Document:

Agreement to furnish instruments and agreements defining rights

 Exhibit 4.8 

 
 July 30, 2012 

Securities and Exchange Commission 
 100 F Street, NE 
 Washington, D.C. 20549 

 

	 	 Re:
	 Worthington Industries, Inc. – Annual Report on Form 10-K for the fiscal year ended 

	 	     
	 May 31, 2012 - SEC File No. 1-8399 

 Ladies and Gentlemen: 
 Worthington Industries, Inc., an Ohio
corporation, is today filing its Annual Report on Form 10-K for the fiscal year ended May 31, 2012 (the “Form 10-K”). 
 None of (i) Worthington Industries, Inc., (ii) any of the consolidated subsidiaries of Worthington Industries, Inc. or (iii) Worthington Armstrong Venture, a 50%-owned unconsolidated joint
venture (in the form of a general partnership between Armstrong Ventures, Inc., a subsidiary of Armstrong World Industries, Inc., and The Worthington Steel Company (Delaware), a subsidiary of Worthington Industries, Inc.), for which financial
statements are required to be filed with the Form 10-K, has outstanding any instrument or agreement with respect to its long-term debt, other than those filed or incorporated by reference as an exhibit to the Form 10-K, under which the total amount
of long-term debt authorized exceeds 10% of the total assets of Worthington Industries, Inc. and its subsidiaries on a consolidated basis. In accordance with the provisions of Item 601(b)(4)(iii) of SEC Regulation S-K, Worthington Industries,
Inc. hereby agrees to furnish to the SEC, upon request, a copy of each such instrument or agreement defining (i) the rights of holders of the long-term debt of Worthington Industries, Inc. or (ii) the rights of holders of the long-term
debt of a consolidated subsidiary of Worthington Industries, Inc. or (iii) the rights of holders of the long-term debt of Worthington Armstrong Venture, in each case which is not being filed or incorporated by reference as an exhibit to the
Form 10-K. 
  

	
	 Very truly yours,

	
	 WORTHINGTON INDUSTRIES, INC.

	
	 /s/    B. Andrew Rose

	 B. Andrew Rose
 Vice President and Chief Financial Officer1st Amendment to the WOR Amended and Restated 2006 Equity Incentive Plan

 Exhibit 10.22 
 FIRST AMENDMENT TO THE 
 WORTHINGTON INDUSTRIES, INC. 

AMENDED AND RESTATED 
 2006 EQUITY INCENTIVE PLAN FOR NON-EMPLOYEE DIRECTORS 

This First Amendment (this “Amendment”) to the Worthington Industries, Inc. Amended and Restated 2006 Equity
Incentive Plan for Non-Employee Directors (the “Plan”) is adopted on June 29, 2011. 

WHEREAS, Worthington Industries, Inc. (the “Company”) sponsors the Plan; 

WHEREAS, the Company desires to amend the Plan to increase the number of common shares, without par value (the
“Shares”), of the Company available for awards under the Plan; 
 WHEREAS, Section 13.01
of the Plan permits the Board of Directors of the Company to amend the Plan at any time without shareholder approval unless shareholder approval is required to satisfy the requirements imposed by applicable law or the securities exchange on which
the Company’s securities are listed or traded; and 
 WHEREAS, shareholder approval is required to
increase the number of Shares available for awards under the Plan; 
 NOW, THEREFORE, the Plan is hereby
amended as follows, subject to and effective upon shareholder approval: 
 1. Section 5.01 of the Plan is
hereby deleted in its entirety and the following is substituted therefor: 
 5.01 Number of Authorized
Shares. Subject to Section 5.03, the aggregate number of Shares reserved and available for Awards or which may be used to provide a basis of measurement for or to determine the value of an Award shall be: 

[1] 450,000 Shares, which Shares shall be available for any Award; and 

[2] The sum of the following, which shall be available only for Options: 

 

	 	 [a]
	 450,000 Shares; plus 

  

	 	 [b]
	 The number of Shares that, on the Effective Date, were authorized and available to be granted under the Prior Plan, but which were not then subject
to outstanding awards under the Prior Plan; plus 

  

	 	 [c]
	 The number of Shares that, on the Effective Date, were subject to awards issued under the Prior Plan, but which are subsequently forfeited under the
terms of the Prior Plan without receipt of any consideration. 

 Shares described in
Section 5.01[1] may be subject to any Awards issued under the terms and conditions described in the Plan and Award Agreements issued under the Plan. Shares described in Section 5.01[2] may only be subject to Options issued under the terms
and conditions described in the Plan and Award Agreements issued under the Plan. Shares subject to Options shall be allocated to the Shares reserved and available for Options under Section 5.01[2] to the extent they are still available prior to
being allocated to Shares available under Section 5.01[1]. 
 The Shares to be delivered under the Plan may
consist, in whole or in part, of treasury Shares or authorized but unissued Shares not reserved for any other purpose. 

 IN WITNESS WHEREOF, the Company has caused this Amendment to be
executed by its duly authorized officer effective as of the date set forth above. 
  

			
	 WORTHINGTON INDUSTRIES, INC.

	
	 /s/    Dale T. Brinkman

	 Printed Name: Dale T. Brinkman

	 Its:
	 	 Vice President-Administration,

		 	 General Counsel and SecretarySummary of Annual Base Salaries Approved for Named Executive Officers

 Exhibit 10.53 
 ANNUAL BASE SALARIES APPROVED FOR NAMED EXECUTIVE OFFICERS 
 OF

 WORTHINGTON INDUSTRIES, INC. 

Effective June 27, 2012, the Compensation and Stock Option Committee of the Board of Directors of Worthington
Industries, Inc. (the “Registrant”) approved the base salaries for the named executive officers identified below, which base salaries became effective June 27, 2012. 

 

					
	 Name and Principal Position
	  	Base Salary	 
	 John P. McConnell
	  			
	 Chairman of the Board and Chief Executive Officer of the Registrant
	  	$	625,000	  
		
	 George P. Stoe
	  			
	 Chief Operating Officer and President of the Registrant
	  	$	400,000	  
		
	 B. Andrew Rose
	  			
	 Vice President – Chief Financial Officer of the Registrant
	  	$	450,000	  
		
	 Mark A. Russell
	  			
	 President – The Worthington Steel Company until July 31, 2012; to become President and Chief Operating
Officer of the Registrant effective August 1, 2012
	  	$	500,000	  
		
	 Virgil L. Winland
	  			
	 Senior Vice President – Manufacturing
	  	$	325,000	  

 George P. Stoe will serve as President and Chief Operating Officer of the Registrant
until July 31, 2012, when he will retire from those positions. Effective August 1, 2012, he will become Director of International Business Development of the Registrant and Non-Executive Chairman of Angus-Palm.Summary of Annual Cash Performance Bonus Awards for Named Executive Officers

 Exhibit 10.56 
 SUMMARY OF ANNUAL CASH PERFORMANCE BONUS AWARDS, 
 LONG-TERM PERFORMANCE
AWARDS, STOCK OPTIONS AND RESTRICTED 
 SHARES GRANTED IN FISCAL 2013 FOR NAMED EXECUTIVE OFFICERS 

Cash Performance Bonus Awards Granted In Fiscal 2013 

The following table sets forth the annual performance bonus awards granted to the current named executive officers
(“NEOs”) of Worthington Industries, Inc. (the “Company”) under the Worthington Industries, Inc. Annual Incentive Plan for Executives in Fiscal 2013. 
 Cash Performance Bonus Awards Granted in Fiscal 2013 
  

													
	 Name
	  	Cash Performance Bonus Awards for Twelve -Month
Performance Period Ending May 31, 2013 (1)	 
	  	Threshold ($)	 	  	Target ($)	 	  	Maximum ($)	 
	 John P. McConnell
	  	 	430,000	  	  	 	860,000	  	  	 	1,720,000	  
	 George P. Stoe
	  	 	50,000	  	  	 	100,000	  	  	 	200,000	  
	 B. Andrew Rose
	  	 	237,500	  	  	 	475,000	  	  	 	950,000	  
	 Mark A. Russell
	  	 	300,000	  	  	 	600,000	  	  	 	1,200,000	  
	 Virgil L. Winland
	  	 	175,500	  	  	 	351,000	  	  	 	702,000	  

  

	 (1)
	 Payouts of these annual performance bonus awards are generally tied to achieving specified levels (threshold, target and maximum) of corporate
economic valued added and earnings per share for the twelve-month performance period with each performance measure carrying a 50% weighting. For business unit executives, the corporate earnings per share measure carries a 20% weighting, business
unit operating income carries a 30% weighting, and business unit economic value added carries a 50% weighting. For all calculations, restructuring charges and non-recurring items are generally excluded and earnings per share and operating income
results are adjusted to eliminate FIFO gains and losses. If the performance level falls between threshold and target or between target and maximum, the award is prorated. If threshold levels are not reached for any performance measure, no annual
performance bonus will be paid. Annual performance bonus award payouts will be made within a reasonable time following the end of the performance period. In the event of a change in control of the Company (followed by a termination of employment),
the annual performance bonus award would be considered to be earned at target, payable in full, and immediately settled or distributed. 

 Long-Term Performance Awards, Option Awards and Restricted Share Awards Granted in Fiscal
2013 
 The following table sets forth the long-term performance awards (consisting of cash performance
awards and performance share awards) for the three-fiscal-year period ending May 31, 2015 and the stock option and restricted share awards granted to the NEOs in fiscal 2013. 

Long-Term Performance Awards and Option Awards Granted in Fiscal 2013 

 

																																					
	 Name
	 	Cash Performance Awards
for
Three-Year Period Ending
May 31, 2015 (1)	 	 	Performance Share Awards for Three-Year
Period Ending May 31, 2015
(1)	 	 	Option
Awards:
Number
 of
Common
Shares
Underlying
Options (2)	 	 	Exercise
or Base
Price of
Option
Awards
($/Sh) (2)	 	 	Restricted
Share
Awards	 
	 	Threshold
($)	 	 	Target
($)	 	 	Maximum
($)	 	 	Threshold
(# of 
Common
Shares)	 	 	Target
(# of 
Common
Shares)	 	 	Maximum
(# of 
Common
Shares)	 	 	 	 
		 	 	500,000	  	 	 	1,000,000	  	 	 	2,000,000	  	 				 				 				 				 				 			
	 John P. McConnell
	 				 				 				 	 	15,000	  	 	 	30,000	  	 	 	60,000	  	 				 				 			
		 				 				 				 				 				 				 	 	80,000	  	 	 	20.47	  	 			
		 				 				 				 				 				 				 				 				 	 	20,000	(3) 
		 	 	0	  	 	 	0	  	 	 	0	  	 				 				 				 				 				 			
	 George P. Stoe
	 				 				 				 	 	0	  	 	 	0	  	 	 	0	  	 				 				 			
		 				 				 				 				 				 				 	 	30,000	(4) 	 	 	20.47	  	 			
		 				 				 				 				 				 				 				 				 	 	5,000	(5) 
		 	 	300,000	  	 	 	600,000	  	 	 	1,200,000	  	 				 				 				 				 				 			
	 B. Andrew Rose
	 				 				 				 	 	6,000	  	 	 	12,000	  	 	 	24,000	  	 				 				 			
		 				 				 				 				 				 				 	 	50,000	  	 	 	20.47	  	 			
		 				 				 				 				 				 				 				 				 	 	10,000	(3) 
		 	 	300,000	  	 	 	600,000	  	 	 	1,200,000	  	 				 				 				 				 				 			
	 Mark A. Russell
	 				 				 				 	 	6,000	  	 	 	12,000	  	 	 	24,000	  	 				 				 			
		 				 				 				 				 				 				 	 	50,000	  	 	 	20.47	  	 			
		 				 				 				 				 				 				 				 				 	 	10,000	(3) 
		 	 	115,000	  	 	 	230,000	  	 	 	460,000	  	 				 				 				 				 				 			
	 Virgil L. Winland
	 				 				 				 	 	1,750	  	 	 	3,500	  	 	 	7,000	  	 				 				 			
		 				 				 				 				 				 				 	 	16,000	  	 	 	20.47	  	 			
		 				 				 				 				 				 				 				 				 	 	3,500	(3) 

  

	 (1)
	 These columns show the potential payouts under the cash performance awards and the performance share awards granted to the NEOs under the
Company’s Amended and Restated 1997 Long-Term Incentive Plan (the “1997 LTIP”) for the three-fiscal-year performance period from June 1, 2012 to May 31, 2015. Payouts of cash performance awards and performance share awards
for corporate executives are tied to achieving specified levels (threshold, target and maximum) of cumulative corporate economic value added for the three-fiscal-year period and earnings per share growth over the performance period, with each
performance measure carrying a 50% weighting. For business unit executives, cumulative corporate economic value added and earnings per share growth measures together carry a 50% weighting, and business unit operating income targets are weighted 50%.
In all calculations, restructuring charges and non-recurring items are generally excluded, and earnings per share and operating income results are adjusted to eliminate the impact of FIFO gains or losses. No awards are paid or distributed if none of
the three-fiscal-year threshold financial measures are met. If the performance levels fall between threshold and target or between target and maximum, the award is prorated. 

	 (2)
	 Effective as of June 29, 2012, Mr. McConnell, Mr. Rose, Mr. Russell and Mr. Winland were granted under the Company’s
2010 Stock Option Plan non-qualified stock options with respect to 80,000, 50,000, 50,000 and 16,000 common shares, respectively, with exercise prices equal to the fair market value of the underlying common shares on the date of grant. The options
become exercisable over three years in increments of 33.33% per year on each anniversary of their grant date. 

	 (3)
	 These restricted common share awards were granted effective June 29, 2012 under the 1997 LTIP as follows: Mr. McConnell (20,000),
Mr. Rose (10,000), Mr. Russell (10,000) and Mr. Winland (3,500). The restricted common shares will be held in escrow by the Company and may not be sold, transferred,

	 	
pledged, assigned or otherwise alienated or hypothecated until the restrictions thereon have lapsed. The restrictions on the restricted common shares will lapse and the restricted common shares
will become fully vested three years from the date of grant, subject to the terms of each restricted common share award. Each holder may exercise any voting rights associated with the restricted common shares during the restriction period. In
addition, any dividends or distributions paid with respect to the common shares underlying the restricted common shares will be held by the Company in escrow during the restriction period and, at the end of the restriction period, will be
distributed or forfeited in the same manner as the restricted common shares with respect to which they were paid. 

	 (4)
	 Effective as of June 29, 2012, Mr. Stoe was granted under the 2010 Stock Option Plan non-qualified stock options with respect to 30,000
common shares with an exercise price equal to the fair market value of the underlying common shares on the date of grant. The option becomes exercisable on the first anniversary of the grant date. 

	 (5)
	 This restricted common share award was granted effective June 29, 2012 under the 1997 LTIP to Mr. Stoe. The restricted common shares will
be held in escrow by the Company and may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated until the restrictions thereon have lapsed. The restrictions on the restricted common shares will lapse and the restricted
common shares will become fully vested one year from the date of grant, subject to the terms of the restricted common share award. Mr. Stoe may exercise any voting rights associated with the restricted common shares during the restriction
period. In addition, any dividends or distributions paid with respect to the common shares underlying the restricted common shares will be held by the Company in escrow during the restriction period and, at the end of the restriction period, will be
distributed or forfeited in the same manner as the restricted common shares with respect to which they were paid. 

	 (6)
	 Effective June 30, 2011, Mr. Rose and Mr. Russell each received a performance-based restricted share award covering 185,000 common
shares which will fully vest if and when the closing price of the Company’s common shares reaches $30.00 per share or above for 30 consecutive days during the award’s five year term. Each holder may exercise any voting rights associated
with the restricted common shares during the restriction period during the award’s five year term. The holder may not transfer the shares for five years after vesting, except for shares withheld or sold to pay taxes. In addition, any dividends
or distributions paid with respect to the common shares underlying the restricted common shares will be held by the Company in escrow during the restriction period and, at the end of the restriction period, will be distributed or forfeited in the
same manner as the restricted common shares with respect to which they were paid. During the period they are held in escrow, the performance-based restricted common shares may not be sold, transferred, pledged, assigned or otherwise alienated or
hypothecated until the restrictions thereon have lapsed. On September 14, 2011, the award agreements for these restricted common shares were amended to include a three-year service-based vesting condition in addition to the market-based vesting
condition established in the original agreement. The amended awards were accounted for as a modification of the original awards.

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