Document:

Second Amendment to Employment Agreement (Stoddard)

 EXHIBIT 10.1 

SECOND AMENDMENT 
 TO THE 
 EMPLOYMENT
AGREEMENT 
 OF 
 RICHARD E. STODDARD 
 This Second Amendment
to the Employment Agreement of Richard E. Stoddard (“Amendment”) is made and entered into effective May 11, 2011, by and between RICHARD E. STODDARD (“Employee”) and BUSINESS STAFFING, INC. (the
“Company”). 
 RECITALS 

A. Employee is currently employed by the Company pursuant to that certain Employment Agreement by and between the Company and
Employee dated effective January 1, 2007, which agreement was amended by that Frist Amendment to the Employment Agreement of Employee dated November 4, 2009 (collectively the “Employment Agreement”). 

B. Employee and the Company desire to further amend the Employment Agreement my amending by this Amendment. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Employee and the
Company agree as follows: 
 1. ADDITION OF A NEW
PARAGRAPH 20. A new Paragraph 20 is hereby added to the Employment Agreement which shall read as follows: 
 20. CHANGE OF CONTROL. Upon a “Change in Control” in Kaiser, Employee shall fully vest in the payments and benefits due him under Paragraph 7
and the Company shall bill Kaiser and Kaiser shall immediately pay to the Company the undiscounted amount necessary to fully pay when due and payable all payments and benefits that potentially would be required to be made under Paragraph 7 hereof if
the Employee were to be terminated without cause. The term “Change in Control” as used in this Agreement shall mean (i) the approval of any plan or proposal by the unitholders of Kaiser as required by the Kaiser’s operating
agreement to dissolve and liquidate Kaiser Ventures unless its business is to be continued without any material change by an Excluded Person (as defined below); (ii) the consummation of the sale, conveyance or other disposition of all or
substantially all the assets of Kaiser (in one or a series of transactions to one or more persons) other than to an Excluded Person; (iii) the consummation of a reorganization, merger, share exchange or consolidation other than with an Excluded
Person (or other than where the Excluded Person is the surviving entity); (iv) any person becomes an Acquiring Person except as the result of (A) an acquisition of voting securities of Kaiser by Kaiser or (B) an acquisition of voting
securities of Kaiser as authorized by the Board of Managers of Kaiser; and/or (iv) the date on which there is a change in the majority of the members of the Board of Managers of Kaiser over a rolling twenty-four month period without the
affirmative approval of the majority of Managers of Kaiser at 

  
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the commencement of the applicable twenty-four month period. For purposes of this definition of Change of Control, the following terms will have the following meanings: 

(1) “Acquiring Person” means any person or group other than an Excluded Person who or which, alone or
together with all affiliates of the Acquiring Person, is the beneficial owner of 50% or more of the voting securities of Kaiser. 
 (2) “affiliate” means, with respect to any specified person, any other person controlling or controlled by, or under common control with, such specified person. 

(3) “Excluded Person” means any corporation or other entity of which at least 50% of the voting
securities are beneficially owned, directly or indirectly, by the persons who were the beneficial owners of the voting securities of Kaiser immediately prior to the relevant transaction. 

(4) “group” has the meaning given in Section 13(d) of the Securities Exchange Act of 1934, as
amended (“Exchange Act”). 
 (5) “person” shall be as defined in
Section 13 (h)(8)(E) of the Exchange Act. 
 2. RATIFICATION OF
EMPLOYMENT AGREEMENT AS AMENDED. The Employment Agreement is not amended in any other respect except as expressly provided herein, and the
Employment Agreement as amended by this Amendment is hereby ratified and approved in all respects. 
 3.
GOVERNING LAW. This Amendment shall be governed by and construed in accordance with the laws of the State of California. 
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Employment Agreement to be effective as of the day and year first written above no withstanding the actual date of
signature. 
  

							
	“EMPLOYEE”	  				  	“THE COMPANY”
	RICHARD E. STODDARD	  				  	BUSINESS STAFFING, INC.
			
	 /s/ Richard E. Stoddard
	  	 	By:	  	  	 /s/ James F. Verhey

	 Richard E. Stoddard
	  				  	James F. Verhey
		  				  	Vice President

  
 2 

 CONSENT OF HUMAN RELATIONS
COMMITTEE AND UNCONDITIONAL GUARANTY 
 OF

 KAISER VENTURES LLC 

TO 
 AMENDED EMPLOYMENT AGREEMENT OF RICHARD E. STODDARD 

The Human Relations Committee of Kaiser Ventures LLC (“Kaiser”) hereby consents to the employment agreement between
Business Staffing, Inc. (the “Company”) and Richard E. Stoddard dated effective January 1, 2007, and as amended to date (the “Amended Employment Agreement”) and the payment of all sums that may be required of
Kaiser to reimburse the Company under the terms of the Amended and Restated Administrative Services Agreement between the Company and Kaiser dated as of December 31, 2010, as it may be amended. Additionally, Kaiser Ventures LLC hereby directly
and unconditionally guarantees to Richard E. Stoddard the prompt and complete payment of all amounts and benefits due him under the terms of his Amended Employment Agreement including the payment of all sums Kaiser is required to reimburse the
Company related to his employment under the terms of the Amended and Restated Administrative Services Agreement as it may be amended. 
  

					
		 	KAISER VENTURES LLC
		 	HUMAN RELATIONS COMMITTEE
			
	Date: May 11, 2011	 	By:	 	 /s/ Ronald E. Bitonti

		 		 	Ronald E. Bitonti, Committee Member
			
	Date: May 11, 2011	 	By:	 	 Gerald A. Fawcett

		 		 	Gerald A. Fawcett, Committee Member
			
		 		 	KAISER VENTURES LLC
			
	Date: May 11, 2011	 	By:	 	 /s/ James F. Verhey

		 		 	James F. Verhey
		 		 	Executive Vice President - CFO

  
 3Second Amendment to Employment Agreement (Verhey)

 EXHIBIT 10.2 

SECOND AMENDMENT 
 TO THE 
 EMPLOYMENT
AGREEMENT 
 OF 
 JAMES F. VERHEY 
 This Second Amendment to
the Employment Agreement of JAMES F. VERHEY (“Amendment”) is made and entered into effective May 11, 2011, by and between JAMES F. VERHEY (“Employee”) and BUSINESS STAFFING, INC. (the
“Company”). 
 RECITALS 

A. Employee is currently employed by the Company pursuant to that certain Employment Agreement by and between the Company and
Employee dated effective January 1, 2007, which agreement was amended by that Frist Amendment to the Employment Agreement of Employee dated November 4, 2009 (collectively the “Employment Agreement”). 

B. Employee and the Company desire to further amend the Employment Agreement my amending by this Amendment. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Employee and the
Company agree as follows: 
 1. ADDITION OF A NEW
PARAGRAPH 20. A new Paragraph 20 is hereby added to the Employment Agreement which shall read as follows: 
 20. CHANGE OF CONTROL. Upon a “Change in Control” in Kaiser, Employee shall fully vest in the payments and benefits due him under Paragraph 7
and the Company shall bill Kaiser and Kaiser shall immediately pay to the Company the undiscounted amount necessary to fully pay when due and payable all payments and benefits that potentially would be required to be made under Paragraph 7 hereof if
the Employee were to be terminated without cause. The term “Change in Control” as used in this Agreement shall mean (i) the approval of any plan or proposal by the unitholders of Kaiser as required by the Kaiser’s operating
agreement to dissolve and liquidate Kaiser Ventures unless its business is to be continued without any material change by an Excluded Person (as defined below); (ii) the consummation of the sale, conveyance or other disposition of all or
substantially all the assets of Kaiser (in one or a series of transactions to one or more persons) other than to an Excluded Person; (iii) the consummation of a reorganization, merger, share exchange or consolidation other than with an Excluded
Person (or other than where the Excluded Person is the surviving entity); (iv) any person becomes an Acquiring Person except as the result of (A) an acquisition of voting securities of Kaiser by Kaiser or (B) an acquisition of voting
securities of Kaiser as authorized by the Board of Managers of Kaiser; and/or (iv) the date on which there is a change in the majority of the members of the Board of Managers of Kaiser over a rolling twenty-four month

  
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period without the affirmative approval of the majority of Managers of Kaiser at the commencement of the applicable twenty-four month period. For purposes of this definition of Change of Control,
the following terms will have the following meanings: 
 (1) “Acquiring Person” means any person
or group other than an Excluded Person who or which, alone or together with all affiliates of the Acquiring Person, is the beneficial owner of 50% or more of the voting securities of Kaiser. 

(2) “affiliate” means, with respect to any specified person, any other person controlling or controlled
by, or under common control with, such specified person. 
 (3) “Excluded Person” means any
corporation or other entity of which at least 50% of the voting securities are beneficially owned, directly or indirectly, by the persons who were the beneficial owners of the voting securities of Kaiser immediately prior to the relevant
transaction. 
 (4) “group” has the meaning given in Section 13(d) of the Securities
Exchange Act of 1934, as amended (“Exchange Act”). 
 (5) “person” shall be as
defined in Section 13 (h)(8)(E) of the Exchange Act. 
 2. RATIFICATION OF
EMPLOYMENT AGREEMENT AS AMENDED. The Employment Agreement is not amended in any other respect except as expressly provided herein, and the
Employment Agreement as amended by this Amendment is hereby ratified and approved in all respects. 
 3.
GOVERNING LAW. This Amendment shall be governed by and construed in accordance with the laws of the State of California. 
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the Employment Agreement to be effective as of the day and year first written above no withstanding the actual date of
signature. 
  

					
	“EMPLOYEE”	 		 	“THE COMPANY”
	JAMES F. VERHEY	 		 	BUSINESS STAFFING, INC.
			
	 /s/ James F. Verhey
	 	By:	 	 /s/ Richard E. Stoddard

	 James F. Verhey
	 		 	Richard E. Stoddard
		 		 	President

  
 2 

 CONSENT OF HUMAN RELATIONS
COMMITTEE AND UNCONDITIONAL GUARANTY 
 OF

 KAISER VENTURES LLC 

TO 
 AMENDED EMPLOYMENT AGREEMENT OF RICHARD E. STODDARD 

The Human Relations Committee of Kaiser Ventures LLC (“Kaiser”) hereby consents to the employment agreement between
Business Staffing, Inc. (the “Company”) and Richard E. Stoddard dated effective January 1, 2007, and as amended through this date (the “Amended Employment Agreement”) and the payment of all sums that may be
required of Kaiser to reimburse the Company under the terms of the Amended and Restated Administrative Services Agreement between the Company and Kaiser dated as of December 31, 2010, as it may be further amended. Additionally, Kaiser Ventures
LLC hereby directly and unconditionally guarantees to Richard E. Stoddard the prompt and complete payment of all amounts and benefits due him under the terms of his Amended Employment Agreement including the payment of all sums Kaiser is required to
reimburse the Company related to his employment under the terms of the Amended and Restated Administrative Services Agreement as it may be further amended. 
  

					
		 	KAISER VENTURES LLC
		 	HUMAN RELATIONS COMMITTEE
			
	Date: May 11, 2011	 	By:	 	 /s/ Ronald E. Bitonti

		 		 	Ronald E. Bitonti, Committee Member
			
	Date: May 11, 2011	 	By:	 	 /s/ Gerald A. Fawcett

		 		 	Gerald A. Fawcett, Committee Member
			
		 		 	KAISER VENTURES LLC
			
	Date: May 11, 2011	 	By:	 	 /s/ Richard E. Stoddard

		 		 	Richard E. Stoddard
		 		 	President and CEO

  
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