Amendment to Net Worth Appreciation Participation Agreements Between WCI and The Renco Group, Inc.
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This amendment, dated February 24, 2003, is between WCI and The Renco Group, Inc., represented by Ira Leon Rennert. It temporarily suspends the calculation of cumulative net income for executive officers and key managers under existing Net Worth Appreciation Participation Agreements and the Net Worth Appreciation Plan. The suspension applies from February 1, 2003, to October 31, 2003, meaning participants' net worth accounts will not reflect WCI's financial results during this period. Both parties have agreed to this change as confirmed by their signatures.
EX-10.2.17 3 l00971aexv10w2w17.txt EX-10.2.17 AMENDMENT TO NET WORK APPRECIATION EXHIBIT 10.2.17 [WCISTEEL LOGO] February 24, 2003 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 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 will be suspended for the period February 1, 2003 through October 31, 2003. As such, each individual's net worth account will not reflect the results of WCI during the above-mentioned period. 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
