EXHIBIT 10.6
ASSUMPTION AGREEMENT
This Assumption made and entered into as of January 22, 1997 by and among
Inland Steel Industries, Inc., a Delaware corporation ("Inland"), Ryerson Xxxx,
Inc., a Delaware corporation ("Ryerson Xxxx"), and Xxxx X. Xxxxxx ("Lusted"),
presently residing at 000 Xxxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxxx 00000.
WHEREAS, Lusted and Inland entered into an agreement on June 27, 1990
relating to certain terms of Lusted's employment with Inland and its
subsidiaries (the "Employment Agreement");
WHEREAS, Inland subsequently sold a portion of the stock of Ryerson Xxxx to
the public;
WHEREAS, Inland, Ryerson Xxxx and Lusted desire to assure that each of them
receives the full benefit of the Agreement.
THE PARTIES hereto agree, in consideration of the premises, the mutual
agreements herein set forth and other good and valuable consideration, the
receipt of which is hereby acknowledged, as follows:
1. Ryerson Xxxx hereby assumes primary responsibility for performing each
and every remaining obligation of Inland pursuant to the Agreement.
2. The parties hereby agree that the term Inland as used in the Agreement
shall mean Ryerson Xxxx.
3. Inland will continue to be responsible for every obligation agreed to
by it pursuant to the Agreement only to the extent any such obligation is not
fully performed by Ryerson Xxxx.
4. Lusted will rely on Ryerson Xxxx as the primary obligor under the
Agreement, and will hold Inland responsible for obligations imposed by the
Agreement only if and when Ryerson Xxxx has
refused or failed to perform such obligations.
IN WITNESS WHEREOF, the parties have signed this Assumption Agreement as of
the date first above written.
Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
RYERSON XXXX, INC.
By: Xxxx X. Xxxxxx
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Name: Xxxx X. Xxxxxx
Its: President and Chief Executive Officer
INLAND STEEL INDUSTRIES, INC.
By: Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Its: Chairman and Chief Executive Officer
