Document:

<PAGE>

                                                                   Exhibit 10.33

                         UNITED STATES BANKRUPTCY COURT
                           SOUTHERN DISTRICT OF TEXAS
                                HOUSTON DIVISION

In re:                                  )
                                        )  Jointly Admin. Under Case No.
PHILIP SERVICES CORPORATION, et al.     )  03-37718-H2-11
                                        )
                   Debtors.             )  (Chapter 11)

                       ORDER APPROVING EMPLOYEE RETENTION,
                             INCENTIVE AND SEVERANCE
                                [DOCKET NO. 92]

          Upon consideration of the Debtors' Expedited Motion to Approve
Employee Retention, Incentive and Severance Plans (the "Motion"), filed by
Philip Services Corporation and its affiliated debtors (collectively, the
"Debtors"), as debtors-in-possession, seeking approval under sections 363(b) and
105(a) of the Bankruptcy Code for the Debtors to implement the Retention,
Incentive and Severance Plans as described in the Motion (the "Retention
Program"); and it appearing that the Debtors have demonstrated a sound business
judgment for the use of the Debtors' property in connection with the Retention
Program; and it appearing that such Retention Program is in the best interest of
the Debtors' estates and creditors; and it appearing that due and proper notice
of the Motion has been given; and upon the proceedings had before the Court; and
good and sufficient cause appearing therefor, it is hereby(1)

          ORDERED that the Motion is GRANTED, as set forth herein; it is further

          ORDERED that the Debtors' are authorized to implement those portions
of the Retention Program referred to as the (a) Key Employee Retention Program,
(b) Severance Program, and (c) the PSD Sale or Closure Program, as set forth in
the Motion; it is further

--------
(1) All capitalized terms not defined herein shall have the meaning
ascribed to them in the Motion.

<PAGE>

          ORDERED that the Debtors are authorized to make all payments that may
be required under the portions of the Retention Program approved in this Order
at such time and in such amounts as are required under the applicable Program;
it is further

          ORDERED that the Debtors are authorized to make payments under the Key
Employee Retention Program in the following manner: (a) 30% ($660,000) payable
on June 30, 2003, (b) 30% ($660,000) payable on October 31, 2003, and (c) the
remaining 40% ($880,000) payable on the later of confirmation of a Plan or March
31, 2004; it is further

          ORDERED that the Debtors are authorized to pay employees who were
terminated prior to the Petition Date up to 12 weeks of severance pay less any
amounts previously paid to such employees on account of their termination by the
Debtors; provided, however, that as a condition to receiving the payments
authorized by this Order, such employees terminated prior to the Petition Date
shall reduce any remaining claims against the Debtors' estates by the amount
received under this Order; it is further

          ORDERED that any payments made pursuant to this Order shall be subject
to any DIP Financing or Cash Collateral Order entered in these cases; and it is
further

          ORDERED that a final hearing on the Debtors' request for authority to
pay additional amounts pursuant to the Top Executive Plan shall take place
before the Honorable Wesley W. Steen on the 30th day of June, 2003 at 2:00 p.m.
CDT in Courtroom No. 400, 515 Rusk Street, Houston, Texas 77002; and it is
further

<PAGE>

          ORDERED that this Court shall retain jurisdiction with respect to all
matters arising from or related to the implementation of this Order.

          SIGNED this 23rd day of June, 2003.

                                              /s/ Wesley W. Steen
                                              ----------------------------------
                                              UNITED STATES BANKRUPTCY JUDGE<PAGE>
                                                                   EXHIBIT 10.34

                         UNITED STATES BANKRUPTCY COURT
                           SOUTHERN DISTRICT OF TEXAS
                                HOUSTON DIVISION

In re:                                 )
                                       )    Jointly Admin. Under Case No.
PHILIP SERVICES CORPORATION, et al.    )    03-37718-H2-11
                                       )
                                       )
                   Debtors.            )    (Chapter 11)

                 SECOND ORDER APPROVING TOP EXECUTIVE RETENTION
                         PORTION OF EMPLOYEE RETENTION,
                          INCENTIVE AND SEVERANCE PLANS
                                [DOCKET NO. 92]

         Upon consideration of the Debtors' Expedited Motion to Approve Employee
Retention, Incentive and Severance Plans (the "Motion"), filed by Philip
Services Corporation and its affiliated debtors (collectively, the "Debtors"),
as debtors-in-possession, seeking approval under sections 363(b) and 105(a) of
the Bankruptcy Code for the Debtors to implement the Retention, Incentive and
Severance Plans as described in the Motion (the "Retention Program"); and it
appearing that the Debtors have demonstrated a sound business judgment for the
use of the Debtors' property in connection with the Retention Program; and it
appearing that such Retention Program is in the best interest of the Debtors'
estates and creditors; and it appearing that due and proper notice of the Motion
has been given; and upon the proceedings had before the Court; and good and
sufficient cause appearing therefor, it is hereby(1)

         ORDERED that the Debtors' are authorized to implement the retention
portion of the Top Executive Plan, as set forth in the Motion; it is further

         ORDERED that the Debtors are authorized to make payments that may be
required under the retention portion of the Top Executive Plan approved in this
Order up to the maximum aggregate amount of $297,250; it is further

----------

(1) All capitalized terms not defined herein shall have the meaning
    ascribed to them in the Motion.

<PAGE>

         ORDERED that any payments made pursuant to this Order shall be subject
to any DIP Financing or Cash Collateral Order entered in these cases; and it is
further

         ORDERED that a final hearing on the Debtors' request for authority for
the incentive portion of the Top Executive Plan shall take place before the
Honorable Wesley W. Steen on the 21st day of July, 2003 at 2:00 p.m. CDT in
Courtroom No. 400, 515 Rusk Street, Houston, Texas 77002; and it is further

         ORDERED that this Court shall retain jurisdiction with respect to all
matters arising from or related to the implementation of this Order.

         SIGNED this 30th day of June, 2003.

                                      /s/ Wesley W. Steen
                                     ------------------------------
                                     UNITED STATES BANKRUPTCY JUDGE<PAGE>
                                                                   EXHIBIT 10.35

                         UNITED STATES BANKRUPTCY COURT
                           SOUTHERN DISTRICT OF TEXAS
                                HOUSTON DIVISION

In re:                                  )
                                        )    Jointly Admin. Under Case No.
PHILIP SERVICES CORPORATION, et al.     )    03-37718-H2-11
                                        )
                                        )
                Debtors.                )    (Chapter 11)

                  THIRD ORDER APPROVING TOP EXECUTIVE RETENTION
                         PORTION OF EMPLOYEE RETENTION,
                          INCENTIVE AND SEVERANCE PLANS
                                [DOCKET NO. 92]

         Upon consideration of the Debtors' Expedited Motion to Approve Employee
Retention, Incentive and Severance Plans (the "Motion"), filed by Philip
Services Corporation and its affiliated debtors (collectively, the "Debtors"),
as debtors-in-possession, seeking approval under sections 363(b) and 105(a) of
the Bankruptcy Code for the Debtors to implement the Retention, Incentive and
Severance Plans as described in the Motion (the "Retention Program"); and it
appearing that the Debtors have demonstrated a sound business judgment for the
use of the Debtors' property in connection with the Retention Program; and it
appearing that such Retention Program is in the best interest of the Debtors'
estates and creditors; and it appearing that due and proper notice of the Motion
has been given; and upon the proceedings had before the Court; and good and
sufficient cause appearing therefor, it is hereby(1)

         ORDERED that the Debtors' are authorized to implement the incentive
portion of the Top Executive Plan, in the form circulated to the senior secured
creditors, the Term/PIK lenders and the Creditors Committee on July 19, 2003,
and as reflected in Exhibit A to this Order, up to $1.3 million; it is further

----------

(1) All capitalized terms not defined herein shall have the meaning ascribed to
    them in the Motion.

<PAGE>

         ORDERED that any payments made pursuant to this Order shall be subject
to any DIP Financing or Cash Collateral Order entered in these cases; and it is
further

         ORDERED that this Court shall retain jurisdiction with respect to all
matters arising from or related to the implementation of this Order.

         SIGNED this 28th day of July, 2003.

                                /s/ Wesley W. Steen
                              ------------------------------
                              UNITED STATES BANKRUPTCY JUDGE

<PAGE>
                              PHILIP SERVICES CORP
                       EXECUTIVE INCENTIVE/RETENTION PLAN

<Table>
<Caption>
------------------------------------------------------------------------------------------------------------------------------
                                                    SINGLE TRANSACTION ASSET SALE OR PLAN VALUE
------------------------------------------------------------------------------------------------------------------------------
     Executive                                        Sale Proceeds or Plan Value for PSC ($ Millions)
                                          $160      $170        $180      $190      $200        $210       $220        $230
                                         -------------------------------------------------------------------------------------
       Title                 Salary                                              Proposed Incentive Award
---------------------------------------                                          ------------------------
<S>                          <C>         <C>       <C>        <C>        <C>       <C>        <C>        <C>         <C>
Principal Executive Officer  $  180,000 $ 22,817   $ 45,633   $ 68,450   $ 91,267   $114,083   $136,900   $159,717  $  182,533
Chief Financial Officer      $  250,000 $ 22,817   $ 45,633   $ 68,450   $ 91,267   $114,083   $136,900   $159,717  $  182,533
General Counsel              $  280,000 $ 22,817   $ 45,633   $ 68,450   $ 91,267   $114,083   $136,900   $159,717  $  182,533
President, ISG Group         $  230,000 $ 22,817   $ 45,633   $ 68,450   $ 91,267   $114,083   $136,900   $159,717  $  182,533
President, Metals Group      $  274,000 $ 22,817   $ 45,633   $ 68,450   $ 91,267   $114,083   $136,900   $159,717  $  182,533
SVP, Health, Safety, & Env.  $  155,000 $ 22,817   $ 45,633   $ 68,450   $ 91,267   $114,083   $136,900   $159,717  $  182,533
------------------------------------------------------------------------------------------------------------------------------
              TOTAL          $1,369,000 $136,900   $273,800   $410,700   $547,600   $684,500   $821,400   $958,300  $1,095,200
------------------------------------------------------------------------------------------------------------------------------

<Caption>

-----------------------------------------------------------------

-----------------------------------------------------------------
     Executive
                                              $240        $250
                                         ------------------------
       Title                 Salary
---------------------------------------
<S>                          <C>           <C>         <C>
Principal Executive Officer  $  180,000    $  205,350  $  228,167
Chief Financial Officer      $  250,000    $  205,350  $  228,167
General Counsel              $  280,000    $  205,350  $  228,167
President, ISG Group         $  230,000    $  205,350  $  228,167
President, Metals Group      $  274,000    $  205,350  $  228,167
SVP, Health, Safety, & Env.  $  155,000    $  205,350  $  228,167
-----------------------------------------------------------------
              TOTAL          $1,369,000    $1,232,100  $1,369,000
-----------------------------------------------------------------
</Table>

<Table>
<Caption>
------------------------------------------------------------------------------------------------------------------------------
                                                MULTIPLE TRANSACTION ASSET SALE OR PLAN VALUE
------------------------------------------------------------------------------------------------------------------------------
     Executive                                                    Sale Proceeds or Plan Value for METALS ($ Millions)
                                         $64        $68        $72        $76        $80        $84        $88         $92
                                         -------------------------------------------------------------------------------------
       Title                 Salary                                              Proposed Incentive Award
---------------------------------------                                          ------------------------
<S>                          <C>         <C>       <C>        <C>        <C>       <C>        <C>        <C>         <C>
Principal Executive Officer  $  180,000  $11,408   $ 22,817   $ 34,225   $ 45,633   $ 57,042   $ 68,450   $ 79,858    $ 91,267
Chief Financial Officer      $  250,000  $11,408   $ 22,817   $ 34,225   $ 45,633   $ 57,042   $ 68,450   $ 79,858    $ 91,267
General Counsel              $  280,000  $11,408   $ 22,817   $ 34,225   $ 45,633   $ 57,042   $ 68,450   $ 79,858    $ 91,267
President, ISG Group         $  230,000  $     0   $      0   $      0   $      0   $      0   $      0   $      0    $      0
President, Metals Group      $  274,000  $22,817   $ 45,633   $ 68,450   $ 91,267   $114,083   $136,900   $159,717    $182,533
SVP, Health, Safety, & Env.  $  155,000  $11,408   $ 22,817   $ 34,225   $ 45,633   $ 57,042   $ 68,450   $ 79,858    $$91,267
------------------------------------------------------------------------------------------------------------------------------
              TOTAL          $1,369,000  $68,450   $136,900   $205,350   $273,800   $342,250   $410,700   $479,150    $547,600
------------------------------------------------------------------------------------------------------------------------------

<Caption>

-----------------------------------------------------------------

-----------------------------------------------------------------
     Executive
                                              $96         $100
                                         ------------------------
       Title                 Salary
---------------------------------------
<S>                          <C>           <C>         <C>
Principal Executive Officer  $  180,000      $102,675    $114,083
Chief Financial Officer      $  250,000      $102,675    $114,083
General Counsel              $  280,000      $102,675    $114,083
President, ISG Group         $  230,000      $      0    $      0
President, Metals Group      $  274,000      $205,350    $228,167
SVP, Health, Safety, & Env.  $  155,000      $102,675    $114,083
-----------------------------------------------------------------
              TOTAL          $1,369,000      $616,050    $684,500
-----------------------------------------------------------------
</Table>
<PAGE>

<Table>
<Caption>
------------------------------------------------------------------------------------------------------------------------------
                                                MULTIPLE TRANSACTION ASSET SALE OR PLAN VALUE
------------------------------------------------------------------------------------------------------------------------------
     Executive                                  Sale Proceeds or Plan Value for ISG ($ Millions)
                                         $96       $102        $108       $114      $120        $126       $132        $138
                                         -------------------------------------------------------------------------------------
       Title                 Salary                                              Proposed Incentive Award
---------------------------------------                                          ------------------------
<S>                          <C>         <C>       <C>        <C>        <C>       <C>        <C>        <C>         <C>
Principal Executive Officer  $  180,000  $11,408   $ 22,817   $ 34,225   $ 45,633   $ 57,042   $ 68,450   $ 79,858    $ 91,267
Chief Financial Officer      $  250,000  $11,408   $ 22,817   $ 34,225   $ 45,633   $ 57,042   $ 68,450   $ 79,858    $ 91,267
General Counsel              $  280,000  $11,408   $ 22,817   $ 34,225   $ 45,633   $ 57,042   $ 68,450   $ 79,858    $ 91,267
President, ISG Group         $  230,000  $22,817   $ 45,633   $ 68,450   $ 91,267   $114,083   $136,900   $159,717    $182,533
President, Metals Group      $  274,000  $     0   $      0   $      0   $      0   $      0   $      0   $      0    $      0
SVP, Health, Safety, & Env.  $  155,000  $11,408   $ 22,817   $ 34,225   $ 45,633   $ 57,042   $ 68,450   $ 79,858    $ 91,267
------------------------------------------------------------------------------------------------------------------------------
              TOTAL          $1,369,000  $68,450   $136,900   $205,350   $273,800   $342,250   $410,700   $479,150    $547,600
------------------------------------------------------------------------------------------------------------------------------

<Caption>

-----------------------------------------------------------------
     Executive
                                              $144        $150
                                         ------------------------
       Title                 Salary
---------------------------------------
<S>                          <C>           <C>         <C>
Principal Executive Officer  $  180,000      $102,675    $114,083
Chief Financial Officer      $  250,000      $102,675    $114,083
General Counsel              $  280,000      $102,675    $114,083
President, ISG Group         $  230,000      $205,350    $228,167
President, Metals Group      $  274,000      $      0    $      0
SVP, Health, Safety, & Env.  $  155,000      $102,675    $114,083
-----------------------------------------------------------------
              TOTAL          $1,369,000      $616,050    $684,500
-----------------------------------------------------------------
</Table>

Note:
1.  Each executive (except Principal Executive Officer) will receive a retention
    award of 25% of his salary to stay through emergence from bankruptcy
    (whether or not a sale occurs.)

2.  The retention award will vest and be paid quarterly over the year following
    emergence from bankruptcy.

3.  The maximum award to an executive will be 25% of his salary, plus the
    incentive award shown in the tables above.

4.  Incentive awards will be prorated for a sale price or plan value between
    indicated levels.

5.  No incentive will be awarded for sales proceeds or plan values less than the
    minimums shown in the tables.

6.  Incentive awards for sale proceeds or plan values greater than $250 million
    (aggregate), $100 million (Metals) or $150 million (ISG) will be calculated
    by extrapolation from the above table.

7.  ISG is sold with environmental liabilities and includes the Analytical
    Group.

8.  Entitlement to the retention award is conditioned upon emergence from
    bankruptcy by March 31, 2004.

9.  Entitlement to the incentive award is conditioned upon sale or plan approval
    occurring by March 31, 2004.

10. No incentive award is payable if the purchaser or prevailing plan sponsor is
    Carl Icahn or any entity or entities which he controls.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]