**EXHIBIT         10.5**

**NORTH        AMERICAN GALVANIZING & COATINGS,        INC.**

**2****004        INCENTIVE STOCK PLAN**

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| 1      | BACKGROUND AND PURPOSE                                | 1      |
|--------|-------------------------------------------------------|--------|
| 2      | DEFINITIONS                                           | 1      |
| 2.1    | Affiliate                                             | 1      |
| 2.2    | Board                                                 | 2      |
| 2.3    | Change Effective Date                                 | 2      |
| 2.4    | Change in Control                                     | 2      |
| 2.5    | Code                                                  | 4      |
| 2.6    | Committee                                             | 4      |
| 2.7    | Company                                               | 4      |
| 2.8    | Director                                              | 4      |
| 2.9    | Director Stock Unit Program                           | 5      |
| 2.10   | Eligible Employee                                     | 5      |
| 2.11   | Fair Market Value                                     | 5      |
| 2.12   | ISO                                                   | 5      |
| 2.13   | 1933 Act                                              | 5      |
| 2.14   | 1934 Act                                              | 6      |
| 2.15   | Non-ISO                                               | 6      |
| 2.16   | Option                                                | 6      |
| 2.17   | Option Certificate                                    | 6      |
| 2.18   | Option Price                                          | 6      |
| 2.19   | Parent                                                | 6      |
| 2.20   | Plan                                                  | 6      |
| 2.21   | Preexisting Plan                                      | 6      |
| 2.22   | Rule 16b-3                                            | 6      |
| 2.23   | SAR Value                                             | 7      |
| 2.24   | Stock                                                 | 7      |
| 2.25   | Stock Appreciation Right                              | 7      |
| 2.26   | Stock Appreciation Right                  Certificate | 7      |
| 2.27   | Stock Grant                                           | 7      |
| 2.28   | Stock Grant Certificate                               | 8      |
| 2.29   | Stock Unit Grant                                      | 8      |
| 2.30   | Subsidiary                                            | 8      |
|   |                                                  |   |

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|     |                                                        |   |
|----------|-------------------------------------------------------------|--------|
| 2.31     | Ten Percent Shareholder                                     | 8      |
| 3        | SHARES AND GRANT LIMITS                                     | 8      |
| 3.1      | Shares Reserved                                             | 8      |
| 3.2      | Source of Shares                                            | 9      |
| 3.3      | Use of Proceeds                                             | 9      |
| 3.4      | Grant Limits                                                | 10     |
| 3.5      | Preexisting Plan                                            | 10     |
| 4        | EFFECTIVE DATE                                              | 10     |
| 5        | COMMITTEE                                                   | 10     |
| 6        | ELIGIBILITY AND ANNUAL GRANT                CAPS            | 11     |
| 7        | OPTIONS                                                     | 11     |
| 7.1      | Committee Action                                            | 11     |
| 7.2      | $100,000 Limit                                              | 12     |
| 7.3      | Option Price                                                | 12     |
| 7.4      | Payment                                                     | 13     |
| 7.5      | Exercise                                                    | 13     |
| 7.6      | Compliance With Section 409A of the                Code     | 14     |
| 8        | STOCK APPRECIATION RIGHTS                                   | 15     |
| 8.1      | Committee Action                                            | 15     |
| 8.2      | Terms and Conditions                                        | 15     |
| 8.3      | Exercise                                                    | 17     |
| 8.4      | Compliance With Section 409A of the                Code     | 17     |
| § 9 | STOCK GRANTS                                                | 18     |
| 9.1      | Committee Action                                            | 18     |
| 9.2      | Conditions                                                  | 18     |
| 9.3      | Dividends, Voting Rights and Creditor                Status | 20     |
| 9.4      | Satisfaction of Forfeiture                Conditions        | 22     |
| 9.5      | Income Tax Deduction                                        | 22     |
| 9.6      | Director Stock Unit Program                                 | 24     |

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| 9.7  | Compliance With Section 409A of the                Code | 24 |
|------|---------------------------------------------------------|----|
| 10   | NON-TRANSFERABILITY                                     | 26 |
| 11   | SECURITIES REGISTRATION                                 | 26 |
| 12   | LIFE OF PLAN                                            | 27 |
| 13   | ADJUSTMENT                                              | 28 |
| 13.1 | Capital Structure                                       | 28 |
| 13.2 | Transactions Described in § 424                    | 28 |
| 13.3 | Fractional Shares                                       | 29 |
| 13.4 | Compliance With Section 409A of the                Code | 29 |
| 14   | CHANGE IN CONTROL                                       | 30 |
| 15   | AMENDMENT OR TERMINATION                                | 30 |
| 16   | MISCELLANEOUS                                           | 31 |
| 16.1 | Shareholder Rights                                      | 31 |
| 16.2 | No Contract of Employment                               | 31 |
| 16.3 | Withholding                                             | 32 |
| 16.4 | Construction                                            | 32 |
| 16.5 | Other Conditions                                        | 32 |
| 16.6 | Rule 16b-3                                              | 33 |

**1****BACKGROUND      AND      PURPOSE**

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**2****DEFINITIONS**

**2.1               ****Affiliate**

**2.2               ****Board**

**2.3               ****Change Effective Date**

**2.4               ****Change in Control**

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**2.5               ****Code**

**2.6               ****Committee**

**2.7               ****Company**

**2.8               ****Director**

**2.9               ****Director Stock Unit Program**

**2.10                  ****Eligible Employee**

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**2.11                  ****Fair Market Value**

**2.12                  ****ISO**

**2.13                  ****1933 Act**

**2.14                  ****1934 Act**

**2.15                  ****Non-ISO**

**2.16                  ****Option**

**2.17                  ****Option Certificate**

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**2.18                  ****Option Price**

**2.19                  ****Parent**

**2.20                  ****Plan**

**2.21                  ****Preexisting      Plan**

**2.22                  ****Rule 16b-3**

**2.23                  ****SAR Value**

**2.24                  ****Stock**

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**2.25                  ****Stock Appreciation      Right**

**2.26                  ****Stock Appreciation Right      Certificate**

**2.27                   ****Stock Grant**

**2.28                  ****Stock Grant Certificate**

**2.29                  ****Stock Unit Grant**

**2.30                  ****Subsidiary**

**2.31                  ****Ten Percent Shareholder**

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**3****SHARES      AND GRANT      LIMITS**

**3.1               ****Shares Reserved**

**3.2               ****Source of Shares**

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**3.3               ****Use of Proceeds**

**3.4               ****Grant Limits**

**3.5               ****Preexisting Plan**

**4****EFFECTIVE      DATE**

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**5****COMMITTEE**

**6****ELIGIBILITY      AND      ANNUAL GRANT CAPS**

**7****OPTIONS**

**7.1               ****Committee Action**

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**7.2               ****$100,000 Limit**

**7.3               ****Option Price**

**7.4               ****Payment**

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**7.5                    ****Exercise**

**Exercise      Period.**

**Termination      of Status as Eligible Employee or      Director**

**7.6               ****Compliance      With Section 409A of the Code**

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**8****STOCK      APPRECIATION RIGHTS**

**8.1               ****Committee Action**

**8.2               ****Terms and Conditions**

**Stock Appreciation Right Certificate**

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**Option      Certificate**

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**Minimum      Period of Service**

**8.3               ****Exercise**

**8.4               ****Compliance      With Section 409A of the Code**

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**9****STOCK      GRANTS**

**9.1               ****Committee Action**

**9.2               ****Conditions**

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**Conditions      to Issuance of Stock**

**Conditions      on Forfeiture of Stock**

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**Minimum Period of Service**

**9.3               ****Dividends, Voting Rights and Creditor      Status**

**Cash Dividends**

**Stock      Dividends**

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**Other**

**Voting**

**General      Creditor Status**

**9.4               ****Satisfaction of Forfeiture Conditions**

**9.5               ****Income Tax Deduction**

**General**

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**Performance      Goals**

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**Adjustments**

**9.6               ****Director Stock Unit Program**

**9.7               ****Compliance      with Section 409A of the Code**

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**10****NON-TRANSFERABILITY**

**11****SECURITIES      REGISTRATION**

**12****LIFE      OF      PLAN**

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**13****ADJUSTMENT****S**

**13.1             ****Capital Structure**

**13.2                  ****Transactions Described      in § 424**

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**13.3                  ****Fractional      Shares**

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**13.4             ****Compliance      With Section 409A of the Code**

**14****CHANGE      IN      CONTROL**

**15**

**AMENDMENT      OR TERMINATION**

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**16**

**MISCELLANEOUS**

**16.1                  ****Shareholder      Rights**

**16.2                  ****No Contract of      Employment**

**16.3                  ****Withholding**

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**16.4            ****Construction**

**16.5                  ****Other      Conditions**

**16.6                  ****Rule      16b-3**

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