Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(e) On December 31, 2019, the Company and Mr. Ferriola entered into a
Retirement, Separation, Waiver and Release Agreement (the "Retirement
Agreement") in connection with Mr. Ferriola's retirement from employment with
the Company, effective December 31, 2019. The Retirement Agreement supersedes
all previous agreements related to Mr. Ferriola's employment with the Company,
including the Executive Employment Agreement by and between the Company and
Mr. Ferriola, dated as of January 30, 2002, as amended by the Amendment
Agreement by and between the Company and Mr. Ferriola, effective as of
November 5, 2007.
In consideration for Mr. Ferriola's comprehensive release of claims against the
Company and its affiliates and his post-employment covenants set forth in the
Retirement Agreement, Mr. Ferriola will be entitled to receive monthly payments
from the Company of $551,328.07 for the 24 months immediately following his
retirement. Pursuant to the Retirement Agreement, Mr. Ferriola has agreed not to
(i) compete with the Company during the 24-month period following his
retirement, (ii) disclose proprietary and confidential information (including
trade secrets) of the Company, (iii) encourage the Company's existing or
prospective customers or suppliers to purchase steel or steel products or
related services from, or to provide steel or steel products or related services
to, any competitor of the Company or otherwise attempt to influence any business
or business negotiations such customers or suppliers may transact or have with
the Company during the 24-month period following his retirement, (iv) encourage
any employee of the Company to terminate his or her employment with the Company
during the 24-month period following his retirement and (v) make any statements
that defame, disparage or in any way criticize the personal or business
reputation, practices or conduct of the Company or its affiliates. The
Retirement Agreement further provides that any inventions, designs or other
ideas conceived by Mr. Ferriola during his employment with the Company will be
assigned to the Company. Under the terms of the Retirement Agreement,
Mr. Ferriola may revoke the Retirement Agreement for a period of seven days
after December 31, 2019, the date Mr. Ferriola executed the Retirement
Agreement. The Retirement Agreement shall not become effective and enforceable
until the seven-day revocation period has ended.
The foregoing description of the terms and conditions of the Retirement
Agreement does not purport to be complete and is qualified in its entirety by
reference to the full text of the Retirement Agreement, a copy of which is filed
as Exhibit 10.1 hereto and incorporated herein by reference.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
10.1 Retirement, Separation, Waiver and Release Agreement, dated as of
December 31, 2019, by and between Nucor Corporation and John J. Ferriola
(#)
104 Cover Page from this Current Report on Form 8-K, formatted in Inline
XBRL (included in Exhibit 101)
(#) Indicates a management contract or compensatory plan or arrangement.
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