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Exhibit 10(d)
TERMS OF MODIFIED EMPLOYMENT (YEAR 2000) AND
CONSULTING AND NON-COMPETE AGREEMENT (YEAR 2001) FOR A.S. WEST
MODIFIED EMPLOYMENT (YEAR 2000) - BASIC TERMS
- West will continue as Senior Vice-President - Sales and Commercial
Planning.
- Reduced work schedule: Twenty-five additional days off (9.6% of normal work
year) either in the form of one day per week or one week off per month
during any 12 months.
- Corresponding 9.6% base salary reduction to $183,512.
- Corresponding 9.6% target bonus reduction to $71,600.
- Six weeks of vacation earned at December 31, 1999 base salary rate.
- Eligible for the regular number of observed holidays in the year 2000.
- Entitled to full range of flex plan group insurance.
- Entitled to full 12 months of additional pension service for benefits and
eligibility purposes.
- Ineligible for Severance Pay Plan for Key Employees.
CONSULTING AND NON-COMPETE ARRANGEMENT TERMS (YEAR 2001)
- Will retire effective January 1, 2001, but will be retained on a consulting
basis from January 1, 2001 to October 31, 2001.
- Consulting fee of $10,000 per month, payable monthly over 10 months
beginning January, 2001.
- Must be available for consulting assignments up to a maximum of 90 hours
per month during the 10-month period.
- Special payment from the pension plan will be paid at Xx. Xxxx'x weekly
rate in effect on December 31, 1999. Any make-up necessary from the
qualified plan will be paid from the Supplemental Employees Retirement
Plan.
- Xx. Xxxx agrees to a 10-month non-compete period beginning January 1, 2001.
- Ayco financial planning services will be paid through December 31, 2002.
- In the event of a breach of non-compete clause, Xx. Xxxx must repay to
Cleveland-Cliffs Inc the above-stated values recited in the consulting
arrangement, in addition to actual damages incurred by Cleveland-Cliffs
Inc.
