RETIREMENT, SEPARATION, WAIVER AND RELEASE AGREEMENT
This Retirement, Separation, Waiver and Release Agreement (Agreement) is entered into as of the 5th day of June, 2019, by and between R. Joseph Stratman (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 has spent 29 years as a Nucor (as hereinafter defined) employee, and has most recently been employed as Chief Digital Officer and Executive Vice President of Nucor Corporation, where he was significantly involved with and responsible for the management and direction of Nucors business operations;
WHEREAS, Executive has decided to retire from Nucor effective June 8, 2019 (the Effective Date);
WHEREAS, based upon the Severance Plan (as hereinafter defined), Executive shall be eligible to receive certain severance benefits contingent upon his execution of this Agreement and his strict compliance with the restrictive covenants set forth herein;
WHEREAS, pursuant to that certain Executive Employment Agreement by and between Executive and Nucor Corporation effective as of September 30, 2007 (the Executive Agreement), Executive is entitled to certain post-separation benefits in addition to those granted under the Severance Plan provided that Executive executes this Agreement and adheres to the post-separation restrictive covenants set forth herein;
WHEREAS, Executives years of experience as an Executive Officer of Nucor give him unique expertise and insight into Nucors operations and management; and
WHEREAS, the parties wish to enter into this Agreement during the course of Executives employment to set forth Executives post-retirement benefits and to protect Nucors competitive advantages, confidential trade secrets and goodwill.
NOW, THEREFORE, in consideration of the reasons recited above, the post-retirement 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, trading, sale, fabrication, placement and/or distribution of steel or steel products (including but not limited to flat-rolled steel, special quality and merchant quality steel bar and shapes, concrete reinforcement bars, structural steel, hollow structural section tubing, conduit tubing, steel plate, steel joists and girders, steel deck, steel fasteners, steel pilings, metal building systems, wire rod, welded-wire reinforcement rolls and sheets, cold finished steel bars and wire, guard rail, and structural welded-wire reinforcement) or steel or steel product inputs (including but not limited to scrap metal and direct reduced iron).