SEC Contract Filing

Filing Date: 2020-07-30

Document Content:
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<DIV><FONT size="1" style="font-size:1pt;color:white"> United States Steel Corporation Change in Control Severance Plan As Amended and Restated Effective July 28, 2020 Introduction The Board of Directors of United States Steel Corporation recognizes that the possibility of a change in control may exist from time to time and that this possibility, and the uncertainty and questions it may raise among management, may result in the departure or distraction of management personnel to the detriment of the Corporation and its stockholders. Accordingly, the Board has established this United States Steel Corporation Change in Control Severance Plan (the &#8220;Plan&#8221;) to reinforce and encourage the continued attention and dedication of management personnel to their assigned duties in the event of a possible change in control as provided herein. The Plan is intended to be an &#8220;employee welfare benefit plan&#8221; as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;) with participation limited to a select group of management or highly compensated employees as described in DOL Regulation section 2520.104-24. Section 1. Effective Date and Duration of the Plan 1.01 Effective Date. The Plan was established with an initial effective date of January 1, 2016. The Plan is amended and restated in its entirety effective July 28, 2020 (the &#8220;Effective Date&#8221;) as set forth herein. 1.02 Duration of the Plan. The Plan shall remain in effect as provided herein until terminated pursuant to Section 7.02(a). Section 2. Definitions 2.01 In addition to the terms defined elsewhere in the Plan, the words and phrases below shall have the following meanings unless the context clearly indicates otherwise: (a) &#8220;Affiliated Company&#8221; means any entity which controls, is controlled by or is under common control with the Corporation under Sections 414(b), (c), (m) or (o) of the Code. (b) &#8220;Applicable Event&#8221; means (1) a Change in Control of the Corporation, including any actions taken at the request of or as a result of actions by a third party who has taken steps reasonably calculated to effect a Change in Control, or (2) a Potential Change in Control. (c) &#8220;Base Salary&#8221; means a Participant&#8217;s annualized rate of base salary (as increased to incorporate foreign service premium, if any). (d) &#8220;Board&#8221; means the Board of Directors of the Corporation, or a duly authorized committee thereof. (e) &#8220;Cause&#8221; means any of the following to the extent set forth in a Notice of Termination: (1) the Participant&#8217;s willful and continued failure to substantially perform the Participant&#8217;s duties (other than any such failure resulting from termination by the Participant for Good Reason or any such failure resulting from the Participant&#8217;s incapacity due to physical or mental illness), after a demand for substantial performance is delivered to the Participant that specifically identifies the manner in which the Board believes that the Participant has not 1 of 16 </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> substantially performed his or her duties, and the Participant has failed to resume substantial performance of his or her duties on a continuous basis within 14 days of receiving such demand, (2) the willful engaging by the Participant in conduct which is demonstrably and materially injurious to the Corporation, monetarily or otherwise or (3) the Participant&#8217;s conviction of a felony or conviction of a misdemeanor which impairs the Participant&#8217;s ability substantially to perform his or her duties. For purposes of this Plan, no act, or failure to act, shall be deemed &#8220;willful&#8221; unless done, or omitted to be done, by the Participant not in good faith and without reasonable belief that the action or omission was in the best interest of the Corporation. (f) &#8220;Change in Control&#8221; means a change in control of the Corporation of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), whether or not the Corporation is then subject to such reporting requirement; provided, that, without limitation, such a change in control shall be deemed to have occurred if: (1) any person (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) (a &#8220;Person&#8221;) is or becomes the &#8220;beneficial owner&#8221; (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Corporation (not including in the amount of the securities beneficially owned by such person any such securities acquired directly from the Corporation or its affiliates) representing 20% or more of the combined voting power of the Corporation's then outstanding voting securities; provided, however, that for purposes of this Plan the term &#8220;Person&#8221; shall not include (A) the Corporation or any of its subsidiaries, (B) a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation or any of its subsidiaries, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, (D) a corpora