Document:

Second Amendment to Employment Agreement (Cook)

 EXHIBIT 10.3 

SECOND AMENDMENT 
 TO THE 
 EMPLOYMENT
AGREEMENT 
 OF 
 TERRY L. COOK 
 This Second Amendment to the
Employment Agreement of TERRY L. COOK (“Amendment”) is made and entered into effective May 11, 2011, by and between TERRY L. COOK (“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”
	TERRY L. COOK	 		 	BUSINESS STAFFING, INC.
			
	 /s/ Terry L. Cook
	 	By:	 	 /s/ Richard E. Stoddard

	 Terry L. Cook
	 		 	Richard E. Stoddard
		 		 	President

  
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 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

  
 3First Amendment to the Employee Letter Agreement (Fawcett)

 EXHIBIT 10.4 

FIRST AMENDMENT TO 

THE 
 EMPLOYMENT LETTER AGREEMENT 

OF 
 GERALD A. FAWCETT 
 This First Amendment to
the employment letter agreement of Gerald A. Fawcett (“Amendment”) is made and entered into effective May 11, 201, by and between GERALD A. FAWCETT (“Employee”) and BUSINESS STAFFING, INC. (the
“Company”). 
 RECITALS 

A. Employee is currently employed by Kaiser Ventures LLC (the successor to Kaiser Ventures Inc.) pursuant to that certain
employment letter agreement dated January 13, 1998 to be effective as of January 16, 1998 (the “Employment Agreement”). The Company, which provides services to Kaiser Ventures LLC, is willing to assume the obligations
under the Employment Agreement and Employee is willing to allow the assumption of the Employment Agreement by the Company. 

B. In addition to the assumption of the Employment Agreement by the Company Employee and the Company desire to clarify the
Employment Agreement by amending the Employment Agreement to document Employee’s right to receive a bonus upon the successful sale of the Eagle Mountain landfill project under certain circumstances as described herein. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 

1. ASSUMPTION OF EMPLOYMENT AGREEMENT. The Company hereby assumes the
Employment Agreement and Employee hereby consents to the assignment to and assumption by the Company of the Employment Agreement. 
 2. AMENDMENT OF BASE SALARY AND BONUS PARAGRAPH. The “Base Salary and Bonus”
paragraph of the Employment Agreement is amended by the addition of the following sentences at the end of such paragraph: 

“However, Employee shall be entitled to a bonus upon the sale of the Eagle Mountain landfill project if the landfill project is sold
during that period of time Employee is an active member of the Board of Managers of Kaiser Ventures LLC or within two years after Employee no longer actively serves on the Board of Managers of Kaiser Ventures LLC. Such bonus shall be on the same
terms and conditions that result in a distribution on the Company’s Class B Units, with the amount of such bonus being calculated as if Employee owned 150,000 

  
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Class B Units but the maximum amount of such bonus shall not exceed $150,000.” 
 3. RATIFICATION OF EMPLOYMENT AGREEMENT AS AMENDED. The Employment Agreement is not amended
in any respect except as expressly provided herein, and the Employment Agreement as amended by this Amendment is hereby ratified and approved in all respects. 
 4. 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”
	GERALD A. FAWCETT	  				  	BUSINESS STAFFING, INC.
			
	 /s/ Gerald A. Fawcett
	  	 	By:	  	  	 /s/ Richard E. Stoddard

	 Gerald A. Fawcett
	  				  	Richard E. Stoddard
		  				  	President

 ASSIGNMENT
AND ASSUMPTION 
 Kaiser Ventures LLC hereby assigns all of its rights and
interest in that certain employment letter agreement dated January 13, 1998 between Kaiser Ventures Inc. (now Kaiser Ventures LLC) and Gerald A. Fawcett to Business Staffing, Inc. and Business Staffing, Inc. hereby assumes such Employment
Agreement as it may be amended from time to time. 
  

							
		 	BUSINESS STAFFING, INC.	  		  	KAISER VENTURES LLC
				
	 By:
	 	 /s/ James F. Verhey
	  	By:	  	 /s/ Richard E. Stoddard

		 	 James F. Verhey
	  		  	Richard E. Stoddard
		 	Vice President	  		  	President & Chief Executive Officer

  
 2First Amendment to Amended and Restated Administration Service Agreement

 EXHIBIT 10.5 

FIRST AMENDMENT 
 TO 
 AMENDED AND
RESTATED 
 ADMINISTRATIVE SERVICES AGREEMENT 

This FIRST AMENDMENT TO AMENDED AND RESTATED ADMINISTRATIVE SERVICES AGREEMENT is dated as of May 11, 2011
(“Amendment”), and is made by and between BUSINESS STAFFING, INC., a Delaware corporation (“Business Staffing”), and KAISER VENTURES LLC, a Delaware limited liability company (“Kaiser
LLC”). 
 WHEREAS, Kaiser LLC and Business Staffing entered into that certain Amended and Restated Administrative
Services Agreement dated December 31, 2010 (the “Services Agreement”); 
 WHEREAS, Kaiser LLC and
Business Staffing desire to clarify and modify the Services Agreement to provide that upon the occurrence of a change of control of Kaiser LLC, as that term is defined herein, the full severance compensation, severance benefits and related severance
costs for all employees of Business Staffing shall be immediately billed to and be immediately paid by Kaiser LLC. 
 NOW,
THEREFORE, in consideration of the foregoing, and the respective covenants and agreement of the parties contained herein and in the Services Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
 1. AMENDMENT BY
THE ADDITION OF PARAGRAPH 4(a)(III). Paragraph 4(a) of the Services Agreement is hereby amended by the addition of the following new Paragraph 4(a)(iii) which shall read
as follows: 
 (iii) Notwithstanding anything that may be contained or construed to be contained to the contrary in the Services
Agreement, upon the occurrence of a Change of Control of Kaiser LLC, as defined herein, the full amount of all severance compensation, severance benefits and related severance costs for all employees of Business Staffing existing immediately prior
to the Change of Control, (all of which are Personnel Costs), shall be immediately billed to and shall be paid upon receipt by Kaiser LLC regardless of whether severance compensation, severance benefits and related severance costs are actually due
and payable at such time to any particular employee. 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 LLC as required by the Kaiser LLC operating
agreement to dissolve and liquidate Kaiser LLC 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 LLC (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 LLC by Kaiser LLC or (b) an 

  
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 acquisition of voting securities of Kaiser LLC as authorized by the Board of Managers;
and/or (iv) the date on which there is a change in the majority of the members of the Board of Managers of Kaiser LLC over a rolling twenty-four month period without the affirmative approval of the majority of Managers of Kaiser LLC 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 LLC. 
 (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 LLC 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. AMENDMENT TO PARAGRAPH
4(c). Paragraph 4(c) of the Services Agreement is hereby amended by the following sentence being added at the end of the existing Paragraph 4(c). 
 Upon the occurrence of a Change of Control as defined in this Agreement, the billing and payment of the Cost of Services may occur more frequently than once a month and the amounts due under the
provisions of Paragraph 4(a)(iii) shall be immediately billed to and be paid upon receipt of billing by Kaiser LLC. 
 3.
RATIFICATION OF SERVICES AGREEMENT AS AMENDED. The Services Agreement is not amended in any respect except as expressly
provided herein, and the Services Agreement as amended by this Amendment is hereby ratified and approved in all respects. 

IN WITNESS WHEREOF, this Amendment has been executed and delivered by the duly authorized officers or representatives of each of
the Parties hereto, to be effective as of the date set forth above. 
 [SIGNATURES ON
SEPARATE PAGE] 

  
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	KAISER VENTURES LLC	 		 	BUSINESS STAFFING, INC.
					
	By:	 	 /s/ Richard E. Stoddard
	 		 	By:	 	 /s/ James F. Verhey

		 	Richard E. Stoddard	 		 		 	James F. Verhey
		 	President & Chief Executive Officer	 		 		 	Vice President
				
	Approved by the Board of Managers of Kaiser Ventures LLC and as to final form by the Human Relations Committee of Kaiser Ventures LLC	 		 		 	
					
	By:	 	 /s/ Ronald E. Bitonti
	 		 		 	
		 	Ronald E. Bitonti, Member	 		 		 	
		 	Human Relations Committee	 		 		 	
					
	By:	 	 /s/ Gerald A. Fawcett
	 		 		 	
		 	Gerald A. Fawcett, Member	 		 		 	
		 	Human Relations Committee	 		 		 	

  
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