Amendment to Amended and Restated Employment Agreement – Joseph Curtin and Tube City IMS Corporation
This amendment updates the employment agreement between Joseph Curtin, Metal Services Acquisition Corp., and Tube City IMS Corporation. It corrects the retirement benefits section, specifying that starting January 1, 2015, normal retirement benefits will be $50,000 annually, and early retirement benefits will start at $30,000 annually at age 55, increasing by $2,000 per year up to $48,000 at age 64. All other terms of the original agreement remain in effect.
Exhibit 10.10
[Tube City IMS Corporation Letterhead]
May 10, 2010
Joseph Curtin
Tube City IMS Corporation
P.O. Box 2000
12 Monongahela Avenue
Glassport, Pennsylvania 15045
Dear Joe:
This letter amends your Amended and Restated Employment Agreement, dated as of January 25, 2007, by and among Metal Services Acquisition Corp., Tube City IMS Corporation and you (the “Employment Agreement”). In order to correct an error in the Employment Agreement, the first sentence of Section 2C(f) is hereby replaced in its entirety as follows:
“Effective in the year commencing January 1, 2015, Normal Retirement Benefits shall be increased to Fifty Thousand Dollars ($50,000) annually; and early Retirement Benefits shall increase to Thirty Thousand Dollars ($30,000) annually at age 55, plus Two Thousand Dollars ($2,000) for each full year of attained between ages 55 and 65 at the date of early retirement to a maximum of Forty Eight Thousand Dollars ($48,000) at age 64.”
This letter is to be interpreted consistent with and governed by each of the provisions of Section 4 of the Employment Agreement.
| Sincerely, |
| METAL SERVICES ACQUISITION CORPORATION |
| /s/ Thomas E. Lippard
|
| Name: Thomas E. Lippard |
| Title: Executive Vice President |
| TUBE CITY IMS CORPORATION |
| /s/ Thomas E. Lippard
|
| Name: Thomas E. Lippard |
| Title: Executive Vice President |
| Agreed and Accepted: |
| /s/ Joseph Curtin
|
| Joseph Curtin |
