**EXHIBIT 10.3(e)**

**RYERSON 1995 INCENTIVE STOCK PLAN**

**(as amended through March 10, 2007)**

***1. Purpose*****.**

The purpose of the Ryerson 1995 IncentiveStock Plan (the “Plan”) is to attract and retain outstanding individuals as officers and key employees of Ryerson Inc. (the “Company”) and its subsidiaries, and to furnish incentives to such individuals through rewards based uponthe ownership and performance of the common stock of the Company. To this end, the Committee hereinafter designated may grant stock options, stock appreciation rights, restricted stock awards, and performance awards, or combinations thereof, toofficers and other key employees of the Company and its subsidiaries, on the terms and subject to the conditions set forth in this Plan. 

***2.Participants*****.**

Participants in the Plan shall consist of such officers and other key employees of the Company and its subsidiaries as theCommittee in its sole discretion may select from time to time to receive stock options, stock appreciation rights, restricted stock awards or performance awards, either singly or in combination, as the Committee may determine in its sole discretion.Any director of the Company or any of its subsidiaries who is not also an employee of the Company or any of its subsidiaries shall not be eligible to receive stock options, stock appreciation rights, restricted stock awards or performance awardsunder the Plan. As used in the Plan, the term “subsidiary” means (a) any corporation of which the Company owns or controls, directly or indirectly, 50% or more of the outstanding shares of capital stock entitled to vote for theelection of directors or (b) any partnership, joint venture, or other business entity in respect of which the Company, directly or indirectly, has comparable ownership or control. 

***3. Shares Reserved under the Plan*****.**

Subject to adjustment pursuant to the provisions of Section 11of the Plan, the maximum number of shares of common stock, $1.00 par value per share, of the Company which may be issued pursuant to grants or awards made under the Plan shall not exceed 2,000,000, plus such number of shares as shall have beenauthorized for issuance pursuant to the Ryerson 1992 Incentive Stock Plan (heretofore approved by stockholders) that shall not have been or be issued pursuant to such plan. No more than 700,000 shares (including those which have not been or are notissued pursuant to the Ryerson 1992 Incentive Stock Plan) shall be issued pursuant to restricted stock awards and performance awards under the Plan. 

Thefollowing restrictions shall apply to all grants and awards under the Plan other than grants and awards which by their terms are not intended to comply with the “Performance Based Exception” (defined below in this Section 3):

**(a)** the maximum aggregate number of shares that may be granted or awarded under the Plan in any fiscal year of the Company to any participant underthe Plan shall be three hundred thousand (300,000); and 

**(b)** the maximum aggregate cash payout with respect to grants or awards under the Plan inany fiscal year of the Company to any Named Executive Officer (defined below in this Section 3) shall be one million dollars ($1,000,000). 

Forpurposes of the Plan, “Named Executive Officer” shall mean a participant who is one of the group of “covered employees” as defined in the regulations promulgated under Internal Revenue Code Section 162(m) or any successorstatute (“Section 162(m)”), and “Performance-Based Exception” shall mean the performance-based exception from the deductibility limitations as each is set forth in Section 162(m). Except to the extent otherwise determined bythe Committee, any shares subject to grant or award under the Plan that terminate by expiration, cancellation or otherwise without the issuance of such shares (including shares underlying a stock appreciation right exercised for stock, to the extentthat such underlying shares are not issued), that are settled in cash (to the extent so settled), or, in the case of restricted stock awards, that terminate without vesting, shall become available for future grants and awards under the Plan. Sharesof common stock to be issued pursuant to grants or awards under the Plan may be authorized and unissued shares of common stock, treasury common stock, or any combination thereof. 

 

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***4. Administration of the Plan*****.**

The Plan shall be administered by the Compensation Committee (the “Committee”) of the Board of Directors of the Company. To the extent necessary to comply with rules and regulations issued under theSecurities Exchange Act of 1934, no member of the Committee shall be eligible to receive any grant, or shall have been eligible to receive any grant for at least one year prior to becoming a member, under the Plan or any other discretionary stockoption, stock appreciation rights or other incentive stock plan for employees of the Company or any subsidiary of the Company. Subject to the provisions of the Plan, the Committee shall have authority (i) to determine which employees of theCompany and its subsidiaries shall be eligible for participation in the Plan; (ii) to select employees to receive grants under the Plan; (iii) to determine the form of grant, whether as a stock option, stock appreciation right, restrictedstock award, performance award or a combination thereof, the number of shares or units subject to the grant, the time and conditions of exercise or vesting, the fair market value of the common stock of the Company for purposes of the Plan, and allother terms and conditions of any grant and to amend such awards or accelerate the time of exercise or vesting thereof; and (iv) to prescribe the form of agreement, certificate or other instrument evidencing the grant. The Committee shall alsohave authority to interpret the Plan and to establish, amend and rescind rules and regulations for the administration of the Plan, and all such interpretations, rules and regulations shall be conclusive and binding on all persons. 

***5. Effective Date of Plan*****.**

The Plan shall be submittedto the stockholders of the Company for approval at the annual meeting to be held on May 24, 1995, or any adjournment thereof, and, if approved by the stockholders, shall be deemed to have become effective on the date of such approval.

***6. Stock Options*****.**

***(a)Grants*****.** Subject to the terms of the Plan, options to purchase shares of common stock of the Company, including “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended(the “Code”), may be granted from time to time to such officers and other key employees of the Company and its subsidiaries as may be selected by the Committee. Each grant of an option under the Plan may designate whether the option isintended to be an incentive stock option or a “nonqualified” stock option. Any option not so designated shall be deemed to be a “nonqualified” stock option. 

***(b) Terms of Options*****.** An option shall be exercisable in whole or in such installments and at such times as may be determined by the Committee in its sole discretion, provided that no option shallbe exercisable less than six months or more than ten years after the date of grant. The per share option price shall not be less than the greater of par value or 100% of the fair market value of a share of common stock of the Company on the date theoption is granted. Upon exercise, the option price may be paid in cash, in shares of common stock of the Company having a fair market value equal to the option price (provided that such shares have been held for at least six months prior to theirtender to pay the option price), or in a combination thereof. The Committee may also allow the cashless exercise of options by holders thereof, as permitted under regulations promulgated by the Board of Governors of the Federal Reserve System,subject to any applicable restrictions necessary to comply with rules adopted by the Securities and Exchange Commission, and the exercise of options by holders thereof by any other means that the Committee determines to be consistent with thePlan’s purpose and applicable law, including loans, with or without interest, made by the Company to the holder thereof. 

***(c) RestrictionsRelating to Incentive Stock Options*****.** To the extent required by the Code, the aggregate fair market value (determined as of the time the option is granted) of the common stock of the Company with respect to which incentive stockoptions are exercisable for the first time by an employee during any calendar year (under the Plan or any other plan of the Company or any of its subsidiaries) shall not exceed $100,000. 

***(d) Termination of Employment*****.** If an optionee ceases to be employed by the Company or any of its subsidiaries by reason of (i) death, (ii) physical or mental incapacity,(iii) retirement on or after the normal retirement date provided for in and pursuant to any pension plan of the Company or any subsidiary of the Company in effect at the time of such retirement, or (iv) early retirement (with the consentof the Committee) provided for in and pursuant to any such pension plan, any option held by such optionee may be exercised, with respect to all or any part of the common stock of the Company as to which such option was not theretofore exercised(whether or not such option was otherwise then exercisable), for such period from and after the date of such cessation of employment (not extending, 

 

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however, beyond the date of expiration of such option) as the Committee may determine at the time of the grant or at any time thereafter. If an optioneeceases to be employed by the Company and any of its subsidiaries for any reason other than a reason set forth in the immediately preceding sentence, any option granted to such optionee may be exercised for a period ending on the 30th day followingthe date of such cessation of employment or the date of expiration of such option, whichever first occurs, but only with respect to that number of shares of common stock for which such option was exercisable immediately prior to the date ofcessation of employment, except as otherwise determined by the Committee at the time of grant or at any time thereafter. 

***(e) Additional Terms andConditions*****.** The agreement or instrument evidencing the grant of a stock option may contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Committee in its sole discretion.

***7. Stock Appreciation Rights*****.**

***(a)Grants*****.** Subject to the terms of the Plan, rights entitling the grantee to receive cash or shares of common stock of the Company having a fair market value equal to the appreciation in market value of a stated number of shares of suchcommon stock from the date of the grant to the date of exercise, or, in the case of rights granted in tandem with or by reference to a stock option granted prior to the grant of such rights, from the date of grant of such related stock option to thedate of exercise, may be granted from time to time to such officers and other key employees of the Company and its subsidiaries as may be selected by the Committee. 

***(b) Terms of Grant*****.** Such rights may be granted in tandem with or by reference to a related stock option, in which event the grantee may elect to exercise either the stock option or the right, butnot both, as to the shares subject to the stock option and the right, or the right may be granted independently of a stock option. Rights granted in tandem with or by reference to a related stock option shall be exercisable to the extent, and onlyto the extent, that the related option is exercisable, provided that no such right (except in the case of death or physical or mental incapacity) shall be exercisable prior to the expiration of six months following the date the right is granted.Rights granted independently of a stock option shall be exercisable in whole or in such installments and at such times as may be determined by the Committee, provided that no right shall be exercisable less than six months or more than ten yearsafter the date of grant. Further, in the event that any employee to whom rights are granted independently of a stock option ceases to be an employee of the Company and its subsidiaries, such rights shall be exercisable only to the extent and uponthe conditions that stock options are exercisable in accordance with the provisions of paragraph (d) of Section 6 of the Plan. The Committee may at the time of grant or at any time thereafter impose such additional terms and conditions onthe exercise of stock appreciation rights as it deems necessary or desirable for any reason, including for compliance with Section 16(a) or Section 16(b) of the Securities Exchange Act of 1934, as amended, and the rules and regulationsthereunder. 

***(c) Payment on Exercise*****.** Upon exercise of a stock appreciation right, the holder shall be paid the excess of the thenfair market value of the number of shares of common stock of the Company to which the right relates over the fair market value of such number of shares at the date of grant of the right or of the related stock option, as the case may be. Such excessshall be paid in cash or in shares of common stock having a fair market value equal to such excess, or in such combination thereof, as may be provided in the grant of such right (which may permit the holder to elect between cash and common stock orto elect a combination thereof), or, if no such provision is made in the grant, as the Committee shall determine upon exercise of the right, provided, in any event, that the holder shall be paid cash in lieu of any fractional share of common stockto which such holder would otherwise be entitled. 

***(d) Additional Terms and Conditions*****.** The agreement or instrument evidencing thegrant of stock appreciation rights may contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Committee in its sole discretion. 

***8. Restricted Stock Awards*****.**

Subject to the terms of the Plan, restricted stock awards consisting ofshares of common stock of the Company may be made from time to time to such officers and other key employees of the Company and its subsidiaries as may be selected by the Committee, provided that any such employee (except an employee whose terms ofemployment include the granting of a restricted stock award) shall have been employed by the Company or any of its subsidiaries for at least six months. Such awards shall be contingent on the employee’s continuing employment with the Company orits subsidiaries for a period to be specified in the award, which shall not be less than six months or 

 

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more than ten years from the date of award, and shall be subject to such additional terms and conditions as the Committee in its sole discretion deemsappropriate, including, but not by way of limitation, restrictions on the sale or other disposition of such shares during the restriction period. Except as otherwise determined by the Committee at the time of the award, the holder of a restrictedstock award shall have the right to vote the restricted shares and to receive dividends thereon, unless and until such shares are forfeited. 

***9.Performance Awards.***

***(a) Awards*****.** Performance awards consisting of (i) shares of common stock of the Company,(ii) monetary units or (iii) units which are expressed in terms of shares of common stock of the Company may be made from time to time to such officers and other key employees of the Company and its subsidiaries as may be selected by theCommittee. Subject to the provisions of Section 10 below, such awards shall be contingent on the achievement over a period of not less than six months or more than ten years of such corporate, division, subsidiary, group or other measures andgoals as shall be established by the Committee. Subject to the provisions of Section 10 below, such measures and goals may be revised by the Committee at any time and from time to time during the performance period. Except as may otherwise bedetermined by the Committee at the time of the award or at any time thereafter, a performance award shall terminate if the grantee of the award does not remain continuously in the employ of the Company or its subsidiaries at all times during theapplicable performance period. 

***(b) Rights with Respect to Shares and Share Units*****.** If a performance award consists of shares of commonstock of the Company or units which are expressed in terms of shares of such common stock, amounts equal to dividends otherwise payable on a like number of shares may, if the award so provides, be converted into additional such shares (to the extentthat shares are then available for issuance under the Plan) or credited as additional units and paid to the participant if and when, and to the extent that, payment is made pursuant to such award. 

***(c) Payment*****.** Payment of a performance award following the end of the performance period, if such award consists of monetary units or units expressedin terms of shares of common stock of the Company, may be made in cash, shares of common stock, or a combination thereof, as determined by the Committee. Any payment made in common stock shall be based on the fair market value of such stock on thepayment date. 

***10. Performance Measures Applicable to Awards to Named Executive Officers***

Unless and until the Committee proposes for stockholder vote a change in the general performance measures set forth in this Section 10 the attainment of which maydetermine the degree of payout or vesting with respect to awards under the Plan which are designed to qualify for the Performance-Based Exception, the performance measure(s) to be used for purposes of such awards shall be chosen from among thefollowing alternatives: safety (including total injury frequency, lost workday rates or cases, medical treatment cases and fatalities); quality control (including critical product characteristics, yield and defects); cost control (including cost asa percentage of sales); capital structure (including debt and equity levels, debt-to-equity ratios, and debt-to total-capitalization ratios); inventory turnover; customer performance or satisfaction; revenue growth; net income; conformity to cashflow plans; return on investment; and operating profit to operating assets. 

The Committee shall have the discretion to establish performance goals basedupon the foregoing performance measures and to adjust such goals and the methodology used to measure the determination of the degree of attainment of such goals; provided, however, that awards under the Plan that are intended to qualify for thePerformance-Based Exception and that are issued to or held by Named Executive Officers may not be adjusted in a manner that increases such award. The Committee shall retain the discretion to adjust such awards in a manner that does not increase suchawards. Furthermore, the Committee shall not make any adjustment to awards under the Plan issued to or held by Named Executive Officers that are intended to comply with the Performance-Based Exception if the result of such adjustment would be thedisqualification of such award under the Performance-Based Exception. 

In the event that applicable laws change to permit the Committee greater discretionto amend or replace the foregoing performance measures applicable to awards to Named Executive Officers without obtaining stockholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining suchapproval. In addition, in the event that the Committee determines that it is advisable to grant awards under the Plan to Named Executive Officers that may not qualify for the Performance-Based Exception, the Committee may make such grants upon anyperformance measures it deems appropriate with the understanding that they may not satisfy the requirements of Section 162(m). 

 

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***11. Adjustments for Changes in Capitalization, Etc.***

Subject to the provisions of Section 12 herein, in the event of any change in corporate capitalization, such as stock split, or a corporate transaction, such as amerger, consolidation, or separation, including a spin-off, or other distribution of stock or property of the Company or its subsidiaries (other than normal cash dividends), any reorganization (whether or not such reorganization comes within thedefinition of such term in Code Section 368) or any partial or complete liquidation of the Company or its subsidiaries, such adjustment shall be made in the number and class of shares which may be delivered under Section 3, and in thenumber and class of and/or price of shares subject to outstanding grants or awards under the Plan, as may be determined to be appropriate and equitable by the Committee, in its sole discretion, to prevent dilution or enlargement of rights; provided,however, that the number of shares subject to any grants or awards under the Plan shall always be a whole number. 

***12. Effect of Change in Control.***

***(a) Acceleration of Benefits*****.** Subject to the following sentence and the terms of any agreement evidencing the terms of anyaward under the Plan, in the event of a “Change in Control” as defined in paragraph (b) of this Section 12, (i) at the election of the holder filed in such form and in such manner and time as the Committee shall provide, thevalue of all outstanding stock options, stock appreciation rights and restricted stock awards (whether or not then fully exercisable or vested) shall be settled on the basis of the “Change in Control Price” (as defined in paragraph(c) of this Section 12) as of the date the Change in Control occurs, provided, however, that the Committee may provide for the immediate vesting instead of the cashing out of restricted stock awards in such circumstances as it deemsappropriate and, provided further, that the form of such settlement shall be determined by the Committee in its sole discretion; and (ii) provided such Change in Control constitutes a change in ownership or change in effective control forpurposes of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) to the extent required to maintain compliance with Section 409A, all outstanding performance awards shall be cashed out in such manner and insuch amount or amounts as determined by the Committee in its sole discretion. 

(b)*Change in Control*. For purposes of this Section 12, a Changein Control means the happening of any of the following: 

**(i)**any “person” (as such term is used in Sections13(d) and 14(d) of the Exchange Act), other than (w) the Company, (x) a trustee or other fiduciary holding securities under an employee benefit plan of the Company, (y) an underwriter temporarily holding securities pursuant to anoffering of such securities, or (z) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of voting securities of the Company, is or becomes the “beneficialowner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such person any securities acquired directly from the Company or itsaffiliates) representing 20% or more of the combined voting power of the Company’s then outstanding securities; 

**(ii)**during any period of two consecutive years, individuals who at the beginning of such period constitute the Board and any new director whose election by the Board or nomination for election by the Company’s stockholders wasapproved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved (“ContinuingDirectors”) cease for any reason to constitute a majority thereof; provided, however, that no director designated by a person who has entered into an agreement with the Company to effect a transaction described in clauses (i), (iii) or(iv) of this paragraph (b) shall be deemed a Continuing Director for the purposes of this clause (ii) and, provided, further that if any new director assumes office in connection with or as a result of an actual or threatened proxy orother election contest of the Board, then the nomination or election of such new director shall not constitute, or be deemed to constitute, an approval by the Continuing Directors for purposes of this Section 12; 

 

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**(iii)**there occurs a merger or consolidation of the Company with any othercorporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securitiesof the surviving entity), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company, at least 60% of the combined voting power of the voting securities of the Company or suchsurviving entity outstanding immediately after such merger or consolidation, or a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person acquires more than 50% of the combinedvoting power of the Company’s then outstanding securities; or 

**(iv)**the stockholders of the Company approve aplan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets. 

A Change in Control shall also be deemed to occur with respect to any Participant for purposes of the Plan if there occurs: 

**(1)**a sale or disposition, directly or indirectly, other than to a person described in subclause (w), (x) or (z) of clause (i) next above, of securities of the Participant’s employer, any direct or indirect parentcompany of the Participant’s employer or any company that is a subsidiary of the Participant’s employer and is also a significant subsidiary (as defined below) of the Company (the Participant’s employer and such a parent or subsidiarybeing a “Related Company”), representing 50% or more of the combined voting power of the securities of such Related Company then outstanding; 

**(2)**a merger or consolidation of a Related Company with any other corporation, other than a merger or consolidation which would result in 50% or more of the combined voting power of the surviving company beingbeneficially owned by a majority owned direct or indirect subsidiary of the Company; or 

**(3)**the sale or dispositionof all or substantially all the assets of a Related Company to a person other than a majority owned direct or indirect subsidiary of the Company. 

Notwithstanding the foregoing, no Change in Control shall be deemed to have occurred with respect to a Participant for purposes of the Plan if (I) such transaction includes or involves a sale to the public or a distribution to thestockholders of the Company of more than 50% of the voting securities of the Participant’s employer or a direct or indirect parent of the Participant’s employer, and (II) the Participant’s employer or a direct or indirect parent ofthe Participant’s employer agrees to become a successor to the Company under an individual agreement between the Company and the Participant or the Participant is covered by an agreement providing for benefits upon a change in control of his orher employer following an event described clauses (1), (2) or (3) next above. For purposes of the Plan, the term “significant subsidiary” has the meaning given to such term under Rule 405 of the Securities Act of 1933, asamended. 

***(c) Change in Control Price*****.** For purposes of this Section 12, Change in Control Price means (i) with respect to aChange in Control by reason of a merger or consolidation of the Company described in paragraph (b)(iii) of this Section 12 in which the consideration per share of the Company’s common stock to be paid for the acquisition of shares ofcommon stock specified in the agreement of merger or consolidation is all in cash, the highest such consideration per share, (ii) with respect to a Change in Control by reason of an acquisition of securities described in paragraph (b)(i) ofthis Section 12, the highest price per share for any share of the Company’s common stock paid by any holder of any of the securities representing 40% or more of the combined voting power of the Company giving rise to the Change in Control,and (iii) with respect to a Change in Control by reason of a merger or consolidation of the Company (other than a merger or consolidation described in paragraph (b)(iii) of this Section 12), stockholder approval of an agreement or plandescribed in paragraph (b)(iv) of this Section 12 or a change in the composition of the Board of Directors described in paragraph (b)(ii) of this Section 12, with respect to awards to the extent vested on or prior to December 31,2004, the highest price per share of common stock reported on the New York Stock Exchange Composite Transactions (or, if such shares are not traded on the New York Stock 

 

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Exchange, such other principal market on which such shares are traded) during the sixty (60) day period ending on the date immediately prior to the datesuch change in control of the Company occurs and, with respect to awards to the extent vesting after December 31, 2004, the price per share of common stock reported on the New York Stock Exchange Composite Transactions (or, if such shares arenot traded on the New York Stock Exchange, such other principal market on which such shares are traded) on the date immediately prior to the date such Change in Control of the Company occurs, except that the determination of such price may bemodified in order to comply with Section 409A and in the case of incentive stock options and stock appreciation rights relating to incentive stock options, the holder may not receive an amount in excess of the maximum amount that will enablesuch option to continue to qualify as an incentive stock option. 

***13. Amendment and Termination of Plan*****.**

The Plan may be amended by the Board of Directors of the Company in any respect, provided that, without stockholder approval, no amendment (other than pursuant toSection 11 of the Plan) shall increase the maximum number of shares available for issuance under the Plan. In addition, no amendment may impair the rights of a participant under any stock option, stock appreciation right, restricted stock awardor performance award previously granted under the Plan without the consent of such participant, unless required by law. The Plan may also be terminated at any time by the Board of Directors. No further grants may be made under the Plan aftertermination, but termination shall not affect the rights of any participant under, or the authority of the Committee with respect to, any grants or awards made prior to termination. 

***14. Prior Plan*****.**

Upon the effectiveness of this Plan, no further grants shall be made under the Ryerson1992 Incentive Stock Plan. The discontinuance of the Ryerson 1992 Incentive Stock Plan shall not affect the rights of any participant under, or the authority of the Committee (therein referred to) with respect to, any grants or awards madethereunder prior to such discontinuance. 

***15. Miscellaneous*****.**

***(a) No Right to a Grant*****.** Neither the adoption of the Plan nor any action of the Board of Directors or of the Committee shall be deemed to give any employee any right to be selected as aparticipant or to be granted a stock option, stock appreciation right, restricted stock award or performance award. 

***(b) Rights asStockholders*****.** No person shall have any rights as a stockholder of the Company with respect to any shares covered by a stock option, stock appreciation right, or performance award until the date of the issuance of a stock certificateto such person pursuant to such stock option, right or award. 

***(c) Employment*****.** Nothing contained in this Plan shall be deemed toconfer upon any employee any right of continued employment with the Company or any of its subsidiaries or to limit or diminish in any way the right of the Company or any such subsidiary to terminate his or her employment at any time with or withoutcause. 

***(d) Taxes*****.** The Company shall be entitled to deduct from any payment under the Plan the amount of any tax required by law to bewithheld with respect to such payment or may require any participant to pay such amount to the Company prior to and as a condition of making such payment. In addition, the Committee may, in its discretion and subject to such rules as it may adoptfrom time to time, permit a participant to elect to have the Company withhold from any payment under the Plan (or to have the Company accept from the participant), for tax withholding purposes, shares of common stock of the Company, valued at theirfair market value, but in no event shall the fair market value of the number of shares so withheld (or accepted) exceed the amount necessary to meet the maximum Federal, state and local marginal tax rates then in effect that are applicable to theparticipant and to the particular transaction. 

***(e) Nontransferability*****.** Except as permitted by the Committee, no stock option, stockappreciation right, restricted stock award or performance award shall be transferable except by will or the laws of descent and distribution, and, during the holder’s lifetime, stock options and stock appreciation rights shall be exercisableonly by, and shares subject to restricted stock awards and payments pursuant to performance awards shall be delivered or made only to, such holder or such holder’s duly appointed legal representative. 

 

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