February 22, 2002
Xxxxxx X. Xxxxxxxx
00000 Xxxxx Xxxxxxxxx Xx.
Xxxxxxx, XX 00000
Dear Xx. Xxxxxxxx:
This letter will confirm our mutual agreement that the Employment Agreement
dated as of March 1, 2001 ("Employment Agreement") between you and National
Steel Corporation is hereby amended as follows, effective as of March 1, 2002:
1. In the first line of Section 1.2, the words "Vice President, General
Counsel and Secretary" shall be deleted and replaced with the words "Senior
Vice President, General Counsel and Secretary."
2. In Section 5.4(a), each reference to the words "1.75 times" shall be
deleted and replaced with the words "2.00 times."
3. In Section 5.4(a)(ii)(B), the words "35%" shall be deleted and replaced
with the words "45%".
Except as herein specifically modified, the terms and conditions of the
Employment Agreement shall remain unchanged and in full force and effect.
If the terms of this letter are acceptable to you, please so signify by signing
in the space provided below.
Sincerely,
NATIONAL STEEL CORPORATION
By:
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Xxxxxxx Xxxxxx
Chairman and Chief Executive Officer
Accepted and Agreed To:
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Xxxxxx X. Xxxxxxxx
