Attached files
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8-K - FORM 8-K - Ryerson Holding Corp | d375077d8k.htm |
EX-99.1 - PRESS RELEASE - Ryerson Holding Corp | d375077dex991.htm |
Exhibit 10.1
June 18, 2012
Mr. Edward J. Lehner [REDACTED]
Dear Eddie:
| ||
Roger W. Lindsay Sr. VP Human Resources roger.lindsay@ryerson.com 312.292.5040 Direct 312.292.5320 Fax
227 W. Monroe, 27th Floor Chicago, Illinois 60606 |
We are pleased to offer you the position of Executive Vice President and Chief Financial Officer of Ryerson Inc. (the Company) reporting to the Chief Executive Officer.
Below are the general terms and conditions of our offer. The Effective Date of this Agreement will be the date you are notified by me of the successful completion of a background investigation and your start date will be 1st August, 2012. This offer is contingent upon verification of your eligibility to work in the United States and execution by you of the Companys standard application form and employee confidentiality and trade secret agreements.
COMPENSATION
Your base annual salary will be $450,000, to be paid periodically in accordance with the Companys regular payroll process and procedures during your employment and will be subject to all required withholdings. Additionally, you will be eligible to participate in the Companys Annual Incentive Plan (AIP) program, commencing with the year 2012. Any 2012 payout will be prorated for the time you are employed by Ryerson. The AIP is 75% of base salary for on-target performance.
On joining the company you will receive a one-time $200,000 gross payment. This payment will be repayable in the event that you voluntarily leave the company without Good Reason within two years of your start date. Any repayment obligation will be due within 90 days of your resignation without Good Reason. For purposes of this Agreement, you shall have Good Reason to resign from the Company if, without your prior written agreement: (i) your base salary is reduced; (2) your duties and responsibilities with the Company are materially changed; (3) your participation in the AIP is discontinued; and/or (4) you are assigned duties inconsistent with your status or position.
You will be eligible to participate in the Companys Participation Plan (the Plan) subject to the terms and conditions of the Plan, with an allocation of performance units equal to 1.0 percentage point of the management allocation. |
Mr. Edward Lehner | ||
Page 2 |
VACATION
You will be entitled to two (2) weeks of paid vacation for the balance of 2012 and
four (4) weeks of
BENEFITS
You and your qualified dependents will be eligible for coverage under the Companys health insurance
TEMPORARY LIVING
The company will, for a maximum period of twelve months from your start date (the
Temporary
RELOCATION ASSISTANCE
After your Temporary Living Period ends, the Company will provide relocation
assistance, including
AT WILL EMPLOYMENT
Except as otherwise provided herein, your employment with the Company is at will, and either you or |
Mr. Edward Lehner | ||
Page 3 |
SEVERANCE
In the event that the Company terminates your employment without Cause, then the
Company shall pay
For purposes of this Agreement,
the term Cause shall mean: (1) your repeated failure or refusal to
This Agreement is intended to comply with Section 409A of the Internal Revenue Code,
to the extent
Notwithstanding the foregoing, the
Companys obligation to make severance payments to you, if any, |
Mr. Edward Lehner | ||
Page 4 |
NO EXISTING AGREEMENT VIOLATION
You warrant to the Company that you are not aware of any existing agreement between
you and any
GENERAL
You agree that the provisions of this letter are severable; and if any portion thereof shall be declared
This
letter and the terms and conditions hereof are to be construed, governed and interpreted in
Should you have any questions about this letter, please contact Roger Lindsay at
312-292-5040. Two | ||
Very truly yours, | ||
/s/ Roger W. Lindsay | ||
Roger W. Lindsay Senior Vice President, Human Resources | ||
AGREED TO AND ACCEPTED: | ||
/s/ Edward J. Lehner | ||
Edward J. Lehner Date 6/22/2012 | ||
On behalf of Ryerson Inc. | ||
/s/ Roger W. Lindsay | ||
Roger W. Lindsay Senior Vice President, Human Resources |