Document:

Consulting agreement

 Exhibit 10.1 
 CONSULTING AGREEMENT 
 between 
 SCHNlTZER STEEL INDUSTRIES, INC. 
 and 
 Gary A. Schnitzer 
 For Work Generally Entitled 
 General Consulting Services 

 CONSULTING AGREEMENT 
  

			
	 Between
	  	
		
	 Schnitzer Steel Industries, Inc.
	  	 SSI

	 3200 NW Yeon Avenue
	  	
	 Portland, OR 97210
	  	
		
	 and
	  	
		
	 Gary A. Schnitzer
	  	 Consultant

	 50 Normandie Terrace
	  	
	 San Francisco, CA 941I5
	  	
		
	 Effective Date:            January 5, 2009
	  	

 1. Scope of Agreement; Work Statements. SSI hereby engages Consultant, as of the Effective
Date set forth above, to provide consulting services and advice to SSI. Consultant hereby agrees to provide such consulting services and advice, in accordance with the Work Statement and any additional Work Statements that may be signed by SSI,
acting through its Authorized Representative (as provided in Section 12 below), and Consultant while this Agreement is in effect. Each Work Statement will become a part of this Agreement after execution by both parties. 
 2. Fees and Expenses. SSI shall compensate Consultant for the services specified in each Work Statement in accordance with the fee provisions set
forth therein. Consultant agrees that such compensation constitutes full and complete compensation for Consultant’s services and for all obligations assumed by Consultant under this Agreement. Consultant shall issue an invoice for services
rendered in accordance with the applicable Work Statement which includes a sufficient description of the days or partial days worked and the corresponding services rendered in accordance with the payroll and internal audit requirements of SSI.
Payment terms are (30 days) after receipt of correct invoice by SSI. Consultant will be responsible for payment of all income, social security and other taxes assessed against fees paid by SSI to Consultant hereunder. 
 3. Confidentiality. In the course of providing services to SSI, it is anticipated that Consultant may acquire knowledge (orally, by visual
observation, or in writing) of information considered by SSI to be confidential and proprietary, including without limitation, that regarding: (a) matters of a technical nature such as know-how, formulas, trade secrets, secret processes or
machines, inventions or research projects; (b) matters of a business nature such as information about costs, profits, pricing policies, markets, sales, suppliers, customers, plans for future development, plans for future products, marketing
plans or strategies; and (c) other information of a similar nature not generally disclosed by SSI to the public, all of which information is referred to collectively hereafter as “Confidential Information.” 
  

					
		 	1	  	(Rev. 6/06)

 Consultant agrees that during the term of this Agreement Consultant will (1) keep
secret and retain in the strictest confidence all Confidential Information, (2) not disclose Confidential Information to any third party unless such disclosure is specifically authorized in writing by SSI, and (3) not use any Confidential
Information for any purpose other than performance of services for SSI. Consultant further agrees to deliver promptly to SSI upon termination of this Agreement, or at any time that SSI may request, all memoranda, notes, records, reports, manuals,
drawings or other documents (and all copies thereof) relating to SSI business, and all property associated therewith, that are in the possession or under the control of Consultant. 
 4. Ownership of Copyrights. Any original works of authorship, including any written, pictorial, graphic or audiovisual work or sound recording, conceived or created by Consultant under
this Agreement shall be the property of SSI, and Consultant hereby assigns and agrees to assign to SSI all of Consultant’s rights, including the rights of copyright, in the works. Consultant will execute all documents and perform all acts that
SSI may reasonably request in order to assist SSI in perfecting its rights in and to the works developed under this Agreement anywhere in the world, and SSI will reimburse Consultant for any expenses reasonably incurred by Consultant in so doing.

 5. Inventions. Consultant agrees to disclose promptly to SSI all inventions or improvements made or conceived, either alone or
jointly with others, during the term of this Agreement and for six (6) months thereafter as a direct result of the services provided or Confidential Information obtained by Consultant during the term of this Agreement or any extension thereof.
Consultant will upon request assign to SSI Consultant’s entire right, title and interest in and to any and all such inventions and improvements. Consultant further agrees to execute all documents and provide such other assistance as may be
required for SSI to obtain, maintain and protect patents on such inventions and improvements, or otherwise perfect its rights in and to any such inventions or improvements, and SSI will reimburse Consultant for any expenses reasonably incurred by
Consultant in so doing. 
 6. Hold Harmless and Indemnification. Consultant shall defend, at its own expense, and indemnify and hold
SSI, its officers, direct agents and employees harmless from and against any and all claims, losses, expenses, (including reasonable attorney’ fees), demands, or judgments which result from or arise out of Consultant’s acts, errors,
omissions or negligence in the Consultant’s performance of services under this Agreement. 
 7. Independent Contractor Status.
Consultant agrees that Consultant is an independent contractor and not an employee of SSI, nor subject to the direct supervision or control by SSI, and that Consultant shall not be eligible for SSI employee benefits. 
 8. Insurance. Consultant shall maintain insurance coverage including workers’ compensation, employers’ liability and comprehensive
liability in force for all individuals performing services on behalf of Consultant under this Agreement, at Consultant’s sole cost and expense, and in amounts reasonably sufficient to cover any liabilities assumed by Consultant or imposed on
Consultant under this Agreement. 
  

					
		 	2	  	(Rev. 6/06)

 9. Representation and Warranty. Consultant represents and warrants that Consultant is not
obligated under any agreement with a third party that conflicts with the provisions of this Agreement. Consultant agrees that during the course of this Agreement, Consultant will avoid any employment or other activities that would give rise to a
conflict of interest or an appearance of conflict of interest or which would otherwise be inconsistent with this Agreement. 
 10. No
Assignment. This Agreement may not be assigned by Consultant without the prior written consent of SSI. 
 11. Term and
Termination. This Agreement shall remain in effect until terminated by either party as provided herein. 
 This Agreement
may be terminated by either party by written notice to the other, with immediate effect, if the other party is in default in the performance of its obligations hereunder or under any outstanding Work Statement. 
 Each Work Statement signed by both parties pursuant to this Agreement shall expire on the date indicated therein, subject to the right of
SSI to terminate work by the Consultant thereunder with or without cause, with immediate effect, upon notice to Consultant and payment by SSI for work performed satisfactorily to date. Termination of this Agreement shall constitute termination of
any outstanding Work Statement. The provisions above relating to Confidential Information, conflict of interest and original works of authorship shall survive termination of this Agreement or any Work Statement. 
 12. Authorized Representative. The authorized representative of SSI for purposes of this Agreement and any Work Statement hereunder shall be the
officer of SSI or direct report of an officer of SSI who executes this Agreement in the space provided below, or any other person or persons who shall have been designated as such by an officer of SSI or direct report thereof. 
 13. Notices and Governing Law. 
 (a) Any written notice relating to this Agreement or any Work Statement hereunder shall be effectively given if sent, postage prepaid, by regular first-class mail to the party for whom it is intended at that
party’s address set forth above, or at such other address as that party shall have previously indicated by written notice. 
 (b) This Agreement shall be governed by and construed in accordance with the laws of the State of Oregon. 
  

									
	 SCHNITZER STEEL INDUSTRIES, INC.
	 		 	 CONSULTANT

					
	 By:
	 	 /s/ Tamara Lundgren
	 		 		 	 /s/ Gary Schnitzer

	 Name:
	 	 Tamara Lundgren
	 		 	 Name:
	 	 Gary Schnitzer

	 Title:
	 	 President & CEO
	 		 		 	

  

					
		 	3	  	(Rev. 6/06)

 Exhibit A 
 Work Statement Commencement Date:        January 5, 2009 
 This Work Statement is a
part of and incorporates the terms and conditions of Consulting Agreement effective as of the date indicated above between the undersigned. 
 1. Services to be Provided and Schedule of Performance. The services to be provided by Consultant under this Agreement and the schedule of performance of such services and payments due therefore are set forth below: 
 From time to time, the Chief Executive Officer may identify projects or activities for Consultant which will be undertaken by mutual agreement.

 2. Term, Termination. Unless terminated earlier as provided hereunder, this Work Statement will expire on December 31, 2009.

 Consultant’s performance under this Work Statement may be terminated by SSI at any time as provided in the Consulting
Agreement upon notice to Consultant and payment by SSI for work performed satisfactorily to date. In no event shall SSI be liable for more than the maximum fee, if any, specified below. Upon termination or completion of Consultant’s performance
under this Work Statement, Consultant shall deliver to SSI the results of such performance through the date of termination or completion. 
 3. Fees.
The specific fees payable under this Work Statement are as set forth below: 
 Consultant will be paid $1,700 per day for days worked (unless
Consultant and Company agree to a project based fee structure), and will receive reimbursement for expenses incurred. 
  

									
	 AGREED:
	 		 		 	
			
	 CONSULTANT
	 		 	 SCHNITZER STEEL INDUSTRIES, INC.

				
	 /s/ Gary Schnitzer
	 		 	 By:
	 	 Tamara Lundgren

	 Name:
	 	 Gary Schnitzer
	 		 	 Title:
	 	 President & CEO

  

					
		 	Exhibit A-1	  	(Rev. 6/06)Severance agreement

 Exhibit 10.3 
 SEVERANCE AGREEMENT AND COVENANTS 
  

	1.	PARTIES. 

 The parties to this
Severance Agreement and Covenants (hereinafter “Agreement”) are GREGORY J. WITHERSPOON and SCHNITZER STEEL INDUSTRIES, INC. an Oregon corporation (“SSI”). 
  

	 	1.1	GREGORY J. WITHERSPOON. 

 For the
purposes of this Agreement, WITHERSPOON means GREGORY J. WITHERSPOON, WITHERSPOON’s attorneys, heirs, executors, administrators and assigns (as applicable). 
  

	 	1.2	THE COMPANY. 

 For purposes of this
Agreement the “Company” means SSI, and all subsidiaries, affiliated companies and other business entities thereof, all predecessors and successors of each, and all of each entity’s officers, shareholders, directors, employees, agents,
or assigns, in their individual and representative capacities. 
  

	2.	BACKGROUND AND PURPOSE. 

 WITHERSPOON’s employment with the Company is ending effective January 7, 2009 (the “Termination Date”). WITHERSPOON has twenty-one (21) days to consider whether to execute this Agreement. The parties are entering
into this Agreement regarding termination of WITHERSPOON'S employment with the Company. 
  

	3.	RELEASE. 

 WITHERSPOON waives,
acquits and forever discharges Company from any and all claims WITHERSPOON may have. WITHERSPOON hereby releases Company from any and all claims, demands, actions, or causes of action, whether known or unknown, arising from or 

 
related in any way to any employment of or past or future failure or refusal to employ WITHERSPOON by Company, or any other past or future claim (except as
reserved by this Agreement or where expressly prohibited by law) that relates in any way to WITHERSPOON’s employment, termination, employment contract, compensation, benefits, reemployment, or application for employment, with the exception of
any claim WITHERSPOON may have against SSI for enforcement of this Agreement. This release includes any and all claims, direct or indirect, which might otherwise be made under any applicable local, state or federal authority, including but not
limited to any claim arising under the state or local statutes where WITHERSPOON was employed by SSI dealing with civil rights, employment, wage and hour, discrimination in employment, Employee Retirement Income Security Act (ERISA), Title VII of
the Civil Rights Act of 1964, the Post-Civil War Civil Rights Act (42 U.S.C. §§ 1981-1988), the Civil Rights Act of 1991, the Americans With Disabilities Act, the Family and Medical Leave Act of 1993, the Equal Pay Act of 1963, Executive
Order 11246, the Rehabilitation Act of 1973, the Uniformed Services Employment and Reemployment Rights Act of 1994, the Worker Adjustment and Retraining Notification Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection
Act, the Fair Labor Standards Act, all as amended, any regulations under such authorities, or any other applicable constitutional, statutory, contract, tort, or common law theories, except that WITHERSPOON does not hereby release SSI from its
obligations under this Agreement, its contribution and indemnification obligations whether arising under this Agreement or otherwise, or from any coverage under any policy of insurance providing indemnity and related costs for the benefit of
WITHERSPOON. 
  

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	4.	CONSIDERATION. 

 After receipt of this Severance
Agreement properly and fully endorsed by WITHERSPOON and the expiration of the seven (7) day revocation period provided by the Older Workers Benefit Protection Act without WITHERSPOON’s revocation, the following shall occur: 
  

	 	(1)	SSI shall pay WITHERSPOON the total sum of thirty-eight thousand four hundred sixty-two and No /100 Dollars ($38,462.00) (all less proper withholding); and 

 

	 	(2)	WITHERSPOON is a participant in SSI’s 1993 Stock Incentive Plan, as amended (the “Plan”) and has been awarded certain restricted stock units (“RSUs”) and
stock options (“Options”) under the Plan. Those awards shall continue to be governed by the provisions of the Plan, provided however that, the following changes in vesting and exercise dates shall be made: 

  

	 	(a)	The 2,519 RSUs with a vesting date of June 1, 2009 shall become fully vested as of the Termination Date; and 

  

	 	(b)	The 2,055 Options with a vesting date of June 1, 2009 shall become fully vested as of the Termination Date; and 

  

	 	(c)	The time period in which vested Options may be exercised shall be extended to June 1, 2011. 

  

	5.	NONDISPARAGEMENT. 

 WITHERSPOON
agrees that WITHERSPOON will not disparage or make false or adverse statements about Company. SSI should report to WITHERSPOON any actions or statements that are attributed to WITHERSPOON that SSI believes are disparaging, false or adverse. SSI may
take actions consistent with the provision for breach of the agreement should it determine that WITHERSPOON has disparaged or made false or adverse statements about Company. 
  

 3 

	6.	CONFIDENTIAL, PROPRIETARY AND TRADE SECRET INFORMATION. 

 WITHERSPOON agrees not to use or disclose confidential, proprietary or trade secret information learned while an employee of SSI or its predecessors, including the terms of this Agreement, and covenants not to breach
that duty. Should WITHERSPOON, WITHERSPOON’s attorney or agents be requested in any judicial, administrative, or other proceeding to disclose confidential, proprietary or trade secret information WITHERSPOON learned while an employee of SSI or
its predecessors, WITHERSPOON shall promptly notify SSI of such request. 
  

	7.	COVENANTS. 

  

	 	7.1	WITHERSPOON’S COVENANT NOT TO PROSECUTE OR MAINTAIN ANY ACTION OR PROCEEDING AGAINST COMPANY. 

 In exchange for the settlement consideration, WITHERSPOON covenants not to prosecute or hereafter maintain or institute any action at law,
suit or proceeding in equity, administrative or any proceeding of any kind or nature whatsoever against Company for any reason related in any way to any claim released herein. WITHERSPOON further covenants and agrees that WITHERSPOON will not raise
any claim against Company by way of defense, counterclaim or cross-claim or in any other manner, on any alleged claim, demand, liability or cause of action released herein. At the time of his execution of this Agreement, WITHERSPOON represents that
there are no claims, complaints or charges pending against Company in which WITHERSPOON is a party or complainant. Further, WITHERSPOON acknowledges and agrees there are no unasserted workers’ compensation claims through the date of his
execution of this Agreement. 
  

 4 

	 	7.2	COOPERATION IN DEFENSE OF COMPANY; CONSULTATION. 

 WITHERSPOON covenants now and in the future that WITHERSPOON will assist Company to the best of WITHERSPOON’s ability in the defense of any claim brought against Company of which WITHERSPOON has any personal
knowledge and SSI agrees it will reimburse WITHERSPOON reasonable out-of-pocket expenses in providing such assistance. In addition, WITHERSPOON agrees to provide specific operations information to SSI as requested in a reasonable, timely and clear
manner, to allow SSI to continue and/or complete job tasks, activities, assignments, to continue effective relationships with business partners, and to respond to inquiries as needed by telephone at no additional cost to SSI beyond what is provided
by this Agreement. 
  

	8.	ARBITRATION OF CERTAIN DISPUTES; CLAIMS FOR IRREPARABLE HARM; VENUE. 

 Except as provided below, WITHERSPOON and SSI agree that should any dispute arise between the parties whether or not arising out of this Agreement, the issue shall be submitted to arbitration in
Portland, Oregon, before one arbitrator pursuant to the then current employment rules of the American Arbitration Association. Unless otherwise required by applicable law, each party shall pay its own costs and attorneys’ fee. Notwithstanding
the above, in the event either party wishes to obtain equitable relief for violations of paragraphs 5, 6 and 7 including, without limitation, specific performance, immediate issuance of a temporary restraining order or preliminary injunction
enforcing this Agreement, it may bring a claim for such relief in arbitration or in an action in an applicable court in Portland, Oregon. 
  

 5 

	9.	SCOPE OF AGREEMENT. 

 The provisions
of this Agreement shall be deemed to obligate, extend to, and inure to the benefit of the parties: SSI’s affiliates, successors, predecessors, assigns, directors, officers, and employees; and each party’s insurers, transferees, grantees,
legatees, agents and heirs, including those who may assume any and all of the above-described capacities subsequent to the execution and effective date of this Agreement. 
  

	10.	OPPORTUNITY FOR ADVICE OF COUNSEL. 

 WITHERSPOON acknowledges that WITHERSPOON has been encouraged by SSI to seek advice of counsel with respect to this Agreement and has had the opportunity to do so. 
  

	11.	SEVERABILITY. 

 Every provision of
this Agreement is intended to be severable. In the event any term or provision of this Agreement is declared to be illegal or invalid for any reason whatsoever by an arbitrator or a court of competent jurisdiction or by final and unappealed order of
an administrative agency of competent jurisdiction, such illegality or invalidity should not affect the balance of the terms and provisions of this Agreement, which terms and provisions shall remain binding and enforceable. 
  

	12.	NO WAIVER 

 Failure of either party
to enforce any term of this Agreement shall not constitute a waiver of the party’s right to enforce that term or any other term of this Agreement. 
  

	13.	COSTS AND ATTORNEY’S FEES. 

 The parties each agree to bear their own costs and attorneys’ fees which have been or may be incurred in connection with any matter herein or in connection with the negotiation and consummation of this Agreement or any action to
enforce the provisions of this Agreement. 
  

 6 

	14.	GOVERNING LAW. 

 The rights and
obligations of the parties under this Agreement shall in all respects be governed by the laws of the United States and the State of Oregon. 
  

	15.	PAYMENT: REVOCATION. 

 WITHERSPOON
acknowledges that the Agreement provides severance pay and benefits which SSI would otherwise not be obligated to provide. WITHERSPOON must not sign this Agreement until after employment with SSI has ended. 
 As provided by the Older Workers Protection Act, WITHERSPOON is entitled to have twenty-one (21) days to consider this Agreement.
For a period of seven (7) days from execution of this Agreement, WITHERSPOON may revoke this Agreement. Upon receipt of WITHERSPOON’s properly-signed Agreement and the expiration of the seven (7) days revocation period without
WITHERSPOON’s revocation, payment by SSI as provided herein will be forwarded by mail in a timely manner. 
  

	16.	ENTIRE AGREEMENT: MODIFICATION. 

 This Agreement contains the entire agreement and understanding among the parties. This Agreement supersedes and replaces all other prior negotiations and proposed agreements, written or oral as to WITHERSPOON’s separation. WITHERSPOON
and SSI acknowledge that no other party, nor agent nor attorney of any other party, has made any promise, representation, or warranty, express or implied, not contained in this Agreement concerning the subject matter of this Agreement or to induce
this Agreement, and WITHERSPOON and SSI acknowledge that they have not executed this Agreement in reliance upon any such promise, representation, or warranty not contained in this Agreement. 
  

 7 

 No modification or waiver of any of the provisions or any future representation, promise
or addition shall be binding upon the parties unless made in writing and signed by the parties. 
  

							
	 Name:
	 	 /s/ Gregory J. Witherspoon
	 		 	 Dated: Jan 28, 2009

		 	 Gregory J. Witherspoon
	 		 	
			
	 SCHNITZER STEEL INDUSTRIES, INC.
	 		 	
				
	 By:
	 	 /s/ Richard C. Josephson
	 		 	 Dated 2-5-09

				
	 Its:
	 	 Secretary
	 		 	
		 	 On behalf of “SSI” and “Company”
	 		 	

  

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