SEC Filings

DEF 14A
RELIANCE STEEL & ALUMINUM CO filed this Form DEF 14A on 04/18/2000
Entire Document
 
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Committee. Stock options may not be granted more than ten years from the date of
the 1994 Plan and expire five years from the date of the grant. During 1997,
options to purchase 42,750 shares of the Company's Common Stock were issued in
January at $12.67 per share and options to purchase 81,000 shares of the
Company's Common Stock were issued in September at $19.50 per share. Of these
options, 22,500 options were issued to named executive officers of the Company.
In March 1998, options to purchase 121,500 shares of the Company's Common Stock
were issued at $23.33 per share. In June 1998, options to purchase 31,500 shares
of the Company's Common Stock were issued at $24.67 per share. In October 1998,
options to purchase 136,500 shares of the Company's Common Stock were issued at
$19.87 per share. Of these options, 9,000 options were issued to named executive
officers of the Company. In March 1999, options to purchase 518,250 shares of
the Company's Common Stock were issued at $18.83 per share and options to
purchase 60,000 shares of the Company's Common Stock were issued in May at
$25.46 per share. Of these options, 237,750 options were issued to named
executive officers of the Company. In 1997, options to acquire 24,562 shares of
the Company's Common Stock were exercised at a price of $8.11 per share, none of
which were exercised by named executive officers. In 1998, options to acquire
64,875 shares of the Company's Common Stock were exercised at $8.11 per share,
none of which were exercised by named executive officers of the Company. In
1999, options to acquire 111,275 shares of the Company's Common Stock were
exercised at prices ranging from $8.11 to $19.50 per share, 24,938 of which were
exercised by named executive officers of the Company.
 
     In May 1998, the shareholders approved the adoption of a Directors Stock
Option Plan for non-employee directors (the "Directors Plan"). There are 300,000
shares of the Company's Common Stock reserved for issuance under the Directors
Plan. In February 1999, the Directors Plan was amended to allow the Board of
Directors of the Company to grant additional options to acquire the Company's
Common Stock to non-employee directors. Options under the Directors Plan are
non-qualified stock options, with an exercise price at fair market value at the
date of grant. All options granted expire five years from the date of grant.
None of the stock options become exercisable until one year after the date of
the grant, unless specifically approved by the Board of Directors. In each of
the following four years, 25% of the options become exercisable on a cumulative
basis. In 1998, options to purchase 37,500 shares of the Company's Common Stock
were issued at $26.08 per share. In January 1999, options to purchase 7,500
shares of the Company's Common Stock were issued at $18.58 per share. In
February 1999, options to purchase 7,500 shares of the Company's Common Stock
were issued at $18.04 per share. In March 1999, options to purchase 105,000
shares of the Company's Common Stock were issued at $18.83 per share. With this
grant, 20% of the options were immediately exercisable and in each of the
following four years, 20% of the options become exercisable on a cumulative
basis, as specifically approved by the Board of Directors. No options were
exercisable during 1998. In 1999, options to acquire 1,500 shares of the
Company's Common Stock were exercised at a price of $18.83 per share.
 
401(k) Savings Plan
 
     In 1996, the Company adopted a 401(k) Savings Plan. Non-union employees
were eligible to participate in this plan after six months of service; however,
at the date of adoption, all active non-union employees were eligible for
immediate participation. Under this plan, employees could contribute amounts,
not to exceed the maximum amounts established by the Internal Revenue Service,
and the Company would then contribute an amount to the plan on behalf of the
participant, based on a maximum percentage of the employee's compensation, which
was 6% in 1997. The specified matching percentage, which was 50% in 1997, and
the maximum amount of the employee's compensation subject to the Company's match
were determined at the discretion of the Company's Board of Directors on an
annual basis. The Company contribution vested at a rate of 25% per year,
commencing one year after the employee entered the plan except existing
employees as of July 1996, who vested based on prior service. The Company
contribution to this plan for the year ended December 31, 1997 was $742,000. The
Company's subsidiaries maintained 401(k) retirement plans or profit sharing
plans, of which eight of the subsidiaries merged their plans into the Company's
plan during 1998. Contributions to these plans were funded annually and were
determined at the discretion of each subsidiary's Board of Directors.
 
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