Document:

First Amendment to Employment Offer Letter, Dennis Rexroad

 Exhibit 10.22 
 FIRST AMENDMENT TO EMPLOYMENT OFFER LETTER 
 First Amendment (this “Amendment”) made and
entered into by and between KAGY Holding Company, Inc., a Delaware corporation (the “Company”), AGY Holding Corp. (the “Principal Subsidiary”), a Delaware corporation, with its principal place of business at 2558 Wagener Road,
Aiken, South Carolina, and Dennis Rexroad (the “Executive”), effective as of the 7th day of April, 2006, amending that certain employment offer letter, dated as of December 8, 2004 by and between the Principal Subsidiary and the
Executive (the “Original Agreement”). 
 WHEREAS, the Principal Subsidiary and the Executive previously entered into the Original
Agreement and the Company subsequently acquired the Principal Subsidiary; 
 WHEREAS, the operations of the Company are a complex matter
requiring direction and leadership in a variety of arenas, including financial, strategic planning, regulatory, community relations and others; 
 WHEREAS, the Executive is possessed of certain experience and expertise that qualify him to provide the direction and leadership required by the Company; 
 WHEREAS, the Company and the Principal Subsidiary therefore wish to continue to employ the Executive as Vice President of Operations of the Principal Subsidiary and the Executive wishes to accept a continuation of
such employment; 
 WHEREAS, the Company has adopted the KAGY Holding Company, Inc. Severance Plan (“KAGY Severance Plan”), under
which, subject to certain terms and conditions described therein, the Executive is eligible for severance benefits which are more favorable than that for which he was eligible under the AGY Senior Leadership Team severance policy as provided for in
the Original Agreement; and 
 WHEREAS, the Company, Principal Subsidiary, and the Executive desire to amend the Original Agreement to
incorporate the terms of the KAGY Severance Plan and to increase the Executive’s base salary; 
 NOW, THEREFORE, in consideration of the
foregoing premises and for the good and valuable consideration recited above, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
 1. Amendment of Original Agreement. The Base Salary Section of the Compensation and Benefits Heading of the Original Agreement is hereby amended,
in its entirety, to read as follows: 
 Base Salary and Severance Benefits: 
 Effective as of the date of this Amendment, your initial base salary will be at the rate of $189,000 per year, less applicable taxes and other
withholdings. You will have an annual salary review each January. 

 You shall be eligible for severance payments and benefits in accordance with the KAGY Severance Plan,
subject to the terms and conditions provided therein. You shall not be eligible for severance payments or benefits under the AGY Senior Leadership Team severance policy, or any other policy or plan of the Company or Principal Subsidiary providing
for such benefits. You hereby agree to execute the Confidentiality, Non-Solicitation, and Non-Competition Agreement referred to in Paragraph 7 of the KAGY Severance Plan and attached as Exhibit B thereto. 
 2. Original Agreement Remains in Effect. Except as expressly amended by this Amendment, the Original Agreement remains in full force and effect
and nothing in this Amendment shall otherwise affect any other provision of the Original Agreement or the rights and obligations of the parties thereto. 
 [Signature page to follow] 
  

 -2- 

 IN WITNESS WHEREOF, the Company and the Principal Subsidiary have duly executed this Amendment to the
Original Agreement by their authorized representatives, and Executive has hereunto set his hand in each case effective as of the date first above written. 
  

			
	KAGY HOLDING COMPANY, INC.
		
	By:	 	 /s/ Douglas J. Mattscheck

		 	Douglas J. Mattscheck
		 	President
	
	AGY HOLDING CORP.
		
	By:	 	 /s/ Douglas J. Mattscheck

		 	Douglas J. Mattscheck
		 	President
	
	EXECUTIVE
	
	 /s/ Dennis Rexroad

	Dennis RexroadEmployment Offer Letter dated December 10, 2004, Drew Walker

 Exhibit 10.23 
 

 
 WORLD HEADQUARTERS 
 2558 Wagener Road 
 Aiken, SC 29801 
 803.648.8351 tel 
 803.643.1180 fax

 www.agy.com 
 Mr. Drew Walker

 131 West Woodglen Road 
 Spartanburg, SC 29301 
 Dear Drew: 
 On behalf of AGY (the “Company”), we are pleased to
offer you the position of Vice President of Sales and Marketing of the Company, along with what we feel is a very attractive offer. We view this as an excellent opportunity for you to help build a substantial business for AGY and its shareholders,
and we are excited by the prospect of the very relevant skills and experience you can bring to bear in this regard. 
  

			
	POSITION:	    	Vice President of Sales and Marketing
		
	START DATE:	    	January, 2005 (Exact date to be finalized but as soon as practical)
		
	DUTIES AND RESPONSIBILITIES:	    	
		
		    	You will serve in an executive capacity and shall perform such duties as are customarily associated with your title of Vice President of Sales and Marketing, consistent with the bylaws of the
Company and as required by the Company’s Board. During the term of your employment with the Company, you will devote your best efforts and substantially all of your business time and attention to the business of the Company
		
	COMPENSATION AND BENEFITS:	    	
		
	 Base Salary:
	    	While you are employed by the Company, your initial base salary will be $170,000 per year, less applicable taxes and other withholdings. Your first annual salary review will be during January
2006 with subsequent annual reviews each January.
		
	 Annual Incentive
	    	In addition to the “base” salary, you will also be eligible to receive an annual incentive bonus of up to 60% of base salary, based on your own and the Company’s performance.
The bonus is variable and the payout is based on progressively meeting and exceeding personal and corporate financial objectives. Within 60 days of your start date, you will be expected to identify a set of mutually agreed to objectives, with
achievement dates, that will establish your personal objectives for 2005.

 

 
 WORLD HEADQUARTERS 
 2558 Wagener Road 
 Aiken, SC 29801 
 803.648.8351 tel 
 803.643.1180 fax

 www.agy.com 
  

			
	 Benefits and Perquisites:
	    	 You will be entitled to participate in the Company’s health insurance program that is generally available to members of the executive
management team. This includes but is not limited to group health insurance, life insurance (2X salary), 401K program (which includes a variable contribution by the company based on financial performance) and vacation program (4 weeks). These
benefits are further defined in the attached Benefits highlights note.
  
 In addition the
Company will provide you with a company car consistent with the current company policy (a mini van or standard full size car). Additionally the Company will provide a $7,500 sign-on bonus if your departure results in the forfeiture of your previous
sign-on bonus from your current employer (to be grossed-up for tax offset).

	 Stock Opportunity:
	    	  
 As a member of the Senior Leadership team the Company will recommend that you
become eligible to participate in the Management Stock Plan. The details of this plan are to be formulated for review and approved by the Board of Directors.

 We are enthusiastic about the future prospects of AGY with you as a key member of its team. We believe that you
possess the leadership and vision to help grow the Company and create the leader in the glass fiber industry. On behalf of the employees and shareholders of AGY, we look forward to the many contributions you will make to the Company in the years to
come. 
 Sincerely, 
  

			
	 /s/ Douglas J. Mattscheck

	Douglas J. Mattscheck
	President and CEO
	
	Acknowledged and Accepted
	
	 /s/ Drew Walker

	Drew Walker
		
	Date:	 	12/10/04First Amendment to Employment Letter ... Drew Walker

 Exhibit 10.24 
 FIRST AMENDMENT TO EMPLOYMENT OFFER LETTER 
 First Amendment (this “Amendment”) made and entered into by and between KAGY Holding Company, Inc., a Delaware corporation (the “Company”), AGY Holding Corp. (the “Principal Subsidiary”), a Delaware
corporation, with its principal place of business at 2558 Wagener Road, Aiken, South Carolina, and Drew Walker (the “Executive”), effective as of the 7th day of April, 2006, amending that certain employment offer letter, dated as of December 10, 2004 by and between the Principal Subsidiary and the Executive (the “Original Agreement”). 
 WHEREAS, the Principal Subsidiary and the Executive previously entered into the Original Agreement and the Company subsequently acquired the Principal
Subsidiary; 
 WHEREAS, the operations of the Company are a complex matter requiring direction and leadership in a variety of arenas,
including financial, strategic planning, regulatory, community relations and others; 
 WHEREAS, the Executive is possessed of certain
experience and expertise that qualify him to provide the direction and leadership required by the Company; 
 WHEREAS, the Company and the
Principal Subsidiary therefore wish to continue to employ the Executive as Vice President of Sales and Marketing of the Principal Subsidiary and the Executive wishes to accept a continuation of such employment; 
 WHEREAS, the Company has adopted the KAGY Holding Company, Inc. Severance Plan (“KAGY Severance Plan”), under which, subject to certain terms
and conditions described therein, the Executive is eligible for severance benefits which are more favorable than that for which he was eligible under the AGY Senior Leadership Team severance policy; and 
 WHEREAS, the Company, Principal Subsidiary, and the Executive desire to amend the Original Agreement to incorporate the terms of the KAGY Severance Plan
and to increase the Executive’s base salary; 
 NOW, THEREFORE, in consideration of the foregoing premises and for the good and valuable
consideration recited above, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
 1.
Amendment of Base Salary Section of Original Agreement. The Base Salary Section of the Compensation and Benefits Heading of the Original Agreement is hereby amended, in its entirety, to read as follows: 
 Base Salary and Severance Benefits: 
 Effective as of the date of this Amendment, your initial base salary will be at the rate of $178,500 per year, less applicable taxes and other withholdings. You will have an annual salary review each January. 
 You shall be eligible for severance payments and benefits in accordance with the KAGY Severance Plan, subject to the terms and conditions provided
therein. You shall not be 

 
eligible for severance payments or benefits under the AGY Senior Leadership Team severance policy, or any other policy or plan of the Company or Principal
Subsidiary providing for such benefits. You hereby agree to execute the Confidentiality, Non-Solicitation, and Non-Competition Agreement referred to in Paragraph 7 of the KAGY Severance Plan and attached as Exhibit B thereto. 
 2. Amendment of Benefits and Perquisites Section of Original Agreement. The Benefits and Perquisites Section of the Compensation and Benefits
Heading of the Original Agreement is hereby amended to add a third paragraph as follows: 
 During your employment, the Company will reimburse
you for the reasonable costs related to renewing your green card; provided that you shall be liable for any income tax liability with respect to such reimbursement. 
 3. Original Agreement Remains in Effect. Except as expressly amended by this Amendment, the Original Agreement remains in full force and effect and nothing in this Amendment shall otherwise affect any other
provision of the Original Agreement or the rights and obligations of the parties thereto. 
 [Signature page to follow] 
  

 -2- 

 IN WITNESS WHEREOF, the Company and the Principal Subsidiary have duly executed this Amendment to the
Original Agreement by their authorized representatives, and Executive has hereunto set his hand in each case effective as of the date first above written. 
  

			
	KAGY HOLDING COMPANY, INC.
		
	By:	 	 /s/ Douglas J. Mattscheck

		 	Douglas J. Mattscheck
		 	President
	
	AGY HOLDING CORP.
		
	By:	 	 /s/ Douglas J. Mattscheck

		 	Douglas J. Mattscheck
		 	President
	
	EXECUTIVE
	
	 /s/ Drew Walker

	Drew Walker

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