THIS EMPLOYMENT AGREEMENT (the “ Agreement ”) is made and entered into as of August 17,
2006, by and between J.L. Halsey Corporation, a Delaware corporation (together with its successors and
assigns permitted hereunder, the “ Company ”), and Peter Biro (“ Executive ”).
WHEREAS, the Company has offered to Executive, and Executive has agreed to accept, the position of
Vice President of Corporate Development and Planning; and
WHEREAS, Executive and the Company desire to set forth herein the terms of Executive’s employment
with the Company, which employment shall be effective as of August 17, 2006 (the “ Effective Date ”).
NOW THEREFORE, in consideration of the promises and the mutual covenants and agreements
contained herein, the sufficiency of which is hereby acknowledged, the Company and Executive agree as follows:
1. Employment Period . Subject to Section 3 or mutual written agreement between the Company
and Executive, the Company hereby agrees to employ Executive, and Executive hereby agrees to be employed
by the Company, in accordance with the terms and provisions of this Agreement, for the period commencing as
of the Effective Date and ending on the fourth anniversary of the Effective Date (the “ Employment Period ”).
2. Terms of Employment .
(a) Position and Duties .
(i) During the Employment Period, Executive shall serve as Vice President of
Corporate Development and Planning, and, in so doing, shall report to the Chief Executive Officer (“ CEO ”), the
President, or the Board of Directors (the “ Board ”). Executive agrees to perform whatever duties the CEO,
President, or Board may assign to Executive from time to time, consistent with Executive’s position with the
Company. Executive shall have supervision and control over, and responsibility for, such management and