Letter Agreement Suspending Net Worth Appreciation Plan Calculations Between WCI Steel and Ira Leon Rennert

Contract Categories: Business Finance › Modification Agreements
Summary

This letter agreement between WCI Steel and Ira Leon Rennert, representing The Renco Group, confirms the suspension of cumulative net income calculations under the Net Worth Appreciation Participation Agreements and the Net Worth Appreciation Plan for Key Managers. The suspension applies to the period from August 1, 2000, through October 31, 2001, meaning participants' net worth accounts will not reflect WCI's results during this time. Both parties have agreed to this change as a response to extraordinary market conditions.

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EX-10.2.15 3 l92336aex10-2_15.txt LETTER TO IRA LEON RENNERT [WCI STEEL LOGO] EXHIBIT 10.2.15 January 10, 2001 Ira Leon Rennert The Renco Group, Inc. 30 Rockefeller Plaza - 42nd Floor New York, NY 10112 Dear Ira: This letter will confirm our conversation on November 15, 2000 regarding the Net Worth Appreciation Participation Agreements between yourself and each of the executive officers of WCI and the Net Worth Appreciation Plan for Key Managers. Due to the extraordinary market conditions, cumulative net income as described in paragraph 2 in the individual Net Worth Agreements and in the Net Worth Appreciation Plan will be suspended for the period August 1, 2000 through October 31, 2001. As such, each individual's net worth account will not reflect the results of WCI during the above-mentioned period. For our records, please sign below indicating your agreement with the above. Sincerely, /S/ EDWARD R. CAINE ------------------------ Edward R. Caine President & CEO ERC/dj 011001ir.erc /S/ IRA LEON RENNERT - ------------------------- Ira Leon Rennert