Document:

Deferred Compensation Plan for Safeway Non-Employee Directors II

 Exhibit 10(iii).32 

DEFERRED COMPENSATION PLAN FOR SAFEWAY 
 NON-EMPLOYEE DIRECTORS II 
 (Amended and Restated Effective
January 1, 2011) 
 ARTICLE I 
 1.1 Introduction. 
  

	 	(a)	The name of this plan is the “Deferred Compensation Plan for Safeway Non-Employee Directors II” (the “Plan”). Its purpose is to provide non-employee
Directors of the Company with increased flexibility in timing the receipt of board service fees and to assist the Company in attracting and retaining qualified individuals to serve as Directors. The Plan is effective as of January 1, 2005, and
was amended and restated as of January 1, 2009, to comply with Code Section 409A, and amended and restated again effective January 1, 2011. Between January 1, 2005 and December 31, 2008, the Plan operated in good faith
compliance with the guidance issued under Code Section 409A. 

  

	 	(b)	The Plan is the successor plan to the Deferred Compensation Plan for Safeway Non-Employee Directors (the “Prior Plan”). Effective December 31, 2004, the
Prior Plan was frozen and no new deferrals will be made under it; provided, however, that any deferrals made under the Prior Plan before January 1, 2005 will continue to be governed by the terms and conditions of the Prior Plan as in effect on
December 31, 2004 or on the date of any later amendment, provided that such amendment is not a material modification of the Prior Plan under Section 409A of the Code and regulations promulgated thereunder. 

 

	 	(c)	Any deferrals made under the Prior Plan after December 31, 2004 are deemed to have been made under the Plan and all such deferrals are governed by the terms and
conditions of the Plan as it may be amended from time to time. 

  

	 	(d)	The Plan is intended to comply with the requirements of Section 409A of the Code. 

1.2 Definitions. Whenever used in this Plan, the following terms shall have the meaning set forth below: 

 

	 	(a)	“Annual Fee” means the base annual fee payable to a Director for the Director’s service as a member of the Board, as determined by the Board from time to
time, exclusive of any other fees, including, but not limited to, annual fees for committee membership. 

  

	 	(b)	“Automatic Deferral” means the automatic deferral as described in Section 3.1 below. 

	 	(c)	“Board” means the Board of Directors of the Company. 

  

	 	(d)	“Closing Price” means the closing price of the Company’s Common Stock as reported in The Wall Street Journal. 

 

	 	(e)	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	 	(f)	“Common Stock” means the Common Stock, par value $.01 per share, of Safeway Inc. 

 

	 	(g)	“Company” means Safeway Inc. 

  

	 	(h)	“Compensation” means all remuneration paid to a Director for services as a Director other than reimbursement for expenses and shall include, but not be
limited to, Annual Fees and fees for committee membership. 

  

	 	(i)	“Director” means any individual serving on the Board who is not an employee of the Company or any of its direct or indirect subsidiaries.

  

	 	(j)	“Elective Deferral” means a Participant’s elective deferral as described in Section 3.2 below. 

 

	 	(k)	“Participant” means a Director who receives Compensation from the Company in any Plan Year. 

 

	 	(l)	“Plan Administrator” means a committee consisting of one or more senior executives of the Company designated by the Chief Executive Officer of the Company.

  

	 	(m)	“Plan” means the Deferred Compensation Plan for Safeway Non-Employee Directors II, effective as of January 1, 2005, and as amended thereafter.

  

	 	(n)	“Plan Year” means the calendar year. 

  

	 	(o)	“Prior Plan” means Deferred Compensation Plan for Safeway Non-Employee Directors. 

 

	 	(p)	“Separation from Service” or “Separates from Service” means termination of a Director’s service as a non-employee member of the Board
consistent with Code Section 409A and the regulations promulgated thereunder. 

 ARTICLE II 

2.1 Participation in the Plan. Any individual who is a Director as defined in Section 1.2(h) shall participate in the Plan.

  
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 ARTICLE III 
 3.1 Automatic Deferrals. 
  

	 	(a)	Prior to the fourth calendar quarter of the 2007 Plan Year, payment of 50% of a Director’s Compensation for each Plan Year shall automatically be deferred under
the Plan. 

  

	 	(b)	Beginning with the fourth calendar quarter of the 2007 Plan Year and for each calendar quarter of a Plan Year thereafter, $5,000 of a Director’s Compensation, and
50% of the balance of the Director’s Compensation for such calendar quarter shall automatically be deferred under the Plan; provided, however, that effective January 1, 2011, any increase in a Director’s then current Annual Fee, plus
the increase in the Directors’ Annual Fee for 2010, shall be automatically deferred under the Plan, quarterly, in substantially equal amounts. Such increase shall continue to be automatically deferred and shall not be eligible for elective
deferral under Section 3.2. 

 3.2 Election to Defer. Each Director may elect annually to have payment
of all or any portion of his or her Compensation, in excess of the amount subject to the Automatic Deferral, for that Plan Year deferred. No election to defer Compensation under this Plan may be made after December 31 of the year preceding the
Plan Year during which Compensation is earned. An election to defer any Compensation shall be in writing and shall be delivered to the Plan Administrator. An election to defer shall be irrevocable after the beginning of the Plan Year for which the
election is applicable and shall be effective for the Plan Year or Plan Years immediately following the date on which it was filed as set forth in the written election to defer. In the absence of a written election to defer filed by a Director with
the Plan Administrator, his or her Compensation remaining after the Automatic Deferral will be paid directly to the Director. Notwithstanding the foregoing, a Director who is first appointed or elected to the Board in a Plan Year may elect to defer
under the Plan all or a portion of his or her Compensation, in excess of the amount subject to the Automatic Deferral, with respect to such Compensation earned on and after the first day of the month next following the date such Director completes
and returns the written election to defer to the Company, provided that such election is made within 30 days after the date the Director is first elected or appointed to the Board; such election, if made, shall be irrevocable on the 31st day after
such election or appointment or at such earlier date as provided in the form. 
 3.3 Special Distribution Election.

  

	 	(a)	 At the time the Participant elects to defer Compensation in accordance with Section 3.2, the Participant may elect that Compensation deferred
pursuant to an Elective Deferral will be paid in January of a specified year in the future that is at least twelve months from the last day of the Plan Year in which the deferred Compensation is earned; provided, however, that if the Participant
Separates from Service prior to such specified year, 

  
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the Participant’s account will be paid within 90 days following the Participant’s Separation from Service. 

 

	 	(b)	Compensation deferred pursuant to an Automatic Deferral is payable only upon the Participant’s Separation from Service. 

 

	 	(c)	A Participant who makes a special distribution election pursuant to Section 3.3(a) above may elect to amend such an election to further defer the payment, provided
that such election is made in writing and delivered to the Plan Administrator at least twelve months in advance of the originally scheduled special distribution date and the new distribution date elected by the Participant is at least five years
from the originally scheduled special distribution date. 

 3.4 Transition Distribution Election.
Notwithstanding any other provision of the Plan to the contrary, a Participant may elect an in-service account distribution or change the time of an in-service account distribution as elected in accordance with Section 3.3 above, provided that
the election is made at least twelve months prior to the originally scheduled distribution date and the election is made not later than December 31, 2006. An election made pursuant to this Section 3.4 shall be treated as an initial special
distribution election and shall be subject to any administrative rules imposed by the Plan Administrator including rules intended to comply with Section 409A of the Code and Notice 2005-1, A-19. No election under this Section 3.4 shall
(i) change the payment date of any distribution otherwise scheduled to be paid in 2006 or cause a payment to be paid in 2006, or (ii) be permitted after December 31, 2006. 

3.5 Mode of Deferral. Payment of a Participant’s Compensation deferred pursuant to an Automatic Deferral shall be deferred by
means of a stock credit. Payment of a Participant’s Compensation deferred pursuant to an Elective Deferral may be deferred by means of a cash credit, a stock credit or a combination of the two as the Participant shall elect in writing at the
same time as the election provided for in Section 3.2. If a Participant fails to make an election as to the mode of deferral of his or her Elective Deferral, he or she shall be deemed to have elected deferral by means of a cash credit. Cash
credits and stock credits shall be recorded in accounts established in Participants’ names on the books of the Company. 
  

	 	(a)	 Cash Credits. If the Elective Deferral is deferred wholly or partly by means of a cash credit, the Participant’s cash credit account shall
be credited, as of the last day of the calendar quarter, with the dollar amount of Compensation deferred during the quarter by means of a cash credit. As of the last day of each calendar quarter, the Participant’s cash credit account shall also
be credited with an interest equivalent in an amount determined by applying to the balance in the account as of the first day of the quarter (less any distributions during the quarter) an interest rate for such quarter which, when annualized, shall
be the prime rate of Bankers Trust Company or such other equivalent financial institution, as of the first 

  
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business day of the quarter. Interest shall be calculated on the actual number of days in the quarter based upon a 360-day year. 

 

	 	(b)	Stock Credits. The Participant’s stock credit account shall be credited, as of the last day of the calendar quarter with a Common Stock equivalent equal to
the number of shares of Common Stock (including fractions of a share) that could have been purchased at the average of the Closing Price of Common Stock on each business day during the last month of the calendar quarter with the amount of the
Compensation deferred during the quarter by means of a stock credit. As of the date any dividend is paid to holders of Common Stock, the Participant’s stock credit account shall also be credited with additional Common Stock equivalents equal to
the number of shares of Common Stock (including fractions of a share) that could have been purchased at the Closing Price of Common Stock on such date with the dividend paid on the number of shares of Common Stock to which the Participant’s
stock credit account is then equivalent. In case of dividends paid in property, the dividend shall be deemed to be the fair market value of the property at the time of distribution of the dividend, as determined by the Plan Administrator.

 3.6 Distribution of Credits. 

 

	 	(a)	If a Participant has elected payment in a specified year under Section 3.3, distribution of his or her accounts will only be made in a single lump sum payment.
Otherwise, unless a Participant has elected to receive installment payments as provided below or if the Participant fails to make any election with respect to distribution of his or her accounts, payment of a Participant’s accounts shall be
made in a single lump sum within 90 days following the Participant’s Separation from Service. 

  

	 	(b)	At the election of the Participant made in writing and delivered to the Plan Administrator at the same time the Participant elects to defer Compensation in accordance
with Section 3.2, distribution of his or her accounts, commencing within 90 days following the Participant’s Separation from Service, shall be made in the number of annual installments elected by the Director not exceeding ten. Any such
election is irrevocable; provided, however, that with respect to amount deferred in 2005 and 2006, a Participant may make a transition election in accordance with Section 3.4. 

 

	 	(c)	Distribution of a Participant’s cash credit and stock credit accounts shall be made in cash. The amount of the distribution for stock credit accounts shall be
determined by multiplying the number of shares of Common Stock attributable to the distribution by the average of the Closing Price of Common Stock on each business day in the month of December immediately prior to the Plan Year in which the
installment is to be paid. 

  
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 3.7 Adjustment. If at any time the number of outstanding shares of Common Stock shall
be increased as the result of any stock dividend, subdivision or reclassification of shares, the number of shares of Common Stock to which each Participant’s stock credit account is equivalent shall be increased in the same proportion as the
outstanding number of shares of Common Stock is increased, or if the number of outstanding shares of Common Stock shall at any time be decreased as the result of any combination or reclassification of shares, the number of shares of Common Stock to
which each Participant’s stock credit account is equivalent shall be decreased in the same proportion as the outstanding number of shares of Common Stock is decreased. In the event the Company shall at any time be consolidated with or merged
into any other corporation and holders of the Company’s Common Stock receive common shares of the resulting or surviving corporation, there shall be credited to each Participant’s stock credit account, in place of the shares then credited
thereto, a stock equivalent determined by multiplying the number of common shares of stock given in exchange for a share of Common Stock upon such consolidation or merger, by the number of shares of Common Stock to which the Participant’s
account is then equivalent. If in such a consolidation or merger, holders of the Company’s Common Stock shall receive any consideration other than common shares of the resulting or surviving corporation, the Participants’ stock credit
accounts shall be adjusted in accordance with the terms set forth in the applicable consolidation or merger agreement, as interpreted by the Plan Administrator. 
 3.8 Installment Amount. In the event a Participant has elected to receive distribution of his or her accounts in more than one installment, the amount of each installment shall be determined by
multiplying the current balance (denominated in cash units for the portion elected to be deferred as cash credits and denominated in stock units for the portion deferred or elected to be deferred in stock credits) in the accounts as determined under
Section 3.5, by a fraction, the numerator of which is one, and the denominator of which is the number of installments yet to be paid. With respect to cash credits, interest shall continue to be credited in accordance with Section 3.5
during the payment period. For purposes of the Plan, installment payments shall be treated as a single distribution under Section 409A of the Code. 
 3.9 Distribution upon Death. In the event of the death of a Participant, whether before or after ceasing to serve as a Director, any cash credit account and stock credit account to which he or she
was entitled, shall be converted to cash and distributed in a single lump sum to such person or persons or the survivors thereof, including corporations, unincorporated associations or trusts, as the Participant may have designated. All such
designations shall be made in writing signed by the Participant and delivered to the Plan Administrator. A Participant may from time to time revoke or change any such designation by written notice to the Plan Administrator. If there is no unrevoked
designation on file with the Plan Administrator at the time of the Participant’s death, or if the person or persons designated therein shall have all predeceased the Participant or otherwise ceased to exist, such distributions shall be made in
accordance with the Participant’s will or in the absence of a will, to the administrator of the Participant’s estate. Any distribution under this Section 3.9 shall be made within 90 days following the date of the Participant’s
death. In this case, a Participant’s stock credit account shall be converted to cash by multiplying the number of whole and fractional 

  
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shares of Common Stock to which the Participant’s stock credit account is equivalent by the average of the Closing Price of Common Stock on each business day during the last month of the
calendar quarter prior to the date of death. 
 3.10 Prohibition on Acceleration. Notwithstanding any other provision of
the Plan to the contrary, no distribution shall be made from the Plan that would constitute an impermissible acceleration of payment as defined in Section 409A(a)(3) of the Code and the regulations promulgated thereunder. 

ARTICLE IV 
 4.1 Plan Administrator. The Plan Administrator shall have full power and authority to administer the Plan including the power to promulgate forms to be used with regard to the Plan, the power to
promulgate rules of Plan administration, the power to settle any disputes as to rights or benefits arising from the Plan, and the power to make such decisions or take such actions as the Plan Administrator, in its sole discretion, deems necessary or
advisable to aid in the proper maintenance of the Plan. 
 ARTICLE V 

5.1 Funding. No promise hereunder shall be secured by any specific assets of the Company, nor shall any assets of the Company be
designated as attributable or allocated to the satisfaction of such promises. In addition, amounts deferred pursuant to the terms of the Plan and income attributable to such amounts shall remain (until distributed in accordance with the terms of the
Plan) solely the property of the Company, subject to the claims of the Company’s general creditors. 
 ARTICLE VI

 6.1 Non-alienation of Benefits. No benefit under the Plan shall be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, or charge; and any attempt to do so shall be void. No such benefit shall, prior to receipt thereof by the Participant, be in any manner liable for or subject to the debts, contracts,
liabilities, engagements, or torts of the Participant. 
 6.2 Domestic Relations Orders. If a court of competent
jurisdiction determines pursuant to a judgment, order or approval of a marital property settlement agreement that all or any portion of the benefits payable under the Plan to a Participant constitute community property of the Participant and his or
her spouse or former spouse (hereafter, the “Alternate Payee”) or property which is otherwise subject to division by the Participant and the Alternate Payee, a division of such property shall not constitute a violation of Section 6.1,
and any portion of such property may be paid or set aside for payment to the Alternate Payee. The preceding sentence of this Section 6.2, however, shall not create any additional rights and privileges for the Alternate Payee (or the
Participant) not already provided under the Plan; in this regard, the Administrator shall have the right to refuse to recognize any judgment, order or approval of a marital property settlement agreement that the Administrator in its sole discretion
determines 

  
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provides for any additional rights and privileges not provided under the Plan, including without limitation provisions relating to form and time of payment. 

ARTICLE VII 
 7.1 Delegation of Administrative Duties. Administrative duties imposed by this Plan may be delegated by the Plan Administrator or the individual charged with such duties. 

7.2 Governing Law. This Plan shall be governed by the laws of the State of Delaware. The Plan is intended to comply with Code
Section 409A and shall be interpreted as necessary to comply with Code Section 409A. Any provision that does not comply with Code Section 409A shall be void or deemed to be amended to comply with Code Section 409A. 

7.3 Amendment, Modification and Termination of the Plan. 

 

	 	(a)	The Plan Administrator may amend or modify the Plan at any time and in any respect. 

 

	 	(b)	The Board may terminate and liquidate the Plan on a completely voluntary basis if: (1) the termination does not occur proximate to a downturn in the financial
health of the Company, (2) all nonqualified plans that are aggregated as a single plan with the Plan (pursuant to Code Section 409A) are terminated, (3) no payments are made within the first 12 months following termination, other than
payments that would have been payable under the terms of the Plan if the Plan had not been terminated, (4) all payments are made within 24 months of the termination and (5) a new plan that would be aggregated with the Plan (pursuant to
Code Section 409A) is not established for a period of three years following the date of termination of the Plan. 

  

	 	(c)	The Board may terminate the Plan upon a dissolution of the Company that is taxed under Code section 331 or with the approval of a bankruptcy court pursuant to 11 U.S.C.
section 503(b)(1)(A), provided that the deferred amounts are distributed and included in the gross income of the Participants by the latest of (i) the calendar year in which the Plan terminates or (ii) the first calendar year in which
payment of the deferred amounts is administratively practicable. 

 [Signature Page Follows]

  
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 IN WITNESS WHEREOF, the Board has caused this amended and restated Plan to be executed by a
duly authorized officer of the Company this 20th day of October 2010. 
  

			
	SAFEWAY INC.
		
	By:	 	/s/ Laura A. Donald
		
	Its:	 	Assistant Vice President

  
 9Retirement Separation Waiver of D. Michael Parrish

 Exhibit 10(xv) 
 RETIREMENT SEPARATION WAIVER AND RELEASE AGREEMENT 

This Retirement Separation Waiver and Release Agreement (“Agreement”) is entered into as of the
23rd day of August, 2010, by and between D. Michael
Parrish (“Executive”), a citizen and resident of North Carolina, and Nucor Corporation, a Delaware corporation with its principal place of business in Charlotte, North Carolina. 

WHEREAS, Executive, currently a resident of North Carolina, has spent thirty five (35) years as a Nucor (as defined below)
employee, and has most recently been employed as Nucor Corporation’s Executive Vice President of Bar Products; 

WHEREAS, Executive has decided to retire from Nucor effective August 31, 2010 (the “Effective Date”); 

WHEREAS, based upon the Severance Plan (as defined below), Executive shall be eligible to receive certain severance benefits
contingent upon his agreement to the covenants set forth in this Agreement and his strict compliance with such covenants; 

WHEREAS, pursuant to that certain Executive Employment Agreement by and between Executive and Nucor dated as of April 10,
2001, as amended by an Amendment Agreement effective as of November 5, 2007 (as amended, the “Employment Agreement”), Executive is entitled to certain post-separation benefits in addition to those granted under the Severance Plan
provided that Executive adheres to the post-separation restrictive covenants set forth in the Employment Agreement; 

WHEREAS, Nucor and Executive desire for this Agreement to, amongst other things, supersede (as of the Effective Date) the terms of
the Employment Agreement; 
 WHEREAS, Executive’s years of experience as an Executive Officer of Nucor give him
unique expertise and insight into Nucor’s operations and management; and 
 WHEREAS, the parties wish to enter into
this Agreement during the course of Executive’s employment to set forth Executive’s post-separation benefit opportunities and to protect Nucor’s competitive advantages, confidential trade secrets and goodwill. 

NOW, THEREFORE, in consideration of the reasons recited above, the severance and other post-separation benefits to be paid by
Nucor to Executive upon termination of his full-time employment with Nucor, the mutual covenants and obligations contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and which
consideration Executive was not otherwise entitled to receive, Executive and Nucor hereby agree effective as of the Effective Date as follows: 
 1. Recitals. The above recitals are true and correct and are incorporated herein by reference as if fully set forth herein. 

2. Definitions. For purposes of this Agreement the following definitions shall apply: 

(a) The term “Business” means the research, manufacture, marketing, sale, placement and/or distribution of steel
or steel products (including but not limited to flat-rolled steel, steel shapes, structural steel, light gauge steel framing, steel plate, steel joists and girders, steel deck, steel fasteners, metal building systems, wire rod, welded-wire
reinforcement rolls and 

  

					
		 		 	

 
sheets, cold finished steel bars and wire, special bar quality products, guard rail, fabricated concrete reinforcement bars, and structural welded-wire reinforcement) or steel or steel product
inputs (including but not limited to scrap metal and direct reduced iron). 
 (b) The term “Code” means
the Internal Revenue Code of 1986, as amended. 
 (c) The term “Competing Business” means any business
activity (i) that is the same as, or is in direct competition with, any portion of the Business and (ii) in which Executive engaged in during the course of his employment with Nucor. 

(d) The term “Confidential Information” shall include all confidential and proprietary information of Nucor,
including, without limitation, any of the following information to the extent not generally known to third persons: financial and budgetary information and strategies; plant design, specifications, and layouts; equipment design, specifications, and
layouts; product design and specifications; manufacturing processes, procedures, and specifications; data processing or other computer programs; research and development projects; marketing information and strategies; customer lists; vendor lists;
information about customer preferences and buying patterns; information about prospective customers, vendors, or business opportunities; information about Nucor’s costs and the pricing structure used in sales to customers; information about
Nucor’s overall corporate business strategy; and technological innovations used in Nucor’s business, to the extent that such information does not fall within the definition of Secret Information. 

(e) The term “Customer” means the following alternatives: 

(i) any and all customers of Nucor with whom Nucor is doing business as of the Effective Date, but if such definition is
deemed overbroad by a court of law, then; 
 (ii) any customer of Nucor with whom Executive or Executive’s
direct reports had significant contact or with whom Executive or Executive’s direct reports directly dealt on behalf of Nucor at the time of Executive’s last date of full time employment with Nucor, but if such definition is deemed
overbroad by a court of law, then; 
 (iii) any customer of Nucor with whom Executive had significant contact or
with whom Executive directly dealt on behalf of Nucor at the time of Executive’s last date of full time employment with Nucor. 
 Provided, however, that the term “Customer” shall not include any business or entity that no longer does business with Nucor without any direct or indirect interference by Executive or
violation of this Agreement by Executive, and that ceased doing business with Nucor prior to any direct or indirect communication or contact by Executive. 
 (f) The term “Prospective Customer” means any person or entity who does not currently or has not yet purchased the products or services of Nucor, but who, at the time of Executive’s last
date of full-time employment with Nucor has been targeted by Nucor as a potential user of the products or services of Nucor, and whom Executive or his direct reports participated in the solicitation of or on behalf of Nucor. 

(g) The term “Nucor” means Nucor Corporation and its direct and indirect subsidiaries and affiliates in
existence or planned as of the Effective Date. 

  

					
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 (h) The term “Restricted Territory” means Executive’s
geographic area of responsibility at Nucor which Executive acknowledges extends to the full scope of Nucor operations throughout North America. “Restricted Territory” therefore consists of the following alternatives reasonably necessary to
protect Nucor’s legitimate business interests: 
 (i) the United States, Canada, and Mexico, where Executive
acknowledges Nucor engages in the Business, but if such territory is deemed overbroad by a court of law, then; 

(ii) the United States, where Executive acknowledges Nucor engages in the Business, but if such territory is deemed
overbroad by a court of law, then; 
 (iii) any state in the United States located within a three hundred
(300) mile radius of a Nucor plant or facility, but if such territory is deemed overbroad by a court of law, then; 
 (iv) any state in the United States where a Customer or Prospective Customer is located. 
 (i) The term “Secret Information” means Nucor’s proprietary and confidential information (i) that is not generally known in the Business, which would be difficult for others to acquire
or duplicate without improper means, (ii) that Nucor strives to keep secret, and (iii) from which Nucor derives substantial commercial benefit because of the fact that it is not generally known. As used in this Agreement, Nucor’s
Secret Information includes, without limitation: (w) Nucor’s process of developing and producing raw material, and designing and manufacturing steel and iron products; (x) Nucor’s process for treating, processing or fabricating
steel and iron products; (y) Nucor’s customer lists, non-public financial data, strategic business plans, competitor analysis, sales and marketing data, and proprietary margin, pricing, and cost data; and (z) any other information or
data which meets the definition of Trade Secrets. 
 (j) The term “Severance Period” means the period
of time commencing on the Effective Date and terminating twenty four (24) months thereafter. 
 (k) The term
“Trade Secrets” has the meaning assigned to such term by the North Carolina Trade Secrets Protection Act. 
 3.
Post-Retirement Benefits. 
 (a) Severance Plan. Executive recognizes and agrees that
pursuant to the Nucor Corporation Severance Plan for Senior Officers and General Managers (the “Severance Plan”), Executive shall receive certain Severance Benefits (as defined in the Severance Plan) contingent upon his execution of this
Agreement and strict compliance with the covenants contained herein. Based on Executive’s (a) September 1, 1975 date of hire, (b) effective retirement date of August 31, 2010 and (c) current annual base salary of Three
Hundred Ninety Five Thousand Three Hundred Dollars ($395,300), Executive would be eligible to receive Severance Benefits under the Severance Plan totaling One Million One Hundred Fifty Two Thousand Nine Hundred Fifty Eight Dollars and Thirty Three
Cents ($1,152,958.33) payable in twenty-four (24) monthly installments of Forty Eight Thousand Thirty Nine Dollars and Ninety Three Cents ($48,039.93) (the “Monthly Severance Plan Payments”). Subject to the provisions of Paragraph
3(c) of this Agreement, the payments of the Monthly Severance Plan Payments shall be made each month following the Effective Date. In the event Executive dies during the Severance Period and 

  

					
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provided that Executive was not in breach of his obligations under this Agreement at the time of his death, the remaining Monthly Severance Plan Payments that would have been paid to Executive
pursuant to the Severance Plan shall be paid to Executive’s estate in a single sum payment as soon as practicable (but in any event within ninety (90) days) following Executive’s death. All Monthly Severance Plan Payments shall be
subject to regular and customary withholding. 
 (b) Non-Competition Payment. 

(i) Contingent upon his execution of this Agreement and strict compliance with the covenants contained herein, Nucor will
pay Executive One Hundred Ten Thousand Six Hundred Eighty Four Dollars ($110,684.00) each month (the “Monthly Non-Compete Payments”, and together with the Monthly Severance Plan Payments, collectively, the “Monthly Separation
Payments”) for twenty-four (24) months following the Effective Date. Subject to the provisions of Paragraph 3(c) of this Agreement, the payments of the Monthly Non-Compete Payments shall be made each month following the Effective Date. All
Monthly Non-Compete Payments shall be subject to regular and customary withholding. 
 (ii)
If Executive dies prior to the Effective Date, Nucor’s obligations to make any payments of the Monthly Non-Compete Payments under this Agreement will automatically terminate and Executive’s estate and executors will have no rights to any
payments of the Monthly Non-Compete Payments under this Agreement. If Executive dies during the first twelve months following the Effective Date, then Nucor will pay Executive’s estate the payments of the Monthly Non-Compete Payments through
the end of the twelfth (12th) month following the
Effective Date. If Executive dies twelve (12) or more months following the Effective Date, then Nucor’s obligations to make any payments of the Monthly Non-Compete Payments will automatically terminate without the necessity of Nucor
providing notice (written or otherwise). 
 (iii) Executive acknowledges and agrees that the payments described
in this Paragraph 3(b) (A) are the same payments that Executive would have been entitled to pursuant to Section 4 of the Employment Agreement and (B) are provided in lieu of, and not in addition to, the payments Executive would have
been entitled to pursuant to Section 4 of the Employment Agreement. 
 (c) Compliance with 409A.
Because Executive (i) is and will be as of the Effective Date a “specified employee” under Section 409A(a)(2)(B)(i) of the Code and (ii) the Monthly Separation Payments would constitute non-exempt “deferred
compensation” for purposes of Section 409A of the Code, in order to comply with Section 409A of the Code, the Monthly Separation Payments that would otherwise be payable pursuant to Paragraphs 3(a) and 3(b) of this Agreement during
the six (6) month period immediately following the Effective Date shall be accumulated and the Executive’s right to receive payment of such accumulated amount (which such amount shall not accrue interest) will be delayed until the seventh
month following the Effective Date. 
 4. Acknowledgment of Nucor Protectable Interests. Executive acknowledges
and agrees that Nucor competes in North America and throughout the world in the Business. Executive further acknowledges and agrees that Nucor has Secret Information and Confidential Information to which he has had access and has used in the course
of his employment with Nucor. Executive acknowledges that Nucor’s Secret Information and Confidential Information are valuable to Nucor and provide it with a 

  

					
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competitive advantage in the Business. Executive also acknowledges and agrees that during his employment with Nucor he has had substantial contact and developed goodwill with Nucor’s
personnel (including, without limitation, executive officers and senior management of Nucor), customers, vendors and/or suppliers and joint venture and strategic partners, and that such goodwill is an important and valuable asset of Nucor.

 5. Non-Competition Covenant. Executive hereby agrees that for the duration of the Severance Period, Executive
shall not, directly or indirectly, within the Restricted Territory: 
 (a) engage in a Competing Business,
whether as an employee, consultant, or in any other capacity; 
 (b) commence, establish or own (in whole or in
part) any business engaged in a Competing Business, whether (i) by establishing a sole proprietorship, (ii) as a partner of a partnership, (iii) as a member of a limited liability company, (iv) as a shareholder of a corporation
(except to the extent Executive is the holder of not more than five percent (5%) of any class of the outstanding stock of any company listed on a national securities exchange so long as Executive does not actively participate in the management
or business of any such entity) or (v) as the owner of any similar equity interest in any such entity; 

(c) provide any public endorsement of, or otherwise lend Executive’s name for use by, any person or entity engaged in
a Competing Business; or 
 (d) engage in work that would inherently call on him in the fulfillment of his duties
and responsibilities to reveal, rely upon, or otherwise use Nucor’s Confidential Information or Secret Information. 
 6.
Nonsolicitation. Executive hereby agrees for the duration of the Severance Period, Executive will not, directly or indirectly, within the Restricted Territory, do any of the following: 

(a) solicit, contact, or attempt to influence any Customer to limit, curtail, cancel, or terminate any business it
transacts with, or products it receives from Nucor; 
 (b) solicit, contact, or attempt to influence any
Prospective Customer to terminate any business negotiations it is having with Nucor, or to otherwise not do business with Nucor; 
 (c) solicit, contact, or attempt to influence any Customer to purchase products or services from an entity other than Nucor, which are the same or substantially similar to, or otherwise in competition
with, those offered to the Customer by Nucor; or 
 (d) solicit, contact, or attempt to influence any Prospective
Customer to purchase products or services from an entity other than Nucor, which are the same or substantially similar to, or otherwise in competition with, those offered to the Prospective Customer by Nucor. 

7. Anti-Piracy. 
 (a) Executive agrees for the duration of the Severance Period, Executive will not, directly or indirectly, encourage, contact, or attempt to induce any employees of Nucor (i) with whom Executive had
regular contact with as of the Effective Date, and (ii) who are employed by Nucor at the time of the encouragement, contact or attempted inducement, to end their employment relationship with Nucor. 

  

					
		 	5	 	

 (b) Executive further agrees for the duration of the Severance Period not to
hire for any reason any employees described in Paragraph 7(a) of this Agreement. 
 8. Confidentiality. Except and
only as required by law, Executive shall not, at any time or in any manner, either directly or indirectly, disclose, divulge, reveal, or use any Confidential Information or Secret Information of Nucor that Executive learned of or otherwise acquired
during his employment with Nucor. The provisions of this Paragraph 8 shall survive indefinitely. 
 9. Return of
Property. Executive agrees that he shall return any and all Nucor property and information, regardless of medium or format, to Nucor no later than three (3) days following his last day of employment, and Executive shall not retain any
copies of any Nucor information. Notwithstanding the foregoing, Executive may retain such Nucor property and information as is specifically agreed to by Nucor’s Chief Executive Officer, provided, however, that any information so retained by
Executive shall be deemed Confidential Information and shall be subject to the restrictions set forth in Paragraph 8 of this Agreement. 
 10. Release. Executive agrees that, in consideration for the Monthly Separation Payments, he, for himself, his heirs, executors, administrators, and assigns, hereby releases, waives, and
forever discharges Nucor, its predecessors, successors and assigns, and its officers, directors, employees, agents, representatives and trustees (“Nucor Releasees”), from any and all claims or liabilities of whatever kind or nature which
he ever had or which he now has, known or unknown, including, but not limited to, any claims arising under or pursuant to the Employment Agreement or any other contract claims; claims for bonuses, severance pay, employee or fringe benefits; and
claims based on any state or federal wage, employment, or common laws, statutes, or amendments thereto, including, but not limited to: (i) any claim under the Employee Retirement Income Security Act, 29 U.S.C. § 1001 et seq., or COBRA;
(ii) any race, color, religion, sex, or national origin discrimination claims under Title VII of the 1964 Civil Rights Act, 42 U.S.C. § 2000(e) et seq.; (iii) any claim of disability discrimination under the Americans with
Disabilities Act (“ADA”), 42 U.S.C. § 12102 et seq.; (iv) any claim of retaliation or wrongful discharge, (v) any age discrimination claims under the Age Discrimination in Employment Act, as amended (“ADEA”), 29
U.S.C. § 621 et seq.; (v) any claim under the Fair Labor Standard Act of 1939 as amended, 29 U.S.C. § 201 et seq.; or (vi) any claim under the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701 et seq.; or any other
claims related to or arising out of his employment relationship with Nucor or the termination thereof whether based on contract (including, without limitation, the Employment Agreement), quasi-contract, quantum merit implied contract, tort, wrongful
or constructive discharge or any employment related claim. This release and waiver does not apply to claims that (x) Executive may have for incentive compensation earned under or pursuant to the Nucor Corporation Senior Officers Annual
Incentive Plan or the Nucor Corporation Senior Officers Long-Term Incentive Plan for his employment with Nucor through the Effective Date, or (y) may arise after the date this Agreement is executed. 

Nothing in this Paragraph 10 or elsewhere in this Agreement prevents or prohibits Executive from filing a claim with a government agency such as the
United States Equal Employment Opportunity Commission that is responsible for enforcing a law on behalf of the government. However, Executive understands that because he is waiving and releasing all claims for monetary damages and any other forms of
personal relief, he may only seek and receive non-financial forms of relief through any such claim. 
 11.
Remedies. Executive agrees that in the event of a breach or threatened breach by Executive of any provision of this Agreement, monetary remedies may not be adequate and Executive agrees that Nucor is entitled to injunctive relief,
without need to post bond or similar security, in lieu of or in addition to, such monetary remedies. In the event that Executive engages in or attempts to engage in 

  

					
		 	6	 	

 
any of the conduct prohibited in Paragraphs 5, 6, 7 or 8 of this Agreement or fails to comply with the provisions of Paragraph 9, Nucor shall be entitled, in Nucor’s sole discretion, to
(a) cease all Monthly Separation Payments, and Executive shall immediately refund to Nucor any Monthly Separation Payments already paid to him, and/or (b) in addition to any other remedies available at law or in equity, to enforce the
provisions of Paragraphs 5, 6, 7, 8 and 9 by temporary, preliminary and permanent injunction to restrain any violation or threatened violation by Executive of any provisions of Paragraphs 5, 6, 7, 8 and 9. Executive further agrees to reimburse Nucor
its costs (including, without limitation, attorney’s fees) incurred for to enforce Paragraphs 5, 6, 7, 8 or 9. 
 12.
Cooperation With Legal Matters: Executive agrees that after the Effective Date, he will cooperate with and assist Nucor, upon request and with reasonable notice, by providing information relevant to matters he gained knowledge of or
was involved with while employed by meeting with Nucor’s attorneys or other representatives on such matters, and by appearing voluntarily for hearings, depositions, trials, or any regulatory or legal proceedings related to such matters.
Executive understands that Nucor will reimburse him for any reasonable expense he incurs related to this cooperation and assistance, but will not be obligated to pay him any additional amounts. 

13. Assignability. Neither this Agreement, nor any right or interest hereunder, shall be assignable by Executive,
Executive’s beneficiaries, or legal representatives. Nucor, however, retains the right to assign this Agreement. This Agreement shall be binding upon Executive, Executive’s heirs, administrators, and representatives, and shall inure for
the benefit of the Nucor Releasees and each of their respective heirs, administrators, representatives, executors, successors, and assigns. 
 14. Choice of Law and Venue. This Agreement is made in, and its validity, interpretation, performance and enforcement shall be construed and governed in accordance with, the laws of, the
State of North Carolina, the location of Nucor Corporation’s corporate headquarters and Executive’s place of employment prior to the Effective Date. Executive, for himself and his successors and assigns, hereby expressly and irrevocably
(a) consents to the exclusive jurisdiction of the state courts of Mecklenburg County, North Carolina for any action arising out of or related to this Agreement; and (b) waives any and all objection to any such action based on venue or
forum non conveniens. Executive agrees that Nucor shall have the right to file and enforce any award, order, judgment, or injunction in any appropriate jurisdiction, and Executive waives service of process in connection with the filing and
enforcement of the award, order, judgment, or injunction in any foreign jurisdiction and venue in which Nucor seeks to enforce the award, order, judgment, or injunction. 
 15. Severability. If any part of this Agreement is determined by a court of competent jurisdiction to be invalid in any respect, the parties agree that the court may modify by redaction (or
any other method available to and endorsed by such court) any provision or part thereof to the extent reasonably necessary to protect Nucor’s legitimate business interests. The remaining provisions shall retain full force and effect.

 16. Entire Agreement. This Agreement contains the entire agreement of the parties and supersedes all prior
agreements and understandings, oral or written, between the parties hereto with respect to the subject matter hereof, including, without limitation, the Employment Agreement. This Agreement may be modified or amended only by an instrument in writing
signed by Executive and Nucor and approved by Nucor’s Board of Directors. The language of this Agreement and all parts shall be construed as a whole and according to its reasonable and fair meaning, and not strictly for or against either party.
The parties agree they have jointly drafted this Agreement and agree that any rules requiring construction of this Agreement against its drafter shall not be applied to this Agreement. 

  

					
		 	7	 	

 17. No Violation of Public Policy; Executive’s Right of Rescission.
Executive has carefully considered the nature and extent of the restrictions upon him and the rights and remedies conferred upon Nucor under Paragraphs 5, 6, 7, 8, 9 and 11 of this Agreement and acknowledges and agrees that they are reasonable in
scope, time, and territory; are designed to eliminate competition which would otherwise be unfair; do not interfere with Executive’s exercise of his inherent skill and experience; are reasonably required to protect the legitimate interests of
Nucor; and do not confer a benefit upon Nucor disproportionate to the detriment to Executive. Before executing this Agreement, Executive is advised to consult with an attorney of his choice, at his expense. Executive has seven (7) days after
execution hereof in which to revoke the Agreement, and this Agreement shall not become effective and enforceable until the expiration of seven (7) days following its execution by Executive. To revoke this Agreement, Executive should notify the
Chief Executive Officer of Nucor, by fax confirmed by certified mail within such seven (7) day period. No attempted revocation after the expiration of such seven (7) day period shall have any effect on the terms of this Agreement.

 18. Compliance with Older Workers Benefit Protection Act: In addition to the items noted, acknowledged or
discussed in Paragraph 17 above, by signing this Agreement, Executive specifically acknowledges and represents that: 
 (a) Executive has been given a period of twenty-one (21) days to consider the terms of this Agreement. 
 (b) The terms of this Agreement are clear and understandable to Executive; and 
 (c) The benefits Nucor will provide to Executive under this Agreement exceed the benefits that Executive was otherwise entitled to receive as an employee of Nucor. 

  

					
		 	8	 	

 IN WITNESS WHEREOF, Executive and Nucor have executed this Agreement as of the date first
set forth above. 
  

					
	Executive:	 	
 

		 	D. Michael Parrish
		
	Nucor Corporation:	 	
 

		 	By:	 	A. Rae Eagle
		 	Its:	 	Secretary

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