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Exhibit 10.1
Addendum to Employment Agreement
Addendum to Employment Agreement made as of the date written below by
and between WEIRTON STEEL CORPORATION, a Delaware Corporation, with its
principal executive offices located at Xxxxx Xxxxxxx Xxxxx, Xxxxxxx, Xxxx
Xxxxxxxx, 00000 (hereinafter called the "Corporation") and the individual
employee whose name and address appear on the signature page hereto (hereinafter
called "Employee").
WHEREAS, the Parties hereto have previously entered into an Employment
Agreement dated December 20, 1995,(hereinafter called "Employment Agreement")
providing, inter alia for severance benefits in the event of the Employee's
termination under certain circumstances; and
WHEREAS, the Corporation and the Employee desire to amend the
Employment Agreement in consideration of the Employee's promotion to the
position of Executive Vice President - Commercial of the Corporation,
NOW, THEREFORE, the Parties hereto agree as follows:
1. Section(a) of Article Third: Amount and Duration of Termination
Benefits of the Employment Agreement is hereby amended to read as
follows:
"(a) Upon the termination of Employee's employment on any date in
accordance with Paragraph Second (the "Termination Date"), Employee
shall be treated as being an inactive employee for 24 months following
the Termination Date, and Employee shall receive a total of 24 months
base salary (excluding vacation or special pay) in effect at the
Termination Date as follows: (i) 12 months base salary to be paid in
one lump sum within 10 days following the Termination Date; (ii)
starting in the 13th month following the Termination Date and ending in
the 24th month following the Termination Date, 12 months base salary to
be paid in 12 monthly installments. Furthermore, for a period of 24
months following the Termination Date, the Corporation shall (iii)
continue to provide coverage for Employee and applicable dependents
under all benefit plans of the Corporation providing life insurance or
health, disability, hospitalization and major medical insurance at such
levels as are not less than those in effect at the time of the
Termination Date; and (iv) to the extent allowable under applicable
law, cause Employee to continue to earn service credit for all purposes
under any pension or retirement plan maintained by the Corporation in
which Employee participated at the time of the Termination Date;
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provided, however, that the coverage referred to in clause (iii) shall
be suspended during any period in which and to the extent Employee is
eligible for similar coverage under another employer plan.
Notwithstanding the above, the Corporation shall not be obligated as
provided in this Paragraph Third during any period when employee does
not comply with Paragraph Fourth. For all other purposes, Employee's
employment shall terminate on the Termination Date.
2. The Parties hereto further agree that the Employment Agreement shall
remain unchanged in all other respects.
IN WITNESS WHEREOF, the parties hereto have executed this Addendum to
Employment Agreement as of the day written below.
WEIRTON STEEL CORPORATION
Dated: March 25, 1998 By: /s/ XXXXXXX X. XXXXXXXX
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Title: President & CEO
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EMPLOYEE
Name: /s/ XXXX X. XXXXX, XX.
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Xxxx X. Xxxxx, Xx.
Executive Vice President-
Commercial
Address: R.D. 1, Box C
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St. Xxxxxx Drive
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Steubenville, OH
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