Document:

Document

        

September 19, 2020
 
Kenneth Edward Jaycox Jr.
[ADDRESS]

Dear Ken:

On behalf of United States Steel Corporation (U. S. Steel or the Company), I am pleased to confirm our offer to join the company in the position of Senior Vice President & Chief Commercial Officer effective on September 28, 2020.  In this position, you will report directly to David Burritt, President & CEO at our Pittsburgh, PA corporate headquarters.  Acceptance of this offer will require you to relocate to the greater Pittsburgh area.  I am looking forward to you joining the team and helping us build the future of United States Steel Corporation.

The purpose of this letter is to provide clarity on the compensation and benefits programs for which you will be eligible.  The details of our offer are below.

Base Salary:  Your base salary will be at an annualized rate of $550,000 subject to payroll deductions.

Executive Management Annual Incentive Compensation Plan (AICP):  As part of your employment, you will be eligible to participate in the AICP targeted at 75% of your base salary earned during the year, with a maximum incentive opportunity of up to 230% of your target based on company performance and influenced by your individual performance.  If an award is earned, AICP payments are typically paid in March following the performance year.  
Long-Term Incentive Program (LTIP):  You will be eligible to participate in the annual LTIP on a basis reasonably comparable to that of other employees at a similar job level.  Under the current program, you will receive a mix of long-term incentive compensation value in the form of restricted stock units and performance awards.  The LTIP award grant date target value for your role is $1,000,000.  The value, mix, terms and conditions of long-term incentive awards are reviewed and determined annually by the Compensation & Organization Committee of the Board of Directors.  At this time, LTIP awards are typically granted in February each year based on eligibility as of January 1.  Your first full grant will be made as soon as administratively practical following the February 2021 Compensation & Organization Committee meeting subject to approval by the Compensation & Organization Committee of the Board of Directors. 
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Hiring Incentive Payments:  The Company will provide you with a cash incentive of $200,000 payable as a lump sum within 30 days of your hire date and a second cash lump sum payment of $100,000 payable within 30 days following your one year anniversary date of employment, provided that your individual performance assessment for the prior year was a “Meets Expectations” or better.  

Each of these two hiring incentive payments will vest 1/24 each month after they are paid, with the first installment fully vesting on your two-year anniversary and the second installment fully vesting on your three-year anniversary.  If you resign from U. S. Steel prior to your three-year anniversary, you agree that you will return the portion of any hiring incentive payment that has not yet vested.  Any payment due will be sent within 30 days of your exit date.  If you resign from U. S. Steel prior to your one-year anniversary, you agree that you will not be eligible to receive the second cash payment of $100,000. 

New Hire Long-Term Incentive Cash Award: Additionally, in consideration for long-term incentives that you may forfeit from your current employer, you will receive a cash-based long-term incentive award of $300,000.  Distribution of this award will occur as follows:  one-quarter of the value will vest on the first anniversary of your date of employment, one-quarter of the value will vest on the second anniversary of your date of employment, and the remaining value will vest on the third anniversary of your date of employment.
Stock Ownership Guidelines:  As an executive, you will be subject to stock ownership and retention guidelines as approved by our Board of Directors.  The ownership requirement is currently defined as a multiple of base salary and, for executives at your level, the multiple is three times your base salary.  Until the required ownership is achieved, you will be required to retain shares equal to 100% of the after-tax value of shares received in connection with the vesting of restricted stock units and equity performance shares.  Once the ownership requirement is satisfied, an executive who has received approval can sell up to 100% of the available full value shares.  Further details regarding this program will be provided with your new hire paperwork.
Change in Control Severance Plan:  As a Senior Vice President, you will be an eligible Tier II participant in the Company’s Change in Control Severance Plan, providing for a severance multiple of 2.0 times your salary and bonus.  You will be provided with a copy of the plan.  Please contact me with any questions related to the change in control severance plan.

Severance Provision:  If the Company terminates your employment within two years of your date of hire other than for Cause (as defined below), you will be entitled to a lump sum payment equal to the sum of (i) any unpaid portion of the new hire incentive payment described above, (ii) twelve months of your base salary, and (iii) the equivalent of one year of your target bonus (i.e., 75% of your base salary) as that amount would be calculated under the AICP (the “Severance Benefit”).  This Severance Benefit is in lieu of any benefits to which you otherwise may be eligible under the Company’s Supplemental Unemployment Benefit (SUB) Program or any other severance or change in control arrangement or program.  Such payment shall be made on the 30th day following your separation from service within the meaning of IRC section 409A (or, if such day is not a business day, on the next succeeding business day); provided, however, that no such payment may be made to you until the first business day following the six month anniversary of your separation from service if you are a ‘‘specified employee” under IRC section 409A at the time of your separation from service.  The foregoing severance payment is conditioned upon your execution, nonrevocation, and compliance with the 
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terms of a general release and waiver of all claims you may have against the Company and its directors, officers and affiliates, in the form presented by the Company.  

For purposes of this severance provision, “Cause” shall mean any of the following, determined in the sole discretion of the Company: (i) the willful and continued failure by you to substantially perform your duties with the Company (other than any such failure resulting from your disability), after reasonable notice of such failure and an opportunity to correct it, (ii) the willful and continued engaging by you in conduct which is demonstrably and materially injurious to the Company, monetarily or otherwise, or (iii) the breach by you of the Company’s Code of Ethical Business Conduct.  For purposes of this Agreement, no act, or failure to act, will be considered “willful” unless done, or omitted to be done, by you in bad faith and without reasonable belief that such action or omission was in the best interest of the Company.

Following the second anniversary of your date of hire, the severance provision described above will expire, and you will be eligible for benefits, if any, under the Company’s severance plans or programs on the same basis as similarly-situated employees, and subject to the terms and conditions of such plans or programs.

Relocation Benefits:  You are eligible for new hire relocation benefits, which include:
•Up to 6 months temporary living expense in the Pittsburgh area 
•Two house hunting trips for you and your spouse
•One-way movement of household goods and personal effects
•Transportation for you and your family to relocate to Pittsburgh
•Closing costs on the sale of your current residence and purchase of your future residence
•Loss on sale benefit up to a maximum of $30,000, which represents the difference between the origin home purchase price and the end-out sales price based on HUD-1 documents

For clarity, all relocation benefit expenses covered by the Company will be grossed up at your statutory tax rate on file at the end of the year.  This includes any loss on sale, if applicable.

You agree that if you voluntarily terminate your employment within 24 months of the effective date of your hire, you will reimburse the company for any relocation benefits and cash hiring incentives you received.  This amount will be due within thirty (30) days of the effective date of your employment termination.
Employee Benefits:  You will be eligible to participate in retirement, savings, health and welfare benefit plans, including short-term and long-term disability programs.  Outlined below are highlights of the retirement programs and additional benefits you will be eligible to receive based on your level.  

(1)Vacation:  As an experienced hire, you will be eligible to receive four weeks of vacation annually.  In 2020, your vacation will be prorated based on your hire date.

(2)Retirement Account:  You will participate in the Retirement Account under the Savings Fund Plan for Salaried Employees and be eligible for monthly company contributions in the amount of 4.75% to 8.5% (based on your age with the maximum 8.5% applying upon reaching 45 years of age) of your base salary.  You will participate in a non tax-qualified restoration plan (the “Non Tax-
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Qualified Retirement Account Program”) with respect to the portion of the company contributions to your Retirement Account that cannot be made due to certain Internal Revenue Code (IRC) limitations.  In general, you will vest in your Retirement Account under the Savings Fund Plan and your account under the Non-Tax Qualified Retirement Account Program after you complete three years of continuous service.  As of May 1, 2020, these contributions are suspended indefinitely, but you will eligible to receive this contribution or its replacement when the program is restored.

(3)Company Matching Contributions:  You will be eligible to make employee contributions on a pre-tax and/or after-tax basis to the Savings Account under the Savings Fund Plan for salaried employees not to exceed 16% of your base salary subject to limitations under the IRC.  You will also be eligible for company contributions that match 100% of your employee contributions up to 6.0% of your base salary (subject to the IRC limitations.)  You will participate in a non tax-qualified restoration plan (the “Supplemental Thrift Program”) with respect to the portion of company contributions to your Savings Account that cannot be made due to certain IRC limitations.  In general, you will vest in your company matching contributions under the Savings Fund Plan after you complete three years of continuous service and in the Supplemental Thrift Program after you complete five years of continuous service.  As of May 1, 2020, these contributions are suspended indefinitely, but you will be eligible to receive this contribution or its replacement when the program is restored.

(4)Supplemental Retirement Account:  At  your level with the company, you will be eligible to participate in the Supplemental Retirement Account Program (“SRA”).  Under the SRA, you will be eligible for book accruals in the amount of 4.75% to 8.5% (based on your age with the maximum 8.5% applying upon reaching 45 years of age) of your AICP, when earned.  There are various milestones which, if achieved, will allow you to fully vest in the SRA benefit.  In general, you must be a participant in the plan for at least 3 years to vest in the SRA, in addition to reaching certain age and service requirements.

Conditions of Employment:  The terms and conditions of this letter and the offer of employment that it contains shall be construed under the laws of, and the place of its acceptance shall be deemed to be, the Commonwealth of Pennsylvania.  Any action, suit or proceeding based on or arising out of this Agreement shall be brought in state or federal courts in Allegheny County, Pennsylvania, and the parties agree to submit to the jurisdiction of such court(s), and such court(s) shall be the exclusive and sole venue for any such proceeding. 
This offer of employment is contingent upon your successful completion of a background check, verification of work authorization and pre-placement drug screening.  As a condition of your employment, you will also be required to execute a confidentiality and non-compete agreement. You will be subject to all applicable company policies and procedures, including but not limited to, the Code of Ethical Business Conduct.  More information about policies and procedures will be provided to you upon commencement of your employment.
If you accept this offer of employment, you will be an employee-at-will, meaning that either you or the company may terminate the employment relationship at any time for any reason, with or without cause.  Any statements to the contrary that may have been made to you, or that may be made to you, by the company, its agents or representatives are superseded by this offer letter.  Nothing will change the at-will status of your 
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employment except for a written agreement signed by yourself and an appropriate officer of the company.
If you agree to accept this offer of employment, please countersign this letter and return it to me.  I sincerely hope you will accept this employment offer.  We look forward to working with you at United States Steel Corporation.

Very truly yours, 

Barry Melnkovic
Senior Vice President & 
Chief Human Resources Officer

Accepted by:

									
			
	Kenneth Edward Jaycox Jr
		Date
			
			
			
			
			
			
			
			

Page 5 of 5Exhibit 10.1

 

FIRST AMENDMENT
TO LOCK-UP AGREEMENT

 

This
First Amendment To Lock-Up Agreement, dated as of [●],
2022 (this “Amendment”), amends that certain Lock-Up Agreement made and entered into as of December 21, 2021
(the “Lock-Up Agreement”), by and between (i) Gorilla Technology Group Inc., a Cayman Islands exempted
company (the “Company”), and (ii) the undersigned (“Holder”). Capitalized terms
used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Lock-Up Agreement.

 

WHEREAS,
on December 21, 2021, (i) Global SPAC Partners Co., a Cayman Island exempted company (together with its successors, “SPAC”),
(ii) the Company, and (iii) Gorilla Merger Sub, Inc., a Cayman Islands exempted company and a direct wholly owned subsidiary of the Company
(“Merger Sub”), entered into that certain Business Combination Agreement (as amended from time to time in accordance
with the terms thereof, the “Business Combination Agreement”), pursuant to which, subject to the terms and conditions
thereof, among other matters, following the consummation of the Recapitalization, Merger Sub shall, at the Merger Effective Time, be merged
with and into SPAC, with SPAC continuing as the surviving entity in connection therewith (the “Merger”), and
as a result of which, (i) SPAC shall become a wholly-owned subsidiary of the Company and (ii) each issued and outstanding ordinary share
of SPAC immediately prior to the Merger Effective Time shall no longer be outstanding and shall automatically be cancelled, in exchange
for the right of the holder thereof to receive the SPAC Shares Merger Consideration, all upon the terms and subject to the conditions
set forth in the Business Combination Agreement and in accordance with the provisions of applicable law;

 

WHEREAS, pursuant to
the Business Combination Agreement, the parties entered into the Lock-Up Agreement, pursuant to which all of the Company Ordinary Shares
received by the Holder in connection with the Recapitalization (or converted into as a result of the Merger) (all such securities, together
with any securities paid as dividends or distributions with respect to such securities or into which such securities are exchanged or
converted, the “Restricted Securities”), are subject to limitations on disposition as set forth therein;

 

WHEREAS,
the Company and Holder desire to amend the Lock-Up Agreement on the terms and conditions set forth below; and

 

WHEREAS, pursuant to Section 2(h) of the
Lock-Up Agreement, the Lock-Up Agreement can be amended with the written consent of the Company and the Holder.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants, agreements, and considerations herein contained, and other good
and valuable consideration, which consideration the parties hereby acknowledge and confirm the receipt and sufficiency thereof, the parties
hereto agree as follows:

 

1.
Amendment to Lock-Up Agreement.

 

(a)
Section 1(a) of the Lock-Up is hereby amended and restated to provide as follows:

 

“(a)
Holder hereby agrees not to, during the period (the “Lock-Up Period”) commencing from the Closing and ending
on the earlier of (x) twelve (12) months following Closing and (y) the date after the Closing on which the Company consummates a
liquidation, merger, share exchange, reorganization or other similar transaction with an unaffiliated third party that results in all
of the Company’s shareholders having the right to exchange their equity holdings in Company for cash, securities or other property: (i)
lend, offer, pledge, hypothecate, encumber, donate, assign, sell, contract to sell, sell any option or contract to purchase, purchase
any option or contract to sell, grant any option, right or warrant to purchase, establish or increase of a put equivalent position or
liquidation with respect to or decrease of a call equivalent position with respect to or decrease of a call equivalent position within
the meaning of Section 16 of the Exchange Act and the rules and regulations of the Securities and Exchange Commission promulgated thereunder,
or otherwise transfer or dispose of, directly or indirectly, any Restricted Securities, (ii) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of the Restricted Securities, whether any
such transaction is to be settled by delivery of such Restricted Securities, in cash or otherwise, or (iii) publicly announce the intention
to do any of the foregoing, whether any such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of
Restricted Securities or other securities, in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited
Transfer”).  The foregoing sentence shall not apply to the transfer of any or all of the Restricted Securities owned
by Holder (I) by gift, will or intestate succession upon the death of Holder, (II) to any Permitted Transferee (as defined below), (III)
pursuant to a court order or settlement agreement related to the distribution of assets in connection with the dissolution of marriage
or civil union or pursuant to a domestic relations order, (IV) to the Company in accordance with the requirements of the Business Combination
Agreement, or (V) required by virtue of the laws of the Cayman Islands; provided, however, that in any of the cases of clauses (I), (II)
or (III) it shall be a condition to such transfer that the transferee executes and delivers to the Company an agreement stating that the
transferee is receiving and holding the Restricted Securities subject to the provisions of this Agreement applicable to Holder, and there
shall be no further transfer of such Restricted Securities except in accordance with this Agreement.  As used in this Agreement,
the term “Permitted Transferee” shall mean: (A) the members of Holder’s immediate family (for purposes
of this Agreement, “immediate family” shall mean with respect to any natural person, any of the following: such person’s
spouse, the siblings of such person and his or her spouse, and the direct descendants and ascendants (including adopted and step children
and parents) of such person and his or her spouses and siblings), (B) any trust or charitable organization for the direct or indirect
benefit of Holder or the immediate family of Holder, (C) if Holder is a trust, the trustor or beneficiary of such trust or to the estate
of a beneficiary of such trust, (D) if Holder is an entity, as a distribution to limited partners, shareholders, members of, or owners
of similar equity interests in Holder upon the liquidation and dissolution of Holder or, (E) to any affiliate of Holder.  Holder
further agrees to execute such agreements as may be reasonably requested by the Company that are consistent with the foregoing or that
are necessary to give further effect thereto.

 

    2

     

    

 

Notwithstanding the foregoing,
up to seventy-five percent (75%) of the Restricted Securities (pro rata among each type of Restricted Security owned by Holder) (the “Early
Release Securities”) shall be subject to early release from the restrictions hereunder (and the Lock-Up Period with respect
to such Early Release Securities shall be deemed to have expired) if and to the extent that the following occurs after the Closing: (i)
one-third (1/3rd) of the Early Release Securities shall be released on the date beginning from and after the six (6) month
anniversary of the Closing on which the closing price of the Company’s Ordinary Shares exceeds $12.50 per share (as adjusted for
share splits, share capitalizations, share consolidations, subdivisions, share dividends, reorganizations, recapitalizations and the like)
for any twenty (20) trading days within any thirty (30) trading day period; (ii) one-third (1/3rd) of the Early Release Securities shall
be released on the date beginning from and after the six (6) month anniversary of the Closing on which the closing price of the Company’s
Ordinary Shares exceeds $15.00 per share (as adjusted for share splits, share capitalizations, share consolidations, subdivisions, share
dividends, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any thirty (30) trading day period;
and (iii) one-third (1/3rd) of the Early Release Securities shall be released on the date beginning from and after the six (6) month anniversary
of the Closing on which the closing price of the Company’s Ordinary Shares exceeds $17.50 per share (as adjusted for share splits,
share capitalizations, share consolidations, subdivisions, share dividends, reorganizations, recapitalizations and the like) for any twenty
(20) trading days within any thirty (30) trading day period.”

 

2.
Miscellaneous. Except as expressly provided in this Amendment, all of the terms and provisions in the Lock-Up Agreement are and shall
remain in full force and effect, on the terms and subject to the conditions set forth therein. This Amendment does not constitute, directly
or by implication, an amendment or waiver of any provision of the Lock-Up Agreement, or any other right, remedy, power or privilege of
any party thereto, except as expressly set forth herein. Any reference to the Lock-Up or any other agreement, document, instrument or
certificate entered into or issued in connection therewith shall hereinafter mean the Lock-Up Agreement, as amended by this Amendment
(or as the Lock-Up Agreement may be further amended or modified in accordance with the terms thereof). The terms of this Amendment shall
be governed by, enforced and construed and interpreted in a manner consistent with the provisions of the Lock-Up Agreement.

 

    3

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

 

	 	The Company:
	 	 
	 	GORILLA TECHNOLOGY GROUP INC.
	 	 
	 	By: 	                   
	 	Name: 	  
	 	Title:	  

 

{Additional Signature
on the Following Page}

 

    4

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amendment as of the date first written above.

 

Holder:

 

Name of Holder:  [__________________________]

 

	By:	               	 
	 	 	 
	Name:	 	 
	Title:	 	 

 

	Number and Type of Shares of Company Ordinary Shares:	 
	 	 	 
	Company Ordinary Shares:	 	 
	 	 	 
	Company Ordinary Shares (as a result of conversion of Company Preferred Shares):	 	 

 

	Address for Notice:	 

 

	Address:	 	 
	 	 	 
	 	 	 

 

	Facsimile No.:	 	 

 

	Telephone No.:	 	 

 

	Email:	 	:

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