Edgar Filing: RYERSON TULL INC /DE/ - Form DEF 14A
Individual Option Grants in 2002
No grants of options were made during the last fiscal year to the named executive officers.
Aggregated Option Exercises and Year End Option Values
The following table presents the value realized upon option exercises during 2002, the number of shares underlying the options held at the end of 2002 by the named executive officers and the value of their holdings based on the closing price on December 31, 2002 for our common stock.
Value of Unexercised
Number of Shares
Underlying Unexercised Options at Fiscal Year-End (Exercisable/Unexercisable)
at Fiscal Year-End (Exercisable/Unexercisable)
Neil S. Novich Jay M. Gratz Gary J. Niederpruem Thomas S. Cygan James M. Delaney
471,329/212,150 159,980/81,520 164,405/81,520 68,506/27,235 48,251/25,875
0/0 0/0 0/0 0/0 0/0
The following table shows the maximum annual pension benefits payable on a straight life annuity basis to employees in various earnings classifications upon retirement at age 65 under our pension plans. Pension benefits for our salaried employees were frozen effective December 31, 1997, except for salaried employees whose age and service met specified transition criteria. The latter salaried employees continued to accrue pension benefits until the earlier of December 31, 2002, and their date of retirement.
In general, benefits for salaried employees are based on two factors: (1) years of benefit service prior to the freeze date of the pension benefit, and (2) average monthly earnings, based on the highest 36 months of earnings during the participant s last ten years of service prior to the freeze date of the pension benefit, except for employees eligible for the transition rules relating to age and service. For this purpose, earnings generally consist of salary plus bonus as reported in the Summary Compensation Table. All benefit amounts shown in this table are subject to offset based upon Social Security earnings.
Pension Plan Table
Annual Pension Benefits for Years of Service Shown
Average Annual Earnings
for the Applicable