Document:

exv10w1

Exhibit 10.1

WORTHINGTON INDUSTRIES, INC.

DEFERRED PROFIT SHARING PLAN AS AMENDED AND RESTATED

Effective as of January 1, 2000

(except where separately stated)

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	Section	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 
	1	 	Participants	 	 	1	 
	 
	 	1.1	 	Initial Participation	 	 	1	 
	 
	 	1.2	 	Eligibility Service	 	 	2	 
	 
	 	1.3	 	Termination of Participation	 	 	2	 
	 
	 	1.4	 	Rehires	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	2	 	Employer Contribution; Funding Policy	 	 	2	 
	 
	 	2.1	 	Regular Employer Profit Sharing Contributions	 	 	2	 
	 
	 	2.2	 	Additional Employer Contributions	 	 	2	 
	 
	 	2.3	 	Allocation of Employer Contributions	 	 	2	 
	 
	 	2.4	 	Vesting	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	3	 	Section 401(k) Contributions	 	 	3	 
	 
	 	3.1	 	Electing 401(k) Contributions	 	 	3	 
	 
	 	3.2	 	401(k) Contributions	 	 	3	 
	 
	 	3.3	 	Timing of Enrollment Designations	 	 	3	 
	 
	 	3.4	 	Vesting	 	 	3	 
	 
	 	3.5	 	USERRA	 	 	3	 
	 
	 	 	 	 	 	 	 	 
	4	 	Contributions by Participants	 	 	3	 
	 
	 	4.1	 	After-Tax Voluntary Contributions	 	 	3	 
	 
	 	4.2	 	Qualified Voluntary Contributions	 	 	4	 
	 
	 	4.3	 	Vesting	 	 	4	 
	 
	 	 	 	 	 	 	 	 
	5	 	Flex Rollover Contributions	 	 	4	 
	 
	 	5.1	 	Flex Rollovers	 	 	4	 
	 
	 	5.2	 	Allocations and Vesting	 	 	4	 
	 
	 	 	 	 	 	 	 	 
	6	 	Qualified Rollovers	 	 	4	 
	 
	 	6.1	 	Rollovers	 	 	4	 
	 
	 	6.2	 	Allocations and Vesting	 	 	4	 
	 
	 	6.3	 	New Employees	 	 	4	 
	 
	 	 	 	 	 	 	 	 
	7	 	Participant’s Accounts	 	 	5	 
	 
	 	7.1	 	Accounts	 	 	5	 
	 
	 	7.2	 	Funds	 	 	5	 
	 
	 	7.3	 	Adjusting Accounts	 	 	5	 

i 

 

	 	 	 	 	 	 	 	 	 
	Section	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 
	8	 	Adjustment of Participant’s Accounts	 	 	5	 
	 
	 	8.1	 	Allocation of Regular Employer Contributions	 	 	5	 
	 
	 	8.2	 	Crediting of Other Contributions	 	 	6	 
	 
	 	8.3	 	Valuation of Accounts and Adjustments	 	 	6	 
	 
	 	 	 	 	 	 	 	 
	9	 	Limitations on Allocations	 	 	6	 
	 
	 	9.1	 	Limitations on Annual Additions	 	 	6	 
	 
	 	9.2	 	Corrective Adjustments	 	 	7	 
	 
	 	9.3	 	Maximum Section 401(k) Contributions for Highly-Compensated Employees 	 	 	7	 
	 
	 	9.4	 	Safe Harbor Election	 	 	9	 
	 
	 	9.5	 	Allocated Vested Employer Contribution	 	 	10	 
	 
	 	9.6	 	Lines of Business	 	 	10	 
	 
	 	9.7	 	Special Testing Rule	 	 	10	 
	 
	 	 	 	 	 	 	 	 
	10	 	Retirement Benefits	 	 	10	 
	 
	 	10.1	 	Retirement	 	 	10	 
	 
	 	10.2	 	Work Beyond Normal Retirement Date	 	 	10	 
	 
	 	 	 	 	 	 	 	 
	11	 	Death Benefits	 	 	11	 
	 
	 	11.1	 	Payment to Beneficiary	 	 	11	 
	 
	 	11.2	 	Spouse as Beneficiary	 	 	11	 
	 
	 	11.3	 	Other Beneficiaries	 	 	11	 
	 
	 	 	 	 	 	 	 	 
	12	 	Disability Benefits	 	 	11	 
	 
	 	 	 	 	 	 	 	 
	13	 	Termination of Employment	 	 	11	 
	 
	 	13.1	 	Distribution upon Termination	 	 	11	 
	 
	 	 	 	 	 	 	 	 
	14	 	Method of Payment	 	 	12	 
	 
	 	14.1	 	Payments on Account of Retirement, Death, Disability or Termination of Employment	 	 	12	 
	 
	 	14.2	 	Consent/Cash-Out Provisions	 	 	12	 
	 
	 	14.3	 	Rights of Inactive Participants	 	 	13	 
	 
	 	14.4	 	Latest Payment Dates	 	 	13	 
	 
	 	14.5	 	Eligible Rollover Distributions	 	 	14	 
	 
	 	 	 	 	 	 	 	 
	15	 	Loans, Withdrawals, In-Service Distributions and Hardship Distributions	 	 	15	 
	 
	 	15.1	 	Withdrawals from Voluntary Accounts or Qualified Rollover Accounts	 	 	15	 
	 
	 	15.2	 	Hardship Withdrawals from Accounts	 	 	15	 
	 
	 	15.3	 	In-Service Distributions After Age 591/2	 	 	16	 
	 
	 	15.4	 	In-Service Distributions After Age 701/2	 	 	16	 
	 
	 	15.5	 	Loans	 	 	16	 

ii 

 

	 	 	 	 	 	 	 	 	 
	Section	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 
	16	 	Trustee	 	 	17	 
	 
	 	16.1	 	Establishment of Trust	 	 	17	 
	 
	 	16.2	 	Payment of Fees	 	 	17	 
	 
	 	 	 	 	 	 	 	 
	17	 	Committee	 	 	17	 
	 
	 	17.1	 	Establishment of Committee	 	 	17	 
	 
	 	17.2	 	Powers of Committee	 	 	18	 
	 
	 	17.3	 	Advice and Delegation	 	 	18	 
	 
	 	17.4	 	Application for Benefits	 	 	18	 
	 
	 	 	 	 	 	 	 	 
	18	 	Amendments	 	 	18	 
	 
	 	 	 	 	 	 	 	 
	19	 	Distribution upon Termination	 	 	18	 
	 
	 	 	 	 	 	 	 	 
	20	 	Creditors of Participants	 	 	19	 
	 
	 	 	 	 	 	 	 	 
	21	 	Claims Procedure	 	 	19	 
	 
	 	21.1	 	Filing a Claim for Benefits	 	 	19	 
	 
	 	21.2	 	Denial of Claim	 	 	19	 
	 
	 	12.3	 	Remedies Available to Participants or Beneficiaries	 	 	20	 
	 
	 	 	 	 	 	 	 	 
	22	 	Employers and Employer Groups	 	 	20	 
	 
	 	22.1	 	Adoption of Plan by Employers	 	 	20	 
	 
	 	22.2	 	Individual Employer Treatment	 	 	20	 
	 
	 	22.3	 	Transfer of Employees	 	 	21	 
	 
	 	22.4	 	Transfers to Suspended Status	 	 	21	 
	 
	 	 	 	 	 	 	 	 
	23	 	Miscellaneous	 	 	21	 
	 
	 	23.1	 	Right to Terminate	 	 	21	 
	 
	 	23.2	 	Merger, etc.	 	 	21	 
	 
	 	23.3	 	Named Fiduciaries	 	 	22	 
	 
	 	23.4	 	Limitation on Reversion of Contributions	 	 	22	 
	 
	 	23.5	 	Other	 	 	22	 
	 
	 	23.6	 	Direct Transfers	 	 	22	 
	 
	 	23.7	 	Uniform Services Employment and Reemployment Rights Act	 	 	22	 
	 
	 	23.8	 	Qualified Transportation Fringe Compensation	 	 	22	 
	 
	 	23.9	 	Mistakes or Misstatements	 	 	23	 
	 
	 	 	 	 	 	 	 	 
	24	 	Top-Heavy Plan Contingencies	 	 	23	 
	 
	 	24.1	 	Definitions	 	 	23	 
	 
	 	24.2	 	Top-Heavy Status	 	 	24	 
	 
	 	24.3	 	Minimum Contributions	 	 	25	 
	 
	 	 	 	 	 	 	 	 
	25	 	Definitions	 	 	25	 
	 
	 	 	 	 	 	 	 	 
	Appendix A	 	 	32	 

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WORTHINGTON INDUSTRIES, INC.

DEFERRED PROFIT SHARING PLAN AS AMENDED AND RESTATED

          The Worthington Industries, Inc. Deferred Profit Sharing Plan (“Plan”) was adopted effective
December 1, 1971, and has been amended and restated from time to time subsequent to such date. The
Plan is amended and restated as follows, effective, except where separately stated, as of January
1, 2000 (the “Effective Date”). Notwithstanding the foregoing, to the extent than the Plan is
required to be amended with the provisions of the laws commonly known as “GUST”, the effective date
of any such provision shall be not later than the latest date as of which the provision can be
effective and enable the Plan to comply with GUST.

          The Plan is by merger the successor to the Gerstenslager Company Deferred Profit Sharing Plan,
and the provisions of the Plan required to be amended by the laws commonly known as “GUST” shall be
deemed to amend the corresponding provisions of such plan or any other such plan that was
previously merged into this Plan.

          Unless otherwise provided in the Plan to the contrary, the vested interest of a Participant
who has terminated employment is determined by the provisions of the Plan in effect on the
Participant’s date of termination of employment.

Section 1. Participants.

     1.1. Initial Participation. Each Eligible Employee of a Participating Employer,
except an Eligible Employee who is classified as a Highly-Compensated Employee on the last day of
the first period in which he completes a Year of Eligibility Service, shall be treated as an Active
Participant for the purpose of being eligible to make 401(k) Contributions (“401(k) Participant”)
on the first day of the month coincident with or next following the date on which he both (a) has
attained the age of 18 years and has completed one Year of Eligibility Service; and (b) is an
Eligible Employee. Each Eligible Employee of a Participating Employer who is classified as a
Highly-Compensated Employee on the last day of the first period in which he completes a Year of
Eligibility Service shall be treated as an Active Participant for the purpose of being eligible to
make 401(k) Contributions (“401(k) Participant”) on the first Entry Date coincident with or next
following the date on which he both (i) has attained the age of 18 years and has completed one Year
of Eligibility Service; and (ii) is an Eligible Employee.

          Each Eligible Employee of a Participating Employer shall be treated as an Active Participant
for the purpose of Section 8.1 (“Full Active Participant”) as of the Entry Date coincident with or
next following the date on which he both (a) has attained the age of 18 years and has completed one
Year of Eligibility Service; and (b) is an Eligible Employee.

          Notwithstanding the foregoing, an Eligible Employee who was a Participant on December 31, 1999
shall, subject to Section 1.3, remain a Participant in the Plan.

 

 

     1.2. Eligibility Service. To receive credit for one Year of Eligibility Service, the
employee must complete at least 1,000 Hours of Service as an employee of the Employer during an
Eligibility Computation Period.

     1.3. Termination of Participation. An employee who was an Active Participant shall
cease to be an Active Participant on the date he retires, dies, becomes totally and permanently
disabled, terminates his employment with the Employer or otherwise ceases to be an Eligible
Employee.

     1.4. Rehires. A former employee who was previously an Active Participant and who is
rehired by a Participating Employer as an Eligible Employee shall become an Active Participant (a)
for the purpose of making 401(k) Contributions, on the first day of the month immediately following
30 days after he again performs an Hour of Service for an Employer as an Eligible Employee; and (b)
for the purpose of being eligible to receive Regular Employer Contributions, as of the Entry Date
following the date he again performs an Hour of Service for an Employer as an Eligible Employee.

Section 2. Employer Contribution; Funding Policy.

     2.1. Regular Employer Profit Sharing Contributions. Each Participating Employer,
subject to the right to terminate or amend this Plan or its participation herein, will contribute
and pay to the Trustee for the Trust a share of the net profits of such Participating Employer for
each Fiscal Quarter of the Employer. The amount of such share of the profits of the Participating
Employer to be paid to the Trustee for any quarter shall be set from time to time by the
Participating Employer pursuant to an Adoption Agreement signed by the Participating Employer and
filed with the Committee, which Adoption Agreement shall be considered part of the Plan. The
Adoption Agreement and the amount to be contributed by the Employer may be terminated or amended by
the Employer by signing and filing a new Adoption Agreement.

     Notwithstanding the foregoing, for any Plan Year for which the notification set forth in
Section 9.4 is made, a Participating Employer shall make an additional contribution necessary to
provide for the minimum allocation set forth in the last paragraph of Section 8.1.

     2.2. Additional Employer Contributions. A Participating Employer may make such
additional contributions as the Employer may in its discretion determine.

     2.3. Allocation of Employer Contributions. Employer contributions made pursuant to
Section 2.1 or 2.2 hereof shall be allocated as provided in Section 8 hereof and shall be referred
to as Regular Employer Contributions.

     2.4. Vesting. All Regular Employer Contributions shall be credited to their Regular
Employer Contribution Accounts and (as adjusted by fund increases or decreases pursuant to Section
8) shall be fully vested and nonforfeitable at all times.

2

 

Section 3. Section 401(k) Contributions.

     3.1. Electing 401(k) Contributions. Each 401(k) Participant shall be entitled to make
or modify an Enrollment Designation. The Enrollment Designation shall be in such form as
determined by the Committee and may provide for the reduction of (a) a designated amount of the
base salary of the 401(k) Participant and/or (b) a designated amount of the cash profit sharing or
executive bonus payments of the 401(k) Participant and a corresponding contribution to the Plan by
the Employer as a 401(k) Contribution which will be allocated to the 401(k) Participant’s 401(k)
Account. The amount of such reduction shall not exceed 15%, and the total amount of the reduction
in the Compensation of the 401(k) Participant in any Plan Year may not exceed 15% of Compensation
of the 401(k) Participant. The Committee may place reasonable restrictions on the designated
percentage reduction of each base salary payment or each cash profit sharing or bonus payment to
assure compliance with the overall 15% of Compensation limitation, and the Committee may also place
more restrictive limits on the designated reduction percentages for Highly-Compensated Employees in
order to comply with the limitations provided in Section 9.3 hereof.

     3.2. 401(k) Contributions. The Employer shall make 401(k) Contributions for each
Participant who, in accordance with procedures established by the Committee, completes an
Enrollment Designation, providing such contribution is made in accordance with Section 3.1.

     3.3. Timing of Enrollment Designations. A Participant may make or modify an
Enrollment Designation (including an election with regard to profit sharing or bonus payments) at
any time, and such Enrollment Designation will generally be effective as of the first day of the
first payroll period after its completion and processing. A Participant may also terminate an
Enrollment Designation at any time, and such designation will generally be effective as of the last
day of the payroll period in which the designation was completed. The Committee may establish
rules and regulations that provide for the receipt of such Enrollment Designation not later than
the date or dates specified by the Committee in order for such election to be processed by the time
period set forth in this Section 3.3.

     3.4. Vesting. All 401(k) Contributions contributed for the benefit of a Participant
shall be credited to their 401(k) Accounts and (as adjusted by fund increases or decreases pursuant
to Section 8) shall be fully vested and nonforfeitable at all times.

     3.5. USERRA. Effective as of December 12, 1994, a rehired Employee who becomes a
Participant in the Plan pursuant to Section 1.4 and whose reemployment rights are protected by the
Uniform Services Employment and Reemployment
Rights Act shall be permitted to make retroactive 401(k) Contributions for his period of
qualified military service in accordance with Code Section 414(u).

Section 4. Contributions by Participants.

     4.1. After-Tax Voluntary Contributions. No After-Tax Voluntary Contributions have
been permitted nor shall they be permitted for any period after October 1, 1999. All After-Tax
Voluntary Accounts shall continue to be maintained for Participants who made After-Tax

3

 

Voluntary
Contributions prior to such time. Appendix A sets forth provisions of the Plan that relate to a
Participant’s ability to make After-Tax Voluntary Contributions on and after January 1, 1997, and
prior to October 1, 1999.

     4.2. Qualified Voluntary Contributions. No Qualified Voluntary Contributions have
been permitted nor shall they be permitted for any period after December 31, 1986. All Qualified
Voluntary Accounts shall continue to be maintained for Participants who made Qualified Voluntary
Contributions prior to such time.

     4.3. Vesting. All amounts contributed by Participants and credited to their After-Tax
Voluntary Account or Qualified Voluntary Account (as adjusted by fund increases or decreases
pursuant to Section 8) shall be fully vested and nonforfeitable at all times.

Section 5. Flex Rollover Contributions.

     5.1. Flex Rollovers. As provided by the Worthington Industries Flexible Benefit Plan,
a Participant shall have all or any portion of his annual benefit provided in such plan contributed
by the Employer as a contribution for him under this Plan. All such Flex Rollover Contributions
shall be made in accordance with the provisions of the Flexible Benefit Plan and shall be
considered Flex Rollover Contributions under this Plan.

     5.2. Allocations and Vesting. All Flex Rollover Contributions shall be allocated to
the Flex Rollover Account of the appropriate Participant and (as adjusted by the fund increases or
decreases pursuant to Section 8) shall be fully vested and nonforfeitable at all times.

Section 6. Qualified Rollovers.

     6.1. Rollovers. Subject to the Committee’s reasonable determination that the
Qualified Rollover Contribution meets the requirements of Section 402(c) of the Code, an Active
Participant may contribute to this Plan, as a Qualified Rollover Contribution, a distribution from
another qualified pension or profit sharing plan or a distribution from an individual retirement
account, provided that the distribution from the
Individual Retirement Account meets the requirements of Code Section 408(d)(3)(A)(ii).
Amounts so rolled over will be credited to and maintained in the Participant’s Qualified Rollover
Account. Amounts transferred directly from another qualified pension or profit sharing plan
pursuant to Section 401(a)(31) of the Code will be treated hereunder as a Qualified Rollover
Contribution. The effective date of such transfer shall be as mutually agreed upon by the
Committee and the Active Participant. The funds to be transferred to this Plan and its Trust shall
be in such form as the Committee may approve.

     6.2. Allocations and Vesting. Any funds transferred pursuant to this Section 6 shall
be allocated to the Qualified Rollover Account of the applicable Participant, shall be referred to
as Qualified Rollover Contributions and (as adjusted by increases or decreases in the fund pursuant
to Section 8) shall be fully vested and nonforfeitable at all times.

     6.3. New Employees. An Eligible Employee who has not yet met the requirements
necessary to commence 401(k) Contributions may make a Qualified Rollover Contribution. An

4

 

Eligible Employee who has made a Qualified Rollover Contribution will be treated as a Participant with
respect to his Qualified Rollover Account.

Section 7. Participant’s Accounts.

     7.1. Accounts. The Committee shall maintain Accounts for each Participant to which
the Regular Employer Contributions, 401(k) Contributions, After-Tax Voluntary Contributions,
Qualified Voluntary Contributions, Flex Rollover Contributions and Qualified Rollover Contributions
made by or for such Participant and such Participant’s share of the earnings and profits of the
Trust shall be credited, and to which payments to such Participant and such Participant’s share of
the losses and expenses of the Trust shall be charged. The Committee may also maintain other
accounts for other purposes as it deems necessary. The Committee may keep such records as it may
deem advisable.

     7.2. Funds. The Committee may arrange to divide the assets of the Trust into separate
funds (with participation therein being evidenced by separate accounts) to make it possible for a
Participant to direct the investment of his Account in a fund that has an investment objective that
best suits his needs and objectives. Participants shall be given the opportunity to designate
investments in particular funds. The objective of such funds, the names by which they will be
identified and the rules with respect to participation in them, transfers between them and their
operation shall be determined by the Committee.

     7.3. Adjusting Accounts. Appropriate allocations, adjustments, credits and charges to
particular accounts shall be made. For example, the adjustments required by Section 8 shall be
made for each of such funds and accounts, and a Participant whose account is transferred from one
such fund to another shall have his account in one charged and his account in the other credited.

Section 8. Adjustment of Participant’s Accounts.

     8.1. Allocation of Regular Employer Contributions. Quarterly, as of March 31, June
30, September 30 and December 31, each Regular Employer Contribution for the Fiscal Quarter ending
the prior month shall be allocated to the Regular Employer Contribution Account of each person (a
“Qualified Participant”) who (a)(i) is an Active Participant; (ii) is a retired, disabled or
deceased Participant but was an Active Participant at any time during such Fiscal Quarter; or (iii)
is a former Participant but was an Active Participant on the last day of the Fiscal Quarter for
which the contribution is made; (b) has completed one Year of Eligibility Service prior to the
beginning of that Fiscal Quarter; and (c) completed at least 1,000 Hours of Service during the
12-month period ending on the last day of such Fiscal Quarter. Such contributions shall be
allocated among Qualified Participants in the Employer Group, by dividing the total Employer
contribution for the Employer Group by the total number of Unit Credits (as defined in the
paragraph below) for all Qualified Participants in the Employer Group at the end of the applicable
Fiscal Quarter in order to determine a dollar value per Unit Credit and multiplying each Qualified
Participant’s Unit Credits for such Fiscal Quarter by the dollar value of a single Unit Credit.

5

 

          Each Qualified Participant shall receive one Unit Credit for each full $100.00 of Compensation
for the previous calendar year, and one Unit Credit for each Continuous Year of Service.

          In addition, to the extent necessary, a minimum allocation equal to the difference between (a)
the allocation of Regular Employer Contributions made for the benefit of a Full Active Participant
for the Plan Year (determined by adding all contributions allocated as of the allocation dates set
forth in the first paragraph of Section 8.1 during such Plan Year); and (b) 3% of such Full Active
Participant’s Compensation for such portion of the Plan Year during which he was a Full Active
Participant, shall be made for the benefit of each Full Active Participant who is entitled to make
401(k) Contributions during a Plan Year. To the extent such minimum allocation is required to be
made, the allocation date for such contribution shall be the last day of the Plan Year and such
contributions shall be made to the Plan by a Participating Employer not later than a reasonable
time after such Plan Year end.

     8.2. Crediting of Other Contributions. After-Tax Voluntary Contributions, Qualified
Rollover Contributions, Flex Rollover Contributions and Section 401(k) Contributions and Regular
Employer Contributions made by or for the benefit of the Participant shall be credited to his
respective Account as soon as administratively practicable after receipt by the Trustee.

     8.3. Valuation of Accounts and Adjustments. Each Participant’s Account shall be
valued for earnings and losses as of each day the New York Stock Exchange is open for business.
Each Participant’s Account will be adjusted for contributions, withdrawals, Plan expenses and other
debits or credits in accordance with procedures established by the Committee.

Section 9. Limitations on Allocations.

     9.1. Limitations on Annual Additions.

          (a) Annual Additions to each Participant’s Account shall not exceed the lesser of (i) $30,000,
as adjusted as provided under Section 415 of the Code; or (ii) 25% of the Participant’s
compensation for the Limitation Year. For purposes of the preceding sentence, “100%” shall be
substituted for 25% for Limitation Years beginning on and after January 1, 2002. For purposes of
this section, “compensation” shall have the meaning as set forth in Treasury Regulation Section
1.415-2(d)(1)-(3) or one of the alternative definitions of compensation set forth in Treasury
Regulation Section 1.415-2(d)(11)(i) or (ii), as selected by the Committee, and, for Limitation
Years commencing on and after January 1, 1998, shall include “elective deferrals,” as such term is
defined by Section 402(g)(3) of the Code, and amounts contributed or deferred at the election of
the Participant by the Employer that are not includable in the gross income of such Participant by
reason of Section 125, or Section 457 of the Code, or effective on and after January 1, 2001 —
Section 132(f)(4) of the Code.

          (b) Effective for Limitation Years prior to the Limitation Year commencing on January 1, 2000,
if a Participant is or was covered under a defined benefit plan and a defined contribution plan
maintained by the Employer, the sum of the Participant’s defined benefit plan fraction and defined
contribution plan fraction may not exceed 1.0 in any Limitation Year.

6

 

               The defined benefit plan fraction is a fraction, the numerator of which is the sum of the
Participant’s projected annual benefits under all defined benefit plans (whether or not terminated)
maintained by the Employer or an Affiliate, and the denominator of which is the lesser of (i) 1.25
times the dollar limitation of Code Section 415(b)(1)(A) in effect for the Limitation Year; or (ii)
1.4 times the Participant’s average compensation for the three consecutive years that produced the
highest average.

               The defined contribution plan fraction is a fraction, the numerator of which is the sum of the
Annual Additions to the Participant’s Accounts under all defined contribution plans maintained by
the Employer (whether or not terminated) or an Affiliate for the current and all prior Limitation
Years, and the denominator of which is the sum of the lesser of the following amounts determined
for such year and for each prior year of service with the Employer: (i) 1.25 times the dollar
limitation in effect under Code Section 415(c)(1)(A); or (ii) 1.4 times the amount which may be
taken into account under Code Section 415(c)(1)(B).

               For all years prior to Limitation Years commencing on and after January 1, 2000 in which the
Plan is “top heavy” as defined in Section 24, “1.0” shall be substituted for “1.25” in the
preceding two paragraphs.

               If, in any Limitation Year, the sum of the defined benefit plan fraction and the defined
contribution plan fraction exceeds 1.0, the rate of benefit accruals under the defined benefit plan
will be reduced so that the sum of the fractions equal 1.0.

     9.2. Corrective Adjustments. If due to a reasonable error in estimating a
Participant’s annual compensation or in determining the amount of 401(k) Contributions that may be
made under the limits of Section 415 of the Code, an excess Annual Addition exists, such excess
will be disposed of as follows:

          (a) At the discretion of the Committee, 401(k) Contributions and applicable earnings may be
paid to the Participant to the extent necessary.

          (b) If an excess still exists, the excess amount will be used to reduce Regular Employer
Contributions for such Participant in the next, and succeeding, Limitation Years. If the
Participant was not covered by the Plan at the end of the Limitation Year, such excess will be held
unallocated in a suspense account and applied to reduce Regular Employer Contributions for all
remaining Participants in the next, and succeeding, Limitation Years prior to any contributions
being made to the Plan for such year.

     9.3. Maximum Section 401(k) Contributions for Highly-Compensated Employees.

     This Section 9.3 shall be effective for Plan Years commencing on and after January 1, 1997.

          (a) A Participant’s 401(k) Contributions for any calendar year shall not exceed the maximum
limit set forth in Section 402(g) of the Code. If a Participant’s 401(k) Contributions, combined
with elective deferrals to other plans, exceed such limit, the Participant may assign to the Plan
any portion of the excess (the “excess deferrals”) by notifying the

7

 

Committee in writing of such
excess deferrals by March 31 of the following year. No notice is required for any excess deferrals
that arise solely from 401(k) Contributions to this Plan and elective deferrals to other plans
sponsored by the Employer and its Affiliates. Any excess deferrals, and income allocable to such
excess deferrals, shall be distributed to the Participant no later than the April 15 of the
following year. For this purpose, income allocable to the excess deferrals shall be income for the
year during which the excess deferrals were made. Income shall be calculated under one of the
methods set forth in Treasury Regulation 1.402(g)-1(e)(5)(ii) or (iii).

          (b) The deferral percentage for Highly-Compensated Employees under this Plan shall not exceed
the greater of:

	 	(i)	 	125% of such percentage for eligible
Non-Highly-Compensated Employees for the current Plan Year; or
	 
	 	(ii)	 	the lesser of (A) 200% of such percentage for
eligible Non-Highly-Compensated Employees for the current Plan Year; or
(B) such percentage for eligible Non-Highly-Compensated Employees plus
two percentage points for the current Plan Year.

          (c) For purposes of this section, the deferral percentage for the eligible Highly-Compensated
Employees and eligible Non-Highly-Compensated Employees shall be the average of the ratios
(calculated separately for each employee in such group) of (i) the sum of (A) the Section 401(k)
Contributions paid under the Plan on behalf of each such employee plus (B) the Allocated Vested
Employer Contributions (as determined under Section 9.5 hereof), allocated to the Accounts of such
employee for such Plan Year to (ii) the employee’s Testing Compensation for the period during the
Plan Year that the employee was a 401(k) Participant. For the purpose of this paragraph, “Testing
Compensation” shall mean any reasonable definition of Compensation that satisfies the requirements
of Code Section 414(s), applicable regulations thereunder and Treasury Regulation 1.401(k)-1(g)(2),
including the amounts described in Section 414(s)(2).

          (d) When determining whether a plan satisfies the deferral percentage test, all 401(k)
Contributions and fully vested contributions that are made under two or more plans that are
aggregated for purposes of Code Section 401(a)(4) or 410(b), other than Code Section
410(b)(2)(A)(ii), are to be treated as made under a single plan. If two or more plans are
permissively aggregated for purposes of Code Section 401(k), the aggregated plans must also satisfy
Code Sections 401(a)(4) and 410(b) as though they were a single plan. The contribution ratio of a
Highly-Compensated Employee will be determined (using all Plan Years ending with or within the same
calendar year) by treating all plans subject to Code Section 401(k) under which the
Highly-Compensated Employee is eligible as a single plan.

          (e) Any employee who is eligible for 401(k) Contributions under this Plan is an eligible
Highly-Compensated or Non-Highly Compensated Employee for purposes of this section.

8

 

          (f) The Plan shall not be treated as failing to meet the requirements of this section for any
Plan Year if, before the close of the following Plan Year (and if practical, to avoid certain
excise taxes, before the close of the first 21/2 months of the following Plan Year), the amount of
the excess contributions for such Plan Year and any income allocable to such contributions is
distributed. For this purpose, income allocable to excess contributions shall include income for
the Plan Year for which the excess contributions were made. Income will be calculated under one of
the methods set forth in Treasury Regulation 1.401(k)-1(f)(4)(ii)(B) or (C).

          (g) Any distribution of the excess contributions for any Plan Year shall be made to
Highly-Compensated Employees on the basis of the amount contributed by or on behalf of each
Highly-Compensated Employee, beginning with the Highly-Compensated Employee with the highest dollar
amount, and in accordance with Code Section 401(k)(8)(C) and applicable regulations thereunder,
until the excess is distributed. For purposes of this section, the term “excess contributions”
shall mean, with respect to any Plan Year, the excess of (i) the amount of the 401(k) Contributions
made on behalf of Highly-Compensated Employees for such Plan Year over (ii) the maximum amount of
contributions permitted under the deferral percentage limitations described above (determined by
reducing deferrals made on behalf of Highly-Compensated Employees beginning with the
Highly-Compensated Employee that has the highest of such percentages).

     9.4. Safe Harbor Election. The Company may elect, for any Plan Year commencing on and
after January 1, 2000, that the Plan or a portion of the Plan will comply with the requirements set
forth in Code Section 401(k)(12), IRS Notice 98-52, and Notice 2000-4 (and other succeeding
guidance); and, as a result, all 401(k) Contributions made to the Plan by the Employer during the
Plan Year will be deemed to have met the requirements of Section 9.3 of the Plan. Pursuant to
Section 401(k)(3)(F) of the Code and Section 9 B 1 of Notice 98-52, the Plan may apply Section
410(b)(4) of the Code to the portion of the Plan that benefits only employees who satisfy the age
and service conditions under the Plan that are lower than the greatest minimum age and service
conditions permitted under Section 410(a) of the Code. If, in any Plan Year, the Company makes a
safe harbor election:

          (a) Regular Employer Contributions set forth in Section 2 will be made in an amount that, for
the Plan Year, will comply with the safe-harbor provisions set forth in Code Section 401(k)(12)(C)
for the Plan Year, and such contributions shall be subject to the provisions of Code Section
401(k)(12)(E); and

          (b) the Employer will notify each of its Active Participants who are eligible to make 401(k)
Contributions for the Plan Year, within a reasonable time prior to the beginning of each Plan Year
(or for an individual who became a Participant after the beginning of the Plan Year, within a
reasonable time prior to the date such individual became a Participant), of such Participants’
rights and obligations under the Plan. Such notice must be written in a manner calculated to be
understood by the average Participant and will include a description of:

	 	(i)	 	the amount of Regular Employer Contributions
that will be made on behalf of the Participant;

9

 

	 	(ii)	 	the type and amount of Compensation that may be
deferred by a Participant;
	 
	 	(iii)	 	how to make an Enrollment Designation;
	 
	 	(iv)	 	the periods available for making Enrollment
Designations;
	 
	 	(v)	 	the withdrawal and vesting provisions
applicable to contributions under the Plan; and
	 
	 	(vi)	 	any other contributions that may be made under
the Plan.

     9.5. Allocated Vested Employer Contribution. For purposes of this Section 9,
Allocated Vested Employer Contributions shall mean all or any portion of the Regular Employer
Contributions and/or the Flex Contributions, as determined by the Committee, to be applied for the
applicable Plan Year in determining whether the tests set forth under Section 9.3 and Section 9.3A
of Appendix A have been met.

     9.6. Lines of Business. The testing required under Section 9.3 and Section 9.3A of
Appendix A shall be done on the basis of employees in
each line of business of the Participating Employers as such “lines of business” are
established for the applicable Plan Year by the Committee and shall not be done by aggregating all
employees of all Employers unless otherwise determined by the Committee for such Plan Year.

     9.7. Special Testing Rule. If the Committee elects to apply Code Section 410(b)(4)(B)
in determining whether the cash or deferred arrangement meets the requirements set forth in Code
Section 410(b)(1), the Committee may exclude from consideration, in determining whether the
arrangement meets the requirements of Section 9.4, all Eligible Employees (other than
Highly-Compensated Employees) who have not met the minimum age and service requirements of Code
Section 410(a)(1)(A). In such case, Section 9.3 shall apply to such excluded employees.

Section 10. Retirement Benefits.

     10.1. Retirement. Upon a Participant’s retirement from the employ of the Employer on
or after either (a) his Normal Retirement Date; or (b) on the date his age and number of Continuous
Years of Service equals 70, the Participant shall be entitled to receive the entire balance of his
Account. Payment of such a balance shall be made as provided in Section 14 hereof.

     10.2. Work Beyond Normal Retirement Date. If an Active Participant continues to work
beyond his Normal Retirement Date, he shall continue as an Active Participant in the Plan, provided
that he continues to meet all the eligibility requirements.

10

 

Section 11. Death Benefits.

     11.1. Payment to Beneficiary. After the death of a Participant prior to his
termination of employment from the Employer, his Beneficiary will be entitled to receive, upon
application for benefits, the entire balance in his Account.

     11.2. Spouse as Beneficiary. The Beneficiary of a married Participant shall be his
spouse unless (a) the Participant’s spouse has consented to the Participant’s designation of a
different Beneficiary; (b) such designation has been made; and (c) the Beneficiary is then living.
For the spouse’s consent to a Beneficiary designation to be valid, it must be (i) in writing
identifying the effect of such Beneficiary designation; (ii) signed by both the Participant and his
spouse; and (iii) witnessed by a notary public (or an appropriate representative of the Committee).
The Participant’s spouse’s signature and consent is not required if the Participant establishes to
the satisfaction of the Committee that there is no spouse or that the spouse cannot be located.

     11.3. Other Beneficiaries. Any Participant who is not married, and any married
Participant who has filed a valid spouse’s consent, may designate by a writing filed with the
Committee one or more persons to be his Beneficiary under the Plan. Contingent Beneficiaries may
also be named. In the event the
Participant has no surviving spouse and has not designated a Beneficiary, his estate shall be
deemed to be his Beneficiary. If a Beneficiary dies after the Participant but prior to the receipt
of his benefit under this Plan, the Beneficiary’s estate will receive the amount payable to the
Beneficiary. No payment shall be made to any incompetent person (through minority or otherwise)
until the Committee shall have been furnished evidence satisfactory to it of the person to whom
such a payment shall be made and his right to receive the same. Until appropriate evidence is
furnished, all amounts so payable shall be held for the person or persons entitled to receive them
in a separate account. The Committee may, in its discretion, limit the number of Beneficiaries
that may be designated by a Participant. Payments of such amount shall be made as provided in
Section 14 hereof.

Section 12. Disability Benefits.

     12.1. If a Participant becomes so totally and permanently disabled as established by a
licensed physician selected by the Committee, after application for benefits, that he is not able
to perform his job or any job for the Employer for which he is reasonably suited as a result of his
education, training and experience, such Participant shall be entitled to receive, as a disability
benefit, the entire balance of his Account. This provision shall be consistently and uniformly
applied in a nondiscriminatory manner. Payment of such amount shall be made as provided in Section
14 hereof.

Section 13. Termination of Employment.

     13.1. Distribution upon Termination. If a Participant leaves the employ of the
Employer for any reason other than retirement, death or disability in accordance with Sections 10,
11 and 12 hereof, he shall be entitled to the entire balance of his Account. Notwithstanding the
foregoing, an Active Participant who terminated his employment on or before February 28,

11

 

1995 shall be subject to the vesting schedule set forth in the Plan document in effect on the Active
Participant’s date of termination of employment.

Section 14. Method of Payment.

     14.1. Payments on Account of Retirement, Death, Disability or Termination of
Employment. At the time a Participant requests to receive any amount from the Plan because of
his retirement, termination of employment, or disability, or at the time a Beneficiary requests to
receive any amount because of the Participant’s death, the Trustee, acting in accordance with the
written instructions of the Committee, shall make payment from the Trust to such individual or
individuals in the form of a lump sum. A Participant or Beneficiary shall be eligible to receive a
distribution pursuant to this section as soon as administratively practicable after the Participant
or Beneficiary is eligible; except that if a contribution is still to be made for his benefit, the
Committee may delay such payment until after the date on which such contribution is credited.

     14.2. Consent/Cash-Out Provisions. Subject to Section 14.4, no distributions from the
Plan shall be made to a Participant who has not attained age 65 and whose Account is greater than
$5,000 without the consent of such Participant.

          If the Account of an Inactive Participant or Beneficiary does not exceed $5,000 as of the date
of distribution, such Account may be distributed, in accordance with uniform procedures established
by the Committee, to such Inactive Participant or Beneficiary in the form of a lump sum as soon as
is administratively practicable after the termination of employment of the Participant or
Beneficiary without his consent.

          A Participant’s election to receive a distribution from the Plan pursuant to this Section 14
will not be valid unless (a) the Participant has received a general description of the material
features and the relative values of the forms of benefits (hereinafter referred to as
“description”) under the Plan; and (b) the Participant has been informed that he has the right to
postpone any distribution until he has attained age 65. The Participant will be provided with such
description not less than 30 days and not more than 90 days prior to the date his benefits are
scheduled to commence, provided that a distribution may be made to the Participant prior to such
30-day period, provided the Participant has been informed that he has a right to a period of at
least 30 days after receiving the description to consider the decision of whether to elect a
distribution from this Plan and the Participant, after receiving such information, affirmatively
elects a distribution prior to such 30-day period. This paragraph shall be effective for
distributions occurring on and after January 1, 1997.

          If the Account of an Inactive Participant or Beneficiary does not exceed $5,000 as of the date
of distribution, such Account may be distributed, in accordance with uniform procedures established
by the Committee, to such Inactive Participant or Beneficiary in the form of a lump sum as soon as
is administratively practicable after the termination of employment of the Participant or
Beneficiary without his consent.

12

 

          Effective on and after January 1, 1997 and prior to January 1, 2000, $3,500 shall be
substituted for $5,000 above, and such dollar amount shall be measured at the time the Participant
or Beneficiary is currently, or previously was, eligible for a distribution from the Plan.

     14.3. Rights of Inactive Participants. For so long as an Inactive Participant’s
Account remains as an asset of the Plan, he shall be permitted to exercise in respect to his
Account all of the investment alternatives afforded by the Plan, change his Beneficiary
designations and receive copies of any and all notifications, announcements government filings or
Plan amendments which are distributed or required to be distributed to him.

     14.4. Latest Payment Dates.

          (a) Subject to paragraph (b) below, unless the Participant elects otherwise, the payment of
the Participant’s Account will begin not later than 60 days after the end of the Plan Year in which
the latest of the following occurs: (i) the Participant attains his Normal Retirement
Age; (ii) the tenth anniversary of the year in which the Participant commenced participation
in the Plan; or (iii) the Participant terminates service with the Employer; provided however, that
if the amount of the distribution required to commence on the date determined under this section
cannot be ascertained by such date, or if it is not possible to make such payment on such date
because the Committee has been unable to locate the Participant or his Beneficiary after making
reasonable efforts to do so, a payment retroactive to such date may be made not later than 60 days
after the earliest date on which the amount of such payment can be ascertained or the date on which
the Participant or Beneficiary is located.

          (b) In no event will the Account of a Participant be distributed, or commence to be
distributed, later than a Participant’s required beginning date. The “required beginning date”
will mean, for a Participant who is not a 5% Owner, the April 1 of the calendar year following the
later of: (i) the calendar year in which the Participant attains age 701/2; or (ii) the calendar
year in which the Participant retires. The required beginning date of a Participant who is a 5%
Owner will be the April 1 of the calendar year following the calendar year in which the Participant
attains age 701/2. Distributions will continue to be made by each December 31 following the
Participant’s required beginning date as required by Code Section 401(a)(9) and applicable
regulations thereunder. Distributions that commence pursuant to this paragraph (b) to a
Participant who is a 5% Owner will be paid to such Participant in the form of a lump sum consisting
of the Participant’s entire Account as of the applicable valuation date. Distributions that
commence pursuant to this paragraph (b) to a Participant who is not a 5% Owner shall at all times
comply with Code Section 401(a)(9) and applicable regulations thereunder.

          With respect to the distributions under the Plan made in calendar years beginning on or after
January 1, 2001, the Plan will apply the minimum distribution requirements of Section 401(a)(9) of
the Internal Revenue Code in accordance with the regulations under Section 401(a)(9) that were
proposed in January 2001, notwithstanding any provision of the Plan to the contrary. This
paragraph shall continue in effect until the end of the last calendar year beginning before the
effective date of final regulations under Section 401(a)(9) or such other date specified in
guidance published by the Internal Revenue Service.

13

 

          If a Participant who is not a 5% Owner attains age 701/2:

	 	(i)	 	in a calendar year after 1995 and has not
retired by the end of such calendar year, the Plan may provide such
Participant with the option to delay commencement of a distribution
required under this paragraph (b) until not later than the April 1
following the calendar year in which the Participant retires; or
	 
	 	(ii)	 	prior to the 1997 calendar year and did not
retire before January 1, 1997, the Plan may provide a Participant with
the option to cease the minimum required distributions payable pursuant
to this paragraph (b) until such time as the Participant retires.

          (c) For the purpose of this Section 14.4, “5% Owner” shall have the meaning set forth in Code
Section 416.

          (d) Notwithstanding anything in the Plan to the contrary, if the distribution of the
Participant’s Account has commenced as a result of the commencement of minimum required
distributions pursuant to paragraph (b) above, and the Participant dies prior to his entire Account
being distributed to him, the remaining portion of his Account will be distributed, in accordance
with Code Section 401(a)(9) and applicable regulations thereunder, at least as rapidly as under the
method of distribution in effect prior to the Participant’s death. If the Participant dies before
the distribution of his Account has commenced, his entire interest will be distributed not later
than the fifth anniversary of the December 31st immediately following his death.

     14.5. Eligible Rollover Distributions.

          (a) Notwithstanding any provision of the Plan to the contrary that would otherwise limit a
distributee’s election under the Plan, a distributee may elect, at the time and in the manner
prescribed by the Committee, to have any portion of an eligible rollover distribution paid directly
to an eligible retirement plan specified by the distributee in a direct rollover.

          (b) The following definitions will apply for purposes of this section:

	 	(i)	 	Eligible rollover distribution: An eligible
rollover distribution is any distribution of all or any portion of the
Account of the distributee, except that an eligible rollover
distribution does not include: (A) any distribution that is one of a
series of substantially equal periodic payments (not less frequently
than annually) made for the life (or life expectancy) of the
distributee or the joint lives (or joint life expectancies) of the
distributee and the distributee’s designated Beneficiary; (B) any
distribution that is for a specified period of ten years or more; (C)
any distribution to the extent such distribution is required under Code
Section 401(a)(9); (D) the portion of any distribution that is not
includable in gross income (determined without regard to the exclusion
for net unrealized 

14

 

	 	 	 	appreciation with respect to employer securities);
(E) hardship distributions described in Code Section
401(k)(2)(B)(i)(IV) in the amount described in Treasury Regulation
1.401(k)-1(d)(2)(ii); and (F) at the election of the Committee, any
other distribution if such distribution and all other distributions
during the year are reasonably expected to total less than $200.
	 
	 	(ii)	 	Eligible retirement plan: An eligible
retirement plan is an individual retirement account described in Code
Section 408(a), an individual retirement annuity described in Code
Section 408(b), an annuity plan described in Code Section 403(a) or a
qualified trust described in Code Section 401(a) that accepts the
distributee’s eligible rollover distribution. However, in the case of
an eligible rollover distribution to the surviving spouse, an eligible
retirement
plan is an individual retirement account or individual retirement
annuity.
	 
	 	(iii)	 	Distributee: A distributee includes an
employee or former employee. In addition, the spouse or surviving
spouse of an employee or former employee is a distributee with regard
to the interest of the spouse or surviving spouse.
	 
	 	(iv)	 	Direct Rollover: A direct rollover is a
payment by the Plan to the eligible retirement plan specified by the
distributee.

Section 15. Loans, Withdrawals, In-Service Distributions and Hardship Distributions.

     15.1. Withdrawals from Voluntary Accounts or Qualified Rollover Accounts. Each
Participant may at any time withdraw from his After-Tax Voluntary Account or his Qualified Rollover
Account the total amount contributed by him less any amounts previously withdrawn by him or paid to
him from said Account, and adjusted by any investment gains and losses on such Account. However,
the Committee may adopt reasonable, nondiscriminatory rules to restrict or limit such withdrawals.

     15.2. Hardship Withdrawals from Accounts. Upon the application of a Participant in
the event of a financial hardship resulting from the immediate and heavy financial needs of such
Participant, the Committee may, in the exercise of its sole discretion, permit the Participant to
withdraw any or all of the amounts in his 401(k) Account [excluding income on Section 401(k)
Contributions made after December 31, 1988] or his Flex Rollover Account in the form of a lump sum,
provided that any amount distributed from the 401(k) Account or the Flex Rollover Account shall not
exceed the amount required to meet the immediate financial need created by the hardship and not
reasonably available from other resources of the Participant. Further, any hardship withdrawals
from the 401(k) Account may be made only if permitted under the rules established under the Code
for such hardship withdrawals. The Committee shall make a determination of financial hardship and
the amount required for such distribution in accordance with uniform and nondiscriminatory
standards which may be based upon standards set in the

15

 

Code for 401(k) Account hardship
distributions or such other standards as the Committee deems appropriate. Such standards may
require a Participant to apply for and, if eligible, receive a loan from the Plan prior to
receiving a hardship distribution.

     15.3. In-Service Distributions After Age 591/2. Any Participant who has attained age
591/2 may elect at any time to withdraw all or any portion of his After-Tax Voluntary Account, his
Qualified Voluntary Account, his Flex Rollover Account, his Qualified Rollover Account or his
401(k) Account in the form of a lump sum. The Committee may adopt reasonable, nondiscriminatory
rules to restrict or limit such withdrawals.

     15.4. In-Service Distributions After Age 701/2. Unless otherwise required to be
distributed pursuant to Section 14.4(b) of the Plan, a Participant who attains age 701/2 may at any
time withdraw all or any portion of his After-Tax Voluntary Account, his Qualified Voluntary
Account, his Flex Rollover Account, his Qualified Rollover Account, Regular Employer Account or his
401(k) Account in the form of a lump sum or in the form of installments.

     15.5. Loans.

          (a) Permissibility of Loans. Effective on and after April 1, 2000, a Participant may
borrow funds from his After-Tax Voluntary Account, his Qualified Voluntary Account, his Flex
Rollover Account, his Qualified Rollover Account or his 401(k) Account pursuant to a loan program
established by the fiduciary responsible for the investment of Plan assets and administered by the
Committee. Any loan granted under such program will be deemed an investment of the Account of the
Participant to whom the loan is made. All loans to Participants from the Plan must comply with the
provisions of paragraphs (b) and (c) of this section.

          (b) Code Section 72(p) Limitations. No loan to any Participant can be made to the
extent that such loan when added to the outstanding balance of all other loans to the Participant
would exceed the lesser of (i) $50,000 reduced by the excess (if any) of the highest outstanding
balance of loans during the one-year period ending on the day before the loan is made, over the
outstanding balance of loans from the Plan on the date the loan is made; or (ii) one-half the
present value of the vested Account of the Participant. For the purpose of the above limitation,
all loans from all plans of the Employer and other members of a group of employers described in
Code Sections 414(b), 414(c), 414(m) and 414(o) are aggregated. Furthermore, any loan will by its
terms require that repayment (principal and interest) be amortized in level payments, not less
frequently than quarterly, over a period not extending beyond five years from the date of the loan,
unless such loan is used to acquire a dwelling unit which, within a reasonable time (determined at
the time the loan is made), will be used as the principal residence of the Participant. An
assignment or pledge of any portion of the Participant’s interest in the Plan and a loan, pledge or
assignment with respect to any insurance contract purchased under the Plan will be treated as a
loan under this section.

          (c) Additional Requirements. All loans made under this Plan will, in accordance with Code
Section 4975(d)(1), comply with the following requirements:

	 	(i)	 	Loans will be made available to Participants or
Beneficiaries on a reasonably equivalent basis.

16

 

	 	(ii)	 	Loans will not be made available to
“highly-compensated employees” [within the meaning of Code Section
414(q)] in an amount proportionally greater than the amount made
available to other Participants.
	 
	 	(iii)	 	Each Participant will apply for a loan in
accordance with procedures approved by the Committee.
	 
	 	(iv)	 	Loans shall be made in accordance with criteria
approved by the Committee.
	 
	 	(v)	 	Loans will be adequately secured and bear a
reasonable interest rate. For this purpose, a Participant’s vested
Account will constitute sufficient collateral for a loan, provided that
at no time may more than 50% of such vested Account be used as security
for all outstanding loans made to the Participant under the Plan,
determined immediately after the most recent loan is extended. A
reasonable interest rate will be determined for each loan by the
Committee based upon prevailing interest rates for similar loans in the
surrounding business community in which the Plan is administered.
	 
	 	(vi)	 	Default on a loan will exist upon the
occurrence of any event enumerated as a default in the promissory note
or security agreement executed by the Participant or Beneficiary. In
the event of default, foreclosure on the note and attachment of the
portion of the Account provided as security will occur upon a
distributable event under the Plan.

Section 16. Trustee.

     16.1. Establishment of Trust. The Company shall continue to maintain a Trust
Agreement with a qualified person or entity providing for the administration of the Trust by the
Trustee. The Trust Agreement entered into shall be deemed to form a part of this Plan, and any and
all rights or benefits which may accrue to any person under this Plan shall be subject to all of
the terms and provisions of the Trust Agreement.

     16.2. Payment of Fees. The Trustee’s fees, investment advisory fees and other
expenses of the Trust shall be paid out of the Trust, except for such fees and expenses which the
Company or an Employer elects to pay.

Section 17. Committee.

     17.1. Establishment of Committee. The Plan shall be administered by a Committee
composed of one or more members who shall be appointed by and shall serve at the pleasure of the
Board of Directors of Worthington Industries, Inc. The Committee may act by a majority vote and
shall select a chairman and a secretary. The secretary shall keep a record of proceedings

17

 

of the
Committee. Any direction to the Trustee or certification signed by the chairman or by the
secretary shall be deemed to be the action of the Committee.

     17.2. Powers of Committee. The Committee shall supervise the maintenance of such
accounts and records as shall be necessary or desirable to show the contributions of the Employers,
contributions of the Participants, allocation
to Participants’ Accounts, payments from Participants’ Accounts, valuations of the Trust Fund
and all other transactions pertinent to the Plan. The Committee is authorized to perform functions
necessary to administer the Plan, including, without limitation, determine the eligibility and
qualification of employees under the Plan, the allocation and vesting of contributions, earnings
and losses of the Plan; to interpret and construe the Plan; to decide questions arising out of the
administration and operation of the Plan, including determining who is the Beneficiary of a
Participant’s Account; to adopt rules, regulations and procedures consistent therewith and to
decide all disputes with respect to the rights and obligations of Participants or Beneficiaries in
the Plan; and if the Trust Agreement permits, the Committee may direct the Trustee with respect to
investment of the assets of the Trust or may employ investment counsel to do so. The Committee
shall also have such other authority as provided elsewhere in this Plan or the Trust Agreement.
The Committee will have absolute discretion in exercising its powers and carrying out its duties
under the Plan.

     17.3. Advice and Delegation. The Committee may employ one or more persons to render
advice with regard to any responsibilities it has under the Plan and may designate others to carry
out any of its responsibilities.

     17.4. Application for Benefits. The Committee may, at its discretion, permit a
Participant or Beneficiary to apply for benefits due such individual as a result of his
participation in the Plan in writing, over the phone, through the Internet, or through the use of
any electronic means permitted by the Internal Revenue Service and Department of Labor, and to
receive all information necessary to complete such application in a similar manner. The Committee
may limit the method used by the Participant or Beneficiary to apply for benefits to one or more of
the methods described in this section. Notwithstanding the foregoing, a hardship distribution
application pursuant to Section 15.2 shall only be made in writing.

Section 18. Amendments.

     The Company, by its Board of Directors or its designee, shall have the right (acting on behalf
of all Participating Employers) at any time by an instrument in writing to modify, alter, amend or
terminate this Plan in whole or in part; provided, however, that no such change shall in any way
affect the vested rights of the employees under this Plan. Except as permitted by Code Section
411(d)(6) and applicable regulations thereunder, no amendment to the Plan will decrease the balance
of a Participant’s Account or eliminate any optional form of distributions with respect to benefits
attributable to service before the amendment.

Section 19. Distribution upon Termination.

     When and if this Plan is terminated, or upon dissolution or liquidation of the Employer, after
the payment of all expenses and after all adjustments of Participants’ Accounts to reflect

18

 

such
expenses, fund profits or losses, income and allocations to date of termination, each Participant
shall be entitled to receive the entire balance of his Account. The Committee may, in its
discretion, make payment of such amount in cash or in assets of the Trust. Notwithstanding
the foregoing, a Participant’s 401(k) Account may not be distributed as a result of the
termination of the Plan to the extent the Employer, during the 24-month period beginning 12 months
prior to the date of termination, maintains a “successor plan,” within the meaning of Treasury
Regulation 1.401(k)-(d)(3).

Section 20. Creditors of Participants.

     Except as provided in Code Section 401(a)(13), assignment, pledge or encumbrance of any
character of the benefits under the Plan are not permitted or recognized under any circumstances;
and such benefits shall not be subject to claims of creditors, execution, attachment, garnishment
or any other legal process. This provision shall not prevent the payment or assignment of all or a
portion of a Participant’s Account (a) pursuant to a qualified domestic relations order [as defined
in Section 414(b) of the Code]; and the Committee shall adopt procedures for determining whether a
domestic relations order is qualified and for payment of Accounts pursuant to such orders; or (b)
in payment of a federal tax lien if required by law. The Committee may permit the distribution of
a domestic relations order immediately after it determines the order is qualified, notwithstanding
the fact that such distribution is made to the alternate payee prior to the Participant attaining
his “earliest retirement age,” as such term is defined in Code Section 414(q).

Section 21. Claims Procedure.

     21.1. Filing a Claim for Benefits. A Participant or Beneficiary, or a person acting
on behalf of such Participant or Beneficiary, shall make an application for benefits under the
Plan. Such request shall be made in the manner permitted by the Committee and shall set forth the
basis of such claim and shall also authorize the Committee or its designee to conduct such
examinations as may be necessary for the Committee or its designee to determine, in its discretion,
the validity of the claim and to take such steps as may be necessary to facilitate the payment of
benefits to which the Participant or Beneficiary may be entitled under the terms of the Plan.

          A decision by the Committee or its designee shall be made promptly and not later than 90 days
after the Committee’s receipt of the claim for benefits under the Plan, unless special
circumstances require an extension of the time for processing; in which case, a decision shall be
rendered as soon as possible, but not later than 180 days after the initial receipt of the claim
for benefits. If the Participant or Beneficiary does not receive an answer within the time set
forth above, he may deem the claim denied and proceed to the review procedures set forth below.

     21.2. Denial of Claim. Whenever a claim for benefits by any Participant or
Beneficiary has been denied by the Committee or its designee, in whole or in part, a written notice
prepared in a manner calculated to be understood by the Participant or Beneficiary must be provided
setting forth:

19

 

          (a) the specific reasons for the denial;

          (b) the specific reference to the pertinent Plan provisions on which the denial is based;

          (c) a description of any additional material or information necessary for the claimant to
perfect the claim and an explanation of why such material or information is necessary; and

          (d) an explanation of the Plan’s claim review procedure.

     12.3. Remedies Available to Participants or Beneficiaries. Upon denial of his claim
by the Committee, a Participant or Beneficiary:

          (a) may request a review by a named fiduciary, which may or may not be the Committee, upon
written application to the Plan;

          (b) may review pertinent Plan documents; and

          (c) may submit issues and comments in writing to a named fiduciary.

          A Participant or Beneficiary shall have 60 days after receipt by the claimant of written
notification of a denial of a claim to request a review of a denied claim.

          A decision by a named fiduciary shall be made promptly and not later than 60 days after the
named fiduciary’s receipt of a request for review, unless special circumstances require an
extension of time for processing; in which case, a decision shall be rendered as soon as possible,
but not later than 120 days after receipt of a request for review. The decision on review by a
named fiduciary shall be in writing and shall include specific reasons for the decision, written in
a manner calculated to be understood by the claimant, and specific references to the pertinent Plan
provisions on which the decision is based.

Section 22. Employers and Employer Groups.

     22.1. Adoption of Plan by Employers. Any Related Employer may adopt this Plan and
become a party hereto as a Participating Employer on such date and upon such reasonable terms as
may be fixed by the Committee and upon the execution of an appropriate written Adoption Agreement
between the Committee and the Participating Employer. Any Participating Employer by its Board of
Directors or its designee may adopt the Plan for the benefit of all of its employees or it may
elect to adopt the Plan only for one or more of its Operating Groups.

     22.2. Individual Employer Treatment. Except to the extent the requirements of
Treasury Regulation Section 1.401(a)(4)-2 would not be satisfied, the provisions of this Plan shall
be applied as if the Plan were a separate plan for each Employer Group and for purposes of
allocating Regular Employer Contributions, only Participants who are employees of that Employer
Group shall be entitled to share in the contributions of that Employer Group by other
employees of that Employer Group. Each Participating Employer, with the concurrence of the

20

 

Committee, shall determine whether such Participating Employer, or any participating Operating
Groups of such Participating Employer, shall be treated as an individual Employer or shall be
combined with one or more other Participating Employers or Operating Groups as an Employer Group.
An Employer Group shall mean those Participating Employers (or those designated Operating Groups)
which have elected to be considered an Employer Group for purposes of this Plan.

     22.3. Transfer of Employees. Any Eligible Employee who transfers from the employment
of one Participating Employer to another shall not be considered to have terminated his employment,
and his service with all participating entities shall continue to the same extent as though he had
not be transferred. For the year of the transfer, the transferring employee will be entitled to
share in the contributions, if any, to the Plan by both Participating Employers as may be
appropriate. Appropriate adjustments and transfers of assets for employees of the respective
Employers will be made so that an employee’s Account will be maintained under the Plan of the
Employer by which he is employed. The provisions of this paragraph notwithstanding, under no
circumstance shall any employee be credited with an allocation from more than one Employer based on
the same period of service, and all employees similarly situated will be treated alike.

     22.4. Transfers to Suspended Status. Any Eligible Employee who becomes ineligible
for the Plan because of a change in employment status (including a transfer to a Related Employer
or Operating Group that has not adopted the Plan) shall become a Suspended Participant. While a
Suspended Participant he shall continue to be granted service under the Plan to the extent
necessary but shall not share in any Employer contributions (except to the extent of his
Compensation earned prior to the date he became ineligible), nor shall he be permitted to make
rollover contributions or any Enrollment Designation for 401(k) Contributions. Except as provided
in the following sentence, his Accounts shall continue to be adjusted for earnings or losses of the
Trust Fund in accordance with Section 8. The Committee may, in its discretion, transfer the
Account of a Suspended Participant who became a Suspended Participant as a result of his employment
with TWB Company (or any other Affiliate) to the TWB Deferred Profit Sharing Plan (or such other
Affiliate’s profit sharing plan).

          If the Employer contributes to a union pension plan for the benefit of any Eligible Employee
or if the union has bargained not to be covered by this Plan, from the date of such coverage or
bargaining, such employee shall not be eligible to participate in this Plan and shall not be
entitled to share in Employer contributions to this Plan (except to the extent of his Compensation
earned prior to the date he became ineligible).

Section 23. Miscellaneous.

     23.1. Right to Terminate. The right of the Employer to terminate the employment of
any of their employees shall not in any way be affected by the employees’ participation in this
Plan.

     23.2. Merger, etc. In case of any merger or consolidation with, or transfer of
assets or liabilities to, any other Plan, each Participant in the Plan must (if this Plan then
terminated) be
eligible to receive a benefit immediately after the merger, consolidation or transfer which is
equal

21

 

to or greater than the benefit he would have been entitled to receive immediately before the
merger, consolidation or transfer (if the Plan then terminated).

     23.3. Named Fiduciaries. The named fiduciaries of this Plan shall be the Committee
and the Company.

     23.4. Limitation on Reversion of Contributions. Except as provided in paragraphs (a)
through (b) below, all contributions made under the Plan shall be held for the exclusive benefit of
Participants and their Beneficiaries and may not revert to the Employer.

          (a) In the case of a contribution made by the Employer based upon a mistake of fact, such
contribution may be returned to the Employer within one year after it was contributed to the Plan.

          (b) In the case of a contribution conditioned upon its deductibility under Code Section 404,
to the extent the deduction is disallowed, the amount disallowed may be returned to the Employer
within one year after the disallowance.

     23.5. Other. Wherever used in this Plan the masculine pronoun refers to both men and
women.

          Notice of the existence and provisions of the Plan and of any amendment thereto shall be
communicated to those entitled to notice thereof.

     23.6. Direct Transfers. The Committee may elect to accept direct or indirect
transfers [within the meaning of Code Section 401(a)(11)] from another qualified plan. Transfers
may be allocated to a separate account established by the Committee. To the extent required by
Code Section 411(d)(6), the Plan shall preserve the forms of benefits relating to that portion of a
Participant’s Account acquired in a direct or indirect transfer and shall specify such forms as an
amendment or attachment to the Plan. A Participant’s administrative elections, including
beneficiary designations and salary deferral elections made while a participant in the transferor
plan, shall be deemed by the Committee to be made under the Plan and shall continue to remain in
effect unless modified by the Participant.

     23.7. Uniform Services Employment and Reemployment Rights Act. Effective as of
December 12, 1994, notwithstanding any provisions of this Plan to the contrary, contributions,
benefits and years of service with respect to qualified military service will be provided in
accordance with Code Section 414(u).

     23.8. Qualified Transportation Fringe Compensation. To the extent that any provision
of the Plan directly or indirectly references the definition of “compensation” set forth in either
Section 415(c)(3) or Section 414(s)(2) of the Code, and such provision provides that certain
deferred compensation pursuant to Section 415(c)(3)(D) of the Code or Section 414(s)(2) of the Code
will be included in the definition of “compensation”, then effective for Plan Years or Limitation
Years beginning on and after January 1, 2001, the amount of compensation determined pursuant to
such provision will include elective amounts that are not includible in the gross income of the
Participant
by reason of Section 132(f)(4) of the Code. To the extent that the definition of “compensation”

22

 

which is used for the purpose of determining a Participant’s allocation under the Plan includes in
such definition certain deferred compensation described in either Section 414(s)(2) or 415(c)(3)(D)
of the Code, effective for Plan Years beginning on and after January 1, 2001, the amount of
compensation determined pursuant to such provision will include elective amounts that are not
includible in the gross income of the Participant by reason of Section 132(f)(4) of the Code.

     23.9. Mistakes or Misstatements. In the event of a mistake or a misstatement as to
any item of such information as is furnished pursuant to the terms of the Plan, which has an effect
on the amount of benefits to be paid under the Plan, or in the event of a mistake or misstatement
as to the amount of payments to be made to a person entitled to receive a benefit under the Plan,
the Committee shall cause such amounts to be withheld or accelerated, as shall in its judgment
accord to such person the payment to which he is properly entitled under the Plan.

Section 24. Top-Heavy Plan Contingencies.

     24.1. Definitions. If, for any Plan Year, the Plan is a Top-Heavy Plan, the
provisions of Section 24.3 will be applicable.

          (a) Key Employee: Any employee or former employee (and the Beneficiaries of such employee)
who at any time during the determination period was (i) an officer of the Employer if such
individual’s annual compensation exceeds 50% of the dollar limitation under Code Section
415(b)(1)(A); (ii) an owner (or considered an owner under Code Section 318) of one of the ten
largest interests in the Employer if such individual’s annual compensation exceeds the dollar
limitation under Code Section 415(c)(1)(A); (iii) a 5% Owner of the Employer; or (iv) a 1% owner of
the Employer who has annual compensation of more than $150,000. For purposes of this section,
“annual compensation” means compensation as defined in Code Section 415(c)(3), but including
amounts contributed by the Employer pursuant to a salary reduction agreement that are excludable
from the employee’s gross income under Code Section 125, 402(a)(8), 402(h) or 403(b). The
determination period is the Plan Year containing the Determination Date and the four preceding Plan
Years. The determination of who is a Key Employee will be made in accordance with Code Section
416(i)(1) and the regulations thereunder.

          (b) Non-Key Employee: Any employee or former employee of the Employer who is not a Key
Employee. The Beneficiary of a Non-Key Employee will be treated as a Non-Key Employee, and the
Beneficiary of a former Non-Key Employee will be treated as a former Non-Key Employee.

          (c) Determination Date: For any Plan Year subsequent to the first Plan Year, the last day of
the preceding Plan Year. For the first Plan Year, the last day of such Plan Year.

          (d) Permissive Aggregation Group: The Required Aggregation Group of plans plus any other plan
or plans of the Employer which, when considered as a group with the Required Aggregation Group,
would continue to satisfy the requirements of Code Sections 401(a)(4) and 410.

23

 

          (e) Required Aggregation Group: (i) Each qualified plan of the Employer in which at least one
Key Employee participates or participated at any time during the Plan Year containing the
Determination Date and the four preceding Plan Years (regardless of whether the Plan has
terminated); and (ii) any other qualified plan of the Employer which enables a plan described in
(i) to meet the requirements of Code Section 401(a)(4) or 410.

          (f) Top-Heavy Plan: The Plan, if in any Plan Year it is top heavy as set forth in Section
24.2.

          (g) Valuation Date: The date selected by the Committee for valuing the Plan for the purpose
of this section.

     24.2. Top-Heavy Status. This Plan, and any other plans aggregated with it, will
become top heavy pursuant to this Section 24.2, as of the Determination Date, if the present value
of accrued benefits of Key Employees is more than 60% of the sum of the present value of accrued
benefits of all employees. In the case of more than one plan that is to be aggregated with this
Plan, the present value of the accrued benefits of employees in such plan is first determined
separately for each plan as of each plan’s Determination Date. The plans will then be aggregated
by adding the results of each plan as of the Determination Dates for such plans that fall within
the same calendar year. The combined results will indicate whether the plans are top heavy. For
the purpose of determining the present value of the accrued benefits of an employee (a) the present
value of accrued benefits of the employee will be increased by the aggregate distributions made
with respect to such employee during the five-year period ending on the Determination Date; (b) the
accrued benefits of former Key Employees will not be taken into account; and (c) the accrued
benefits of employees who have not performed services at any time during the five-year period
ending on the Determination Date for the Employer maintaining the Plan will not be taken into
account.

          Notwithstanding the foregoing, if this Plan is aggregated for top-heavy purposes with a
defined benefit plan, present value of accrued benefits will be made for this Plan and for such
other plan by using the interest rate and mortality assumptions contained in such other plan. If a
Required or Permissive Aggregation Group includes two or more defined benefit plans (a) the same
actuarial assumptions must be used with respect to all such plans and must be specified in such
plans; and (b) the accrued benefits of Non-Key Employees will be determined under a uniform accrual
method or, where there is no such method, as if such benefit accrued not more rapidly than the
slowest rate of accrual permitted under the fractional rule of Code Section 411(b)(1)(C).

          The present value of accrued benefits as of the Determination Date for any applicable employee
or former employee is the sum of (a) the applicable employee’s Account as of the most recent
Valuation Date occurring within a 12-month period ending on the Determination Date; (b) an
adjustment for contributions due as of the Determination Date; and (c) the aggregate distributions
made with respect to such individual under the Plan during the five-year period ending on the
Determination Date. For a profit sharing plan, the adjustment in (b) is generally the amount of
contributions actually made after the Valuation Date but on or before the Determination Date.

24

 

          In determining whether the Plan is top heavy, it must be aggregated with each plan included in
the Required Aggregation Group. In addition, the Employer may aggregate plans included in the
Permissive Aggregation Group.

     24.3. Minimum Contributions. For each Plan Year in which the Plan is top heavy, each
Participant who is a Non-Key Employee and who is employed on the last day of the Plan Year
(including Participants who did not complete 1,000 Hours of Service in the Plan Year) is required
to receive an annual allocation of contributions (disregarding Social Security benefits) equal to
at least 3% of his Compensation; provided that, if the largest percentage of Compensation allocated
to a Key Employee for a Plan Year is less than 3%, that largest percentage will be substituted for
3%. Such amount will be known as the “top-heavy minimum contribution.” For any year in which the
Employer maintains a defined benefit plan in addition to this Plan, the requirements of this
paragraph will be satisfied for all Non-Key Employees who participate in both plans by providing
each Non-Key Employee with the 2% minimum annual benefit provided under the top-heavy provisions of
the defined benefit plan. For any year in which the Employer maintains another defined
contribution plan in addition to this Plan, the minimum benefit described in this paragraph may be
provided for Non-Key Employees who participate in both plans by such other defined contribution
plan or this Plan, as elected by the Committee.

          For any Plan Year in which this Plan is required to provide the top-heavy minimum
contribution, the Employer will contribute to the Account of each Non-Key Employee required to
receive an allocation pursuant to the previous paragraph an amount equal to the difference between
the amount necessary to provide such Non-Key Employee with the top-heavy minimum contribution for
such year and the amount previously allocated to such Non-Key Employee’s Account for such year.
Contributions made to a Non-Key Employee’s Account that are “elective deferrals,” as such term is
defined in Code Section 402(g)(3)(A), will not be used to satisfy the top-heavy minimum
contribution.

Section 25. Definitions.

     “Account” shall mean the Account or Accounts maintained for Participants in accordance with
the provisions of Section 7 hereof and shall include, as appropriate, a Regular Employer
Contribution Account for amounts arising from Regular Employer Contributions, an After-Tax
Voluntary Account for amounts arising from After-Tax Voluntary Contributions, a Qualified Voluntary
Account for amounts arising from Qualified Voluntary Contributions, a Qualified Rollover Account
for amounts arising from Qualified Rollover Contributions from other qualified plans, a Flex
Rollover Account for amounts arising from Flex Rollover Contributions from the Company’s Flexible
Benefit Plan, a 401(k) Account for amounts arising from 401(k) Contributions and any other account
that, in the opinion of the Committee, is necessary for the administration of the Plan.

     “Active Participant” shall mean any Eligible Employee who has become a Participant and who has
not terminated his employment or become a retired, disabled, deceased or Suspended Participant.

25

 

     “Adoption Agreement” shall mean the written understanding signed by an Employer by which it
adopts and agrees to be part of the Plan for itself or any of its Operating Groups.

     “Affiliate” shall mean any other Employer which, together with the Company, is a member of:
(a) a controlled group of corporations or of a commonly controlled trade or business, as defined in
Code Sections 414(b) and (c), and for the purpose of Section 9.1(b), as modified by Code Section
415(h); (b) an affiliated service group as defined in Code Section 414(m); or (c) any other
organization described in Code Section 414(o).

     “After-Tax Voluntary Account” shall mean the Account to which a Participant’s After-Tax
Voluntary Contributions are allocated.

     “After-Tax Voluntary Contribution” shall mean after-tax contributions to the Plan made by a
Participant pursuant to Section 4.

     “Allocated Vested Employer Contributions” shall mean the contributions made to the Plan
pursuant to Section 9.5.

     “Annual Additions” means the sum of the following amounts for a Limitation Year:

          (a) Regular Employer Contributions, Section 401(k) Contributions and Flex Rollover
Contributions allocated to a Participant’s Account pursuant to Sections 2, 3, 4 and 5;

          (b) amounts allocated after March 31, 1984 to an individual medical account, as defined in
Code Section 415(l)(2), which is part of a pension or annuity plan maintained by the Employer;

          (c) amounts derived from contributions paid or accrued after December 31, 1985 in taxable
years ending after such date which are attributable to postretirement medical benefits allocated to
the separate Account of a “key employee” [as defined in Section 416(i) of the Code] under a welfare
benefit fund [as defined in Section 419(e) of the Code] maintained by the Employer. The amounts
described under this paragraph (c) will not be subject to the 25% of compensation limit provided in
Section 9.1;

          (d) amounts consisting of employer contributions, employee after-tax contributions or
forfeitures allocated to any other defined contribution plan or simplified employee pension (other
than a salary reduction simplified employee pension) of the Employer or an Affiliate to which the
Participant is or was a participant.

     In determining (a) above, any excess amount determined in accordance with Section 9.1 that is
applied to reduce Regular Employer Contributions in a Limitation Year will be considered an Annual
Addition for the year in which such contribution is applied.

     The amounts described in (a) and (d) above will include amounts treated as “excess deferrals”
within the meaning of Treasury Regulation 1.402(g)-1(e)(1)(iii) [unless distributed in accordance
with Treasury Regulation 1.402(g)-1(e)(2) or (3)], “excess contributions” within the

26

 

meaning of Treasury Regulation 1.401(k)-1(g)(7) or “excess aggregate contributions” within the
meaning of Treasury Regulation 1.401(m)-1(f)(8) for a Limitation Year.

     “Beneficiary” shall mean the individual, individuals, trust or other person or entity
designated by the Participant under the terms of Section 11, or determined in accordance with
Section 11, to receive the death benefit payable under the Plan.

     “Code” shall mean the Internal Revenue Code of 1986, as may be amended from time to time, and
corresponding provisions of future federal internal revenue codes and, where applicable, the
regulations issued thereunder.

     “Committee” shall mean the Committee set forth in Section 17 of this Plan.

     “Company” shall mean Worthington Industries, Inc.

     “Compensation” shall, effective for Plan Years commencing on and after January 1, 1997 include
wages for the Plan Year paid to the Participant by the Employer, as defined in Code Section
3401(a), for the purposes of income tax withholding at the source plus all other payments of
compensation which the Employer is required to report on Form W-2. Compensation will be determined
without regard to (a) any reduction in compensation resulting from participation in a Section
401(k) cash or deferred arrangement or any arrangement pursuant to Section 125, Section 402(h),
Section 403(b), Section 414(h)(2) or Section 457 of the Code, and for Plan Years commencing on and
after January 1, 2001 — Section 132(f)(4) of the Code; and (b) any rules that limit remuneration
included in wages based on the nature or location of employment or services performed, provided
Compensation paid by the Employer during any Plan Year in excess of the limit set forth in Code
Section 401(a)(17)(A), as adjusted by Code Section 401(a)(17)(B), will be excluded.

     For purposes of a Participant’s first Plan Year of eligibility, only Compensation paid to the
Participant while an employee and after the Entry Date on which he begins to participate in the
Plan will be considered for purposes of determining contributions to the Plan.

     “Continuous
Year of Service” shall mean any 12-month period of continuous employment of a
Participant, measuring from his employment commencement date or any anniversary thereof, determined
in accordance with procedures established by the Committee. Continuous Years of Service shall be
used for purposes of determining a Participant’s eligibility for retirement and shall include
periods of contiguous service while an ineligible employee.

     “Eligible Employee” shall mean any person who is an employee of the Employer, excluding (a)
any employee covered by a collective bargaining agreement that does not provide for coverage under
the Plan; and (b) any employee of an Operating Group as to which an Employer has not elected for
coverage under the Plan pursuant to an Adoption Agreement. If an individual who is not classified
as a common law employee is determined by a court of law or governmental agency to be a common law
employee of the Employer, such employee will remain excluded from participation in the Plan unless
the Plan is amended to specifically provide for such employee’s inclusion.

27

 

     “Eligibility Computation Period” is defined within the definition of “Year of Eligibility
Service.”

     “Employer” shall mean the Company and any Related Employer that has adopted this Plan. The
term “Employer” shall mean Employer individually or all Employers collectively or an Employer Group
as the context requires.

     “Employer Group” shall have the meaning provided in Section 22.2 of the Plan.

     “Employment Commencement Date” shall mean the date on which the employee first performs an
Hour of Service for an Employer or an Affiliate.

     “Enrollment Designation” shall mean an agreement, on a form or method prescribed by the
Committee between a Participant and his Employer providing for reduction of the Participant’s
Compensation and the making of 401(k) Contributions to the Plan on behalf of such Participant.

     “Entry Date” shall mean each March 1, June 1, September 1 or December 1.

     “Fiscal Quarter” shall mean a three-month period ending the last day of February, May, August
or November.

     “Flex Rollover Account” shall mean the account into which Flex Rollover Contributions are
allocated.

     “Flex Rollover Contributions” shall mean those contributions set forth in Section 5 of the
Plan.

     “401(k) Account” shall mean the Account to which 401(k) Contributions are credited.

     “401(k) Contributions” shall mean the contributions made for the benefit of Participants
pursuant to Section 3 hereof.

     “401(k) Participant” shall mean a Participant who is eligible to make an Enrollment
Designation to elect 401(k) Contributions.

     “Full Active Participant” shall have the meaning as set forth in Section 1.1.

     “Highly-Compensated Employee” means, beginning on and after January 1, 1997, any employee of
the Employer who: (a) is a “5% Owner,” as such term is defined by Code Section 414(q)(3) and
applicable regulations thereunder, at any time during the current Plan Year or preceding Plan Year;
or (b) received “compensation,” as such term is defined by Code Section 414(q)(7) and applicable
regulations thereunder in excess of $80,000 (as adjusted) for the preceding Plan Year.

28

 

     “Hour of Service” shall mean an hour calculated as follows:

          (a) An employee shall receive an Hour of Service for each hour for which he is paid, or
entitled to payment, for the performance of duties for the Employer. These hours shall be credited
to the computation period in which the duties are performed.

          (b) An employee shall receive an Hour of Service for each hour for which he is paid, or
entitled to payment, by the Employer on account of a period of time during which no duties are
performed (irrespective of whether the employment relationship has terminated) due to vacation,
holiday, illness, incapacity (including disability), layoff, jury duty, military duty or leave of
absence. No more than 501 Hours of Service shall be credited under this paragraph for any single
continuous period (whether or not such period occurs in a single computation period). Hours under
this paragraph and paragraph (c) shall be calculated and credited pursuant to Section 2530.200b-2
of the Department of Labor Regulations which is incorporated herein by reference.

          (c) An employee shall receive an Hour of Service for each hour for which back pay,
irrespective of mitigation of damages, is either awarded or agreed to by the Employer. The same
Hours of Service shall not be credited both under paragraph (a) or paragraph (b), as the case may
be, and under this paragraph (c). These hours shall be credited to the employee for the
computation period to which the award or agreement pertains rather than the computation period in
which the award, agreement or payment is made.

          (d) Employees not compensated on an hourly basis shall be credited with the number of Hours of
Service for eligibility purposes in accordance with the following table.

	 	 	 
	If his normal	 	He shall be
	payroll period is:	 	credited with:
	 
	Weekly
	 	45 Hours of Service
	Bi-Weekly

	 	90 Hours of Service
	Semi-Monthly

	 	95 Hours of Service
	Monthly

	 	190 Hours of Service

     If any payroll period extends beyond one computation period, all Hours of Service for such
payroll period shall be credited to the computation period in which such payroll period ends.

     “Inactive Participant” shall mean a Participant whose employment terminated and who is
entitled to, but has not yet commenced to, receive benefits in accordance with the provisions of
Sections 13 and 14.

     “Limitation Year” shall mean the Plan Year.

     “Non-Highly-Compensated Employee” shall mean an employee who is not a Highly-Compensated
Employee.

     “Normal Retirement Age” shall mean age 65.

29

 

     “Normal Retirement Date” shall mean the date on which a Participant becomes eligible to
receive retirement benefits, other than disability retirement benefits, under prevailing
regulations of the Social Security Act; provided, however, that in no event shall the Normal
Retirement Date of a Participant be later than the date that such Participant attains age 65.

     “One-Year Break in Service” shall mean an Eligibility Computation Period during which the
Participant does not complete more than 500 Hours of Service.

     “Operating Group” shall mean a designated identifiable group of employees or a designated
division, location or operation of an Employer.

     “Participant” shall include any employee who has met all the requirements of the Plan and
shall include an Active Participant, an Inactive Participant, a retired Participant, a disabled
Participant, a deceased Participant or a Suspended Participant.

     “Participating Employer” shall mean an Employer that has become a party to the Plan by
executing an appropriate Adoption Agreement.

     “Plan Year” shall mean the fiscal year of the Plan which ends December 31.

     “Qualified Participants” shall mean those Participants who are entitled to receive an
allocation of Regular Employer Contributions pursuant to Section 8.1.

     “Qualified Rollover Account” shall mean the Account to which Qualified Rollover Contributions
are allocated.

     “Qualified Rollover Contributions” shall mean those contributions made by a Participant
through rollovers (directly or indirectly) from other qualified plans as provided in Section 6.

     “Qualified Voluntary Account” shall mean the Account into which Qualified Voluntary
Contributions are allocated.

     “Qualified Voluntary Contributions” shall mean those voluntary contributions made by
Participants for periods prior to January 1, 1987 which qualify for tax deductions.

     “Regular Employer Contribution” shall mean contributions to the Plan made pursuant to Section
2 hereof.

     “Regular Employer Contribution Account” shall mean the Account established pursuant to Section
7 of the Plan to hold the Regular Employer Contributions allocated to Participants.

     “Related Employer” shall mean the Company, an Affiliate thereof or any joint venture in which
the Company or an Affiliate owns not less than 50%.

30

 

     “Suspended Participant” shall mean a previously active Participant who is still working for an
Employer (or a related company or operating division) which has not adopted the Plan and who has
not incurred a One-Year Break in Service.

     “Trust” or “Trust Fund” shall mean the amounts held by the Trustee of the Plan.

     “Trustee” shall mean the entity appointed by the Company to hold the Trust.

     “Unit Credit” is defined in Section 8.1.

     “Year of Eligibility Service” shall mean an Eligibility Computation Period during which the
employee has completed at least 1,000 Hours of Service as an employee of the Employer. The
Eligibility Computation Period for each employee shall be the 12-month period beginning on the
employee’s Employment Commencement Date or the annual anniversary thereof. The employee will not
be credited with the Year of Eligibility Service until the end of the Eligibility Computation
Period in which at least 1,000 Hours of Service are completed.

31

 

Appendix A

9.3A Maximum After-Tax Contributions for Highly-Compensated Employees.

     This Section 9.3A is effective for Plan Years commencing on and after January 1, 1997 and
ending on the last day of the 1999 Plan Year.

          (a) The contribution percentage for eligible Highly-Compensated Employees will not exceed the
greater of:

	 	(i)	 	125% of the contribution percentage for
eligible Non-Highly-Compensated Employees; or
	 
	 	(ii)	 	the lesser of (A) 200% of the contribution
percentage for eligible Non-Highly-Compensated Employees; or (B) the
contribution percentage for eligible Non-Highly-Compensated Employees
plus two percentage points.

          (b) For purposes of this section, the “contribution percentage” for eligible
Highly-Compensated Employees and eligible Non-Highly-Compensated Employees is the average of the
ratios (calculated separately for each person in either the Highly or Non-Highly-Compensated
Employee group) of (i) (A) the After-Tax Voluntary Contributions paid under the Plan on behalf of
each such employee for the applicable Plan Year and (B) the Allocated Fully Vested Employer
Contribution allocated to the Accounts of each such employee (as determined under Section 9.5
hereof) for such Plan Year to (ii) the Employee’s Testing Compensation for the portion of the Plan
Year in which the employee was a Participant. For the purpose of this paragraph, “Testing
Compensation” shall mean any reasonable definition of Compensation that satisfies the requirements
of Code Section 414(s), applicable regulations thereunder and Treasury Regulation 1.401(k)-1(g)(2),
including the amounts described in Section 414(s)(2).

          (c) In determining whether the Plan satisfies the contribution percentage test set forth in
paragraph (b) above, all After-Tax Contributions that are made under two or more plans that are
aggregated for purposes of Code Sections 401(a)(4) or 410(b), other than Code Section
410(b)(2)(A)(ii), are to be treated as made under a single plan; and if two or more plans are
permissively aggregated for purposes of Code Section 401(m), the aggregated plans must also satisfy
Code Sections 401(a)(4) and 410(b) as though they were a single plan. The contribution percentage
of a Highly-Compensated Employee will be determined (using all Plan Years ending with or within the
same calendar year) by treating all plans subject to Code Section 401(m) under which the
Highly-Compensated Employee is eligible as a single plan.

          (d) For the purpose of this section, an employee will be treated as either an eligible
Highly-Compensated Employee or an Eligible Non-Highly-Compensated Employee for a Plan Year if such
person was eligible to make After-Tax Contributions to the Plan for the Plan Year.

32

 

          (e) The Plan will not be treated as failing to meet the requirements of this section for any
Plan Year if, before the close of the following Plan Year (and if practical, to avoid certain
excise taxes, before the close of the first 21/2 months of the following Plan Year), the amount of
the excess aggregate contributions for such Plan Year and any income allocable to such
contributions is forfeited and used to reduce subsequent contributions by the Employer, if
forfeitable, or distributed; if not forfeitable, not later than the last day of the Plan Year
following the Plan Year in which such excess aggregate contribution relates. For this purpose,
“income” will mean the sum of the allocable gain or loss on such contributions for the Plan Year of
the Participant. The allocable gain or loss will be calculated under one of the methods set forth
in Treasury Regulation 1.401(m)-1(e)(3)(ii)(B) or (C).

          (f) Any distribution of the excess aggregate contributions for any Plan Year will be made to
Highly-Compensated Employees determined on the basis of the amount contributed by or on behalf of
each Highly-Compensated Employee beginning with the Highly-Compensated Employee with the highest
dollar amount, and continuing until such excess is distributed. For purposes of this section, the
term “excess aggregate contributions” will mean, with respect to a Plan Year, the excess of (i) the
aggregate amount of the After-Tax Contributions actually made on behalf of Highly-Compensated
Employees for such Plan Year over (ii) the maximum amount of such contributions permitted under the
contribution percentage requirement described in (a) above, determined by mathematically reducing
contributions made on behalf of Highly-Compensated Employees in order of the contribution
percentage beginning with the highest of such percentage.

          (g) If the After-Tax Contributions, 401(k) Contributions, and Fully Vested Employer
Contributions for a Plan Year would result in the multiple use of the alternative limitation [as
defined in Section 401(m) of the Code and the regulations thereunder which are hereby incorporated
by reference], the After-Tax Contributions of Highly-Compensated Employees will be distributed (or,
if forfeitable under the Plan, forfeited) to all Highly-Compensated Employees who are subject to
the reduction in order that the multiple use test will be met.

33

 

     IN WITNESS WHEREOF, the undersigned has caused this Plan to be executed, effective as set
forth above, by its duly authorized officer this 31st day of December,
2001.

	 	 	 	 	 
	 	WORTHINGTON INDUSTRIES, INC.

 	 
	 	By:  	/s/ John S. Christie
 	 
	 	 	Its: /s/ President & COO 	 
	 	 	 	 
	 

34exv10w2

Exhibit 10.2

AMENDMENT TO THE

WORTHINGTON INDUSTRIES, INC.

DEFERRED PROFIT SHARING PLAN

FOR THE

ECONOMIC GROWTH AND TAX RELIEF

RECONCILIATION ACT OF 2001

AND

FOR OTHER PURPOSES

     WHEREAS, Worthington Industries, Inc. (the “Company”) has adopted the Worthington Industries,
Inc. Deferred Profit Sharing Plan (the “Plan”); and

     WHEREAS, the Plan provides that it may be amended from time to time; and

     WHEREAS, the Economic Growth & Tax Relief Reconciliation Act of 2001 (“EGTRRA”) became law
generally effective on and after January 1, 2002; and

     WHEREAS, the following amendments to the Plan that conform the Plan to EGTRRA are intended to
constitute good faith compliance with the requirements of EGTRRA, and shall be construed in
accordance with EGTRRA and guidance issued thereunder; and

     WHEREAS, the Company desires to amend the Plan for certain other purposes;

     NOW, THEREFORE, the Plan is amended as follows:

     1. “50%” shall be substituted for “15%” in the third sentence of Section 3.1, effective on or
after January 1, 2002.

     2. The following new Section 3.1A shall be added to the Plan effective on and after September
1, 2002:

3.1A Catch-up Contributions

     (a) An actively employed Participant who is prevented from making additional
401(k) Contributions to the Plan for a Plan Year as a result of a Plan limitation
regarding the amount of 401(k) Contributions the Participant may make for a Plan
Year; the limitations imposed by Sections 9.1 or 9.3 of the Plan or any other
applicable limitation, and who has or will attain age 50 by the last day of any
calendar year beginning on or after January 1, 2002, may make an additional
contribution to the Plan, hereinafter referred to as a “catch-up contribution.”

     The amount of a catch-up contribution made by a Participant shall not exceed
the dollar limitation set forth in Code Section 414(v)(2)(B) [as adjusted in

 

 

accordance with Code Section 414(v)(2)(C)] or the amounts described in Code Section
414(v)(2)(A)(ii).

     Catch-up contributions shall not be subject to the otherwise applicable
limitations described in Sections 401(a)(30), 401(k)(3), 404(h), 410(b), 415 or 416
of the Code, or any other applicable limitation for the relevant Plan Year,
Limitation Year or calendar year for which such contribution is credited, but shall
otherwise be treated as 401(k) Contributions.

     The provision of this subparagraph shall be applicable on an equivalent basis
to all Participants in the Plan who are eligible to make catch-up contributions and
to similarly situated participants in any other plan sponsored by an Employer or
Affiliate that provides for elective deferrals under a “qualified cash or deferred
arrangement” [within the meaning of Treasury Regulation 1.401(k)-1(a)(4)].

     3. The first sentence of Section 6.1 will be deleted in its entirety and shall be restated as
follows, effective for Distribution after December 31, 2001:

     Subject to the Committee’s reasonable determination that the Qualified Rollover
Contribution meets the requirements of Section 402(c) of the Code, an Active
Participant may contribute to the Plan, as a Qualified Rollover Contribution, a
distribution from an “eligible retirement plan” within the meaning of Code Section
402(c)(8)(B), provided such amounts do not consist of after-tax contributions.

     4. The following sentence shall be added to Section 6.1(a) of the Plan at the end thereof,
effective for Limitation Years commencing after December 31, 2001:

     For the purpose of this Section 6.1(a), compensation shall not include
contributions to a Participant’s Account for medical benefits (within the meaning of
Section 401(h) or Section 419A(f)(2) of the Code) after the Participant’s separation
from service, notwithstanding the fact that such contributions may otherwise be
treated as Annual Additions.

     5. The first sentence of Section 9.3(a) of the Plan shall be deleted in its entirety, and
shall be restated as follows, effective for calendar years commencing on or after January 1, 2002:

     For each calendar year, the 401(k) Contributions made by a Participant,
excluding (i) amounts treated as excess Annual Additions pursuant to Section 9.2 of
the Plan; and (ii) catch-up contributions deferred by a Participant in accordance
with Section 414(v) of the Code, shall not exceed the limitation set forth in
Section 402(g)(1) of the Code, as adjusted by Section 402(g)(4) of the Code.

     6. The following sentence shall be added to the definition of “deferral percentage” after the
first sentence of subsection (c) of Section 9.3 of the Plan, effective for Plan Years commencing on
or after January 1, 2002:

2

 

     A Participant’s deferral percentage will not include catch-up contributions
deferred by the Participant in accordance with Section 414(v) of the Code.

     7. Section 13.1 shall be deleted in its entirety and the following shall be substituted:

     If a Participant incurs a severance from employment of the Company for any
reason other than retirement, death, or disability in accordance with Sections 10,
11 and 12 hereof, he shall be entitled to the entire value of his Account. The term
“severance from employment” in the preceding sentence and where used in the Plan
shall be interpreted in accordance with Code Section 401(a)(2)(B)(i)(I) and
applicable authority thereunder. This amendment shall not apply to Participants who
have severed their employment from the Company and all Affiliates prior to
January 1, 2002. If Participant incurs a severance from employment for any reason
other than retirement, death or disability in accordance with Sections 10, 11 and 12
hereof, he shall be entitled to the entire balance of his Account. Payment of such
amounts shall be made as provided in Section 14 hereof.

     8. The reference to “$5,000” in Section 14.2 of the Plan shall be deleted and “$5,000
(excluding the Participant’s Qualified Rollover Account)” shall be substituted, effective for
distributions made to Participants after December 31, 2001.

     9. The following shall be added to Section 15.2, effective on or after January 1, 2002:

     In no event may the Committee reduce the amount of 401(k) contributions that a
Participant may elect to defer for the year after the year in which the hardship
distribution was received by the Participant by the amount the Participant elected
to defer in the year in which the hardship distribution was granted.

     10. Item (E) of Section 14.5(b)(i) of the Plan shall be deleted in its entirety, and the
following shall be substituted, effective for distributions made to Participants from the Plan
after December 31, 2001:

(E) a distribution made to a Participant in accordance with the hardship rules set
forth in Treasury Regulation 1.401(k)-1(d)(2)(ii), to the extent that such
distribution is otherwise permitted by the Plan.

     11. The following paragraph shall be added to subparagraph (i) of Section 14.5(b) of the Plan,
definition of “eligible rollover distribution”, at the end thereof, effective for distributions
made to Participants from the Plan after December 31, 2001:

     Amounts consisting of after-tax contributions, if any, distributed from a
Participant’s Account that are excludable from the Participant’s gross income for
Federal income tax purposes will also be treated as an eligible rollover
distribution. Such amounts may only be transferred to an individual retirement
account or annuity described in Sections 408(a) or 408(b) of the Code, or to a
qualified defined

3

 

contribution plan described in Section 401(a) or 403(a) of the
Code, provided that such account or plan agrees to separately account for the
amounts transferred, including separately accounting for the portion of such
distribution that is includible in gross income.

     12. The second sentence of paragraph (ii) of Section 14.5(b) of the Plan, definition of
“eligible retirement plan”, shall be deleted in its entirety, and the following paragraph shall be
substituted, effective for distributions made to Participants from the Plan after December 31,
2001:

     An eligible retirement plan shall also mean an annuity contract described in
Code Section 403(b) and an eligible plan under Code Section 457(b) which is
maintained by a state, political subdivision of a state, or any agency or
instrumentality of a state or political subdivision of a state and which agrees to
separately account for amounts transferred into such plan from this Plan. The
definition of eligible retirement plan shall also apply in the case of a
distribution to a Surviving Spouse, or to a Spouse or former Spouse who is the
alternate payee under a qualified domestic relations order, as defined in Code
Section 414(p).

     13. The last sentence of Section 19 shall be deleted in its entirety and the following shall
be substituted, effective on and after January 1, 2002:

Notwithstanding the foregoing, a Participant’s 401(k) Account may not be distributed
directly to a Participant as a result of the termination of the Plan to the extent
the Company, during the 24-month period beginning 12 months prior to the date of
termination, maintains a “successor plan,” within the meaning of Treasury
Regulation 1.401(k)-(d)(3). The preceding sentence shall not prevent a Participant
from electing to transfer his Account to another plan of the Company in a direct
transfer that complies with Code Section 411(d)(6)(D).

     14. The following new Section 23.10 shall be added, effective on and after January 1, 2002:

23.10 Direct Transfers. The Committee may elect to permit a Participant to
transfer his Account to another Plan sponsored by the Company or a Related Company
in a direct transfer that complies with Code Section 411(d)(6)(D). The Committee
may also elect to receive amounts to be held in the Participant’s Account that are
transferred from a qualified Plan maintained by the Company or a Related Employer if
such transfer complies with Code Section 411(d)(6)(D).

     15. Sections 24.1, 24.2 and 24.3 of the Plan shall be deleted in their entirety and the
following shall be substituted, effective for Plan Years commencing on or after January 1, 2002:

24.1 Definitions

     If, for any Plan Year, the Plan is a Top Heavy Plan, the provisions of Section
24.3 will be applicable. For the purpose of this section, to the extent necessary,
the

4

 

term “Employer” includes an Affiliate other than an Employer; and the term
“Employee” includes an employee of an Affiliate other than an Employee of the
Employer. The following definitions are applicable to this Section 24.1.

     (a) Key Employee: An Employee or former Employee who at any time during the
Plan Year that includes the Determination Date is (i) an officer of the Employer
with annual compensation exceeding $130,000 [as adjusted in accordance with Code
Section 417(i)(1)(A)]; (ii) a 5% owner of the Employer; or (iii) a 1% owner of the
Employer who has annual compensation of more than $150,000. For purposes of this
section, “annual compensation” means compensation as defined in Code Section
415(c)(3). The determination period is the Plan Year containing the Determination
Date and the four preceding Plan Years. The determination of who is a Key Employee
will be made in accordance with Code Section 416(i)(1) and the regulations
thereunder.

     (b) Non-Key Employee: An Employee or former Employee of the Employer who is
not a Key Employee. The Beneficiary of a Non-Key Employee will be treated as a
Non-Key Employee, and the Beneficiary of a former Non-Key Employee will be treated
as a former Non-Key Employee.

     (c) Determination Date: For all Plan Years subsequent to the first Plan Year,
the last day of the preceding Plan Year. For the first Plan Year, the last day of
such Plan Year.

     (d) Permissive Aggregation Group: The Required Aggregation Group of plans plus
any other plan or plans of the Employer that, when considered as a group with the
Required Aggregation Group, would continue to satisfy the requirements of Code
Sections 401(a)(4) and 410.

     (e) Required Aggregation Group: (i) Each qualified plan of the Employer in
which at least one Key Employee participates or participated at any time during the
Plan Year containing the Determination Date and the four preceding Plan Years
(regardless of whether the Plan has terminated); and (ii) any other qualified plan
of the Employer that enables a plan described in (i) of this paragraph (e) to meet
the requirements of Code Sections 401(a)(4) or 410.

     (f) Top Heavy Plan: The Plan, if in any Plan Year it is top heavy as set forth
in Section 24.2.

     (g) Top Heavy Compensation: Top Heavy Compensation means “compensation” as
defined in Code Section 415(c)(3) and Treasury Regulation 1.415(2)(d)(11)(i) for
Limitation Years beginning prior to January 1, 1998, taking into consideration Code
Section 414(q)(4)(B).

5

 

24.2 Top Heavy Status

     The Plan and any other plans aggregated with it will become top heavy pursuant
to this Section 24.2 as of the Determination Date if the present value of accrued
benefits of Key Employees is more than 60% of the sum of the present value of
accrued benefits of all Employees. In the case of more than one plan which is to be
aggregated with the Plan, the present value of the accrued benefits of employees in
such plan is first determined separately for each plan as of each plan’s
determination date. The plans will then be aggregated by adding the results of each
plan as of the determination dates for such plans that fall within the same calendar
year. The combined results will indicate whether the plans are top heavy. For the
purpose of determining the present value of the accrued benefits of an Employee
(a) the present value of accrued benefits of the Employee will be increased by the
aggregate distributions made with respect to such Employee during the period
specified in the third paragraph of this Section 24.2 below that ends on the
Determination Date; (b) the accrued benefits of former Key Employees will not be
taken into account; and (c) the accrued benefits of Employees who have not performed
services at any time during the one-year period ending on the Determination Date for
the Employer maintaining the Plan will not be taken into account.

     Notwithstanding the foregoing, if the Plan is aggregated for top heavy purposes
with a defined benefit plan, the present value of accrued benefits will be
determined, for the Plan and for such other plan, by using the interest rate and
mortality assumptions contained in such other plan. If a Required or Permissive
Aggregation Group includes two or more defined benefit plans (a) the same actuarial
assumptions will be used with respect to all such plans and must be specified in
such plans; and (b) the accrued benefits of Non-Key Employees will be determined
under a uniform accrual method or, where there is no such method, as if such benefit
accrued not more rapidly than the slowest rate of accrual permitted under the
fractional rule of Code Section 411(b)(1)(C).

     The present value of accrued benefits as of the Determination Date for any
applicable Employee or former Employee is the sum of (a) the applicable Employee’s
Account as of the most recent valuation date occurring within a 12-month period
ending on the Determination Date; (b) an adjustment for contributions due as of the
Determination Date; and (c) the aggregate distributions made with respect to such
individual under the Plan (or a terminated plan that would be required to be
aggregated for the purpose of this Section 24.2) during the one-year period ending
on the Determination Date for distributions other than in-service distributions, and
during the five-year period ending on the Determination Date for in-service
distributions. For a profit sharing plan, the adjustment in (b) is generally the
amount of contributions actually made after the Valuation Date but on or before the
Determination Date.

6

 

     In determining whether the Plan is top heavy, it must be aggregated with each
plan included in the Required Aggregation Group. In addition, the Employer may
aggregate plans included in the Permissive Aggregation Group.

     Notwithstanding the foregoing, the Plan shall not be treated as a Top Heavy
Plan in any Plan Year beginning on or after January 1, 2002, in which the Plan
consists solely of (a) a cash or deferred arrangement that meets the requirements of
Section 401(k)(12) of the Code; and (b) matching contributions that comply with
Section 401(m)(11) of the Code.

24.3 Minimum Contributions

     For each Plan Year in which the Plan is top heavy, each Participant who is a
Non-Key Employee and who is employed on the last day of the Plan Year (including a
Participant who was not credited with at least 1,000 Hours of Service in the Plan
Year) is required to receive an annual allocation of Employer contributions
(disregarding Social Security benefits) equal to at least 3% of his Top Heavy
Compensation; provided that, if the largest percentage of Top Heavy Compensation
allocated to a Key Employee (including all 401(k) Contributions allocated for the
benefit of a Key Employee) for a Plan Year is less than 3%, such percentage will be
substituted for 3%. Such amount will be referred to in this Section 24.3 as the
“top heavy minimum contribution.” For each year in which the Employer maintains a
defined benefit plan in addition to the Plan, the requirements of this paragraph
will be satisfied for all Non-Key Employees who participate in both plans by
providing each Non-Key Employee with the 2% minimum annual benefit provided under
the top heavy provisions of the defined benefit plan. For each year in which the
Employer maintains another defined contribution plan in addition to the Plan, the
minimum benefit described in this paragraph may be provided for Non-Key Employees
who participate in both plans by such other defined contribution plan, or the Plan,
as elected by the Plan Administrator.

     For each Plan Year in which the Plan is required to provide the top heavy
minimum contribution, the Employer will contribute to the Account of each Non-Key
Employee required to receive an allocation pursuant to the previous paragraph an
amount equal to the difference between the amount necessary to provide such Non-Key
Employee with the top heavy minimum contribution for such year and the amount
previously allocated to such Non-Key Employee’s Account consisting of Employer
contributions (other than elective contributions under a qualified cash or deferred
arrangement) for such year.

     16. The following sentence shall be added to the last paragraph of the definition of “Annual
Additions” contained in Section 25 of the Plan, at the end thereof, effective on and after January
1, 2002:

Annual Additions shall not include catch-up contributions deferred by the
Participant in accordance with Section 414(v) of the Code.

7

 

     17. The following additional changes to the Plan shall be made effective on and after January
1, 2003:

     A. Section 1.1 shall be deleted in its entirety and shall be restated effective on and after
January 1, 2003:

     1.1. Initial Participation. Each Eligible Employee of a Participating
Employer, except an Eligible Employee described in the following paragraph, shall be
treated as an Active Participant for the purpose of being eligible to make 401(k)
Contributions (and shall be referred to in this Plan as a “401(k) Participant”) on
the first payroll period coinciding with or next following the later of the date
(a) he attains age 18; (b) which is 90 days after his Employment Commencement Date;
or (c) he becomes an Eligible Employee.

     Each Eligible Employee of a Participating Employer who is classified as a
Highly-Compensated Employee at any time during the Plan Year that includes his
Employment Commencement Date as a result of owning or being treated as owning more
than 5 percent of the Employer shall not be eligible to make 401(k) Contributions
and be classified as a 401(k) Participant until the date such individual satisfies
the eligibility requirements set forth in the following paragraph regarding Employer
contributions. In addition, if a Participant earns more than the applicable dollar
limit in such person’s initial Plan Year making such person a Highly-Compensated
Employee in his or her second Plan Year, such Participant shall not be eligible to
make 401(k) Contributions in his or her second Plan Year until the date such
individual satisfies the eligibility requirements set forth in the following
paragraph regarding Employer contributions.

     Each Eligible Employee of a Participating Employer shall be treated as an
Active Participant for the purpose of receiving Employer contributions pursuant to
Section 8.1 and for the purpose of receiving Matching Contributions (and shall be
referred in this Plan to as a “Full Active Participant”) as of the Entry Date
coinciding with or next following the date he (a) attains age 18; (b) has completed
one Year of Eligibility Service; and (c) becomes an Eligible Employee.

     B. Section 3.6 shall be added effective on and after January 1, 2003:

     3.6 Matching Contributions. A Participating Employer may make matching
contributions (“Matching Contributions”) for the benefit of a Full Active
Participant. All Matching Contributions shall be 100 percent vested when made.
Matching Contributions shall be distributable after a Participant attains age 59 1/2
in accordance with Section 15.3.

8

 

     C. Section 8.4 shall be added effective on and after January 1, 2003:

     8.4 Allocation of Matching Contributions. For the Plan Year commencing
January 1, 2003, the Participating Employer will match 50 percent of a Full Active
Participant’s 401(k) Contributions up to four percent of the Full Active
Participant’s Compensation. 401(k) Contributions in excess of four percent of a
Full Active Participant’s Compensation shall not be matched. For a subsequent Plan
Year, the amount of Matching Contributions that may be made by a Participating
Employer shall be determined at the discretion of the Participating Employer.
Matching Contributions shall be allocated on a payroll period or other basis as
designed by the Committee. Notwithstanding the foregoing, the Committee may elect
to “true up” Matching Contributions (i.e., reallocate Matching Contributions on an
annual basis).

     IN WITNESS WHEREOF, the Company has caused this First Amendment to be executed by its duly
authorized officers this ___ day of _______, 2002.

	 	 	 	 	 	 	 	 	 

	ATTEST:	 	WORTHINGTON INDUSTRIES, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	By

	 	/s/ Dale T. Brinkman
 

Corporate Secretary
	 	By
	 	/s/John P. McConnell
 

John P. McConnell, Chairman of the Board
	 	   

9

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