EXHIBIT 10.11.2
AMENDMENT TO EMPLOYMENT AGREEMENT
This agreement, dated as of September 20, 1999, is by and between Birmingham
Steel Corporation, a Delaware Corporation (the "Company"), and Xxxxxx X. Xxxxxx
(the "Executive") and amends the agreement (the "Employment Agreement") dated
January 5, 1996, as amended as of August 10, 1998, between the Executive and the
Company.
WHEREAS, the Company and the Executive wish to revise and amend the Employment
Agreement in certain respects;
NOW THEREFORE for good and sufficient consideration, the receipt of which is
hereby acknowledged, it is agreed as follows:
1. Upon termination of Executive's employment with the Company for any reason
(including any such termination following the expiration of the Employment
Period or the term of the Employment Agreement), the Company shall provide for
the continued benefit of Executive for the remainder of Executive's life all
benefits equivalent to the benefits provided under the Company's medical, dental
and prescription drug plans, programs or arrangements, whether group or
individual and whether written or unwritten, in which the Executive was entitled
to participate or did participate at any time during the 6-month period prior to
the termination date, such benefits to be continued at the same level and at no
greater cost to Executive than was in effect during such 6-month period;
provided, however, that the coverage hereunder shall be secondary to any
-------- -------
coverage provided to the Executive from a subsequent employer and, following
attainment by the Executive of age 65, the coverage provided hereunder shall be
secondary to coverage provided to the Executive by Medicare or other public
insurance.
2. The Executive shall participate in the Company's Executive Severance Plan
in accordance with the terms and conditions hereof. In the event the Executive
becomes entitled to severance payments and benefits both under the Executive
Severance Plan and under the Employment Agreement, then the Company shall pay or
provide the Executive (a) the higher of the cash severance payment under the
Executive Severance Plan and the Early Termination Payment or the Special
Termination Payment (as applicable) under the Employment Agreement and (b)
employee benefit continuation for the longer of the periods set forth in the
Executive Severance Plan and the Employment Agreement; provided, however, that
in all cases, the
provisions of paragraph 1 hereof shall apply with respect to medical, dental and
prescription drug plan coverage continuation following termination of
Executive's employment.
3. All other provisions of the Employment Agreement shall be unchanged and
remain in full force an effect (except for the amendment to the Employment
Agreement dated August 10, 1998 which is hereby superseded).
In witness whereof, the Company has caused this Agreement to be executed by its
duly authorized Director and the Executive has hereunto set his hand as of the
date in year first above written.
___________________________________
Witness:____________________ By:________________________________
Its:_______________________________
Witness:____________________ Executive:__________________________
2
