Exhibit 10.14
June 30, 2000
Xxx X. Xxxxx
0000 Xxxxx Xxxxx
Xxxxxxx, XX 00000
Re: Amendment to Employment Agreement
Dear Xxx:
This letter constitutes a further amendment of the agreement dated January
28, 1998 and originally entered into between you and Ryerson Xxxx, Inc. f/k/a
Inland Steel Industries, Inc. (the "Company"), as amended by a letter agreement
dated November 6, 1998 (the "Agreement").
Under the terms of the Agreement, you are entitled to a lump sum payment
upon the earlier of January 1, 2001, or the date your employment with the
Company is terminated for any reason. The lump sum that would be payable on
January 1, 2001 is $2,860,582. Subject to the following provisions of this
letter, you have agreed to defer receipt of such payment until the earlier of
January 1, 2006 and five business days following your last day of employment
with the Company. In consideration for your agreement to defer such receipt, the
Company has agreed that it will credit such deferred compensation with an
interest equivalent to the rate (including applicable fees and margin) at which
the Company borrows money under its revolving credit bank arrangement utilizing
the six-month Libor option. Such interest rate shall be adjusted on each six-
month anniversary, or if such date is not a business date, the next earlier date
that is a business day, commencing January 1, 2001. The Company has further
agreed that, in the event that at any time the Company's outstanding senior
unsecured debt is not rated at least Baa3 by Xxxxx'x Investors Services, Inc.
(or any successor to such corporation's business of rating securities), or at
least BBB by Standard & Poor's Rating Group, a division of McGraw Hill, Inc. (or
any successor to such corporation's business or rating securities), you may
elect to receive 95% of the sum of (i) such deferred compensation and (ii) with
the interest equivalent accrued through the date of payment. The remaining 5%
will be forfeited.
If this letter properly reflects our agreement, please sign the enclosed
copy and return it to my attention.
Very truly yours,
RYERSON XXXX, INC.
By: /s/ Xxxxxxx Xxxxx
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Its: Vice President - Human Resources
Agreed to this 30/th/ day of June, 2000
/s/ Xxx X. Xxxxx
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Xxx X. Xxxxx
