Exhibit
10(h)
Arabian
American Development Company
10830
North Central Expressway, Suite 175
Dallas,
Texas 75231
(214)
692-7872
Retirement
Awards Program
January
15, 2008
Hatem
El-Khalidi
10830 N.
Central Expressway
Dallas,
TX 75231
Dear Mr.
El-Khalidi,
This
letter will serve to formalize amendment to the terms and conditions of our
agreement concerning your pending retirement as President of Arabian American
Development Co. et al. and to recognize the forty years of service to the
Company. This agreement is entered into for the benefit of the
Company, recognizing your long service, expertise, and history in the areas of
marketing, contract negotiations, and mineral development and the role you have
played in these areas. The following shall replace the “Retirement
Awards Program” dated February 23, 2007 and shall take effect upon your official
retirement from the Company:
1.
|
The
Company will pay you six thousand dollars ($6,000.00) per month promptly
on the first day of each month for the remainder of your natural
life.
|
2.
|
Subsequent
to your passing, the Company will pay your surviving spouse, Ingrid
El-Khalidi, a sum of four thousand dollars ($4,000.00) per month promptly
on the first day of each month for the remainder of her natural
life.
|
3.
|
Additionally,
you may participate in the Employees Group Health Insurance program as
provided to employees of the Company, the premium of which will be fully
funded by the Company. The Company shall not be obligated to
provide any health insurance coverage other than that offered to any
regular employee in its normal benefits program, which may change from
time to time. This benefit shall be available to yourself and
to Ingrid El-Khalidi for each of your natural lives and shall not apply to
any other parties, whether related, dependent upon you, or associated with
you in any way.
|
These
terms are within the standard practices afforded other former employees upon
their retirement. The forgoing represents the entire agreement
whereby the Company wishes to reward you for past service. There are
no warranties or intentions other than those
stated
above. We have discussed the option of purchasing an annuity to
ensure the benefits listed would be available to you under any change of the
Company’s financial position or ownership and have agreed that this option may
continue for discussion at a future date. If this accurately sets
forth your understanding, please sign below as indicated and return an executed
copy to me for my files.
Sincerely,
/s/ Nick
Carter
Nick
Carter
Executive
Vice President
Arabian
American Development Co.
Agreed
and accepted 10 Feb, 2008.
/s/ Hatem
El-Khalidi
_____________________________________
Hatem
El-Khalidi
STATE OF
TEXAS
COUNTY OF
HARDIN
BEFORE
ME, the undersigned authority, on this day personally appeared Nicholas Carter,
an officer whose name is subscribed to the foregoing instrument, and
acknowledged to me that he executed the same for the purposes and consideration
therein expressed, in the capacity therein stated, and as the act ad deed of
said corporation.
GIVEN
UNDER MY HAND AND SEAL OF OFFICE, this the 5th day of February,
2008.
My
Commission expires:
Connie J Cook
Notary
Public in and for
The State of
Texas