Amendment to Monitoring Agreement Among Blackstone Management Partners L.P., Haynes Holdings, Inc., and Haynes International, Inc.
This amendment updates a previous monitoring agreement between Blackstone Management Partners L.P., Haynes Holdings, Inc., and Haynes International, Inc. It states that Richard C. Lappin will serve as Chairman of the Board for both Haynes Holdings and Haynes International starting January 1, 2003. Lappin will receive a monthly fee of $20,833.33 and reimbursement for reasonable expenses. Any fees paid to Lappin as Chairman will reduce the annual monitoring fee owed under the original agreement.
Exhibit 10.16
AMENDMENT TO MONITORING AGREEMENT
DATED OCTOBER 1, 2002
WHEREAS, BLACKSTONE MANAGEMENT PARTNERS L.P., a Delaware limited partnership (“BMP” and HAYNES HOLDINGS, INC., a Delaware Corporation (“HHI”) and HAYNES INTERNATIONAL, INC. A Delaware corporation (“Opco”) entered into a MONITORING AGREEMENT (this “Agreement”) dated as of October 1, 2002.
NOW, THEREFORE, in consideration of the foregoing recital and conditions contained in this Amendment, the parties hereto agree as follows:
| 1. | Effective January 1, 2003, Richard C. Lappin (“Lappin”) is serving as Chairman of the Board of HHI and Opco. |
| 2. | HHI and Opco have agreed to pay to Lappin a monthly fee of $20,833.33 (the “Monthly Fee”) for such services and also to reimburse him for his reasonable out-of-pocket expenses (as defined in the Agreement). |
| 3. | BMP, HHI and Opco agree that the amount of all Monthly Fees paid to Lappin by HHI and Opco during his tenure as Chairman will reduce the annual Monitoring Fee (as defined in the Agreement). |
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their duly authorized officers or agents as of the date first above written.
| BLACKSTONE MANAGEMENT PARTNERS L.P. By: Blackstone Management Partners L.L.C., Its General Partner By: /s/ Chinh E. Chu /s/ Chinh E. Chu Name: Chinh E. Chu Title: Senior Managing Director | HAYNES HOLDINGS, INC. By: Haynes International, Inc. By: /s/ Calvin S. McKay /s/ Calvin S. McKay Name: Calvin S. McKay Title: Vice President-Finance, CFO HAYNES INTERNATIONAL, INC. By: /s/ Calvin S. McKay /s/ Calvin S. McKay Name: Calvin S. McKay Title: Vice President-Finance, CFO |
