EX-10.1






Exhibit 10.1




GIBRALTAR INDUSTRIES, INC.

MANAGEMENT STOCK PURCHASE PLAN




 






Second Amendment and Restatement




 






     Effective as of May 19, 2005, Gibraltar Industries, Inc., a Delaware corporation with offices
at 3556 Lake Shore Road, Buffalo, New York (the “Company”) established the Gibraltar Industries,
Inc. 2005 Equity Incentive Plan (the “Omnibus Plan”) to enable the Company to grant awards of
equity based compensation to its employees and to non-employee directors, consultants and service
providers.



     In addition, effective as of May 19, 2005, the Company established the Gibraltar Industries,
Inc. Management Stock Purchase Plan (the “Plan”) to set forth a uniform set of principals under
which certain of the Company’s management employees would be permitted to purchase Restricted Stock
Units which the Company is authorized to issue pursuant to the Omnibus Plan.



     Pursuant to the terms of the Plan and the Omnibus Plan, the Plan is to be treated as an
instrument evidencing the grant of an Award under the Omnibus Plan.



     Effective as of December 18, 2006, the Company adopted a First Amendment and Restatement of
the Plan to permit the Company’s non-Employee Directors to elect to defer their receipt of their
Director Fees and to have Restricted Stock Units credited to an Account established for their
benefit under the Plan in lieu of their receipt of their Director Fees and to make certain other
technical changes.



     The Company now desires to amend and restate the Plan, effective as of December 31, 2008, to
permit the Company’s Eligible Employees to elect to defer receipt of their Base Salary and to have
Restricted Stock Units credited to an Account established for their benefit under the Plan in lieu
of their receipt of their Base Salary effective for Plan years beginning January 1, 2009 and
thereafter, to provide the Company greater flexibility with respect to the amount of the Bonus that
can be deferred by an Eligible Employee, to provide the Company greater flexibility with respect to
the number of Matching Units to be credited to the Accounts established for the benefit of Eligible
Employees, to conform the terms of the Plan to the requirements of Section 409A of the Code and to
make certain other technical changes.



     In connection with the foregoing, the Company hereby adopts the following as the Second
Amendment and Restatement of the Gibraltar Industries, Inc. Management Stock Purchase Plan
effective as of December 31, 2008.



 









 





ARTICLE 1.

DEFINITIONS




     The following words and phrases, when used in this Plan, shall have the following meanings,
unless a different meaning is plainly required by the context:



     1.01 Account means the account or accounts established and maintained by the Committee
for each Participant to reflect the number of Restricted Units allocated to the Participant and to
reflect the amount which is payable to such Participant under the terms of this Plan.



     1.02 Affiliate means any corporation under common control with the Company within the
meaning of Internal Revenue Code Section 414(b) and any trade or business (whether or not
incorporated) under common control with the Company within the meaning of Internal Revenue Code
Section 414(c).



     1.03 Annual Bonus Plan means the Gibraltar Industries, Inc. Annual Incentive
Compensation Plan as adopted by the Board of Directors on November 30, 2004.



     1.04 Beneficiary means any person, firm, corporation, trust or other entity
designated, in writing, by a Participant to receive any payment or distribution required to be made
under this Plan upon or after the Participant’s death, or if none, his or her spouse, or, if
neither, his or her estate.



     1.05 Applicable Interest Rate means, for each Plan Year, an annual rate of interest
equal to the sum of: (a) two percent (2%); and (b) the average of the annualized rates of interest
payable on ten (10) year U.S. Treasury Notes, as reported by the Federal Reserve Board on a weekly
average basis for the four weeks in which January 1, April 1, July 1 and October 1 of the Plan Year
occur.



     1.06 Base Salary means an amount equal to the total salary or wages paid or payable by
an Employer to an Eligible Employee at the Eligible Employee’s regular rate for services actually
rendered during a calendar year excluding commissions, overtime and bonuses for any such calendar
year.



     1.07 Base Salary Deferral Unit means each Restricted Unit which is allocated to the
Account of a Participant that is an Eligible Employee pursuant to the provisions of Section 4.04.



     1.08 Board of Directors means the Board of Directors of the Company.



     1.09 Bonus means the amount, if any, payable to an Eligible Employee under the terms
of the Annual Bonus Plan for services rendered by the Eligible Employee to the Company or any
Affiliate of the Company for a calendar year. The determination of the Committee of the amount of
an Eligible Employee’s Bonus within the meaning of the foregoing shall be
conclusive.



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     1.10 Bonus Deferral Unit means each Restricted Unit which is allocated to the Account
of a Participant that is an Eligible Employee pursuant to the provisions of Section 4.04.



     1.11 Cause means that the Committee has determined (and provided the Eligible Employee
a written statement of its determination) that the Eligible Employee has engaged in egregious acts
or omissions which have resulted in material injury to the Company and its business.



     1.12 Change in Control means the occurrence of any of the following:



          (a) During any twelve-consecutive month period, any “person” or group of persons (within the
meaning of Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
other than the Company, an Affiliate of the Company, an employee benefit plan sponsored by the
Company or any one or more members of the Lipke family becomes the “beneficial owner” (as defined
in section 13(d) of the Exchange Act) of thirty five percent (35%) or more of the then outstanding
voting stock of the Company through a transaction which has not (or a series of transactions which
have not) been arranged by or consummated with the prior approval of the Board of Directors; or




          (b) a majority of the members of the Board of Directors is replaced during any consecutive
twelve-month period by Directors whose appointment or election is not endorsed by a majority of the
members of the Board of Directors prior to the date of appointment or election; or




          (c) the Company enters into a Merger Sale Agreement; provided however, that the entry into a
Merger Sale Agreement shall only be deemed a “Change in Control” if the Eligible Employee’s
employment with or service to the Company and all of its Affiliates is terminated by his Employer
without Cause or by the Eligible Employee for a Good Reason, in each case, at any time during the
period beginning on the date the Merger Sale Agreement is executed and ending on the date the
transaction contemplated by the Merger Sale Agreement is consummated; or




          (d) the consummation of a Merger Sale.




     1.13 Common Stock means the common stock (par value $0.01 per share) of the Company.



     1.14 Committee means: (a) with respect to any Eligible Employee that is an Executive
Officer, the Board of Directors upon the recommendation of the Compensation Committee of the Board
of Directors; (b) with respect to any non-Employee member of the Board of Directors, the Board of
Directors upon the recommendation of the Compensation Committee of the Board of Directors; and (c)
with respect to any Eligible Employee that is not an Executive Officer, the administrative
committee appointed to administer this Plan pursuant to Section 9.01 hereof.



     1.15 Compensation means an amount equal to the total salary or wages paid or payable
by an Employer to an Eligible Employee at the Eligible Employee’s regular rate for



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services
actually rendered including commissions, overtime and bonuses (whether or not any such salary,
wages, commissions, overtime or bonus is actually paid to the Eligible Employee as a result of the
Eligible Employee’s election to defer receipt of such compensation) but excluding the amount of any
contributions allocated to the account of the Eligible Employee under the terms of the Gibraltar
401(k) Plan and the amount of any other contributions or benefits made to or for the benefit of any
Eligible Employee under any qualified or non-qualified pension, profit sharing, insurance,
hospitalization or other plan or policy maintained by the Company for the benefit of any such
Eligible Employee. The decision of the Committee as to what constitutes Compensation within the
meaning of the foregoing definitions shall be conclusive.




     1.16 Deferred Compensation Election Form means the form which an Eligible Employee is
required to execute and deliver to the Committee in order to defer his receipt of any portion of
his Base Salary and/or in order to defer his receipt of any portion of his Bonus. If an Eligible
Employee desires to defer any portion of his Base Salary, the Eligible Employee must execute and
deliver a Deferred Compensation Election Form to the Committee no later than December 31 of the
calendar year immediately preceding the calendar year in which the Base Salary of the Eligible
Employee which is to be deferred would be payable to the Eligible Employee for services rendered.
If an Eligible Employee desires to defer any portion of his Bonus, the Eligible Employee must
execute and deliver a Deferred Compensation Election Form to the Committee no later than June 30 of
the Plan Year in which the Eligible Employee performs the services for the Company and its
Affiliates that would result in payment to the Eligible Employee (in the following Plan Year) of a
Bonus. The Deferred Compensation Election Form shall specify the portion, if any, of the Base
Salary of an Eligible Employee which the Eligible Employee is electing to defer and the portion, if
any of the Bonus of an Eligible Employee which the Eligible Employee elected to defer and shall
contain such other information as may be determined by the Committee in its discretion.



     1.17 Deferred Director Fee Election Form means the form which an Eligible Director is
required to execute and deliver to the Committee in order to defer his receipt of all or any
portion of his Director Fees, which form shall be delivered to the Committee: (a) in the first year
that the Eligible Director becomes eligible to defer his receipt of any portion of his Director
Fees, no later than thirty (30) days following the date that the Eligible Director becomes eligible
to defer his receipt of his Director Fees; and (b) with respect to any Director Fees which are to
be deferred by an Eligible Director for a calendar year following the calendar year in which the
non-Employee Director first becomes eligible to defer his Director Fees, no later than December 31
of the calendar year ending immediately prior to the calendar year in which any portion of the
Eligible Director’s Fees is to be deferred.



     1.18 Director Fees means the total cash amount payable to a non-Employee Director in
connection with the services he provides to the Company as a member of the Board of Directors,
including, but not limited to, the non-Employee Director’s Retainer Fee, any fees payable in
connection with the attendance by such non-Employee Director at any meetings of the Board of
Directors or any committee of the Board of Directors and any fees payable in connection with duties
performed by any such non-Employee Director as chairman of any
committee of the Board of Directors. The term Director Fees shall not include any awards of
restricted stock, stock options or other equity based compensation paid to non-Employee Directors.



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     1.19 Director Fee Deferral Units means each Restricted Unit which is allocated,
pursuant to the provisions of Section 5.03, to the Account of a Participant that is an Eligible
Director. The term Director Fee Deferral Unit shall include Retainer Fee Deferral Units credited
to the Account of a Participant that is an Eligible Director.



     1.20 Eligible Director means each non-Employee member of the Board of Directors.



     1.21 Eligible Employee means each Employee who has been determined by the Committee to
be eligible for participation in this Plan. Any determination by the Committee that an Employee is
an Eligible Employee shall be conclusive and binding on all persons.



     1.22 Employee means each individual engaged in rendering services to an Employer for
wages as defined in Section 3121(a) of the Code.



     1.23 Employer means the Company and each Affiliate of the Company.



     1.24 Executive Officer means: (a) the Company’s Chief Executive Officer; (b) the
Company’s President; (c) the Company’s principal financial officer; (d) the Company’s principal
accounting officer; (e) any Vice President of the Company who is in charge of a principal business
unit, division or function; (f) any other officer of the Company who performs a policy making
function for the Company; (g) any officer of any Affiliate who performs policy making functions for
the Company; and (h) any other person who performs policy making functions for the Company



     1.25 Fair Market Value means: (a) for purposes of determining the value of one Share
of Common Stock in connection with the calculation of the number of Units to be credited to the
Account of an Eligible Employee as of the end of any calendar quarter to reflect the Eligible
Employee’s deferral of his receipt of any portion of his Base Salary, the average of the closing
prices of a Share of Common Stock as reported by the NASDAQ National Market System on each business
day which occurs during the calendar quarter ending on the date as of which such Units are to be
credited to the Eligible Employee’s Account; (b) for purposes of determining the value of one Share
of Common Stock in connection with the calculation of the number of number of Matching Units to be
credited to the Account of a Participant as of the end of any calendar quarter, the average of the
closing prices of a Share of common Stock as reported by the NASDAQ National Market System on each
business day which occurs during the calendar quarter ending on the date as of which such Matching
Units are to be credited to the Participant’s Account; (c) for purposes of determining the value of
one Share of Common Stock in connection with the calculation of the amount of any distributions to
be made upon the occurrence of a Change in Control, the closing price of a Share of Common Stock as
reported by the NASDAQ National Market System on the day immediately preceding the date the Change
in Control occurs; and (d) for all purposes other than the purposes described in Section 1.25(a),
(b) and (c) above, the average of the closing prices of a Share of Common Stock as reported by the
NASDAQ National Market System on each of the two hundred (200) consecutive trading days
immediately preceding the date as of which the determination of Fair Market Value is to be made.



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     1.26 Good Reason means that: (a) the Eligible Employee’s annual Base Salary and/or
annual Bonus is reduced or any other material compensation or benefit arrangement for the Eligible
Employee is materially reduced (and such reduction is unrelated to the Company’s, a Company
Affiliate’s or the Eligible Employee’s performance); (b) the Eligible Employee’s duties or
responsibilities are negatively and materially changed in a manner inconsistent with the Eligible
Employee’s position (including status, offices, titles and reporting requirements) or authority;
(c) the Company requires the Eligible Employee’s work location or residence to be relocated more
than 50 miles from its location as of the date the Merger Sale Agreement is executed; or (d) the
Company or its successor fails to offer the Eligible Employee a position after the Change in
Control comparable to that held by the Eligible Employee immediately prior to the Change in
Control.



     1.27 Internal Revenue Code, Code and IRC each mean the Internal Revenue Code of 1986,
as amended.



     1.28 Key Employee means any Employee who, at any time during the Plan Year is: (a) a
five percent (5%) owner of the Company; (b) a one percent (1%) owner of the Company having annual
Compensation from his Employer of more than $150,000; or (c) an officer of the Employer having
annual Compensation which is greater than $130,000, adjusted for inflation at the same time and in
the same manner that adjustments to contributions and benefits under a tax qualified retirement
plan are made under Section 415(d) of the Internal Revenue Code; provided that, the base period for
making any such adjustment shall be the calendar quarter beginning July 1, 2001 and any increase in
such Compensation which is not a multiple of $5,000 shall be rounded to the next lower multiple of
$5,000. For purposes of Section 1.28(c) above, no more than fifty (50) Employees shall be treated
as officers.



     1.29 Matching Percentage means the percentage determined and established by the
Committee for each Eligible Employee and used for purposes of calculating the number of Matching
Units to be credited to the Account of the Eligible Employee, which percentage: (a) with respect to
the amount of the Base Salary which is deferred by an Eligible Employee shall be an amount which is
up to fifty percent (50%) of the amount of the Base Salary which has been deferred by an
Eligible Employee; and (b) with respect to the amount of any
Bonus which is deferred by an
Eligible Employee shall be an amount which is: (i) up to one hundred percent (100%) for the first
fifty percent (50%) of the amount of the Bonus which has been deferred by an Eligible Employee; and
(ii) up to fifty percent (50%) for the second fifty percent (50%) of the amount of the Bonus which
has been deferred by an Eligible Employee. The amount of an Eligible Employee’s Matching
Percentage will be specified in the Deferred Compensation Election Form which the Eligible Employee
is required to execute and deliver in connection with his deferral of any portion of his Base
Salary and/or Bonus.



     1.30 Matching Units means: (a) Restricted Units allocated to the Account of an
Eligible Employee pursuant to Section 6.01 hereof and having an aggregate value, determined as
of the date Base Salary Deferral Units are allocated to the Eligible Employee’s Account, equal
to: (i) the amount of the Base Salary deferred by the Eligible Employee; multiplied by (ii) the



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Matching Percentage applicable to the Eligible Employee’s deferral of his Base Salary; (b)
Restricted Units allocated to the Account of an Eligible Employee pursuant to Section 6.01 hereof
and having an aggregate value, determined as of the date Bonus Deferral Units are allocated to the
Eligible Employee’s Account, equal to: (i) the amount of the Bonus deferred by the Eligible
Employee; multiplied by (ii) the Matching Percentage applicable to the Eligible Employee’s deferral
of his Bonus; and (c) Restricted Units allocated to the Account of an Eligible Director pursuant to
Section 6.01 hereof (to reflect Retainer Fee Deferral Units allocated to such Eligible Director’s
Account pursuant to Section 5.03).




     1.31
Maximum Deferral Percentage means: (a) when used with respect to an Eligible
Employee’s Base Salary, the maximum percentage of the Eligible Employee’s Base salary which the
Eligible Employee is eligible to defer his receipt of; and (b) when used with respect to an
Eligible Employee’s Bonus, the maximum percentage of the Eligible Employee’s Bonus which the
Eligible Employee is eligible to defer his receipt of, each of which percentages shall be
established by the Committee for each eligible Employee, in its discretion. The amount of an
Eligible Employee’s Maximum Deferral Percentage will be specified in the Deferred Compensation
Election Form which the Eligible Employee is required to execute and deliver in connection with his
deferral of any portion of his Base Salary and/or Bonus.



     1.32 Merger Sale means the consolidation, merger, or other reorganization of the
Company, other than: (a) any such consolidation, merger or reorganization of the Company in which
holders of Common Stock immediately prior to the earlier of: (i) the Board of Director’s approval
of such consolidation, merger or other reorganization; or (ii) the date of the stockholders meeting
in which such consolidation, merger or other reorganization is approved, continue to hold more than
seventy percent (70%) of the outstanding voting securities of the surviving entity immediately
after the consolidation, merger, or other reorganization; and (b) any such consolidation, merger or
other reorganization which is effected pursuant to the terms of a Merger Sale Agreement which
provides that the consolidation, merger or other reorganization contemplated by the Merger Sale
Agreement will not constitute a Change in Control for purposes of this Plan.



     1.33 Merger Sale Agreement means an agreement between the Company and any one or more
other persons, firms, corporations or other entities (which are not Affiliates of the Company)
providing for a consolidation, merger or other reorganization in which the holders of Common Stock
of the Company immediately prior to the Company’s execution of such agreement do not hold more than
seventy percent (70%) of the outstanding voting securities of the surviving entity immediately
after the consummation of the consolidation, merger, or other reorganization contemplated by such
agreement.



     1.34 Participant means each Eligible Employee and each Eligible Director who becomes a
participant in the Plan pursuant to Article 3.



     1.35 Plan means this non-qualified plan of deferred equity based incentive
compensation known as the Gibraltar Industries, Inc. Management Stock Purchase Plan.



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     1.36 Plan Year means the twelve (12) consecutive month period beginning January 1,
2005 and each twelve (12) consecutive month period beginning on each January 1 thereafter.



     1.37 Restricted Unit means each Unit (whether a Base Salary Deferral Unit, a Bonus
Deferral Unit, a Director Fee Deferral Unit or a Matching Unit) credited to the Account of a
Participant and any additional units which may be credited to a Participant’s Account with respect
to such Units pursuant to the provisions of Section 6.03 hereof.



     1.38 Restricted Stock means Shares which have been granted pursuant to the Omnibus
Plan subject to specified restrictions on the transferability of such Shares.



     1.39 Retainer Fee means the annual amount payable by the Company to a non-Employee
Director as a retainer for his services as a member of the Board of Directors excluding amounts:
(a) paid to the non-Employee Director: (i) for attendance at meetings of the Board of Directors;
(ii) for attendance at meetings of any committee of the Board of Directors; (iii) to serve as a
chairman of any Committee of the Board of Directors; (b) attributable to awards of Restricted Stock
or any other equity interest in the Company; (c) attributable to the vesting of shares of
Restricted Stock of the Company; or (d) the exercise of any options to purchase Shares.



     1.40 Retainer Fee Deferral Unit means each Restricted Unit which is allocated,
pursuant to the provisions of Section 5.03 to the Account of a Participant that is an Eligible
Director and reflects the portion, if any, of the Retainer Fee which has been deferred by the
Eligible Director.



     1.41 Share means a share of Common Stock.



     1.42 Unit means a unit of measurement equivalent to one Share, with none of the
attendant rights of a shareholder of such Share, (including among the rights which the holder of a
Unit does not have are the right to vote such Share and the right to receive dividends thereon),
except to the extent otherwise specifically provided herein.



ARTICLE 2.

OVERVIEW OF PLAN OPERATION




     2.01 General Description of Plan Operation. In general, the Plan will be operated in
the manner described in this Section 2.01. The more specific provisions relating to the Plan and
its operation are contained in the remaining Articles of this Plan.



          (a) Individual Employees will be selected for participation in the Plan by the Committee. The
Committee will provide written notice to each Employee that is selected for participation on the
Plan. Each non-Employee Director will, by virtue of such status, be eligible
to participate in the Plan.




          (b) If an Employee is selected for participation in the Plan the Employee will be entitled to
defer receipt of up to twenty-five percent (25%) of the Base Salary that the





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Employee is entitled
to receive and up to one hundred percent (100%) of the Bonus that the Employee is entitled to
receive under the Annual Bonus Plan. The Maximum Deferral Percentage of each Employee that is
selected for participation in the Plan will be specified in the written notice which is provided to
the Employee of his selection for participation in the Plan. In addition, each Eligible Director
will be entitled to defer up to one hundred percent (100%) of his Director Fees.




          (c) Due to applicable tax rules: (i) an Eligible Employee that elects to defer any portion of
his Base Salary must file his election to defer any portion of his Base Salary with the Committee
no later than December 31 of the calendar year immediately preceding the calendar year in which the
Base Salary which he is electing to defer will be paid; (ii) an Eligible Employee that elects to
defer his receipt of payment of all or any portion of his Bonus must file his election to defer a
portion of his Bonus with the Committee no later than June 30 of the calendar year in which he
performs the services which will give rise to his entitlement to payment of the Bonus to be
deferred; and (iii) an Eligible Director that elects to defer any portion of his Director Fees must
file his election to defer any portion of his Director Fees with the Committee no later than
December 31 of the calendar year immediately preceding the calendar year in which the Director Fees
which he is electing to defer will be paid.




          (d) If an Eligible Employee elects to defer his receipt of payment of a portion of his Base
Salary, at the time his Base Salary is payable (which is in the calendar year following the
calendar year in which he makes his election to defer his Base Salary), the portion of his Base
Salary which he has elected to defer will not be paid to him and, instead, the Committee will, at
the end of each calendar quarter, credit an Account which will be established for his benefit with
a number of Restricted Units equal to the number of Shares he could have purchased using the
portion of his Base Salary which was deferred for the calendar quarter at a price per Share equal
to the Fair Market Value of a Share determined as of the end of the applicable calendar quarter.




          (e) If an Eligible Employee elects to defer his receipt of payment of all or any portion of
his Bonus, at the time his Bonus is payable (which is in the calendar year following the calendar
year in which he performs the services giving rise to his entitlement to payment of a Bonus), the
portion of his Bonus which he has elected to defer will not be paid to him and, instead, the
Committee will credit an Account which will be established for his benefit with a number of
Restricted Units equal to the number of Shares he could have purchased using the deferred portion
of his Bonus at a price per Share equal to the Fair Market Value of a Share on the date he receives
(or would have received) payment of his Bonus.




          (f) If an Eligible Director elects to defer his receipt of payment of any portion of his
Director Fees, on each date that he is entitled to payment of any portion of his Director Fees,
whether attributable to Retainer Fees, fees for attendance at meetings of the Board of Directors or
any committee thereof, or any other fees, a portion (stated as a percentage) of his Director Fees
which he has elected to defer will not be paid to him and, instead, the Committee
will credit an Account which will be established for his benefit with a number of Restricted
Units equal to the number of Shares he could have purchased using the deferred portion of his
Director Fees at a price per Share equal to the Fair Market Value of a Share determined as of the




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date Director Fee Deferral Units are to be allocated to the Director’s Account as provided for in
the Deferred Director Fee Election Form.




          (g) In addition to the Base Salary Deferral Units that are credited, as described in (d)
above, to the Account of a Participant that is an Eligible Employee, at the same time that Base
Salary Deferral Units are credited to such Eligible Employee’s Account, the Committee will credit
the Eligible Employee’s Account with an additional number of Restricted Units (Matching Units)
which have an aggregate Fair Market Value, determined as of the date that Base Salary Deferral
Units are credited to the Account of the Eligible Employee, equal to the total amount of the Base
Salary which was deferred by the Eligible Employee during the calendar quarter which ends on the
date that Base Salary Deferral Units are credited to the Participant’s Account, multiplied by the
Matching Percentage applicable to the Eligible Employee’s deferral of his Base Salary. Similarly,
in addition to the Bonus Deferral Units that are credited, as described in (e) above, to the
Account of a Participant that is an Eligible Employee, at the same time that Bonus Deferral Units
are credited to such Eligible Employee’s Account, the Committee will credit the Eligible Employee’s
Account with an additional number of Restricted Units (Matching Units) which have an aggregate Fair
Market Value, determined as of the date that Bonus Deferral Units are credited to the Account of
the Eligible Employee, equal to the total amount of the Bonus which was deferred by the Eligible
Employee multiplied by the Eligible Employee’s Matching Percentage.




          (h) In addition to the Director Fee Deferral Units credited to the Account of a Participant
that is an Eligible Director as described in (f) above, at the same time that Director Fee Deferral
Units are credited to such Eligible Director’s Account, the Committee will credit the Eligible
Director’s Account with an additional number of Matching Units equal to the number of Retainer Fee
Deferral Units, if any, credited to the Eligible Director’s Account.




          (i) The total value of the Restricted Units credited to the Account of a Participant that is
an Eligible Employee will not be distributable to the Eligible Employee until the Eligible
Employee’s employment is terminated or, if earlier, the date a Change in Control occurs. However,
if the Eligible Employee’s employment is terminated before he has attained age sixty (60), the
Matching Units credited to the Eligible Employee’s Account will be forfeited and the amount which
is distributable to the Eligible Employee will only consist of an amount equal to the value of the
Bonus Deferral Units and/or the Base Salary Deferral Units credited to the Eligible Employee’s
Account.




          (j) The total value of the Restricted Units credited to the Account of a Participant that is
an Eligible Director will not be distributable to the Eligible Director until the date on which the
Eligible Director’s status as a member of the Board of Directors is terminated or, if earlier, the
date a Change in Control occurs. However, if the Eligible Director’s status as a member of the
Board of Directors is terminated before he has attained age sixty (60), the Matching Units credited
to the Eligible Director’s Account will be forfeited and the amount which is distributable to the
Eligible Director will only consist of an amount equal to the value of
the Retainer Fee Deferral Units credited to the Eligible Director’s Account.





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          (k) At the time a Participant becomes entitled to a distribution, the number of Restricted
Units credited to the Participant’s Account (and not forfeited) will be converted (hypothetically
and for accounting purposes only) to a cash amount equal to the total number of Restricted Units
credited to the Participant’s Account (and not forfeited) multiplied by the Fair Market Value of
one Share determined as of the date the Participant becomes entitled to a distribution. However,
as indicated in Sections 2.01(i) and (j) above, if the Participant’s employment or status as a
member of the Board of Directors is terminated before he has attained at least age sixty (60), the
total number of Restricted Units which are credited to the Participant’s Account will not include
any Matching Units.




          (l) If the Participant is entitled to a distribution because his employment has been
terminated or his status as a member of the Board of Directors has been terminated, the cash value
of the Participant’s Account will be distributed to the Participant in five (5) substantially equal
annual payments beginning in the month of January following the date the Participant’s employment
is terminated and continuing in each subsequent January thereafter until the full value of the
Participant’s Account has been distributed. The installment payments required to be made to the
Participant as described above in this Section 2.01(l) shall be paid in cash less applicable
withholding taxes.




          (m) During the period between the date the Participant’s Account is converted to cash and the
date the entire value of the Participant’s Account is distributed, the value of the Account shall
be increased by interest at an annual rate equal to the Applicable Interest Rate, compounded
annually.




          (n) If a Participant is entitled to a distribution because a Change in Control has occurred,
on the date such Change in Control occurs, each Participant shall be paid an amount, in one lump
sum payment less applicable withholding taxes, equal to the total number of Restricted Units
credited to the Participant’s Account multiplied by the Fair Market Value of one Share determined
as of the date on which the Change in Control occurs.




ARTICLE 3.

PARTICIPATION




     3.01 Commencement of Participation by Eligible Employees. As soon as possible after
the Committee determines that an Employee has become an Eligible Employee, the Committee shall
deliver a written notice to such Employee informing him that he is eligible to become a Participant
in this Plan and that he will become a Participant in this Plan upon his execution and delivery to
the Committee of a Deferred Compensation Election Form. If an Employee receives a written notice
from the Committee that he is eligible to become a Participant in the Plan and the Employee does
not execute and deliver a Deferred Compensation Election Form to the Committee within the time
period provided for by the Committee, the Employee shall not thereafter be eligible to become a
Participant in the Plan with respect to any subsequently payable Base Salary or Bonus unless, prior
to the time that the Employee must deliver a Deferred Compensation Election form to the Committee
with respect to such subsequently payable Base Salary or Bonus, the Committee provides the Employee written notice
that he is eligible to become a Participant in the Plan with respect to any such



11









 




subsequently
payable Bonus or Base Salary, prior to the time that the Employee must deliver a Deferred
Compensation Election Form to the Committee with respect to such subsequently payable Bonus or Base
Salary.




     3.02 Deferred Bonus and Base Salary Election Form. The Committee shall provide each
Eligible Employee with a Deferred Compensation Election Form within a reasonable period of time
before December 31 of each year the Eligible Employee is entitled to defer his receipt of a portion
of his Base Salary and/ or Bonus. The Deferred Compensation Election Form provided to each
Eligible Employee shall specify the amount of the Base Salary and/or Bonus that the Eligible
Employee is electing to defer and the Eligible Employee’s Matching Percentage.



     3.03 Commencement of Participation by Eligible Directors. Each Eligible Director
shall be eligible to become a Participant in this Plan at any time and shall become a Participant
in the Plan upon his execution and delivery to the Committee of a Deferred Director Fee Election
Form within the time provided for by the Committee.



     3.04 Termination of Participation. Each individual that becomes a Participant in the Plan
shall continue to participate until the full value of his Account has been distributed to him or
his Beneficiary.



ARTICLE 4.

DEFERRALS OF BASE SALARY AND BONUSES




     4.01 Base Salary Deferrals. Each Eligible Employee shall be entitled to defer his or
her receipt of a portion of his or her Base Salary by executing and delivering a Deferred
Compensation Election Form to the Committee within the time provided for by Section 4.03 hereof.
An Eligible Employee’s election to defer any portion of his Base Salary shall become irrevocable
upon his delivery to the Committee of his executed Deferred Compensation Election Form. The amount
of the Maximum Deferral Percentage applicable to the Eligible Employee’s election to defer any
portion of his Base Salary shall be set forth in the Deferred Compensation Election Form.
Notwithstanding anything to the contrary contained in this Plan, the Maximum Deferral Percentage
applicable to the aggregate amount of the Base Salary which any Participant shall be permitted to
defer his receipt of for any Plan Year, shall be equal to twenty-five percent (25%) of the Base
Salary payable to the Participant.



     4.02 Bonus Deferrals. Each Eligible Employee shall be entitled to defer his or her
receipt of all or any portion of his or her Bonus by executing and delivering a Deferred
Compensation Election Form to the Committee within the time provided for by Section 4.03 hereof.
An Eligible Employee’s election to defer all or any portion of his Bonus shall become irrevocable
upon his delivery to the Committee of his executed Bonus and Base Salary Deferral Election Form.
The amount of the Maximum Deferral Percentage applicable to the Eligible Employee’s election to
defer any portion of his Bonus shall be set forth in the Deferred Compensation Election Form.
Notwithstanding anything to the contrary contained in this Plan, the Maximum Deferral Percentage
applicable to the amount of the Bonus which any Participant
shall be permitted to defer his receipt of for any Plan Year, shall be equal to one hundred
percent (100%) of the Bonus payable to the Participant under the terms of the Annual Bonus Plan for
services performed in the immediately preceding calendar year.



12









 





     4.03 Procedure for Making Base Salary and Bonus Deferrals. In order for a an Eligible
Employee to defer his receipt of any portion of the Base Salary, which is payable to the Eligible
Employee for services rendered in a calendar year, the Eligible Employee must execute and deliver a
Deferred Compensation Election Form to the Committee on or before December 31 of the calendar year
immediately preceding the year in which the services giving rise to the payment of such Base Salary
will be performed. In order for an Eligible Employee to defer his receipt of any portion of the
Bonus, if any, which is payable to the Eligible Employee under the terms of the Annual Bonus Plan,
the Eligible Employee must execute and deliver a Deferred Compensation Election Form to the
Committee on or before June 30 of the calendar year in which the services giving rise to the
payment of such Bonus are performed



     4.04 Effect of Base Salary and Bonus Deferrals. If an Eligible Employee elects to
defer his receipt of all or any portion the Base Salary which he is entitled to receive for
services performed for the Company for a calendar year or all or any portion of any Bonus which he
is entitled to receive under the Annual Bonus Plan for services performed for the Company for a
calendar year, the portion of the Base Salary or Bonus which the Eligible Employee has elected to
defer the receipt of (as set forth in the Deferred Compensation Election Form which the Eligible
Employee has delivered to the Committee) shall not be paid to the Eligible Employee at the time
such Base Salary or Bonus would otherwise have been paid and, instead, the Eligible Employee’s
Account shall be credited with a number of Base Salary Deferral Units or Bonus Deferral Units, as
applicable, equal to the number of Shares (including fractional Shares) which could have been
purchased with the amount of the Base Salary or Bonus, as applicable, that has been deferred by the
Participant at a price per Share equal to: (a) in the case of a deferral by an Eligible Employee of
any portion of his Base Salary, the Fair Market Value of one Share determined as of the last day of
the applicable calendar quarter in which the Base Salary Deferral Units are to be credited to the
Eligible Employee’s Account with respect to the Base Salary of the Eligible Employee which was
deferred in such calendar quarter; and (b) in the case of a deferral by an Eligible Employee of a
portion of his Bonus, the Fair Market Value of a Share determined as of the date as of which the
portion of the Eligible Employee’s Bonus which has been deferred would otherwise have been paid to
the Eligible Employee.



ARTICLE 5.

DEFERRAL OF DIRECTOR FEES




     5.01 Director Fee Deferrals. Each Eligible Director shall be entitled to defer his
receipt of all or any portion of his Director Fees by executing and delivering a Deferred Director
Fee Election Form to the Committee within the time provided for by Section 5.02 hereof. An
Eligible Director’s election to defer any portion of his Director Fees shall become irrevocable
upon his delivery to the Committee of his executed Deferred Director Fee Election Form.
Notwithstanding the foregoing, with respect to any individual who first becomes a member of the
Board of Directors after the effective date of this amendment and restatement, the maximum amount
of the Director Fee which may be deferred by such Eligible Director in the first calendar
year that such individual is an Eligible Director shall be equal to the Director Fee payable
to such Eligible Director for the first calendar year multiplied by a fraction, the numerator of
which is the number of days remaining in the calendar year beginning on the date the Eligible
Director



13









 




delivers his executed Deferred Director Fee Election Form to the Committee and the
denominator of which is the number of days remaining in the calendar year beginning on the date the
Eligible Director first becomes a member of the Board of Directors.




     5.02 Procedure for Making Director Fee Deferrals. In order for an Eligible Director
to defer his receipt of any portion of the Director Fees which he is entitled to receive for any
calendar year, he must execute and deliver a Deferred Director Fee Election Form to the Committee
on or before December 31 of the calendar year immediately preceding the calendar year in which any
portion of the Director Fees to be deferred by the Eligible Director are to be paid. With respect
to Director Fees payable to an Eligible Director for the first calendar year in which the
individual is an Eligible Director, the Eligible Director must execute and deliver a Deferred
Director Fee Election Form to the Committee within thirty (30) days following his election to
membership on the Board of Directors in order to defer his receipt of any portion of such Director
Fees.



     5.03 Effect of Director Fee Deferrals. If an Eligible Director elects to defer his
receipt of any portion of the Director Fees payable to the Eligible Director for a calendar year,
the portion of the Director Fees which the Eligible Director has elected to defer the receipt of
(as set forth in the Deferred Director Fee Election Form which the Eligible Director has delivered
to the Committee) shall be withheld from the Director Fees which are payable to the Eligible
Director for the calendar year in which the Eligible Director has elected to defer his receipt of
any portion of his Director Fees and instead, the Eligible Director’s Account shall be credited
with a number of Director Fee Deferral Units equal to the number of Shares (including fractional
shares) which could have been purchased with the amount of the Director Fees withheld from
Directors Fees otherwise payable to the Eligible Director at a price per Share equal to the Fair
Market Value of a Share determined as of the date the Director Fee Deferral Units are allocated to
the Eligible Director’s Account as provided for in the Deferred Director Fee Election Form. In
addition, if an Eligible Director has elected to defer any portion of his Retainer Fee, the total
number of Director Fee Deferral Units to be allocated to the Account of the Eligible Director shall
include (in a sub-account to be established by the Committee) a number of Retainer Fee Deferral
Units equal to the number of Shares which could have been purchased with the amount of the Retainer
Fee withheld from the Eligible Director’s Retainer Fee at a price per Share equal to the Fair
Market Value of a Share determined as of the date the full amount of the Eligible Director’s
Retainer Fee (or any applicable installment thereof) would otherwise have been paid to the Eligible
Director.



ARTICLE 6.

MATCHING AND OTHER ALLOCATIONS




     6.01 Matching Allocations. For each Plan Year that this Plan is in effect, the
Company shall make an allocation of Matching Units to the Account of each Eligible Employee with
respect to whom Base Salary Deferral Units and/or Bonus Deferral Units have been credited as
provided for by Section 4.04 and, if an Eligible Director has elected to defer any portion of his
Retainer Fee, to the Account of each Eligible Director with respect to whom Retainer Fee
Deferral Units have been credited as provided for by Section 5.03. The number of Matching Units to
be credited to the Account of an Eligible Employee for any Plan Year in



14









 




which Base Salary Deferral
Units have been credited to such Eligible Employee’s Account shall be equal to the aggregate number
of Shares (including fractional shares) which could be purchased, at a price per share equal to the
Fair Market Value of a Share determined as of the date that Base Salary Deferral Units are credited
to the Eligible Employee’s Account, with an amount equal to: (a) the aggregate amount of the Base
Salary deferred by the Eligible Employee; multiplied by (b) the Eligible Employee’s applicable
Matching Percentage. The number of Matching Units to be credited to the Account of an Eligible
Employee for any Plan Year in which Bonus Deferral Units have been credited to such Eligible
Employee’s Account shall be equal to the aggregate number of Shares (including fractional shares)
which could be purchased, at a price per share equal to the Fair Market Value of a Share determined
as of the date that Bonus Deferral Units are credited to the Eligible Employee’s Account, with an
amount equal to: (y) the aggregate amount of the Bonus deferred by the Eligible Employee;
multiplied by (z) the Eligible Employee’s applicable Matching Percentage. The number of Matching
Units to be credited to the Account of an Eligible Director for any Plan Year in which Retainer Fee
Deferral Units have been credited to such Eligible Director’s Account shall be the same as the
number of Retainer Fee Deferral Units credited to the Eligible Director’s Account for such Plan
Year.




     6.02 Forfeiture of Matching Units. If an Eligible Employee’s employment with the
Company is terminated before he has attained at least age sixty (60), the Matching Units credited
to the Eligible Employee’s Account shall be forfeited on the date the Eligible Employee’s
employment is terminated. If an Eligible Director’s service as a member of the Board of Directors
of the Company is terminated before he has attained age sixty (60), the Matching Units credited to
the Eligible Director’s Account shall be forfeited. Notwithstanding the foregoing, if an Eligible
Employee’s employment with the Company is terminated in connection with a Change in Control or if
an Eligible Director’s service with the Company is terminated in connection with a Change in
Control, the number of Matching Units credited to the Account of the Eligible Employee and the
number of Matching Units credited to the Account of the Eligible Director shall not be forfeited
even though the Eligible Employee or the Eligible Director has not attained age sixty (60).



     6.03 Certain Anti-Dilutive Adjustments. In the event of any change in the number of
outstanding Shares of Common Stock without receipt of consideration by the Company resulting from
any stock dividend, stock split, recapitalization, reorganization, merger, consolidation, split-up,
combination or exchange of Shares, or any rights offering to purchase Shares of Common Stock at a
price substantially below fair market value, or any similar change affecting the Shares of Common
Stock the number of Restricted Units credited to a Participant’s Account on the date of such change
shall be appropriately adjusted consistent with such change in such manner as the Committee, in its
sole discretion, may deem equitable to prevent substantial dilution or enlargement of the rights
granted to, or available for, the Participants hereunder.



ARTICLE 7.

ACCOUNTS




     7.01 Participant’s Account. The Committee shall establish and maintain an Account in
the name of each Eligible Employee to which the Committee shall allocate Base Salary Deferral
Units, Bonus Deferral Units and Matching Units. In addition, the Committee shall



15









 




establish and
maintain an Account in the name of each Eligible Director to which the Committee shall allocate
Director Fee Deferral Units (including, if applicable, a sub account separately identifying the
number of Director Fee Deferral Units which are Retainer Fee Deferral Units) and Matching Units.
Thereafter, at the time a Participant becomes entitled to a distribution of the value of the
Restricted Units credited to his Account, the Participant’s Account shall be credited
(hypothetically and for accounting purposes only) with a dollar amount determined as provided in
Section 8.01 below. The Accounts established by the Committee for Participants in connection with
its administration of this Plan shall be for recordkeeping purposes and shall not require any
segregation of any assets of the Company.




     7.02 Time of Allocation. In each Plan Year in which an Eligible Employee does not,
pursuant to the Eligible Employee’s election, receive payment of a portion of Base Salary which is
payable to him in such Plan Year (which Base Salary deferral is based on the Eligible Employee’s
election, made in the preceding Plan Year, to defer the payment of any Base Salary the Eligible
Employee might earn for such Plan Year), the Base Salary Deferral Units and Matching Units required
to be allocated to the Eligible Employee’s Account shall be allocated to the Eligible Employee’s
Account as of the last day of each calendar quarter during the Plan Year with respect to which the
Eligible employee has elected to defer a portion of his Base Salary. In each Plan Year in which an
Eligible Employee does not, pursuant to the Eligible Employee’s election, receive payment of the
amount of the Bonus which is payable to him in such Plan Year (which Bonus deferral is based on the
Eligible Employee’s election to defer the payment of any bonus the Eligible Employee might earn for
services performed in such preceding Plan Year), the Bonus Deferral Units and Matching Units
required to be allocated to the Eligible Employee’s Account shall be allocated to the Eligible
Employee’s Account as of the date Eligible Employee would have been paid the portion of his Bonus
(attributable to services performed in the preceding Plan Year) which he has elected to defer.
In each Plan Year in which an Eligible Director defers any portion of the Director Fees which are
payable to him in such Plan Year (which Director Fee deferral is based on the Eligible Director’s
election, made in the preceding Plan Year), the Director Fee Deferral Units required to be
allocated to the Eligible Director’s Account shall be allocated to the Eligible Director’s Account
as of the date provided for in the Deferred Director Fee Election Form and, if the Eligible
Director has elected to defer any portion of his Retainer Fee, Matching Units attributable to the
Eligible Director’s deferral of a portion of his Retainer Fee shall be allocated to the Eligible
Director’s Account on the date provided for in the Deferred Director Fee Election Form.



     7.03 Allocation Does Not Vest Any Interest. The fact that Base Salary Deferral Units,
Bonus Deferral Units, Director Fee Deferral Units and Matching Units have been allocated to the
Account of a Participant shall not vest in such Participant or any Beneficiary any right, title or
interest in any assets of the Company except at such time or times and upon the terms and
conditions herein provided.



     7.04 Statement of Account. At the time that Base Salary Deferral Units, Bonus
Deferral Units, Director Fee Deferral Units and Matching Units are credited to a Participant’s
Account (as provided for in Section 7.02 above) the Committee shall provide a written notice
to the Participant which states the number of Base Salary Deferral Units, Bonus Deferral Units or
the number of Director Fee Deferral Units (whichever the case may be) and the number of


16









 




 Matching
Units credited to the Participant’s Account in connection with the Participant’s deferral of his
receipt of all or a portion of his Base Salary, the Participant’s deferral of his receipt of a
portion of his Bonus or the Participant’s deferral of his receipt of a portion of his Director
Fees, together with a statement of the total number of Base Salary Deferral Units, Bonus Deferral
Units or the total number of Director Fee Deferral Units (whichever the case may be) and the total
number of Matching Units credited to the Participant’s Account as of such date. In addition, as
soon as practicable following the end of each Plan Year, the Committee shall deliver: (a) to each
Eligible Employee that is a Participant: (i) a statement of the total number of Base Salary
Deferral Units, and Matching Units which are credited to the Eligible Employee’s Account, and (ii)
a statement of the total number of Bonus Deferral Units, and Matching Units which are credited to
the Eligible Employee’s Account; and (b) to each Eligible Director that is a Participant, a
statement of the total number of Director Fee Deferral Units and Matching Units which are credited
to the Eligible Director’s Account. Finally, if, as provided by Section 8.01 hereof, the
Participant’s Account is converted to cash (for accounting purposes), as soon as practicable
following the end of each Plan Year that the Participant continues to have a balance in his
Account, the Committee shall deliver to such Participant a statement of the value of the
Participant’s Account and the amount of interest credited to the Participant’s Account for the Plan
Year.




ARTICLE 8.

DISTRIBUTIONS




     8.01
Conversion of Account. (a) If an Eligible Employee’s employment with the
Company and all of its Affiliates is terminated, the Committee shall convert the total number of
Restricted Units credited to the Account of the Eligible Employee to a cash value equal to the
number of Restricted Units credited to the Eligible Employee’s Account determined as of the date
the Eligible Employee’s employment is terminated multiplied by the Fair Market Value of one Share
determined as of the day immediately preceding the date an Eligible Employee’s employment is
terminated. For purposes of this Section 8.01(a), the total number of Restricted Units which are
credited to a Eligible Employee’s Account as of the date the Eligible Employee’s employment is
terminated shall not include any Matching Units which are forfeited pursuant to the provisions of
Section 6.02 hereof.



          (b) If an Eligible Director’s membership on the Board of Directors is terminated, the
Committee shall convert the number of Restricted Units credited to the Account of the Eligible
Director to a cash value equal to the number of Restricted Units credited to the Eligible
Director’s Account determined as of the date the Eligible Director’s membership on the Board of
Directors is terminated multiplied by the Fair Market Value of one Share determined as of the day
immediately preceding the date the Eligible Director’s membership on the Board of Directors is
terminated. For purposes of this Section 8.01(b), the total number of Restricted Units which are
credited to an Eligible Director’s Account shall not include any Matching Units
which are forfeited pursuant to the provisions of Section 6.02 hereof.




          (c) Upon the occurrence of a Change in Control, the Committee shall convert the total number
of Restricted Units credited to the Accounts of all Participants to a cash value equal, in the case
of each Participant, to the number of Restricted Units credited to the




17









 







Participant’s Account
determined as of the date the Change in Control occurs multiplied by the Fair Market Value of one
Share determined as of the date the Change in Control occurs. The conversion of the Participant’s
Account to a cash value shall be for accounting purposes only and shall not require any segregation
of any assets of the Company.




     8.02 Crediting of Interest. Unless a Participant’s Account is distributed in one lump
sum payment pursuant to Section 8.06 hereof, at the end of each Plan Year following the occurrence
of an event giving rise to such installment distribution, the Committee shall increase the cash
value of the Participant’s Account by interest at an annual rate equal to the Applicable Interest
Rate. The amount of the interest to be credited to the Participant’s Account shall be compounded
annually.



     8.03 Distribution of the Participant’s Account. If the employment of an Eligible
Employee that is a Key Employee is terminated for any reason other than death, the value of such
Key Employee’s Account shall be distributed in five (5) consecutive annual installments beginning
in the month of January immediately following the end of the six (6) month period beginning on the
date the Key Employee’s employment is terminated and continuing in each succeeding January
thereafter until the fifth (5th) January following the end of such six (6) month period,
at which time the entire remaining balance in the Eligible Employee’s Account shall be distributed
to the Participant.



          In addition, if the employment of a an Eligible Employee that is not a Key Employee is
terminated or if the employment of an Eligible Employee that is a Key Employee is terminated as a
result of his death, the value of such Eligible Employee’s Account shall be distributed to the
Eligible Employee in five (5) consecutive annual installments beginning in the month of January
immediately following the date the Eligible Employee’s employment is terminated and continuing in
each succeeding January thereafter until the fifth (5th) January following the date the
Eligible Employee’s employment is terminated, at which time the entire remaining balance in the
Eligible Employee’s Account shall be distributed to the Eligible Employee.




          Finally, if an Eligible Director’s membership on the Board of Directors is terminated, the
value of such Eligible Director’s Account shall be distributed to the Eligible Director in five (5)
consecutive annual installments beginning in the month of January immediately following the date
the Eligible Director’s membership on the Board of Directors is terminated and continuing in each
succeeding January thereafter until the fifth (5th) January following the date the
Eligible Director’s membership on the Board of Directors is terminated at which time the entire
remaining balance in the Eligible Director’s Account shall be distributed to the Eligible Director.




          For purposes of the foregoing provisions of this Section 8.03, the amount of each annual
installment shall be equal to the value of the Participant’s Account determined as of the day
immediately preceding the date the installment is to be paid, divided by the total number of annual
installments remaining to be paid to the Participant.




     8.04 Payment of Account. Amounts required to be distributed to a Participant



18









 




pursuant
to Sections 8.03 shall be paid in one payment in the month of January in which any such
distribution is to be made, in cash, less the amount of any withholding taxes due with respect to
any such payment.




     8.05 Distribution on a Change in Control. Upon the occurrence of a Change in Control,
each Participant shall be paid an amount equal to the number of Restricted Units credited to his
Account, determined as of the date the Change in Control occurs, multiplied by the Fair Market
Value of a Share, determined as of the date the Change in Control occurs, less any applicable
withholding taxes. Upon the occurrence of a Change in Control, the amount required to be paid to a
Participant shall be paid to the Participant in cash in one lump sum payment on the date the Change
in Control occurs.



     8.06 Distributions on Death. Any payment or distribution required to be made to a
Participant under the terms of this Plan shall, in the event of the death of the Participant, be
paid to the Participant’s Beneficiary at the same time and in the same manner as the payments would
have been made to the Participant if he had not died.



ARTICLE 9.

ADMINISTRATION




     9.01 The Committee. Except as provided in Section 1.14 hereof with respect to
Executive Officers and non-Employee Directors, the Committee shall consist of the President and two
(2) additional senior level management employees of the Company, selected by the President and
employed in a position which is at the director level or any more senior position, which Committee
shall be the administrative committee which administers the Plan as the plan administrator. The
employees of the Company who are designated as being the member of the Committee for purposes of
administering the Plan for Eligible Employees who are not Executive Officers or non-Employee
Directors may be changed by the President of the Company in his discretion. Any member of the
Committee may resign by delivering his written resignation to the Board of Directors. Vacancies
arising by resignation, death, removal or otherwise shall be filled by the Board of Directors of
the Company. If at any time no members are currently serving as the Committee, or if no Committee
is appointed, the Board of Directors of the Company shall be deemed to be the Committee.



     9.02 General Duties and Responsibilities. The Committee shall administer the Plan in
accordance with its terms and shall have all powers necessary to carry out the provisions of the
Plan. Any interpretation, construction or determination made in good faith shall be final and
conclusive. The Committee may correct any defect, supply any omission, or reconcile any
inconsistency in such manner and to such extent as shall be deemed necessary or advisable to
carry out the purpose of this Plan.



     9.03 Allocation and Delegation of Responsibilities. The Committee may engage agents
to assist it in carrying out the ministerial, clerical and recordkeeping portion of its
administrative functions hereunder. The Committee members are expressly authorized to allocate
among themselves and/or delegate to other named persons or parties, any ministerial,



19









 




clerical and
recordkeeping responsibilities of the Committee relating to the administration of the Plan.




     9.04 Records, Reporting and Disclosure. The Committee shall maintain all the records
necessary for the administration of the Plan. The Committee shall also be responsible for
preparing and filing such annual reports and tax forms as may be required by law. The Committee
shall furnish and/or make available for inspection by each Participant covered under the Plan and
to each Beneficiary who is entitled to receive benefits under the Plan, such information and
reports as may be required by law.



     9.05 Expenses and Compensation. The expenses necessary to administer the Plan shall
be borne by the Company. Expenses include, but are not limited to, those involved in retaining
necessary professional assistance from an attorney, an accountant or an actuary. The Company shall
furnish the Committee with such ministerial, clerical and other administrative assistance as is
necessary in the performance of its duties.



     9.06 Information from the Company. To enable the Committee to perform its functions,
the Company shall supply full and timely information to the Committee on all matters relating to
the Compensation of all Participants that are Eligible Employees, their employment, their
retirement, death, disability or termination of employment, and such other pertinent facts as the
Committee may require. The Committee is entitled to rely on such information as is supplied by the
Company and shall have no duty or responsibility to verify such information.



     9.07 Multiple Signatures. In the event that more than one person has been duly
nominated to serve on the Committee, one signature may be relied upon by any interested party as
conclusive evidence that the Committee has duly authorized the action therein set forth and as
representing the will of and binding upon the whole Committee. No person receiving such documents
or written instructions and acting in good faith and in reliance thereon shall be obliged to
ascertain the validity of such action under the terms of this Plan. The Committee shall act by a
majority of its members at the time in office and such action may be taken either by a vote at a
meeting or in writing without a meeting.



     9.08 General Fiduciary Liability. The Company, its Board of Directors, the Committee
and each member of the Committee shall not be liable for any actions taken or omitted by any of
them except for such acts involving gross negligence or willful misconduct of the party to be
charged. Nothing contained in this Section 9.08 shall be deemed to release,
discharge or otherwise limit the liability of the Company, and any successor in interest to
the Company for payment to Participants of the amounts described in this Plan.



ARTICLE 10.

AMENDMENT AND TERMINATION 




     10.01 Amendment. The Board of Directors of the Company shall have the right at any
time and from time to time, without the consent of any Participant or Beneficiary, to amend, in
whole or in part, any or all of the provisions of this Plan. Notwithstanding the foregoing, no



20









 




amendment to the Plan shall be effective to the extent that it has the effect of decreasing the
value of a Participant’s Account determined as of the date any such amendment is adopted, to the
extent it has the effect of depriving any Participant or the Beneficiary of any Participant of any
amount which, as of the date such amendment is adopted, has irrevocably become payable (whether
immediately or in the future) to such Participant or Beneficiary under the terms of this Plan as in
effect on the day immediately preceding the date on which such amendment is executed or to the
extent that it accelerates the timing of any payment to be made pursuant to the terms of this Plan.




     10.02 Termination. Subject to the limitation on the right to amend this Plan
contained in Section 10.01 hereof, the Company, by action of its Board of Directors shall have the
right at any time to discontinue its allocations hereunder and to terminate this Plan. Upon
termination of this Plan, any amounts payable to any Participants or Beneficiaries at the time this
Plan is terminated shall continue to be payable to such Participants or Beneficiaries as provided
for by this Plan.



ARTICLE 11.

MISCELLANEOUS




     11.01
No Rights Created by Plan - Terms of Employment Not Affected. Neither the
establishment of the Plan nor any modification hereof, nor the creation of any fund or account, nor
the payment of any benefits, shall be construed as giving to any Participant, Beneficiary or other
person any legal or equitable right against the Company, his Employer or any officer or Employee
thereof or the Committee, except as herein provided. Under no circumstances shall participation in
this Plan by an Employee constitute a contract of continuing employment or in any manner obligate
the Employer to continue the services of an Employee. In addition, under no circumstances shall
participation in this Plan by a non-Employee Director constitute an agreement of the Company, the
Board of Directors or the shareholders of the Company to continue to nominate and elect the
non-Employee Director as a member of the Board of Directors.



     11.02 Participants Rights Unsecured. The Plan shall at all times be entirely unfunded
and no provision shall at any time be made with respect to segregating any assets of the Company
for payment of any distributions hereunder. The rights of a Participant or his Beneficiary to
receive a distribution hereunder shall be an unsecured claim against the general assets of the
Company and neither the Participant nor his Beneficiary shall have any rights in or against
any specific assets of the Company.



     11.03 No Guaranty of Benefits. This Plan has been established, in part, to provide
for the deferral of compensation of a select group of highly compensated Employees of the Company.
This Plan is unfunded for tax purposes and for purposes of Title I of the Employee Retirement
Income Security Act of 1974, as amended. Nothing contained in this Plan shall be deemed to
constitute a guaranty by the Company or any other entity or person that the assets of the Company
will be sufficient to pay the benefits hereunder.



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     11.04 Benefits Non-Assignable. No benefit which shall be payable to any person under
this Plan, (including a Participant or his Beneficiary), shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any
attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall
be void and no such benefit shall in any manner be liable for, or subject to, the debts, contracts,
liabilities, engagements or torts of any such person, nor shall it be subject to attachment or
legal process for or against such person, and the same shall not be recognized by the Committee,
except to such extent as may be required by law.



     11.05 Construed Under Applicable Federal Law and New York Law. This Plan shall be
construed according to applicable Federal Law and the laws of the State of New York and all
provisions hereof shall be administered according to such laws.



     11.06 Masculine Gender to Include Feminine; Singular to Include Plural. Wherever any
words are used herein in the masculine gender they shall be construed as though they were also used
in the feminine gender in all cases where they would so apply, and wherever any words are used
herein in the singular form, they shall be construed as though they were also used in the plural
form in all cases where they would so apply.



     11.07 Headings No Part of Plan. Heading of sections and subsections of this Plan are
inserted for convenience of reference only. They constitute no part of this Plan are not to be
construed in the construction hereof.



     11.08 Effective Date of Amendment and Restatement. This amendment and restatement of
the Plan amends and restates the provisions of the Plan effective as of the date, set forth below,
on which it is executed by an authorized officer of the Company and supercedes the provisions of
the Plan as in effect immediately prior to such date.



     11.09 Counterparts. This Plan may be executed in several counterparts, each of which
shall be deemed an original, and said counterparts shall constitute but one and the same Plan and
may be sufficiently evidenced by any one counterpart.



     11.10 409A Savings Clause. If and to the extent that any provision of this Plan would
result in the payment or deferral of compensation in a manner which does not comply with the
provisions of Section 409A of the Code and the Treasury regulations promulgated thereunder, such
provisions shall, to the maximum extent possible, be construed and interpreted in a manner
which will cause such provisions to be implemented in a manner which complies with the
applicable requirements of Section 409A and the Treasury regulations promulgated thereunder so as
to avoid subjecting any Participant to taxation under Section 409A(a)(i)(A) of the Code.







          IN WITNESS WHEREOF, the Gibraltar Industries, Inc. has caused this Plan to be executed as of
the 30th day of December, 2008.




GIBRALTAR INDUSTRIES, INC.





By
/s/ Paul M. Murray           








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