Document:

<PAGE>   1
                                                                Exhibit 10.1

                ASSUMPTION, MODIFICATION AND TRANSITION AGREEMENT

        THIS ASSUMPTION, MODIFICATION AND TRANSITION AGREEMENT (the "Agreement")
is entered into as of the 9th day of March, 2000 by and between GENEVA STEEL
COMPANY, Debtor and Debtor in Possession ("Geneva") and MANNESMANN PIPE AND
STEEL COMPANY, a New York corporation ("Mannesmann").

                                    Recitals:

        A. Geneva and Mannesmann entered into a certain Amended and Restated
Sales Representation Agreement dated October 30, 1998, as amended (the
"Representation Agreement"), wherein Mannesmann agreed to provide certain
services and Geneva granted to Mannesmann certain rights in connection with the
sale and distribution of Products in a Territory, as such terms are used in the
Agreement.

        B. Geneva is currently a debtor-in-possession in a bankruptcy proceeding
under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code")
pending in the United States Bankruptcy Court for the District of Utah as Case
Number 99-2-21130 (the "Chapter 11 Proceeding").

        C. Geneva desires to assume the Representation Agreement pursuant to
Section 365(a) of the Bankruptcy Code, and Mannesmann desires to consent to such
assumption, subject to the releases, terms and conditions set forth herein.

        D. Once assumed, the parties have determined that it is in their mutual
interests to terminate the Representation Agreement as of June 30, 2000 and
provide for the orderly transition to Geneva of the services, customers and
certain employees affected by such termination.

                                   Agreement:

        NOW, THEREFORE, in consideration of the promises and covenants set forth
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Mannesmann and Geneva agree as
follows:

        1. DEFINITIONS. The capitalized terms used in this Agreement shall have
the same meanings ascribed to such terms in the Representation Agreement.

        2. ASSUMPTION. Subject to Bankruptcy Approval, as hereinafter defined,
Geneva hereby assumes the Representation Agreement pursuant to Section 365(a) of
the Bankruptcy Code. Mannesmann hereby consents to and accepts such assumption
and agrees that any and all defaults of the Representation Agreement, cure
obligations, if any, and obligations to provide adequate assurance of future
performance with respect thereto pursuant to Section 365(b) of the Bankruptcy
Code, have been fully satisfied.

        3. TERMINATION DATE. The Representation Agreement is hereby modified so
that it shall automatically terminate as of 11:59 p.m. Mountain Standard Time on
June 30, 2000 (the "Termination Date"). Prior to the Termination Date,
Mannesmann and Geneva shall perform in accordance with the terms and conditions
of the Representation Agreement.

<PAGE>   2

        4. POST TERMINATION TRANSITION. The provisions of this Section 4 shall
apply commencing on the Termination Date notwithstanding anything in the
Representation Agreement to the contrary:

               4.1. Employees. The parties agree that the provisions of Sections
3.3(a), (b) and (c) of the Representation Agreement shall continue to apply
through and including 11:59 p.m. on July 31, 2000.

               4.2. Assignment of Open Accounts. On September 30, 2000,
Mannesmann shall assign to Geneva any and all receivables for Products sold by
Mannesmann on or before the date of termination and which remain uncollected on
such date and Geneva will fund such receivables to Mannesmann within five (5)
days after having received notice of such assignment.

               4.3. Geneva Option. Notwithstanding the payment dates provided
for in Section 4.2 above, if the aggregate of such payment exceeds $3 million
Geneva shall have the right to defer the assignment of Open Accounts and payment
of such amount through and including December 28, 2000 upon the giving of at
least thirty (30) days prior written notice to Mannesmann.

               4.4. Administration of Open Orders. Mannesmann, upon Geneva's
request, shall continue to administer all orders that are open on the
Termination Date, including, but not limited to, making payment for any material
delivered or produced and identified to such orders, such payment to be made by
Mannesmann in accordance with the terms provided for in the Representation
Agreement. The administration of any orders which remain open after September
30, 2000 shall become the responsibility of Geneva, and any payments which
Mannesmann may have made for material under such orders that remain undelivered
at such time shall be refunded to Mannesmann no later than October 5, 2000. If
any warehouse receipt has been issued for any of the material covered by such
order, as a condition to such payment Mannesmann shall deliver to Geneva the
original of such warehouse receipt(s) and thereupon title to such material shall
vest in Geneva. Mannesmann shall promptly cause any protective form UCC-1 filed
in any state with respect to such material to be terminated and released of
record.

               4.5. No Affect on Other Provisions. Except as expressly set forth
in this Section 4, the provisions of the Representation Agreement intended to
survive termination shall survive such termination, including, but not limited
to, the provisions of Section 3.3(d) and Section 12 thereof which the parties
hereby agree shall apply in full force and effect notwithstanding the
termination effected by this Agreement.

        5. EX-L-TUBE SETTLEMENT. Concurrently with the execution of this
Agreement, the parties agree to enter into that certain Settlement Agreement
among Geneva, Mannesmann and Ex-L-Tube, Inc. ("Ex-L-Tube") attached as Exhibit 5
hereto (the "Ex-L-Tube Settlement"). The Ex-L- Tube Settlement Agreement
provides for an initial payment to Geneva by Ex-L-Tube of $2.0 million (the
"Initial Settlement Amount"). Upon receipt by Geneva of the Initial Settlement
Amount from Ex-L-Tube, Geneva shall pay to Mannesmann the sum of $700,000.00
which payment shall represent Mannesmann's

                                       2
<PAGE>   3

entire right, title or interest in any amounts to be received by Geneva from
Ex-L-Tube pursuant to the such Settlement Agreement. In no event shall
Mannesmann be entitled to receive from Ex-L-Tube or Geneva any other amount, and
Mannesmann hereby waives any claim or right or remedy against Ex-L-Tube or
Geneva in relation to the matters that are the subject of the
Ex-L-Tube-Settlement, including any right to any additional payment. In the
event the payment of the Initial Settlement Amount received by Geneva from
Ex-L-Tube should for any reason subsequently be determined to be void, avoidable
or the property of another, in whole or in part, including, without limitation,
fraudulent conveyances, preferential transfers or property subject to a prior
perfected security interest or lien of another entity, and if Geneva is required
to repay or restore any portion thereof, or, upon the advice of Geneva's
counsel, does so after demand, then, as to such amount repaid or restored,
Mannesmann shall immediately pay to Geneva its pro rata portion of such amount
repaid or restored.

        6. WAIVER OF PRE-PETITION CLAIMS BY MANNESMANN. In consideration of
Geneva's entering into this Agreement, Mannesmann has agreed to waive and
release and hereby waives and releases all pre-petition claims, disputes and
controversies against Geneva arising out of the Representation Agreement and
relating in any way to periods prior to the commencement of the Chapter 11
Proceeding , including, without limitation all such claims of Mannesmann filed
or listed, or which could have been filed or listed, in the Chapter 11
Proceeding but excluding those pre-petition product claims, if any, identified
in Section 8 hereof. Without limiting the generality of the foregoing,
Mannesmann expressly waives and releases all claims identified in the Proof of
Claim filed by Mannesmann on July 30, 1999, a copy of which is attached hereto
as Exhibit 6.

        7. MUTUAL RELEASE OF CLAIMS. In consideration of Mannesmann's release of
its Proof of Claim and Geneva's assumption of the Representation Agreement, the
parties hereby release and discharge each other from all claims and obligations,
except for the obligations set forth in and claims arising under this Agreement
and, subject to Section 6 hereof, the Representation Agreement as assumed.

        8. PRODUCT CLAIMS. Geneva agrees that the provisions of Section 4 of the
Representation Agreement shall continue in full force and effect with respect to
Products produced by Geneva and sold under the Representation Agreement.

        9. BANKRUPTCY COURT APPROVAL. The rights and obligations of the parties
hereto are subject to the approval ("Bankruptcy Approval") of the United States
Bankruptcy Court for the District of Utah in the Chapter 11 Proceeding. In the
event the Bankruptcy Court does not approve this Agreement by June 30, 2000,
this Agreement shall automatically expire and be of no further force or effect
unless extended by the written agreement of Geneva and Mannesmann. Each of the
parties hereto agrees to use commercially reasonable efforts to obtain the
Bankruptcy Approval.

        10. INCORPORATION BY REFERENCE. Sections 15 through 26 of the
Representation Agreement (excluding Section 22 thereof) are hereby incorporated
herein by reference as if they had been set forth herein in their entirety.

                                       3
<PAGE>   4

        11. ENTIRE AGREEMENT. The provisions set forth in this Agreement (or
incorporated herein by reference) contain the entire understanding between the
parties with respect to the subject matter hereof and supercede all prior
understandings between the parties with respect to the termination of the
Representation Agreement and the transition necessitated thereby.

        12. COUNTERPARTS; FACSIMILE SIGNATURES. This Agreement may be executed
in any number of counterparts, each of which shall constitute one agreement.
Facsimile signatures shall have the same force and effect as original
signatures.

        IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the day and year first above written.

                                    "Mannesmann"

                                            MANNESMANN PIPE & STEEL CORPORATION
                                             a New York corporation

                                            By /s/ Tim A. Taylor
                                              ----------------------------------
                                             Its Vice President of Finance
                                                --------------------------------

                                    "Geneva"

                                            GENEVA STEEL COMPANY,
                                             Debtor and Debtor in Possession

                                            By /s/ Ken C. Johnsen
                                              ----------------------------------
                                                   Ken C. Johnsen
                                                   Executive Vice President

                                       4<PAGE>   1
                                                                   EXHIBIT 10.10

                           [CATUITY INC. LETTERHEAD]

April 18, 2000

                                                                    CONFIDENTIAL
Mr. John H. Lowry III
21972 Heatheridge
Northville, Michigan  48167

        Re: Your Employment Agreement with Catuity, Inc.

Dear Jack:

Catuity Inc., a Delaware corporation ("Catuity"), is pleased to offer you a
position as its Vice-President and Chief Financial Officer on the terms set
forth in this letter agreement. As you know, Catuity is the parent company of
Chip Application Technologies Limited ("C.A.T."), an Australian company that
has, we believe, developed some highly competitive network application software
for merchant incentive and other program. Catuity is listed on the Australian
Stock Exchange and proposes to apply for listing on NASDAQ.

This agreement will be effective as of the date hereof (the "Effective Date")
subject to your acceptance by execution of a counterpart copy of this letter
where indicated below. Your start date of employment will be no later than May
1, 2000. Your right to receive salary, bonus, benefits, shares, etc. will
commence with your start date of employment.

1. REPORTING, DUTIES AND RESPONSIBILITIES, EMPLOYEE INVENTION ASSIGNMENT AND
   CONFIDENTIALITY AGREEMENT.

        In this position, you will report to the President and CEO of Catuity.
        This offer is for a full-time position, located at the principal offices
        of Catuity except as travel to other locations (including overseas
        locations) may be necessary to fulfill your responsibilities. You also
        will execute Catuity's standard form of Employee Invention Assignment
        and Confidentiality Agreement, which is attached.

2. SALARY, BONUS, BENEFITS, AND VACATION.

        (a) SALARY.

        Your initial base salary will be US$12,500 per month, which is an
        annualized salary of US$150,000, and is payable in accordance with
        Catuity's customary payroll practice as in effect from time to time;
        your salary commences on the date you first report for work with
        Catuity. This salary will be periodically reviewed by the President and
        CEO in conjunction with your annual performance review.

        (b) CASH PERFORMANCE BONUS.

        The cash performance bonus plan, if any, (commencing for calendar year
        2000) will be determined each year at the time of budget review as
        determined by the Board of Directors, in consultation with the President
        and CEO. Your first year cash performance bonus will be determined by
        March 15, 2001 and paid in full by March 30, 2001. If no bonus program
        is

<PAGE>   2

                                                     CATUITY INC.
                                     Merchant Solutions for the Convergent World

        awarded in 2000, you will be entitled to a guaranteed bonus of $10,000
        payable in full by March 31, 2001.

        (c) STOCK OPTION GRANT.

        On the date you first report to work with Catuity, Catuity will be issue
        you stock options under our Stock Option Plan (currently being
        finalized), exercisable at the lower of

        (i)    the weighted average trading price of Catuity shares on the
               Australian Stock Exchange for the 30 days immediately prior to
               NASDAQ listing (converted to US$ at the current exchange rate);
               and

        (ii)   the weighted average trading price of Catuity shares on the
               NASDAQ market for the 30 days immediately following NASDAQ
               listing.

        (iii)  The weighted average trading price of Catuity shares for the
               month of April, 2000 on the ASX (converted to US$ at the current
               exchange rate)

        but not less than 85% of the fair market value of Catuity shares as of
        date of grant.

        All options will have an expiry date of the earlier of 31 December 2008
        and the date six months after cessation of your employment with Catuity,
        subject to additional provisions of the Plan.

        In total you will be issued stock options on 150,000 shares of Common
        Stock in Catuity. The stock options will have the following vesting
        provisions (i.e. options will not be exercisable until vested):

        (i)    50,000 options will vest upon the date you first report to work
               with Catuity; and

        (ii)   5,000 options will vest at the end of each quarter, conditioned
               upon your continued employment by Catuity on the last day of each
               quarter, commencing on 01 July 2000 and concluding on 30 June
               2005.

        (d) BENEFITS AND VACATION.

        You will be eligible to participate in, without limitation, the
        retirement plans and medical, dental, life and disability insurance
        plans being established for Catuity; Catuity will reimburse you for
        those costs that you incur to exercise your COBRA rights to extend your
        existing insurance coverage until the effective date of your Catuity
        insurance coverage, which Catuity insurance coverage, will be provided
        for the term of this Agreement. In addition, you will be entitled,
        without loss of compensation, to three weeks of vacation during the
        first two years of your employment, and four weeks of vacation during
        the third and each successive year of your employment. You may only
        accrue unused vacation up to a maximum of six weeks; otherwise,
        additional vacation will cease to accrue until you reduce the accrued,
        unused amount through use of vacation.

<PAGE>   3

                                                     CATUITY INC.
                                     Merchant Solutions for the Convergent World

3. TERM AND TERMINATION.

        The term of this agreement is for a period of five years commencing upon
        the Effective Date.

        (a) TERMINATION BY CATUITY FOR CAUSE.

        Catuity may only terminate your employment and this agreement without
        notice by reason of Termination for Cause. For purposes of this
        agreement, "TERMINATION FOR CAUSE" will mean termination of your
        employment by Catuity's Board, after consultation with you, for your
        dishonesty, fraud, gross negligence in performance of your duties,
        material breach of this agreement or any other contractual or fiduciary
        obligation to Catuity or under any policy or procedure of Catuity,
        intentional engagement in acts seriously detrimental to Catuity's
        operations or your being charged by governmental authorities with a
        felony. Upon your Termination for Cause by Catuity, you will be entitled
        to receive cash and other compensation, which has accrued through the
        date of termination, only.

        (b) TERMINATION BY CATUITY WITHOUT CAUSE.

        Catuity may only terminate your employment and this agreement without
        cause on nine months written notice (it being Catuity's right to pay
        base salary equal to nine months amount, in lieu of notice, in order to
        effect immediate termination; in such case, you will be obligated, in
        accepting such payment, to release Catuity from all other obligations
        other than Catuity's obligation to pay cash and other compensation,
        which has accrued through the date of termination to which you may be
        entitled.

        (c) TERMINATION BECAUSE OF DEATH, OR INCAPACITY DUE TO DISABILITY.

        Your employment with Catuity and this agreement will also terminate upon
        your death or by reason of your Incapacity Due to Disability. For
        purposes of this agreement, "INCAPACITY DUE TO DISABILITY" means if, at
        the end of any month, you are unable to perform substantially all of
        your duties under this agreement in the normal and regular manner due to
        illness, injury or mental or physical incapacity, and you have been
        unable or will be unable, in the good-faith judgement of the Catuity
        Board, so to perform for either (1) four consecutive full calendar
        months, or (2) 90 or more of the normal working days during any 12
        consecutive full calendar months. Nothing in this paragraph shall alter
        Catuity's obligations under applicable law, which may, in certain
        circumstances, result in the suspension or alteration of the foregoing
        time periods. Upon your termination for death or Incapacity Due to
        Disability, you will be entitled to receive cash and other compensation
        which has accrued through the date of termination.

        (d)  VOLUNTARY TERMINATION BY YOU.

        You will be able to voluntarily terminate your employment and this
        Agreement at any time, provided that you must give Catuity at least four
        months advance written notice. Upon your voluntary termination, you will
        be entitled to receive cash and other compensation, which has accrued
        through the date of termination.

<PAGE>   4

                                                     CATUITY INC.
                                     Merchant Solutions for the Convergent World

4.   OTHER MATTERS.

        You will not bring with you, or use, in the performance of your duties
        hereunder any confidential or proprietary material of any former
        employer, nor violate any lawful obligation to any former employer in
        the performance of your duties hereunder.

        Under your signature below, this will become our binding agreement with
        respect to the subject matter of this letter, superseding in their
        entirety all other or prior agreements and negotiations between us as to
        the subject matter of this letter, will be binding upon and inure to the
        benefit of our respective successors and assigns (although none of your
        rights or obligations hereunder is assignable), and your heirs,
        administrators and executors, will be governed by Delaware law, and may
        only be amended in a writing signed by you and Catuity.

Jack, we are very excited to have you join us and look forward to working with
you. I think we can have an exciting next few years.

                                            Sincerely,

                                            -----------------------------------
                                            Michael V. Howe
                                            Catuity, Inc.

Attachment:  Employee Invention Assignment and Confidentiality Agreement

ACCEPTED AND AGREED:

______________________________
John H. Lowry III

Date signed:  ______________________________

<PAGE>   5

                                                     CATUITY INC.
                                     Merchant Solutions for the Convergent World

EMPLOYEE INVENTION ASSIGNMENT AND CONFIDENTIALITY AGREEMENT

        In consideration of my employment with Catuity Inc., a Delaware
corporation (the "Company"), I John H. Lowry, hereby represent to, and agree
with the Company as follows:

        1. DISCLOSURE OF INVENTIONS. From and after the date I first become
employed with the Company, I will promptly disclose in confidence to the Company
all inventions, improvements, designs, original works of authorship, formulas,
processes, compositions of matter, computer software programs, databases, mask
works, and trade secrets ("Inventions"), whether or not patentable,
copyrightable, or protectable as trade secrets, that are made or conceived or
first reduced to practice or created by me, either alone or jointly with others,
during the period of my employment.

        2. WORK FOR HIRE: ASSIGNMENT OF INVENTIONS. I acknowledge that
copyrightable works prepared by me within the scope of my employment by the
Company are "works for hire" under the federal Copyright Act and that the
Company will be considered the author thereof. I agree that all Inventions will
be the sole and exclusive property of the Company and are hereby assigned by me
to the Company.

        3. INVENTIONS EXCEPTION. For the purposes hereof, "inventions" will not
include an invention that i developed entirely on my own time without using the
company's equipment, supplies, facilities, or trade secret information except
for those inventions that either: (1) relate at the time of conception or
reduction to practice of the invention to the company's business, or actually or
demonstrably anticipated research or development of the company, or (2) result
from any work performed by me for the company.

        4. ASSIGNMENT OF OTHER RIGHTS. I hereby irrevocably transfer and assign
to the Company: (a) all worldwide patents, patent applications, copyrights, mask
works, trade secrets and other intellectual property rights in any Invention:
and (b) any and all "Moral Rights" (as defined below) that I may have in or with
respect to any Invention. I also hereby forever waive and agree never to assert
any and all Moral Rights I may have in or with respect to any Invention, even
after termination of my work on behalf of the Company. For purposes of this
Agreement, "Moral Rights" means any claim authorship of an Invention or any
rights to restrain or object to any modification of any Invention, and any
similar right, existing under judicial or statutory law of any country in the
world, or under any treaty, regardless of whether or not such right is
denominated or generally referred to as a "moral right."

        5. ASSISTANCE. I will assist the Company, at the Company's request, in
obtaining for itself and in enforcing patents, copyrights, mask work rights, and
other legal protections for the Company's Inventions in any and all countries. I
will execute any documents that the Company may reasonably request for use in
obtaining or enforcing such patents, copyrights, mask work rights, trade secrets
and other legal protections. My obligations under this Section 5 will continue
beyond the termination of my employment with the Company, provided that the
Company will compensate me at a reasonable rate after such termination for
reasonable out-of-pocket expenses actually spent by me at the Company's request
on such assistance. I hereby appoint the Secretary of the Company as my
attorney-in-fact to execute documents on my behalf for this purpose.

        6. PROPRIETARY INFORMATION: CONFIDENTIALITY. I understand that my
employment by the Company creates a relationship of confidence and trust with
respect to any information of a confidential or secret nature that may be
disclosed to me by the Company that relates to the

<PAGE>   6
                                                     CATUITY INC.
                                     Merchant Solutions for the Convergent World

business of the Company or to the business of any parent, subsidiary, affiliate,
customer or supplier of the Company or any other party with whom the Company
agrees to hold information of such party in confidence ("Proprietary
Information"). Such Proprietary Information includes, without limitation,
strategies, financial information, forecasts, personnel information and customer
lists. At all times, both during my employment and after its termination, I will
keep and hold all such Proprietary Information in strict confidence and trust,
and I will not use or disclose any of such except to the extent necessary to
perform my duties as an employee of the Company. Upon termination of my
employment with the Company, I will promptly deliver to the Company all
documents and materials of any nature pertaining to my work with the Company and
I will not take with me any documents of materials or copies thereof containing
any Proprietary Information.

        7. NO BREACH OF PRIOR AGREEMENT. I represent that my performance of all
the terms of this Agreement and of my duties as an employee of the Company will
not breach any invention assignment, proprietary information or similar
agreement with any former employer or other party. I represent and agree that I
will not bring with me to the Company or use in the performance of my duties for
the Company and documents or materials of a former employer that are not
generally available to the public or that have not been legally transferred to
the Company.

        8. NOTIFICATION. I hereby authorize the Company to notify my actual or
future employers of the terms of this Agreement and my responsibilities
hereunder.

        9. NON-SOLICITATION. During, and for a period of one (1) year after
termination of, my employment with the Company, I will not solicit any
suppliers, customers, employees or consultants of the Company to cease their
relations with the Company.

        10. INJUNCTIVE RELIEF. I understand that in the event of a breach or
threatened breach of this Agreement by me that the Company may suffer
irreparable harm and will therefore be entitled to injunctive relief to enforce
this Agreement.

        11. GOVERNING LAW. This Agreement will be governed and interpreted in
accordance with the internal laws of the state in which the Company's principal
office is located in the United States as of the start date of your employment,
excluding that body of law governing conflicts of law.

CATUITY, INC.                                 EMPLOYEE:

By:_______________________________            By:  _____________________________

Name:   Michael V. Howe                       (Signature)

Title:  President & CEO                       Name: John H. Lowry

Date signed:                                  Date signed:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}]]