Document:

Exhibit 10.3

 

THIRD AMENDMENT TO THE

QUANEX CORPORATION HOURLY

BARGAINING UNIT EMPLOYEES SAVINGS PLAN

 

THIS AGREEMENT by
Quanex Corporation (the “Sponsor”),

 

W I T N E S S E T H:

 

WHEREAS, the Sponsor
previously established the Quanex Corporation Hourly Bargaining Unit Employees
Savings Plan, as amended and restated effective January 1, 1998 (the “Plan”);

 

WHEREAS, the Sponsor
reserved the right in Section 12.01 to amend the Plan; and

 

WHEREAS, the Sponsor
has determined to amend the Plan;

 

NOW, THEREFORE, the
Sponsor hereby agrees that effective January 1, 2004, the Plan is amended as
set forth below:

1.             The definition of the term “Eligible
Employee” included in Article I of the Plan is completely
amended and restated as follows:

“Eligible Employee”
means (a) an Employee who (1) is compensated by the Sponsor on an
hourly basis for services rendered at its MacSteel Michigan division or,
effective February 1, 2001, at its MacSteel Arkansas division, and (2) is
included in a unit of employees covered by a collective bargaining agreement
between an employees’ representative and the Employer; or (b) an Employee
of MacSteel Monroe, Inc. that is included in a unit of employees covered by a
collective bargaining agreement between an employees’ representative and the Employer.

 

2.             Article V of the Plan is amended by
adding the following new Section 5.14 to the Plan:

 

5.14         Loans. 
No loans shall be made to Participants under the Plan.  If (a) a Participant was a participant
in the Cargill Partnership Plan on December 31, 2003, and had a loan
outstanding under the Cargill Partnership Plan on December 31, 2003, and
(b) the loan note and all other rights with respect to such loan held by
or for the Cargill Partnership Plan are rolled over to the Plan, then  such loan shall be continued under the Plan,
and shall be administered  under the
terms and provisions applicable to the loan under the loan agreement and the

 

1

 

Cargill
Partnership Plan documents applicable to such loan in effect as of December 31,
2003.

 

3.             Article IX of the Plan is amended
by adding the following new Section 9.07 to the Plan:

 

9.07         Credit for Service With North Star Steel
Company.  For purposes of
determining an Employee’s Active Service for eligibility to participate and
vesting, his service with North Star Steel Company, a Minnesota corporation,
and any predecessor will be counted as Active Service under the Plan.

 

2

 

IN WITNESS WHEREOF,
the Sponsor has caused this Agreement to be executed on this
         day of December, 2003.

 

	
   

  	
  QUANEX CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:Exhibit 10.4

 

FIRST AMENDMENT TO
THE

QUANEX CORPORATION EMPLOYEE SAVINGS PLAN

 

THIS
AGREEMENT by Quanex Corporation (the “Sponsor”),

 

W I T N E S S E T
H:

 

WHEREAS,
the Sponsor previously established the Quanex Corporation Employee Savings
Plan, as amended and restated effective January 1, 2002 (the “Plan”);

 

WHEREAS,
the Sponsor reserved the right in Section 12.01 to amend the Plan; and

 

WHEREAS,
the Sponsor has determined to amend the Plan;

 

NOW,
THEREFORE, the Sponsor hereby agrees that effective
January 1, 2004, the Plan is amended as set forth below:

 

1.               Section 1.19
of the Plan is completely amended and restated as follows:

 

1.19         “Eligible Employee”
means an Employee who (a) is classified by the Sponsor as (1) working
at the Sponsor’s Corporate Office in Houston, Texas; (2) working at or for
the Sponsor’s MACSTEEL group office in Jackson, Michigan and compensated on a
salaried basis; (3) working at or for the Sponsor’s MACSTEEL operating
unit in Jackson, Michigan and compensated on a salaried basis; (4) working
at or for the Sponsor’s MACSTEEL operating unit in Fort Smith, Arkansas and
compensated on a salaried basis; or (5) working at or for the Sponsor’s
MACSTEEL Heat Treating operating unit in Huntington, Indiana; or (b) an
Employee of MacSteel Monroe, Inc. and compensated on a salaried basis.

 

2.               Article V of the
Plan is amended by adding the following new Section 5.14 to the Plan:

 

5.14         Loans.  No loans shall be made to Participants under
the Plan.  If (a) a Participant was
a participant in the Cargill Partnership Plan on December 31, 2003, and
had a loan outstanding under the Cargill Partnership Plan on December 31,
2003, and (b) the loan note and all other rights with respect to such loan
held by or for the Cargill Partnership Plan are rolled over to the Plan, then
such loan shall be continued under the Plan, and shall be administered under
the terms and provisions applicable to the loan under the loan agreement and
the Cargill Partnership Plan documents applicable to such loan in effect as of
December 31, 2003.

 

 

3.               Article
IX of the Plan is amended by adding the following new Section 9.07 to the
Plan:

 

9.07         Credit for Service With North Star Steel Company.  For purposes of determining an Employee’s
Active Service for eligibility to participate and vesting, his service with
North Star Steel Company, a Minnesota corporation, and any predecessor will be
counted as Active Service under the Plan.

 

 

IN WITNESS WHEREOF,
the Sponsor has caused this Agreement to be executed on this
              
day of December, 2003.

 

	
   

  	
  QUANEX CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
  Title:Exhibit 10.5

 

SECOND AMENDMENT TO THE

QUANEX CORPORATION 401(k) SAVINGS PLAN

THIS AMENDMENT by QUANEX
CORPORATION (the
“Sponsor”),

 

WITNESSETH:

 

WHEREAS,
on February 27, 2002, the Sponsor executed the amendment and restatement of the
Plan known as the “Quanex Corporation 401(k) Savings Plan” (the “Plan”);

 

WHEREAS,
pursuant to Section 13.01 of the Plan, the Sponsor has the right to amend
the Plan; and

 

WHEREAS,
the Sponsor desires to amend the Plan to exclude interns and students from the
eligibility provisions of the Plan;

 

NOW,
THEREFORE, the Sponsor agrees that, effective as of
June 2, 2003, Section 2.01 of the Plan is amended to provide as follows:

 

2.01         Eligibility Requirements.  Except as specified below, each Eligible
Employee who is employed by an Employer shall be eligible to participate in the
Plan beginning on the Entry Date that occurs with or next follows the date on
which the Employee completes one year of Active Service.  However, unless the Employee is employed by
the Sponsor at its plant in Lincolnshire, Illinois, an Employee who is included
in a unit of Employees covered by a collective bargaining agreement between the
Employees’ representative and the Employer is not eligible to participate in
the Plan if there has been good faith bargaining between the Employer and the
Employees’ representative pertaining to retirement benefits and the agreement
does not require the Employer to include such Employees in the Plan.  In addition, a Leased Employee shall not be
eligible to participate in the Plan unless the Plan’s qualified status is
dependent upon coverage of the Leased Employee.  An Employee who is a nonresident alien (within the meaning of
section 7701(b) of the Code) and receives no earned income (within the meaning
of section 911(d)(2) of the Code) from any Affiliated Employer that
constitutes income from sources within the United States (within the meaning of
section 861(a)(3) of the Code) is not eligible to participate in the
Plan.  An Employee who is a nonresident
alien (within the meaning of section 7701(b) of the Code) and who does receive
earned income (within the meaning of section 911(d)(2) of the Code) from any
Affiliated Employer that constitutes income from sources within the United
States (within the meaning of section 861(a)(3) of the Code) all of which is
exempt from United States income tax under an applicable tax convention is not
eligible to participate in the Plan. 
During any period in which an individual is classified by an Employer as
an independent contractor with respect to such Employer, the individual is not
eligible to participate in the Plan (even if he is subsequently reclassified by
the Internal Revenue Service as a common law employee of the Employer and the
Employer acquiesces to the reclassification). 
During any

 

 

period in
which an individual is classified by an Employer as an intern or student with
respect to such Employer, the individual is not eligible to participate in the
Plan.  Finally, an Employee who is
employed outside the United States is not eligible to participate in the Plan
unless the Committee elects to permit him to participate in the Plan.  Notwithstanding any other provision of the
Plan to the contrary, (1) an Employee of Nichols Aluminum-Golden, Inc. who was
employed by Nichols Aluminum-Golden, Inc. on January 25, 2000 shall be eligible
to participate in the Plan commencing with the first full payroll period that
starts on or after February 14, 2000 for purposes of Salary Deferral
Contributions, and such an Employee’s Supplemental Contributions, if any, shall
be based on his Considered Compensation paid by the Employer commencing with
the first full payroll period that starts on or after February 28, 2000, and
(2) an Employee of Imperial Products, Inc. who was employed by Imperial
Products, Inc. on April 1, 2000, shall be eligible to participate in the Plan
on June 1, 2000.

 

2

 

IN WITNESS WHEREOF,
the Sponsor has executed this Amendment this 2nd day of June, 2003, effective
as of June 2, 2003.

 

 

	
   

  	
  QUANEX CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

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