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SETTLEMENT AGREEMENT AND MUTUAL RELEASE TUTS SETTLEMENT AGREEMENT AND MUTUAL RELEASE ('Agrtxment") is made end entered into as of the ~} day of October, 1996 by Reorganized CPRI Steel Corporation, formerly known m CF&I Steel Corporation ("CPQI or Reorganized CFBrI"}, The Equitable Life Assurance Society of the United Slatm ("Fquiuble'"), The U9ited Seel Workers of America ("USWA") sad Connecticut General Life Insurance Company ("CGLIC") Reorganized CF&I, Equitable, USWA end CGLIC ere collectively referred to hereinefler m the "Partim" or individually es a "Party " WHEREAS, pursuant to certain hdlth ituurma policim, Equitable provided optienel major medical coverage to unun of CFkI's Retired who had elated to participate in the Retiree Major Medical Insrrance Program olferrd by CF&I endinsured by Pquitable until July J I, 1959 (the "Retirees"), including those reprnenled by the USWA, ("Health Policiei') end mtablished both n premium stebiliution and sn incurred end unreported claim rmerve fund ("1he Rmerved') for that coverage end in addition, Equitable provided life ituunnce wverege for CF&1 employed end Retired under certain life imunma policim ("Life Policim'"); end E7CHIBIT "1" WHEREAS, in November of 1988, CF@I notified EquiUble that it cam terminating the Life Palicid effective Daember J 1, 1955, and thereeRer, Pquiuble advised CF&1 that Equitable would nor be renewing the optional major medical coverage for Retirlxa on July t, 1989; end W HEREAS, on or about May 27, 1990, Equitable sued CF&1 in Cme No. 90-B-567 in the U.S. District Court for the Distritt o(Coloredo (the "Colorado Action") saking to recover incremm in premiums on the Life Policim that it alleged CP&I had agreed b pay end for an order allowing Bqurtable to setofrthe Rdervm it cam holding against the alleged unpsid premiums on the Life Policim, end in dial same action, CF&I asserted counterclaims saking en accounting of the Rmervd and an order requiring Pquiubla m releme the Rdervm to CPdcl fw the benefit of the Retired sad USWA intervened in the Colorado Action and also caught an accounting of the Rdervm and art order requiring Equitable m release the Rdervm to the Retired; and WHEREAS, on Novembv 7, 1990, CPR,1 and nine e~liatm filed voluntary Chapter 11 petitions in the United Statm Bsnknrptcy Caut for the District of Utah ("Bankmptcy Court") and on November 14, 1990 a Notice of Aurrnnntic Stay war filed in the Colorado Acion; end WHEREAS, Debtors' Fint Amendal and RdUted loiot Plan of Reorganization ("POA") dated December I, 1992, cam confnmed 6y the Bankruptcy Court on Febmary 12, 1997 and following confirmation of the POR CF&I became"Reorganized CF&1";end mu+. rw