This Amendment No. 2 amends the Current Report on Form 8-K (the “Original 8-K”) Nucor Corporation (the “Company”) filed with the Securities and Exchange Commission (the “SEC”) on September 9, 2019, as amended by Amendment No. 1 filed with the SEC on September 26, 2019 (“Amendment No. 1”), regarding, among other things, the election of Leon J. Topalian to succeed John J. Ferriola as Chief Executive Officer of the Company on January 1, 2020 following Mr. Ferriola’s retirement as Chairman and Chief Executive Officer of the Company on December 31, 2019. The disclosure included in the Original 8-K, as amended by Amendment No. 1, otherwise remains unchanged.
Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On December 13, 2019, the Compensation and Executive Development Committee of the Company’s Board of Directors (the “Board”) increased Mr. Topalian’s annual base salary to $1,000,000, effective January 1, 2020, due to his promotion on such date to Chief Executive Officer of the Company. Also, in connection with such promotion, Mr. Topalian’s target award under the Company’s Senior Officers Annual Incentive Plan will increase to 150% of his annual base salary and his target award under the Company’s Senior Officers Long-Term Incentive Plan will increase to 200% of his annual base salary, both effective January 1, 2020.
Additionally, on December 13, 2019, the Board elected Mr. Topalian to the Board, effective January 1, 2020, with a term expiring at the Company’s 2020 annual meeting of stockholders. Mr. Topalian has not been and is not expected to be named to any committees of the Board. There are no arrangements or understandings between Mr. Topalian and any other persons pursuant to which he was selected as a director. There are no transactions involving the Company and Mr. Topalian that the Company would be required to report pursuant to Item 404(a) of Regulation
S-K.
Mr. Topalian, as an employee of the Company, will not be entitled to receive compensation (other than his compensation as an employee of the Company) for his service on the Board.
Finally, on December 13, 2019, the Board elected John H. Walker, a director of the Company, as
Non-Executive
Chairman of the Board, effective January 1, 2020.
A copy of the news release announcing Mr. Topalian’s election to the Board and Mr. Walker’s election as
Non-Executive
Chairman of the Board is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. | Financial Statements and Exhibits. |
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| | | | Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL (included in Exhibit 101) |