exv10w10



 










Exhibit 10.10




	 	 	 
	February 16, 2007

	 	
	Mr Bob Kelman 

40 West 22nd Street 

New York, NY 10010

	 	Level 6 Sims Group House

41 McLaren Street North Sydney NSW 2060 Australia

GPO Box 4155 Sydney NSW 2001

Phone 612 9956 9100 Facsimile 612 9954 9680

www.sims-group.com
	 
	 	 
	 

	 	Sims Group Limited ABN 69 114 838 630






Dear Bob,




EXECUTIVE EMPLOYMENT AGREEMENT



I refer to our recent discussions in relation to your proposed appointment as President & COO,
Metals Recycling of Sims Hugo Neu Corporation. I also refer to your existing Executive Employment
Agreement dated December 21, 2005. This Agreement will remain in force, save as amended by this
letter and all terms referred to below will have the same meaning as in your existing Agreement.





			
	1.	 	Position, Duties and Responsibilities






The Executive’s job title will be President & Chief Operating Officer, Metals Recycling of the
Company, initially reporting directly to the Group Chief Executive of Sims Group Limited.




As was explained to you, on a strictly confidential basis, an organisational restructure of Sims
Group Limited is currently under consideration. It is contemplated that the Group’s
international Recycling Solutions business, which is currently managed globally, be split on a
regional basis and that a new Group CEO North America be appointed to run the Recycling
Solutions business and to whom you would then report in your ongoing capacity as President &
COO, Metals Recycling of the Company. For the avoidance of doubt, it is contemplated that
responsibility for the NYCRC would remain yours in such a restructure. In accepting this new
position you acknowledge, and must commit your support in principle to such a restructure.




As President & COO, Metals Recycling you will be responsible for the P&L, commercial,
operational, SHEC and HR aspects of the Company, including Schiabo Larovo, NYCRC and for the
overall growth and development of the metal recycling business of the Company.




All current executives of the Company, with the exception of the Global Trade team (where the
existing dotted line responsibility in respect of North American ferrous sales will continue)
will report directly, or through others, to you under a structure to be agreed and formalised.




			
	2.	 	Compensation






	 	(a)	 	Base Salary: Your Annual Base Salary, effective February 1, 2007 shall be $525,000
increasing, subject to satisfactory performance, to $600,000 on July 1, 2007.





METAL RECYCLING | MANUFACTURING | ALUMINIUM | ENERGY | INTERNATIONAL | STEEL | PLASTICS | INDUSTRIAL | RECYCLING SOLUTIONS




 









 













	 	(b)	 	Bonus: Your current ROCCE bonus in respect of the period February 1, 2007 to June 30,
2007 and thereafter will be increased from 50% to 65%. Please note your F07 bonus will be
paid 7/12’s at the old rate and 5/12’s at the new rate based on the full year’s performance
of the Company — i.e. not based on the actual earnings of the first 7 and last 5 months
respectively. From F08, in addition to a new STI scheme you will be eligible for a minimum
30% LTI under the new programme currently awaiting approval by the Remuneration Committee.






As you were not given any specific Personal Priorities for F07 your ROCCE bonus will be
driven solely by the financial performance of the Company.




	 	(c)	 	Special Bonus: You will also receive a special bonus of up to $100,000, at the
discretion of the Company, based on your achievement of the Personal Priorities attached to
this letter in respect of the period through to June 30, 2007. Please note this is a
special “one off bonus” in recognition of the integration needs of the Company at this
important time. Your F08 Personal Priorities will be incorporated within your annual bonus
percentage under the terms of the new STI/LTI Plan, which is to be introduced.






			
	3.	 	Term






Your current employment term will be extended to June 30, 2010.




			
	4.	 	Miscellaneous





	 	 	 	 	 
	 

	 	Future notices should be sent to:
	 	Jeremy Sutcliffe

Sims Group Limited

Level 6, 41 McLaren Street

North Sydney NSW 2060

Australia





Bob, I trust this is acceptable to you and I very much look forward to working with you.




Yours sincerely,

SIMS GROUP LIMITED









JEREMY SUTCLIFFE

Group Chief Executive



IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of February 1,
2007.




	 	 	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Bob Kelman
	 
	 	 	 	 
	 

	 	Date: