Document:

exv10w3

Exhibit 10.3

FIRST AMENDMENT TO THE

WORTHINGTON INDUSTRIES, INC.

DEFERRED PROFIT SHARING PLAN

This First Amendment to the amended and restated Worthington Industries, Inc. Deferred Profit
Sharing Plan (the “Plan”) (executed on December 31, 2001) is made by Worthington Industries, Inc.
(the “Company”) and is effective January 1, 1997, unless otherwise specified herein.

WITNESSETH:

     WHEREAS, the Company previously adopted and presently maintains the Plan; and

     WHEREAS, the Company reserved the right in Section 18 of the Plan to amend the Plan; and

     WHEREAS, the Company desires to receive a Determination letter from the District Director of
the Internal Revenue Service;

     NOW, THEREFORE, the Plan is hereby amended as follows:

     1. Section 1.4 shall be deleted in its entirety and shall be restated as follows,
effective as of the date this Plan is executed:

1.4. Rehires. A former employee who was previously an Active
Participant and who is rehired by the Employer as an Eligible Employee shall
become an Active Participant for the purpose of making 401(k) Contributions
and being eligible to receive Regular Employer Contributions on his date of
rehire.

     2. Section 9.1(a) shall be deleted in its entirety and shall be restated as follows:

     (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)(11)(i), 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.

     3. Section 9.3(g) shall be deleted in its entirety and shall be restated as follows:

(g) Any distribution of the excess contributions for a 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 with the Highly-Compensated Employee with the next highest dollar
amount until such excess is distributed. For purposes of this section, the
term “excess contributions” will mean, with respect to any Plan Year, the
excess of (i) the amount of the Section 401(k) Contributions made on behalf
of Highly-Compensated Employees for such Plan Year over (ii) the maximum
amount of such contributions permitted under Section 9.3(b), determined by
hypothetically reducing deferrals made on behalf of Highly-Compensated
Employees in order of the deferral percentage, beginning with the highest of
such percentages. Excess contributions allocated to a Participant will be
reduced by excess deferrals (as defined in Section 9.3(a)) previously
distributed to the Participant for the taxable year ending with or within
the Plan Year in which such excess contributions relate.

     4. Section 9.3A(f) shall be deleted in its entirety and shall be restated as follows:

     (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 with the Highly-Compensated Employee with the next
highest dollar amount 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 Section 9.3A(a) above, determined by hypothetically reducing
contributions made on behalf of Highly-Compensated Employees in order of the contribution
percentage beginning with the highest of such percentage.

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     5. The following shall be added to the definition of “Annual Addition” set forth in
Section 25:

Annual Additions shall also consist of amounts consisting of employer
contributions (including elective deferral 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.

     6. The first sentence of the definition of “Year of Service” set forth in Section 25
shall be restated as follows:

“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 or of an Affiliate.

     7. The following paragraph shall be added to the definition of “Compensation”,
effective on and after January 1, 2003.

     Notwithstanding anything in the Plan to the contrary, for the purpose of Section 8.1,
Compensation shall include a Participant’s base pay, any profit sharing or bonus payment
includable into taxable income in the year paid, overtime, and commissions.

     IN WITNESS WHEREOF, the Company has caused this First Amendment to be executed by its duly
authorized officers this 1st day of February, 2003.

	 	 	 	 	 	 	 	 	 

	ATTEST:	 	WORTHINGTON INDUSTRIES, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	By

	 	/s/ Dale T. Brinkman
 

Corporate Secretary
	 	By
	 	/s/ John P. McConnell
 

	 	   

(SEAL)

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Exhibit 10.4

SECOND AMENDMENT TO THE

WORTHINGTON INDUSTRIES, INC.

DEFERRED PROFIT SHARING PLAN

This Second Amendment to the amended and restated Worthington Industries, Inc. Deferred Profit
Sharing Plan (the “Plan”) (executed on December 31, 2001) is made by Worthington Industries, Inc.
(the “Company”).

WITNESSETH:

          WHEREAS, the Company previously adopted and presently maintains the Plan; and

          WHEREAS, the Company reserved the right in Section 18 of the Plan to amend the Plan; and

          WHEREAS, the Plan has previously been amended and restated on December 31, 2001, and
subsequently been amended by the First Amendment to the Plan and an amendment for the Economic
Growth and Tax Relief Reconciliation Act of 2001;

WHEREAS, the Company desires to amend the Plan in order to revise the eligibility provisions of the
Plan for certain participants;

          NOW, THEREFORE, the Plan is hereby amended as follows:

          1. Section 1.1 shall be deleted in its entirety and shall be restated effective for Employees
hired on or after April 1, 2003:

1.1. Initial Participation. Each Eligible Employee of a Participating Employer,
except Eligible Employees described in the second and third paragraphs below, 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 part-time or
seasonal employee 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 day of the month coinciding with or next following the later of
the date (a) he attains age 18; (b) he has completed one Year of Eligibility Service; 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.

          IN WITNESS WHEREOF, the Company has caused this Second Amendment to be executed by its duly
authorized officers this 31st day of March, 2003.

	 	 	 	 	 	 	 	 	 	 	 

	ATTEST:	 	 	 	WORTHINGTON INDUSTRIES, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By

	 	/s/ Dale T. Brinkman
	 	 
	 	By
	 	/s/ John P. McConnell
	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Corporate Secretary	 	 	 	 	 	 	 	 

(SEAL)

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