Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(c) On June 14, 2022, United States Steel Corporation (the "Corporation")
announced the appointment of Ms. Jessica T. Graziano, age 49, as Senior Vice
President & Chief Financial Officer of the Corporation, effective August 8, 2022
(the "Effective Date"). Prior to joining the Corporation, Ms. Graziano served in
levels of increasing responsibility at United Rentals, Inc., including Executive
Vice President and Chief Financial Officer from 2018-2022, Senior Vice President
- Controller and Principal Accounting Officer from 2017-2018, and Vice President
- Controller and Principal Accounting Officer from 2014-2017.
The Corporation has not entered into any transactions with Ms. Graziano
identified in Item 404(a) of Regulation S-K, other than those related to
compensation as an employee of the Corporation, and Ms. Graziano has no familial
relationships with executives or directors of the Corporation.
As Senior Vice President & Chief Financial Officer, Ms. Graziano will receive
the following compensation package:
· Base salary of $700,000;
· Annual target award under the Corporation's annual incentive compensation plan
of 100% of base salary;
· Target annual grant under the Corporation's long-term incentive program
("LTIP") of $2,400,000, with a prorated 2022 LTIP grant of $1,000,000;
· New hire award of $1,000,000 payable in cash, with $500,000 payable within 30
days of hire date and $500,000 payable within 30 days of the one-year
anniversary of employment;
· New hire award of $3,000,000 payable in cash in March 2023 in recognition of
Ms. Graziano's forfeiture of near-term cash and equity incentives from her
prior employer;
· New hire award of $1,000,000 in restricted stock units, 100% of which will vest
three years from the date of the grant; and
· One-time award of $2,000,000 comprised of performance-based restricted stock
units, which will vest on December 31, 2025 if certain strategic performance
metrics are achieved over a four-year performance period. The terms of this
award are consistent with the "SVP Awards" described in the Corporation's
Current Report on Form 8-K filed with the Securities and Exchange Commission
(the "Commission") on December 30, 2021.
Ms. Graziano was also designated as a participant in the Corporation's Executive
Severance Plan and a Tier II participant under the Corporation's Change in
Control Severance Plan, and will also receive compensation pursuant to certain
plans provided by the Corporation, including health and benefit plans and
retirement plans typically available to other executive officers. A description
of these compensation plans can be found in the Corporation's Proxy Statement
filed on Schedule 14A with the Commission on March 11, 2022. These plans are
also listed as exhibits to the Annual Report on Form 10-K filed with the
Commission on February 11, 2022. In addition, in the event that a new Chief
Executive Officer is appointed, and Ms. Graziano submits notice of her intent to
resign within twelve months of such appointment, she will be eligible for
severance benefits in an amount equivalent to those under the Corporation's
Executive Severance Plan, provided that her notice is submitted six months in
advance of the intended resignation date.
Ms. Graziano was also provided with certain benefits that are typically provided
to newly hired executives, including reimbursement of reasonable relocation
expenses and related tax preparatory services.
The summary of Ms. Graziano's compensation package included in this Current
Report on Form 8-K is qualified in its entirety by reference to the full text of
the Offer Letter, a form of which will be attached as an exhibit to the
Corporation's Quarterly Report on Form 10-Q for the quarter ending June 30,
2022, and is incorporated herein by reference.
As previously disclosed in the Corporation's Current Report on Form 8-K filed
with the Commission on February 15, 2022, Ms. Christine S. Breves will remain
employed with the Corporation through the end of the year and will transition to
the role of Executive Vice President - Business Transformation as of the
Effective Date in order to assist with the transition of her finance duties to
Ms. Graziano, continue performing her other operational responsibilities, and
assist with specified strategic goals as the Corporation continues to execute
its Best for All® strategy.
Item 8.01 Other Events
On June 14, 2022, the Corporation issued a press release announcing the
appointment of Ms. Graziano as Senior Vice President & Chief Financial Officer.
The full text of the press release is filed herewith as Exhibit 99.1 and is
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
The following exhibit is filed herewith:
Exhibit No. Description
99.1 Press Release, dated June 14, 2022, titled "United States Steel
Corporation Names Jessica Graziano as Senior Vice President and
Chief Financial Officer."
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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