Document:

Employment Agreement dated April 7, 2006, Catherine Cuisson

 Exhibit 10.20 
  
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT (the “Agreement”) made and entered into by and between KAGY Holding
Company, Inc., a Delaware corporation (the “Company”), AGY Holding Corp. (the “Principal Subsidiary”), a Delaware corporation, with its principal place of business at 2558 Wagener Road, Aiken, South Carolina, and Catherine
Cuisson, of 848 Hickory Ridge Road, Aiken, SC 29803 (“Ms. Cuisson” or the “Executive”), effective as of the 7th day of April,
2006. 
 WHEREAS, Saumuroise de Participations, a French company (“Saumuroise”), is the majority shareholder of Porcher Industries,
S.A., which was the indirect holder of a majority of the outstanding equity interests of Advanced Glassfiber Yarns, LLC (“Advanced Glassfiber Yarns”); 
 WHEREAS, Ms. Cuisson was employed by Saumuroise under that certain employment letter agreement, dated as of October 13, 1994, by and between Saumuroise and Ms. Cuisson (the “Existing Employment
Agreement”); 
 WHEREAS, Saumuroise and Advanced Glassfiber Yarns entered into a Reimbursement Agreement, dated as of March 16,
2004 (the “Reimbursement Agreement”), under which Saumuroise made available to Advanced Glassfiber Yarns the services of its employee, Ms. Cuisson, to act as the Chief Financial Officer of Advanced Glassfiber Yarns, and Advanced
Glassfiber Yarns reimbursed Saumuroise for certain costs for provision of these services; 
 WHEREAS, Advanced Glassfiber Yarns assigned all
of its right, title and interest in, to, and under the Reimbursement Agreement to the Principal Subsidiary, and the Company subsequently acquired the Principal Subsidiary; 
 WHEREAS, the Company, the Principal Subsidiary, Saumuroise and Ms. Cuisson have executed the Termination and Release Agreement, attached as
Exhibit A, pursuant to which (i) the Reimbursement Agreement and the Existing Employment Agreement have been terminated, (ii) Saumuroise has released Ms. Cuisson from any and all claims arising out of or related to her
employment, including, including but not limited to those post-employment restrictive covenants set forth in the Non-Competition Covenant between Ms. Cuisson and Saumuroise, dated October 13, 1994, and (iii) Ms. Cuisson has
released Saumuroise from any and all claims arising out of or related to her employment; and 
 WHEREAS, subject to the terms and conditions
hereinafter set forth, the Company and the Principal Subsidiary therefore wish to employ Ms. Cuisson as the Chief Financial Officer of the Company and Principal Subsidiary and Ms. Cuisson wishes to accept such employment; 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions and conditions set forth in this Agreement, the
parties hereby agree: 
 1. Position. Subject to the terms and conditions set forth in this Agreement, the Company and the Principal
Subsidiary agree to employ the Executive as Chief Financial Officer of the Company and the Principal Subsidiary. 

 2. Start Date. The term of the Executive’s employment hereunder shall commence as of
April 7, 2006. The Executive acknowledges that her employment by the Company and the Principal Subsidiary is at-will and that she may be terminated from such employment at any time with or without cause. 
 3. Duties and Responsibilities. During her employment, the Executive shall serve the Company as its Chief Financial Officer and shall perform such
duties as are customarily associated with such title, consistent with the bylaws of the Company and as required by the Company’s Board of Directors (the “Board”). During the term of her employment with the Company, the Executive shall
devote her best efforts and substantially all of her business time and attention to the business of the Company and Principal Subsidiary. 
 4. Compensation and Benefits. 
 (a) Base Salary. During her employment, the Company shall pay the
Executive a base salary at the rate of one hundred seventy three thousand two hundred fifty dollars ($173,250.00) per annum, payable in accordance with the payroll practices of the Company for its executives and subject to adjustment from time to
time by the Compensation Committee of the Board, in its sole and unreviewable discretion. The Board will review the Executive on or about the anniversary date of this Agreement of each year. Such base salary, as from time to time increased, is
hereafter referred to as the “Base Salary”. A portion of the Base Salary to be determined by mutual agreement between the Company and the Executive shall be paid to the Executive in United States dollars and the remaining portion of the
Base Salary shall be paid to the Executive in Euro currency (through AGY Europe SARL, a wholly-owned subsidiary of the Principal Subsidiary) in order to maintain the Executive’s European social rights and pension coverage. 
 (b) Annual Bonus Compensation. During her employment, the Executive will be eligible to earn an annual bonus of up to sixty percent
(60%) of Base Salary actually paid to the Executive (the “Target Bonus”), subject to the achievement of performance targets set by the Board and subject further to the terms of the Company’s management incentive plan (the
“Bonus Plan”). 
 (c) Other Benefits. During her employment and subject to any contribution therefor
generally required of executives of the Company, the Executive shall be entitled to participate in any and all employee benefit plans from time to time in effect for executives of the Company generally, except to the extent such plans are in a
category of benefit otherwise provided to the Executive. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable Company policies and (iii) the discretion of the Board or any
administrative or other committee provided for in or contemplated by such plan. The Company may alter, modify, add to or delete its employee benefit plans at any time as it, in its sole judgment, determines to be appropriate, without recourse by the
Executive; provided, however, that any such alteration, modification, addition, or deletion applies to the Company’s executive officers or employees generally. 
  

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 (d) Stock Opportunity. The Executive will be eligible to participate in the
Company’s 2006 Stock Option Plan, as determined from time to time by the Board, in its sole discretion, subject to the terms and conditions of such plan and/or any option grant pursuant to such plan. 
 (e) Severance Benefits. The Executive shall be eligible for severance payments and benefits in accordance with the KAGY Holding
Company, Inc. Severance Plan (the “Severance Plan”), subject to the terms and conditions provided therein; provided that, in the event of an Involuntary Termination (as defined in the Severance Plan) of the Executive to which either
Section 3.1 or 3.2 of the Severance Plan applies, in addition to any severance benefits provided to the Executive pursuant to the Severance Plan, upon receipt of a written request from the Executive within ninety (90) days of the date of
such Involuntary Termination, the Company shall also (i) pay the Executive the reasonable costs to repatriate the Executive from the United States to France, (ii) pay the Executive any reasonable costs associated with the termination of
the Executive’s green card, and (iii) provide the Executive with reasonable assistance in preparing the Executive’s last United States tax return. The Executive shall not be eligible for severance payments or benefits under the AGY
Senior Leadership Team severance policy, or any other policy or plan of the Company or Principal Subsidiary providing for such benefits. The Executive hereby agrees to execute the Confidentiality, Non-Solicitation, and Non-Competition Agreement
referred to in Paragraph 7 of the Severance Plan and attached as Exhibit B thereto. 
 (f) Automobile. During
her employment, the Company will provide the Executive with a mid-range equipped BMW X3 or 330i (or such other automobile that is substantially equivalent in price). All reasonable maintenance, insurance, and operating costs for such automobile
incurred by the Executive during the term hereof will be reimbursed by the Company, provided that the Executive shall be liable for any income tax liability with respect to such reimbursement. 
 (g) Relocation Expenses. During her employment, the Company will reimburse the Executive for reasonable and customary expenses
related to the transportation of the Executive’s furniture and other household goods from France to the Aiken, South Carolina area; provided that the aggregate amount of such reimbursement shall in no event exceed twenty thousand dollars
($20,000.00) and provided further that the Executive shall be liable for any income tax liability with respect to such reimbursement. 
 (h) Trips to France. During her employment, the Company will reimburse the Executive for her reasonable roundtrip airfare for (i) up to four personal trips from the United States to France each year and
(ii) any trips from the United States to France necessitated by events deemed in good faith to be exceptional by the Executive (such as the serious illness or death of a direct relative); provided that the Executive shall be liable for any
income tax liability with respect to such reimbursement. 
 (i) Tax Preparation. During her employment, the Company
will reimburse the Executive for the reasonable costs of tax preparation assistance services in connection with preparing her annual United States and European tax returns; provided that the Executive shall be liable for any income tax liability
with respect to such reimbursement. 
  

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 (j) Vacation. During her employment, the Executive shall be entitled to five
(5) weeks (twenty-five (25) business days) of vacation per annum, to be taken at such times and intervals as shall be determined by the Executive, subject to the reasonable business needs of the Company and such scheduling procedure as the
Company may from time to time require. Vacation shall otherwise be governed by the policies of the Company, as in effect from time to time. The Executive shall be entitled to cash compensation for vacation time not taken during the term hereof only
to the extent approved by the Board or its designee in writing. 
 (k) Green Card. During her employment, the Company
will reimburse the Executive for the reasonable costs related to renewing the Executive’s green card; provided that the Executive shall be liable for any income tax liability with respect to such reimbursement. 
 5. No Conflict. The Executive hereby represents and warrants that the execution of this Agreement and the performance of Executive’s
obligations hereunder will not breach or be in conflict with any other agreement or understanding to or under which Executive is a party or is bound and that Executive is not now subject to any covenants against competition or similar covenants that
would affect the performance of Executive’s obligations under this Agreement. Executive will not disclose to or use on behalf of the Company or the Principal Subsidiary any proprietary information of a third party without such party’s
consent. 
 6. Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts
required to be withheld by the Company under applicable law. 
 7. Assignment. Neither the Company nor the Executive may make any
assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement without the consent
of the Executive in the event that the Executive is transferred to a position with any of the Company’s subsidiaries or in the event that the Company shall hereafter affect a reorganization, consolidate with, or merge into, any other person or
entity or transfer all or substantially all of its properties or assets to any other person or entity. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, their respective successors, executors,
administrators, heirs and permitted assigns. 
 8. Severability. If any portion or provision of this Agreement shall to any extent be
declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable,
shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
  

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 9. Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed
by the waiving party. The failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or
obligation or be deemed a waiver of any subsequent breach. 
 10. Notices. Any and all notices, requests, demands and other
communications provided for by this Agreement shall be in writing and shall be effective when delivered in person or deposited in the United States mail, postage prepaid, registered or certified, and addressed to the Executive at her last known
address on the books of the Company or, in the case of the Company, at its principal place of business, attention of the Chief Executive Officer, with a copy to Ropes & Gray LLP, One International Place, Boston, MA 02110-0110, attention of
Craig E. Marcus or to such other address as either party may specify by notice to the other actually received. 
 11. Entire
Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive’s employment.

 12. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by an expressly
authorized representative of the Company. 
 13. Obligations of the Company and the Principal Subsidiary. Each of the Company and the
Principal Subsidiary shall be jointly and severally liable for any payment obligation of the Company or the Principal Subsidiary pursuant to this Agreement. 
 14. Headings. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement. 
 15. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall
constitute one and the same instrument. 
 16. Governing Law. This is a Delaware contract and shall be construed and enforced under
and be governed in all respects by the laws of the State of Delaware, without regard to the conflict of laws principles thereof. 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the Company and the Principal Subsidiary have duly executed this Agreement by their
authorized representatives, and Executive has hereunto set her hand in each case effective as of the date first above written. 
  

			
	KAGY HOLDING COMPANY, INC.
		
	By:	 	 /s/ Douglas J. Mattscheck

	Name:	 	Douglas J. Mattscheck
	Title:	 	President
	
	AGY HOLDING CORP.
		
	By:	 	 /s/ Douglas J. Mattscheck

	Name:	 	Douglas J. Mattscheck
	Title:	 	President
	
	EXECUTIVE
	
	 /s/ Catherine Cuisson

	Catherine Cuisson

  

 -6-Employment Offer Letter dated December 8, 2004, Dennis Rexroad

 Exhibit 10.21 
 

 
 WORLD HEADQUARTERS 
 2558 Wagener Road 
 Aiken, SC 29801 
 803.648.8351 tel 
 803.643.1180 fax

 www.agy.com 
 Mr. Dennis Rexroad

 504 Shermantown Road 
 Saunderstown, Rhode Island 02874

 Dear Dennis: 
 On behalf of AGY (the “Company”), we
are pleased to offer you the position of Vice President of Operations of the Company, along with what we feel is a very attractive offer. We view this as an excellent opportunity for you to help build a substantial business for AGY and its
shareholders, and we are excited by the prospect of the very relevant skills and experience you can bring to bear in this regard. 
  

			
	POSITION:	    	Vice President of Operations
		
	 START DATE:
	    	January, 2005 (Exact date to be finalized but as soon as practical)
	
	DUTIES AND RESPONSIBILITIES:
		
		    	You will serve in an executive capacity and shall perform such duties as are customarily associated with your title of Vice President of Operations, consistent with the bylaws of the Company
and as required by the Company’s Board. During the term of your employment with the Company, you will devote your best efforts and substantially all of your business time and attention to the business of the Company
	
	COMPENSATION AND BENEFITS:
		
	 Base Salary:
	    	 While you are employed by the Company, your initial base salary will be $180,000 per year, less applicable taxes and other withholdings. Your
first annual salary review will be during January 2006 with subsequent annual reviews each January. In addition we will provide a $20,000 sign-on bonus if your departure from your current employer results in the loss of your bonus (estimated at
$40,000).
  
 In the event of termination for “no cause” you will be entitled to
six months salary in accordance with the of AGY Senior Leadership Team severance policy.

		
	 Annual Incentive
	    	In addition to the “base” salary, you will also be eligible to receive an annual incentive bonus of up to 60% of base salary, based on your own and the Company’s performance.
The bonus is variable and the payout is based on progressively meeting and exceeding personal and corporate financial objectives. Within 60 days of your start date, you will be expected to identify a set of mutually agreed to objectives, with
achievement dates, that will establish your personal objectives for 2005.

 

 
 WORLD HEADQUARTERS 
 2558 Wagener Road 
 Aiken, SC 29801 
 803.648.8351 tel 
 803.643.1180 fax

 www.agy.com 
  

			
	 Benefits and Perquisites:
	    	You will be entitled to participate in the Company’s health insurance program that is generally available to members of the executive management team. This includes but is not limited to
group health insurance, life insurance (2X salary), 401K program (which includes a variable contribution by the company based on financial performance) and vacation program (4 weeks). These benefits are further defined in the attached Benefits
highlights note.
		
		    	In addition the Company will reimburse you for reasonable and customary relocation expenses for your move to the Aiken area (including reasonable costs for the sale of your current home, the
purchase of a new home in the Aiken area and the transportation of your household goods to your new home). We also will offer as required reasonable temporary living accommodations and a rental car for up to eight months until you relocate your
family to the Aiken area.
		
	 Stock Opportunity:
	    	As a member of the Senior Leadership team the Company will recommend that you become eligible to participate in the Management Stock Plan. The details of this plan are to be formulated for
review and approved by the Board of Directors.

 We are enthusiastic about the future prospects of AGY with you as a key member of its team. We believe that you
possess the leadership and vision to help grow the Company and create the leader in the glass fiber industry. On behalf of the employees and shareholders of AGY, we look forward to the many contributions you will make to the Company in the years to
come. 
 Sincerely, 
  

			
	 /s/ Douglas J. Mattscheck

	Douglas J. Mattscheck
	President and CEO
	
	Acknowledged and Accepted
	
	 /s/ Dennis Rexroad

	Dennis Rexroad
		
	 Date:
	 	12/8/2004

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