United States Steel (X) 10-Q2007 Q1 Quarterly report

Filed: 25 Apr 07, 12:00am

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New words: acre, ahead, Barney, Bridge, burdensome, called, carryforward, Central, Chase, Cherryvale, choice, choose, CitiGroup, Cold, conjunction, consummation, conveyance, customary, Daniel, delivery, dictated, documentation, DOJ, DRB, drill, Edgar, fewer, Fish, formula, hand, handful, Hoover, intended, Joliet, JPMorgan, KDHE, lien, loan, Lone, Lorain, merger, Mississippi, Morgan, mutually, nearby, obtain, obtained, oven, percentage, physical, predevelopment, premier, Refuse, reimburse, reline, rendered, residential, retrain, Salomon, satisfactory, scrap, sector, shift, smelter, Smith, spouse, SSB, Star, strategy, structure, syndicate, tar, tied, tin, transaction, unrealized, unrecognized, unsecured, USW, Wildlife, World, zinc

Removed: accession, acquired, adjustment, amortized, amounting, annualized, anticipate, anticipation, assign, assuring, attrition, bag, Beneficial, capture, cokemaking, commencing, committing, commodity, comparability, comparative, component, conform, consistent, construction, controlling, criteria, depend, designated, desired, disputed, domestically, east, emerged, employment, ending, entry, error, establishment, EUR, evaluating, excluding, exercised, fieldwork, FIFO, footnote, forma, fulfilling, generate, Granite, grant, healthcare, hedge, historical, house, Hybrid, IDEM, iii, implemented, imposition, improvement, installation, intent, intrinsic, joining, Lake, largest, legislation, logistical, manner, maturation, measurement, mechanism, Midwest, model, nonvested, notice, original, policy, predicted, preferable, preparation, prescribed, presented, pro, prospective, Quench, ratified, rebuild, recognition, reflecting, rehabilitation, remeasurement, Republic, resolve, restated, retiree, reversal, riverbank, Securitized, SEP, servicing, settled, side, slightly, stable, Standard, strip, strong, supplied, Theaccumulated, Tinplate, Tower, transition, translated, translation, Treasury, tube, Turkey, undertaken, unexercised, Upper, USWA, vested, virtually, volatility, working

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Exhibit 10.2

SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION ARRANGEMENTS

At its meeting on April 24, 2007, the Board of Directors approved the following non-employee director compensation arrangements to become effective as indicated below:

1. Effective July 1, 2007, the committee membership fees for the Compensation & Organization Committee and the Corporate Governance & Public Policy Committee will be increased from $5,000 to $10,000 (from $6,000 to $11,000 for the chairmen); provided that if a director serves on both committees, the director will receive only one such $5,000 increase.

2. Effective January 1, 2008: (a) all meeting fees, committee membership fees and the Presiding Director retainer of $1,000 will be eliminated; (b) the annual retainer will be increased from $100,000 to $180,000; (c) the Presiding Director and the committee chairs will receive an additional annual fee of $5,000; and (d) the Deferred Compensation Program for Non-Employee Directors will be amended to change the required minimum deferral amount from 70% to 50%.