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                                                                    EXHIBIT 10.3

                    AMENDED AND RESTATED EMPLOYMENT AGREEMENT
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            THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (hereinafter referred
to as the  "Agreement")  made and entered into effective as of March 4, 2005, by
and among WHX CORPORATION  (hereinafter  referred to as "WHX", and together with
its subsidiaries,  the "Company"), a corporation organized under the laws of the
State of Delaware,  with principal offices located at 110 East 59th Street,  New
York,  New York  10022,  HANDY & HARMAN  (hereinafter  referred  to as "H&H",  a
corporation organized under the laws of New York, with principal offices located
at  555  Theodore  Fremd  Avenue,  Rye,  New  York  10580  and  NEIL  D.  ARNOLD
(hereinafter  referred  to as the  "Executive"),  an  individual  with an office
address at 110 East 59th Street, New York, New York 10022.

            WHEREAS,  Executive  heretofore  has been  employed as the Executive
Chairman  of WHX  pursuant  to that  certain  employment  agreement  (the "Prior
Agreement")  dated February 1, 2004 (the  "Effective  Date") between WHX and the
Executive.

            WHEREAS, the parties desire to amend and restate the Prior Agreement
in order to, among other things,  provide the terms under which the Company will
make certain payments to the Executive in consideration  of, among other things,
the Executive's  agreement to perform additional services for the benefit of H&H
and the  Executive's  extraordinary  and  continuing  efforts in  assisting  the
Company in  developing  and  analyzing  its  strategic  alternatives,  including
negotiations   with   persons   interested   in  or   affected   by  a  possible
recapitalization or other restructuring of the Company of its obligations.

            NOW,  THEREFORE,  in  consideration of these premises and the mutual
covenants  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 hereby, agree as follows:

            1. EMPLOYMENT; TERM.

               (a) The Company desires to employ the Executive and to enter into
this Agreement as of the date hereof and the Executive desires to be so employed
and the Executive agrees to continue employment with the Company pursuant to the
terms hereof.  The Executive shall hold the office of the Executive  Chairman of
WHX. The Executive shall perform all duties of this position consistent with the
powers and duties of such  offices  set forth in WHX's  By-Laws,  as well as any
other duties,  commensurate with the Executive's  positions that are assigned by
the Board of  Directors  of WHX (the  "Board"),  including  without  limitation,
executive management services from time to time on behalf of H&H.

            The  Executive  shall devote his full working  time,  attention  and
energies  to the  business  of the Company and shall not during the term of this
Agreement  be  engaged  in any  other  business  activity,  whether  or not such
business activity is pursued for gain, profit or other pecuniary advantage;  but
this shall not be construed as  preventing  the  Executive  from  investing  his
personal assets in businesses which do not compete, directly or indirectly, with

the  Company  in any  manner,  in such form or manner  as will not  require  any
services on the part of the  Executive  in the  operation  of the affairs of the
companies  in which  such  investments  are made  and in which  the  Executive's
participation  is solely that of an investor and except that the  Executive  may
purchase  securities in any  corporation  the  securities of which are regularly
traded,  provided,  that such purchase shall not result in the Executive  owning
beneficially  at any time one percent (1%) or more of the equity  securities  of
any  corporation  engaged in a business  directly  competitive  with that of the
Company.  Notwithstanding  the  foregoing,  it is understood  that Executive may
serve as a member of the Board of Directors,  or other similar  involvement,  of
one or more not-for-profit  organizations and engage in activities in connection
therewith,  PROVIDED HOWEVER,  Executive shall not devote more than a de minimis
amount  of  time,  attention  and  energies  to  such  activities.  The  Company
acknowledges  such  activities  shall  be  permitted  during  the  term  of this
Agreement.

               (b) The term of this Agreement  shall commence on the date hereof
and shall continue in full force and effect until the second  anniversary of the
Effective  Date, at which time,  and on each  anniversary  of the Effective Date
thereafter,  the  term of this  Agreement  shall  be  extended  until  the  next
anniversary  thereafter,  unless  one  party  hereto  shall  provide  notice  of
termination  to the other  party  hereto no less than  thirty (30) days prior to
such  anniversary  or such  earlier  date as this  Agreement  is  terminated  in
accordance  with the  provisions  of this  Agreement  (such  period as it may be
extended from time to time, the "Term").

            2.  COMPENSATION.  Subject  to the  terms  and  conditions  of  this
Agreement, the Company shall pay to the Executive as compensation for the duties
to be performed by the Executive under this Agreement, the sum of the following:

               (a) A base  salary  of  $450,000  per  annum,  to be paid no less
frequently than monthly, in equal amounts;

               (b) A bonus of  $250,000.00,  payable  (i)  upon the  entry of an
order by a court of  competent  jurisdiction  confirming  a plan filed by WHX (a
"Confirmation  Plan"),  or its  successor,  under  chapter 11 of title 11 of the
United States Code (a "Confirmed Plan Order"), if Executive is still employed by
the  Company  on such  date,  or (ii) upon the entry of a  Confirmed  Plan Order
confirming a  Confirmation  Plan, if Executive is not employed by the Company on
such date, so long as Executive has terminated  his employment  with the Company
for  reasons  provided  in Section 6 or  Executive  has been  terminated  by the
Company  Without Cause  pursuant to Section  5(d),  and in either such case such
Confirmation  Plan  represents  a Change of  Control of the  Company  within the
meaning of Section  409A of the Internal  Revenue Code of 1986,  as amended (the
"Code"),  including  proposed,  temporary  or  final  regulations  or any  other
guidance  issued by the Secretary of Treasury and the Internal  Revenue  Service
with respect thereto (the "Section 409A Rules"),  or (iii) if such bonus has not
otherwise  been paid  pursuant to either (i) or (ii) of this  paragraph (a) , in
the event that  Executive has  terminated  his  employment  with the Company for
reasons  provided in Section 6 or is  terminated  by the Company  Without  Cause
pursuant  to  Section  5(d),  then  upon the  entry of a  Confirmed  Plan  Order
confirming a Confirmation  Plan so long as such entry occurs no later than 2-1/2
months after the close of the calendar year in which such termination occurs (or
at such other time if  necessary to comply with Section 409A of the Code and the
Section 409A Rules ). In all other cases,  the bonus  described in the preceding
sentence shall not be due or payable;

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               (c) The Executive shall also be entitled to such annual bonus, if
any,  as  the  Board  or the  Compensation  Committee  of  WHX  in its  absolute
discretion shall determine; and

               (d) The  Executive  shall  be  entitled  to  participate  in such
additional  long term incentive plan as the Board shall deem  appropriate in its
sole and absolute discretion.

            3. VACATION TIME.  The Executive  shall be entitled to vacation with
pay of four  (4)  weeks in each  calendar  year.  This  vacation  time  shall be
pro-rated for partial employment in any calendar year.

            4.  BENEFITS.  The  Executive  shall  receive  all  normal  employee
benefits available to employees of the Company including the following:

               (a) Health insurance  coverage,  if and to the extent provided to
all other employees of the Company, for the Executive,

               (b) Vacation as provided in this Agreement; and

               (c) Non-exclusive use of a reasonably priced apartment in the New
York, New York area.

            5.  TERMINATION  OF AGREEMENT BY THE COMPANY.  This Agreement may be
terminated  by the Company  immediately  by  providing  notice to the  Executive
pursuant to Section 12 hereof upon the occurrence of any of the following:

               (a) For Cause (as defined below);

               (b) The death of the Executive;

               (c) The Disability (as defined below) of the Executive; or

               (d) Without Cause, upon written notice to the Executive.

            "Cause" shall mean: (i) the Executive's engaging in conduct which is
materially injurious to the Company,  its subsidiaries or affiliates,  or any of
their respective  customer or supplier  relationships,  monetarily or otherwise;
(ii)  the  Executive's  engaging  in  any  act  of  fraud,  misappropriation  or
embezzlement  or any act which  would  constitute  a felony  (other  than  minor
traffic violations); or (iii) the Executive's material breach of this Agreement.

            "Disability" shall mean: the Executive's  absence from the full-time
performance  of his duties  hereunder for at least ninety (90) days,  whether or
not consecutive,  within any twelve (12)  consecutive  months as a result of any
incapacity due to physical or mental illness.

            6. TERMINATION OF AGREEMENT BY THE EXECUTIVE.  This Agreement may be
terminated by the Executive,  by written notice to the Company, (i) within sixty
(60) days following a material diminution of the Executive's  position,  duties,
responsibilities  or  compensation  with the  Company  (a  "Material  Diminution
Termination  Election")  or (ii)  within  sixty (60) days  following a Change in

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Control (as defined below) (a "Change in Control Termination Election").  In the
case of a Material Diminution Termination Election by the Executive, the Company
shall have ten (10) days  following its receipt of written notice of termination
from the  Executive to cure such  material  diminution.  If the Company does not
cure such material  diminution within the ten (10) days following its receipt of
written  notice of  termination  from the Executive  pursuant to this Section 6,
termination of Executive's  employment shall be effective at the end of such ten
(10) day period. In the event of a Change in Control Termination  Election,  the
Company  shall have ten (10) days  following  its  receipt of written  notice of
termination  from  Executive to make a written  request to Executive to continue
his employment with the Company at his then-present annual base salary,  applied
on a  pro-rata  basis,  for a period  of sixty  (60)  days from the date of such
written request. The Company shall be required to make the Severance Payment (as
defined in Section  7(b) of this  Agreement)  to the  Executive  pursuant to the
terms of Section 7(b) without  regard to whether or not it sends such request to
Executive. Upon timely receipt of such request from the Company, Executive shall
continue  his  employment  for such sixty (60) day  period,  at the end of which
Executive's  employment  shall  terminate.  If the  Company  does not send  such
request, the termination of Executive's employment shall be effective at the end
of such ten (10) day period.

            "Change in  Control"  shall mean:  (i) the direct or indirect  sale,
lease,  exchange or other transfer of all or substantially  all of the assets of
the  Company  or H&H to any  person or entity or group of  persons  or  entities
acting in concert as a partnership  or other group (a "Group of Persons"),  (ii)
the merger,  consolidation or other business  combination of the Company with or
into another  corporation  with the effect that the  shareholders of WHX, as the
case may be, immediately  following the merger,  consolidation or other business
combination,  hold  50% or  less  of  the  combined  voting  power  of the  then
outstanding   securities   of  the   surviving   corporation   of  such  merger,
consolidation  or other business  combination  ordinarily (and apart from rights
accruing under special  circumstances)  having the right to vote in the election
of directors, (iii) the replacement of at least 50% of the Board over any period
of two years or less, as compared to the directors who  constituted the Board at
the  beginning  of such  period,  and such  replacement(s)  shall  not have been
approved  by a majority of the Board as  constituted  at the  beginning  of such
period,  or (iv) a person or Group of Persons shall,  as a result of a tender or
exchange  offer,  open  market  purchases,  privately  negotiated  purchases  or
otherwise,  have become the  beneficial  owner (within the meaning of Rule 13d-3
under the  Securities  Exchange Act of 1934,  as amended) of  securities  of WHX
representing  50% or more of the combined  voting power of the then  outstanding
securities of such corporation  ordinarily (and apart from rights accruing under
special circumstances) having the right to vote in the election of directors.

            7. SEVERANCE AND OTHER PAYMENTS.

               (a) In the event that the Executive's employment is terminated at
any time pursuant to Section 5(d) of this  Agreement,  which  termination  shall
include the giving of notice not to extend the Term  pursuant  to Section  1(b),
the Company  agrees to pay the  Executive a lump-sum cash payment equal to twice
his then current  annual base salary (the two year period  following  the end of
the Term,  the  "Severance  Period"),  and the  Company  shall  have no  further
obligations to the Executive.  Prior to and as a precondition  to the payment of
such amount, the Executive shall deliver to the Company a general release of the
Company, its subsidiaries and affiliates, and each of their officers, directors,

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employees,  agents,  successors  and  assigns,  in the form  attached  hereto as
Exhibit A, and provide the  Director  Resignation  (as defined  below).  Payment
shall be made on the date ten (10)  business  days  following  the  delivery  by
Executive of the general  release  described  in the  previous  sentence and the
Director Resignation, and if the general release and the Director Resignation is
not so  delivered  within  sixty  (60) days of  termination  of the  Executive's
employment,  no  payment  shall  be  due.  In  all  other  instances,  including
termination of the  Executive's  employment for Cause,  termination  pursuant to
Sections 5(b) or 5(c), or if the Executive  voluntarily leaves the employment of
the Company  (other than as provided in Section 6), the  Executive  shall not be
eligible or entitled to, and the Company  shall not be  obligated  to make,  any
payment following the Executive's  termination,  except as otherwise provided in
Section  7(b),  and  the  Company  shall  have  no  further  obligations  to the
Executive. Executive agrees that upon the termination of his employment with the
Company he shall immediately resign his positions,  if any, as a director of the
Company and each of its subsidiaries (the "Director Resignation").

               (b)  In the  event  that  the  Executive  makes  an  election  to
terminate  his  employment  pursuant  to the terms of Section 6, and the Company
does not cure such  termination  pursuant to the terms of the second sentence of
Section 6, if  applicable,  the Executive  shall be entitled to receive from the
Company a lump-sum  cash  payment  equal to twice his then  current  annual base
salary  (the  "Severance  Payment"),  and the  Company  shall  have  no  further
obligation to the Executive.  Prior to and as a  precondition  to the payment of
the  Severance  Payment  the  Executive  shall  deliver to the Company a general
release of the  Company,  its  subsidiaries  and  affiliates,  and each of their
officers,  directors,  employees, agents, successors and assigns, in the form as
attached  hereto  as  Exhibit  A, and  provide  the  Director  Resignation.  The
Severance Payment shall be made on the date ten (10) business days following the
delivery by Executive of the general release  described in the previous sentence
and the  Director  Resignation,  and if the  general  release  and the  Director
Resignation  is not so delivered  within sixty (60) days of a written  notice of
the Executive's  termination election, no payment shall be due. Executive agrees
that  upon  the  termination  of  his  employment  with  the  Company  he  shall
immediately deliver the Director Resignation.

               (c) In the event  that  payments  pursuant  to  Section 7 of this
Agreement are subject to Section 409A of the Code, such payments will be made in
a manner that will comply with  Section  409A of the Code,  including  proposed,
temporary or final  regulations or any other guidance issued by the Secretary of
Treasury and the Internal Revenue Service with respect thereto.

            8. EXECUTIVE EXPENSES.  Any ordinary and necessary expenses incurred
by the Executive on behalf of the Company which are directly  connected  with or
pertaining to the furtherance of the business of the Company shall be reimbursed
to the Executive  upon receipt by the Company,  within thirty (30) days from the
date of expense, of a written statement with receipts attached stating:  (i) the
amount of such  expense;  (ii) the time and place that the expense was incurred;
(iii) the business purpose of the expense; and (iv) the business relationship to
the Company of persons entertained, if any.

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            9. DISCLOSURE OF INFORMATION.

               (a) The Executive  will not at any time,  whether during or after
the  termination of his  employment,  divulge,  use,  furnish,  disclose or make
available to any person,  association  or company,  any  non-public  information
concerning the Company's business,  including without limitation,  its marketing
plans and strategies, pricing policies, planned strategies related to sources of
supply, methods of delivery,  customer names, purchasing needs and/or priorities
of customers,  and the finances or financial  information of the Company, so far
as such  information  has come to his  knowledge as a result of or subsequent to
his  employment  by the  Company,  except to the  extent the  disclosure  may be
required by law or such  information is in the public domain through no fault of
the  Executive.  The Executive  acknowledges  that such  information,  including
without  limitation,   information  regarding  the  Company's  customers,  their
purchasing needs and priorities,  the Company's sources of supply,  its business
plans and financial condition, is non-public,  proprietary, and confidential and
that the disclosure of such information to the Company's  competitors will cause
the Company  substantial  harm.  Executive shall keep secret all matters of such
nature entrusted to him and shall not use or attempt to use any such information
in any manner which may injure or cause loss to the Company. In addition, copies
of all data files on Executive's  own media must be deleted and a letter stating
such must be sent to the Company.

               (b)  Executive  agrees  that  upon  termination  of his  services
hereunder he will immediately  surrender and turn over to the Company all books,
forms,  records,  reports,  lists and all other papers and  writings,  including
items storing computer memory,  relating to the Company and its business and all
other property belonging to the Company, it being understood and agreed that the
same are solely the property of the Company.

               (c) The provisions of this Section will survive the expiration or
earlier termination of the term of this Agreement.

            10. COVENANTS NOT TO COMPETE OR INTERFERE.

               (a) From and after the termination of the Executive's employment,
for a period of the greater of the Severance  Period or twelve (12) months,  the
Executive  will not (i) directly or  indirectly,  acquire,  or make any offer to
acquire,  whether  by  merger,  acquisition,  reorganization,  tender  offer  or
otherwise,  own any securities or other interest in, operate,  join, control, or
participate  in, or be connected  as an officer,  employee,  agent,  independent
contractor, partner, shareholder, or principal of any corporation,  partnership,
proprietorship, firm, association, person, or other entity engaged in a business
which  competes,  directly  or  indirectly  with the  Company at the time of the
termination  of the  Executive's  employment  under this Agreement (a "Competing
Business") or which is being  evaluated,  or has been evaluated within the prior
twelve  months,  by  the  Company  or its  advisors  as a  possible  acquisition
candidate by the Company or its subsidiaries. Notwithstanding the foregoing, the
Executive  may own up to 1% of the  outstanding  common  stock  of any  class of
common equity of a publicly traded  corporation  provided the  Executive's  role
with the corporation is passive in nature.

               (b) During the Term, and during the period ending on the later of
the end of the Severance  Period or twelve (12) months from and after the end of
the Term, the Executive will not directly or indirectly,  as a sole  proprietor,
member of a  partnership  or  stockholder,  investor,  officer or  director of a
corporation,  or as an employee,  agent,  associate or consultant of any person,

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firm or  corporation,  induce or solicit,  or attempt to induce or solicit,  any
employee of the Company or its  subsidiaries  or  affiliates  to  terminate  his
employment  with the  Company  or in any way  interfere  with  the  relationship
between the Company,  or its subsidiaries or affiliates,  and the employee,  and
will not solicit, hire, retain or enter into any business arrangements,  with or
enter into any  discussion  to do the same,  with any  person  working  for,  or
independent contractor of, the Company, or its subsidiaries or affiliates.

               (c) During the Term of this Agreement,  and during the greater of
the Severance  Period or the 12-month  period  following the Term, the Executive
will not directly or  indirectly  hire,  engage,  send any work to, place orders
with,   or  in  any  manner  be  associated   with  any  supplier,   contractor,
subcontractor  or other  business  relation of the Company if such action  would
have an adverse  effect on the  business,  assets or financial  condition of the
Company,  or its  subsidiaries,  or materially  interfere with the  relationship
between any such person or entity and the Company,  or its  subsidiaries.  It is
further acknowledged that nothing contained herein shall prohibit Executive from
entering into any employment,  partnership or other  arrangements  with Neale X.
Trangucci  and/or  Stewart E. Tabin at any time  following  the  termination  of
Executive's employment hereunder for any reason so long as they do not engage in
a Competing Business in violation of Section 10(a) hereof.

               (d) It is the desire and intent of the parties that the provision
of this Section 10 shall be enforced to the fullest extent permissible under the
laws and public policies  applied in each  jurisdiction in which  enforcement is
sought.  Accordingly,  if any  particular  portion  of this  Section 10 shall be
adjudicated  to be invalid  or  unenforceable,  this  Section 10 shall be deemed
amended  to delete  therefrom  the  portion  this  adjudicated  to be invalid or
unenforceable, such deletion to apply only with respect to the operation of this
Section 10 in the particular  jurisdiction  in which such  adjudication is made.
The  provisions  of this  Section  10 will  survive  the  expiration  or earlier
termination of the term of this Agreement.

            11. INJUNCTIVE  RELIEF. If there is a breach or threatened breach of
the  provisions  of Sections 9 or 10 of this  Agreement,  the  Company  shall be
entitled to an injunction  restraining  the Executive from such breach.  Nothing
herein  shall be construed as  prohibiting  the Company from  pursuing any other
remedies for such breach or threatened breach.

            12. NOTICES. All notices, requests, demands and other communications
hereunder  must be in  writing  and shall be deemed to have been duly given upon
delivery if  delivered  by hand,  sent by  telecopier,  facsimile  or  overnight
courier,  and three (3) days  after  such  communication  is mailed  within  the
continental  United  States  by  first  class  certified  mail,  return  receipt
requested,  postage  prepaid,  to the other  party,  in each case  addressed  as
provided in the first section of this Agreement, with all notices to the Company
to be sent to WHX, attention  Corporate  Secretary.  Addresses may be changed by
written  notice  sent to the other  party at the last  recorded  address of that
party.

            13. INSURANCE. The Company may, at its election and for its benefit,
insure the Executive  against  accidental loss or death, and the Executive shall
submit to such  physical  examinations  and supply  such  information  as may be
reasonably required in connection therewith.

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            14. AUTHORITY.  The Executive represents and warrants that he is not
subject to any agreement,  instrument,  order, judgment or decree of any kind or
any other restrictive  agreement of any character,  which would prevent him from
legally  entering  into  this  Agreement,  or  which  would be  breached  by the
Executive upon execution of this  Agreement.  The Executive  agrees to indemnify
and hold the Company  harmless for any  liability to the Company  arising from a
breach of this representation and warranty.

            15.  ASSIGNMENT.  The services to be rendered and the obligations to
be performed by the Executive  under this Agreement are special and unique,  and
all such services and obligations  and all of the Executive's  rights under this
Agreement  are personal to the  Executive  and shall not be  assignable  and any
purported  assignment  thereof  shall not be valid or binding  upon the Company.
However,  in the  event  of the  Executive's  death  during  the  term  of  this
Agreement,  the  Executive's  estate shall be entitled to receive salary and any
other payment due and accrued through the date of the Executive's  death and all
payments  due to the  Executive  pursuant  to the  provisions  of Section 7. The
Company may assign this  Agreement and all of its rights under this Agreement to
any person,  firm or  corporation  succeeding  to the  business of the  Company,
provided  said  company  shall  assume (by  contract  or  operation  of law) the
Company's obligations under this Agreement,  at which point the Company shall be
relieved of their obligations hereunder.

            16. CERTAIN LIMITATIONS. Notwithstanding any other provision of this
Agreement,  the payments or benefits to which  Executive  will be entitled under
this  Agreement  will be reduced to the extent  necessary so that Executive will
not be liable for the  federal  excise tax levied on certain  "excess  parachute
payments"  under  section  4999 of the Code on any  payment or benefits to which
Executive  is  otherwise  entitled  under  this  Agreement  or any other plan or
agreement with the Company.

            17. PAYMENTS; EXPENSES.

               (a) WHX and H&H shall be  jointly  and  severally  liable for all
amounts to be paid to Executive hereunder.

               (b) The Company will  reimburse  Executive  for his legal fees in
connection  with the  negotiation  of this  Agreement,  provided such legal fees
shall not exceed $3,000 in the aggregate with the legal fees of Neale  Trangucci
and Neil Arnold.

               (c) The  Company  agrees to maintain in full force and effect all
director and officer liability  insurance  policies presently in effect pursuant
to their  terms,  and to not  cancel  any such  policy  unless a new  policy  is
substituted  that has  substantially  equivalent  coverage,  unless  the cost to
maintain such insurance,  in the reasonable  discretion of the Company,  becomes
excessive.

               (d) If Executive should incur any expenses in connection with the
(i)  enforcement  of any rights of the  Executive  hereunder,  including but not
limited to, any  amounts due the  Executive  hereunder,  or (ii)  defense of any
claims,  whether by legal proceedings or otherwise,  for any amounts paid by the
Company,  directly  or  indirectly,  to the  Executive  whether  pursuant to the
Agreement  or  otherwise,  Executive  shall be entitled  to receive  pursuant to

                                       8

clause (i) or (ii) above,  as and when requested  from time to time,  whether or
not there has been an  adjustment  of any claims  hereunder,  in addition to the
amounts  payable  hereunder,  all  reasonable  costs of defense  or  collection,
including  attorneys' fees and  disbursements,  court costs,  and any other such
expenses which might be incurred.

               (e) The Company  hereby  agrees to  indemnify  and hold  harmless
Executive to the fullest extent  permitted by the  Certificate of  Incorporation
and By-laws,  as currently in effect,  and in accordance  with Delaware  General
Corporation  Law,  as  amended  from  time to time  (the  "DGCL"),  or any other
applicable law as may be amended from time to time,  against any and all amounts
which he is or becomes obligated to pay because of any charge,  claim or claims,
whether  civil or  criminal,  made against him because of any act or omission or
neglect or breach of duty, including any actual or alleged error or misstatement
or  misleading  statement or other act done or  wrongfully  attempted,  which he
commits or suffers while acting in his capacity as an officer or director of the
Company  or an  affiliate  thereof  and  because of his being such an officer or
director.  The payments  which the Company  will be obligated to make  hereunder
shall  include but shall not be limited to all  expenses  (including  attorney's
fees), damages,  judgments,  fines, settlements and costs, cost of investigation
and costs of defense of actual or threatened  legal actions,  claims or judicial
administrative   or  other  proceedings  and  appeals  therefrom  and  costs  of
attachment  or  similar  bonds and  shall be  payable  within 30 days  after the
Executive  has given  the  Company a  written  claim for such  funds;  provided,
however,  that  the  Company  shall  not be  obligated  to pay  fines  or  other
obligations  or  fees  imposed  by law  or  otherwise  which  is  prohibited  by
applicable  law from paying as indemnity.  To the full extent so permitted,  the
foregoing  shall  apply to actions by or in the right of the Company and require
the Company to pay expenses,  including bail bonds,  if any, in advance of final
disposition as set forth above.

               (f) The Company shall not be liable under this  Agreement to make
any payment in connection with any claim under Section 17(e) above:

                   (i) for which payment is actually made to the Executive under
a valid and collectable Company insurance policy, which premiums are paid by the
Company or any of its affiliates, except in respect of any deductible and excess
beyond the amount of payment under such insurance;

                   (ii) for which the  Executive is  indemnified  by the Company
otherwise than pursuant to this  Agreement,  provided such amount has previously
been paid to the Executive;

                   (iii) based upon or attributable to the Executive  gaining in
fact any personal profit or advantage to which he was not legally entitled;

                   (iv) for an  accounting  of  profits  in fact  made  from the
purchase  or sale by the  Executive  of  securities  of the  Company  within the
meaning of applicable law;

                   (v) brought about or  contributed to by the dishonesty of the
Executive seeking payment  hereunder;  provided,  however,  notwithstanding  the
foregoing,  the  Executive  shall be  protected  under this  Agreement as to any

                                       9

claims  upon  which  suit may be brought  against  him by reason of any  alleged
dishonesty  on his part,  unless a  judgment  or other  final and  nonappealable
adjudication  thereof adverse to the Executive shall establish that he committed
acts of active and  deliberate  dishonesty  with  actual  dishonest  purpose and
intent,  which  acts were  material  and an  essential  element  to the cause of
actions so adjudicated; and

                   (vi) by an  Executive  who acts as a  plaintiff  suing  other
directors or officers of the Company or its affiliates.

            18.  WAIVER OF  BREACH.  The  waiver of either  the  Company  or the
Executive of a breach of any provision of this Agreement shall not operate or be
construed  as a waiver of any  subsequent  breach by either  the  Company or the
Executive.

            19.  AMENDMENTS.  No  amendments  or  variations  of the  terms  and
conditions  of this  Agreement  shall be valid unless the same is in writing and
signed by all of the parties thereto.

            20.  COMPLETE  AGREEMENT.  This  Agreement  constitutes  the  entire
understanding between the parties hereto relating to the matters contained,  and
supersedes any prior contracts or understandings,  oral or written,  relating to
the employment of the Executive.

            21.  HEADINGS.   The  section  headings  contained  herein  are  for
convenience  only  and  shall  not in any  way  affect  the  interpretations  or
enforceability of any provision of this Agreement.

            22.   SEVERABILITY.   The  invalidity  or  unenforceability  of  any
provision of this Agreement,  whether in whole or in part,  shall not in any way
affect  the  validity  and/or  enforceability  of  any  other  provision  herein
contained.  Any invalid or unenforceable  provision shall be deemed severable to
the extent of any such invalidity or unenforceability.

            23.  COUNSEL.  It is understood  and agreed that  Executive has been
represented by counsel of his choosing in connection with this Agreement.

            24.  GOVERNING  LAW. This  Agreement and all matters  concerning its
interpretation,  performance,  or the enforcement  hereof,  shall be governed in
accordance  with the laws of the State of New York without  regard to principles
of conflict of law.

JURISDICTION.  Each of the parties hereto hereby irrevocably and unconditionally
submits to the exclusive  jurisdiction of any court of competent jurisdiction of
the  State of New York or any  court of  competent  jurisdiction  of the  United
States of America sitting in the County of New York,  State of New York, and any
appellate court thereof,  and each of the parties hereto hereby  irrevocably and
unconditionally  agrees  that  all  claims  in  respect  of any such  action  or
proceeding  shall be heard and  determined in any such New York State or, to the
extent  permitted  by law, in such  federal  court.  Each of the parties  hereto
irrevocably and unconditionally waives, to the fullest extent either of them may
legally  and  effectively  do so, any  objection  that either of them may now or
hereafter have to the laying of venue of any suit, action or proceeding  arising
out of or relating to this  Agreement in any New York state or federal  court in
New York County.  Each of the parties hereto hereby  irrevocably  waives, to the
fullest  extent  permitted by law, the defense of an  inconvenient  forum to the

                                       10

maintenance of such action or proceeding in any such court.  Each of the parties
hereto  irrevocably  waives  the right to trial by jury and each of the  parties
irrevocably consents to service of process by first class certified mail, return
receipt  requested,  postage  prepaid,  to the address at which such party is to
receive notice in accordance with Section 12.

            25.  COUNTERPARTS.  This  Agreement may be executed in more than one
counterpart and each counterpart shall be considered an original.

                                       11

            IN WITNESS  WHEREOF,  the parties hereto have executed and delivered
this Agreement as of the day and year first above written.

                                           /s/ Neil D. Arnold
                                          --------------------------------------
                                          NEIL D. ARNOLD

                                          WHX CORPORATION

                                          By: /s/ Neale X. Trangucci
                                             -----------------------------------
                                               Name:  Neale X. Trangucci
                                               Title: Chief Executive Officer

                                          HANDY & HARMAN

                                          By: /s/ Daniel Murphy
                                              ----------------------------------
                                               Name:  Daniel Murphy
                                               Title: President

                                       12sec document

                                                                    EXHIBIT 10.4

                    AMENDED AND RESTATED EMPLOYMENT AGREEMENT

            THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (hereinafter referred
to as the  "Agreement")  made and entered into effective as of March 4, 2005, by
and among WHX CORPORATION  (hereinafter  referred to as "WHX", and together with
its subsidiaries,  the "Company"), a corporation organized under the laws of the
State of Delaware,  with principal offices located at 110 East 59th Street,  New
York,  New York 10022,  HANDY & HARMAN  (hereinafter  referred  to as "H&H"),  a
corporation organized under the laws of New York, with principal offices located
at 555  Theodore  Fremd  Avenue,  Rye,  New York 10580 and ROBERT K.  HYNES,  an
individual  with an office  address at 110 East 59th Street,  New York, New York
10022.

            WHEREAS,  you have been employed as the Vice President,  Finance and
then as the Chief Financial  Officer of WHX pursuant to that certain  employment
agreement (the "Prior  Agreement")  dated as of July 1, 2001 between WHX and the
Executive.

            WHEREAS, the parties desire to amend and restate the Prior Agreement
pursuant to the terms described herein in consideration  of, among other things,
your  agreement to perform  additional  services for the benefit of H&H and your
extraordinary and continuing  efforts in assisting the Company in developing and
analyzing its strategic alternatives.

            1. You shall hold the office of the Chief Financial  Officer of WHX.
Your  employment  with WHX shall  continue  through  June 30,  2005,  subject to
earlier  termination  pursuant  to the  provisions  set forth  below,  and shall
automatically be extended for successive one-year terms unless either you or the
Company  shall advise the other upon not more than 60 days nor less than 30 days
notice that such term shall not be renewed; provided that if the Agreement shall
not be renewed by the  Company,  you shall be entitled to the benefits set forth
in Section 8(b) hereof as if your  employment  had been  terminated  pursuant to
Section  7(c)  hereof.  The  parties  desire  to enter  into this  Agreement  to
supersede the Prior Agreement.  The Prior Agreement is hereby terminated and all
obligations  under that  agreement are  terminated,  except as are  specifically
otherwise provided in this Agreement.

            2. You agree to use your best  efforts to promote the  interests  of
the Company and devote your full  business  time,  attention and energies to the
business and affairs of the Company.  You agree to perform such  services as are
customary to your  position and as shall from time to time be assigned to you by
the  Board  of  Directors  of  WHX,  including  without  limitation,   executive
management services from time to time on behalf of H&H. You shall not during the
term of this Agreement be engaged in any other business activity, whether or not
such business activity is pursued for gain, profit or other pecuniary advantage;
but this shall not be construed as preventing  you from  investing your personal
assets in businesses that do not compete with the Company in such form or manner
as will not require any services on your part in the operation of the affairs of
the companies in which such investments are made and in which your participation
is solely that of an investor;  and except that you may purchase  securities  in
any  corporation  whose  securities are regularly  traded,  provided,  that such

purchase  shall not result in your owning  beneficially  at any time one percent
(1%) or more of the equity  securities of any corporation  engaged in a business
directly competitive with that of the Company.

            3. Your  annual  base  salary  shall be no less than  $250,000  less
applicable federal,  state and local tax deductions,  payable in accordance with
the Company's  customary payroll practices.  Any increases in your annual salary
shall be in the sole  discretion of WHX's Board of Directors.  You shall also be
entitled to such annual bonus, if any, as the  Compensation  Committee of WHX or
the Board of Directors of WHX in its absolute discretion shall determine.

            4. You shall be  eligible  to  participate  in such of the bonus and
stock option plans or similar arrangements that may be offered from time to time
by the Company,  in accordance  with the terms and provisions of such plans,  in
the sole  discretion of WHX's Board of Directors.  You shall also be eligible to
continue to participate in the H&H Management  Incentive Plan (the "Bonus Plan")
and the H&H Long-Term Incentive Plan (the "Incentive Plan").  Specifically,  you
shall  continue  to be  eligible  and to  participate  in (a) the Bonus  Plan in
respect of the 2001 plan year (on a pro-rated basis), and (b) the Incentive Plan
in  respect  of the  1999  through  2003  cycle,  subject  in  each  case to the
attainment of performance goals established by the Board of Directors of Handy &
Harman in its sole discretion.

            5. (a) You shall be eligible to participate in the Company  employee
benefit plans and programs,  in accordance with the terms and provisions of such
plans, subject to the sole discretion of WHX's Board of Directors. Specifically,
you  shall  be  eligible  to  continue  to  participate  in the  Handy &  Harman
Supplemental  Executive  Retirement  Plan and the Handy & Harman  Executive Life
Insurance and Post-Retirement Life Insurance Program, in each case in accordance
with the terms and provisions of such plans.

               (b) The Company shall reimburse you for annual financial,  estate
and tax  planning  and tax  preparation  expenses  up to a maximum of 3% of your
annual base salary in effect on January 1 of each tax year.

               (c) You shall be  provided  with a Company  car  provided  at the
Company's  expense (which shall be your current car provided by Handy & Harman),
and  such  car  may  be  replaced  in  the  Company's  sole  discretion  with  a
substantially equivalent model.

               (d) You shall be entitled to vacation  with pay of four (4) weeks
in each  calendar  year.  This  vacation  time shall be  pro-rated  for  partial
employment in any calendar year.

               (e) You shall be entitled to health insurance coverage, if and to
the extent provided to all other employees of the Company.

            6. (a) The Company shall  reimburse you for all reasonable  business
expenses  incurred  by  you  in  accordance  with  the  Company's   policies  on
reimbursement for business expenses as then in effect.

                                      -2-

               (b) You and your spouse shall  continue to be entitled to receive
post-retirement  health  insurance  benefits  from  Handy  &  Harman  under  its
Post-Retirement  Medical Plan in effect for employees of Handy & Harman prior to
1992 on such terms and conditions in place for other  employees  covered by such
plan.

            7. (a) The  Company  may  terminate  your  employment  at any  time,
without prior notice,  for any of the  following  reasons:  (i) your engaging in
conduct which is materially injurious to the Company, its affiliates,  or any of
its respective customer or supplier relationships, monetarily or otherwise; (ii)
your engaging in any act of fraud,  misappropriation  or embezzlement or any act
which would constitute a felony (other than minor traffic violations);  or (iii)
your material breach of this Agreement.

               (b) If, as a result of your  incapacity due to physical or mental
illness,  you shall have been  absent  from the  full-time  performance  of your
duties  hereunder  for at least 120 days  within  any  twelve  (12)  consecutive
months,  excluding  vacation time actually used in accordance with the Company's
policies thereon, your employment may be terminated by the Company, upon written
notice in accordance with paragraph 8 hereof without further notice.

               (c) The  Company,  in its sole  discretion,  may  terminate  your
employment at any time for any reason other than those stated in paragraphs 7(a)
or 7(b) upon thirty (30) days prior written notice.

            8. (a) If your  employment is terminated by the Company  pursuant to
paragraph  7(a),  you  shall  receive  your  base  salary  through  the  date of
termination and the Company shall have no further  obligations to you under this
Agreement.

               (b) If your  employment is terminated by the Company  pursuant to
paragraph  7(b) or 7(c) or as a  result  of  your  death,  you or your  personal
representative, guardian, or the representative of your estate shall be entitled
to the following severance and benefits:

                   (i) The  Company  shall  pay  you a  severance  payment  (the
"Severance  Payment")  equal to one (1) year's full base salary at your  highest
rate in effect  during the twelve  (12) months  preceding  the date on which the
Notice of  Termination  is  given,  plus any Bonus  Plan  compensation  you have
accrued;

                   (ii) The Company shall pay you the Severance Payment no later
than the thirtieth  (30th) day following  the date of  termination.  The Company
shall pay the Severance Payment in one lump sum payment.

                   (iii) The  Company  shall  continue  to  provide  you or your
family with all of the benefits described in Section 5 hereof including, without
limitation, accruals under existing pension plans, life insurance (other than in
the event of termination  of employment as a result of your death),  medical and
dental insurance  benefits,  financial planning and a company-owned  automobile,
for twelve (12) months following the date of termination.  In addition,  (x) the

                                      -3-

Company  shall  assign to you all life  insurance  policies  (and the their cash
surrender  value) taken out on your behalf while you were  employed at Handy and
Harman and (y) you shall be entitled to receive any payments under the Handy and
Harman Supplemental  Employment  Retirement Plan to which you otherwise would be
entitled as and when such payments are required to be made.

                   (iv)  During the period you are  receiving  any  payments  or
benefits under  paragraph  8(b),  you agree to promptly  notify the Company upon
your  acceptance  of any  other  employment  and upon your  eligibility  for any
medical  benefits,  insurance,  financial  planning  or use  of a  company-owned
vehicle by your new employer,  you shall no longer be eligible to participate in
the corresponding aspects of the Company's benefit plans and arrangements.

            Upon the payment to you of the benefits under Section 8(b), Sections
9 and 10 shall  terminate and you shall not be entitled to any further  payments
under such terminated sections.

            9. You shall be  entitled to  terminate  your  employment  for "Good
Reason", which shall mean the occurrence of one of the following circumstances:

               (a) a  reduction  in your  annual base salary as in effect on the
date of such change;

               (b) the Company  causes the relocation of the office in which you
are  located  prior to the change to a location  more than fifty  miles from New
York, New York,  except for required travel on the business of the Company to an
extent substantially consistent with your present business travel obligations;

               (c) breach of this Agreement by the Company; or

               (d)  failure of the  Company to obtain a  satisfactory  agreement
from any successor to assume and agree to perform this Agreement.

            10. Upon the occurrence of any of the events set forth in Section 9,
you shall for Good  Reason  upon  notice  pursuant  to  Section 17 hereof to the
Company,  if such  occurrence  is not cured  within 30 days of  receipt  of such
notice, be entitled to the following benefits:

               (a) The Company shall pay you a severance payment (the "Severance
Payment")  equal to one (1)  year's  full base  salary at your  highest  rate in
effect  during the twelve (12) months  preceding the date on which the Notice of
Termination is given plus any Bonus Plan compensation you have accrued;

               (b) For a twelve  (12) month  period  after  termination  of your
employment,  the Company  shall  arrange to provide  you with life,  medical and
dental insurance  benefits,  financial  planning and a company-owned  automobile
substantially  similar to those which you are  receiving  or entitled to receive
immediately  prior to the  Notice of  Termination,  unless you are  eligible  to
receive such benefits from a subsequent employer;

                                      -4-

               (c) The Company shall pay you the Severance Payment no later than
the thirtieth  (30th) day following the date of  termination.  The Company shall
pay the Severance Payment in one lump sum payment.

               (d) Upon the payment to you of the benefits under Sections 10(a),
(b) and (c),  Sections 7 and 8 shall  terminate and you shall not be entitled to
any further payments under such terminated sections.

            11. Your continued employment shall not constitute consent to, or as
a waiver of rights with respect to, any  circumstance  constituting  Good Reason
hereunder  for a period of sixty  (60) days  following  the  occurrence  of such
event,  and  thereafter  such  circumstance  shall be deemed  waived as an event
giving rise to a termination pursuant to Section 9.

            12. Any  termination  of your  employment by the Company,  or by you
shall be  communicated  by written  "Notice of  Termination"  to the other party
hereto in accordance with Section 17 hereof.  For purposes of this Agreement,  a
Notice of Termination  shall mean a notice  indicating the specific  termination
provision in this Agreement  relied upon and setting forth in reasonable  detail
the facts and  circumstances  claimed to provide a basis for termination of your
employment  under the  provision  so  indicated.  Further,  you agree  that upon
termination  that you will resign  effective as of the date of termination  from
any and all directorships you may hold in the Company.

            13.  "Date of  Termination"  shall  mean  (30)  days  after the date
specified in the Notice of Termination.

            14.  (a)  You  agree  that,  at all  times  during  and  after  your
employment with the Company, you shall hold and protect in strict confidence and
shall not (except as required in the  furtherance  of the Company's  business or
with the Company's prior written consent) use or disclose for any purpose to any
person who is not then a Company  employee any of the Company's  confidential or
proprietary  information,  and you shall not cause or assist any other person to
use,  publish  or  disclose  any  of  such  information  except,  however,  such
information as shall have become generally available to the public other than by
your action, cause or fault.

               (b) All papers,  books and records of every kind and  description
relating to the business and affairs of the Company or its  affiliates,  whether
or not prepared by you, shall be the sole and exclusive property of the Company,
and you shall  surrender  them to the  Company  at any time upon  request by the
Chairman or the Board or any authorized officer of the Company.

               (c) The provisions of subsections 14(a), (b) and (c) will survive
the  expiration or earlier  termination  of the term of this Agreement and shall
extend for a period of thirty-six (36) months thereafter.

               (d) You also agree that, for a period of 18 months  following the
termination of your  employment,  you will not (i) offer,  perform or attempt to
perform  services  for any other  person,  firm or  corporation  if any of those

                                      -5-

services  would use or  disclose  or cause  disclosure  of any  confidential  or
proprietary  information,  (ii) cause, assist or encourage any solicitation of a
customer of the Company for a sale in  competition  with the Company,  and (iii)
cause,  assist or encourage  any  recruitment  of any employee of the Company to
become employed with another,  or take any other action not consistent with good
faith employment with the Company.

               (e)  Notwithstanding  any other provision of this  Agreement,  if
there is a breach or threatened  breach of the  provisions of this Section 14 of
this Agreement,  the Company shall be entitled to an injunction  restraining you
from such breach.  Nothing herein shall be construed as prohibiting  the Company
from pursuing any other remedies for such breach or threatened breach.

            15. Subject to Section 14(e), any dispute or controversy between the
Company and you,  whether  arising out of or  relating  to this  Agreement,  the
breach  of this  Agreement,  or  otherwise,  shall  be  settled  by  arbitration
administered  by the American  Arbitration  Association  in accordance  with its
Commercial  Rules  then in effect  and  judgment  on the award  rendered  by the
arbitrator  may be  entered  in any  court  having  jurisdiction  thereof.  Such
arbitration shall take place in the New York City metropolitan area. The cost of
any arbitration  proceeding  hereunder shall be borne equally by the Company and
you. The arbitrator  shall have the authority to award any remedy or relief that
a court of  competent  jurisdiction  could  order or grant,  including,  without
limitation,  the issuance of an injunction.  However,  either party may, without
inconsistency  with  this  arbitration  provision,  apply  to any  court  having
jurisdiction  over such dispute or  controversy  and seek  interim  provisional,
injunctive or other equitable relief until the arbitration  award is rendered or
the controversy is otherwise  resolved.  In the event that it shall be necessary
or  desirable  for you to retain  legal  counsel  and/or  incur  other costs and
expenses in connection with this  arbitration  provision,  and provided that you
substantially  prevail in the enforcement of such rights,  the Company shall pay
(or you shall be entitled to recover from the Company,  as the case may be) your
reasonable  attorneys'  fees and  costs  and  expenses  in  connection  with any
application under this arbitration  provision,  including the enforcement of any
arbitration award, up to $25,000 in the aggregate.  Except as necessary in court
proceedings  to  enforce  this  arbitration   provision  or  an  award  rendered
hereunder,  or to obtain interim  relief,  neither a party nor an arbitrator may
disclose the existence,  content or results of any arbitration hereunder without
the prior written consent of the Company.

            16. (a) WHX and H&H shall be jointly  and  severally  liable for all
amounts to be paid to you hereunder.

               (b) The  Company  agrees to maintain in full force and effect all
director and officer liability  insurance  policies presently in effect pursuant
to their  terms,  and to not  cancel  any such  policy  unless a new  policy  is
substituted  that has  substantially  equivalent  coverage,  unless  the cost to
maintain such insurance,  in the reasonable  discretion of the Company,  becomes
excessive.

               (c) If you should incur any expenses in  connection  with the (i)
enforcement of any of your rights  hereunder,  including but not limited to, any
amounts due to you  hereunder,  or (ii) defense of any claims,  whether by legal
proceedings  or  otherwise,  for any amounts  paid by the  Company,  directly or

                                      -6-

indirectly, to you whether pursuant to this Agreement or otherwise, you shall be
entitled to receive  pursuant to clause (i) or (ii) above, as and when requested
from time to time,  whether  or not there has been an  adjustment  of any claims
hereunder, in addition to the amounts payable hereunder, all reasonable costs of
defense or collection, including attorneys' fees and disbursements, court costs,
and any other such expenses which might be incurred.

               (d) The Company  hereby agrees to indemnify and hold you harmless
to the fullest extent permitted by the Certificate of Incorporation and By-laws,
as currently in effect, and in accordance with Delaware General Corporation Law,
as amended from time to time (the "DGCL"), or any other applicable law as may be
amended from time to time,  against any and all amounts  which you are or become
obligated  to pay  because  of any  charge,  claim or claims,  whether  civil or
criminal,  made  against you because of any act or omission or neglect or breach
of duty,  including  any actual or alleged error or  misstatement  or misleading
statement or other act done or wrongfully attempted,  which you commit or suffer
while  acting in your  capacity  as an officer or  director of the Company or an
affiliate  thereof  and  because of you being such an officer or  director.  The
payments which the Company will be obligated to make hereunder shall include but
shall not be limited  to all  expenses  (including  attorney's  fees),  damages,
judgments,  fines,  settlements and costs,  cost of  investigation  and costs of
defense of actual or threatened legal actions, claims or judicial administrative
or other  proceedings  and appeals  therefrom and costs of attachment or similar
bonds and shall be payable  within 30 days  after you have  given the  Company a
written claim for such funds;  provided,  however, that the Company shall not be
obligated to pay fines or other  obligations or fees imposed by law or otherwise
which is  prohibited by  applicable  law from paying as  indemnity.  To the full
extent so permitted,  the foregoing shall apply to actions by or in the right of
the Company and require the Company to pay expenses,  including  bail bonds,  if
any, in advance of final disposition as set forth above.

               (e) The Company shall not be liable under this  Agreement to make
any payment in connection with any claim under Section 16(d) above:

                   (i) for which  payment is actually  made to you under a valid
and collectable Company insurance policy, which premiums are paid by the Company
or any of its affiliates,  except in respect of any deductible and excess beyond
the amount of payment under such insurance;

                   (ii) for which you are  indemnified by the Company  otherwise
than pursuant to this  Agreement,  provided such amount has previously been paid
to you;

                   (iii) based upon or  attributable  to you gaining in fact any
personal profit or advantage to which you were legally entitled;

                   (iv) for an  accounting  of  profits  in fact  made from your
purchase or sale of securities  of the Company  within the meaning of applicable
law;

                                      -7-

                   (v)  brought  about  or  contributed  to by  your  dishonesty
seeking payment hereunder; provided, however, notwithstanding the foregoing, you
shall be protected  under this Agreement as to any claims upon which suit may be
brought against you by reason of any alleged  dishonesty on your part,  unless a
judgment or other final and  nonappealable  adjudication  thereof adverse to you
shall establish that you committed acts of active and deliberate dishonesty with
actual dishonest  purpose and intent,  which acts were material and an essential
element to the cause of actions so adjudicated; and

                   (vi) by you acting as a plaintiff  suing other  directors  or
officers of the Company or its affiliates.

            17. Any notices  required by this Agreement  shall be in writing and
shall be deemed to have been given when delivered by hand, sent by facsimile (so
long as an original is mailed within 24 hours of such  facsimile  transmission),
mailed by United  States  certified  mail,  return  receipt  requested,  postage
prepaid, or sent by nationally-recognized overnight mail service, as follows:

                      If to you:

                      Mr. Robert K. Hynes
                      At the address provided to the Company in accordance with
                      this paragraph

                      If to the Company:

                      WHX Corporation
                      110 East 59th Street, 30th Floor
                      New York, New York 10022
                      Attention: Corporate Secretary

and or to such other  address as the parties may furnish to the other in writing
in accordance  with this  paragraph.  Notices of change of address shall only be
effective upon receipt.

            18. This Agreement  shall be governed by and construed in accordance
with the laws of the State of New York  without  regard to its  conflict of laws
principles.

            19. This Agreement sets forth the entire agreement and understanding
of the parties  hereto with respect to the subject  matter hereof and supersedes
all prior agreements,  arrangements and understandings among the Company and you
with respect to such subject  matter.  This  Agreement may be modified only by a
writing signed by you and the Company.  If any provision of this Agreement shall
be held to be void or  unenforceable,  the  remainder  of this  Agreement  shall
nevertheless  remain in full force and effect. This Agreement shall inure to the
benefit of and be binding upon the Company's successors and assigns.

                                      -8-

            IN WITNESS  WHEREOF,  the parties have executed this Agreement as of
the date and year first above written.

                                      WHX CORPORATION

                                      By:  /s/ Neale X. Trangucci
                                          --------------------------------------
                                           Name:  Neale X. Trangucci
                                           Title: Chief Executive Officer

                                      HANDY & HARMAN

                                      By:  /s/ Daniel Murphy
                                           ------------------------------------
                                           Name:  Daniel Murphy
                                           Title: President

Agreed to this 4th day
of March, 2005

/s/ Robert K. Hynes
---------------------------------
Robert K. Hynes

                                      -9-

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