Document:

Retention Agreement (Sandage, Jr.)

 EXHIBIT 10.3 
 RETENTION AGREEMENT 
 AGREEMENT by and between Indevus Pharmaceuticals, Inc., a Delaware corporation
(the “Company”) and Bobby W. Sandage, Jr. (the “Executive”), effective as of April 11, 2008 (the “Effective Date”). 
 W I T N E S S E T H 
 WHEREAS, the Company has entered into an Executive Retirement Agreement with its
Chief Executive Officer and the Board of Directors of the Company (the “Board”) wishes to encourage the commitment of certain executives of the Company to continue to remain employees of the Company during the transition
period following the retirement of the Chief Executive Officer; 
 WHEREAS, the Board has determined to offer the Executive the benefits described in this
Agreement to provide an incentive to encourage Executive to remain in the employ of the Company so that the Company may receive his continued dedication and assure the continued availability of his services and to assure that he will not provide
services for a competing business in accordance with the terms hereof; and 
 WHEREAS, Executive has agreed to serve the Company pursuant to the terms and
conditions hereinafter set forth. 
 NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the Company and
Executive hereby agree as follows: 
  

	1.	RETENTION PERIOD. 

 (a) Employment.
Executive agrees to continue to serve as an executive officer and employee of the Company pursuant to the terms of that certain Amended and Restated Employment Agreement dated effective as of October 1, 2007 by and between the Company and the
Executive (the “Employment Agreement”) from the Effective Date until September 30, 2009 (the “Retention Period”) , except that Executive shall retain his right to terminate the Employment
Agreement pursuant to Section 6(a)(iii) and 6(a)(v) thereof. 
 The provisions of this Agreement shall supplement the provisions of the
Employment Agreement which shall continue to remain in full force and effect following the execution hereof. 
 (b) Compensation. In
addition to the compensation and benefits to be provided to the Executive under the Employment Agreement, in recognition of Executive’s agreement to continue in the employ of the Company and not seek employment elsewhere during the Retention
Period, subject to the provisions of Section 2 hereof regarding termination and provided that the Executive has remained employed by the Company during the Retention Period, at the next payroll date of the Company applicable to
its executive officers following the end of the Retention Period, the Company shall pay to the Executive an amount equal to twelve (12) months base salary based on the salary of the Executive as of the Effective Date (the “Retention
Compensation”). 

 (c) Option Extension. In addition to the compensation set forth above in Section 1(b), in
recognition of Executive’s agreement to continue in the employ of the Company and not seek employment elsewhere during the Retention Period, as of the Effective Date, all of the options to acquire common stock of the Company which have
expiration dates during calendar 2009 that are currently held by the Executive are hereby extended such that the expiration date of each such option is extended for an additional twelve months from such respective expiration date. Following the
execution hereof, the Company shall cause such extensions to be documented accordingly in its stock option records. 
  

	2.	TERMINATION OF EMPLOYMENT. 

 Except as
limited above with respect to the Executive’s agreement to remain an employee of the Company and not terminate the Employment Agreement, the terms and provisions of the Employment Agreement shall continue to govern the employment relationship
between the Executive and the Company. 
 In the event that the Executive’s employment is terminated before September 30, 2009, the
following provisions shall govern payment of the Retention Compensation, if any: 
 (a) Upon termination pursuant to
Section 6(a)(ii) or 6(a)(v) of the Employment Agreement, then as of the date of termination the Executive’s rights to receive any Retention Compensation shall terminate and the Company shall no longer be obligated to make any payments of
the Retention Compensation. 
 (b) Upon termination pursuant to Section 6(a)(i) of the Employment Agreement in the event of death
or disability, then promptly following the date of such termination the Company shall pay a portion of the Retention Compensation to the Executive to be pro-rated for time period the Executive provided his services from the Effective Date until the
date of termination. 
 (c) Upon termination pursuant to Section 6(a)(iii) or (iv) of the Employment Agreement, then
promptly following the date of such termination the Company shall pay the entire amount of the Retention Compensation to the Executive. 
  

	3.	WITHHOLDING TAXES. 

 The Company may withhold
from all payments due to Executive (or his beneficiary or estate) hereunder all taxes which, by applicable federal, state, local or other law, the Company is required to withhold therefrom. Notwithstanding anything herein to the contrary, no
particular tax result for the Executive with respect to any income recognized by the Executive in connection with this Agreement is guaranteed, and the Executive shall be responsible for any taxes, penalties and interest imposed on him including,
but not limited to, under Section 409A of the Code in connection with the Agreement. 
  

	4.	ACKNOWLEDGEMENTS RESPECTING RESTRICTIVE COVENANTS. 

 (a) NO ADEQUATE REMEDY AT LAW. Executive acknowledges that it is impossible to measure in money the damages that will accrue to the Company in the event that Executive breaches any of the restrictive covenants contained herein and
that any such damages, in any event, would be inadequate and insufficient. Therefore, if Executive breaches any restrictive covenant, the Company and any of its subsidiaries or affiliates shall be entitled to an injunction restraining Executive from
violating such restrictive covenant. If the Company or any of its subsidiaries or affiliates shall institute any action or proceeding to enforce a restrictive covenant, Executive hereby waives, and agrees not to assert in any such action or
proceeding, the claim or defense that the Company or any of its respective subsidiaries or affiliates have an adequate remedy at law. 
  

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 (b) INJUNCTIVE RELIEF NOT EXCLUSIVE REMEDY. In the event of a breach of any of the restrictive
covenants, Executive agrees that, in addition to any injunctive relief as described in Section 4(a), the Company shall be entitled to any other appropriate legal or equitable remedy. 
 (c) THIS SECTION REASONABLE, FAIR AND EQUITABLE. Executive agrees that this Section 4 is reasonable, fair and equitable in light of his
duties and responsibilities under this Agreement and the benefits to be provided to him under this Agreement and that it is necessary to protect the legitimate business interests of the Company and that Executive has had independent legal advice in
so concluding. 
 (d) CONSTRUCTION. If any of the restrictions contained in this Agreement are deemed by a court of competent
jurisdiction to be unenforceable by reason of their extent or duration or otherwise, Executive and Company contemplate that the court shall revise such extent, duration or other provision but only to the extent required in order to render such
restrictions enforceable, and enforce any such restriction in its revised form for all purposes in the manner contemplated hereby. 
  

	5.	SUCCESSORS; BINDING AGREEMENT. 

 (a) The
provisions of this Agreement shall be binding upon the surviving or resulting corporation in any merger, consolidation, recapitalization or similar corporate transaction or the person or entity to which all or substantially all of the Company’s
assets are transferred. 
 (b) In addition to any obligations imposed by law upon any successor to the Company, the Company shall require any
successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform it if no such succession had taken place. 
 (c) This Agreement shall inure to the
benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Executive shall die while any amounts would be payable to Executive hereunder
had Executive continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to such person or persons appointed in writing by Executive to receive such amounts or, if no person is
so appointed, to Executive’s estate. 
  

	6.	NOTICE. 

 (a) For purposes of this Agreement,
all notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given when delivered or five days after deposit in the United States mail, certified and return receipt requested, postage
prepaid, addressed as follows: 
 If to Executive: 
 To the most recent address set forth in the personnel records of the Company; 
  

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 If to the Company: 
 Indevus Pharmaceuticals, Inc. 
 33 Hayden Avenue 
 Lexington, MA 02421 
 Attention: General
Counsel 
 or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of
address shall be effective only upon receipt. 
  

	7.	INDEMNIFICATION. 

 The Company will continue
to indemnify the Executive pursuant to the indemnification agreement previously entered into between the Company and the Executive which shall remain in force and effect, and otherwise Company will enter into an indemnification agreement with the
Executive substantially identical to the previously one. 
  

	8.	SEVERABILITY OF PROVISIONS. 

 If any
provision of this Agreement shall be declared by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced in whole or in part, such provision shall be interpreted so as to remain enforceable to the maximum extent
permissible consistent with applicable law and the remaining conditions and provisions or portions thereof shall nevertheless remain in full force and effect and enforceable to the extent they are valid, legal and enforceable, and no provision shall
be deemed dependent upon any other covenant or provision unless so expressed herein. 
  

	9.	ACKNOWLEDGMENT. 

 The Executive acknowledges:
(i) that he has consulted with or has had the opportunity to consult with independent counsel of his own choice concerning this Agreement and has been advised to do so by the Company; and (ii) that he has read and understands the
Agreement, is fully aware of its legal effect, and has entered into it freely based on his own judgment. 
  

	10.	NO ASSIGNMENT. 

 (a) This Agreement
constitutes a personal service agreement, and the performance of the Executive’s obligations hereunder may not be transferred or assigned by the Executive. Neither this Agreement nor any right or interest hereunder shall be assignable by the
Executive, his beneficiaries, or legal representatives without the Company’s prior written consent; provided that nothing in this subsection 10(a) shall preclude the Executive from designating a beneficiary to receive, upon his death, any
benefit payable hereunder, or the executors, administrators, or other legal representatives of the Executive’s estate from assigning any rights hereunder to the person or persons entitled thereto. 
 (b) Except as otherwise required by law, without the Company’s prior written consent, no right to receive payments under this Agreement shall
be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to exclusion, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary,
to effect any such action shall be null, void, and of no effect. 
  

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	11.	ENTIRE AGREEMENT: MODIFICATION. 

 This
Agreement contains the entire agreement of the parties relating to the subject matter hereof, and the parties hereto have made no agreements, representations or warranties relating to the subject matter of this Agreement which are not set forth
herein. No modification of this Agreement shall be valid unless made in writing and signed by the parties hereto. 
  

	12.	NON-WAIVER. 

 The failure of either party to
insist upon the strict performance of the terms, conditions and provisions of this Agreement shall not be construed as a waiver or relinquishment of future compliance therewith, and said terms, conditions and provisions shall remain in full force
and effect. No waiver of any term or condition of this Agreement on the part of either party shall be effective for any purpose whatsoever unless such waiver is in writing and signed by such party. 
  

	13.	GOVERNING LAW. 

 The validity,
interpretation, enforceability, and performance of this Agreement shall, to the extent not otherwise preempted by federal law, be governed by and construed in accordance with the law of the Commonwealth of Massachusetts without giving effect to its
conflict of state laws principles. 
  

	14.	HEADINGS. 

 The headings of paragraphs are
inserted for convenience and shall not affect the interpretation of this Agreement on the day and year first above written. 
  

	15.	COUNTERPARTS. 

 This Agreement may be
executed in counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement this 11th day of April, 2008. 
  

							
	EXECUTIVE:	 		 	COMPANY:
			
		 		 	INDEVUS PHARMACEUTICALS, INC.
				
	 /s/ Bobby W. Sandage, Jr.
	 		 	By:	 	 /s/ Glenn L. Cooper

	Name: Bobby W. Sandage, Jr.	 		 	Name:	 	Glenn L. Cooper
		 		 	Title:	 	Chief Executive Officer

  

 5Agreement and Waiver

 Exhibit 10.43 
 [On the letterhead of BNP Paribas as Agent] 
  

			
	 Noble European Holdings B.V.
 c/o Noble International, Ltd
 28213 Van Dyke Ave
 Warren, MI 48093 USA
	  	28 March 2008
		
	 Attention: Scott Kehoe/David Fallon/Andrew Tavi
	  	
		
	 ArcelorMittal S.A.
 19, avenue de la Liberté,
 L-2930 Luxembourg,
 Grand Duchy of Luxembourg
  
 (“ArcelorMittal”)
	  	
		
	 Attention: M Michel Wurth
	  	

 Dear Sirs 
 Noble European Holdings B.V. 
 €118,000,000 Facilities Agreement dated 31 August 2007 
 (the “Agreement”) 
  

	1.	We refer to the Agreement. Unless otherwise defined in this letter, terms defined and references construed in the Agreement have the same meaning and construction in this letter.
This letter constitutes a Finance Document. 

  

	2.	We also refer to your waiver request letter of 6 March 2008 (the “Waiver Request”). 

  

	3.	You informed us in the Waiver Request that the financial statements in respect of the Financial Year ending 31 December 2007 (required to be delivered to us pursuant to
paragraphs (a)(i) and (a)(ii) of Clause 22.1 (Financial statements) of the Agreement) and the accompanying Compliance Certificate (required to be delivered to us pursuant to paragraph (a) of Clause 22.2 (Provision and contents of
Compliance Certificate) of the Agreement) will not be delivered by 31 March 2008. 

  

	4.	You also informed us in the Waiver Request that the annual Budget for the Financial Year beginning on 1 January 2008 was not provided within 30 days from the start of that
Financial Year, as required by Clause 22.4 (Budget) of the Agreement. 

  

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	5.	You also indicated to us that, when the financial statements in respect of the Financial Year ending 31 December 2007 and the accompanying Compliance Certificate for that
period are delivered, on the basis of preliminary calculations they will show a breach of the following ratios: 

  

	 	(a)	the Fixed Charge Cover ratio of 1:1 required to be met pursuant to paragraph (a)(i) of Clause 23.2 (Financial condition) of the Agreement; and 

  

	 	(b)	the Leverage ratio of 2.25:1 required to be met pursuant to paragraph (a)(iii) of Clause 23.2 (Financial condition) of the Agreement. 

  

	6.	Subject to, and on the conditions set out in, paragraph 7 below, we hereby confirm that: 

  

	 	(a)	the Lenders waive the breach of the requirement under Clause 22.4 (Budget) of the Agreement for the annual Budget for the Financial Year beginning on 1 January 2008 to
be provided within 30 days from the start of that Financial Year; 

  

	 	(b)	the Lenders waive the breach of the requirement under paragraphs (a)(i) and (a)(ii) of Clause 22.1 (Financial Statements) and Clause 22.2 (Provision and contents of
Compliance Certificate) of the Agreement for delivery within 90 days after the end of the Financial Year ending 31 December 2007 of the financial statements in respect of that Financial Year and the accompanying Compliance Certificate;

  

	 	(c)	if the financial statements and Compliance Certificate mentioned in paragraph (b) above, when delivered, do show a breach of the Fixed Charge Cover ratio and the Leverage ratio
as required under paragraphs (a)(i) and (a)(ii) respectively of Clause 23.2 (Financial condition) of the Agreement, the Lenders waive those breaches; and 

  

	 	(d)	with respect only to the information you have disclosed to us in writing as at the date of this letter, the Lenders waive any Event of Default, to the extent any such Event of
Default has occurred, under Clause 25.4 (Misrepresentation) (insofar only as it relates to Clause 21.12 (No misleading information) of the Agreement) and Clause 25.17 (Material adverse change) of the Agreement.

  

	7.	We confirm that the Lenders grant the waivers set out in paragraph 6 on the basis that those waivers are subject to the following conditions: 

  

	 	(a)	the written information contained in or sent with, or otherwise given to us in connection with, the Waiver Request is true, complete and accurate in all material respects and does
not omit any material facts or circumstances which could make any of that information untrue, incomplete, inaccurate or misleading in any material respect; 

  

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	 	(b)	the Company or ArcelorMittal provides to the Agent any material update, change or information relating to the Budget for the Financial Year beginning 1 January 2008 promptly
after it becomes available; 

  

	 	(c)	the financial statements in respect of the Financial Year ending 31 December 2007 and the accompanying Compliance Certificate for that period will be delivered to us by
30 June 2008, in all other respects in accordance with Clause 22 (Information undertakings) of the Agreement; 

  

	 	(d)	when the financial statements in respect of the Financial Year ending 31 December 2007 and the accompanying Compliance Certificate for that period are delivered to us, the
Leverage ratio for the Relevant Period ending on 31 December 2007 shall not exceed 3.00:1; 

  

	 	(e)	by no later than 2 May 2008, you make a voluntary prepayment of Term Facility Loans in accordance with Clause 8.3 (Voluntary Prepayment of Term Facility Loans) of the
Agreement by an aggregate amount equal to €20,000,000 (the “€20,000,000 Prepayment”), which shall (for the avoidance of doubt) be applied in accordance with paragraph (b) of Clause 7.3 (Effect of prepayment on
scheduled repayments and reductions) of the Agreement, and not pursuant to Clause 9 (Mandatory prepayment) of the Agreement; 

  

	 	(f)	the €20,000,000 Prepayment shall be funded by the proceeds of subordinated debt provided to the Company by ArcelorMittal (or, as the case may be, one of its affiliates) (the
“ArcelorMittal Subordinated Debt”) or a mutually agreed upon alternative solution, which shall be provided on the following terms and subject to the following conditions: 

  

	 	(i)	the ArcelorMittal Subordinated Debt shall be subject to a subordination agreement mutually acceptable to the Agent and ArcelorMittal; 

  

	 	(ii)	except as described in paragraph (iii) below, the ArcelorMittal Subordinated Debt shall not be repayable, repaid or prepaid, and no interest, fees or other amounts shall be
paid or payable to ArcelorMittal (or, as the case may be, its affiliate) in respect of the ArcelorMittal Subordinated Debt, in each case prior to the date when the Facilities are repaid or prepaid in full and all the Total Commitments are cancelled;
and 

  

	 	(iii)	interest accrued on the ArcelorMittal Subordinated Debt may be paid by the Company, provided (A) no Default is continuing at the time of payment or would occur as a result of
making the payment (in each case, other than, for the avoidance of doubt, any Default which has occurred as at the date of this letter and which is waived under this letter) and (B) interest does not accrue at a rate greater than EURIBOR plus
1.80 per cent. per annum; 

  

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	 	(g)	for the purposes of the calculation of Leverage under Clause 23 (Financial covenants) of the Agreement, the ArcelorMittal Subordinated Debt shall be excluded from the
calculation of Total Net Debt (but for the avoidance of doubt, interest on the ArcelorMittal Subordinated Debt shall be taken into account in the calculation of Fixed Charge Cover and Interest Cover); 

  

	 	(h)	for the purpose only of the calculation of Leverage for the Relevant Period ending 31 March 2008 under Clause 23 (Financial covenants) of the Agreement, the
€20,000,000 Prepayment shall be taken into account as if it had been made on 31 March 2008 and Total Net Debt shall be reduced accordingly; 

  

	 	(i)	with respect to the amount owed by the Company to ArcelorMittal or any of its affiliates as a working capital adjustment arising out of payments received of receivables accounted
for as bad debts at the time of completion of the Acquisition (the “Working Capital Adjustment Debt”): 

  

	 	(i)	for the purposes of Clause 23 (Financial covenants) of the Agreement, the Working Capital Adjustment Debt shall be taken into account as a Borrowing and in determining Total
Net Debt, and all payments of the Working Capital Adjustment Debt and payments of interest in respect of the Working Capital Adjustment Debt shall be taken into account in computing the Fixed Charge Cover Ratio and (in respect of payments of
interest only) Interest Cover; and 

  

	 	(ii)	the Working Capital Adjustment Debt may be paid by the Company only if and to the extent that the Company certifies that it would have complied with the requirements of Clause 23
(Financial covenants) for the Relevant Period most recently ended and for which financial statements and a Compliance Certificate are available, if the covenant tests for that Relevant Period were recalculated as if the relevant amount of the
Working Capital Adjustment Debt had been paid on the last day of that Relevant Period; 

  

	 	(j)	the Margin shall be 1.80 per cent. per annum, provided that if (i) financial statements and a Compliance Certificate in respect of a Relevant Period have been delivered in
accordance with Clause 22 (Information undertakings) of the Agreement; (ii) Leverage for that Relevant Period is less than 1.75:1; (ii) the €20,000,000 Prepayment has been made; (iii) the other conditions required under
this letter to have been met at that time have all been met; and (iv) no Default has occurred and is continuing (in each case, other than, for the avoidance of doubt, any Default which has occurred as at the date of this letter and which is
waived under this letter), then the Margin will revert to being determined by reference to Leverage, as set out in the definition of “Margin” in the Agreement (but subject to paragraphs (i) to (iv) of the definition of Margin);

  

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	 	(k)	from the date of this letter you shall: 

  

	 	(i)	supply to us in sufficient copies for all the Lenders, as soon as they are available and in any event no later than the date 30 days after the end of each month, the Company’s
consolidated financial statements for that month; and 

  

	 	(ii)	procure that each set of such monthly financial statements includes a balance sheet, profit and loss account and cashflow statement; 

  

	 	(l)	these waivers are given only on the basis of and with respect to the information so far disclosed, and have no effect in relation to any matters not so far disclosed to the Agent
and the Lenders; 

  

	 	(m)	you shall pay all our costs and expenses (including legal fees) incurred by us in connection with these waivers; 

  

	 	(n)	by no later than 7 April 2008, ArcelorMittal holds beneficially (directly or indirectly) 49.0 per cent. or more of the issued share capital of the Parent, and does not at
any time thereafter cease to hold beneficially 49.0 per cent. or more of the issued share capital of the Parent. If ArcelorMittal does so cease to hold beneficially 49.0 per cent. or more of the issued share capital of the Parent, Clause
9.1 (Exit) of the Agreement shall apply as if a Change of Control had occurred; and 

  

	 	(o)	by no later than 31 May 2008 (or, if later, as soon as practicable after it has obtained any competition or other antitrust approval required in order for it to gain such
power) ArcelorMittal directly or indirectly has the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to nominate and, following such nomination, the board of directors of the Parent will appoint or the stockholders
of the Parent will elect, ArcelorMittal’s nominees as all, or the majority, of the directors of the Parent, and, if and once ArcelorMittal has gained that power, it does not at any time thereafter cease to have that power. If ArcelorMittal does
so cease to have that power, Clause 9.1 (Exit) of the Agreement shall apply as if a Change of Control had occurred. Nothing in this paragraph (o) or in paragraph (n) above limits or affects Clause 9.1 (Exit) of the Agreement,
including if a Change of Control occurs. 

  

	8.	Failure to comply with any of the conditions set out in paragraph 7 above shall result in the waivers given under this letter ceasing to have effect and shall give rise to, and
constitute, an immediate Event of Default and all rights, remedies and entitlements of the Finance Parties in respect of the matters waived under this letter will be available to the Finance Parties on and after that date as if the waivers in this
letter had not been granted. 

  

 - 5 - 

	9.	In accordance with Clause 37.1 (Amendments and Waivers) of the Agreement, each of these waivers is effective only in the instance and for the purpose for which it is given.
Nothing in this letter shall be construed as a waiver of any other undertaking or other provision of the Agreement or any other Finance Document or any rights or remedies under the Finance Documents, or prevent or impair the Lenders, the Agent or
Security Agent from exercising such rights and remedies as and when they see fit. Save as expressly provided in this letter, the Agreement and all guarantees given, and security created by or pursuant to any Finance Document, remain and shall
continue in full force and effect. 

  

	
	Yours faithfully
	
	BNP PARIBAS
	
	 /s/ Assad Karkabi

	
	 /s/ Thierry Bonnel

	
	Name(s) of Signatory/ies
	as Agent for itself and for and on behalf of all the Lenders
	
	Assad Karkabi
	Senior Agency Officer
	
	Thierry Bonnel
	Head of Agency

 In our own capacity and on behalf of the Obligors, as Obligors’ Agent we hereby acknowledge the contents of,
and confirm the consent and agreement of all the Obligors (including ourselves) to the matters set out in, this letter. 
  

	
	NOBLE EUROPEAN HOLDINGS B.V.
	
	 /s/ David J. Fallon

	
	Name(s) of Signatory/ies
	as Obligors’ Agent for itself and for and on behalf of all the Obligors
	
	David J. Fallon
	Chief Financial Officer
	Noble International, Ltd.

  

 - 6 - 

 We hereby: 
  

	(a)	acknowledge the matters set out above; and 

  

	(b)	in consideration of the waivers set out above granted by Lenders to the Company (taking into account, amongst other things, our indirect shareholding interest in the Company, and
the trading relationships between us and our affiliates and the Company and its subsidiaries), undertake to the Agent and the Lenders either to make or procure that an affiliate of ours makes, by no later than 2 May 2008, funding in an
aggregate amount of €20,000,000 available by way of subordinated loan to the Company as described in and in accordance with paragraph 7(f) above. 

  

	
	ARCELORMITTAL S.A.
	
	 /s/ Michel Wurth

	Michel Wurth
	Member of the Group Management Board

  

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