AMENDMENT TO ▇▇▇▇▇▇▇▇ BAY SLAG SALES AGREEMENT
THIS AMENDING AGREEMENT dated October 31, 2003 is made by and between ▇▇▇▇▇▇▇▇
BAY IRON AND TITANIUM (PROPRIETARY) LIMITED, a South African corporation with
offices at ▇▇▇▇▇▇▇▇ Bay, Natal, South Africa (hereafter called "RBIT") and
KRONOS INC., a Delaware corporation with offices at ▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇,
▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇, ▇▇▇ (hereinafter "Buyer").
WHEREAS RBIT and Buyer entered into an agreement for the purchase and sale of
titanium bearing slag produced at RBIT's plant at ▇▇▇▇▇▇▇▇ Bay, Natal, South
Africa (hereafter "RBIT Product") dated as of the 1st day of May, 1995, amended
as of November 3,1997, May 1, 1999, June 1, 2001 and December 20, 2002
(hereinafter called the "Agreement");
WHEREAS the parties wish to amend the Agreement for the sale and purchase of
RBIT Product, effective January 1, 2003;
NOW THEREFORE, for and in consideration of the covenants and conditions herein
contained, the parties hereto agree to amend the Agreement as follows:
1. Article V.A.5. shall be replaced with the following
5. For 2003, the Basic Price of RB Slag shall be * per ton. *
For 2004, the Basic Price of RB Slag shall be * per ton. For 2005 to
2007 inclusively, the Basic Price of RB Slag shall be the previous
year's Basic Price plus Escalation as herein defined.
*
Should RBIT offer spot quantities of RB Slag for sale to major
contract customers during the Term of the Agreement, Kronos Inc. shall
be offered a pro-rata share of such spot quantities in the proportion
that its Contracted Quantity bears to the contracted quantities of
such other major contract customers and have 7 days in which to accept
or decline such offer.
2. The parties hereby ratify and confirm the terms and conditions of the
Agreement not specifically amended pursuant to this Amending Agreement.
IN WITNESS WHEREOF, the parties have caused this Amending Agreement to be
executed by their duly authorized representatives.
▇▇▇▇▇▇▇▇ BAY IRON AND TITANIUM KRONOS INC.
(PROPRIETARY) LIMITED
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By: /s/ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ By: /s/ ▇.▇. ▇▇▇▇▇▇
Name: ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Name: ▇.▇. ▇▇▇▇▇▇
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Title: MAN. DIR. / CEO Title: VP Development
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* Information omitted pursuant to a request for confidential treatment.
