Exhibit 10-A
[National Steel Corporation letterhead]
May 8, 2001
Xxxx X. Xxxxxxx
0000 Xxxxxx Xxxxx Xxxxxxx
Xxxxxxxxx, XX 00000
Dear Xx. Xxxxxxx:
This letter will confirm our mutual agreement to amend the terms and conditions
of the Employment Agreement dated August 1, 1998 ("Agreement") between you and
National Steel Corporation as follows:
1. Section 1.1 shall be amended and restated in its entirety as follows:
"1.1. Employment Term. The term of Executive's employment under this
Agreement shall commence as of the date hereof (the "Effective Date") and
shall continue until July 31, 2002, and thereafter for successive one-year
periods, unless sooner terminated (i) by written notice given by either
party not less than 60 days prior to July 31, 2002 or any subsequent July
31, or (ii) in accordance with Section 5 or Section 6 hereof. The period
commencing as of the Effective Date and ending on the date on which the
term of Executive's employment under the Agreement shall terminate is
hereinafter referred to as the `Employment Term.' "
2. In the sixth line of Section 5.4(a), the words "before June 1, 2002" shall
be deleted.
3. Section 5.4(c) shall be amended and restated in its entirety as follows:
"(c) The term "Constructive Discharge" means (i) a termination of the
Executive's employment by the Executive due to a failure of the Company or
its successors without the prior consent of the Executive to fulfill the
obligations under this Agreement in any material respect, including any
non-payment or reduction in the Base Salary or "target opportunity" (as
described in Section 1.6) then in effect, or (ii) notice by the Company of
termination of this Agreement in accordance with Section 1.1."
Except as herein specifically amended and modified, the terms and conditions of
the Agreement shall remain unchanged and in full force and effect.
Xxxx X. Xxxxxxx
Page 2
If the terms of this letter are acceptable to you, please so indicate by signing
in the space provided below, whereupon this letter shall constitute an agreement
between us.
Sincerely,
NATIONAL STEEL CORPORATION
By: /s/ Xxxx X. Xxxxxxxx
---------------------
Title: President and Chief Operating Officer
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Accepted and Agreed To:
/s/ Xxxx X. Xxxxxxx
--------------------
Xxxx X. Xxxxxxx
EMP. AGREEMENT X. XXXXXXX AMENDMENT
