United States Steel Corporation Executive Officer Base Salary Approval and Perquisites (2009)
United States Steel Corporation's Compensation & Organization Committee approved new annual base salaries for its named executive officers, effective July 1, 2009, reflecting salary reductions of 20.6% for Mr. Surma and 10% for the other officers. The agreement also outlines various perquisites provided to these executives, such as limited personal use of corporate aircraft and automobiles, club memberships, financial planning services, and additional benefits for those on foreign assignment. This decision was made to adjust executive compensation in response to company needs and market conditions.
Exhibit 10.4
BASE SALARIES OF NAMED EXECUTIVE OFFICERS
On April 23, 2009, the Compensation & Organization Committee of the Board of Directors approved the following annual base salaries for United States Steel Corporation named executive officers (as defined in Item 402(a)(3) of Regulation S-K). These base salaries reflect a 20.6% salary reduction for Mr. Surma and 10% salary reductions for the other named executive officers. The salary reductions were announced on April 27, 2009, and became effective on July 1, 2009:
| J. P. Surma | $ | 1,000,000 | |
| J. H. Goodish | $ | 675,000 | |
| G. R. Haggerty | $ | 526,500 | |
| J. D. Garraux | $ | 427,507 | |
| D. H. Lohr | $ | 418,500 |
The named executive officers listed above are also provided the following perquisites: limited personal use of corporate aircraft and automobiles; lunch service supplement; club memberships; financial planning and tax preparation services; annual physical examinations; a parking supplement; personal use of corporate properties; tickets to entertainment and sporting events; and, in the case of executives on foreign assignment, the services of a driver as well as security, housing and utility benefits.
