Document:

WWW.EXFILE.COM, INC. -- 888-775-4789 -- SCHNITZER STEEL INDUSTRIES, INC. -- EXHIBIT 10.2 TO FORM 8K

    EXHIBIT
10.2

     

    INSTRUMENT
OF AMENDMENT

     

    INSTRUMENT OF AMENDMENT, dated as of
April 29, 2008, by and between SCHNITZER STEEL INDUSTRIES, INC. (the “Company”)
and TAMARA L. ADLER (LUNDGREN) (the “Executive”), to the Change in Control
Severance Agreement, dated as of March 24, 2006, between the Company and the
Executive (the “Change in Control Agreement”) (capitalized terms used but not
defined herein shall have the respective meanings given such terms in the Change
in Control Agreement).

     

    W I T N E S S E T
H:

     

    WHEREAS, the Company and the
Executive have entered into the Change in Control Agreement;

     

    WHEREAS, Section 11 of the
Change in Control Agreement provides that the Change in Control Agreement may
not be modified except in writing by the Executive and the Company;
and

     

    WHEREAS, the Company and the
Executive desire to modify the Change in Control Agreement as provided
herein.

     

    NOW, THEREFORE, the parties
hereto agree as follows:

     

    
      	
              1.  

            	
              Section
      2 of the Change in Control Agreement is hereby amended by deleting the
      section in its entirety and by substituting the following in lieu
      thereof:

            

    

     

    “Term of
Agreement.  This Agreement shall commence on the date hereof
and shall continue in effect through August 31, 2009, or earlier termination of
your employment; provided, however, that (1) commencing on September 1, 2009 and
each September 1 thereafter, the term of this Agreement shall automatically be
extended for one additional year unless at least ninety (90) days prior to such
September 1 date, the Company or you shall have given notice that this Agreement
shall not be extended (provided that no such notice may be given by the Company
during the pendency of a Potential Change in Control), and (2) provided further
that this Agreement shall continue in effect for a period of twenty-four (24)
months beyond the term provided herein if a Potential Change in Control or a
Change in Control shall have occurred during such term.

     

    

    
      	
              2.  

            	
              Section
      4 of the Change in Control Agreement is hereby amended by deleting
      subsection 4(iii)(A) and by substituting the following in lieu
      thereof:

            

    

     

    “a change
in your status, title, positions or responsibilities as Executive Vice President
and Chief Operating Officer or the assignment to you of any duties or
responsibilities which are inconsistent with such status, title or positions, or
any 

     

    
      
        
        

      

      
        - 1
-

        
          

        

      

      
        
        

      

    

    removal
of you from or any failure to reappoint or reelect you to such positions, except
in connection with the termination of your employment for Cause or Disability or
as a result of your death or by you other than for Good Reason.”

     

    

     

    
      	
              3.  

            	
              Section
      4 of the Change in Control Agreement is hereby amended by deleting
      subsection 4(iii)(e) and by substituting the following in lieu
      thereof:

            

    

     

    “the
Company’s requiring you to relocate your residence, or change your base office
location from the location currently in New York City (or other offices in
reasonable proximity within New York City) immediately prior to the earlier of
Shareholder Approval, if applicable, or the Change in Control except for
required travel on the Company’s business to an extent substantially consistent
with the business travel obligations which you undertook on behalf of the
Company prior to the earlier of Shareholder Approval, if applicable, or the
Change in Control.”

     

    

     

    
      	
              4.  

            	
              Section
      5 of the Change in Control Agreement is hereby amended by deleting
      subsection 5(iii)(A) and by substituting the following in lieu
      thereof:

            

    

     

    “the
Company shall pay your full base salary at the rate in effect just prior to
the time
a Notice of Termination is given plus your current year annual bonus through the
Date of Termination plus any benefits or awards which pursuant to the terms of
any Plans have been earned or become payable, but which have not yet been paid
to you.”

     

    

     

    
      	
              5.  

            	
              Section
      5 of the Change in Control Agreement is hereby amended by deleting
      subsection 5(iii)(B) and by substituting the following in lieu
      thereof:

            

    

     

    “as
severance pay and in lieu of any further salary for periods subsequent to the
Date of Termination, the Company shall pay to you in a single payment an amount
in cash equal to the sum of (1) three (3) times the greater of (i) your annual
rate of base salary in effect on the Date of Termination or (ii) your annual
rate of base salary in effect immediately prior to the earlier of Shareholder
Approval, if applicable, or the Change in Control plus (2) three (3) times the
sum of the greater of (i) the average of your last three annual bonuses
(annualized in the case of any bonus paid with respect to a partial year);
provided, however, that, the amount taken into account with respect to each of
the last three annual bonuses shall not exceed three times the target bonus
established by the Board with respect to each such year or (ii) the target bonus
as most recently established by the Board.”

     

    
      	
              6.  

            	
              (a)

            	
              In
      the event of any conflict between the terms of this Instrument of
      Amendment and the terms of the Change in Control Agreement, the terms of
      this Instrument of Amendment shall take precedence.  Except
      as

            

    

    
      
         

        
          
            
            

          

          
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                  expressly
      modified herein, the Change in Control Agreement shall remain in full
      force and effect throughout the entire Employment
  Term.

                

        

        
           

        

      

      
        	
                 

              	
                (b)

              	
                
                  The
      validity, interpretation, construction and performance of this Instrument
      of Amendment shall be governed by the laws of the State of
      Oregon.

                

              

      

       

      
        
          	
                   

                	
                  (c)

                	
                  
                    This
      Instrument of Amendment may be executed in two or more counterparts, all
      of which taken together shall constitute one
    instrument.

                  

                

        

         

      

    

    IN WITNESS WHEREOF, the
parties hereto, intending to be legally bound, have hereunto executed this
Instrument of Amendment, effective as of the day and year first written
above.

     

    Acknowledged
and Agreed to by:

     

    
      TAMARA L.
ADLER (LUNDGREN)

    

     

     

    
      	
              /s/ Tamara L.
      Lundgren 

                
      

            	
              Date:  
      April 30,
      2008

              
                
      

            

    

     

         

     

    Acknowledged
and Agreed to by:

     

    SCHNITZER
STEEL INDUSTRIES, INC.

     

    
       

      
        	
                By:  /s/ John D.
      Carter

                
                  
      

                Name:  John D. Carter

                Title:  President
      & Chief Executive Officer

              	
                Date:   
      April 30,
      2008

                
                  
      

              

      

       

    

     

     

    
      
        
        

      

      
        - 3
-EXHIBIT 10.1

                 ASSIGNMENT AND QUIT CLAIM OF OIL AND GAS LEASES

KNOW ALL MEN BY THESE PRESENTS:

         That the undersigned, Sierra Assets Holding LLC ("Assignor"), to Sierra
Resource Group, Inc. ("Assignee"), 6767 West Tropicana Avenue, Suite 207, Las
Vegas, California 89103, for good and valuable consideration, in hand paid, the
receipt and sufficiency of which are hereby acknowledged, does hereby grant,
bargain, sell, assign, transfer, convey and quit claim unto the Assignee all of
Assignor's right, title and interest of whatsoever nature or kind in and to the
lands and leases described herein in and to the lands lying in the States of
Kansas and Louisiana.

         It is the specific intent of the Assignor to assign and convey One
hundred percent (100.0%) of Assignor's right, title, and interest, if any, in
and to the leasehold estate in the Leases and Lands to the Assignee described as
follows:

A.       (i) The Working Interest and Net Revenue Interest in the Snapper #2
Well allocated to Assignee:

                                                              Net Revenue
Interest Holder            Working Interest                   Interest

Assignor                              0.04%                         0.03%

         (ii) the balance of the Working Interest and Net Revenue Interest in
the Snapper #2 Well is allocated to each participant in the well as follows:

Interest Holder            Working Interest                   Net Revenue
                                                              Interest

Natural Gas and Oil &                 3.75%                        2.625%
 "Choice" Development
  Fund 1, LP
Team Resources, Inc.                  1.50%                        1.05 %
Cypress Drilling, LLC,               91.00%                       63.70 %
  Et.al.
Crestwood Energy                      2.00%                        1.40 %
Others                                1.75%                        1.225%
Snapper Lease Landowner               0.00%                       30.00 %

Total                               100.00%                       100.00%

                                       1

<PAGE>

B.       (i) The Working Interest and Net Revenue Interest in the Smith A #2,
Shomaker #2, Assignee and Boger #2 Wells allocated to Assignee:

Interest Holder            Working Interest                   Net Revenue
                                                              Interest

Assignor                              0.35%                        0.03 %

         (i) The Working Interest and Net Revenue Interest in the Smith A #2,
Schomaker #2, and Boger #2 Wells is allocated to each participant in the wells
as follows:

Interest Holder            Working Interest                   Net Revenue
                                                              Interest

Natural Gas and Oil &                35.00%                      26.25  %
 "Choice" Development
  Fund 1, LP
Team Resources, Inc.                 11.25%                       8.4375%
Indian Oil Company                   18.75%                      14.0625%
Crestwood Energy                     10.00%                       7.50  %
Others                               25.00%                      18.75  %

Smith, Shomaker & Boger               0.00%                      25.00  %
  Lease Landowners

Total                               100.00%                     100.00  %

This assignment is subject to the following:

1.       The leases described are subject to all preexisting Landowner and
Overriding Royalties, burdening the interest assigned herein.

2.       The Assignor reserves a security interest in the above mentioned
leasehold estates, to include, but not limited to the said Net Revenue Interest
and Working Interest in all oil, gas, casing head gas and other hydrocarbon
substances produced, saved and marketed under the terms of said leases or any
extensions thereof, to secure a Promissory Note of April 30, 2008 ("Note").

                                       2

<PAGE>

3.       Default Remedies.

         (a) The following one or more of the events, as defined below, shall be
considered to be an Event of Default hereunder:

         i.  The Assignee's failure to pay any indebtedness under the Note
         within ten days after such indebtedness becomes due in accordance with
         the terms of the Note.

         ii. The Assignee's breach of any of the representations and warranties
         set forth in the Note

         iii. Default by the Assignee in punctual performance of any of the
         obligations, terms or provisions contained or referred to in the Note,
         and such default shall continue unremedied for a period of ten days
         following written notice of default by the Assignor to the Assignee.

         iv. The Assignee's insolvency or business failure; the appointment of a
         receiver of all or any part of the property of the Assignee; an
         assignment for the benefit of creditors by the Assignee, or the
         commencement of any proceeding under any bankruptcy or insolvency laws
         by or against the Assignee or any guarantor, surety or endorser for the
         Assignee that results in the entry of an order for relief or that
         remains undismissed, undischarged or unbonded for a period of 30 days
         or more.

         (b) Should an Event of Default occur, the Assignor shall have the right
to take custodial possession of the Collateral transferred or registered in his
name. The Assignor shall have the further right to seek any further damages or
remedies hereunder or under the Uniform Commercial Code of the States of
Louisiana and Kansas.

         This Assignment is made without warranty of any kind either express or
implied.

         In the event Assignor's interest covers less than the entire interest,
or if said oil and gas lease covers less than the entire mineral estate in the
lands described attached hereto, the interest assigned to Assignee shall be
reduced proportionately.

                                       3

<PAGE>

         This Assignment shall be binding upon the respective heirs, executors,
administrators, successors and assigns of the Assignor and Assignee herein.

Executed this 30th day of April, 2008.

ASSIGNOR:

Sierra Asset Holdings LLC

/s/PAUL ANDRE
___________________________
PAUL ANDRE

ASSIGNEE:

Sierra Resource Group, Inc.

/s/ PAUL ANDRE
___________________________
PAUL ANDRE

                                       4

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