          WHEREAS,
Holding, R&R and Executive are parties to an
Employment Agreement, dated as of March 1, 2007 and amended as of July 10, 2007
(the “Employment Agreement”); and 

          WHEREAS,
pursuant to the terms of the Employment Agreement, Executive serves as a Senior
Managing Director of R&R and a senior executive of Holding; and 

          WHEREAS,
the current term of the Employment Agreement expires February 28, 2010; and 

          WHEREAS,
Holding, R&R and Executive each have expressed a desire to amend the terms
of the Employment Agreement as more particularly set forth herein; and 

          WHEREAS,
Rodman has agreed to be bound by the terms of the Employment Agreement as set
forth herein. 

          NOW,
THEREFORE, in consideration of the premises set forth
above, the mutual agreements, covenants and representations set forth below and
other good and valuable consideration, the parties hereto agree as follows: 

          1.          Except
to the extent otherwise set forth herein, all capitalized terms used in this
Amendment shall have the meaning ascribed to such term in the Employment
Agreement. 

          2.          Holding
hereby assigns all of its rights, obligations and duties under the Employment
Agreement to Rodman, the corporate parent of Holding, and Rodman hereby accepts
such assignment and undertakes to perform and execute all of Holdings’ 

duties
and obligations under the Employment Agreement. Executive hereby consents
to such assignment and hereby agrees to
render the services required of him under the Employment Agreement to Rodman in
place of Holding. 

          3.          All
references in the Employment Agreement to: (i) “Rodman & Renshaw Holding,
LLC, a Delaware limited liability company” shall hereafter be references to
Rodman & Renshaw Capital Group, Inc., a Delaware corporation”; (ii) “Holding”
shall hereafter be references to Rodman; (iii) the “Company” shall hereafter be
references to Rodman; and (iv) the “Board” shall hereafter be references to the
board of directors of Rodman. 

          4.          Section
2 of the Employment Agreement is hereby amended by striking “2010” appearing in
the first sentence and substituting in lieu thereof “2011”. 

          5.          Except
as otherwise set forth in this Amendment, all of the terms and conditions,
representations and warrants, agreements and covenants set forth in the
Employment Agreement shall continue in full force and effect for the periods
set forth therein. 

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

	
  

 	
  

 	
  

 
	
  

 	
 RODMAN & RENSHAW HOLDING, LLC

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
        Name:

 
	
  

 	
  

 	
        Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 RODMAN & RENSHAW, LLC

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
        Name:

 
	
  

 	
  

 	
        Title

 
	
  

 	
  

 	
  

 
	
  

 	
 RODMAN & RENSHAW CAPITAL GROUP, INC.

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
        Name:

 
	
  

 	
  

 	
        Title:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
        JOHN J. BORER III

 

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