Nucor Corporation Senior Officers Severance Policy (Effective April 1, 2002)
This policy outlines the severance benefits for Senior Officers of Nucor Corporation upon retirement, termination, or resignation. Senior Officers under 55 receive the greater of one month of base salary per year of service (minimum six months) or the value of their forfeitable stock. Those 55 or older receive one month of base salary per year of service (minimum six months) and are fully vested in their stock. Severance is contingent on signing a 24-month non-compete agreement if one is not already in place. Payments may go to the officer’s spouse or estate if the officer dies.
Exhibit 10(x)
Nucor Corporation
2002 Form 10-K
NUCOR CORPORATION
SENIOR OFFICERS SEVERANCE POLICY
Effective April 1, 2002, upon retirement, termination or resignation, Senior Officers of Nucor Corporation under the age of 55 will receive severance equal to the greater of (1) one month of base salary per year of service, with a minimum payment of six months or (2) the value of their forfeitable stock at the date of termination or retirement. Senior officers 55 or older are fully vested in forfeitable stock. Accordingly, upon retirement, termination or resignation, Senior Officers 55 or older will receive one month of base salary per year of service, with a minimum payment of six months. In all cases, payment is contingent upon execution of a 24-month non-compete agreement for those Senior Officers who do not have an existing non-compete agreement. This severance payment is payable to the Senior Officer’s spouse or estate in the event of the Senior Officer’s death.
