SECOND AMENDMENT TO EMPLOYMENT
AGREEMENT
THIS SECOND
AMENDMENT TO THE EMPLOYMENT AGREEMENT entered into as of
May 23, 2005 (the “Agreement ”) by and
between Commercial Metals Company, a Delaware corporation (the
“Employer ”), and Murray R. McClean (the
“Executive ”), and first amended as of
September 1, 2006, is made this 7th day of April,
2009.
WHEREAS, the
Employer and the Executive entered into the Agreement as of
May 23, 2005; and
WHEREAS, the
Employer and the Executive amended the Agreement in recognition of
Executive’s promotion to the position of Chief Executive
Officer of the Employer effective September 1, 2006;
and
NOW THEREFORE, in
consideration of the mutual covenants and agreements contained
herein, the Employer and Executive agree to further amend the
Agreement as follows:
Sections 3.
Duration , 5.(a) Salary , and 7.(d)
Termination Without Cause by Employer or For Good Reason by
Executive Within Twelve Months Following a Change of
Control are hereby omitted in their entirety, and the
following revised Sections 3., and 5.(a), and 7.(d) are
substituted therefore:
3.
Duration . This Agreement shall, unless terminated
pursuant to its terms, continue through August 31, 2010.
Unless Executive or Employer gives notice of his or its intent not
to renew this Agreement no later than ninety (90) days prior
to its expiration, this Agreement shall automatically continue in
effect for successive additional one (1) year terms subject to
all other terms and conditions contained herein.
5.(a)
Salary . Executive shall receive an annual base salary
of not less than seven hundred thousand dollars ($700,000.00)
during
