Document:

ex10p5d220630

  Page 1 of 5                  June 6, 2022     Jessica Trocchi Graziano  [ADDRESS]      Dear Jess:    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  Financial Officer effective on Monday, August 8, 2022.  In this position, you will report  directly to Dave Burritt, President & Chief Executive Officer.  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 $700,000 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 100% 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 made 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 target amount for your role  is $2,400,000 on the date of grant.  The amount, mix, terms and conditions of equity 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.    Upon hire, you will be eligible for a prorated 2022 long-term incentive grant under the LTIP.   Based up on an August start date, the prorated amount of your grant will be $1,000,000  ($2,400,000 x 5/12 months).  This grant, which is contingent on the approval of the Committee,  will be distributed in the form of 40% restricted stock units, 30% TSR performance equity  awards, and 30% ROCE performance awards.  Restricted stock units will vest ratably with 1/3  of the shares vesting on the first, second, and third anniversaries of the grant date.  The  United States Steel Corporation  600 Grant Street  Pittsburgh, PA  15219-2800  412 433 1125  bmelnkovic@uss.com  Barry Melnkovic  Senior Vice President &  Chief Human Resources Officer  

 

  Page 2 of 5    performance awards will be awarded after completion of the three-year performance period.   The terms and conditions of these awards are outlined under the Company’s Long-Term  Incentive Compensation Program procedures, which will be available to you at the time the  grant is made.  Subject to the approval of the Committee, this grant will be made as soon as  administratively practicable.  Hiring Incentives (Cash):  The Company will provide you with a cash incentive of $500,000  payable as a lump sum within 30 days of your hire date and a second cash lump sum payment  of $500,000 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.      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 $500,000.   Additional Hiring Incentive (Cash):  In recognition that you will be forfeiting near-term cash  and equity incentives from your prior employer, the Company will provide you with an  additional cash incentive of $3,000,000 payable as a lump sum with your March 2023  paycheck.   You agree that if you voluntarily terminate your employment within 24 months of your date of  hire, you will reimburse the company for the Additional Hiring Incentive (Cash) payment.  This  amount will be due within thirty (30) days of the effective date of your employment  termination.  For the avoidance of doubt, reimbursement will not be required if the Special  Severance Benefit described below is applicable.  Hiring Incentives (Equity):  The Company will provide you with a hiring grant equal to  $1,000,000 in restricted stock units (RSUs), which will vest 100% in three years from the date  of grant.  This grant will be awarded as soon as administratively practicable following the  employment start date.  Strategic Transformation Award (Special Award):  In recognition of your importance to the  transformation of our business, the Company will grant you a one-time Special Award, which  is designed to accelerate execution of our Best for All strategy.  The Special Award will have a  grant-date fair value of $2,000,000 and will be comprised of performance-based restricted stock  units (PSUs), which will vest on December 31, 2025, only if certain strategic performance  metrics are achieved over a four-year performance (January 1, 2022 through December 31,  2025) subject to the grant agreement.  There are four strategic performance metrics with each  strategic objective measured on a separate basis (not to exceed 200% of target in total):      • On-time completion of the corporation’s second mini mill (15% of target)  • On-budget completion of the corporation’s second mini mill (15% of target)  • EBITDA margin expansion (40% of target)  • Carbon footprint reduction (30% of target)  This Special Award will be granted as soon as administratively practicable following the  employment start date.  The number of PSUs awarded will be determined on the date of grant.  

 

  Page 3 of 5    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 and 100% of the net value  received from the exercise of stock options.  Once the ownership requirement is satisfied, an  executive who has received approval can sell up to 100% of the available full value shares and  may exercise stock options with no requirement to hold any of the gain in shares.  Further  details regarding this program will be provided with your new hire paperwork.  Relocation Benefits:  You are eligible for new hire relocation benefits, which include:  • Up to 120 days of 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  • Reimbursement of tax preparatory services for the tax year in which you relocate    You agree that if you voluntarily terminate your employment within 24 months of the effective  date of your relocation, 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.  Severance Provision:  As a Senior Vice President and executive officer, you will be an eligible  participant in the Corporation’s Executive Severance Plan (the “Severance Plan”) providing for  a multiple of 1.0 times your salary and bonus.  You will be provided with a copy of the plan.         Special Severance Benefit:  To address concerns regarding CEO succession, if a new Chief  Executive Officer is appointed, you will be eligible for a Special Severance Benefit.  In the  event that, within twelve months of the appointment of a new Chief Executive Officer, you  submit notice of your intent to resign, provided that such notice shall be provided six months in  advance of your intended resignation, you will be eligible for severance benefits in an amount  equivalent to those under the Severance Plan.     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.    Executive Clawback Policy:  As an executive officer, you will be subject to the Executive  Officer Recoupment (Clawback) Policy described in Section VI of the Corporate Governance  Principles.  

 

  Page 4 of 5      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:  At the Senior Vice President level, you will be eligible to receive five weeks  of vacation annually.  In 2022, 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-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.    (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.    (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.   

 

  Page 5 of 5    Cash incentive payments made pursuant to this Agreement will not be treated as covered  compensation under any of the Company’s compensation, retirement, or benefit programs.  The  payments will be subject to applicable tax withholding and other mandatory reductions.  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 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:         Jessica Trocchi Graziano  DateDocument

EXHIBIT 10.3

NEWELL BRANDS SUPPLEMENTAL EMPLOYEE SAVINGS PLAN

AMENDMENT NO. 2

THIS AMENDMENT NO. 2 is made by Newell Operating Company, a Delaware corporation, ("NOC") to the Newell Brands Supplemental Employee Savings Plan (the "Plan"), which was established effective January 1, 2018, and most recently amended effective January 1, 2020.
WITNESSETH:

WHEREAS, NOC sponsors and maintains the Plan for the exclusive benefit of eligible employees of NOC and of certain of its affiliates who are participating employers; and
WHEREAS, under Section 8.1 of the Plan, the Plan may be amended by resolution or written instn1ment approved by the Board of Directors of NOC (the "Board"); and
WHEREAS, the Board has determined that it is appropriate to amend the Plan, effective March 1, 2022, to reflect the Board's reorganization of the committees responsible for the administration of the Plan and delegation of duties to the Benefits Administration Committee and the Benefits Investment Committee;
NOW, THEREFORE, the Board hereby amends the Plan as follows, to be effective as of March 1, 2022.
1.Section 1.20 is deleted in its entirety and the following new Section 1.11 inserted in

lieu thereof:

"1.20    "Committee" means either the BAC and/or BIC, subject to their respective
charters."

2.Section 1.32 is deleted in its entirety and the following new Section 1.28 inserted in lieu thereof:

EXHIBIT 10.3

"1.32    "[Reserved]"

3.Section 7.1 is deleted in its entirety and the following new Section 7.1 inserted in lieu

thereof:

"7.1    Company Responsibility and Delegation to the BAC and the BIC.

(a)The Company. The Company shall be responsible for and shall control and manage the operation and administration of the Plan. The Company shall have sole responsibility for crediting contributions or requiring Participating Employers to credit contributions provided under the Plan, determining the amount of contributions, establishing the Committees, appointing and removing members of the Committees, and an1ending or terminating the Plan. Any action by the Company under this Plan shall be made by resolution of its Board of Directors, or by any person or Committee duly authorized by resolution of the Board of Directors to take such action.

(b)[.Reserved].

(c)U.S. Benefits Administration Committee. The Benefits Administration Committee, known as the "BAC," has been established and authorized to act as the agent of the Company in performing the duties of administering and operating the Plan. The BAC shall be subject to service of process on behalf of the Plan. The members of the BAC may be officers, directors or Employees of the Company or any other individuals. Any member of the BAC may resign by delivering a written resignation to the Company and to the BAC. Vacancies in the BAC arising by resignation, death, removal or otherwise, shall be filled by the Board or their delegates.

(d)U.S. Benefits Investment Committee. The Benefits Investment Committee, known as the "BIC," has been established and authorized to act as the agent of the Company to administer the investment aspects of the Plan. The members of the BIC may be officers, directors, or Employees of the Company or any other individuals. Any member of the BIC may resign by delivering a written resignation to the Company and to the BIC. Vacancies in the BIC arising by resignation, death, removal or otherwise, shall be filled by the Board or their delegates."

4.Except as specifically amended above, the Plan shall remain unchanged and, as amended herein, shall continue in full force and effect.
5.This Amendment No. 2 to the Plan is effective March 1, 2022.

EXHIBIT 10.3

IN WITNESS WHEREOF, NOC has caused this Amendment No. 2 to the Plan to be executed by its duly authorized representative.
Newell Operating Company

      
Dated:  June 7, 2022    /s/ Bradford R. Turner
Chief Legal and Administrative Officer and Corporate Secretary

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