Amendment to Net Worth Appreciation Participation Agreements between WCI Steel and The Renco Group, Inc.
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This letter agreement, dated October 14, 2002, is between WCI Steel and The Renco Group, Inc., represented by Ira Leon Rennert. It confirms that, due to extraordinary market conditions, the calculation of cumulative net income under the Net Worth Appreciation Participation Agreements and the Net Worth Appreciation Plan for Key Managers was suspended as of November 1, 2001. This provision is reinstated effective August 1, 2002. Both parties have agreed to these terms as indicated by their signatures.
EX-10.2.17 3 l98169aexv10w2w17.txt EX-10.2.17 AMENDEMENT TO NET WORTH APPRECIATION Exhibit 10.2.17 WCISTEEL October 14, 2002 Ira Leon Rennert The Renco Group, Inc. 30 Rockefeller Plaza - 42nd Floor New York, NY 10112 Dear Ira: This letter will confirm our discussions regarding the Net Worth Appreciation Participation Agreements between yourself and each of the executive officers of WCI and the Net Worth Appreciation Plan for Key Managers. Due to the extraordinary market conditions, cumulative net income as described in paragraph 2 in the individual Net Worth Agreements and in the Net Worth Appreciation Plan was suspended effective November 1, 2001. Effective August 1, 2002 this provision will be reinstated. For our records, please sign below indicating your agreement with the above. Sincerely, /S/ EDWARD R. CAINE ----------------------------- Edward R. Caine President & CEO ERC/dj /S/ IRA LEON RENNERT Ira Leon Rennert
