Document:

Form of Voting Agreement with Directors of Youbet.com, Inc.

 Exhibit 10.3 
 EXECUTION COPY 
 VOTING AGREEMENT 
 This VOTING AGREEMENT (the “Agreement”), dated as of November 11, 2009, is made by and between
[                    ] (the “Stockholder”), and Churchill Downs Incorporated, a Kentucky corporation (“Parent”).
Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to such terms in the Merger Agreement (as defined below). 
 WHEREAS, concurrently herewith, Parent, Tomahawk Merger Corp., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), Tomahawk Merger LLC, a single member Delaware
limited liability company and wholly owned subsidiary of Parent (“Merger LLC”) and Youbet.com, Inc., a Delaware corporation (the “Company”), are entering into an Agreement and Plan of Merger, dated as of the date
hereof (for purposes of this definition, substantially in the form provided to the Stockholder prior to the Stockholder’s execution hereof and as may hereafter be amended in a manner not materially adverse to the Stockholder (provided that any
reduction in the Exchange Ratio or reduction in the Per Share Cash Consideration payable in the Merger to the Stockholder shall be deemed an amendment materially adverse to the Stockholder), the “Merger Agreement”), providing for
the merger of Merger Sub with and into the Company, with the Company continuing as the Surviving Corporation, and as soon as reasonably practicable thereafter, the Surviving Corporation will merge with and into Merger LLC, upon the terms and subject
to the conditions set forth in the Merger Agreement (the “Merger”); 
 WHEREAS, as of the date hereof, the
Stockholder owns, beneficially or of record, or has complete investment authority over, and has (or upon exercise or exchange of a convertible security will have), except as set forth on Schedule A hereto, the power to vote and dispose of the
number of shares of Company Common Stock set forth on Schedule A hereto (the “Owned Shares” and, together with any securities issued or exchanged with respect to such shares of Company Common Stock during the term of this
Agreement upon any recapitalization, reclassification, merger, consolidation, spin-off, partial or complete liquidation, stock dividend, split-up or combination of the securities of the Company or any other change in the Company’s capital
structure or securities of which such Stockholder acquires beneficial or record ownership after the date hereof and prior to the termination hereof, whether by purchase, acquisition or upon exercise of options, warrants, conversion of other
convertible securities or otherwise, collectively referred to herein as, the “Covered Shares”); and 
 WHEREAS,
as a condition to the willingness of Parent to enter into the Merger Agreement, Parent has required that the Stockholder agree, and in order to induce Parent to enter into the Merger Agreement, the Stockholder has agreed, to enter into this
Agreement with respect to the Covered Shares and certain other matters as set forth herein. 
 NOW, THEREFORE, in consideration
of the foregoing and the mutual covenants and agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

 ARTICLE I. 
 VOTING AGREEMENT 
 Section 1.1 Voting Agreement. The
Stockholder hereby irrevocably and unconditionally covenants and agrees that during the Voting Period (as defined below), at any meeting of the stockholders of the Company (whether annual or special), however called, or at any adjournment or
postponement thereof or in any other circumstances (including an action by written consent) upon which a vote or other approval is sought with respect to any of the matters referred to in clause (ii) below, the Stockholder shall (i) when a
meeting is held, appear at such meeting or otherwise cause the Covered Shares as to which the Stockholder controls the right to vote to be counted as present thereat for the purpose of establishing a quorum, and (ii) vote (or cause to be voted)
in person or by proxy the Covered Shares as to which the Stockholder controls the right to vote (A) in favor of the adoption of the Merger Agreement and the transactions contemplated by the Merger Agreement, (B) in favor of the approval of
any other matter to be approved by the stockholders of the Company in connection with the Merger, the adoption of the Merger Agreement and the transactions contemplated by the Merger Agreement, (C) against any extraordinary corporate
transaction (other than the Merger), such as a merger, consolidation, business combination, tender or exchange offer, reorganization, recapitalization, liquidation, sale or transfer of all or substantially all of the assets or securities of the
Company and any of its subsidiaries (other than pursuant to the Merger) or any other Alternative Transaction, (D) against any amendment of the Company’s certificate of incorporation or by-laws other than as permitted by the Merger
Agreement, (E) in a manner that is not inconsistent with the publicly stated position or recommendation of Parent (but only to the extent Parent publicly states a position or recommendation) with respect to any other proposal, action or
transaction involving the Company or any of its Subsidiaries, which amendment or other proposal, action or transaction would reasonably be expected to in any manner impede, frustrate, prevent or nullify the Merger Agreement, the Company Stockholder
Approval, the Merger or any of the other transactions contemplated by the Merger Agreement or change in any manner the voting rights of any class of the Company’s capital stock, and (F) against any extraordinary dividend, distribution or
recapitalization by the Company or change in the capital structure of the Company (other than pursuant to or as permitted by the Merger Agreement). For the purposes of this Agreement, “Voting Period” shall mean the period commencing
on the date hereof and ending immediately prior to any termination of this Agreement in accordance with its terms pursuant to Section 5.1 hereof. The Stockholder further agrees not to commit or agree to take any action inconsistent with the
foregoing. 
 Section 1.2 Grant of Proxy. In order to secure the performance of Stockholder’s obligations under
this Agreement, the Stockholder hereby revokes any and all previous proxies granted with respect to the Covered Shares and irrevocably grants to, and appoints, Parent and each executive officer of Parent, and any other individual designated in
writing by Parent, as such Stockholder’s proxy and attorney-in-fact (with full power of substitution), for and in its name, place and stead, to be counted as present, vote, express consent or dissent or otherwise to act on behalf of such
Stockholder with respect to the Covered Shares in the manner contemplated by Section 1.1 during the Voting Period. The Stockholder understands and acknowledges that Parent is entering into the Merger Agreement in reliance upon the
Stockholder’s execution and delivery of this Agreement. The Stockholder hereby affirms that the irrevocable proxy set forth in this Section 1.2 is given in connection with the execution of the Merger Agreement, and that such irrevocable
proxy is given to secure the performance of the duties of the Stockholder under this Agreement. Except as provided for in the last sentence of

  

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this Section 1.2, the Stockholder hereby (i) affirms that the irrevocable proxy is coupled with an interest and may under no circumstances be revoked and (ii) ratifies and confirms
all that the proxies appointed hereunder may lawfully do or cause to be done by virtue hereof. Notwithstanding any other provisions of this Agreement, the irrevocable proxy granted hereunder shall automatically terminate upon the termination of this
Agreement without any notice or other action by any person. 
 Section 1.3 Waiver of Appraisal Rights. The
Stockholder hereby irrevocably and unconditionally waives, and agrees not to assert or perfect, any rights of appraisal, dissenters’ rights or similar rights that such Stockholder may have in connection with the Merger. 
 ARTICLE II. 
 REPRESENTATIONS AND WARRANTIES OF PARENT 
 Parent hereby represents and warrants to each Stockholder as
follows: 
 Section 2.1 Valid Existence. Parent is a corporation duly organized, validly existing and in good
standing under the laws of the State of Kentucky and has the requisite corporate power and authority to carry on its business as it is now being conducted. 
 Section 2.2 Authority Relative to This Agreement. Parent has all necessary corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to
consummate the transactions contemplated hereby. This Agreement has been duly and validly authorized, executed and delivered by Parent and, assuming the due execution and delivery by the Stockholder, constitutes a legal, valid and binding obligation
of Parent, enforceable against Parent in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, moratorium or other similar laws relating to creditors rights generally and by general equitable principles
(regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 Section 2.3 No
Conflicts. 
 (a) The execution and delivery of this Agreement by Parent does not, and the performance of Parent’s
obligations under this Agreement and the consummation by Parent of the transactions contemplated hereby will not, (i) conflict with or violate any law, rule, regulation, order, judgment or decree applicable to Parent or any of Parent’s
properties or assets, (ii) contravene or conflict with the articles of incorporation or the bylaws of Parent or (iii) result in any violation or the breach of, or constitute a default under, or give rise to any right of termination,
cancellation or acceleration or any payments under, or result in a loss of a benefit or in the creation or imposition of an Encumbrance under, any of the terms, conditions or provisions of any contract, note, lease, mortgage, indenture, license or
other instrument to which Parent is a party, except for conflicts, violations, breaches or defaults that would not impair the ability of Parent to perform its obligations hereunder or prevent or delay the consummation of the transactions
contemplated by this Agreement. 
 (b) Except for the applicable requirements of the Exchange Act, no filing or notification
with, and no permit, authorization, consent or approval of, any Governmental Entity

  

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is necessary on the part of Parent for the execution and delivery of this Agreement by Parent and the consummation by Parent of the transactions contemplated hereby, except where the failure to
obtain such permits, authorizations, consents or approvals, or to make such filings or notifications, would not impair the ability of Parent to perform its obligations hereunder. 
 ARTICLE III. 
 REPRESENTATIONS AND WARRANTIES

 OF THE STOCKHOLDER 
 The Stockholder hereby represents and warrants to Parent as follows: 
 Section 3.1 Authority Relative To This Agreement. If the Stockholder is a natural person, the Stockholder has the capacity to execute and deliver this Agreement, to perform the Stockholder’s obligations hereunder and to
consummate the transactions contemplated hereby. If the Stockholder is other than a natural person, the Stockholder (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and (b) has
all necessary organizational power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by
the Stockholder and, assuming the due authorization, execution and delivery by Parent, constitutes a legal, valid and binding obligation of the Stockholder, enforceable against such Stockholder in accordance with its terms, except as enforcement may
be limited by bankruptcy, insolvency, moratorium or other similar laws relating to creditors rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 Section 3.2 No Conflicts. 
 (a) The execution and delivery of this Agreement by the Stockholder do not, and the performance of the Stockholder’s obligations under this Agreement and the consummation by the Stockholder of the
transactions contemplated hereby will not, (i) conflict with or violate any law, rule, regulation, order, judgment or decree applicable to the Stockholder, the Covered Shares or any of the Stockholder’s properties or assets, (ii) if
such Stockholder is other than a natural person, contravene or conflict with the certificate of incorporation or the bylaws or other organizational documents of such Stockholder or (iii) result in any violation or the breach of, or constitute a
default under, or give rise to any right of termination, cancellation or acceleration or any payments under, or result in a loss of a benefit or in the creation or imposition of an Encumbrance under, any of the terms, conditions or provisions of any
contract, note, lease, mortgage, indenture, license or other instrument to which the Stockholder is a party, except for conflicts, violations, breaches or defaults that would not impair the ability of the Stockholder to perform such
Stockholder’s obligations hereunder or prevent or delay the consummation of the transactions contemplated by this Agreement. 
 (b) Except for the applicable requirements of the Exchange Act, no filing or notification with, and no permit, authorization, consent or approval of, any Governmental Entity is necessary on the part of the Stockholder for the execution and
delivery of this Agreement, except where the failure to obtain such permits, authorizations, consents or approvals, or to make such filings or notifications, would not impair the ability of such Stockholder to perform such Stockholder’s
obligations hereunder. 
  

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 Section 3.3 Ownership Of Shares. As of the date hereof, except as set forth in
Schedule A hereto, the Stockholder has good and valid and marketable title to and is the record or beneficial owner of the Owned Shares set forth opposite the Stockholder’s name on Schedule A hereto free and clear of all pledges,
liens, proxies, claims, charges, security interests, preemptive rights, voting trusts, voting agreements, options, rights of first offer or refusal and any other encumbrances, restrictions or arrangements whatsoever with respect to the ownership,
transfer or other voting of the Owned Shares. Except as set forth in Schedule A hereto, the Stockholder has full and unrestricted power to dispose of and vote all of, and has not granted any proxy inconsistent with this Agreement that is
still effective with respect to, the Owned Shares. The Stockholder does not own, beneficially or of record, any shares of capital stock of the Company or securities convertible into or exercisable or exchangeable for shares of capital stock of the
Company, other than the Covered Shares. As of the date hereof, no proceedings are pending which, if adversely determined, will have a material adverse effect on any ability to vote or dispose of any of the Covered Shares. 
 Section 3.4 Stockholder Has Adequate Information. The Stockholder is a sophisticated investor with respect to the Covered Shares
and has independently and without reliance upon Parent and based on such information as the Stockholder has deemed appropriate, made such Stockholder’s own analysis and decision to enter into this Agreement. The Stockholder acknowledges that
Parent has not made nor makes to the Stockholder any representation or warranty, whether express or implied, of any kind or character in connection with this Agreement except as expressly set forth in this Agreement. 
 Section 3.5 No Setoff. To the knowledge of the Stockholder, there are no legal or equitable defenses or counterclaims that have
been or may be asserted by or on behalf of the Company, as applicable, to reduce the amount of the Covered Shares or affect the validity or enforceability of this Agreement. 
 Section 3.6 Finder’s Fees. Except as disclosed pursuant to the Merger Agreement, no investment banker, broker, finder or
other intermediary is entitled to a fee or commission from Parent, Merger Sub or the Company in respect of this Agreement based upon any arrangement or agreement made by or on behalf of the Stockholder. 
 Section 3.7 No Other Representations or Warranties. Except for the representations and warranties expressly contained in this
Article III, the Stockholder makes no express or implied representation or warranty with respect to such Stockholder, the Covered Shares, or otherwise. 
  

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 ARTICLE IV. 
 COVENANTS OF THE STOCKHOLDER 
 The Stockholder hereby covenants and agrees
as follows: 
 Section 4.1 No Transfer. 
 (a) Other than pursuant to the terms of this Agreement or the Merger Agreement, without the prior written consent of Parent or as otherwise
provided in this Agreement, during the term of this Agreement, the Stockholder hereby agrees to not, directly or indirectly, (i) grant any proxies, options, rights of first offer or refusal or power of attorney or enter into any voting trust or
other agreement or arrangement with respect to, or restricting the voting of, any Covered Shares, (ii) enter into a swap or any other agreement or any transaction that transfers, in whole or in part, the economic consequence of ownership of any
Covered Shares or (iii) sell, pledge, assign, transfer, tender, exchange, offer, encumber or otherwise dispose of (including by merger or consolidation), or enter into any contract, option or other arrangement or understanding with respect to
the direct or indirect assignment, transfer, tender, exchange, offer, encumbrance or other disposition of (including by merger or consolidation) (each, a “Transfer”), any Covered Shares. Any action taken or attempted to be taken in
violation of the preceding sentence will be null and void. The Stockholder further agrees to authorize and request Parent and the Company to notify the Company’s transfer agent that there is a stop transfer order consistent herewith with
respect to the Covered Shares and that this Agreement places limits on the voting of the Covered Shares. Notwithstanding the foregoing or anything to the contrary set forth in this Agreement, the Stockholder may Transfer any or all of the Covered
Shares (i) by will, or by operation of law, in which case this Agreement shall, to the extent permitted by Law, bind the transferee, or (ii) to affiliates, trusts and charitable organizations, so long as the transferee, prior to such
Transfer executes a counterpart of this Agreement (with such modifications as Parent may reasonably request solely to reflect such Transfer) and agrees to be bound by its terms. 
 (b) The Stockholder hereby covenants and agrees that for a period of 90 days following the Effective Time (the “Lock-Up
Period”), such Stockholder shall not Transfer or consent to any Transfer of, any shares of Parent Common Stock received by such Stockholder in the Merger with respect to the Covered Shares, or any interest therein, or enter into any
contract, option or other arrangement or understanding with respect to the direct or indirect Transfer of, any shares of Parent Common Stock received by such Stockholder in the Merger with respect to the Covered Shares or any interest therein to any
Person (other than Parent); provided, however, that the Stockholder may participate during the Lock-Up Period with respect to its shares of Parent Common Stock in any merger, tender offer or other business combination or other
transaction, in each case, which the Board of Directors of Parent has recommended to Parent’s stockholders; provided, further, that after the Effective Time and during the Lock-Up Period, the Stockholder may Transfer any or all of
the shares of Parent Common Stock received by such Stockholder in the Merger with respect to the Covered Shares (i) by will, or by operation of law, in which case this Section 4.1(b) shall, to the extent permitted by Law, bind the
transferee until the expiration of the Lock-Up Period, or (ii) to affiliates, trusts and charitable organizations, so long as the transferee, prior to such Transfer executes a counterpart of this Agreement (with such modifications as Parent may
reasonably request solely to reflect such Transfer) and agrees to be bound by its terms (including this Section 4.1(b)). The Stockholder hereby agrees that, in order to ensure compliance with the restrictions referred to herein, Parent
may issue appropriate stop transfer instructions to its transfer agent in respect of the Stockholder’s Parent Common Stock. Parent agrees that it will cause any stop transfer instructions imposed pursuant to this Section 4.1(b) to
be lifted, and any legended certificates of Parent Common Stock delivered to the Stockholder pursuant to the Merger Agreement to be replaced with certificates not bearing such legend, promptly following the termination of the Lock-Up Period. The
restrictions on transfer provided in this Section 4.1(b) shall be in addition to any restrictions on transfer of the Parent Common Stock imposed by any applicable Laws. 
  

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 Section 4.2 Public Announcement. The Stockholder shall consult with Parent
before issuing any press releases or otherwise making any public statements with respect to the transactions contemplated herein, in such Stockholder’s capacity as a stockholder of the Company, except as may be required by applicable Law. The
Stockholder hereby consents to disclosure in the Registration Statement and the Proxy Statement (including all documents and schedules filed with the SEC) and press releases with respect to the Merger in accordance with the Merger Agreement, of the
identity of the Stockholder and ownership of the Covered Shares and the nature of such Stockholder’s commitments, arrangements and understandings pursuant to this Agreement. 
 Section 4.3 Additional Shares. The Stockholder shall promptly notify Parent of the number of any new Covered Shares
acquired by the Stockholder, if any, after the date hereof. Any such shares shall be automatically subject to the terms of this Agreement as though owned by the Stockholder on the date hereof. 
 Section 4.4 No Restraint on Officer or Director Action; Etc. Notwithstanding anything to the contrary herein, Parent hereby
acknowledges and agrees that no provision in this Agreement shall limit or otherwise restrict the Stockholder with respect to any act or omission that the Stockholder may undertake or authorize in such Stockholder’s capacity as a director or
officer of the Company or any subsidiary thereof, including any vote that such individual may make as a director of the Company with respect to any matter presented to the Company’s board of directors. The Stockholder has executed this
Agreement solely in such Stockholder’s capacity as the record and/or beneficial owner of the Covered Shares and no action taken by the Stockholder in such Stockholder’s capacity as a director or officer of the Company or any subsidiary
thereof shall be deemed to constitute a breach of any provision of this Agreement. 
 ARTICLE V. 
 MISCELLANEOUS 
 Section 5.1 Termination. This Agreement and all of its provisions shall terminate upon the earlier of (i) the Effective Time, (ii) the termination of the Merger Agreement in accordance with its terms,
(iii) written notice of termination of this Agreement by Parent to the Stockholder or (iv) any amendment or modification to the Merger Agreement that results in a reduction in the Exchange Ratio or a reduction in the Per Share Cash
Consideration or any other amendment or modification of the Merger Agreement that is in any manner materially adverse to the Stockholder (such date of termination, the “Termination Date”), except that the provisions of
Section 4.1(b) and Article V shall survive any such termination of this Agreement; provided, that no such termination shall relieve any party of liability for a willful breach hereof prior to termination. 
 Section 5.2 Survival of Representations and Warranties. The respective representations and warranties of the Stockholder and
Parent contained herein shall not be deemed waived or otherwise affected by any investigation made by the other party hereto. The

  

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representations and warranties contained herein shall expire with, and be terminated and extinguished upon, consummation of the Merger or termination of this Agreement pursuant to
Section 5.1, and thereafter no party hereto shall be under any liability whatsoever with respect to any such representation or warranty. 
 Section 5.3 Fees And Expenses. Except as otherwise provided herein or as set forth in the Merger Agreement, all costs and expenses incurred in connection with the transactions contemplated by
this Agreement shall be paid by the party incurring such costs and expenses. 
 Section 5.4 Notices. All notices and
other communications hereunder shall be in writing and shall be deemed given when delivered personally, one day after being delivered to a nationally recognized overnight courier or on the business day received (or the next business day if received
after 5 p.m. local time or on a weekend or day on which banks are closed) when sent via facsimile (with a confirmatory copy sent by overnight courier) to the parties at the following addresses (or at such other address for a party as shall be
specified by like notice): 
 if to Parent: 
 Churchill Downs Incorporated 
 700 Central Avenue 
 Louisville, Kentucky 40208 
 Telecopy: (502) 636-4548 
 Attention: General Counsel 
 with copies to: 
  

			
	 Sidley Austin LLP
 One South Dearborn
 Chicago, Illinois 60603
 Telecopy: (312) 853-7036

	Attention:	 	Brian J. Fahrney
		 	Matthew G. McQueen

 if to the Stockholder: 
 At the address and facsimile number, and with copies, as set forth on Schedule A hereto. 
 Additionally, any notice delivered to any party hereto shall also be given to the Company in accordance with this Section 5.4 at: 
 Youbet.com, Inc. 
 2600 West Olive Avenue, 5th Floor 
 Burbank, CA 91505 

Telecopy: (818) 668-2101 
 Attention: General Counsel 
  

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 with copies to: 
  

			
	 Kirkland & Ellis LLP
 300 North LaSalle Street
 Chicago, Illinois 60654
 Telecopy: (312) 862-2200

	Attention:	 	Jon A. Ballis, P.C.
		 	James S. Rowe
		 	Theodore A. Peto

 Section 5.5 Severability. If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms, conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic and legal
substance of the transactions contemplated hereby are not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement may be consummated as originally
contemplated to the fullest extent possible. 
 Section 5.6 Entire Agreement; Assignment. This Agreement constitutes
the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties hereto, or any of them, with respect to the subject matter hereof.
This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or otherwise) without the prior written consent of the other party, except that Parent may assign all or any of its rights and obligations hereunder to an
affiliate; provided, however, that no such assignment shall relieve the assigning party of its obligations hereunder if such assignee does not perform such obligations. 
 Section 5.7 Amendment. This Agreement may be amended by the parties at any time prior to the Effective Time. This Agreement may
not be amended except by an instrument in writing signed by each of the parties hereto. 
 Section 5.8 Waiver. At
any time prior to the Effective Time, the parties hereto may (i) extend the time for the performance of any of the obligations or other acts of the other parties hereto, (ii) waive any inaccuracies in the representations and warranties
contained herein or in any document delivered pursuant hereto and/or (iii) waive compliance with any of the covenants, agreements or conditions contained herein which may legally be waived. Any agreement on the part of a party hereto to any
such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. 
 Section 5.9 Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each party hereto, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person
any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. However, if after the execution hereof and before the Termination Date the Stockholder should die or become incapacitated, this Agreement shall be binding on
the Stockholder’s estate or other legal representative. 
  

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 Section 5.10 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of Delaware. 
 Section 5.11 Specific Performance; Submission To Jurisdiction. (a) The
parties agree that irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each of the parties shall be entitled
(in addition to any other remedy that may be available to it, including monetary damages) to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement exclusively in the
Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state and federal courts located within the State of
Delaware). The parties further agree that no party to this Agreement shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this Section 5.11 and
each party waives any objection to the imposition of such relief or any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument. In addition, each of the parties irrevocably agrees that any legal
action or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the
other party hereto or its successors or assigns, shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to
accept jurisdiction over a particular matter, any state and federal courts located within the State of Delaware). Each of the parties hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property,
generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the
aforesaid courts. Each of the parties hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (i) any claim that it is not
personally subject to the jurisdiction of the above named courts for any reason other than the failure to serve in accordance with this Section 5.11, (ii) any claim that it or its property is exempt or immune from jurisdiction of any such
court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) to the fullest extent permitted
by the applicable Law, any claim that (A) the suit, action or proceeding in such court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper or (C) this Agreement, or the subject matter
hereof, may not be enforced in or by such courts. Parent and the Stockholder hereby consent to service being made through the notice procedures set forth in Section 5.4 and agree that service of any process, summons, notice or document by
registered mail (return receipt requested and first-class postage prepaid) to the respective addresses set forth in Section 5.4 shall be effective service of process for any suit or proceeding in connection with this Agreement or the
transactions contemplated by this Agreement. 
  

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 (b) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.11(b). 
 Section 5.12 Other Voting Agreements. Parent represents and warrants to the Stockholder that each of the voting agreements that Parent is entering into with each of the Company’s
directors (the “Company Director Voting Agreements”) and other stockholders of the Company in connection with the Merger Agreement (collectively with the Company Director Voting Agreements, the “Other Voting
Agreements”) are substantially in the form of this Agreement, with the exception of (i) Section 4.5 (Other Obligations) of the Other Voting Agreements (other than the other Company Director Voting Agreements), which is not
included in this Agreement, (ii) the information set forth on Schedule A of each of the Other Voting Agreements, and (iii) the third recital and penultimate sentence of Section 1.1 of the Voting Agreement between Parent and Lloyd I.
Miller, III (the “Miller Voting Agreement”), each of which is not included in this Agreement or any of the Other Voting Agreements (other than the Miller Voting Agreement). Parent further agrees that it will not make any amendment
or modification to, or waive any provision of, any of the Other Voting Agreements without offering to also make such amendment, modification or waiver to this Agreement. 
 Section 5.13 Interpretation. Headings of the Articles and Sections of this Agreement are for convenience of the parties only and shall be given no substantive or interpretive effect
whatsoever. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party. Whenever the words
“include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 
 Section 5.14 Counterparts. This Agreement may be executed in counterparts, all of which shall be considered one and the same
agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties (which may be effected by facsimile or other electronic transmission). 
  

 -11- 

 Section 5.15 Further Assurances. From time to time, at the request of another
party and without further consideration, each party hereto shall take such reasonable further action as may be reasonably necessary to confirm and assure the rights and obligations set forth in this Agreement or to consummate and make effective the
transactions contemplated by this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 
  

 -12- 

 IN WITNESS WHEREOF, Parent and the Stockholder have caused this Agreement to be duly
executed on the date hereof. 
  

			
	CHURCHILL DOWNS INCORPORATED
		
	By:	 	  

		 	Name:
		 	Title:
	
	[STOCKHOLDER]
		
		 	  

		 	Name:

 Schedule A 
 Set forth below is a schedule identifying each of the directors of Youbet.com, Inc. who entered into voting agreements with Churchill Downs Incorporated, the number of their shares of Youbet.com, Inc.
common stock governed by the agreement as of the date of the agreement, and any exceptions to title: 
  

					
	 Name and Contact Information for
Stockholder
	  	 Shares of Common Stock
	  	 Securities Convertible or Exercisable or
Exchangeable for
Common Stock

			
	 Gary Adelson
 c/o Youbet.com,
Inc.
 2600 West Olive Avenue, 5th Floor
 Burbank, CA 91505
	  	37,500	  	196,564
			
	 Raymond C. Anderson
 c/o
Youbet.com, Inc.
 2600 West Olive Avenue, 5th Floor
 Burbank, CA 91505
	  	0	  	65,064
			
	 Michael Brodsky
 c/o New World
Opportunity
 Partners I, L.P.
 1603
Orrington Avenue, Suite 1600
 Evanston, IL 60201
	  	2,000	  	1,026,500
			
	 James Edgar
 1007 West Nevada
St.
 Urbana, IL 61801
	  	10,000	  	246,564
			
	 David Goldberg
 c/o Youbet.com,
Inc.
 2600 West Olive Avenue, 5th Floor
 Burbank, CA 91505
	  	0	  	1,050,000
			
	 F. Jack Liebau
 c/o Youbet.com,
Inc.
 2600 West Olive Avenue, 5th Floor
 Burbank, CA 91505
	  	165,000	  	621,564
			
	 Michael D. Sands
 c/o
Youbet.com, Inc.
 2600 West Olive Avenue, 5th Floor
 Burbank, CA 91505
	  	22,500	  	100,064
			
	 Michael J. Soenen
 c/o
Youbet.com, Inc.
 2600 West Olive Avenue, 5th Floor
 Burbank, CA 91505
	  	0	  	65,064

 Pursuant to Section 3.3, please note below any exceptions to title over the Owned Shares, including
pledges, liens, proxies, claims, charges, security interests, preemptive rights, voting trusts, voting agreements, options, rights of first offer or refusal and any other encumbrances or arrangements whatsoever with respect to the ownership,
transfer or other voting of the Owned Shares: 
 None. 
  

 2Master Lease Agreement

 Exhibit 10.1 
 MASTER LEASE AGREEMENT 
 This Master Lease
Agreement (this “Master Lease Agreement”) is made this 28th day of September 2009 between the undersigned: 
  

	 	(1)	DB ENERGY TRADING LLC (“DB”), a Delaware limited liability company, having its offices at 60 Wall Street, New York, NY 10036, hereinafter referred to
as the “Lessor.” 

  

	 	(2)	AGY HOLDING CORP., a Delaware corporation, having its offices at 2556 Wagener Road, Aiken, South Carolina, 29801, hereinafter referred to as the
“Lessee.” 

 Each a “Party” and together the “Parties” 
 Whereas: 
  

	 	1.	Pursuant to a tripartite agreement entered into on October 25, 2008, between Lessor, Lessee and Owens Corning (the “Tripartite Agreement”), Lessor
acquired the CFM Metal and Lessee agreed to enter into that certain Master Lease Agreement dated October 25, 2008, covering such CFM Metal (the “CFM Master Lease Agreement”); 

  

	 	2.	In connection with this Master Lease Agreement, the Sale and Purchase Agreement, and the transactions contemplated hereby and thereby, Lessor and Lessee intend, shortly
after the date hereof, to terminate such CFM Master Lease Agreement (including each lease governed by the CFM Master Lease Agreement) in accordance with its terms; and 

  

	 	3.	Lessor and Lessee desire that this Master Lease Agreement shall supplant the CFM Master Lease Agreement, and intend that this Master Lease Agreement provide for the
lease of both the CFM Metal, as well as the Yarns Metal, in each instance, on the terms and subject to the conditions of this Master Lease Agreement. 

 IT IS AGREED as follows: 
  

	1.	Interpretation 

  

	1.1	The headings do not affect the interpretation of this Agreement and the schedules form part of this Agreement. 

  

	1.2	In this Agreement, all capitalized terms shall have the meaning set forth in the Schedule 1 to this Agreement. 

  

	2.	General Obligations 

  

	2.1	During the Lease Commitment Period the Parties agree, so long as no Default exists and is then continuing, to enter into Leases from time to time whereby the Lessor
shall make available to the Lessee under each Lease the Metal Amount contained in one Unit for use at the Lessee’s Facilities, provided that the total Metal Amounts in all outstanding Leases shall not exceed the Maximum Lease Amount.

  

	2.2	A Lease executed by each of the Lessor and Lessee substantially in the form of Schedule 2 incorporating the Lease details as set out in clause 3 shall be exchanged
between the Parties in respect of the Metal Amount in each Unit. 

	2.3	Any renewal or amendments to a Lease shall only be effective if confirmed in writing between the Parties. 

  

	2.4	The Lessee shall maintain an Inventory of all current Leases and shall supply the Lessor with an updated Inventory every calendar month or promptly on request.

  

	2.5	This Master Lease Agreement, each Lease and all amendments thereto shall constitute a single contract. 

  

	2.6	The Lessee shall settle each Lease on the Termination Date applicable to that Lease, as determined in accordance with clause 7. 

  

	2.7	Provided that no Lease Term shall have a Lease Expiration Date later than the end of the Lease Commitment Period, the Lessee shall, so long as no Default exists and is
then continuing, be entitled to renew any Lease by giving notice in writing (the “Renewal Notice”) of such to the Lessor no less than two (2) Business Days prior to the relevant Lease Expiration Date. Upon receipt of a Renewal
Notice, such Lease shall promptly be renewed. Notwithstanding the previous sentence, no Renewal Notice shall be effective if, at the time such Renewal Notice is given, a Default exists and is then continuing and no Lease shall be renewed if the
effect of any renewal would be to extend the Lease Expiration Date for that Lease to a date falling (x) less than one month following the original Lease Expiration Date for that Lease or (y) more than twelve months after the original
Commencement Date of that Lease. 

  

	2.8	The Lessee shall not sublease any of the Metal or the Units to any third party or allow the Metal or Units to be removed from the Facilities, except as otherwise
permitted pursuant to this Agreement, or until the relevant Lease has been settled in accordance with clause 7.2. 

  

	2.9	Without in anyway limiting the Lessor’s rights under this Master Lease Agreement or under any Lease, in the event that the Master Lease Agreement or any Lease is
subsequently characterized as a capitalized lease or a secured financing, the Lessee shall hereby be deemed to have granted to Lessor a first priority security interest in the Units listed in the Inventory, whether in its possession or control and
wherever located, which security interest shall attach upon delivery by Lessor of such leased Metal to the Lessee in accordance with this Master Lease Agreement. The Lessee hereby authorizes Lessor to prepare and file any security that Lessor deems
necessary in order to perfect and maintain such security. 

  

	2.10	 As of the date hereof, in consideration for Lessor’s agreement hereunder to enter into Leases hereunder from time to time, Lessee hereby grants to
Lessor a continuing security interest in all of the Lessee’s right, title and interest, whether now existing or hereafter arising or acquired, in and to (i) the Unallocated Rhodium Account (as such term is defined in the Sale and Purchase
Agreement); (ii) all Rhodium therein or represented thereby; and (iii) all proceeds thereof as security for the payment and performance in full of all of its obligations under this Agreement; provided, that Lessor hereby
acknowledges and agrees that the aggregate dollar value of such security interest shall in no event exceed the dollar value of the lesser of (a) thirty-five percent (35%) of the aggregate dollar value of the Platinum subject to one or more
Yarns Leases in accordance with the terms hereof, and (b) $24,400,000 (the “Security Interest”). Such Security Interest shall remain in full force and effect until, and shall terminate upon, indefeasible payment and performance
in full of all of such obligations. Lessee agrees to promptly execute and deliver, and hereby authorizes Lessor to file without Lessee’s signature (to the extent permitted by applicable law), all further instruments and documents as Lessor may
reasonably request, in order to perfect, preserve and protect the Security Interest granted or purported to be granted hereby or to enable Lessor to exercise and enforce its rights and remedies hereunder with

	 	 
respect to such Security Interest, including financing or continuation statements, or amendments thereto. If any default by Lessee of its obligations under this Agreement shall have occurred and
be continuing, Lessor may exercise in respect of such Security Interest, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party on default under the UCC, as enacted
in the State of New York (the “UCC”), including, without limitation, exercising its control over any “account” (as such term is defined in the UCC), and without notice except as specified below or, if notice cannot be
waived under the UCC, as required to be provided by the UCC, sell the collateral that is the subject of the Security Interest or any part thereof in one or more parcels at public or private sale, at any of Lessor’s offices or elsewhere, for
cash, on credit or for future delivery, and upon such other terms as Lessor may deem commercially reasonable. 

  

	2.11	Both parties acknowledge Lessor retains absolute and unencumbered title to the Units and Metal leased hereunder. Other than any interests created by the Lessee in favor
of the Lessor, at no time shall the Lessee have, or have the ability to create in favor of any third party, any property or other interest in the Units or the leased Metal or otherwise dispose of or encumber any of the Units or the leased Metal
until the relevant Lease has been settled in accordance with clause 7.2. 

  

	2.12	The Lessor shall not be liable in any way for the maintenance or performance of the Units. 

  

	3.	Lease Details 

  

	3.1	During the Lease Commitment Period the Lessee may request the Lessor enter into a new Lease or renew an existing Lease by sending a request for such in writing to the
Lessor in accordance with clause 2.7 hereof. 

  

	3.2	Where the Parties agree to enter into a new Lease or renew an existing Lease each new or renewed Lease shall be executed by both Parties and shall contain the following
information: 

  

	 	(a)	The Unit identification/ serial number in which the Metal is contained; 

  

	 	(b)	the Metal Amount; 

  

	 	(c)	the Location; 

  

	 	(d)	the Commencement Date; 

  

	 	(e)	the Lease Expiration Date; 

  

	 	(f)	the Lease Fee; and 

  

	 	(g)	whether it is a CFM Lease or a Yarn Lease 

  

	3.3	Notwithstanding clause 3.2 hereof, the Parties hereto acknowledge and agree that the Lessee shall have no obligation hereunder to pay any Lease Fee associated with any
Rhodium Amount in any Yarns Lease, as such Rhodium Amount is offset by the Unallocated Rhodium Account. 

  

	3.4	In the event of any inconsistency between the terms of this Master Lease Agreement and the terms of any Lease or amendment thereto that has been executed by both
parties, the terms of the Lease or such executed amendment shall prevail. 

	4.	Lease Fee 

  

	4.1	The Lease Fee for the Metal will be payable on each Payment Date, where a Payment Date means the tenth (10th) day of the next following calendar month in respect
of each calendar month during a Lease and the Termination Date of that Lease. In the event that a Payment Date does not fall on a Business Day, the Payment Date shall be the first Business Day preceding such Payment Date. 

 

	4.2	In the event that the period between the Commencement Date and the first Payment Date and/or the period between the penultimate Payment Date and the Termination Date is
not a full calendar month, the Lease Fee shall be apportioned accordingly. 

  

	4.3	The Lessee shall pay to the Lessor on each Payment Date a monthly fee (“Lease Fee”) for each Metal Amount that is the subject of a Lease calculated (on
the basis of a 360-day year and actual days per month) by multiplying: 

 (Metal Amount) X (Value
of the Metal) X (Lease Rate Index + Margin) X (actual days/ 360) 
 Where: 
 the “Value” means the Benchmark Value for the relevant Metal on the day that is two Business Days prior to the Commencement
Date of the relevant Lease; 
 the “Lease Rate Index” means, in the case of Platinum, the offered rate for
Platinum as published two Business Days prior to the commencement of the applicable Lease Term on Deutsche Bank’s Daily Precious Metal Rates Sheet “DBRates.xls”; and in the case of Rhodium, the offered rate for Rhodium as
published two Business Days prior to the commencement of the applicable Lease Term on Deutsche Bank’s Daily Precious Metal Rates Sheet “DBRates.xls”; and 
 the “Margin” for (x) Platinum is the number of basis points determined in accordance with the pricing matrix set out in
table 1 in Schedule 6 hereto and (y) for Rhodium is [***] basis points. 
 The Adjusted EBITDA figure that shall be
used for the purposes of determining the relevant Platinum Margin that shall apply for a particular Lease and that shall be used in calculating the Lease Fee applicable thereto shall be determined in accordance with table 2 in Schedule 6 to this
Master Lease Agreement. For the avoidance of doubt, table 2 of Schedule 6 provides that the Adjusted EBITDA figure that shall be used to determine the Platinum Margin for a Lease shall be determined as follows: whenever a Lease commences or is
renewed (in accordance with clause 2.7 above), the Lessor shall determine the Platinum Margin that shall apply to such Lease or such renewed Lease by reference to the Adjusted EBITDA contained in the quarterly financial statements of the Lessee that
are published in the Quarter (the “Relevant Quarter”) immediately preceding the Quarter in which such Lease commences or is renewed, which such quarterly financial statements reflect the performance of the Lessee and contain the
Adjusted EBITDA for the Quarter immediately preceding the Relevant Quarter. The Parties agree that Adjusted EBITDA is equivalent to the definition of “Consolidated Cash Flow” in the Indenture dated as of October 25, 2006, by and among
the Lessee, the Guarantors party thereto (as such term is defined in the Indenture) and U.S. Bank National Association. The term “Quarter” shall have the meaning given to such term in table 2 of Schedule 6 hereto. 
  

	5.	Delivery 

 The Metal
Amount set out in the Lease shall be deemed to have been delivered by the Lessor to the Lessee on the Lease Commencement Date to the Location specified in such Lease. 

	6.	Change Outs and Refabrication and Fabrication of Metal 

  

	6.1	Change Out for any Yarns Lease: 

  

	 	(a)	Where acting as a reasonable and prudent operator the Lessee determines that a Unit under a Yarns Lease needs to be refurbished (a “Change Out”), it
shall notify the Lessor in writing as soon as practicable of the intended date of such Change Out specifying the serial number of the Unit to be Changed Out, and the day preceding each Change Out shall be a “Change Out Date.”

  

	 	(b)	Provided that the Lessee is replacing a Unit that is to be Changed Out (an “Old Unit”) with a replacement Unit (a “New Unit”) on the
Change Out Date, then the Lessee may, in lieu of terminating the relevant Lease, at the same time as notifying the Lessor of the intended Change Out notify the Lessor that it intends to amend the relevant Lease so the Unit identification/serial
number of the Old Unit (as contained in the terms of the Lease which relates to the Old Unit) is deleted and replaced with the Unit Identification/ serial number of the New Unit, and in such event: 

  

	 	(i)	at 2pm (New York time) on the Change Out Date the New Unit shall be deemed to be delivered by the Lessee, and full and unencumbered title in the New Unit shall be
automatically transferred from the Lessee to the Lessor in consideration of full and unencumbered title to the Old Unit passing from the Lessor to the Lessee; and 

  

	 	(ii)	the Lessee shall amend the Inventory accordingly, with such updated reporting to be provided to Lessor on a monthly basis, or upon such other frequency as Lessor may
reasonably request. 

  

	 	(c)	Lessee hereby acknowledges and agrees that if Change Outs within any month exceed 15% of total Metal, Lessee will immediately provide Lessor an updated Inventory
listing. 

  

	6.2	Refabrication and Fabrication for any CFM Lease: 

  

	 	(a)	For any CFM Lease, Lessee shall be allowed to refabricate a Unit into a new Unit (“Refabrication”); provided, that Lessee gives the Lessor at
least five (5) days prior written notice of its intention to refabricate one or more Units, specifying in each instance the serial number of the Unit to be refabricated. 

  

	 	(b)	In the event that the leased Metal under any CFM Lease includes Unallocated Metal, Lessee shall be allowed to fabricate the Unallocated Metal into a Unit
(“Fabrication”); provided, that Lessee gives the Lessor at least five (5) days prior written notice of its intention to fabricate one or more Units. 

  

	 	(c)	In connection with the Refabrication or Fabrication of each Unit, as applicable, Lessee hereby agrees and acknowledges that it shall: 

  

	 	(i)	Conduct such Refabrication or Fabrication itself or obtain the prior written consent of Lessor to use a third party reasonably agreeable to Lessor, which such consent
shall not be unreasonably delayed, conditioned, or withheld; 

	 	(ii)	In the event such Refabrication or Fabrication is conducted at a location other than the Facilities, be responsible for all shipping and other costs and expenses,
including the purchase of any additional metal required to conduct such Refabrication or Fabrication (“Additional Metal”); 

  

	 	(iii)	in the event such Refabrication or Fabrication is conducted by a third party at a location other than the Facilities, ensure that Lessor and third party have entered
into a collateral access agreement for the benefit of Lessor in form and substance reasonably agreeable to Lessor (and, for the avoidance of doubt, such Refabrication or Fabrication shall not occur until such time as the collateral access agreement
has been entered into by the Lessor), provided that the Parties agree that for so long as the Waiver Letter between the Lessor and Owens Corning is in effect, then any Refabrications or Fabrications being performed by Owens Corning or an affiliate
thereof shall not be subject to the foregoing provisions of this paragraph; 

  

	 	(iv)	In the event that any Additional Metal is required to conduct any Refabrication or Fabrication, that such Additional Metal shall not be subject to any Lien or third
party right and if such Additional Metal becomes commingled with any leased Metal, that ownership and title to any Additional Metal used in connection with such Refabrication or Fabrication shall pass to Lessor, free and clear of any Liens and
neither the Lessee nor any other third party shall retain any property or other interest in or Lien over, the leased Metal or the Additional Metal; and 

  

	 	(v)	Upon completion of any refabricated or fabricated Unit, notify Lessor of the serial number of such new Unit and shall deliver to Lessor an updated Inventory.

  

	7.	Termination and Return 

  

	7.1	Each Lease shall terminate on the Termination Date which shall be the earlier of: 

  

	 	(a)	The Lease Expiration Date relevant to that Lease; 

  

	 	(b)	The Change Out Date, if not replaced pursuant to clause 6.1(b); or 

  

	 	(c)	The Early Termination Date; 

  

	7.2	Upon the termination of a Lease the Lessee shall settle the lease: 

  

	 	(a)	by physical delivery of the Unit containing the leased Metal on the Termination Date to the Lessor, which shall occur or shall be deemed to have occurred at the same
Location of delivery of such Unit; or 

  

	 	(b)	in lieu of physically delivering the Unit containing the leased Metal, the Lessee may purchase or cause a third party to purchase the relevant Unit containing the
leased Metal, in which case: 

  

	 	(i)	The Lessee shall transfer consideration for such purchase, on the date to be agreed in writing between the Lessor and the Lessee, to the Lessor in an amount in
immediately available funds equal to: 

  

	 	(A)	 (i) the Benchmark Value of that Metal Amount determined as of two Business Days prior to the Termination

	 	 
Date; or (ii) an amount of unallocated Platinum delivered to the Lessor’s account as specified at the time, equal to the Platinum Amount in that Lease; plus

  

	 	(B)	(to the extent not already covered in (A)(i) above) unallocated Rhodium equal to the Rhodium Amount, 

 (the “Consideration”); and 
  

	 	(ii)	full and unencumbered title in the Unit shall be transferred to the Lessee on receipt by the Lessor of the Consideration. 

  

	 	(c)	When terminating a Yarns Lease, the Lessee may without prior notice to the Lessor set off any amount of Rhodium owed to the Lessor pursuant to clause 7.2(b)(i)(B)
against the same amount of Rhodium held in the Unallocated Rhodium Account (as defined in the Sale and Purchase Agreement). 

  

	7.3	Notwithstanding anything herein to the contrary, in the event of: 

  

	 	(a)	a Default pursuant to clause 8; or 

  

	 	(b)	the failure by Lessee to comply with this clause 7, with such failure remaining uncured for two (2) Business Days; or 

  

	 	(c)	there shall occur, in the opinion of the Lessor, a material adverse change in the business, assets or condition (financial or otherwise) of the Lessee which is
reasonably likely to materially and adversely affect the ability of the Lessee to perform its obligations under this Master Lease Agreement and/or any Lease thereunder, 

 then, in any such event, the Lessor shall have the right (but not the obligation) to terminate this Master Lease Agreement and any Leases
entered into hereunder by delivery of written notice of such termination to Lessee specifying, inter alia, the date on which such termination is to be effective (such date, an “Early Termination Date” and the occurrence of such an
event, an “Early Termination”) and demand the return of any Metal leased to Lessee under this Master Lease Agreement; provided, however, that any Default under clause 8.1 (e) shall constitute an automatic
termination event without any need for Lessor to deliver written notice of such termination or demand and the Early Termination Date, in such circumstances, shall occur on the date on which the Default under clause 8.1(e) occurs. 
  

	7.4	In the event that the Lessee makes physical return of any leased Metal in accordance with 7.2(a) the Lessee shall, from the Termination Date until the Unit containing
the Metal has been fully recovered by the Lessor, afford the Lessor unencumbered access to the Location for the purpose of such recovery and the Lessee shall afford the Lessor any assistance reasonably requested to facilitate the recovery of the
relevant Unit. In the event of an Early Termination the Lessee shall be liable for all reasonable costs of such recovery which shall be payable promptly on receipt by the Lessee of reasonable written proof that such costs were incurred.

  

	8.	Default 

  

	8.1	It is hereby understood and agreed that in the event Lessee shall: 

  

	 	(a)	fail to return to Lessor any Metal upon termination of the Lease Term or, 

	 	(b)	fail to pay any amount due pursuant to this Master Lease Agreement, and such failure shall remain unremedied for five (5) days; or 

  

	 	(c)	make any representation or warranty hereunder that is incorrect in any material respect; or 

  

	 	(d)	shall breach in any manner any covenant or undertaking hereunder, or shall fail to perform or observe, in any respect, any other term or provision contained in this
agreement and such breach of covenant or failure to perform or serve shall remain unremedied for ten (10) days; or 

  

	 	(e)	(1) dissolve (other than pursuant to a consolidation, amalgamation or merger); (2) become insolvent or unable to pay its debts or fail or admit in writing its
inability generally to pay its debts as they become due; (3) make a general assignment, arrangement or composition with or for the benefit of its creditors; (4)(A) institute or have instituted against it, by a regulator, supervisor or any
similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or
bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or
(B) have instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation, and such proceeding or petition is instituted or presented by a person or entity not described in clause (A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry of an order for
relief or the making of an order for its winding-up or liquidation or (II) is not dismissed, discharged, stayed or restrained in each case within 15 days, or such other time period as may agreed to by the Lessor in its sole discretion provided the
Lessee is defending such proceedings in good faith, of the institution or presentation thereof; (5) have a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or
merger); (6) seek or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) have a secured
party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains
possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 15 days thereafter; (8) cause or subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an
analogous effect to any of the events specified in clauses (1) to (7) above (inclusive); or (9) take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or

  

	 	(f)	suffer the occurrence of any loss, theft or destruction of, or damage to, any of the Metal leased hereunder or Units that is not covered by a policy of insurance under
which Lessor has been named the loss payee, or the occurrence of any attachment of a Lien on any of the Metal leased hereunder or Units which is not discharged within ten (10) days after the date of such attachment; or 

	 	(g)	suffer a default or an event of default under any credit facility or any other consignment or leasing facility of a notional principal amount of $500,000 or more to
which the Lessee is a party which results in the obligations of the Lessee thereunder becoming accelerated (whether automatically or at the election of the lender or lessor, as applicable); or 

  

	 	(h)	suffer a default under any Specified Agreements; 

 then a Default shall have occurred in respect of the Lessee. 
  

	8.2	Without prejudice to any other remedy at law, in the event of an Early Termination triggered by the provisions set out in clause 8.1, Lessee shall pay to Lessor all
reasonable costs and out-of-pocket expenses of physical recovery of the Metal and Units. 

  

	9.	Representation and Undertakings 

  

	9.1	The Lessor represents and warrants to the Lessee on the date of this Master Lease Agreement and on each day for the duration of the Master Lease Agreement that it has
the power to enter into and exercise its rights and perform and comply with its obligations under this Master Lease Agreement, each Lease, and each Specified Agreement, and this Master Lease Agreement, each Lease, and each Specified Agreement are or
will be valid, legally binding and enforceable against the Lessor, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting or relating to creditors’ rights
generally, and (ii) the availability of injunctive relief and other equitable remedies: 

  

	9.2	The Lessee represents and warrants to the Lessor on the date of this Master Lease Agreement and on each day for the duration of the Master Lease Agreement that:

  

	 	(d)	it has the power and authority to own its assets and to conduct its business as presently conducted; 

  

	 	(e)	it has the power to enter into and exercise its rights and perform and comply with its obligations under this Master Lease Agreement, each Lease and each Specified
Agreement, and this Master Lease Agreement, each Lease and each Specified Agreement, are or will be valid, legally binding and enforceable against the Lessee, except as such enforceability may be limited by (i) bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting or relating to creditors’ rights generally, and (ii) the availability of injunctive relief and other equitable remedies; 

  

	 	(f)	all actions required to be taken and conditions required to be fulfilled (including the obtaining of any necessary consents) have been taken or fulfilled in all
respects in order to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations under the Master Lease Agreement, each Lease and each Specified Agreement; 

  

	 	(g)	its entry into, exercise of its rights and/or performance of or compliance with its obligations under this Master Lease Agreement, each Lease and each Specified
Agreement do not and will not violate: 

  

	 	(i)	any law to which it is subject; or 

  

	 	(ii)	any of its organizational documents; or 

  

	 	(iii)	 any material agreement to which it is a party or to which its properties are bound;

	 	 
or 

  

	 	(iv)	any order or decree which is binding upon Lessee. 

  

	9.3	The Lessee shall permit agents or representatives of Lessor to inspect, during normal business hours and upon reasonable notice, or at its own discretion should the
Lessee be in Default, any Unit containing leased Metal hereunder and/or the Lessee’s books and records solely as they relate to such Unit, and Lessee agrees to make and deliver to Lessor abstracts or reproductions of such portions of such books
and records at the reasonable request of the Lessor (collectively, the “Metal Information”); provided that the Lessor shall keep confidential, and shall cause its agents and representatives to keep confidential, and shall not, and
shall not permit its agents or representatives to, directly or indirectly, without the prior written consent of the Lessee, disclose to any third party or otherwise any Metal Information except: (i) to the extent the Metal Information is
already in the public domain; or (ii) to the extent reasonably required, to its directors, agents, officers and employees or the directors, agents, officers or employees of other members of the Deutsche Bank AG group of companies; or
(iii) to the extent reasonably required, to its professional advisers; or (iv) as may be required by any applicable law, court, stock exchange, regulation or regulator. 

  

	9.4	The Lessee shall not create or permit the creation of any Lien of any kind with respect to the Metal or the Units, and shall defend Lessor’s interest in such
against any claims and demands of any persons at any time claiming the same or any interest therein. The Lessee shall notify Lessor as soon as reasonably practicable of the occurrence of any loss, theft or destruction of the Metal or the Units of
which it is aware. 

  

	9.5	Until such time as the leased Metal is returned, recovered or repossessed to Lessor or purchased by Lessee, Lessee shall afford the Units containing the Metal no less
safekeeping protection than it affords its own property. 

  

	9.6	Lessee shall procure insurance coverage reasonably satisfactory to the Lessor for the Units containing leased Metal in such amounts and covering such risks as is
usually carried by companies engaged in a similar business; Lessee shall provide Lessor with a certificate evidencing such insurance, naming Lessor as the loss payee, and stating that Lessor shall be given at least thirty (30) days prior
written notice in the event of termination or expiration of the policy. Lessee shall be responsible for all loss, damage, or disappearance of the Metal or Units from any cause whatsoever from the time the Metal is made available to the Lessee at the
Facilities until the Lease is settled in accordance with clause 7.2 of this agreement. The leased Metal shall be received by the Lessor at the end of the relevant lease in substantially the same condition as it was received by the Lessee; provided
that such Metal shall be required to meet the standards set forth on Schedule 4 and Schedule 5 hereto, as applicable. 

  

	9.7	The Lessor gives no warranty or any assurance whatsoever relating to the quality, fitness for any purpose or relating in any way to the performance of the Metal or a
Unit. 

  

	10.	Lessee Covenants 

  

	10.1	The Lessee covenants: 

  

	(a)	that it shall not, without Lessor’s prior written agreement, enter into any lease agreement or financing agreement with any third party for Metal or Units to be
used in the operation of its glassfiber yarns or its continuous filament mat business in the Facilities during the duration of this Master Lease Agreement. 

	(b)	that it shall not enter into any lease, financing, security or other agreement in relation to the Metal or Units which would or might interfere with the Lessor’s
absolute and unencumbered title in the Metal or Units or restrict the Lessor’s ability to regain possession of the Metal or Units. 

  

	(c)	that each month during the Lease Commitment Period, the Lessee shall provide the Lessor with a certified inventory of the Metal and Units held at the Facilities and
shall promptly inform the Lessor of any damage to or loss of Metal or Units. 

  

	(d)	that the Lessee shall permit agents or representatives of Lessor to inspect, during normal business hours and upon reasonable notice, or at its own discretion should
the Lessee be in Default, any Metal leased to the Lessee hereunder and the Units and/or the Metal Information request of the Lessor. 

  

	11	Force majeure 

 If the
performance of any obligation under this Master Lease Agreement is prevented by an event beyond the control and without the fault or negligence of the Party affected thereby including acts of God or the public enemy; acts, laws, orders or
regulations or any government or department or agency thereof; wars or other civil or military disturbances, such Party will be excused from such performance to the extent of the duration of such interference or the direct effects thereof;
provided, however, that the duration of any such period in which such Party will be excused from performance will not exceed one (1) month and provided further that the Lessee shall continue to pay the Lease Fee provided that
Metal had been previously delivered by the Lessor to the Lessee. If this period of one month is exceeded, then the parties will meet in order to decide whether and under what condition this Master Lease Agreement can be performed. 
  

	12	Indemnities 

  

	12.1	The Lessee shall within five (5) Business Days of notice by the Lessor indemnify in full and hold harmless, the Lessor, its officers, employees, agents, advisors,
consultants and legal counsel and the Lessor’s successors and assigns, (each an “Indemnified Person”) from and against any and all claims (whether or not successful, compromised or settled), actions, liabilities, demands,
proceedings or judgments which may be instituted, made, threatened, alleged, asserted or established (each a “Claim”) in any jurisdiction against or otherwise involving an Indemnified Person and from all losses, costs, damages,
charges or expenses (including legal expenses reasonably incurred) (each an “Expense”) which an Indemnified Person suffers or incurs from time to time (including all Expenses reasonably incurred in disputing any Claim and/or in
establishing a right to be indemnified pursuant to this clause 12 and/or in seeking advice regarding any Claim or in any way related to or in connection with this indemnity), in any such case arising out of, based upon or in connection with, whether
directly or indirectly; 

  

	(a)	the operation of the Lessee’s business including the use of any Units; 

  

	(b)	any tax obligations not relating directly to the receipt of the Lease Fees. 

  

	13	Amendments 

 This Master
Lease Agreement (together with the details of each Lease and any amendments thereto) constitutes the entire understanding between the parties with respect to Leases of Metal, and this Master Lease Agreement may not be amended except in writing
signed by both parties. Notwithstanding the previous sentence, upon delivery of an Inventory by Lessee to Lessor in accordance with the terms hereof and without any additional action by either of the Parties, (a) Schedule 3 hereto shall be
deemed to have been updated and (b) this Agreement shall be automatically amended to incorporate such update. 

	14	Notices 

  

	14.1	All notices hereunder shall be in writing and deemed given when received (by mail or facsimile) at the respective parties address set forth below:

 To Lessor: 
 DB 
 c/o Deutsche Bank AG London branch 
 1 Winchester House 
 Great Winchester Street 
 London EC2N 2DB 
 Tel: +44 20 7545 3745 
 Facsimile: +44 20 7545 1280 
 Attn: Precious Metals Department 
 With a copy to: 
 DB Energy Trading LLC 
 60 Wall Street, 36th Floor 
 New York, New York 10035 
 Attention: Commodities Legal 
 Tel.: (212) 250 8992 
 Facsimile: (212) 767 4565 
 To Lessee: 
 AGY Holding Corp. 
 Attn: Chief Financial Officer 
 2556 Wagener Road 
 Aiken SC 29801 
 Tel: 803.643.1257 
 Fax: 803.643.1180 
 Attn: Chief Financial Officer 
 Each Party’s designated address may be changed
by notice to the other Party which shall be effective upon receipt. 
  

	15	Assignment 

 The Lessee
may not assign, transfer or dispose of any of its rights or delegate its obligations in any way under this Master Lease Agreement or any Lease. 

	16	Settlement of Dispute 

  

	16.1	Dispute Resolution. If there shall be any dispute, controversy or claim (“Dispute”) between the parties arising out of, relating to, or connected with
this Master Lease Agreement or any Lease, the breach, termination or invalidity hereof, or the provisions contained herein or omitted herefrom, the parties shall use their best efforts to resolve the matter on an amicable basis and in a manner fair
and equitable to the parties. If one Party notifies the other Party that a Dispute has arisen and the parties are unable to resolve such Dispute within ten (10) days from such notice, then the matter shall be referred to the Chief Operating
Officer of the Commodities Business within the Global Markets Division of Deutsche Bank AG, London Branch and the Chief Executive Officer of Lessee, who shall act by unanimous consent on all such matters. No recourse to arbitration under this Master
Lease Agreement shall take place unless and until such representatives of the parties have been unable to resolve the Dispute within ten (10) days after the expiration of the ten (10) day period referred to above. 

 

	16.2	Arbitration. The parties irrevocably agree that any Disputes, that are not resolved in accordance with clause 15.1 hereof shall be finally settled by arbitration in New
York City, New York, by three arbitrators appointed and proceeding in accordance with the Rules of Arbitration (the “ICC Rules”) of the International Chamber of Commerce (the “ICC”) as the exclusive means of
resolving such disputes. For purposes of appointing such arbitrators, each Party shall appoint one arbitrator. The third arbitrator shall be selected by the two Party-appointed arbitrators or, failing agreement within five (5) days after the
Party-appointed arbitrators have been confirmed, by the ICC in accordance with the ICC Rules. In addition: 

  

	(a)	All submissions and awards in relation to arbitration under this Master Lease Agreement shall be made in English and all arbitration proceedings and all pleadings shall
be in English. 

  

	(b)	Any monetary award shall be made in U.S. Dollars. 

  

	(c)	Any award shall be final and not subject to appeal and the parties hereby waive all challenge to any award by the arbitrators under this clause 15. The decision of the
arbitrators shall be final and binding on the parties and may be presented by any Party for enforcement in any court of competent jurisdiction. In any such enforcement action, irrespective of where it is brought, no Party will (and the parties
hereby waive any right to) seek to invalidate or modify the decision of the arbitrators or otherwise to invalidate or circumvent the procedures set forth in this clause15. Further, the parties understand and agree that the provisions of this clause
15 may be specifically enforced by injunction or otherwise in any court of competent jurisdiction. 

  

	(d)	The fees and expenses, if any, of the arbitrators shall be shared by the Parties in inverse proportion to their respective success on the merits and such allocation of
fees and expenses shall be calculated by the arbitrators and shall be conclusive and binding on the Parties. 

  

	(e)	Except as may be required by applicable law, stock exchange rules, governmental authorities, or in connection with the ordinary course operation of their respective
businesses, the parties agree to maintain confidentiality as to all aspects of the arbitration, including its existence and results, except that nothing herein shall prevent any Party from disclosing information regarding the arbitration for
purposes of enforcing the judgment of the arbitral tribunal or in any court proceedings involving the Parties. The Parties further agree to obtain the arbitral tribunal’s agreement to preserve the confidentiality of the arbitration.

  

	(f)	 Notwithstanding the foregoing Dispute Resolution and Arbitration provisions, the Parties acknowledge that remedies contained in the foregoing Dispute
Resolution and Arbitration provisions and at law may be inadequate to protect a Party (the “Affected Party”) against any breach of this Agreement by the other Party or by the other Party’s professional advisers, directors,

	 	 
officers, servants or employees and without prejudice to any other rights and remedies otherwise available to the Affected Party, the non-Affected Party agrees to the granting of injunctive
relief in the Affected Party’s favour without proof of actual damages provided, however, that the Affected Party shall not be relieved from proving any breach hereunder. In such circumstances, the Parties submit to the non-exclusive
jurisdiction of the federal and state courts of New York. 

  

	17	Governing Law. 

 This
Master Lease Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to its conflict of laws principles. 
  

	18	Counterparts. 

 This
Master Lease Agreement may be signed by facsimile or other electronic method of transmission and in any number of counterparts with the same effect as if the signatures thereto and hereto were original and upon the same instrument. 

 IN WITNESS WHEREOF, the parties hereto have caused this Master Lease Agreement to be executed by their duly
authorized representative as of the date first above written. 
  

			
	
	 DB ENERGY TRADING LLC,
 as Lessor

		
	 By:
	 	  

	
	 Name:

	
	 Position:

	
	 Date:

	
	 AGY HOLDING CORP.,
 as Lessee

		
	 By:
	 	  

	
	 Name:

	
	 Position:

	
	 Date:

 Schedule 1 
 Definitions 
 “Benchmark Value” means the spot rate
announced by Johnson Matthey Base Price at 9:30 a.m. (London time) as at a certain date. 
 “Business Day” means a day where the
banks are open for business in London and New York. 
 “CFM Lease” means a Lease where the leased Metal is utilized solely in
the Lessee’s CFM manufacturing operation. 
 “CFM Lease Metal” means the CFM Metal that is utilized in the Lessee’s
Continuous Filament Mat (CFM) manufacturing operation. 
 “CFM Metal” means Metal that is utilized in the Lessee’s
Continuous Filament Mat (CFM) manufacturing operation. 
 “Change Out Date” has the meaning given in clause
6.1(a). 
 “Commencement Date” means the date the Metal is delivered or is deemed to be delivered to the Lessee at the Location.

 “Consideration” means the Consideration transferred by the Lessee to the Lessor in accordance with clause 3.3 of the Sale and
Purchase Agreement. 
 “Default” means any event or circumstance specified in clause 8. 
 “Dispute” has the meaning set forth in clause 16.1. 
 “Facilities” means the Lessee’s plants located at Aiken, South Carolina, and Huntingdon, Pennsylvania, each individually a “Facility.” 
 “Inventory” means the record of each of the Leases as set out in Schedule 3 to this Agreement and as amended from time to time. 

“Lease” means a lease agreement between Lessor and Lessee for the Metal contained in one Unit entered into pursuant to this Master Lease
Agreement. 
 “Lease Commitment Period” means the period commencing on the Closing Date (as such term is defined in the Sale and
Purchase Agreement) and ending thirty-six (36) months thereafter. 
 “Lease Expiration Date” means, with respect to each
Lease, the date set out in the Lease terms applicable to that Lease, which such date shall occur no more than twelve months after the Commencement Date of that Lease. 
 “Lease Fee” has the meaning set forth in clause 4.3. 
 “Lease Rate
Index” has the meaning set forth in clause 4.3. 
 “Lease Term” means, the period from and including the Commencement
Date to and including the Termination Date. 

 “Lessee” has the meaning set forth in the introductory paragraph to this Master Lease
Agreement. 
 “Lessor” has the meaning set forth in the introductory paragraph to this Master Lease Agreement. 
 “Lien” means any mortgage, pledge, hypothecation, right of others, claim, security interest, encumbrance, adverse claim or
interest, easement, covenant, encroachment, servitude, option, lien, put or call right, right of first refusal, voting right, charge or other restrictions or limitations of any nature whatsoever. 
 “Location” means the Facilities where the Lessor delivers or is to be deemed to have delivered the leased Metal to the Lessee. 

“Margin” has the meaning set forth in clause 4.3. 
 “Master Lease Agreement” means this agreement. 
 “Maximum Lease
Amount” means 51,057 troy ounces of Platinum and 3,308 troy ounces of Rhodium. 
 “Metal” means the Platinum or
Rhodium contained in any of the Units that are subject to a Lease. 
 “Metal Amount” means (i) the amount of Platinum (in
the case of a lease of Yarns Metal) or (ii) the amount of Platinum and Rhodium (in the case of a lease of CFM Metal), in each instance contained in a Unit in Troy ounces as set out in the Inventory. 
 “Platinum” means platinum meeting the standards set forth in Schedule 4 for Grade 99.95% pure platinum. 
 “Platinum Amount” means the amount of Platinum contained in a Unit in Troy ounces as set out in the Inventory. 
 “Renewal Notice” has the meaning given in clause 2.6. 
 “Rhodium” means rhodium meeting the standards set forth in Schedule 5 for Grade 99.90% pure rhodium. 
 “Rhodium Amount” means the amount of Rhodium contained in a Unit in Troy ounces as set out in the Inventory. 
 “Sale and Purchase Agreement” means the Sale and Purchase Agreement entered into between the Lessee and DB on or around
25th September 2009. 
 “Specified Agreements” means (i) in relation to the Lessee, that certain insurance policy issued by Factory Mutual naming
DB as the sole loss payee in respect of the Metal or Units and (ii) any other agreement between the parties relating to Metal or Units. 
 “Termination Date” has the meaning given in clause 7.1. 
 “Unallocated Metal Account”
means that certain pool account maintained by Owens Corning for AGY’s CFM metal, with such account located at Owens Corning’s Concord, North Carolina, facility. 

 “Unit” means each bushing together with the attached furnace each identified by the serial
numbers noted in each Lease (which such serial numbers shall be updated to reflect any subsequent change out, fabrication or refabrication in accordance with the terms of this Agreement). 
 “Waiver Letter” means the waiver letter entered into by and between the Lessor, the Lessee and Owens Corning on or around the date of this Master Lease Agreement. 
 “Yarns Lease” means a Lease where the leased Metal is utilized solely in the Lessee’s glassfiber yarn manufacturing operation and not
in the Lessee’s CFM manufacturing operation. 
 “Yarns Metal” means Metal that is utilized in the Lessee’s glassfiber
yarn manufacturing operation. 

 Schedule 2 
 Form Lease 
 In accordance with the Master Lease Agreement dated as of
                    (as amended supplemented otherwise modified, renewed or replaced from time to time, between the undersigned (the
“Master Lease Agreement”) we hereby confirm the following Lease terms applicable to the following quantity of Metal. 
 Capitalized terms used but not defined otherwise shall have the meanings attributed to them in the Master Lease Agreement. 
 Lease
Terms 
  

					
	Unit identification/serial number	 	:	  	
			
	Metal Amount	 	:	  	
			
	Location	 	:	  	
			
	Commencement Date	 	:	  	
			
	Lease Expiration Date	 	:	  	
			
	CFM Lease/Yarn Lease	 	:	  	
			
	Lease Fee	 	:	  	
			
	Payment Date	 	:	  	

 Lessee hereby represents and warrants to the Lessee that as of the commencement of the Lease Term,
the quantities of Metal referred to in each of the Leases were computed in accordance with the various schedules to the Master Lease Agreement and meet the purity and/or maximum level of contaminant criteria set forth in those schedules. 

Agreed and accepted 
 [            ]
                                        

 DB Energy Trading
LLC                                        
 
  

 Schedule 3 
 Inventory 
  

					
	 Unit
	 	 Metal Amount in Troy ounces
 of Platinum
	 	 Rhodium Amount in Troy
 ounces of Rhodium

		 		 	
		 		 	

  

 Schedule 4 
 Platinum Pure Metal Standards 
 [Rest of the page
intentionally left blank] 

 Schedule 5 
 Rhodium Pure Metal Standards 
 [Rest of the page
intentionally left blank] 

 Schedule 6 
  

	 	1.	Platinum Margin Pricing Matrix 

  

			
	Adjusted EBITDA	 	Platinum Margin
	Less than USD [***]	 	[***] bps
	Greater than or equal to USD [***]	 	[***] bps
	Greater than or equal to USD [***]	 	[***] bps
	Greater than USD [***]	 	[***]bps

  

	 	2.	Relevant Quarterly Financial Statements for the relevant Quarter 

  

			
	 Quarter (in any calendar year) in which
 Leases are entered into or renewed
	  	 Relevant Quarterly Financial Statements
 for purposes of determining relevant
 Adjusted EBITDA for determining
 applicable Lease
Fee

		
	 From first day in January to last day in March
 (“Quarter 1”)
	  	Quarterly financial statements published in Quarter 4 in the previous year (the “Relevant Quarter”), which detail the performance of the Lessee and the Adjusted
EBITDA of the Lessee for the Quarter immediately preceding the Relevant Quarter.
		
	 From first day in April to last day in June
 (“Quarter 2”)
	  	Audited quarterly financial statements published in Quarter 1 of that year (the “Relevant Quarter”), which detail the performance of the Lessee and the Adjusted
EBITDA of the Lessee for the Quarter immediately preceding the Relevant Quarter.
		
	 From first day in July to last day in September
 (“Quarter 3”)
	  	Quarterly financial statements published in Quarter 2 of that year (the “Relevant Quarter”), which detail the performance of the Lessee and the Adjusted EBITDA of
the Lessee for the Quarter immediately preceding the Relevant Quarter.
		
	 From first day in October to last day in
 December (“Quarter 4”)
	  	Quarterly financial statements published in Quarter 3 of that year (the “Relevant Quarter”), which detail the performance of the Lessee and the Adjusted EBITDA of
the Lessee for the Quarter immediately preceding the Relevant Quarter.

 Portions of this Exhibit, as indicated by [***], are omitted and have been filed separately with
the Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment under Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

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