Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On December 24, 2020, United States Steel Corporation (the "Corporation")
entered into a Separation Agreement and Release (the "Agreement") with Douglas
R. Matthews, whose intention to retire as Senior Vice President -Tubular of the
Corporation was announced on September 25, 2020. Pursuant to the Agreement, Mr.
Matthews will retire effective January 31, 2021 (the "Retirement Date").
Both prior to and after the Retirement Date, Mr. Matthews will be entitled to
compensation generally consistent with his existing compensation arrangements,
including (i) the compensation provided for in the letter agreement between Mr.
Matthews and the Corporation, dated as of December 21, 2018 (the "2018
Agreement") and (ii) Mr. Matthews' accrued and vested benefits under the
Corporation's retirement and pension plans. Mr. Matthews is entitled to receive
the benefits under the pension plans in a lump sum payment.
In addition to the compensation to which Mr. Matthews is entitled under existing
arrangements, the Agreement provides for payment to Mr. Matthews of:
i.a lump sum payment of $1,650,000, which is in lieu of the severance payment
under the 2018 Agreement and any payment under the 2020 or 2021 Executive
Management Annual Incentive Compensation Plan; and
ii.a lump sum payment of $50,000 in lieu of reimbursement of executive
outplacement services.
The compensation payable under the Agreement is payable only if Mr. Matthews
does not revoke the Agreement, and timely signs and does not revoke a related
General Release which releases any claims he may have against the Corporation.
The Agreement also provides that Mr. Matthews agrees: (i) generally not to
directly or indirectly compete with the Corporation for a period of 12 months,
(ii) to cooperate with and assist the Corporation with respect to matters about
which he has personal knowledge or which were within the purview of his job
responsibilities at the Corporation, (iii) not to solicit the Corporation's
employees or customers for a 12-month period, (iv) not to disclose the
Corporation's confidential information and trade secrets and (v) not to
disparage the Corporation, its products, services and relevant agents.
The foregoing summary of the Agreement does not purport to be complete and is
qualified in its entirety by reference to the Agreement, a copy of which will be
filed with the Corporation's Form 10-K for the year ended December 31, 2020.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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