EX-10.1






Exhibit 10.1




KEY EXECUTIVE PERFORMANCE PLAN AGREEMENT




     This Key Executive Performance Plan Agreement (the “Agreement”) made as of the 18th
day of February, 2009 by and between ALLEGHENY TECHNOLOGIES INCORPORATED, a Delaware corporation
(the “Corporation”) and [NAME] (“the Employee”).



     WHEREAS, the Corporation sponsors and maintains the Allegheny Technologies Incorporated Stock
2007 Key Executive Performance Plan (the “KEPP”);



     WHEREAS, the Corporation desires to encourage the Employee to remain an employee of the
Corporation and, during the KEPP Performance Period measuring calendar years 2009, 2010 and 2011
(the “2009-2011 Performance Period”) to contribute substantially to the financial performance of
the Corporation and, to provide that incentive, the Corporation has awarded the Employee the
opportunity to participate in the KEPP for the 2009-2011 Performance Period, subject to the terms
and conditions set forth in the KEPP and in this Agreement; and



     WHEREAS, the Corporation and the Employee desire to evidence the Award of the opportunity to
participate in the KEPP for the 2009-2011 Performance Period and the terms and conditions
applicable thereto in this KEPP Agreement.



     NOW THEREFORE, in consideration of the mutual promises and covenants contained herein and
intending to be legally bound, the Corporation and the Employee agree as follows:



     1. KEPP Document Controls; Definitions. In the event of any conflict between the
provisions of the KEPP document and this Agreement, the provisions of the KEPP document shall
control. Initially capitalized terms not specifically defined in this Agreement shall have the
meanings ascribed thereto under the KEPP document, which is attached hereto as Exhibit I and made a
part hereof.



     2. Grant of Award for 2009-2011 Performance Period. The Corporation hereby grants an
Award under KEPP to the Employee to participate in the KEPP for the 2009-2011 Performance Period.
The Employee’s opportunity is measured as a multiple of his annual base salary at the rate in
effect on the Date of Award, which for the Employee for the 2009-2011 Performance Period is
$                     (the “Base Amount”). For each gradation of achievement of Earnings in Level 1 and/or
for each gradation determined by the Personnel and Compensation Committee (the “Committee”) under
Level 2, the Base Amount shall be multiplied by the designated gradation of achievement as set
forth under Section 3 or as determined by the Committee under Section 4 of this Agreement.



 









 






     3. Level 1 Earnings Gradations. For the 2009-2011 Performance Period, Earnings shall
be measured in aggregate income before taxes as reported by the Corporation for calendar years
2009, 2010 and 2011. The gradations and amounts shall be as follows for the 2009-2011 Performance
Period:



	 	 	 	 	 
	 	 	Earnings (in income before taxes of
	Gradation	 	the Corporation, in millions)
	  1X
	 	$	375	 
	  2X
	 	$	490	 
	  3X
	 	$	605	 
	  4X
	 	$	720	 
	  5X
	 	$	835	 
	  6X
	 	$	950	 
	  7X
	 	$	1,065	 
	  8X
	 	$	1,180	 
	  9X
	 	$	1,295	 
	10X
	 	$	1,410	 






     No KEPP Payments will be made under Level 1 if aggregate income before taxes of the
Corporation for 2009, 2010 and 2011 is less than $375 million. No KEPP payment in excess of 10X
will be made if aggregate income before taxes of the Corporation for 2009, 2010 and 2011 is in
excess of $1,410 million.



     4. Level 2 Opportunities. The Employee shall have an opportunity to receive a KEPP
Payment under Level 2 in an amount determined appropriate by the Committee, in its discretion,
based on the Committee’s determination of applicable factors and the Committee’s perception of the
Corporation’s implementation of the Operational Goals provided to the Employee and other
participants in KEPP for the 2009-2011 Performance Period.



     5. Termination of Employment. If Employee’s employment with the Corporation and all
of its direct or indirect subsidiaries is terminated by either party for any reason prior to
January 1, 2012 (except if such date is preceded by a Change in Control as provided in Section 6
below, including, but not limited to, the involuntary termination of the Employee’s employment with
the Corporation for any reason, with or without cause, other than the Employee’s death, disability
or retirement with the consent of the Corporation when the Employee is at least 55 years of age
with at least five years of service (“Retirement”), all rights of the Employee to the Award made
under this Agreement shall terminate immediately and be forfeited in their entirety. Without
limiting the foregoing, the Employee will not be considered for any KEPP Payment under Level 2. If
the Employee dies, has a Retirement or becomes disabled during the 2009-2011 Performance Period,
the Employee shall be entitled to a KEPP Payment equal to the greater of (i) a pro rata KEPP Award
determined by multiplying (a) the gradation of earnings under Level 1 actually achieved by the
Corporation for the 2009-2011 Performance Period by (b) the Employee’s Base



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Amount and then by (c) a fraction of which the numerator is the number of months beginning on
January 1, 2009 and ending on the effective date of the Employee’s death, Disability or Retirement
and the denominator is 36 and (ii) the amount reserved in the Participant Retention Achievement
Bank as of the last day of the calendar year immediately preceding the date of the Employee’s
death, Disability or Retirement. Any KEPP Payment due to the Employee if he becomes Disabled or
has a Retirement or to the Beneficiary of the Employee if he dies shall be paid after the end of
the 2009-2001 Performance Period when KEPP Payments are made to other participants in KEPP for the
2009-2011 Performance Period.




     5. Change of Control. In the event of a Change in Control, the Employee shall be
entitled to receive an amount determined under Section 8.01 of the KEPP Document.



     6. Withholding. The Corporation or its direct or indirect subsidiary may withhold
from amount of any KEPP Payment due to Employee all taxes, including social security taxes, which
the Corporation or its direct or indirect subsidiary is required or otherwise authorized to
withhold with respect to any KEPP Payment.



     7. No Right to Continued Employment; Effect on Benefit Plans. This Agreement shall
not confer upon Employee any right with respect to continuance of his or her employment or other
relationship, nor shall it interfere in any way with the right of the Corporation or its direct or
indirect subsidiary to terminate his or her employment or other relationship at any time. Income
realized by Employee pursuant to this Agreement shall not be included in Employee’s earnings for
the purpose of any benefit plan, qualified or non-qualified, in which Employee may be enrolled or
for which Employee may become eligible unless otherwise specifically provided for in such plan.



     8. Employee Representations. In connection with this Award, the Employee represents
the following:



     (a) Employee has reviewed with Employee’s own tax advisors, the federal, state, local and
foreign tax consequences of this Agreement and the transactions contemplated hereby. Employee is
relying solely on such advisors and not on any statements or representations of the Corporation or
any of its agents. Employee understands that Employee (and not the Corporation) shall be
responsible for Employee’s own tax liability that may arise as a result of this Agreement and the
transactions contemplated hereby.



     (b) Employee has received, read and understood this Agreement and KEPP and agrees to abide by
and be bound by their respective terms and conditions.



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     9. Miscellaneous.



     (a) Governing Law. This Agreement shall be governed and construed in accordance with
the domestic laws of the Commonwealth of Pennsylvania without regard to such Commonwealth’s
principles of conflicts of laws.



     (b) Successors and Assigns. The provisions of this Agreement shall inure to the
benefit of, and be binding upon, the successors, permitted assigns, heirs, executors and
administrators of the parties hereto. Neither this Agreement nor any rights hereunder shall be
assignable or otherwise subject to hypothecation without the consent of all parties hereto.



     (c) Entire Agreement; Amendment. This Agreement contain the entire understanding
between the parties hereto with respect to the subject matter of this Agreement and supersedes all
prior and contemporaneous agreements and understandings, inducements or conditions, express or
implied, oral or written, with respect to the subject matter of this Agreement. This Agreement may
not be amended or modified without the written consent of the Corporation and Employee.



     (d) Counterparts. This Agreement may be executed simultaneously in any number of
counterparts, each of which when so executed and delivered shall be taken to be an original and all
of which together shall constitute one document.



     IN WITNESS WHEREOF, the parties have executed this Key Executive Performance Plan Agreement as
of the date first written above.



ALLEGHENY TECHNOLOGIES INCORPORATED




	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 
	Name:

	 	 

Jon D. Walton
	 	 	 	 	 	 	 	 
	Title:

	 	Executive Vice President,	 	 	 	 	 	 	 	 
	 

	 	Human Resources, Chief Legal
and Compliance Officer	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	PARTICIPANT	 	WITNESS
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 





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EXHIBIT I




Allegheny Technologies Incorporated




Key Executive Performance Plan




Effective as of January 1, 2004

And as amended February 24, 2005

and as further amended on February 22, 2006

and as further amended on February 21, 2007

and as further amended on February 21, 2008

and as further amended on February 18, 2009




Article I. Adoption and Purpose of the Key Executive Performance Plan





     1.01 Adoption. This Key Executive Performance Plan is adopted by the Personnel and
Compensation Committee of the Board of Directors as a part of the Allegheny Technologies
Incorporated executive compensation program effective January 1, 2004. The KEPP Payments,
if any, earned under this Plan are intended as performance based compensation within the
meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended, as incentive
compensation determined solely with reference to attainment in predetermined levels of
Earnings and Operational Goals within the relevant Performance Period.




     1.02 Purpose. The purposes of the KEPP are (i) to direct the focus of key management
employees to the achievement of goals deemed necessary for the success of the Corporation,
(ii) to assist the Corporation in retaining and motivating selected key management employees
of the Corporation and its subsidiaries who will contribute to the success of the
Corporation and (iii) to reward key management employees for the overall success of the
Corporation as determined with reference to predetermined levels of Earnings of the
Corporation and attainment of Operational Goals. The KEPP is intended to act as an
incentive to participating key management employees to achieve long-term objectives that
will inure to the benefit of all stockholders of the Corporation measured in terms of
achievement of predetermined levels of Earnings of the Corporation and attainment of
Operational Goals.




     1.03 Plan Document. This KEPP plan document is intended as the plan document as
adopted by the Committee, which will govern all Performance Periods of the KEPP beginning in
or after 2004.



Article II. Definitions




     For purposes of this Plan, the capitalized terms set forth below shall have the following
meanings:



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     2.01 Award means an opportunity to earn a KEPP Payment in a particular Performance
Period. Each Award shall be denominated in dollars that can be earned upon attainment of
predetermined Earnings thresholds (Level 1) and the maximum amount that may be paid with
respect to Operational Goals before the application of Negative Discretion (Level 2).




     2.02 Award Agreement means a written agreement between the Corporation and a
Participant or a written acknowledgment from the Corporation specifically setting forth the
terms and conditions of a KEPP Award granted to a Participant pursuant to Article VI of this
Plan.




     2.03 Board means the Board of Directors of the Corporation.




     2.04 Cause means a determination by the Committee that a Participant has engaged in
conduct that is dishonest or illegal, involves moral turpitude or jeopardizes the
Corporation’s right to operate its business in the manner in which it is now operated.




     2.05 Change in Control means any of the events set forth below:




          (a) The acquisition in one or more transactions, other than from the Corporation, by
any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under
the Exchange Act) of a number of Corporation Voting Securities in excess of 25% of the
Corporation Voting Securities unless such acquisition has been approved by the Board; or




          (b) Any election has occurred of persons to the Board that causes two-thirds of the
Board to consist of persons other than (i) persons who were members of the Board on January
1, 2001 and (ii) persons who were nominated for election as members of the Board at a time
when two-thirds of the Board consisted of persons who were members of the Board on January
1, 2001; provided, however, that any person nominated for election by the Board at a time
when at least two-thirds of the members of the Board were persons described in clauses (i)
and/or (ii) or by persons who were themselves nominated by such Board shall, for this
purpose, be deemed to have been nominated by a Board composed of persons described in clause
(i); or




          (c) Approval by the stockholders of the Corporation of a reorganization, merger or
consolidation, unless, following such reorganization, merger or consolidation, all or
substantially all of the individuals and entities who were the respective beneficial owners
of the Outstanding Stock and Corporation Voting Securities immediately prior to such
reorganization, merger or consolidation, following such reorganization, merger or
consolidation beneficially own, directly or indirectly, more than 60% of, respectively, the
then outstanding shares of common stock and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of directors or
trustees, as the case may be, of the entity resulting from such reorganization, merger or
consolidation in substantially the same proportion as their ownership of the



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Outstanding Stock and Corporation Voting Securities immediately prior to such
reorganization, merger or consolidation, as the case may be; or




          (d) Approval by the stockholders of the Corporation of (i) a complete liquidation or
dissolution of the Corporation or (ii) a sale or other disposition of all or substantially
all the assets of the Corporation.




     2.06 Committee means the Personnel and Compensation Committee of the Board.




     2.07 Corporation means Allegheny Technologies Incorporated, a Delaware corporation, and
its successors.




     2.08 Corporation Voting Securities means the combined voting power of all outstanding
voting securities of the Corporation entitled to vote generally in the election of the
Board.




     2.09 Date of Award means the date as of which an Award is granted in accordance with
Article VI of this Plan.




     2.10 Disability means any physical or mental injury or disease of a permanent nature
which renders a Participant incapable of meeting the requirements of the employment
performed by such Participant immediately prior to the commencement of such disability. The
determination of whether a Participant is disabled shall be made by the Committee in its
sole and absolute discretion. Notwithstanding the foregoing, if a Participant’s employment
by the Corporation or an applicable subsidiary terminates by reason of a disability, as
defined in an Employment Agreement between such Participant and the Corporation or an
applicable subsidiary, such Participant shall be deemed to be disabled for purposes of the
KEPP.




     2.11 Earnings means the earnings of the Corporation determined in accordance with
generally accepted accounting principles, provided, however, for the 2005 through 2007, the
2006 through 2008, the 2007 through 2009, the 2008 through 2010 and the 2009 through 2011
Performance Periods, Earnings shall be expressed in terms of income before taxes.




     2.12 Effective Date means January 1, 2004.




     2.13 Exchange Act means the Securities Exchange Act of 1934, as amended.




     2.14 KEPP Payment means the amount actually earned by a Participant in a particular
Performance Period. Each KEPP Payment shall be the sum of the amounts earned by a
Participant during a Performance Period as Level I and Level 2 achievement or, for the
2006-2008, 2007-2009, 2008-2010 and 2009-2011 Performance Period, the amount under the
Participant Retention Achievement Bank under Section 8.04.



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     2.15 Level 1 means that portion of an Award that may be earned based on attainment of
Earnings.




     2.16 Level 2 means that portion of an Award that may be earned, after application of
Negative Discretion by the Committee, based on attainment of Operational Goals. The Level 2
portion of any Award shall be denominated in the maximum amount that may be earned with
respect to Operational Goals prior to the application of Negative Discretion.




     2.17 Negative Discretion means the power of the Committee to be exercised solely in the
Committee’s discretion to reduce the Level 2 portion of any Award. It is anticipated that
the Committee will review with the Chief Executive Officer of the Corporation the relative
attainment of Operational Goals during a particular Performance Period before the Committee
exercises its Negative Discretion.




     2.18 Operational Goals means the goals set by the Committee at the commencement of a
Performance Period to be attained by the Participants during the course of a particular
Performance Period. Operational Goals will be set forth in terms of operating objectives
and/or criteria, which may or may not be earnings measures that, in the judgment of the
Committee after consultation with the Chief Executive Officer of the Corporation, will
enhance the success of the Corporation during and beyond a particular Performance Period.




     2.19 Participant means any key management employee selected by the Committee, pursuant
to Section 5.01 of this Plan, as eligible to participate under the KEPP for any one or more
Performance Period.




     2.20 Performance Period means a period of more than one fiscal year of the Corporation
over which the attainment of Earnings and Operational Goals shall be measured.




     2.21 Plan or KEPP means the Key Executive Performance Plan as set forth in this plan
document or as the same may be amended from time to time.




     2.22 Retirement means, a termination of employment with the Corporation and each
subsidiary of the Corporation at or after (i) attaining age 55 and (ii) completing five
years of employment with the Corporation and/or any subsidiary of the Corporation.




     2.23 Withholding Obligations means the amount of federal, state and local income and
payroll taxes the Corporation determines in good faith must be withheld with respect to a
KEPP Payment. Withholding Obligations may be settled by the Participant, as permitted by
the Committee in its discretion, in cash, previously owned shares of common stock of the
Corporation or any combination of the foregoing.



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Article III. Administration





     In addition to any power reserved to the Committee under the governing documents of the
Corporation, the KEPP shall be administered by the Committee, which shall have exclusive and
final authority and discretion in each determination, interpretation or other action
affecting the KEPP and its Participants. The Committee shall have the sole and absolute
authority and discretion to interpret the KEPP, to amend or modify this Plan for the KEPP,
to select, in accordance with Section 5.01 of this Plan, the persons who will be
Participants hereunder, to set all Earnings thresholds and Operational Goals, to determine
all performance criteria, levels of Awards and KEPP Payments payable, to determine, after
review of the Corporation’s financial reports, the degree to which any threshold of Earnings
has been achieved for a Performance Period with respect to the Level 1 portion of any Award,
to review the attainment of Operational Goals and exercise Negative Discretion with respect
to the Level 2 portion of any Award, to impose such conditions and restrictions as it
determines appropriate and to take such other actions and make such other determinations in
connection with the KEPP as it may deem necessary or advisable.



Article IV. Overview of KEPP





     4.01 Cash Bonus Plan. KEPP is designed to pay cash bonuses to participating key
executives after the end of a Performance Period based on the level (i) of achievement of
predetermined Earnings thresholds and (ii) attainment of Operational Goals (to which the
Committee may exercise Negative Discretion).




     4.02 Levels of Awards. KEPP Awards are granted with two levels. The first level,
Level 1, is a cash bonus payment based on achievement of Earnings that the Committee has no
discretion to reduce. KEPP Payments earned under Level 1 will be earned solely with
reference to Earnings attained during the Performance Period. The second level, Level 2, is
a cash bonus payment based on level of attainment of Operational Goals that the Committee
has the Negative Discretion to reduce. The Committee’s judgment in exercising its Negative
Discretion to arrive at a KEPP Payment under Level 2 is expected to be guided by the degree
to which the Corporation generally or the participating key executives in particular have
attained predetermined Operational Goals. The Committee is expected to review the level of
attainment of Operational Goals with the Chief Executive Officer of the Corporation before
exercising any Negative Discretion. For the 2006-2008, the 2007-2009 the 2008-2010 and the
2009-2011 Performance Period, the Committee has established the Participant Retention
Achievement Bank under Section 8.04.




     4.03 Participating Key Executives. It is intended that the number of participating key
executives shall be limited to those key executives with the most direct influence on the
attainment of Earnings and operational goals.



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Article V. Participation





     5.01 Designation of Participants. Participants in the KEPP shall be such key
management employees of the Corporation or of its subsidiaries as the Committee, in its sole
discretion, may designate as eligible to participate in the KEPP for any one or more
Performance Periods. No later than 90 days after the commencement of each Performance
Period during the term of the KEPP, the Committee shall designate the Participants who are
eligible to participate in the KEPP during such Performance Period. The Committee’s
designation of a Participant with respect to any Performance Period shall not require the
Committee to designate such person as a Participant with respect to any other Performance
Period. The Committee shall consider such factors as it deems pertinent in selecting
Participants. The Committee shall promptly provide to each person selected as a Participant
written notice of such selection.



Article VI. Grants under the KEPP





     6.01 Annual Determination Regarding Performance Period. No later than the
60th day of each calendar year, the Committee shall determine whether to
establish a Performance Period, provided, however, for a Performance Period established in
calendar year 2004, the Committee may make a determination under this Section 6.01 at any
time prior to the 90th day of calendar year 2004.




     6.02 Determination of Grants, Awards (both Level 1 and Level 2) and Performance
Criteria. For each Performance Period, the Committee shall take the following actions no
later than the 90th day of the first calendar year of that Performance Period:




     (a) Identify Participants for that Performance Period.




     (b) Establish the level of Level 1 and Level 2 opportunities for each
Participant.




     (c) Set the Earnings target(s).




     (d) Set the Operational Goals and relative weightings after discussing such
goals and weighting with the Chief Executive Officer in order to bring the
Operational Goals as closely as possible in line with the Corporation’s business
plans.




     6.03 Termination of Employment. If a Participant terminates employment with the
Corporation and each subsidiary of the Corporation during a then uncompleted Performance
Period for reasons other than death, Disability or Retirement, any KEPP Award for any then
uncompleted Performance Period shall be forfeited automatically. If a Participant
terminates employment with the Corporation and each subsidiary of the Corporation for
reasons of death, Disability or Retirement during a then uncompleted



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Performance Period, the Participant shall be entitled to receive a pro rata KEPP Payment for
each then uncompleted Performance Period determined:




     (a) when the KEPP Payments for all other Participants in such Performance
Period(s) are determined; and




     (b) based on the actual level of achievement of Earnings for that Performance
Period and the attainment of Operational Goals, after the application of Negative
Discretion.



Article VII. Determination of Achievement of Earnings and Operational Goals





     7.01 Determination of Earnings and Operational Goals. As promptly as administratively
feasible but in no event later than the March 1st of the calendar year following last
calendar year of each Performance Period, the Committee shall determine Earnings of the
Corporation and the attainment of Operational Goals and the degree, if any, to which the
Committee will exercise Negative Discretion.




     7.02 Determination of KEPP Payments. KEPP Payments for a particular Performance Period
for a particular Participant shall be the result of adding (i) the amount earned by a
particular Participant under Level 1 based on the Corporation’s actual Earnings during the
Performance Period and (ii) the amount earned by a particular Participant under Level 2
based on attainment of Operational Goals and after the application, if any, by the Committee
of Negative Discretion or, for the 2006-2008, for the 2007-2009, for the 2008-2010 and for
the 2009-2011 Performance Period, the Participant Retention Achievement Bank amount
determined under Section 8.04.



Article VIII. Miscellaneous





     8.01 Change in Control. In the event of a Change in Control, KEPP Payments shall be
determined for all then uncompleted Performance Periods under Leas the greater of (A) 1X
performance for each then uncompleted Performance Period and (B) the level of performance
that would have been achieved of the rate of the Company’s financial performance for the
then completed period would have continued for the remained of each then uncompleted
Performance Period. KEPP Payments shall be delivered to the Participant as soon after the
Change in Control as is administratively feasible.




     8.02 Non-Uniform Determinations. The actions and determinations of the Committee need
not be uniform and may be taken or made by the Committee selectively among employees or
Participants, whether or not similarly situated.




     8.03 Amendment and Termination of the Plan. The Committee shall have complete power
and authority to amend or terminate this Plan at any time it is deemed necessary or
appropriate. No termination or amendment of the Plan may, without the consent of the
Participant to whom any award shall theretofore have been



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granted under the KEPP, adversely affect the right of such individual under such award;
provided, however, that the Committee may, in its sole discretion, make such provision in
the Award Agreement for amendments which, in its sole discretion, it deems appropriate.




     8.04 Participant Retention Achievement Bank. In order to retain participants
designated as eligible to participate in KEPP for the 2006-2008, the 2007-2009, the
2008-2010 and the 2009-2011 Performance Period (“Banking Performance Period(s)”), for those
Performance Periods, KEPP Payments will be made under this Participant Retention Achievement
Bank provision if greater than the KEPP Payment otherwise due under the KEPP for the
relevant Banking Performance Periods. The aggregate amount in the Participant Retention
Achievement Bank shall be equal to the sum of the three amounts (none less than 0)
determined as of the close of each year in the relevant Banking Performance Period by taking
the amount of Earnings for that year multiplied by three and determining the Level 1 amount
due for that level of achievement for the entire three year, relevant Banking Performance
Period(s) and then dividing the KEPP Payment due under the foregoing clause by three. The
resulting amount will be one of the three amounts added together (one for each year in the
relevant Banking Performance Period) to comprise the aggregate Participant Retention
Achievement Bank. The amount of the KEPP Payment due to any individual Participant for the
relevant Banking Performance Period will be equal to the amount determined by multiplying
the Participant Retention Achievement Bank by a fraction, the numerator of which is the
Level 1 KEPP Payment due to that Participant if actual performance for the relevant Banking
Performance Period was at the 1X Threshold Reference and the denominator of which is the sum
of all payments due at Level 1 for 1X achievement for all Participants for the relevant
Banking Performance Period.



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