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| NUE > SEC Filings for NUE > Form 8-K on 20-Oct-2009 | All Recent SEC Filings |
20-Oct-2009
Change in Directors or Principal Officers, Financial Statements and Exhibits
On October 20, 2009, Nucor Corporation (the "Corporation") announced that Terry
S. Lisenby will retire from his position as Chief Financial Officer, Treasurer
and Executive Vice President of the Corporation, effective December 31, 2009.
Mr. Lisenby, age 58, joined the Corporation in 1985 and has been Chief
Financial Officer since January 1, 2000. Mr. Lisenby's decision to retire is not
a result of any disagreement with the Corporation or its management.
On the same date, the Corporation announced the appointment of James D. Frias, the Corporation's Vice President and Corporate Controller, as the Chief Financial Officer, Treasurer and Executive Vice President of the Corporation, effective January 1, 2010. Mr. Frias, age 53, joined the Corporation in 1991, was appointed Corporate Controller on June 15, 2001 and has served as Vice President and Corporate Controller since February 26, 2006.
Mr. Frias has executed an employment agreement (the "Employment Agreement") with the Corporation. Pursuant to the Employment Agreement, effective as of January 1, 2010, Mr. Frias will be an at-will employee of the Corporation with a base salary of $325,000 (subject to adjustment by the Corporation's Board of Directors), and Mr. Frias will be entitled to participate in all incentive compensation plans for which executive officers of the Corporation are eligible, which plans currently include the Corporation's Annual Incentive Plan, Long-Term Incentive Plan, and Restricted Stock Unit award program. Further, Mr. Frias will be entitled to participate in the Corporation's benefit programs generally made available to executive officers of the Corporation, including the Nucor Corporation Severance Plan for Senior Officers and General Managers, and health, life and disability insurance.
Additionally, under the terms of the Employment Agreement, Mr. Frias has agreed not to compete with the Corporation during the 24-month period following his termination of employment with Nucor for any reason in exchange for monthly cash payments from the Corporation during the non-competition period. The amount of each monthly cash payment during the 24-month non-competition period will be equal to the product of 3.36 times Mr. Frias' highest annual base salary during the twelve months immediately preceding the termination of his employment, divided by twelve.
A copy of the news release announcing the events described above is attached as Exhibit 99.1 and is incorporated in this report by reference.
(c) Exhibits
Exhibit 99.1 News Release of Nucor Corporation dated October 20, 2009
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