EXHIBIT 10.B
July 30, 1996
Xx. Xxxxxx X. Xxxxx
0000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, Xxxxxxx 00000
Dear Xx. Xxxxx:
Re: Supplemental Death and Disability Benefits
This letter supplements your Employment Agreement with National Steel
Corporation (the "Company") dated and effective as of April 30, 1996. In
addition to the benefits and other commitments set forth in the Employment
Agreement, the Company agrees to provide you with supplemental death and
disability benefits on the following conditions. Capitalized terms have the
same meanings as set forth in the Employment Agreement.
1. If you die during the Term of the Employment Agreement, the
Company will provide to your designated beneficiary a death benefit in an
amount which, when aggregated with death benefits under any other plan,
program or arrangement sponsored or maintained by the Company without
charge to you (other than death benefits under any tax qualified retirement
or savings plan or under any nonqualified deferred compensation plan
designed to supplement any such tax qualified retirement or savings plan),
equals three times your annual base salary in effect as of the date of this
letter. Your designated beneficiary for purposes of this death benefit
will be the beneficiary or beneficiaries you have designated for purposes
of the Company's group term life insurance plan.
2. If you incur a Disability during the Term of the Employment Agreement,
the Company will provide you with a payment each month, beginning with the
month in which occurs your Disability Effective Date and continuing until
the earliest of your death, your 65th birthday or the date your Disability
ceases, in an amount equal to 50% of your monthly base salary in effect as
of the date of this letter, reduced by any disability benefits provided
under any long term disability plan, program or arrangement sponsored or
maintained by the Company, including but not limited to the Long Term
Disability Program of National Steel Corporation or any successor plan or
arrangement.
National Steel Corporation
By:
V. Xxxx Xxxxxxx
President and Chief Executive Officer
