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Exhibit 10.9
[LOGO]
WEIRTON
STEEL CORPORATION
Xx. Xxxxxxx X. Xxxxxxxx
000 Xxxxxxxx Xxxx
Xxxxxxxxx, XX 00000
Dear Xx. Xxxxxxxx:
This letter is intended to evidence a revision of Weirton Steel Corporation's
("Weirton") contractual agreement with you under its Senior Supplemental
Executive Retirement Program ("SERP").
In relation to your Target Benefit and Accrued Target Benefit under SERP
Sections 5.1 and 5.2, respectively, 7% shall be substituted for 3.3%, and 70%
shall be substituted for 55%. In all other respects, your rights and
obligations under the SERP will be applied in accordance with the SERP's terms,
with one exception.
The revision is effective as of November 16, 1995, but applies to all your
years of benefit service with Weirton. Thus, Weirton will make available to you
a catch-up payment to cover your pre-November, 1995 benefit service at the
time of the 1996 SERP payments. This catch-up payment amount will be calculated
by the SERP's actuary based on the SERP's normal assumptions and will be
covered by the tax gross-up provisions of the SERP.
Please sign, date and return the original of this letter where indicated below
to evidence your agreement with these terms and return it to me. A signed copy
of this letter is enclosed for your records.
Very truly yours,
/s/ XXXXXXX X. XXXXXX
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Xxxxxxx X. Xxxxxx
Vice President-Law
Agreed to this 24 day of December, 1996, effective as of my date of hire by
Weirton Steel Corporation.
/s/ XXXXXXX X. XXXXXXXX 12/24/96
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Xxxxxxx X. Xxxxxxxx Date
