Document:

Exhibit
10.4

AMENDED: 9/08/06

2006 DIRECTORS ANNUAL COMPENSATION PROGRAM

AXIS Capital Holdings
Limited (the “Company”) has established the 2006 Directors Annual Compensation
Program (the “Program”) to compensate the directors of the Company for their
service to the Board of Directors (the “Board”) and its committees.  The terms of the Program are as set forth
herein.

1.             Eligibility. 
Any member of the Board who is not an employee of the Company or any of
its subsidiaries shall be entitled to the compensation specified herein and
shall be a “Participant” in the Program from and after January 1, 2006 or, if
later, the date on which such person becomes a member of the Board and is
otherwise eligible to participate in the Program.  Members of the Board who become Participants
after January 1 of any year shall be entitled to a pro rated portion of any
cash compensation and shall not be entitled to any equity compensation (or cash
compensation in lieu thereof) until January 1 of the next year.

2.             Cash Compensation.  Each Participant shall be entitled to a cash
amount determined annually by the Compensation Committee of the Board (the “Committee”)
consisting of an annual retainer and a meeting fee based on the number of Board
and committee meetings held during the fiscal year, the number of presentations
by the Company at which members of the Board are requested to attend, the
number of committees on which the Participant serves and whether the
Participant serves as a chairman of a committee or as the lead independent
director.  Participants may elect to
receive common shares of the Company in lieu of the cash compensation that
would otherwise be payable to them by notifying the Company of such election
prior to January 1 of the year for which the election will be effective.  Any common shares issued to Participants
pursuant to such election will be issued under the 2003 Directors Long-Term
Equity Compensation Plan or any similar plan subsequently adopted by the Board
(the “Directors Plan”).

3.             Equity Compensation.  Each Participant shall be entitled to an
annual award of $65,000 of restricted stock under the Directors Plan.  The number of shares of restricted stock
awarded shall be determined using the fair market value of the common shares of
the Company on the tenth business day after January 1 of each year.  Subject to the prior approval of the
Compensation Committee, Participants may elect to receive cash compensation in
lieu of the equity compensation that would otherwise be payable to them by
notifying the Company of such election prior to January 1 of the year for which
the election will be effective.  All awards
of restricted stock shall be made effective as of the tenth business day after
January 1 of each year.

4.             Vesting.  The restricted stock awarded to Participants shall
vest six months after the date of grant.

5.             Payment. 
Participants shall receive a lump sum cash payment of the annual
retainer for any fiscal year prior to January 31 of that fiscal year (or, in
the case of any person who becomes a Participant after January 31 of a fiscal
year, as soon as practicable after the date on which such person becomes a
participant, pro rated as provided in paragraph 1) and a lump sum cash payment
of the meeting fees for any fiscal year prior to January 31 of the next fiscal
year or, if earlier, within 60 days after retiring or resigning from the Board.

6.             Deferral. 
Participants may elect to defer any cash compensation and any common
shares or restricted stock received under the Program pursuant to the 2003
Directors Deferred Compensation Plan or any similar plan subsequently adopted
by the Board.  To the extent applicable,
all deferrals shall be made in accordance with section 409A of the U.S.
Internal Revenue Code of 1986, as amended, and applicable guidance issued thereunder.

7.             Interpretation of Program.  The Committee shall have the authority to
administer the Program, to conclusively make all determinations under the Program
and to interpret the Program.  Any such
determinations or interpretations made by the Committee shall be binding on all
persons.

8.             Governing Law. 
The Program shall be governed by the laws of Bermuda.

9.             Successors. 
All obligations of the Company under the Program shall be binding on any
successor to the Company, whether the existence of such successor is the result
of a direct or indirect merger, consolidation, purchase of all or substantially
all of the business and/or assets of the Company or otherwise.

10.           Amendment
and Termination.  This Program may be
amended or terminated at any time by the Board; provided, that no amendment
shall be given effect to the extent that it would have the effect of reducing a
Participant’s existing awards under the Program.

 

 2Exhibit 10.1.13

EMPLOYMENT AGREEMENT

AGREEMENT
made as of, between The Doe Run Resources Corporation, a New York corporation,
(herein called the “Company”), with its principal location at 1801 Park 270
Drive, Suite 300, St. Louis, Missouri 63146 and Theodore P. Fox (“Employee”).

W
I  T  N  E  S  S  E  T  H

WHEREAS,
the Company desires to employ the Employee and Employee desires to be employed
by the Company, all on the terms hereof;

In consideration
of the mutual covenants herein contained, it is hereby agreed as follows:

1.             Terms and Duties

Commencing on the
date of this Agreement and continuing until October 31, 2009, unless sooner
terminated or extended as herein provided (the “Employment Term”), the Company
shall employ the Employee, and Employee hereby accepts employment, as Vice
President of Finance/Chief Financial Officer. 
During the Employment Term the Employee shall devote all of his business
time and his best efforts to the business of the Company, and any subsidiaries,
as may be necessary to perform his duties hereunder, in accordance with the
policies, procedures, business plans and budgets from time to time established
by the Board of Directors, the Chairman of the Board or President; and Employee
shall not have any other business affiliations.

2.             Compensation

In full
compensation for the services to be rendered by the Employee to the Company and
its subsidiaries hereunder during the Employment Term, the Company will pay to
the Employee, and the Employee shall accept:

(a)           a base annual salary of $250,000 for
each employment year of the Employment Term payable in installments not less
frequently than monthly; plus

 

(b)           such additional
amounts, if any, as the Board of Directors of the Company may determine from
time to time in its sole discretion.

3.             Placement of
Employment

The Employee’s
regular place of employment during the Employment Term shall be at the
principle office of the Company which is currently at St. Louis, Missouri.

4.             Travel Expenses

The Employee shall
engage in such travel as may reasonably be required in connection with the
performance of his duties.

All reasonable
travel and other expenses incurred by the Employee (in accordance with the
policies of the Company established from time to time) in carrying out his
duties hereunder will be reimbursed by the Company on presentation to it of
expense accounts and appropriate documentation in accordance with the customary
procedures of the Company for reimbursement of expenses.  The Employee shall be entitled to a travel
advance in the discretion of the Company when anticipated travel warrants such
advance.

5.             Vacation

During the
Employment Term, the Employee shall be entitled to vacation periods not
exceeding three weeks each year, to be taken at such time or times as shall be
mutually convenient to the Company and the Employee (but not more than two
weeks consecutively).  Unused vacation
shall not accumulate from year to year.

6.             Benefits

The Company agrees
to provide to the Employee during the Employment Term the medical,
hospitalization, disability insurance benefits and other benefits that it
provides to its other management employees subject to waiting periods required
by certain insurance policies.  The
Company will provide Employee with a monthly car allowance of $1,000.00.

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7.             Covenants of the
Employee.

(a)            During the term of
the Employee’s employment with the Company and for all time thereafter the
Employee covenants and agrees that the Employee will not in any manner directly
or indirectly, except as required in the Employee’s duties to the Company,
disclose or divulge to any person, entity, firm or company whatsoever, or use
for the Employee’s own benefit or the benefit of any other person, entity, firm
or company, directly or indirectly, any knowledge, devices, information,
techniques, customer lists, business plans or other data belonging to the
Company or developed by the Employee on behalf of the Company during his
employment with the Company without regard to whether all of the foregoing
matters will be deemed confidential, material or important, the parties hereto
stipulating, as between them, that the same are important, material,
confidential and the property of the Company, that disclosure of the same to or
use of the same by third parties would adversely affect the effective and successful
conduct of the business of the Company and the goodwill of the Company, and
that any breach of the terms of this subparagraph (a) shall be a material
breach of the Agreement.

(b)          During the term of
the Employee’s employment with the Company and for a period to two (2) years
(the “Covenant Term”) after cessation for whatever reason of such employment,
the Employee covenants and agrees that the Employee will not in any manner
directly or indirectly;

(i)              solicit, divert, take away or
interfere with any of the customers (or their respective affiliates or
successors) of the Company;

(ii)             engage directly or indirectly,
either personally or as an employee, partner, associate partner, officer,
manager, agent, advisor, consultant or otherwise, or by means of any corporate
or other entity or device, in any business which is competitive with the
business of the Company, its vendors, customers or creditors.  For purposes of this covenant a business will
be deemed competitive if 

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it is conducted in whole or in part within any
geographic area wherein the Company is engaged in marketing its products, and
if it involves the mining, smelting, refining, producing, recycling or
fabrication of metals or metal concentrates or any other business which is in
any manner competitive, as of the date of cessation of the Employee’s
employment, with any business then being conducted by the Company or as to
which the Company has then formulated definitive plans to enter;

(iii)            induce any salesman, distributor,
supplier, manufacturer, representative, agent or other person transacting
business with the Company to terminate their relationship with the Company, or
to represent, distribute or sell products in competition with products of the
Company; or

(iv)           induce or cause any employee of the
Company to leave the employ of the Company.

(c)          All the covenants of
the Employee contained in this paragraph 8 shall be construed as agreements
independent of any other provision of the Agreement, and the existence of any
claim or cause of action against the Company, whether predicated on this
Agreement or otherwise, shall not constitute a defense to the enforcement by
the Company of these covenants.

(d)          Within the terms of
this Agreement, the parties hereto intend to limit disclosure and competition by
the Employee to the maximum extent permitted by law.  If any court of competent jurisdiction ruling
on this Agreement shall determine that the scope or duration of any limitation
contained in this paragraph 7 is too extensive to be legally enforceable, then
the parties hereby agree that the scope and duration (not greater than that
provided for herein) of such limitation shall be the maximum scope and duration
which shall be legally enforceable and the Employee hereby consents to the
enforcement of such limitation as so modified.

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(e)          The Employee
acknowledges that any violation by him of the provisions of this paragraph 7
could cause serious and irreparable damages to the Company.  He further acknowledges that it might not be
possible to measure such-damages in money. 
Accordingly, the Employee further acknowledges that, in the event of a
breach or threatened breach by him of the provisions of this paragraph 7, the
Company may seek in addition to any other rights or remedies, including money
damages, an injunction or restraining order, restraining the Employee from
doing or continuing to do or perform any acts constituting such breach or
threatened breach, without the need to post a bond therefore.

8.             Employee
Inventions

The Employee
agrees to assign and transfer to the Company, its successors and assigns, his
entire right, title and interest in and to any or all inventions, designs,
discoveries and improvements which he may make, either solely or jointly with
others, during the Employment Term hereunder and for a period of one (1) year
thereafter, which relate in any way to the business or products of the Company,
together with all rights to letters patent which may be granted thereon.  Immediately upon making any inventions,
designs, discoveries or improvements, the Employee shall notify the Company
and, without further compensation, shall execute and deliver to the Company
such documents as may be necessary to prepare or prosecute applications for
patents upon such inventions, designs, discoveries and improvements, and shall
assign and transfer to the Company his entire right, title and interest
therein.  The Company shall pay all
expenses involved in carrying out the provisions of this Paragraph 9.

9.             Employee’s
Representation

Employee hereby
represents to the Company that he has full right and power to enter into this
Agreement and carry our his duties hereunder, and that same will not constitute
a breach of or default under any employment, confidentiality, non-competition
or other agreement by which he may be bound.

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10.           Early Termination of Employment
Term

(a)           If during the
Employment Term, the Employee fails because of illness or other incapacity
(including incapacity because of substance abuse) to render to the Company the
services required of him hereunder for a period of 90 days (during which the
Company shall continue the Employee’s compensation at the rates herein
provided), the Company may, in its discretion, give 90 days notice of
termination of the Employment Term (during which the Employee’s compensation
shall likewise be continued), and if the Employee shall not resume full
performance of his duties within such 90 day period, the Employment Term shall
terminate at the expiration thereof, provided that any such termination shall
not effect the right of the Employee (or his estate) to continue to receive
benefits under any disability insurance plan covering the Employee which is in
effect at the date of termination.

(b)           The Employment Term
shall end upon the death of the Employee.

(c)           This Agreement and
Employee’s employment may be terminated by the Company for cause without
notice.  To the extent that this
Agreement and Employee’s employment is terminated for “Cause”, as that term is
defined in this paragraph 10, Employee shall be entitled to receive only the
base salary which has accrued and remains unpaid during the month the Employee’s
employment is terminated.  The
obligations of Employee under paragraphs 7 and 8 shall continue notwithstanding
the termination of Employee’s employment and this Agreement.

(d)           Employee may
voluntarily terminate his employment with Company without cause at any time
during the Employment Term with 90 days advance notice; provided, however, that
in the event of such voluntary termination, Employee’s obligations pursuant to
paragraphs 7 and 8 of this Agreement shall continue, and Employee shall be
entitled to receive only the base salary which has accrued and remains unpaid
during the month the employment is terminated.

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(e)           Employee may
terminate this Agreement for Cause without notice if the Company breaches this
Agreement; provided, however, that in the event of such termination, Employee’s
obligations pursuant to paragraphs 7(a), (c), (d), (e) and 8 shall continue,
but Employee will be relieved of any obligations not to compete against Company
pursuant to paragraph 7(b).

(f)            For purposes of
this Agreement, the term “Cause” shall mean one or more of the following:  Employee destruction of business, Employee
breach of trust, Company breach of this Agreement, Employee breach of this
Agreement (including, but not limited to violation of paragraphs 7 and/or 8) or
Employee gross misconduct, gross malfeasance, gross misfeasance, or gross
nonfeasance during the Employment Term.

11.           Automatic
Renewal

Unless terminated
pursuant to the provisions of Section 11, this Agreement shall automatically
renew and be extended from year to year after October 31, 2009, unless
terminated by the Company’s written notice given to the Employee at least three
months prior to its termination date.  If
any such notice be given, this Agreement shall terminate on the next succeeding
October 31st.

12.           Successors

The rights,
benefits, duties and obligations under this Agreement shall inure to and be
binding upon the Company and its successors and assigns and upon the Employee
and his legal representatives, legatees and heirs.  It is specifically understood, that this
Agreement and/or any of Employees benefits hereunder may not be transferred or
assigned by the Employee.

13.           Notices

Notices hereunder
shall be in writing and shall be sent by telegraph or by certified or registered
mail, telecopy, or recognized overnight delivery service (such as Federal Express
prepaid as follows:

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To Employee:

Theodore P. Fox III

49 Pacland Estates Dr.

Chesterfield,
MO  63005

To Company:

A. Bruce Neil

President

THE DOE RUN RESOURCES
CORPORATION,

d/b/a  THE DOE RUN COMPANY

1801 Park 270 Drive;
Suite 300

St. Louis,
Missouri 63146

With a Copy to:

The Renco Group, Inc.

30 Rockefeller Plaza,
Suite 4225

New York, NY  10112

Attn:       Ira Leon Rennert, Chairman

and shall be
deemed to have been given when telecopied to the addresses or three days after
placed in mail or the second business day following delivery to a recognized
overnight delivery service (such as Federal Express) or a telegraph company,
prepaid and properly addressed.  Notices
to the Employee may also be delivered to him personally.  Notices of change of address shall be given
as provided above, but shall be effective only when actually received.

14.           Waivers

The failure of either
party to insist upon the strict performance of any 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 the
Agreement on the part of the Company.

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15.           Entire
Agreement; Governing Law

There are no oral
or written understandings concerning the Employee’s employment other than this
Agreement and the separate Net Worth Appreciation Agreement between the
Company and the Employee (“NWAPA”).  This
Agreement may not be modified except by a writing signed by the parties.  This Agreement supersedes any and all prior
employment agreements or understandings except the NWAPA.  This Agreement is made under, and shall be
construed in accordance with, the laws of the State of Missouri, applicable to
agreements to be performed wholly within that state.

IN
WITNESS WHEREOF, the parties hereto have executed and delivered
this Agreement on September 5, 2006.

 

	
  Attest:

  	
  The Doe Run Resources Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Louis J. Maurcheau

  	
   

  	
  By:

  	
  /s/ A. B. Neil

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Theodore P.
  Fox, III

  
	
   

  	
   

  	
   

  	
  Theodore P. Fox

  

 

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