Offer Letter, dated September 30, 2020, by and between Verso and Randy Nebel
8540 Gander Creek Drive
Miamisburg, Ohio 45342
September 30, 2020
Mr. Randy J. Nebel
On behalf of the Board of Directors (the Board) of Verso Corporation (the Company), I am pleased to offer you the position, on an interim basis, of the Companys Chief Executive Officer (the CEO) reporting to the Board. Your employment by the Company in this position will commence immediately.
While you serve as interim CEO, the Company will pay you a base salary at a monthly rate of $65,000, which will be paid in accordance with the Companys regular payroll practices. While you serve as interim CEO, you will also continue to be compensated in accordance with the Companys compensation policy for members of the Board (for clarity, even though such policy generally does not apply to Board members who are employed by the Company, you will continue to be entitled to non-employee director compensation while you serve as interim CEO). The Company will also pay or reimburse you for your reasonable housing and vehicle accommodations in Ohio, and for travel (for you and/or a friend or family member) to and from Ohio, while serving as interim CEO, in addition to reimbursement of ordinary business expenses incurred while you serve as interim CEO.
While we expect that your employment with the Company will continue until a new CEO is hired and commences employment, your employment with the Company and your service as interim CEO is at will, meaning that it may be terminated by you or by the Company at any time, for any reason (or no reason), and with or without advance notice. When your employment with the Company ends, you will not be entitled to benefits under any Company severance plan or policy.
It is intended that your compensation and benefits will comply with, and not be subject to tax, interest or penalties under, Section 409A of the Internal Revenue Code of 1986, as amended, and this offer letter will be construed and interpreted consistent with such intent. You agree to sign a customary confidentiality agreement with the Company.
To accept the Companys offer, please sign and date this offer letter in the space provided below and return it to me.
|/s/ St. John Daugherty|
|St. John Daugherty|
|Vice President, Legal and Corporate Affairs|
|Agreed to and accepted:|
Randy J. Nebel
September 30, 2020