Document:

EX-10.3 2006 STOCK INCENTIVE PLAN

 

Exhibit
10.3

SIRION HOLDINGS, INC.

2006 STOCK INCENTIVE PLAN

1. Purposes of the Plan

     The purposes of the Plan are to aid the Company and its Affiliates in recruiting and retaining
employees and to motivate such employees to exert their best efforts on behalf of the Company and
its Affiliates by providing incentives through the granting of Awards. The Company expects that it
will benefit from the added interest that such employees will have in the welfare of the Company as
a result of their proprietary interest in the Company’s success. This Plan is intended to be
exempt from the requirements of Section 409A of the Code.

2. Definitions

     The following capitalized terms used in the Plan have the respective meanings set forth in
this Section:

     “Affiliate” means any “parent corporation” or “subsidiary corporation” of the Company as such
terms are defined in Code sections 424(e) and (f), respectively

     “Award” means an Option or Stock Appreciation Right granted under the Plan.

     “Award Agreement” means a written or electronic agreement entered into between the Company and
the Participant setting forth the terms and conditions of an Award granted to a Participant.

     “Board” means the Board of Directors of the Company.

     “Change in Control” means the occurrence of any of the following events:

     (i) Any Person or group of Persons (as such terms are used in Sections 13(d) and
14(d)(2) of the Exchange Act), or one or more trusts established by the Company for the
benefit of employees of the Company or a corporation controlled by the Company or the
Company’s stockholders, shall become the beneficial owner (within the meaning of Rule 13d-3
under the Exchange Act) of fifty percent (50%) or more of the Company’s outstanding common
stock (a “Fifty Percent Beneficial Owner”);

     (ii) During any period of twelve (12) consecutive months, individuals who at the
beginning of such period constitute the Board (the “Incumbent Board”) cease for any reason
to constitute at least a majority of the Board; provided, however, that any individual
becoming a director during such period whose election, or nomination for election by the
Company’s stockholders, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board shall be considered as though such individual were a member
of the Incumbent Board, but excluding for this purpose any such individual whose initial
assumption of office is in connection with an actual or threatened contest for the election
of directors (as such terms are used in Rule 14a-11 of

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Regulation 14A promulgated under the Exchange Act, or, if Rule 14a-11 is no longer in
effect, any regulation issued by the Securities and Exchange Commission pursuant to the
Exchange Act which serves similar purposes) or other actual or threatened solicitation of
proxies or consents by or on behalf of a Person or the Board;

     (iii) There shall be consummated a consolidation or merger of the Company, other than a
consolidation or merger of the Company in which immediately after the transaction, (A) the
direct or indirect beneficial owners of shares of the Company’s common stock immediately
prior to the consolidation or merger (or their affiliates) beneficially own directly or
indirectly, at least fifty percent (50%) of the total voting power of the surviving
corporation or other entity, (B) at least a majority of the Board of Directors of the
resulting corporation or other entity were members of the Incumbent Board, or (C) no Person
is a Fifty Percent Beneficial Owner of the continuing or surviving corporation or other
entity; or

     (iv) There shall be consummated a sale, lease, exchange or other transfer (in one
transaction or a series of related transactions) of all, or substantially all, of the assets
of the Company, other than a sale, lease, exchange or other transfer to an entity in which
(A) the direct or indirect beneficial owners of the Company’s common stock immediately prior
to the sale beneficially own, directly or indirectly, at least fifty percent (50%) of the
outstanding voting securities after such transfer, and in which immediately after such sale,
lease, exchange or other transfer, (B) at least a majority of the Board of Directors of the
transferee entity were members of the Incumbent Board, or (C) no Person is a Fifty Percent
Beneficial Owner of the transferee entity.

     “Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto.

     “Committee” means the
Compensation Committee of the Board or its successor, or such other
committee of the Board to which the Board has delegated power to act under or pursuant to the
provisions of the Plan or a subcommittee of the Compensation Committee (or such other committee)
established by the Compensation Committee or such other committee. If no such committee is so
delegated, references in this plan to “Committee” will mean the Board.

     “Company” means Sirion Holdings, Inc., a Delaware corporation.

     “Effective Date” means the date the Board approved the Plan.

     “Employment” means a Participant’s employment if the Participant is an employee of the Company
or any of its Affiliates; provided, however that unless otherwise determined by the Committee, a
change in a Participant’s status from employee to non-employee shall constitute a termination of
employment hereunder.

     “Exchange Act” means The Securities Exchange Act of 1934, as amended, or any successor
thereto.

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     “Fair Market Value” means, on a given date, (i) if Shares are readily tradeable on an
established securities market (within the meaning of Section 409A of the Code), the closing price
on such date of the Shares on the New York Stock Exchange, NASDAQ or other established securities
market as reported for such day in The Wall Street Journal or such other source as the Committee
deems reliable; provided that, if Shares were not traded or quoted, as applicable, on such date,
then the closest preceding date on which a trade occurred or quote was reported, or (ii) if Shares
are not readily tradeable on an established securities market, Fair Market Value shall be the value
established by the Committee in good faith in compliance with applicable statutory and regulatory
guidelines.

     “ISO” means an Option that is intended to qualify as an “incentive stock option” under Section
422 of the Code or any successor provision and which is granted pursuant to Section 6(e).

     “Nonqualified Stock Option” means an option granted under Section 6 of this Plan that is not
an ISO.

     “Option” means any option to purchase Shares granted pursuant to Section 6, subject to the
conditions set forth in the Plan and the applicable Award Agreement.

     “Option Price” means the price for which a Share can be purchased upon exercise of an Option,
as determined pursuant to Section 6(b), subject to adjustment as provided in the Plan and the
applicable Award Agreement.

     “Participant” means an employee or prospective employee of the Company or an Affiliate who is
selected by the Committee to participate in the Plan.

     “Plan” means the Sirion Holdings, Inc. 2006 Stock Incentive Plan, as amended from time to
time.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Shares” means shares of common stock of the Company, $.0001 par value per share.

     “Stock Appreciation Right” means a contractual right granted to a Participant under Section 7
of this Plan entitling such Participant to receive a payment, representing the difference between
the base price per share of the right and the Fair Market Value of a Share, at such time, and
subject to such conditions as are set forth in the Plan and the applicable Award Agreement.

     “Subsidiary” means a subsidiary corporation, as defined in Section 424(f) of the Code (or any
successor section thereto), of the Company.

3. Shares Subject to the Plan

     Subject to adjustment from time to time as provided in Section 8 of the Plan, the total number
of Shares which may be issued under the Plan is 534,566, as may be amended by the

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Board in accordance with the Plan. The number of Shares available for issuance under the Plan
shall be reduced by the full number of Shares covered by Awards granted under the Plan (including,
without limitation, the full number of Shares covered by any Stock Appreciation Right, regardless
of whether any such Stock Appreciation Right or other Award covering Shares under the Plan is
ultimately settled in cash or by delivery of Shares); provided however, that the number of Shares
covered by Awards (or portions thereof) that are forfeited or that otherwise terminate or lapse
without the payment of consideration in respect thereof will no longer be counted against the
foregoing maximum Share limitation and may again become available for issuance under the Plan. Any
Shares that are forfeited after the actual issuance of such Shares to a Participant under the Plan
shall not become available for re-issuance under the Plan.

4. Administration

     (a) The Plan shall be administered by the Committee, which may delegate its duties and powers
in whole or in part to any subcommittee thereof consisting solely of at least two individuals who
are intended to qualify as “independent directors” within the meaning of the listed company rules
for the NASDAQ or the listed company rules of any recognized stock exchange on which the Shares are
listed, “Non-Employee Directors” within the meaning of Rule 16b-3 under the Exchange Act (or any
successor rule thereto) and, to the extent required by Section 162(m) of the Code (or any successor
section thereto), “outside directors” within the meaning thereof. In addition, the Committee may
delegate to such a subcommittee the authority to grant Awards under the Plan to any employee or
group of employees of the Company or an Affiliate; provided that such grants are consistent with
guidelines established by the Committee from time to time.

     (b) The Committee shall have the full power and authority to make, and establish the terms and
conditions of, any Award to any person eligible to be a Participant, consistent with the provisions
of the Plan and to waive any such terms and conditions at any time (including, without limitation,
accelerating or waiving any vesting conditions). Awards may, in the discretion of the Committee, be
made under the Plan in assumption of, or in substitution for, outstanding awards previously granted
by the Company or its Affiliates or a company acquired by the Company or with which the Company
combines. The number of Shares underlying such substitute awards shall be counted against the
aggregate number of Shares available for Awards under the Plan.

     (c) The Committee is authorized to interpret the Plan, to establish, amend and rescind any
rules and regulations relating to the Plan, and to make any other determinations that it deems
necessary or desirable for the administration of the Plan, and may delegate such authority, as it
deems appropriate. The Committee may correct any defect or supply any omission or reconcile any
inconsistency in the Plan in the manner and to the extent the Committee deems necessary or
desirable. Any decision of the Committee in the interpretation and administration of the Plan, as
described herein, shall lie within its sole and absolute discretion and shall be final, conclusive
and binding on all parties concerned (including, but not limited to, Participants and their
beneficiaries or successors).

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     (d) The Committee shall require payment of any amount it may determine to be necessary to
withhold for federal, state, local or other taxes as a result of the exercise, grant or vesting of
an Award. Unless the Committee specifies otherwise, the Participant may elect to pay a portion or
all of such withholding taxes by (a) delivery of Shares or (b) having Shares withheld by the
Company with a Fair Market Value equal to the minimum statutory withholding rate from any Shares
that would have otherwise been received by the Participant.

     (e) Each member of the Committee shall be indemnified and held harmless by the Company against
and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred
by him or her in connection with or resulting from any claim, action, suit, or proceeding to which
he or she may be a party or in which he or she may be involved by reason of any action taken or
failure to act under the Plan, and (ii) from any and all amounts paid by him or her in settlement
of any Option or Stock Appreciation Right issued hereunder, with the Company’s approval, or paid by
him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against
him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle
and defend the same before he or she undertakes to handle and defend it on his or her own behalf.
The foregoing right of indemnification shall not be exclusive of any other rights of
indemnification to which such persons may be entitled under the Company’s Certificate of
Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the
Company may have to indemnify them or hold them harmless.

5. Limitations

     (a) Time. No Award may be granted under the Plan after the fifth anniversary of the
meeting of stockholders of the Company at which the Plan is approved, but Awards granted prior to
such fifth anniversary may extend beyond that date.

     (b) Repricing. No Option or Stock Appreciation Right, once granted hereunder, may be
repriced.

     (c) Issuance of Shares. Notwithstanding any other provision of the Plan, the Company
shall have no obligation to issue or deliver any Shares under the Plan or make any other
distribution of benefits under the Plan unless, in the opinion of the Company’s counsel, such
issuance, delivery or distribution would comply with all applicable laws (including, without
limitation, the requirements of the Securities Act or the laws of any state or foreign
jurisdiction) and the applicable requirements of any securities exchange or similar entity.

          The Company shall be under no obligation to any Participant to register for offering or resale
or to qualify for exemption under the Securities Act, or to register or qualify under the laws of
any state or foreign jurisdiction, any Shares, security or interest in a security paid or issued
under, or created by, the Plan, or to continue in effect any such registrations or qualifications
if made. The Company may issue certificates for Shares with such legends and subject to such
restrictions on transfer and stop-transfer instructions as counsel for the Company deems necessary
or desirable for compliance by the Company with federal, state and foreign

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securities laws. The Company may also require such other action or agreement by the Participants as
may from time to time be necessary to comply with applicable securities laws.

          To the extent the Plan or any instrument evidencing an Award provides for issuance of stock
certificates to reflect the issuance of Shares, the issuance may be effected on a noncertificated
basis, to the extent not prohibited by applicable law or the applicable rules of any stock
exchange.

6. Options

     (a) Grant of Options. An Option may be granted to any Participant selected by the
Committee. Subject to the provisions of Section 6(e) of the Plan and Section 422 of the Code, each
option granted under the Plan shall be designated, in the discretion of the Committee, as an ISO or
Nonqualified Stock Option.

     (b) Option Price. The Option Price per Share shall be determined by the Committee, but
shall not be less than the Fair Market Value of the Shares for the grant date.

     (c) Term of Option. The Committee shall in its discretion prescribe in an Award
Agreement the period during which a vested Option may be exercised, provided that the maximum term
of an Option shall be ten years from the grant date.

     (d) Exercise of Options. Except as otherwise provided in the Plan or in an Award
Agreement, an Option may be exercised for all, or from time to time any part, of the Shares for
which it is then exercisable. For purposes of this Section 6, the exercise date of an Option shall
be the date a notice of exercise is received by the Company, together with provision for payment of
the full purchase price in accordance with this Section 6(d). The purchase price for the Shares as
to which an Option is exercised shall be paid to the Company, as designated by the Committee,
pursuant to one or more of the following methods: (i) in cash or its equivalent (e.g. by check);
(ii) in Shares having a Fair Market Value equal to the aggregate Option Price for the Shares being
purchased and satisfying such other requirements as may be imposed by the Committee; provided that
such Shares have been held by the Participant for no less than six months (or such other period as
established from time to time by the Committee in order to avoid adverse accounting treatment
applying generally accepted accounting principles); (iii) by a combination of the methods described
above, or (iv) if there is a public market for the Shares at such time, through the delivery of
irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Option and to
deliver promptly to the Company an amount out of the proceeds of such Sale equal to the aggregate
Option Price for the Shares being purchased.

     (e) Additional Rules for ISOs. The Committee may grant Options under the Plan that are
intended to be ISOs. Such ISOs shall comply with the requirements of Section 422 of the Code (or
any successor section thereto). No ISO may be granted to any Participant who at the time of such
grant, owns more than ten percent (10%) of the total combined voting power of all classes of stock
of the Company or of any Subsidiary, unless (i) the Option Price per Share for such ISO is at least
110% of the Fair Market Value of a Share on the date the ISO is granted and (ii) the date on which
such ISO terminates is a date not later than the day preceding the fifth

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anniversary of the date on which the ISO is granted. To the extent that the aggregate Fair
Market Value of stock with respect to which ISOs are exercisable for the first time by a
Participant during any calendar year (under the Plan and all other incentive stock option plans of
the Company and any Subsidiary) exceeds $100,000, such Options shall be treated as non-qualified
Options to the extent required by Section 422 of the Code and subject to the provisions of Section
6(f) of this Plan, and the Company shall issue separate certificates to the Participant with
respect to options that are Nonqualified Stock Options and options that are ISOs. The rule set
forth in the preceding sentence shall be applied by taking Options into account in the order in
which they were granted. For purposes of this Section 6(e), the Fair Market Value of a Share shall
be determined as of the time the Option with respect to such Share is granted. Any Participant who
disposes of Shares acquired upon the exercise of an ISO either (i) within two years after the date
of grant of such ISO or (ii) within one year after the transfer of such Shares to the Participant,
shall notify the Company of such disposition and of the amount realized upon such disposition. All
Options granted under the Plan are intended to be Nonqualified Stock Options, unless the applicable
Award Agreement expressly states that the Option is intended to be an ISO. If an Option is
intended to be an ISO, and if for any reason such Option (or portion thereof) shall not qualify as
an ISO, then, to the extent of such non-qualification, such Option (or portion thereof) shall be
regarded as a Nonqualified Stock Option granted under the Plan; provided that such Option (or
portion thereof) otherwise complies with the Plan’s requirements relating to Nonqualified Stock
Options. In no event shall any member of the Committee, the Company or any of its Affiliates (or
their respective employees, officers or directors) have any liability to any Participant (or any
other person) due to the failure of an Option to qualify for any reason as an ISO.

     (f) Certain Additional Provisions for Options. To avoid a deferral of compensation
falling within the requirements of section 409A of the Code, each Nonqualified Stock Option will
have the following characteristics: (i) the exercise price will never be less than the Fair Market
Value of the underlying stock on the date the option is granted, (ii) the receipt, transfer or
exercise of the option will be subject to taxation under Section 83 of the Code, and (iii) the
option will not include any feature for the deferral of compensation other than the deferral of
recognition of income until the later of exercise or disposition of the option.

     (g) Option Vesting. The Committee shall in its discretion prescribe the time or times
at which, or the conditions upon which, an Option or portion thereof shall become vested and/or
exercisable, and may accelerate the vesting or exercisability of any Option at any time.

     (h) Award Agreement. Each Option shall be evidenced by an Award Agreement, which shall
be executed by the Participant and an authorized officer of the Company and which shall contain
such terms and conditions as the Committee shall determine, consistent with this Plan. Award
Agreements evidencing ISOs shall contain such terms and conditions as may be necessary to meet the
applicable provisions of section 422 of the Code. Any Award Agreement may require that the
Participant agree to be bound by any stockholders’ agreement among all or certain stockholders of
the Company that may be in effect at the time of either the grant of the award or the exercise of
an Option, if applicable, or certain provisions of any such agreement that may be specified by the
Company.

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     (i) Attestation. Wherever in this Plan or any Award Agreement a Participant is
permitted to pay the exercise price of an Option or taxes relating to the exercise of an Option by
delivering Shares, the Participant may, subject to procedures satisfactory to the Committee,
satisfy such delivery requirement by presenting proof of beneficial ownership of such Shares, in
which case the Company shall treat the Option as exercised without further payment and/or shall
withhold such number of Shares from the Shares acquired by the exercise of the Option, as
appropriate.

     (j) Rights As Stockholders. The holders of Options shall not be, nor have any of the
rights or privileges of, stockholders of the Company in respect of any Shares purchasable upon the
exercise of an Option unless and until certificates representing such Shares have been issued by
the Company to such holders and such holder has entered into any applicable stockholder’s
agreement, as determined by the Committee in its sole discretion.

7. Stock Appreciation Rights

     (a) Grants. The Committee may grant (i) a Stock Appreciation Right independent of an
Option or (ii) a Stock Appreciation Right in connection with an Option, or a portion thereof. A
Stock Appreciation Right granted pursuant to clause (ii) of the preceding sentence (A) may be
granted at the time the related Option is granted or at any time prior to the exercise or
cancellation of the related Option, (B) shall cover the same number of Shares covered by an Option
(or such lesser number of Shares as the Committee may determine) and (C) shall be subject to the
same terms and conditions as such Option except for such additional limitations as are contemplated
by this Section 7 (or such additional limitations as may be included in an Award Agreement).

     (b) Terms. The grant price per Share of a Stock Appreciation Right shall be an amount
determined by the Committee but in no event shall such amount be less than the Fair Market Value of
a Share on the date the Stock Appreciation Right is granted; provided however that notwithstanding
the foregoing in the case of a Stock Appreciation Right granted in conjunction with an Option, or a
portion thereof, the exercise price may not be less than the Option Price of the related Option.
Each Stock Appreciation Right granted independent of an Option shall entitle a Participant upon
exercise to an amount equal to (i) the excess of (A) the Fair Market Value of one Share on the
exercise date over (B) the grant price per Share, times (ii) the number of Shares covered by the
Stock Appreciation Right. Each Stock Appreciation Right granted in conjunction with an Option, or a
portion thereof, shall entitle a Participant to surrender to the Company the unexercised Option, or
any portion thereof, and to receive from the Company in exchange therefor an amount equal to (i)
the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the Option Price
per Share, times (ii) the number of Shares covered by the Option, or portion thereof, which is
surrendered. Payment shall be made in Shares or in cash, or in some combination thereof (any such
Shares valued at such Fair Market Value), all as shall be determined by the Committee. Stock
Appreciation Rights may be exercised from time to time upon actual receipt by the Company of
written notice of exercise stating the number of Shares with respect to which the Stock
Appreciation Right is being exercised. The date a notice of exercise is received by the Company
shall be the exercise date. No fractional Shares will be issued in payment for Stock Appreciation
Rights, but instead cash

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will be paid for a fraction or, if the Committee should so determine, the number of Shares will be
rounded downward to the next whole Share. No Participant shall have any rights to dividends or
other rights of a stockholder of the Company with respect to Shares covered by Stock Appreciation
Rights until the Shares are issued to the Participant.

     (c) Limitations. The Committee may impose, in its discretion, such terms and
conditions upon the exercisability of Stock Appreciation Rights as it may deem fit, but in no event
shall a Stock Appreciation Right be exercisable more than ten years after the date it is granted,
except as may be provided pursuant to Section 13.

8. Adjustments Upon Certain Events

     Notwithstanding any other provisions in the Plan to the contrary, the following provisions
shall apply to all Awards granted under the Plan:

     (a) Generally. In the event of any change in the outstanding Shares after the
Effective Date by reason of any Share dividend or split, reorganization, recapitalization, merger,
consolidation, spin-off, combination, or transaction or exchange of Shares or other corporate
exchange, or any distribution to stockholders of Shares other than regular cash dividends or any
transaction similar to the foregoing, the Committee in its sole discretion and without liability to
any person shall make such substitution or adjustment, if any, as it deems to be equitable (subject
to Section 17), as to (i) the number or kind of Shares or other securities issued or reserved for
issuance pursuant to the Plan or pursuant to outstanding Awards, (ii) the maximum number of Shares
for which Awards may be granted during a calendar year to any Participant, (iii) the Option Price
or grant price of any Stock Appreciation Right and/or (iv) any other affected terms of such Awards.

     (b) Change in Control. In the event of a Change in Control after the Effective Date
unless otherwise provided for in the Award Agreement, the Committee may (subject to Section 17),
but shall not be obligated to, (A) vest or cause the restrictions to lapse with respect to, all or
any portion of an Award, (B) cancel Awards for fair value (as determined in the sole discretion of
the Committee) which, in the case of Options and Stock Appreciation Rights, may equal the excess,
if any, of value of the consideration to be paid in the Change in Control transaction to holders of
the same number of Shares subject to such Options or Stock Appreciation Rights (or, if no
consideration is paid in any such transaction, the Fair Market Value of the Shares subject to such
Options or Stock Appreciation Rights) over the aggregate exercise price of such Options or grant
price of such Stock Appreciation Rights, (C) provide for the issuance of substitute Awards that
will substantially preserve the otherwise applicable terms of any affected Awards previously
granted hereunder as determined by the Committee in its sole discretion, or (D) provide that for a
period of at least 30 days prior to the Change in Control, such Options shall be exercisable as to
all shares subject thereto and that upon the occurrence of the Change in Control, such Options
shall terminate and be of no further force and effect.

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10. No Right to Employment or Awards

     The granting of an Award under the Plan shall impose no obligation on the Company or any
Affiliate to continue the employment of a Participant and shall not lessen or affect the Company’s
or Subsidiary’s right to terminate the employment of such Participant. No Participant or other
person shall have any claim to be granted any Award, and there is no obligation for uniformity of
treatment of Participants, or holders of Awards. The terms and conditions of Awards and the
Committee’s determinations and interpretations with respect thereto need not be the same with
respect to each Participant (whether or not such Participants are similarly situated).

11. Successors and Assigns

     The Plan shall be binding on all successors and assigns of the Company and a Participant,
including without limitation, the estate of such Participant and the executor, administrator or
trustee of such estate, or any receiver or trustee in bankruptcy or representative of the
Participant’s creditors.

12. Nontransferability of Awards

     Unless otherwise determined by the Committee (and subject to the limitation that in no
circumstances may an Award may be transferred by the Participant for consideration or value), an
Award shall not be transferable or assignable by the Participant otherwise than by will or by the
laws of descent and distribution. An Award exercisable after the death of a Participant may be
exercised by the legatees, personal representatives or distributees of the Participant.

13. Amendments or Termination

     Subject to Section 17 of the Plan, the Board or the Committee may amend, alter or discontinue
the Plan, but no amendment, alteration or discontinuation shall be made, (a) without the approval
of the stockholders of the Company, if such action would (except as is provided in Section 8 of the
Plan), increase the total number of Shares reserved for the purposes of the Plan, or the maximum
number of Shares for which Awards may be granted to any Participant, (b) without the consent of a
Participant, if such action would diminish any of the rights of the Participant under any Award
theretofore granted to such Participant under the Plan or (c) subject to Section 5(b), relating to
repricing of Options or Stock Appreciation Rights, to permit such repricing; provided however that
the Committee may amend the Plan in such manner as it deems necessary to permit the granting of
Awards meeting the requirements of the Code or other applicable laws.

14. Other Benefit Plans

     All Awards shall constitute a special incentive payment to the Participant and shall not be
taken into account in computing the amount of salary or compensation of the Participant for the
purpose of determining any benefits under any pension, retirement, profit-sharing, bonus, life

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insurance or other benefit plan of the Company or under any agreement between the Company and the
Participant, unless such plan or agreement specifically provides otherwise.

15. Choice of Law

     The Plan shall be governed by and construed in accordance with the laws of the State of
Delaware without regard to conflicts of laws, and except as otherwise provided in the pertinent
Award Agreement, any and all disputes between a Participant and the Company or any Affiliate
relating to an Award shall be brought only in a state or federal court of competent jurisdiction
sitting in Delaware.

16. Effectiveness of the Plan

     The Plan shall be effective as of the Effective Date, subject to the approval of the
stockholders of the Company.

17. Section 409A

     This Plan and Awards issued hereunder are intended to be exempt from the requirements of
Section 409A of the Code and Department of Treasury regulations and other interpretative guidance
issued thereunder. Notwithstanding any provision of the Plan to the contrary, in the event that the
Committee determines that any amounts payable hereunder will be taxable to a Participant under
Section 409A of the Code and related Department of Treasury guidance, prior to payment to such
Participant of such amount, the Company may (but is not obligated to) (a) adopt such amendments to
the Plan and Awards and appropriate policies and procedures, including amendments and policies with
retroactive effect, that the Committee determines necessary or appropriate to preserve the intended
tax treatment of the benefits provided by the Plan and Awards hereunder and/or (b) take such other
actions as the Committee determines necessary or appropriate to avoid the imposition of an
additional tax under Section 409A of the Code.

18. No Trust or Fund

     The Plan is intended to constitute an “unfunded” Plan. Nothing contained herein shall require
the Company to segregate any monies or other property or Shares, or to create any trusts, or to
make any special deposits for any immediate or deferred amounts payable to any Participant, and no
Participant shall have any rights that are greater than those of a general unsecured creditor of
the Company

*     *     *     *     *     *     *     *     *

11EX-10(A)

 

CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES AND EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

EXHIBIT 10(a)

PELLET SALE AND PURCHASE AGREEMENT

     THIS AGREEMENT, entered into, dated November 10, 2006 and effective as of January 1, 2007
(“Agreement”), by and among THE CLEVELAND-CLIFFS IRON COMPANY, an Ohio corporation (“Iron”), CLIFFS
SALES COMPANY, an Ohio corporation (“Sales”; and together with Iron, referred to herein as
“Cliffs”), AK STEEL CORPORATION, a Delaware corporation (“AK Steel”).

RECITALS

     WHEREAS, Cliffs desires to sell to AK Steel and AK Steel desires to purchase from Cliffs
certain quantities of grades of iron ore [*****] pellets such grades of iron ore
[*****] pellets being produced at the [*****], located in [*****] or such
other [*****] pellet grades as may be mutually agreed to by the parties hereto (such
[*****] and other mutually agreed upon [*****] pellets collectively being referred
to herein as “Cliffs Pellets”), all upon the terms and subject to the conditions contained herein.

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, Cliffs and AK
Steel agree as follows:

Section 1. — Definitions.

     The terms quoted in the above parentheses of the first introductory paragraph of this
Agreement and the WHEREAS clause, other terms quoted throughout this Agreement, and the terms
defined below in this Section 1 shall have the meanings
assigned to them for purposes of this Agreement. Attached, as Appendix I to this Agreement is
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     (a). The words, “AK Steel’s Annual Pellet Tonnage”, as used herein, shall mean: (i) for
the year 2007 a tonnage amount equal to 1.0 gross tons plus or minus ten percent (10%); and (ii)
for the years 2008 through and including 2013 a tonnage amount between 1.0 gross tons and 1.3 gross
tons plus or minus ten percent (10%), for consumption in AK Steel’s iron and steel making
facilities in any year at any of AK Steel’s facilities in North America owned or controlled at the
time of execution of this Agreement.

     (b). The word “pellets”, as used herein, shall mean iron-bearing products obtained by the
pelletizing of iron ore or iron ore concentrates, suitable for making iron in blast furnaces.

     (c). The word “ton”, as used herein, shall mean a gross ton of 2,240 pounds avoirdupois
natural weight.

     (d). The words “Upper Lake Docks”, as used herein, shall mean [*****] or other
mutually agreeable port.

     (e). The word “year”, as used herein, shall mean a calendar year commencing on January 1 and
ending December 31.

Section 2. — Sale and Purchase/Tonnage.

     During each of the years 2007 through 2013, and each year thereafter as long as this Agreement
remains in effect, Cliffs shall sell and deliver to AK Steel and AK Steel shall purchase and
receive from Cliffs and pay for a tonnage of Cliffs Pellets which tonnage shall be equal to AK
Steel’s Annual Pellet Tonnage for each such year.

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Section 3. — Pellet [*****]

     (a). Cliffs Pellets when loaded for shipment will be consistent with the typical
specifications and analysis limits set forth in Exhibit I to this Agreement.

     (b). [******]

Section 4. —  Notification and Nomination.

     (a). With respect to the tonnage of Cliffs Pellets to be purchased by AK Steel for its
facilities for each of the years 2007 through 2013, as provided in Section 2, on or before November
1 of each of the years prior thereto (e.g., November 1, 2007 for the 2008 year), AK Steel shall
notify Cliffs in writing of AK Steel’s preliminary tonnage of AK Steel’s Annual Pellet Tonnage for
such year (“Annual Nomination”).

(i). Beginning in the year 2008, in the event AK Steel requires tonnage in addition
to the maximum 1.3 million gross tons plus ten percent (10%), Cliffs is not
obligated to provide such excess tonnage. However, as part

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of its preliminary nomination AK Steel may request additional tonnage, and
shall notify Cliffs in writing of such requested excess tonnage on or before
November 1 of the preceding year. Cliffs shall have thirty (30) days
from the date of the request to determine whether Cliffs will supply all or any
portion of such request. In the event Cliffs is able to comply with such request,
AK Steel shall be obligated to purchase such tonnage that Cliffs is able to provide.

(ii) If at any time during the term of the Agreement AK Steel’s Ashland blast
furnace requires a reline, then AK Steel’s Annual Pellet Tonnage shall be adjusted
downwards on a pro rata basis during the time in which the reline takes place. AK
Steel shall provide Cliffs with written notice of such planned reline with its
Annual Nomination in the year prior to the planned reline.

			
	(b).	 	(i). With respect to the Annual Nomination for the year 2007, such Annual
Nomination is fixed at 1.0 million gross tons, subject to the adjustments process set
forth below.

(ii). With respect to each Annual Nomination for each year beginning with 2008, on
or before [*****] of the then current year of the purchase and sale, AK
Steel may, by written notification to Cliffs, adjust its Annual Nomination for the
then current year by not more than [*****] up or down. [*****]

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     If, however, AK Steel has not adjusted its Annual Nomination for the then
current year and thereafter as provided for above, then on or before [*****]
of the then current year of the purchase and sale (e.g. [*****]), AK Steel
may, by written notification to Cliffs, adjust its Annual Nomination for the current
year, as made under Section 4(a), by not more than [*****] up or down.
[*****]

     [*****]

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(iii). In order to provide Cliffs with the necessary information to plan for
the production of Cliffs Pellets, between [*****] of the then current year,
AK Steel shall notify Cliffs of AK Steel’s current estimate of AK Steel’s annual
iron ore pellets Tonnage for such year.

(iv). In order to provide Cliffs with the necessary information to plan shipments of
Cliffs Pellets, on [*****] of the then current year, AK Steel shall provide
Cliffs with a monthly shipping schedule for the then current year’s shipping season
(the “Shipping Schedule”). Thereafter, AK Steel shall provide an updated Shipping
Schedule on the [*****] of each month through [*****] of the then
current year.

(v). Notwithstanding the foregoing, nothing contained in this Section 4 shall permit
AK Steel to adjust its Annual Nomination in any manner which would result in a Final
Nomination that is beyond the [*****] of AK Steel’s Annual Pellet Tonnage
set forth in Section 1(a) of this Agreement.

Section 5. —  Price [*****].

     (a). [*****] shall have a [*****] price of [*****] per gross ton iron
unit, which at an expected [*****] equals [*****] per ton. (“Base Price”)

     (b). The price for the Cliffs Pellets sold and purchased in each of the years 2007 and
thereafter by AK Steel shall be based on the Base Price per iron unit as

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described in Section 5(a) above, which Base Price shall then be adjusted, up or down, in the
year 2007 and each year thereafter by an amount as determined in accordance with Section 5(c)
below.

     (c). In order to determine the adjusted price to be paid each year for the Cliffs Pellets, as
provided for under Section 5(b) above, the Base Price and each of the following respective year’s
then adjusted prices per iron unit shall be further adjusted, up or down, each year for the year in
determination as follows:

(i). divide (x) the numerator, which is the amount by which the [*****] for
the [*****]; by (y) the denominator, which is the [*****], and
multiply the result obtained by [*****];

(ii). divide (x) the numerator, which is the amount by which the [*****] for
the [*****]; by (y) the denominator, which is the [*****], and
multiply the result obtained by [*****];

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(iii). divide (x) the numerator, which is the amount by which the
[*****] for the [*****]; by (y) the denominator, which is the
[*****], and multiply the result obtained by [*****];

(iv). divide (x) the numerator, which is the amount by which the [*****] for
the calendar year in determination changes (up or down) from [*****]; by (y)
the denominator, which is the [*****], and multiply the result obtained by
[*****];

(v). [*****] obtained in paragraphs (i) through (iv);

(vi). [*****] determined in (v) above by the [*****] per iron unit
for AK Steel which will then equal the [*****] per iron unit for AK Steel;

(vii). [*****] determined in (vi) above to the preceding year’s adjusted
price per iron unit for AK Steel, which will then equal the current year’s adjusted
prices per iron unit for AK Steel; and

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(viii). [*****] determined in (vii) above by the [*****],
which will then equal the current year’s estimated price per ton for AK Steel.

     Those adjusted prices per ton for AK Steel shall then become the contract’s year estimated
price for the Cliffs Pellets delivered to the Upper Lake Docks for the year in determination.

     (d). The price for all tons sold by Cliffs to AK Steel shall be based on [*****]

     (e). Attached, as Exhibit II is an example of the adjustment formula applying the provisions
of Sections 5(c).

Section 6. — Payments [*****]

     (a). Cliffs shall invoice AK Steel for each shipment of Cliffs Pellets delivered to the Upper
Lake Docks and payment for shipments of Cliffs Pellets shall be made via wire transfer
[*****] following delivery of the Cliffs Pellets to the Upper Lake Docks. [*****]

     (b). [*****]

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     (c). In the event AK Steel shall fail to make payment when due of any or all amounts,
Cliffs, in addition to all other remedies available to Cliffs in law or in equity, shall have the
right, but not the obligation, to withhold further performance by Cliffs under this Agreement until
all claims Cliffs may have against AK Steel under this Agreement are fully satisfied.

     (d). All payments shall be made in U.S. dollars.

     (e). [*****]

(i) [*****]

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(ii) [*****]

(iii) [*****]

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Section 7. — Sampling and Analyses.

     All pellet sampling procedures and analytical tests conducted on Cliffs Pellets sold to AK
Steel to demonstrate compliance with typical specifications and analysis limits shall be performed
on each pellet vessel shipment. Sample and test methods shall be in accordance with Cliffs’
existing practice and based on the appropriate ASTM or ISO standard methods published at the time
of testing or the customary procedures and practices, or any other procedures and practices that
may be mutually agreed to by Cliffs and AK Steel. AK Steel may, at any time and from time to time
through one or more authorized representatives, and with prior notice to Cliffs, be present during
production, loading, or to observe sampling and analysis of pellets being processed for shipment to
AK Steel.

Section 8. — Delivery, Storage, Transfer of Ownership [*****]

     (a). Cliffs shall deliver to AK Steel the annual tonnage of Cliffs Pellets for AK Steel F.O.B.
to the Upper Lake Docks. To the extent title to pellets has been transferred to AK Steel in
accordance with Section 8(b) of this Agreement, inventory in dock storage may be held in AK Steel’s
name, but solely to the extent of such payments.

     (b). Title, and all risk of loss, damage or destruction of Cliffs Pellets shall transfer to AK
Steel [*****] as provided for in Section 6(a).

     (c). [*****]

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Section 9. — Shipments.

     Shipments of Cliffs Pellets shall be in approximately equal amounts over the nine-month period
of March 25 through January 15 each year during the term of this Agreement to ensure an adequate
amount of inventory to allow a working pellet pile at the Upper Lake Docks. Vessel Seasons are
determined by the U.S. Army Corps of Engineers and other uncontrollable factors, such as weather,
and are subject to change by the U.S. Army Corps of Engineers.

Section 10. — Weights.

     The vessel bill of lading weight determined by certified railroad scale weights, certified
belt scale weights, or certified bin scale weights in accordance with the procedures in effect from
time to time at each of the loading ports or Upper Lake Docks shall be accepted by the parties as
finally determining the amount of Cliffs Pellets shipped to the Upper Lake Docks for AK Steel
pursuant to this Agreement.

Section 11. — Employment of Vessels.

     AK Steel assumes the obligation for arranging and providing appropriate vessels for the
transportation of the Cliffs Pellets delivered by Cliffs to the Upper Lake Docks for AK Steel
hereunder.

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Section 12. — [*****]

     [*****]

 Section 13. —  Warranties.

     THERE ARE NO WARRANTIES, EXPRESS OR IMPLIED, WHICH EXTEND BEYOND THE PROVISIONS OF THIS
AGREEMENT, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR INTENDED PURPOSE. All
notices for substantial variance in specifications of the Cliffs Pellets from the specifications
and analysis limits described in Exhibit I shall be given in writing delivered to Cliffs within
sixty (60) calendar days after completion of discharge of the Cliffs Pellets at the Upper Lake
Docks, or any claim arising from any substantial variance shall be deemed waived by AK Steel. Each
party shall afford the other party prompt and reasonable opportunity to inspect the Cliffs Pellets
as to which any notice is given as above stated. No claim will be entertained after the Cliffs
Pellets have been consumed. The Cliffs Pellets shall not be returned to Cliffs without prior
written consent of Cliffs. In no event shall Cliffs be liable for AK Steel’s cost of processing,
lost profits, injury to good will or any other special or consequential damages.

Section 14. — Force Majeure.

     (a). Force Majeure shall be defined as any unforeseeable event that delays or prevents a Party
from performing, in whole or in part, any of its obligations under this Agreement due to any cause
beyond the reasonable control of and not due to the fault

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or negligence of the declaring Party, including but not limited to acts of God, war, riots, civil
insurrection, acts of the public enemy, terrorism, strikes, lockouts, natural disasters, breakdown
of or damage to necessary facilities or equipment, transportation delays, orders or acts of civil
or military authorities, legislation, regulation or administrative orders, or any limitation or
prohibition on, or inability to obtain governmental permits or approvals required by law and
necessary to, the mining, transporting, storing, or handling of iron ore, or other unforeseeable
causes that are beyond the reasonable control and without the fault or negligence of the Party
affected thereby. Notwithstanding the foregoing, Force Majeure, for purposes of this Agreement,
shall not include (i) the ability of Cliffs to sell Cliffs Pellets to a third party at a price
greater than the applicable price as set forth in Section 5 hereof; (ii) loss of AK Steel’s
markets; (iii) AK Steel’s ability to purchase Cliffs Pellets from a third party at a price lower
than the applicable price as set forth in Section 5 hereof; or (iv) financial difficulties of any
kind.

     (b). If because of Force Majeure either Cliffs or AK Steel is rendered wholly or partially
unable to carry out its respective obligations under this Agreement, and if such Party promptly
gives the other Party written notice of such Force Majeure in accordance with Paragraph 14(d)
below, the obligations and liabilities of the Party giving such notice and the corresponding
obligation of the other Party shall be excused to the extent made necessary by and during the
continuance of such Force Majeure, provided, however, that the Party claiming Force Majeure shall
use its best effort to eliminate the cause or effect of the Force Majeure as soon as to the extent
possible except that labor disputes or strikes shall be settled at the sole discretion of the Party
affected. To the extent

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possible, Cliffs and AK Steel shall utilize good faith efforts to minimize the adverse effects of a
Force Majeure. AK Steel shall have the option to require Cliffs to make up any deliveries excused
by reason of a Force Majeure (at the price existing as of the date of the occurrence of the Force
Majeure) prior to the termination of this Agreement. Cliffs shall have the option to require AK
Steel to make up any purchases excused by reason of Force Majeure (at the price existing as of the
date of the occurrence of the Force Majeure) prior to the termination of this Agreement.

     (c). If Cliffs claims Force Majeure and is unable to meet all of its delivery obligations
hereunder, or if AK Steel claims Force Majeure and is unable to meet all of its purchase
obligations hereunder, then any reductions in Cliff’s deliveries or AK Steel’s purchases (as
applicable) shall be allocated on a pro rata basis with all other iron ore supply or purchase
agreements involving iron ore of the same type and quality as the Cliffs Pellets. Upon a written
request by the Party not claiming Force Majeure, the declaring Party shall provide reasonable
written documentation to establish that its deliveries or purchases (as applicable) have been
allocated on such a pro rata basis.

     (d). Should either Party experience an event of Force Majeure impacting its ability to perform
its obligations under this Agreement, said Party shall provide written notice within ten (10)
Business Days to the Party not claiming Force Majeure setting forth the date(s) on which the Force
Majeure occurred, a brief description of the event of Force Majeure, and the estimated duration of
the impact of the Force Majeure at that time.

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     (e). If a Party declares a complete or partial Force Majeure based on damage to and/or
unexpected conditions with respect to any real and/or personal property within its custody or
control, then the Party not claiming Force Majeure and/or its appointed designee shall have the
right to inspect (upon a written request) the property affected by the Force Majeure. The
non-declaring Party shall choose the date and time of the inspection, however, such date and time
must be consented to by the declaring Party, which consent shall not be unreasonably withheld. The
declaring Party shall make such property available for inspection within twenty (20) Business Days
after the Party not claiming Force Majeure requests the inspection. A Party is entitled to one
such inspection per declared Force Majeure, but upon the written consent of the declaring Party,
additional inspections may be permitted. Such consent shall not be unreasonably withheld.

Section 15. — Notices.

     All notices, consents, reports and other documents authorized and required to be given
pursuant to this Agreement shall be given in writing and either personally served on an officer of
the parties hereto to whom it is given or mailed, postage prepaid, or sent by e-mail or facsimile
addressed as follows:

If to Cliffs:

1100 Superior Avenue — 15th Floor

Cleveland, Ohio 44114-2589

Attention: Secretary

Cc: General Manager — Sales and Traffic

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E-mail: trmee@cleveland-cliffs.com

Facsimile: (216) 694-5385

If to AK Steel:

703 Curtis Street

Middletown, Ohio 45043

Attention: Director — Purchasing

E-mail: Toney.Perry@aksteelcom

Cc: Manager Raw Materials — Purchasing

E-mail: Mick.Paddock@aksteel.com

Facsimile: 513-425-5562

provided, however, that any party may change the address to which notices or other communications
to it shall be sent by giving to the other party written notice of such change, in which case
notices and other communications to the party giving the notice of the change of address shall not
be deemed to have been sufficiently given or delivered unless addressed to it at the new address as
stated in said notice.

Section 16. — Term.

     (a). The term of this Agreement shall commence as of January 1, 2007 and continue through
December 31, 2013. Unless either party has given written notice of termination to the other party
by [*****], this Agreement shall continue on an annual basis after December 31, 2013
(original termination year) subject to subsequent termination by either party upon

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     [*****] prior written notification to the other party, in which case the
Agreement shall terminate at the end of the next succeeding year.

     (b). This Agreement shall remain valid and fully enforceable for the fulfillment of
obligations incurred prior to termination.

Section 17. — Amendment.

     This Agreement may not be modified or amended except by an instrument in writing signed by the
parties hereto.

Section 18. — Merger, Transfer and Assignment.

     (a). AK Steel shall not merge, consolidate or reorganize with any person, partnership,
corporation or other entity unless the surviving or resulting person, partnership, corporation or
other entity assumes in writing all of AK Steel’s obligations under this Agreement. Any
obligations required to be assumed by a surviving or resulting person, partnership, corporation or
entity in accordance with this Section 18(a) shall be limited to the AK Steel obligations under
this Agreement, and this Section 18(a) is not intended (i) to impose and shall not be deemed to
impose upon any such surviving or resulting person, partnership, corporation or entity, including
AK Steel, any obligation with respect to any pellet requirements it may have for any facility or
facilities it owns or operates other than AK Steel, nor (ii) to allow the surviving or resulting
person, partnership, corporation or other entity to substitute any other pellet tonnage available
from any other pellet purchase or pellet equity commitment of such surviving or resulting person,
partnership, corporation or other entity in order to satisfy the assumed obligations under this
Agreement for AK Steel .

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     (b). AK Steel shall not sell or transfer all or any of the blast furnace operations at AK
Steel to any other person, partnership, corporation, joint venture or other entity (“Transferee”)
unless the Transferee assumes in writing all of AK Steel’s obligations under this Agreement, as
such obligations relate to AK Steel being sold or transferred. Any obligations required to be
assumed by a Transferee in accordance with this Section 18(b) shall be limited to the AK Steel
obligations under this Agreement relating to the particular facility or facilities sold or
transferred. This Section 18(b) is not intended (i) to impose and shall not be deemed to impose
upon any such Transferee any obligation with respect to any pellet requirements such Transferee may
have for any facility or facilities such Transferee owns or operates other than AK Steel , nor (ii)
to allow such Transferee to substitute any other pellet tonnage available from any other pellet
purchase or pellet equity commitment of such Transferee in order to satisfy the assumed obligations
under this Agreement.

     (c). AK Steel shall not assign its rights or delegate its obligations under this Agreement
except as provided in Section 18(a) or 18(b).

     (d). Cliffs shall not merge, consolidate or reorganize with any person, partnership,
corporation or other entity unless the surviving or resulting person, partnership, corporation or
other entity assumes in writing all of Cliffs’ obligations under this Agreement. Cliffs shall not
sell or transfer all or substantially all of its iron ore business to any other person,
partnership, corporation, joint venture or other entity (“Cliffs Transferee”) unless the Cliffs
Transferee assumes in writing all of Cliffs’ obligations under this Agreement.

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     (e). Cliffs shall not assign its rights or delegate its obligations under this Agreement
except as provided in Section 18(d).

     (f). All the covenants, stipulations and agreements herein contained shall inure to the
benefit of and bind the parties hereto and their respective successors, transferees and permitted
assigns, and any of the latter’s subsequent successors, transferees and permitted assigns.

Section 19. — Waiver.

     No waiver of any of the terms of this Agreement shall be valid unless in writing. No waiver
or any breach of any provision hereof or default under any provisions hereof shall be deemed a
waiver of any subsequent breach or default of any kind whatsoever.

     Section 20. — Confidentiality.

     (a). Cliffs and AK Steel acknowledge that this Agreement contains certain pricing, adjustment
and term provisions which are confidential, proprietary or of a sensitive commercial nature and
which would put Cliffs or AK Steel at a competitive disadvantage if disclosed to the public,
including without limitation, Section 3, Section 5, Section 6 and all of the Schedules, Appendices
and Exhibits hereto (“Confidential Information”). Cliffs and AK Steel agree that all provisions of
this Agreement shall be kept confidential and, without the prior written consent of the other
party, shall not be disclosed to any party not a party to this Agreement except as required by law
or governmental or judicial order and except that disclosure of the existence of this Agreement
shall not be precluded by this Section 20.

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     (b). If either party is required by law or governmental or judicial order or receives legal
process or court or agency directive requesting or requiring disclosure of any of the Confidential
Information contained in this Agreement, such party will promptly notify the other party prior to
disclosure to permit such party to seek a protective order or take other appropriate action to
preserve the confidentiality of such Confidential Information. If either party determines to file
this Agreement with the Securities and Exchange Commission (“Commission”) or any other federal,
state or local governmental or regulatory authority, or with any stock exchange or similar body,
such determining party will use its best efforts to obtain confidential treatment of such
Confidential Information pursuant to any applicable rule, regulation or procedure of the Commission
and any applicable rule, regulation or procedure relating to confidential filings made with any
such other authority or exchange. If the Commission (or any such other authority or exchange)
denies such party’s request for confidential treatment of such Confidential Information, such party
will use its best efforts to obtain confidential treatment of the portions thereof that the other
party designates. Each party will allow the other party to participate in seeking to obtain such
confidential treatment for Confidential Information.

Section 21. — Governing Law.

     This Agreement shall in all respects, including matters of construction, validity and
performance, be governed by and be construed in accordance with the laws of the State of Ohio.

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Section 22. — Representations and Warranties.

     (a). AK Steel represents and warrants to Cliffs that (i) the execution and delivery of this
Agreement by AK Steel and the performance of its obligations hereunder have been duly authorized by
all requisite corporate action, (ii) neither the execution and delivery of this Agreement, nor the
performance of its obligations hereunder by AK Steel shall, or after the lapse of time or giving of
notice shall, conflict with, violate or result in a breach of, or constitute a default under the
certificate of incorporation or bylaws of AK Steel or any law, statute, rule or regulation
applicable to it, or conflict with, violate or result in a breach of or constitute a default under
the material agreement to which it is a party or by which it or any of its properties is bound, or
any judgment, order, award or decree to which AK Steel is a party or by which it is bound, or
require any approval, consent, authorization or other action by any court, governmental authority
or regulatory body or any creditor of AK Steel or any other person or entity, and (iii) this
Agreement constitutes a valid and binding obligation of AK Steel and is enforceable against AK
Steel in accordance with its terms.

     (b). Cliffs represents and warrants to AK Steel that: (i) the execution and delivery of this
Agreement by Cliffs and the performance of its obligations hereunder have been duly authorized by
all requisite corporate actions, (ii) neither the execution and delivery of this Agreement nor the
performance of its obligations hereunder by Cliffs shall, or after the lapse of time or giving of
notice shall, conflict with, violate or result in a breach of, or constitute a default under the
certificate of incorporation or bylaws of Cliffs

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or any law, statute, rule or regulation applicable to it, or conflict with, violate or result in
the breach of or constitute a default under any material agreement to which it is a party or by
which it or any of its properties is bound, or any judgment, order, award or decree to which Cliffs
is a party or by which it is bound, or require any approval, consent, authorization or other action
by any court, governmental authority or regulatory body or any creditor of Cliffs or any other
person or entity, and (iii) this Agreement constitutes a valid and binding obligation of Cliffs and
is enforceable against Cliffs in accordance with its terms.

Section 23. — Counterparts.

     This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument.

Section 24. — Arbitration.

     (a). Upon notice by either party to the other, all disputes, claims, questions or
disagreements arising out or relating to this Agreement or breach, termination, enforcement,
interpretation or validity thereof, including the determination of the scope or applicability of
this Agreement to arbitrate, shall be determined by arbitration administered by the American
Arbitration Association in accordance with the provisions of its Commercial Arbitration Rules,
modified as follows:

(i). The place of arbitration shall be Cleveland, Ohio;

(ii). Unless the parties consent in writing to a lesser number, the arbitration
proceedings shall be conducted before a panel of three neutral

24

 

CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES AND EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

arbitrators, one to be appointed by Cliffs, one to be appointed by AK Steel, and
third to be selected by the two arbitrators. None of the arbitrators shall be an
employee, officer, director or consultant of, or of a direct competitor of, AK Steel
or Cliffs;

(iii). Either party may apply to the arbitrators seeking injunctive relief until the
arbitration award is rendered or the controversy is otherwise resolved. Either
party also may, without waiving any remedy under this Agreement, seek from any court
having jurisdiction any interim or provisional relief that is necessary to protect
the rights or property of that party, pending the establishment of the arbitral
tribunal (or pending the arbitral tribunal’s determination of the merits of the
controversy);

(iv). Consistent with the expedited nature of arbitration, each party will, upon the
written request of the other party, promptly provide the other with copies of
documents on which the producing party may rely or otherwise which may be relevant
in support of or in opposition to any claim or defense; any dispute regarding
discovery, or the relevance or scope thereof, shall be determined by the
arbitrators, which determination shall be conclusive; and all discovery shall be
completed within forty-five (45) days following the appointment of the arbitrators;

(v). In connection any arbitration arising out of this Agreement, the arbitrators
shall have no authority to alter, amend, or modify any of the terms and conditions
of this Agreement, and further, the arbitrators may

25

 

CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES AND EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

     not enter any award that alters, amends or modifies terms or conditions of this
Agreement in any form or manner;

     (vi). The arbitration shall be “Baseball Style” wherein each party shall submit to
the arbitrator and exchange with each other in advance of the hearing their last,
best offers. The arbitrator shall be limited to awarding only one or the other of
the two figures submitted;

     (vii). The award or decision shall be made within nine months of the filing of the
notice of intention to arbitrate, and the arbitrators shall agree to comply with
this schedule before accepting appointment; provided, however, that this time limit
may be extended by written agreement signed by both parties or by the arbitrators,
if necessary; and

     (viii). In connection with any arbitration related to this Agreement, each party
shall be responsible for its own costs and expenses, and the parties will equally
split the cost of conducting the arbitration itself.

   (b). The judgment of the arbitrators shall be final and binding on the parties, and judgment
upon the award rendered by the arbitrators may be entered and enforced by any court of the United
States or any state thereof.

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

26

 

CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES AND EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

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

	 	 	 	 	 	 	 	 	 	 	 
	THE CLEVELAND-CLIFFS IRON COMPANY	 	 	 	AK STEEL CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ William R. Calfee
 

	 	 
	 	By:
	 	/s/ J. F. Kaloski
 

	 	 
	Name: William R. Calfee	 	 	 	Name:	 	 	 	 
	Title: Executive Vice President — Commercial	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 
	CLIFFS SALES COMPANY	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 
	By:

	 	/s/ William R. Calfee
 

	 	 	 	 	 	 	 	 
	Name: William R. Calfee	 	 	 	 	 	 	 	 
	Title: Executive Vice President — Commercial	 	 	 	 	 	 	 	 

27

 

CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES AND EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

APPENDIX 1

GLOSSARY

	 	 	 	 	 
	Agreement
	 	 	1	 
	AK Steel
	 	 	1	 
	AK Steel’s Annual Pellet Tonnage
	 	 	2	 
	Annual Nomination
	 	 	3	 
	Base Price
	 	 	6	 
	Baseball Style
	 	 	26	 
	Cliffs
	 	 	1	 
	Cliffs Pellets
	 	 	1	 
	Cliffs Transferee
	 	 	20	 
	Commission
	 	 	22	 
	[*****]	 	 	8	 
	[*****]	 	 	9	 
	[*****]	 	 	5	 
	[*****]	 	 	9	 
	Confidential Information
	 	 	21	 
	Iron
	 	 	1	 
	pellets
	 	 	2	 
	[*****]	 	 	8	 
	[*****]	 	 	7	 
	[*****]	 	 	7	 
	Sales
	 	 	1	 
	Shipping Schedule
	 	 	6	 
	[*****]	 	 	10	 
	[*****]	 	 	1	 
	ton
	 	 	2	 
	Transferee
	 	 	20	 
	Upper Lake Docks
	 	 	2	 
	year
	 	 	2	 
	[*****]	 	 	10	 

 

 

CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES AND EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

EXHIBIT INDEX

	 	 	 
	I

	 	[*****]
	 
	 	 
	II

	 	[*****]
	 
	 	 
	III

	 	[*****]

 

 

CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES AND EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

EXHIBIT I

PELLET SALE AND PURCHASE AGREEMENT

[*****]

[*****]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Report	 	 	TILDEN HEMATITE	 
	 	 	Frequency	 	 	Typical	 	 	Minimum	 	 	Maximum	 
	Moisture
	 	[*****]	 	 	 	[*****]	 	 	 	 	 	 	 	[*****]	 
	A. DRY CHEMICAL ANALYSIS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fe
	 	[*****]	 	 	 	[*****]	 	 	 	 	 	 	 	 	 
	SiO2
	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 
	AI2O3
	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 
	CaO
	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 
	MgO
	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 
	Mn
	 	[*****]	 	 	 	[*****]	 	 	 	 	 	 	 	 	 
	Phos
	 	[*****]	 	 	 	[*****]	 	 	 	 	 	 	 	[*****]	 
	CaO /
SiO2
	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B. SIZING, Wt. %
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	% +
1/2"
	 	[*****]	 	 	 	[*****]	 	 	 	 	 	 	 	[*****]	 
	% - 1/2" x + 3/8"
	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 	 	 	 	 
	% - 1/4"
	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	C. TUMBLE TEST
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	% + 1/4" before tumble
	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 	 	 	 	 
	% + 1/4" after tumble
	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	D. COMPRESSION TEST
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Minus 1/2" by plus 3/8"
	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 	 	 	 	 
	% - 300 lbs
	 	[*****]	 	 	 	[*****]	 	 	 	 	 	 	 	[*****]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	D. METALLURGICAL TESTS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LTB
	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 	 	 	 	 
	Reducibility R40
	 	[*****]	 	 	 	[*****]	 	 	 	[*****]	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[*****]
	 	- [*****]	 	 	 	 	 	 	 	 	 	 	 	 	 
	[*****]
	 	 - [*****]	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES AND EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

EXHIBIT II

PELLET SALE AND PURCHASE AGREEMENT

[*****]

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Year’
[*****] Calculation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	(1	)	 	[*****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	[*****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	=	 	 	 	 	 	 	[*****]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	[*****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(decimal converted to a percentage)
	 
	 
	 	 	 	 	 	[*****] (decimal converted to a percentage)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	X	 	 	[*****]	 	 	X	 	 	[*****]	 	 	=	 	 	 	A	 
	 
	 
	 	 	(2	)	 	[*****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	[*****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	=	 	 	 	 	 	 	[*****]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	[*****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(decimal converted to a percentage)
	 
	 
	 	 	 	 	 	[*****] (decimal converted to a percentage)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	X	 	 	[*****]	 	 	X	 	 	[*****]	 	 	=	 	 	 	B	 
	 
	 
	 	 	(3	)	 	[*****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	[*****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	=	 	 	 	 	 	 	[*****]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	[*****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(decimal converted to a percentage)
	 
	 
	 	 	 	 	 	[*****] (decimal converted to a percentage)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	X	 	 	[*****]	 	 	X	 	 	[*****]	 	 	=	 	 	 	C	 
	 
	 
	 	 	(4	)	 	[*****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	[*****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	=	 	 	 	 	 	 	[*****]	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	[*****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(decimal converted to a percentage)
	 
	 
	 	 	 	 	 	[*****] (decimal converted to a percentage)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	X	 	 	[*****]	 	 	X	 	 	[*****]	 	 	=	 	 	 	D	 
	 
	Current Year’s Adjusted Price Per Iron Unit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	Preceding Year’s Adjusted Price Per Iron Unit	 	 	+	 	 	 	(A + B + C + D	)	 	 	 	 	 	 	=	 	 	 	Current Year’s Adjusted Price Per Iron Unit
	 
	Current Year’s Estimated Pellet Price Per Ton	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	Current Year’s Adjusted Price Per Iron Unit	 	 	X	 	 	Current Year’s Expected Natural Iron Content	 	=	 	Current Year’s Estimated Pellet Price Per Ton

 

 

CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES AND EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

EXHIBIT III

PELLET SALE AND PURCHASE AGREEMENT

[*****]

	 	 	 	 	 
	1) [*****]
	 	 	 	 
	[*****]
	 	 	[*****]	 
	[*****]
	 	 	[*****]	 
	[*****]
	 	 	[*****]	 
	[***]
	 	 	[*****]	 
	 
	 	 	 	 
	2) [*****]
	 	 	 	 
	[***]
	 	 	[*****]	 
	[***]
	 	 	[*****]	 
	[***]
	 	 	[*****]	 
	[***]
	 	 	[*****]	 
	[***]
	 	 	[*****]	 
	[*******]
	 	 	[*****]	 
	[*******]
	 	 	[*****]	 
	[*******]
	 	 	[*****]	 
	[***]
	 	 	[*****]	 
	 
	 	 	 	 
	3) [*****]
	 	 	 	 
	[*****]
	 	 	[*****]	 
	[*****]
	 	 	[*****]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]