Document:

Amended and Restated Registration Rights Agreement

 Exhibit 4.13 
 AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 This AMENDED AND RESTATED REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made and entered into as of August 11, 2005, by and between Taberna Realty Finance Trust, a Maryland real estate investment trust (the “Company”), Friedman, Billings,
Ramsey & Co., Inc., a Delaware corporation (“FBR”), the persons listed on Exhibit A attached hereto under the heading “Management Holders” (collectively, the “Management Holders”), the
purchasers (whether from the Company or FBR, collectively, the “Participants”) of the Company’s common shares of beneficial interest, par value $0.01 per share (the “Common Shares”) in the private placement of
Common Shares on each of April 28, 2005, August 11, 2005, and any dates on which the Common Shares are issued in connection with any exercise of an additional allotment option in connection with such private placements (each, a
“Private Placement”), and the direct and indirect transferees of FBR, the Management Holders and each of the Participants. 
 WHEREAS, the Company, FBR, the Management Holders, certain of the Participants, and certain other parties entered into an initial Registration Rights Agreement, dated April 28, 2005 (the “Initial Registration Rights
Agreement”), pursuant to which the Company agreed to provide certain registration rights pursuant to a purchase/placement agreement (the “Initial Purchase/Placement Agreement”), dated as of April 22, 2005, by and
between the Company and FBR; 
 WHEREAS, the Company and FBR entered into a purchase/placement agreement, dated as of August 4, 2005
(“Subsequent Purchase/Placement Agreement”); 
 WHEREAS, in order to induce the investors purchasing the Common Shares in
the Private Placement on August 11, 2005 to purchase such Common Shares and FBR to enter into the Subsequent Purchase/Placement Agreement, the Company has agreed to provide the registration rights provided for in this Agreement to FBR, the
Management Holders, the Participants, and their respective direct and indirect transferees. The execution and delivery of this Agreement is a condition to the closing of the transactions contemplated by the Subsequent Purchase/Placement Agreement.

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree
to amend and restate the Initial Registration Rights Agreement in its entirety as follows: 
  

	1.	Definitions 

 As used in this
Agreement, the following terms shall have the following meanings: 
 Accredited Investor Shares: The Common Shares
initially sold by the Company to “accredited investors” (within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act (as defined below)) as Participants. 

 Additional Shares: Common Shares or other securities of the Company issued in
respect of the Shares by reason of or in connection with any stock dividend, stock distribution, stock split, purchase in any rights offering or in connection with any exchange for or replacement of such shares or any combination of shares,
recapitalization, merger or consolidation, or any other equity securities issued pursuant to any other pro rata distribution with respect to the Common Shares. 
 Agreement: As defined in the preamble hereof. 
 Affiliate: As to any specified Person, (i) any Person directly or indirectly owning, controlling or holding, with power to
vote, ten percent or more of the outstanding voting securities of such other Person, (ii) any Person ten percent or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with power to vote, by such
other Person, (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, (iv) any executive officer, director, trustee, managing member or general partner of such Person and
(v) any legal entity for which such Person acts as an executive officer, director, trustee, managing member or general partner. For purposes of this definition, “control” (including the correlative meanings of the terms
“controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly, or indirectly through one or more intermediaries or relationships, of the power to direct or cause the
direction of the management and policies of such Person, whether by contract, through the ownership of voting securities, partnership or member interests or other equity interests or otherwise. An indirect relationship shall include circumstances in
which a Person’s spouse, children, parents, siblings or mother-, father-, sister- or brother-in-law is or has been associated with a Person. 
 Business Day: With respect to any act to be performed hereunder, each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, New York or other applicable
places where such act is to occur are authorized or obligated by applicable law, regulation or executive order to close. 
 Commission: The Securities and Exchange Commission. 
 Common Shares: As defined in the preamble
hereof. 
 Company: As defined in the preamble hereof. 
 Controlling Person: As defined in Section 6(a) hereof. 
 End of Suspension Notice: As defined in Section 5(b) hereof. 
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission
thereunder. 
  

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 Executive Officer: As defined in Section 2(e) hereof. 
 FBR: As defined in the preamble hereof. 
 Holder: Each owner of any Registrable Shares from time to time, including FBR and its Affiliates. 
 Indemnified Party: As defined in Section 6(c) hereof. 
 Indemnifying Party: As defined in Section 6(c) hereof. 
 Initial Closing Time: April 28, 2005. 
 Initial Offering Memorandum: The Offering Memorandum of the Company, dated April 22, 2005, pursuant to which certain of the
Rule 144A Shares, the Regulation S Shares and the Accredited Investor Shares were offered and sold. 
 Initial
Purchase/Placement Agreement: As defined in the preamble, as amended from time to time in accordance with the terms thereof. 
 IPO Registration Statement: As defined in Section 2(b) hereof. 
 Liabilities: As defined in
Section 6(a) hereof. 
 Management Holders: As defined in the preamble hereof. 
 Management Shares: The Common Shares collectively held as of the Subsequent Closing Time by the Management Holders. 
 NASD: The National Association of Securities Dealers, Inc. 
 Participant: As defined in the preamble hereof. 
 Person: An individual, partnership, limited liability company, corporation, trust, unincorporated organization, government or
agency or political subdivision thereof, or any other legal entity. 
 Private Placement: As defined in the preamble
hereof. 
 Proceeding: An action (including a class action), claim, suit, demand, arbitration or other proceeding
(including without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or, to the knowledge of the Person subject thereto, threatened, by any Person. 
 Prospectus: The prospectus included in any Registration Statement, including any preliminary prospectus, and all other amendments
and supplements to any such prospectus, including post-effective amendments, and all material 

  

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incorporated by reference or deemed to be incorporated by reference, if any, in such prospectus. 
 Purchaser Indemnitee: As defined in Section 6(a) hereof. 
 Registrable Shares: The Shares, upon original issuance thereof, and at all times subsequent thereto, including upon the transfer
thereof by the original holder or any subsequent holder and any Additional Shares, until the earliest to occur of (i) the date on which such shares have been sold pursuant to an effective Registration Statement, (ii) the date on which such
shares are sold, transferred or otherwise disposed of pursuant to Rule 144, (iii) the date on which, in the opinion of counsel to the Company, such shares not held by Affiliates of the Company are eligible for sale without registration under
the Securities Act pursuant to subparagraph (k) of Rule 144, (iv) the date on which such shares are sold to the Company or any of its subsidiaries, or (v) the second anniversary of the initial effective date of the Shelf Registration
Statement or, in the case of any Additional Shares for which tacking under Rule 144A is not available and which are not included in the Shelf Registration Statement, until the second anniversary of the issuance of the Additional Shares (subject to
extension pursuant to Section 5(c) hereof). 
 Registration Default: As defined in Section 2(e) hereof.

 Registration Expenses: Any and all expenses incident to the Company’s performance of, or compliance with, this
Agreement, including, without limitation: (i) all Commission, securities exchange, NASD or other registration, listing, inclusion and filing fees, (ii) all fees and expenses incurred in connection with compliance with international,
federal or state securities or blue sky laws (including, without limitation, any registration, listing and filing fees and reasonable fees and disbursements of counsel in connection with blue sky qualification of any of the Registrable Shares and
the preparation of a blue sky memorandum and compliance with the rules of the NASD), (iii) all expenses of preparing or assisting in preparing, word processing, duplicating, printing, delivering and distributing any Registration Statement, any
Prospectus, any amendments or supplements thereto, any underwriting agreements, agreements among underwriters, securities sales agreements, certificates and any other documents relating to the performance by the Company under, and compliance by the
Company with, this Agreement, (iv) all fees and expenses incurred in connection with the listing or inclusion of any of the Registrable Shares on any securities exchange or national quotation system pursuant to Section 4(n) of this
Agreement or otherwise, (v) the fees and disbursements of counsel for the Company and of the independent public accountants of the Company (including, without limitation, the expenses of any special audit and “cold comfort” letters
required by or incident to such performance), (vi) reasonable fees and disbursements of one Selling Holders’ Counsel for each Registration Statement and the amounts set forth in Section 4(m), and (vii) any fees and disbursements
customarily paid by issuers in connection with issues and sales of securities (including the fees and expenses of any experts retained by the Company in 

  

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connection with any Registration Statement); provided, however, that Registration Expenses shall exclude brokers’ or underwriters’ discounts
and commissions, any transfer taxes or transfer fees, if any, relating to the sale or disposition of Registrable Shares by a Holder and the fees and disbursements of any counsel to the Holders, except as provided for in clause (vi) above.

 Registration Statement: Any Shelf Registration Statement, Subsequent Shelf Registration Statement or IPO
Registration Statement of the Company that covers the resale of any Registrable Shares, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits
thereto and all material incorporated by reference or deemed to be incorporated by reference, if any, in such registration statement. 
 Regulation S: Regulation S (Rules 901-904) promulgated by the Commission under the Securities Act, as such rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such regulation. 
 Regulation S Shares:
The Common Shares initially resold by FBR pursuant to the Initial Purchase/Placement Agreement or the Subsequent Purchase/Placement Agreement to “non-U.S. persons” (in accordance with Regulation S) in an “offshore transaction”
(in accordance with Regulation S). 
 Rule 144: Rule 144 promulgated by the Commission pursuant to the Securities Act,
as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 144A: Rule 144A promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 144A Shares: The Common Shares initially resold by FBR pursuant to the Initial Purchase/Placement Agreement or the Subsequent Purchase/Placement Agreement to “qualified institutional buyers” (as
such term is defined in Rule 144A) in accordance with Rule 144A. 
 Rule 158: Rule 158 promulgated by the Commission
pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 415: Rule 415 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
  

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 Rule 424: Rule 424 promulgated by the Commission pursuant to the Securities Act,
as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 429: Rule 429 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder. 
 Selling Holders’ Counsel: Counsel for the Holders that is selected by the Holders holding a majority of the Registrable Shares
included in any Registration Statement and that is reasonably acceptable to the Company. 
 Shares: The Management
Shares, the Rule 144A Shares, the Accredited Investor Shares and the Regulation S Shares. 
 Shelf Registration
Statement: As defined in Section 2(a) hereof. 
 Subsequent Closing Time: August 11, 2005. 
 Subsequent Offering Memorandum: The Offering Memorandum of the Company, dated August 4, 2005, pursuant to which certain of the
Rule 144A Shares, the Regulation S Shares and the Accredited Investor Shares are offered and sold. 
 Subsequent
Purchase/Placement Agreement: As defined in the preamble, as amended from time to time in accordance with the terms thereof. 
 Subsequent Shelf Registration Statement: As defined in Section 2(c) hereof. 
 Suspension Event:
As defined in Section 5(b) hereof. 
 Suspension Notice: As defined in Section 5(b) hereof. 
 Underwritten Offering: A sale of securities of the Company to an underwriter or underwriters for reoffering to the public.

  

	2.	Registration Rights 

 (a)
Shelf Registration Statement. As set forth in Section 4 hereof, the Company agrees to file with the Commission as soon as reasonably practicable following the date of this Agreement (but in no event later than the date that is two
hundred ten (210) calendar days after the Initial Closing Time) a shelf Registration Statement on Form S-11 or such other form under the Securities Act then available to the Company providing for the resale of the Registrable 

  

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Shares pursuant to Rule 415 from time to time by the Holders, including for the avoidance of doubt, any Additional Shares that are issued prior to the
initial effectiveness of such Shelf Registration Statement (such registration statement, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits
thereto and all material incorporated by reference or deemed to be incorporated by reference, if any, in such registration statement, the “Shelf Registration Statement”). The Company shall use its commercially reasonable efforts to
cause such Shelf Registration Statement to be declared effective by the Commission as soon as practicable. Such commercially reasonable efforts shall include, without limitation, responding to any comments issued by the staff of the Commission with
respect to any Registration Statement and filing any related amendment to such Registration Statement as soon as reasonably practicable after receipt of such comments. Any Shelf Registration Statement shall provide for the resale from time to time,
and pursuant to any method or combination of methods legally available (including, without limitation, an Underwritten Offering, a direct sale to purchasers, a sale through brokers or agents or sale over the Internet) by the Holders of any and all
Registrable Shares. 
 (b) IPO Registration. If the Company proposes to file a registration statement on Form S-11 or such other form
under the Securities Act providing for the initial public offering of Common Shares (such registration statement, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective
amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference, if any, in such registration statement, the “IPO Registration Statement”), the Company will notify in writing
each Holder of the filing, within the five (5) Business Days after the filing thereof, and afford each Holder an opportunity to include in such IPO Registration Statement all or any part of the Registrable Shares then held by such Holder. Each
Holder desiring to include in any such IPO Registration Statement all or part of the Registrable Shares held by such Holder shall, within fifteen (15) Business Days after receipt of the above-described written notice by the Company, so notify
the Company in writing, and in such notice shall inform the Company of the number of Registrable Shares such Holder wishes to include in such IPO Registration Statement. Furthermore, in the event the IPO Registration Statement is not declared
effective by the Commission within one hundred twenty (120) Business Days following delivery by the Company of notice to the Holders of their initial opportunity to include all or any part of the Registrable Shares then held by such Holders in
the IPO Registration Statement, unless a road show for the Underwritten Offering pursuant to the IPO Registration Statement is actually in progress at such time, the Company shall promptly provide a new written notice to all Holders giving them
another opportunity to elect to include Registrable Shares in the pending IPO Registration Statement. Each Holder desiring to include in any such IPO Registration Statement all or part of the Registrable Shares held by such Holder shall, within ten
(10) Business Days after receipt of the above-described written notice by the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Shares such Holder wishes to include in such IPO
Registration Statement. Any election by any Holder to include any Registrable Shares in the IPO Registration Statement will not affect the inclusion of such Registrable Shares in the Shelf Registration Statement or any Subsequent Shelf Registration
Statement until such Registrable Shares have been sold under the IPO Registration Statement; provided, however, that at such time of sale, the Company shall have the right to remove from the Shelf Registration Statement or any Subsequent
Shelf Registration Statement the Registrable Shares sold pursuant to the IPO Registration Statement. 
 (i) Right to
Terminate IPO Registration. The Company shall have the right to terminate or withdraw any IPO Registration Statement referred to in this Section 2(b) prior to the effectiveness of such registration whether or not any Holder has elected to
include Registrable Shares in such registration; provided, however, that the Company must provide each Holder that elected to include any Registrable Shares in such IPO Registration Statement prompt written notice of such termination.

  

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 (ii) Shelf Registration not Impacted by IPO Registration Statement. The
Company’s obligation to file the Shelf Registration Statement or any Subsequent Shelf Registration Statement pursuant to Sections 2(a) or 2(c) hereof shall not be affected by the filing or effectiveness of the IPO Registration Statement,
except to the extent Registrable Shares are sold pursuant to the IPO Registration Statement, in which case, the Company shall have the right to remove from the Shelf Registration Statement or any Subsequent Shelf Registration Statement, as
applicable, the Registrable Shares sold pursuant to the IPO Registration Statement; provided, however, if the Company files an IPO Registration Statement before the effective date of the Shelf Registration Statement or such Subsequent Shelf
Registration Statement, the Company shall have the right to defer causing the Commission to declare the Shelf Registration Statement or such Subsequent Shelf Registration Statement effective until sixty (60) days after effective date of the IPO
Registration Statement. 
 (iii) Underwriting. The Company shall give written notice to the Holders who elected to be
included in the IPO Registration Statement of the names of the managing underwriters for the Underwritten Offering proposed under the IPO Registration Statement. The right of any such Holder’s Registrable Shares to be included in any IPO
Registration Statement pursuant to this Section 2(b) shall be conditioned upon such Holder’s participation in such Underwritten Offering undertaken pursuant thereto and the inclusion of such Holder’s Registrable Shares in the
Underwritten Offering to the extent provided herein. All Holders proposing to distribute their Registrable Shares through such Underwritten Offering shall enter into an underwriting agreement in customary form with the managing underwriters selected
by the Company for such underwriting and complete and execute any questionnaires, powers of attorney, indemnities, securities escrow agreements, custody agreements, lock-up agreements and other documents reasonably required under the terms of such
underwriting, and furnish to the Company such information in writing as the Company may reasonably request for inclusion in the IPO Registration Statement; provided, however, that no Holder shall be required to make any representations
or warranties to or agreements (including indemnitees) with the Company or the underwriters other than representations, warranties or agreements (including indemnitees) as are customary and reasonably requested by the underwriters. Notwithstanding
any other provision of this Agreement, if at any time the managing underwriters determine in good faith that marketing factors require a limitation on the number of shares to be included, then the managing underwriters may exclude shares (including
Registrable Shares) from the IPO Registration Statement and the Underwritten Offering, and any shares included in the IPO Registration Statement and the Underwritten Offering shall be allocated, first, to the Company, second, to each
of the Holders (other than the Management Holders) requesting inclusion of their Registrable Shares in the IPO Registration Statement (on a pro rata basis based on the total number 

  

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of Registrable Shares then requested for inclusion by each such Holder), and third, to each of the Management Holders requesting inclusion of their
Registrable Shares in such IPO Registration Statement (on a pro rata basis based on the total number of Registrable Shares then requested for inclusion by each such Holder); provided, however, that the number of Registrable
Shares (other than the Management Shares) to be included in the IPO Registration Statement shall not be reduced unless all other securities of the Company held by (i) the Company’s trustees, officers, other employees and consultants; and
(ii) other holders of the Company’s capital stock with registration rights that are inferior (with respect to such reduction) to the registration rights of the Holders set forth herein, are first entirely excluded from the underwriting and
registration. 
 If any Holder disapproves of the terms of any such Underwritten Offering, such Holder may elect to withdraw
therefrom by providing written notice to the Company and the managing underwriters, delivered not later than the later of (a) forty-five (45) days after the initial filing date of the IPO Registration Statement and (b) five
(5) Business Days prior to the date the preliminary prospectus is printed; provided, however, in the event the IPO Registration Statement is not declared effective by the Commission within one hundred twenty (120) Business Days
following delivery by the Company of notice to the Holders of their initial opportunity to include all or any part of the Registrable Shares then held by such Holders in the IPO Registration Statement, unless a road show for the Underwritten
Offering pursuant to the IPO Registration Statement is in progress at such time, the Company shall promptly provide written notice to all Holders who have elected to be included in the IPO Registration Statement giving them another opportunity to
elect to withdraw from the pending IPO Registration Statement, and each Holder desiring to withdraw from such IPO Registration Statement shall, within ten (10) Business Days after receipt of the above-described written notice by the Company,
provide notice to the Company and the managing underwriter of such election. Any Registrable Shares excluded or withdrawn from such Underwritten Offering shall be excluded and withdrawn from the IPO Registration Statement. 
 (iv) Hold-back Agreement. By electing to include Registrable Shares in the IPO Registration Statement, if any, the Holder of such
Registrable Shares shall be deemed to have agreed not to effect any sale or distribution of securities of the Company of the same or similar class or classes of the securities included in the IPO Registration Statement or any securities convertible
into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 or Rule 144A under the Securities Act, during such periods as are reasonably requested by the managing underwriters of the Underwritten Offering pursuant
to the IPO Registration Statement (but in no event for a period longer than thirty (30) days prior to and sixty (60) days following the effective date of the IPO Registration Statement); provided that each of the officers and
trustees of the Company that hold Common Shares or securities convertible into or exchangeable or exercisable for Common Shares are subject to restrictions at least as burdensome as those applicable to the Holders for not less than the entire time
period required of the Holders hereunder. 
 (c) Subsequent Shelf Registration for Additional Shares Issued after Effectiveness of the
Mandatory Shelf Registration Statement. If any Additional Shares are issued or distributed to 

  

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Holders after the effectiveness of the Shelf Registration Statement, or such Additional Shares were otherwise not included in a prior Shelf Registration
Statement, then the Company shall as soon as reasonably practicable, but in no event later than sixty (60) days after the issuance of such Additional Shares, file and use its commercially reasonable efforts to cause to be declared effective by
the Commission an additional shelf registration statement on Form S-11 or such other form under the Securities Act then available to the Company providing for the resale of the Additional Shares pursuant to Rule 415 from time to time by the Holders
(such registration statement, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed
to be incorporated by reference, if any, in such registration statement, a “Subsequent Shelf Registration Statement”) in the same manner, and subject to the same provisions in this Agreement as the Shelf Registration Statement.

 (d) Expenses. The Company shall pay all Registration Expenses in connection with the registration of the Registrable Shares
pursuant to this Agreement. Each Holder participating in a registration pursuant to this Section 2 shall bear such Holder’s proportionate share (based on the total number of Registrable Shares sold in such registration) of all discounts
and commissions payable to underwriters or brokers and all transfer taxes and transfer fees in connection with a registration of Registrable Shares pursuant to this Agreement and any other expense of the Holders not specifically allocated to the
Company pursuant to this Agreement relating to the sale or disposition of such Holder’s Registrable Shares pursuant to any Registration Statement. 
 (e) Executive Bonuses and Equity Awards. If the Company does not file a Registration Statement registering the resale of the Accredited Investor Shares, the Rule 144A Shares and the Regulation S Shares within
two hundred ten (210) days after the date of the Initial Offering Memorandum, other than as a result of the Commission being unable to accept such filings (a “Registration Default”), then, for each day the Registration Default
continues, each of Daniel G. Cohen, Mitchell Kahn and Jack E. Salmon (each an “Executive Officer”) shall forfeit 1.0% of any bonus, whether in the form of cash or equity awards under the Company’s 2005 Equity Incentive Plan or
other incentive plans. 
  

	3.	Rules 144 and 144A Reporting 

 With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Registrable Shares to the public without registration, until such date as no Holder owns any Registrable Shares,
the Company agrees: 
 (a) at all times after the effective date of the first registration statement under the Securities Act filed by the
Company for an offering of its securities to the general public, to use its commercially reasonable efforts to make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act; 
 (b) to file with the Commission in a timely manner all reports and other documents required to be filed by the Company under the Securities Act and the
Exchange Act (at any time after it has become subject to such reporting requirements); 
  

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 (c) if the Company is not required to file reports and other documents under the Securities Act and the
Exchange Act, it will make available other information as required by, and so long as necessary to permit sales of Registrable Shares pursuant to, Rule 144 and Rule 144A; and 
 (d) to furnish to any Holder promptly upon request (i) a written statement by the Company as to its compliance with the reporting requirements of
Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement under the Securities Act filed by the Company for an offering of its securities to the general public), and of the Securities Act and the
Exchange Act (at any time after it has become subject to the reporting requirements of the Exchange Act), (ii) a copy of the most recent annual and quarterly report(s) of the Company, and (iii) such other reports, documents or shareholder
communications of the Company, and take such further actions consistent with this Section 3, as a Holder may reasonably request in availing, and as is necessary to avail, itself of any rule or regulation of the Commission allowing a Holder to
sell any such Registrable Shares without registration. 
  

	4.	Registration Procedures 

 In
connection with the obligations of the Company with respect to any registration of Registrable Shares pursuant to this Agreement, the Company shall, without limitation: 
 (a) notify FBR in writing at least ten (10) Business Days prior to filing a Registration Statement, of its intention to file a Registration Statement with the Commission and, at least five (5) Business Days
prior to filing, provide a copy of the Registration Statement to FBR and its counsel for review and comment within five (5) Business Days after FBR’s receipt of such copy and in good faith give consideration to any comments received from
FBR or its counsel; prepare and file with the Commission, as specified in this Agreement, a Registration Statement(s), which Registration Statement(s) (x) shall comply as to form in all material respects with the requirements of the applicable
form and include all financial statements required by the Commission to be filed therewith and (y) shall otherwise comply with this Agreement and be reasonably acceptable to FBR and its counsel; provide a copy of such Registration Statement in
the form in which it was filed with the Commission to Selling Holders’ Counsel, if any, within three (3) Business Days after filing; at least three (3) Business Days prior to filing, provide a copy of any proposed amendment or
supplement to such Registration Statement to FBR and its counsel for review and comment within three (3) Business Days after FBR’s receipt of such copy and in good faith give consideration to any comments received from FBR or its counsel
(provided, however, that with respect to any amendment or supplement to an IPO Registration Statement filed after a red herring prospectus is distributed to investors, such three (3) Business Day period shall be reduced to one (1) Business
Day); provide a copy of any such amendment or supplement to such Registration Statement in the form in which it was filed with the Commission to Selling Holders’ Counsel, if any, within three (3) Business Days after filing; promptly
following receipt from the Commission of any comments relating to the Registration Statement (whether pre-effective or post-effective), provide to FBR and its counsel and, in the case of comments relating to the Selling Holders or the plan of
distribution of Registrable Shares, provide to Selling Holders’ Counsel, if any, copies of such comments and of the Company’s proposed responses thereto for review and comment and in good faith give consideration to any comments received
from FBR, its counsel or Selling Holders’ Counsel, if any, prior to delivering them to the Commission; incorporate any comments reasonably made by FBR, its counsel and 

  

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Selling Holders’ Counsel, if any, to the Registration Statement, any amendment or supplement thereto and/or any response to comments received from the
Commission that are made in compliance with the time periods specified above or prior to the Company’s filing or such document, whichever is later; and use its commercially reasonable efforts to cause such Registration Statement to become
effective as soon as practicable after filing and to remain effective, subject to Section 5 hereof, until the earlier of (i) such time as all Registrable Shares covered thereby have been sold in accordance with the intended methods of
distribution of such Registrable Shares, and (ii) there are no Registrable Shares outstanding; provided, however, that the Company shall not be required to cause any IPO Registration Statement to become effective if it elects to
terminate or withdraw the IPO Registration Statement pursuant to Section 2(b)(i) hereof and the Holders have been so notified; provided, further, that if the Company has an effective Shelf Registration Statement or Subsequent Shelf
Registration Statement on Form S-11 under the Securities Act and becomes eligible to use Form S-3 or such other short-form registration statement form under the Securities Act, the Company may, upon twenty (20) days prior written notice to FBR
and all Holders, register any Registrable Shares registered but not yet distributed under the effective Shelf Registration Statement or Subsequent Shelf Registration Statement on such a short-form Shelf Registration Statement and, once the
short-form Shelf Registration Statement is declared effective, de-register such shares under the previous Shelf Registration Statement or any Subsequent Shelf Registration Statement or transfer the filing fees from the previous Shelf Registration
Statement (such transfer pursuant to Rule 429, if applicable) unless the Holders holding a majority of the shares registered by the Holders under the initial Shelf Registration Statement or any Subsequent Shelf Registration Statement (excluding
Registrable Shares held by the Company, the Management Holders or any of their Affiliates) notify the Company within twenty (20) days of receipt of the Company notice that such a registration under a new Registration Statement and
de-registration of the initial Shelf Registration Statement or any Subsequent Shelf Registration Statement would materially interfere with such Holders’ distribution of Registrable Shares already in progress, in which case the Company shall
delay the effectiveness of the short-form Shelf Registration Statement and de-registration for a period of not less than thirty (30) days from the date that the Company receives the notice from such Holders requesting a delay; 
 (b) subject to Section 4(i) hereof, (i) prepare and file with the Commission such amendments and post-effective amendments to each such
Registration Statement as may be necessary to keep such Registration Statement effective for the period described in Section 4(a) hereof; (ii) cause each Prospectus contained therein to be supplemented by any required Prospectus
supplement, and as so supplemented to be filed pursuant to Rule 424; and (iii) comply with the provisions of the Securities Act with respect to the disposition of all securities covered by each Registration Statement during the applicable
period in accordance with the intended method or methods of distribution by the selling Holders thereof; 
 (c) furnish to FBR and the
Holders, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as FBR or such Holder may reasonably request, in order to facilitate the public sale
or other disposition of the Registrable Shares; the Company consents, subject to Section 5, to the use of such Prospectus, including each preliminary Prospectus, by FBR and the Holders, if any, in connection with the offering and sale of the
Registrable Shares covered by any such Prospectus; 
  

 12 

 (d) use its commercially reasonable efforts to register or qualify, or obtain exemption from registration
or qualification for, all Registrable Shares by the time the applicable Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws of such jurisdictions as FBR or any Holder with
Registrable Securities covered by a Registration Statement may reasonably request in writing, keep each such registration or qualification or exemption effective during the period such Registration Statement is required to be kept effective pursuant
to Section 4(a) and do any and all other acts and things that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Shares owned by such Holder; provided,
however, that the Company shall not be required to take any action to comply with this Section 4(d) if it would require the Company to (i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in
such jurisdiction where it would not otherwise be required to qualify but for this Section 4(d) and except as may be required by the Securities Act, (ii) subject itself to taxation in any such jurisdiction, or (iii) submit to the
general service of process in any such jurisdiction; 
 (e) use its commercially reasonable efforts to cause all Registrable Shares covered
by such Registration Statement to be registered and approved by such other governmental agencies or authorities as may be necessary to enable the Holders thereof to consummate the disposition of such Registrable Shares; 
 (f) notify FBR, Selling Holders’ Counsel, if any, and each Holder with Registrable Shares covered by a Registration Statement promptly and, if
requested by FBR, Selling Holders’ Counsel, if any, or any such Holder, promptly confirm such advice in writing at the address determined in accordance with Section 10(c), (i) when such Registration Statement has become effective and
when any post-effective amendments thereto become effective or upon the filing of a supplement to any Prospectus, (ii) of the issuance by the Commission or any state securities authority of any stop order suspending the effectiveness of such
Registration Statement or the initiation, assertion or, to the extent known to the Company, threat of any Proceedings for that purpose, (iii) of any request by the Commission or any other federal, state or foreign governmental authority for
amendments or supplements to such Registration Statement or related Prospectus or for additional information, and (iv) of any reason, including without limitation, the happening of any event during the period such Registration Statement is
effective, as a result of which such Registration Statement or the related Prospectus or any document incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (which information shall be accompanied by an instruction to suspend the use of the Registration Statement and the
related Prospectus until the requisite changes have been made); 
 (g) use its commercially reasonable efforts to avoid the issuance of, or
if issued, to obtain the withdrawal of, any order enjoining or suspending the use or effectiveness of a Registration Statement or suspending of the qualification (or exemption from qualification) of any of the Registrable Shares for sale in any
jurisdiction, as promptly as practicable; 
 (h) promptly furnish to FBR, Selling Holders’ Counsel, if any, and each requesting Holder
with Registrable Shares covered by a Registration Statement, without charge, at least one (1) conformed copy of each Registration Statement and any post-effective amendment or 

  

 13 

 
supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless requested); 
 (i) except as provided in Section 5, upon the occurrence of any event contemplated by Section 4(f)(iv) hereof, use its commercially reasonable
efforts to promptly prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the
purchasers of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and promptly furnish to FBR, Selling Holders’ Counsel, if any, and each requesting Holder, without charge, as many copies of such Prospectus and any supplement or post-effective
amendment to the Registration Statement or Prospectus and any document incorporated therein by reference or so filed, as FBR, Selling Holders’ Counsel, if any, or such Holder may reasonably request; 
 (j) if requested by FBR, Selling Holders’ Counsel, if any, the representative of the underwriters (in an Underwritten Offering), if any, or any
Holders of Registrable Shares being sold in connection with a Registration Statement, (i) as promptly as reasonably practicable incorporate in a Prospectus supplement or post-effective amendment such information as FBR, Selling Holders’
Counsel, if any, the representative of the underwriters, if any, or such Holders indicate in writing relates to them or otherwise reasonably request be included therein, and (ii) make all required filings of such Prospectus supplement or such
post-effective amendment as soon as practicable after the Company has received notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 
 (k) in the case of an Underwritten Offering, use its commercially reasonable efforts to furnish or cause to be furnished to FBR and the underwriters a
signed counterpart, addressed to FBR and the underwriters, of: (i) an opinion of counsel for the Company, dated the date of each closing under the underwriting agreement, reasonably satisfactory to FBR (an “Opinion”) and the
underwriters; and (ii) a “comfort” letter, dated the effective date of such Registration Statement and the date of each closing under the underwriting agreement, signed by the independent public accountants who have certified the
Company’s financial statements included in such Registration Statement, covering substantially the same matters with respect to such Registration Statement (and the Prospectus included therein) and with respect to events subsequent to the date
of such financial statements, as are customarily covered in accountants’ letters delivered to underwriters in underwritten public offerings of securities and such other financial matters as FBR or the underwriters may reasonably request (a
“Comfort Letter”); in the case of a Registration Statement that does not involve an Underwritten Offering, use its commercially reasonable efforts to furnish to FBR a signed counterpart, addressed to FBR, of an Opinion and a Comfort
Letter, each dated the initial effective date of such Registration Statement and on the date of each quarterly or year-end post-effective amendment thereto, in form and substance reasonably satisfactory to FBR; 
 (l) enter into customary agreements (including in the case of an Underwritten Offering, an underwriting agreement in customary form and reasonably
satisfactory to the Company) and take all other reasonable action in connection therewith in order to expedite or facilitate the distribution of the Registrable Shares included in such Registration Statement and, 

  

 14 

 
in the case of an Underwritten Offering, make representations, warranties and agreements to FBR, the Holders covered by such Registration Statement and to
the underwriters in such form and scope as are customarily made by issuers to underwriters and holders in underwritten offerings and confirm the same to the extent customary if and when requested; 
 (m) to make available for inspection by FBR, Selling Holders’ Counsel, if any, and the representatives of any underwriters participating in any
disposition pursuant to a Registration Statement, all financial and other records, pertinent corporate documents and properties of the Company and cooperate with, and cause the respective officers, trustees, employees and agents of the Company to
supply all information reasonably requested by, FBR, Selling Holders’ Counsel, if any, and the representatives of any underwriters in connection with a Registration Statement and the due diligence review of the Registration Statement and the
information contained or incorporated therein; provided, however, that such records, documents or information that the Company determines, in good faith, to be confidential and with respect to which the Company notifies FBR, Selling Holders’
Counsel, if any, and the representatives of any underwriters in advance in writing of such confidential nature, shall not be disclosed by FBR, Selling Holders’ Counsel, if any, and the representatives of any underwriters unless (i) the
disclosure of such records, documents or information is necessary to avoid or correct a material misstatement or omission in a Registration Statement or Prospectus, (ii) the release of such records, documents or information is ordered pursuant
to a subpoena or other order from a court of competent jurisdiction, or (iii) such records, documents or information have been generally made available to the public; provided, further, that FBR, Selling Holders’ Counsel, if any,
and the representatives of any underwriters will use commercially reasonable efforts, to the extent reasonably practicable, to coordinate the foregoing inspection and information gathering and not materially disrupt the Company’s business
operations; 
 (n) use its commercially reasonable efforts to satisfy the criteria for listing and list or include (if the Company satisfies
the criteria for listing or inclusion on such exchange or market) all Registrable Shares on the New York Stock Exchange or The Nasdaq Stock Market as soon as practicable (including, without limitation, seeking to cure in the Company’s listing
or inclusion application any deficiencies cited by the exchange or market) and thereafter use commercially reasonable efforts to maintain such listing; 
 (o) to prepare and file in a timely manner all documents and reports required by the Exchange Act at all times beginning from the date the Company is first subject to such filing and reporting requirements through the
date there are no longer any Registrable Shares outstanding; 
 (p) provide a CUSIP number for all Registrable Shares, not later than the
effective date of the Registration Statement; 
 (q) (i) otherwise use its commercially reasonable efforts to comply with all applicable
rules and regulations of the Commission and, as applicable, the New York Stock Exchange, Nasdaq National Market or other listing standard, (ii) make generally available to its stockholders, as soon as reasonably practicable, earnings statements
covering at least 12 months beginning after the effective date of the Registration Statement that satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 (or any similar rule promulgated under the Securities Act ) thereunder,
but in no event later than forty-five (45) days after the end of each fiscal quarter of the Company occurring after the first anniversary of the effective date of the 

  

 15 

 
Registration Statement (unless such fiscal quarter is the last fiscal quarter of the Company’s fiscal year, in which case such earnings statement shall
be delivered no later than sixty (60) days after such fiscal quarter occurring after the first anniversary of the effective date of the Registration Statement), and (iii) not file any Registration Statement or Prospectus or amendment or
supplement to such Registration Statement or Prospectus to which FBR, Selling Holders’ Counsel, if any, or any Holder of Registrable Shares covered by such Registration Statement shall have reasonably objected on the grounds that such
Registration Statement or Prospectus or amendment or supplement does not comply in all material respects with the requirements of the Securities Act; 
 (r) provide and cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any Registration Statement from and after a date not later than the effective date of such Registration
Statement; 
 (s) in connection with any sale or transfer of the Registrable Shares (whether or not pursuant to a Registration Statement)
that will result in the security being delivered no longer being Registrable Shares, cooperate with the Holders and the representative of the underwriters, if any, to facilitate the timely preparation and delivery of certificates representing the
Registrable Shares to be sold, which certificates shall not bear any transfer restrictive legends (other than as required by the Company’s Charter) and to enable such Registrable Shares to be in such denominations and registered in such names
as the representative of the underwriters, if any, or the Holders may reasonably request at least three (3) Business Days prior to any sale of the Registrable Shares; 
 (t) in connection with the initial filing of a Shelf Registration Statement or any Subsequent Registration Statement and each amendment thereto with the
Commission, prepare and, within one (1) Business Day of such filing with the Commission, file with the NASD a copy of the Registration Statement and any such other forms and information required or requested by the NASD to be filed on such day,
and prior to the effectiveness of the Registration Statement, file all such other forms and information required or requested by the NASD, in order to obtain written confirmation from the NASD that the NASD does not object to the fairness and
reasonableness of the underwriting terms and arrangements (including any deemed underwriting terms and arrangements relating to FBR and any other NASD member that is the holder of, or is affiliated or associated with an owner of, Registrable Shares
included in the Registration Statement) relating to the resale of Registrable Shares pursuant to the Registration Statement, including, without limitation, information provided to the NASD through its COBRADesk system; and 
 (u) upon effectiveness of the first Registration Statement filed by the Company under this Agreement, take such actions and make such filings as are
necessary to effect the registration of the Common Shares under the Exchange Act simultaneously with or immediately following the effectiveness of the Registration Statement. 
 The Company may require the Holders to furnish to the Company such information regarding the proposed distribution by such Holder of such Registrable
Shares as the Company may from time to time reasonably request in writing or as shall be required to effect the registration of the Registrable Shares and no Holder shall be entitled to be named as a selling stockholder in any Registration Statement
and no Holder shall be entitled to use the Prospectus 

  

 16 

 
forming a part thereof if such Holder does not provide such information to the Company. Any Holder that sells Registrable Shares pursuant to a Registration
Statement shall be required to be named as a selling stockholder in the related Prospectus and to deliver or cause to be delivered a Prospectus to purchasers. Each Holder further agrees to furnish promptly to the Company in writing all information
required from time to time to make the information previously furnished by such Holder not misleading. 
 Each Holder agrees that, upon
receipt of any notice from the Company of the happening of any event of the kind described in Section 4(f)(ii), 4(f)(iii) or 4(f)(iv) hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to a Registration
Statement until such Holder’s receipt of copies of the supplemented or amended Prospectus. If so directed by the Company, such Holder will deliver to the Company (at the expense of the Company) all copies in its possession, other than permanent
file copies then in such Holder’s possession, of the Prospectus covering such Registrable Shares current at the time of receipt of such notice. 
  

	5.	Black-Out Period 

 (a) Subject
to the provisions of this Section 5, the Company shall have the right, but not the obligation, from time to time to suspend the use of the Registration Statement following the effectiveness of a Registration Statement (and the filings with any
international, federal or state securities commissions), if a Suspension Event (as defined below) occurs. If the Company elects to suspend the effectiveness and/or use of a Registration Statement following the occurrence of a Suspension Event,
the Company, by written notice to FBR and the Selling Holders’ Counsel, if any, and by written notice, email transmission or such other means that the Company reasonably believes to be a reliable means of communication (a “Suspension
Notice”), shall notify the Holders, that the effectiveness of the Registration Statement has been suspended and shall direct the Holders to suspend sales of the Registrable Shares pursuant to the Registration Statement until the Suspension
Event has ended. Each Suspension Notice shall state generally the basis for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is continuing and the Company is using its commercially
reasonable efforts and taking all reasonable steps to terminate suspension of the use of the Registration Statement as promptly as possible. 
 (b) A “Suspension Event” shall be deemed to have occurred if: (i) the representative of the underwriters of an Underwritten Offering by the Company of primary shares has advised the Company that the offer or sale of
Registrable Shares pursuant to the Registration Statement would have a material adverse effect on the Company’s Underwritten Offering of primary shares; (ii) a majority of the members of the Board of Trustees of the Company (including at
least two of the independent trustees) in good faith has determined that (A) the offer or sale of any Registrable Shares would materially impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition,
corporate reorganization or other significant transaction involving the Company; (B) based upon the advice of legal counsel, the sale of Registrable Shares pursuant to the Registration Statement would require disclosure of non-public material
information not otherwise required to be disclosed under applicable law, and (C) (x) the Company has a bona fide business purposes for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse
effect on the Company or the Company’s ability to consummate such transaction, or (z) such transaction renders the Company unable to comply with Commission requirements, in each case, under circumstances that would 

  

 17 

 
make it impractical or inadvisable to cause the Registration Statement (or such filings) to become effective or to promptly amend or supplement the
Registration Statement on a post-effective basis, as applicable; or (iii) a majority of the members of the Board of Trustees of the Company (including at least two of the independent trustees) in good faith has determined that, upon the advice
of legal counsel, it is required by law, or that it is in the best interests of the Company, to supplement the Registration Statement or file a post-effective amendment to the Registration Statement in order to ensure that the Prospectus included in
the Registration Statement (1) contains the financial information required under Section 10(a)(3) of the Securities Act; (2) discloses any fundamental and material change in the information included in the Prospectus; or
(3) discloses any material information with respect to the plan of distribution not disclosed in the Registration Statement or any material change to such information. 
 (c) Upon the occurrence of any Suspension Event, the Company shall use its commercially reasonable efforts to cause the Registration Statement to become
effective or to promptly amend or supplement the Registration Statement or to take such action as is necessary to make resumed use of the Registration Statement as soon as practicable. In no event shall the Company be permitted to suspend the use of
a Registration Statement (i) in any twelve (12) month period for more than forty-five (45) consecutive days or for more than an aggregate of ninety (90) days, (ii) in any ninety (90)-day period for more than an
aggregate thirty (30) days), and (iii) more than six (6) separate times in any twenty four (24) month period, except as a result of a refusal by the Commission to declare any post-effective amendment to the Registration
Statement effective after the Company has used all commercially reasonable efforts to cause such post-effective amendment to be declared effective, in which case the Company shall terminate the suspension of the use of the Registration Statement
immediately following the effective date of the post-effective amendment. 
 (d) If the Company gives a Suspension Notice to the Holders to
suspend sales of the Registrable Shares following a Suspension Event, the Holders shall not effect any sales of the Registrable Shares pursuant to such Registration Statement (or such filings) at any time after it has received a Suspension
Notice from the Company and prior to receipt of an End of Suspension Notice (as defined below). If so directed by the Company, each Holder will deliver to the Company (at the expense of the Company) all copies other than permanent file copies
then in such Holder’s possession of the Prospectus covering the Registrable Shares at the time of receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable Shares pursuant to the Registration Statement (or
such filings) upon delivery by the Company of notice that the Suspension Event or its potential effects are no longer continuing (an “End of Suspension Notice”), which End of Suspension Notice shall be given by the Company to FBR,
the Selling Holders’ Counsel, if any, the Holders in the same manner as the Suspension Notice promptly following the conclusion of any Suspension Event and its effect. 
 (e) Notwithstanding any provision herein to the contrary, if the Company shall give a Suspension Notice with respect to any Registration Statement
pursuant to this Section 5, the Company agrees that it shall extend the period of time during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from the
date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice and provide copies of the supplemented or amended Prospectus necessary to resume sales, with respect to each
Suspension Event; 

  

 18 

 
provided such period of time shall not be extended beyond the date that Common Shares covered by such Registration Statement are no longer Registrable
Shares. 
  

	6.	Indemnification and Contribution 

 (a) The Company agrees to indemnify and hold harmless (i) each Holder and any underwriter (as determined in the Securities Act) for such Holder (including, if applicable, FBR), (ii) each Person, if any, who controls (within the
meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act), any such Person described in clause (i) (any of the Persons referred to in this clause (ii) being hereinafter referred to as a
“Controlling Person”), and (iii) the respective officers, directors, partners, members, managers, employees, representatives and agents of any such Person or any Controlling Person (any Person referred to in clause (i),
(ii) or (iii) may hereinafter be referred to as a “Purchaser Indemnitee”), to the fullest extent lawful, from and against any and all losses, claims, damages, judgments, Proceedings, out-of-pocket expenses, and other
liabilities (collectively, the “Liabilities”), including without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing or defending any Proceeding by any governmental agency or body,
commenced or threatened, including the reasonable fees and expenses of counsel to any Purchaser Indemnitee, joint or several, directly or indirectly related to, based upon, arising out of or in connection with any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement or Prospectus (as amended or supplemented if the Company shall have furnished to such Purchaser Indemnitee any amendments or supplements thereto), or any preliminary Prospectus or
any other document prepared by the Company and used to sell the Registrable Shares, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, except to the extent such Liabilities arise out of or are based upon (i) any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity
with information relating to any Purchaser Indemnitee furnished to the Company or any underwriter in writing by such Purchaser Indemnitee expressly for use therein or (ii) any untrue statement contained in or omission from a preliminary
Prospectus if a copy of the Prospectus (as then amended or supplemented, if the Company shall have furnished to or on behalf of the Holder participating in the distribution relating to the relevant Registration Statement any such amendments or
supplements thereto) was not sent or given by or on behalf of such Holder to the Person asserting any such Liabilities who purchased Registrable Shares, if such Prospectus (or Prospectus as amended or supplemented) is required by law to be sent or
given at or prior to the written confirmation of the sale of such Registrable Shares to such Person and the untrue statement contained in or omission from such preliminary Prospectus was corrected in the Prospectus (or the Prospectus as amended or
supplemented). The Company shall notify FBR and the Holders promptly of the institution, threat or assertion of any Proceeding of which it shall have become aware in connection with the matters addressed by this Agreement which involves the Company
or a Purchaser Indemnitee. The indemnity provided for herein shall remain in full force and effect regardless of any investigation made by or on behalf of any Purchaser Indemnitee. 
 (b) In connection with any Registration Statement in which a Holder is participating and as a condition to such participation, such Holder agrees,
severally and not jointly, to indemnify and hold harmless the Company, each Person who signs the Registration Statement or 

  

 19 

 
controls the Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act and the respective partners,
trustees, officers, members, managers, representatives, employees and agents of the Company and each such Person to the same extent as the foregoing indemnity from the Company to each Purchaser Indemnitee, but only with reference to untrue
statements or omissions or alleged untrue statements or omissions made in reliance upon and in strict conformity with information relating to such Purchaser Indemnitee furnished to the Company in writing by such Purchaser Indemnitee expressly for
use in any Registration Statement or Prospectus, any amendment or supplement thereto, or any preliminary Prospectus. The liability of any Purchaser Indemnitee pursuant to this paragraph shall in no event exceed the net proceeds received by such
Purchaser Indemnitee from sales of Registrable Shares giving rise to such obligations. 
 (c) If any Proceeding (including any governmental
or regulatory investigation) shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to paragraph (a) or (b) above, such Person (the “Indemnified Party,” or if more than one
Indemnified Party, the “Indemnified Parties”), shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”), in writing of the commencement thereof (but the failure to so notify an
Indemnifying Party shall not relieve it from any liability which it may have under this Section 6, except to the extent the Indemnifying Party is materially prejudiced by the failure to give notice), and the Indemnifying Party, upon request of
the Indemnified Party, shall assume the defense of such Proceeding and retain counsel chosen by the Indemnifying Party and approved by the Indemnified Party, which approval shall not be unreasonably withheld, to represent the Indemnified Party and
any others the Indemnifying Party may reasonably designate in such Proceeding and shall pay the reasonable fees and expenses actually incurred by such counsel related to such Proceeding. Notwithstanding the foregoing, in any such Proceeding, any
Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party, unless (i) the Indemnifying Party and the Indemnified Party shall have mutually
agreed in writing to the contrary, (ii) the Indemnifying Party failed within a reasonable time after notice of commencement of the Proceeding to assume the defense and engage counsel approved by the Indemnified Party as hereinabove provided,
(iii) the Indemnifying Party and its counsel do not in a reasonable manner pursue the defense of such Proceeding, or (iv) the named parties to any such Proceeding (including any impleaded parties), include both such Indemnified Party and
the Indemnifying Party, or any Affiliate of the Indemnifying Party, and such Indemnified Party shall have been reasonably advised by counsel that, either (x) there may be one or more legal defenses available to it which are different from or
additional to those available to the Indemnifying Party or such Affiliate of the Indemnifying Party or (y) a conflict may exist between such Indemnified Party and the Indemnifying Party or such Affiliate of the Indemnifying Party (in which case
the Indemnifying Party shall not have the right to assume nor direct the defense of such Proceeding on behalf of such Indemnified Party, it being understood, however, that the Indemnifying Party shall not, in connection with any one such Proceeding
or separate but substantially similar or related Proceedings arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one (1) separate firm of attorneys (in addition to any local counsel),
for all such Indemnified Parties, which firm shall be designated in writing by those Indemnified Parties who sold a majority of the Registrable Shares sold by all such Indemnified Parties (excluding Registrable Shares sold by the Company, the
Management Holders or any of their Affiliates) and any such separate firm for the Company, the trustees, the officers and such 

  

 20 

 
control Persons of the Company as shall be designated in writing by the Company). The Indemnifying Party shall not be liable for any settlement of any
Proceeding effected without its written consent, which consent shall not be unreasonably withheld, but if settled with such consent or if there is a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify any Indemnified Party
from and against any loss or Liability resulting from such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened Proceeding in respect of
which any Indemnified Party is or could have been a party or the subject thereof and indemnity could have been sought hereunder by such Indemnified Party, unless (i) such settlement includes an unconditional release of such Indemnified Party
from all liability on claims that are the subject matter of such Proceeding and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of the Indemnified Party. 
 (d) If the indemnification provided for in paragraphs (a) and (b) of this Section 6 is for any reason held to be unavailable to an
Indemnified Party in respect of any Liabilities referred to therein (other than by reason of the exceptions provided therein) or is insufficient to hold harmless a party indemnified thereunder, then each Indemnifying Party under such paragraphs, in
lieu of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities (i) in such proportion as is appropriate to reflect the relative benefits of the
Indemnified Party on the one hand and the Indemnifying Party(ies) on the other in connection with the statements or omissions that resulted in such Liabilities, or (ii) if the allocation provided by clause (i) above is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Indemnifying Party(ies) and the Indemnified Party, as well as any other relevant
equitable considerations. The relative fault of the Company on the one hand and any Purchaser Indemnitees on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact relates to information supplied by the Company or by such Purchaser Indemnitees and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. 
 (e) The parties agree that it would not be just and equitable if contribution pursuant to this Section 6
were determined by pro rata allocation (even if such Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph
6(d) above. The amount paid or payable by an Indemnified Party as a result of any Liabilities referred to in paragraph 6(d) shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses actually
incurred by such Indemnified Party in connection with investigating or defending any such Proceeding. Notwithstanding the provisions of this Section 6, in no event shall a Purchaser Indemnitee be required to contribute any amount in excess of
the amount by which proceeds (net of discounts and commissions) received by such Purchaser Indemnitee from sales of Registrable Shares exceeds the amount of any damages that such Purchaser Indemnitee has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. For purposes of this Section 6, each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act)
FBR or a Holder shall have the same rights to contribution as FBR or such Holder, as the case 

  

 21 

 
may be, and each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) the
Company, and each officer, trustee, partner, member, manager, employee, representative or agent of the Company shall have the same rights to contribution as the Company. Any party entitled to contribution will, promptly after receipt of notice of
commencement of any Proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party
or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 6 or otherwise, except to the extent that any party is actually and materially prejudiced by the
failure to give notice. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act), shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 (f) The indemnity and contribution agreements contained in this Section 6 will be in addition to any liability which the Indemnifying
Parties may otherwise have to the Indemnified Parties referred to above. The Purchaser Indemnitee’s obligations to contribute pursuant to this Section 6 are several in proportion to the respective number of Registrable Shares sold by each
of the Purchaser Indemnitees hereunder and not joint. 
  

	7.	Market Stand-off Agreement 

 Each
Holder hereby agrees that it shall not, to the extent requested in writing by the Company or a managing underwriter of securities of the Company, directly or indirectly sell, offer to sell (including without limitation any short sale), pledge,
contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of or otherwise dispose of or transfer any Registrable Shares or other Common Shares or any
securities convertible into or exchangeable or exercisable for Common Shares then owned by such Holder (other than to donees or partners of the Holder who agree to be similarly bound) for a period commencing up to thirty (30) days prior to the
effective date of the IPO Registration Statement of the Company filed under the Securities Act and ending (x) in the case of the Management Holders, up to one hundred eighty (180) days following such effective date; and (y) in the
case of all other Holders, up to sixty (60) days following such effective date; provided, however, that: 
 (a) the
restrictions above shall not apply to Registrable Shares sold pursuant to the IPO Registration Statement; 
 (b) all officers and trustees of
the Company then holding Common Shares or securities convertible into or exchangeable or exercisable for Common Shares enter into similar agreements for not less than the entire time period required of the Management Holders hereunder; and

 (c) the Holders shall be allowed any concession or proportionate release allowed to any Management Holder or any officer or trustee of the
Company that entered into similar agreements (with such proportion being determined by dividing the number of shares being released with respect to such Management Holder, officer or trustee by the total number of issued and outstanding shares held
by such Management Holder, officer or trustee); provided, 

  

 22 

 
that nothing in this Section 7(c) shall be construed as a right to proportionate release for the Management Holders or officers and trustees of the
Company upon the expiration of the sixty (60) day period applicable to all Holders other than the Management Holders, officers and trustees of the Company. 
 In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the securities subject to this Section 7 and to impose stop transfer
instructions with respect to the Registrable Shares and such other securities of each Holder (and the securities of every other Person subject to the foregoing restriction) until the end of such period. 
  

	8.	Termination of the Company’s Obligation 

 Subject to Section 10(l), the Company shall have no further obligations pursuant to this Agreement at such time as no Registrable Shares are outstanding. 
  

	9.	Limitations on Subsequent Registration Rights 

 From and after the date of this Agreement, the Company shall not, without the prior written consent of Holders beneficially owning not less than a majority of the then outstanding Registrable Shares, enter into any
agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include such securities in any Registration Statement filed pursuant to the terms hereof, unless under
the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such holder’s or prospective holder’s securities will not reduce the amount of
Registrable Shares of the Holders included in the Registration Statement, or (b) to have such holder’s or prospective holder’s securities registered on a registration statement that could be declared effective prior to, or within
sixty (60) days after, the effective date of any Registration Statement filed pursuant to this Agreement. 
  

	10.	Miscellaneous 

 (a)
Remedies. In the event of a breach by the Company of any of its obligations under this Agreement, each Holder, in addition to being entitled to exercise all rights provided herein or, in the case of FBR, in the Initial Purchase/Placement
Agreement or the Subsequent Purchase/Placement Agreement, or granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. Subject to Section 6, the Company agrees that monetary
damages would not be adequate compensation for any loss incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agree that, in the event of any action for specific performance in respect of such breach, it
shall waive the defense that a remedy at law would be adequate. 
 (b) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given, without the written consent of the Company and Holders beneficially owning
not less than a majority of the then outstanding Registrable Shares; provided, however, that for purposes of this Section 10(b), Registrable Shares that are owned, directly or indirectly, by an Affiliate of the Company shall 

  

 23 

 
not be deemed to be outstanding. No amendment shall be deemed effective unless it applies uniformly to all Holders. Notwithstanding the foregoing, a waiver
or consent to or departure from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect,
impair, limit or compromise the rights of any other Holder may be given by such Holder; provided that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the provisions of the immediately
preceding sentence. 
 (c) Notices. All notices and other communications, provided for or permitted hereunder shall be made in writing
and delivered by facsimile (with receipt confirmed), overnight courier or registered or certified mail, return receipt requested, or by telegram: 
 (i) if to a Holder, at the most current address given by the transfer agent and registrar of the Common Shares; 
 (ii) if to the Company at the offices of the Company at 1818 Market Street, 28th Floor, Philadelphia, Pennsylvania 19103, Attention: General Counsel, (facsimile (215) 861-7868); and 
 (iii) if to FBR at the offices of FBR at 1001 Nineteenth Street North, Arlington, Virginia 22209, Attention: Compliance Department,
(facsimile: 703-312-9698); with a copy to Gibson, Dunn & Crutcher LLP, 1050 Connecticut Ave., NW, Washington, D.C. 20036, Attention: Howard B. Adler, Esq., (facsimile: 202-467-0539); 
 Receipt of any notice sent pursuant to this Agreement shall be deemed to occur (x) one (1) Business Day after sending by facsimile (with receipt confirmed),
(y) two (2) Business Days after sending by overnight courier or (z) three (3) Business Days after mailing by the party giving such notice. The Company shall cause the transfer agent to use commercially reasonable efforts to
maintain current addresses of the Holders. 
 (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding
upon the successors and permitted assigns of each of the parties hereto, including, without limitation and without the need for an express assignment or assumption, subsequent Holders. The Company agrees that the Holders shall be third party
beneficiaries to the agreements made hereunder by FBR and the Company, and each Holder shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights hereunder;
provided, however, that such Holder fulfills all of its obligations hereunder. 
 (e) Share Legend. In addition to any other
legend that may appear on the share certificates evidencing the Registrable Shares, for so long as any Shares remain Registrable Shares each share certificate evidencing such Registrable Shares shall contain a legend to the following effect:
“THE SHARES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND ENTITLED TO THE OBLIGATIONS AND BENEFITS OF A CERTAIN AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT, DATED AUGUST 11, 2005”. 
  

 24 

 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE (INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW BUT EXCLUDING ALL OTHER CHOICE OF LAW AND CONFLICTS OF LAWS RULES). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK OR ANY NEW YORK STATE COURT SITTING IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO
UNDER APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (i) Severability. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties hereto that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable. 
 (j) Entire Agreement. This Agreement, together with the Initial Purchase/Placement
Agreement and the Subsequent Purchase/Placement Agreement, is intended by the parties hereto as a final expression of their agreement, and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto
in respect of the subject matter contained herein and therein. Without limiting the foregoing, this Agreement supersedes, terminates and replaces all existing stockholders’ agreements and registration rights agreements relating to the equity
securities of the Company. 
  

 25 

 (k) Registrable Shares Held by the Company or its Affiliates. Whenever the consent or approval of,
or a selection by, the Holders of a specified percentage of Registrable Shares is required hereunder, Registrable Shares held by the Management Holders, the Company or their Affiliates (excluding, if necessary, FBR) shall not be counted in
determining the number of then outstanding Registrable Shares or the number of Registrable Shares providing such consent, approval or selection. 
 (l) Survival. This Agreement is intended to survive the consummation of the transactions contemplated by the Initial Purchase/Placement Agreement and the Subsequent Purchase/Placement Agreement . The indemnification and contribution
obligations under Section 6 and the Company’s obligations under this Section 10 shall survive the termination of the Company’s obligations under Section 2 and Section 8 of this Agreement. 
 (m) Attorneys’ Fees. In any Proceeding brought to enforce any provision of this Agreement, or where any provision hereof is validly asserted
as a defense, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees from the losing party in addition to any other available remedy. 
 [Signature Page Follows] 
  

 26 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    DANIEL G. COHEN        
	Name:	 	Daniel G. Cohen
	Title:	 	Chairman and Chief Executive Officer of
		 	Taberna Realty Finance Trust

  

 27 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    JAMES J. MCENTEE,
III        
	Name:	 	James J. McEntee, III
	Title:	 	Vice Chairman of Taberna Realty Finance Trust

  

 28 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    MITCHELL KAHN        
	Name:	 	Mitchell Kahn
	Title:	 	Executive Vice President of Taberna Realty
		 	Finance Trust

  

 29 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    JACK E. SALMON        
	Name:	 	Jack E. Salmon
	Title:	 	Executive Vice President and Chief Financial
		 	Officer of Taberna Realty Finance Trust

  

 30 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    RAPHAEL LICHT        
	Name:	 	Raphael Licht
	Title:	 	Chief Legal Officer and Secretary of Taberna
		 	Realty Finance Trust

  

 31 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    MICHAEL SHENKMAN        
	Name:	 	Michael Shenkman
	Title:	 	Chief Financial Officer of Cohen Brothers,
		 	LLC

  

 32 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    SHERJEEL KHAN        
	Name:	 	Sherjeel Khan
	Title:	 	Vice President

  

 33 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    WADE VANDERGIFT        
	Name:	 	Wade Vandergift
	Title:	 	Vice President

  

 34 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    ALEX P. CIGOLLE        
	Name:	 	Alex P. Cigolle
	Title:	 	Vice President

  

 35 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    CARI RICHES        
	Name:	 	Cari Riches
	Title:	 	AVR - Treasury

  

 36 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    DAVID SPOONT        
	Name:	 	David Spoont
	Title:	 	Vice President

  

 37 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    WILLIAM TRAVERS        
	Name:	 	William Travers
	Title:	 	Vice President

  

 38 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    JAMES SEBRA        
	Name:	 	James Sebra
	Title:	 	Vice President and Chief Accounting Officer

  

 39 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    THOMAS BOGAL        
	Name:	 	Thomas Bogal
	Title:	 	Vice President

  

 40 

			
	MANAGEMENT HOLDERS
		
	By:	 	/s/    SHAMI PATEL        
	Name:	 	Shami Patel
	Title:	 	 Managing Director and COO
 of the Alesco REIT

  

 41Chaparral Steel Company Financial Security Plan

 Exhibit 10.8 
 SECOND AMENDED AND RESTATED FINANCIAL SECURITY PLAN 
 OF 
 CHAPARRAL STEEL COMPANY 
 Effective
January 1, 2007 

 SECOND AMENDED AND RESTATED FINANCIAL SECURITY PLAN 
 OF 
 CHAPARRAL STEEL COMPANY

 TABLE OF CONTENTS 
  

					
	 ARTICLE I
	  	 PREAMBLE AND PURPOSE
	  	1
			
	 ARTICLE II
	  	 DEFINITIONS AND CONSTRUCTION
	  	1
			
	 ARTICLE III
	  	 ELIGIBILITY AND MEMBERSHIP
	  	4
			
	 ARTICLE IV
	  	 RETIREMENT BENEFIT AND BENEFIT UPON SEPARATION FROM SERVICE
	  	6
			
	 ARTICLE V
	  	 DEATH BENEFIT
	  	8
			
	 ARTICLE VI
	  	 DISABILITY
	  	9
			
	 ARTICLE VII
	  	 SOURCE OF BENEFITS
	  	9
			
	 ARTICLE VIII
	  	 AMENDMENT AND TERMINATION OF THE PLAN
	  	10
			
	 ARTICLE IX
	  	 OTHER BENEFITS AND AGREEMENTS
	  	12
			
	 ARTICLE X
	  	 RESTRICTIONS ON ALIENATION OF BENEFITS
	  	12
			
	 ARTICLE XI
	  	 ADMINISTRATION OF THIS PLAN
	  	13
			
	 ARTICLE XII
	  	 NON-COMPETE
	  	14
			
	 ARTICLE XIII
	  	 NAMED FIDUCIARY AND CLAIMS PROCEDURE
	  	14
			
	 ARTICLE XIV
	  	 ADOPTION OF PLAN BY SUBSIDIARY, AFFILIATED OR ASSOCIATED COMPANIES
	  	17
			
	 ARTICLE XV
	  	 MISCELLANEOUS
	  	17

  

 SECOND AMENDED AND RESTATED FINANCIAL SECURITY PLAN 
 OF 
 CHAPARRAL STEEL COMPANY

 ARTICLE I 
 PREAMBLE AND PURPOSE 
  

	 1.1
	 Preamble. Chaparral Steel Company, a Delaware corporation (the “Company”), established that certain Financial Security Plan of
Chaparral Steel Company (the “July 2005 Plan”) effective July 29, 2005 pursuant to Section 5.18(b)(i) of that certain Separation and Distribution Agreement, dated July 6, 2005, between the Company and Texas
Industries, Inc. (the “Separation Agreement”) to provide for the payment of benefits as provided in the Separation Agreement which accrued prior to July 29, 2005 in the Texas Industries, Inc. Financial Security Plan (the
“TXI FSP”) with respect “Chaparral Business Employees” as that term is defined in the Separation Agreement and to provide for the payment of benefits to Eligible Employees employed by the Company and its
Subsidiaries on and after July 29, 2005. 

 By this instrument, the Company is amending and restating
the January 2006 Plan as of the Effective Date to comply with the provisions of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and to incorporate certain design changes desired by the Company.

 The Company may purchase insurance or adopt one or more trusts to serve as a possible source of funds for the payment of
benefits under this Plan. 
  

	 1.2
	 Purpose. Through this Plan, the Company intends to permit the deferral of compensation and to provide certain benefits to a select group of management or
highly compensated employees of the Company and its Subsidiaries. 

 ARTICLE II 
 DEFINITIONS AND CONSTRUCTION 
  

	 2.1
	 Definitions. Capitalized terms used but not otherwise defined herein will have the meaning set forth in this Section 2.1, unless a different
meaning is required by the context in which the word or phrase is used. 

  

	 	 (a)
	 “Administrative Committee” means those members of the Committee appointed pursuant to Article XI for the purpose of administering
this Plan with respect to Participants who are not Executive Officers of the Company. 

  

	 	 (b)
	 “Beneficiary” means an individual entitled to receive benefits under this Plan upon the death of a Participant.

  

	 	 (c)
	 “Beneficiary Designation” means the form of written agreement, attached hereto as Appendix C, by which a Participant designates a
Beneficiary or Beneficiaries. All Beneficiary Designations will apply to this Plan until the Participant amends or revokes such Beneficiary Designation. 

  

	 	 (d)
	 “Cause” means any action involving willful malfeasance or gross negligence or material non-feasance. 

 

	 	 (e)
	 “Committee” means (i) with respect to Participants who are not Executive Officers, the Administrative Committee appointed to
manage and administer this Plan in accordance with the provisions of Article XI, and (ii) with respect to Participants who are Executive Officers of the Company, the Board of Directors of the Company or a committee of directors selected
by the Board of Directors. 

	 	 (f)
	 “Covered Salary” means a Participant’s base annual salary excluding bonuses or other fringe benefits, if any, which the
Participant chooses in the Participant’s Plan Agreement (at a level of either fifty percent (50%) or one hundred percent (100%)) as the basis for computation of the Retirement or Death Benefit pursuant to the terms and conditions of
this Plan. 

  

	 	 (g)
	 “Death Benefit” means any benefit to which a Participant is entitled as described in Article V.

  

	 	 (h)
	 “Deferrals” means those amounts of Covered Salary the Participant elects to defer under this Plan as set forth in the
Participant’s Election to Participate and Plan Agreement. 

  

	 	 (i)
	 “Deferred Retirement Benefit” means the benefit described in Section 4.4. 

  

	 	 (j)
	 “Disability” or “Disabled” means that the Participant is totally and permanently disabled within the
meaning of the long-term disability plan sponsored by the Employer. 

  

	 	 (k)
	 “Disability Benefit” means the benefit described in Section 6.1. 

  

	 	 (l)
	 “Early Retirement Age” means age fifty-five (55). However, as required by Internal Revenue Service Notice 2006-79, a Participant
who terminates employment in 2007 and is between the ages of fifty-five (55) and fifty-nine (59) is not eligible for the Early Retirement Benefit. Such a Participant’s benefits will be payable pursuant to Section 4.4.

  

	 	 (m)
	 “Early Retirement Benefit” means the benefit described in Section 4.3. 

  

	 	 (n)
	 “Early Retirement Date” means the first day of any month following the month in which the Participant has attained Early
Retirement Age and has Retired; provided such day occurs prior to the day the Participant attains Normal Retirement Age. 

  

	 	 (o)
	 “Effective Date” means January 1, 2007. 

  

	 	 (p)
	 “Election Form” means the form of written agreement attached as Appendix D entered into by the Participant irrevocably electing to
delay payment of his Early Retirement Benefit or Normal Retirement Benefit for a period of five (5) years. 

  

	 	 (q)
	 “Election to Participate” means the form of written agreement attached as Appendix A that will be executed and entered into
between a Participant and the Employer specifying the amount of Covered Salary to be deferred under this Plan as provided in Article III. A Participant’s Election to Participate will apply to this Plan until the applicable Participant
amends or revokes such Election to Participate. 

  

	 	 (r)
	 “Eligible Employee” means any Employee who is hereafter selected by the Committee and who is in the regular full time employment
of the Company or one of its Subsidiaries as determined by the personnel rules and practices of the Company or the Subsidiary. 

  

	 	 (s)
	 “Employee” means an individual employed by the Employer in the relationship of employer and employee. The term does not include
persons who are retained as consultants, leased or contract employees or other independent contractors even if such persons are determined by the Employer, the Internal Revenue Service, the Department of Labor or a court of competent jurisdiction to
be common law employees of the Employer. 

	 	 (t)
	 “Employer” means the Company or any Subsidiary who has adopted this Plan as a participating employer who has one or more Eligible
Employees who have been selected by the Committee to participate in this Plan as provided in Article III. Where the context dictates, the term “Employer” as used herein refers to a particular Employer which has entered into an
Election to Participate and a Plan Agreement with a specific Participant. 

  

	 	 (u)
	 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

  

	 	 (v)
	 “Executive Officers” means (i) the persons designated as “Executive Officers” by the Board of Directors of the
Company and (ii) those persons described in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended. 

  

	 	 (w)
	 “Five Percent Owner” means a five percent (5%) owner within the meaning of section 416(i) of the Code.

  

	 	 (x)
	 “Key Employee” means a key employee within the meaning of section 416(i) of the Code. 

  

	 	 (y)
	 “Late Retirement Benefit” means the benefit to be paid to a Participant pursuant to Section 4.2.

  

	 	 (z)
	 “Level of Participation” means the percentage of Covered Salary (either fifty percent (50%) or one hundred percent
(100%)) selected by a Participant in connection with the Participant’s participation in this Plan. 

  

	 	 (aa)
	 “Normal Retirement Age” means age sixty-five (65) except for Transfer Participants who were Texas Industries, Inc. executive
officers prior to the Texas Industries, Inc. /Chaparral Steel Company merger whose Normal Retirement Age is sixty (60). 

  

	 	 (bb)
	 “Normal Retirement Benefit” means the benefit described in Section 4.1. 

  

	 	 (cc)
	 “Normal Retirement Date” means the first day of the month following the month in which the Participant attains Normal Retirement
Age. 

  

	 	 (dd)
	 “Open Enrollment Period” means the period occurring each year during which an Eligible Employee may select his or her Level of
Participation and elect to defer Covered Salary for a subsequent Plan Year pursuant to Article III. 

  

	 	 (ee)
	 “Original Entry Date” means with respect to Plan A, B or C Participants, the date the Participant commenced participation in the
Plan and with respect to Plan D Participants, the date such Participant first became an employee of Texas Industries, Inc. or one of its subsidiaries. 

  

	 	 (ff)
	 “Participant” means any Eligible Employee who was or is hereafter selected by the Committee and elected to participate in the Plan
as provided in Article III. 

  

	 	 (gg)
	 “Plan” means this Second Amended and Restated Financial Security Plan of Chaparral Steel Company, which will be evidenced by this
instrument and by each Election to Participate and Plan Agreement. Except as otherwise required by the context, references to “this Plan” will be deemed to include the TXI FSP, the Financial Security Plan of Chaparral Steel Company
effective July 29, 2005, and the Financial Security Plan of Chaparral Steel Company adopted January 12, 2006 and effective July 29, 2005. 

  

	 	 (hh)
	 “Plan Agreement” means, the written agreement in the form attached hereto as Appendix B which is entered into by and between an
Employer and a Participant. 

	 	 (ii)
	 “Plan Entry Date” means, with respect to Participants who were Participants in the TXI FSP (Plan D), the date the Participant
commenced participation in the TXI FSP. The Plan Entry Date is only applicable in the event this Plan is terminated and liquidated pursuant to Section 8.2(b). 

  

	 	 (jj)
	 “Plan Year” means each twelve (12) month period (beginning January 1 and ending December 31) included within the
term of this Plan or any predecessor plan. 

  

	 	 (kk)
	 “Retirement” and “Retire” means a Participant’s separation from service with the Company and its
Subsidiaries after having become fully Vested and on or after his or her attainment of Early Retirement Age or Normal Retirement Age. 

  

	 	 (ll)
	 “Retirement Benefit” means any benefit to which a Participant is entitled as described in Article IV.

  

	 	 (mm)
	 “Special Enrollment Period” means the thirty (30) day period after an Eligible Employee is employed by the Employer and
advised of his or her eligibility to participate in this Plan during which the Eligible Employee may select his or her Level of Participation and elect to defer his or her Covered Salary earned after such election pursuant to Article III. The
Committee may also designate certain periods as Special Enrollment Periods to the extent permitted under section 409A of the Code. 

  

	 	 (nn)
	 “Subsidiary” means any business organization in which the Company, directly or indirectly, owns an ownership interest, excluding
ownership interests the Company may hold in its fiduciary capacity as trustee or otherwise, and any other business organization that the Board of Directors designates as a Subsidiary for purposes of this Plan. 

  

	 	 (oo)
	 “TXI FSP” means the Texas Industries, Inc. Financial Security Plan. 

  

	 	 (pp)
	 “Vested” or “Vesting” means the status that a Participant obtains with respect to benefits selected under
this Plan that is based on either such Participant’s years of Plan participation or the occurrence of a specified event (e.g., Disability or death). Generally, a Participant will become Vested with respect to the benefits attributable to each
Level of Participation selected under this Plan once he or she has completed five (5) consecutive years of Plan participation, with such status accruing at the rate of twenty percent (20%) each year. However, the Committee, in its sole and
absolute discretion, may prescribe alternative conditions under which a Participant will become Vested; provided, such conditions are set forth in the Participant’s Plan Agreement. 

  

	 	 (qq)
	 “Vested Percentage” means the percent to which a Participant is Vested in the benefits to be provided under this Plan
(i.e., twenty percent (20%), forty percent (40%), sixty percent (60%), eighty percent (80%) or one hundred percent (100%)). 

	 2.2
	 Construction. If any provision of this Plan is determined to be for any reason invalid or unenforceable, the remaining provisions of this Plan will
continue in full force and effect. All of the provisions of this Plan will be construed and enforced in accordance with the laws of the State of Texas and will be administered according to the laws of such state, except as otherwise required by
ERISA, the Code or other applicable federal law. Headings and subheadings of this Plan are for the purpose of reference only and are not to be considered in the construction of this Plan. 

 ARTICLE III 
 ELIGIBILITY AND
MEMBERSHIP 
  

	 3.1
	 Open Enrollment Period. The Committee will have the sole discretion to determine the Eligible Employees who are eligible to become Participants in
accordance with the purpose of this Plan. During the Open Enrollment Period, each Eligible Employee will be contacted and informed that he or she may select a Level of Participation and elect to defer portions of his or her Covered Salary to this
Plan for the following Plan Year and will be provided with an Election to Participate and a Plan Agreement. An Eligible Employee will become a Participant by completing such forms and selecting a Level of Participation and making a Deferral election
pursuant to Section 3.3. 

  

	 3.2
	 Eligibility on Initial Employment. If an Eligible Employee is first designated by the Committee to be a Participant after the commencement of a Plan Year,
then as permitted pursuant to section 409A of the Code, such Eligible Employee may elect to participate in this Plan during the Special Enrollment Period for the remainder of such Plan Year. 

  

	 3.3
	 Level of Participation and Deferral of Covered Salary. Each Eligible Employee who elects to participate in this Plan must select a Level of Participation
and must elect to defer an associated amount of Covered Salary. Such Deferral election will become effective as of the first day of the immediately following Plan Year, in the case of enrollment pursuant to Section 3.1, and effective for
the remainder of the Plan Year, in the case of enrollment pursuant to Section 3.2, and will continue in force for all subsequent Plan Years unless it is modified or revoked by the Participant prior to the beginning of each Plan Year. By
making a Deferral election, the Participant agrees that all amounts of Covered Salary deferred thereby will be irrevocably deferred and that the Participant will be entitled solely to the benefits provided under this Plan.

 A Participant may elect to change his or her Level of Participation for any subsequent Plan Year to
either modify such Level of Participation from fifty percent (50%) to one hundred percent (100%) of Covered Salary, or visa versa. Additionally, a Participant may elect to forego additional increases in Covered Salary. Any such change in
the Level of Participation or Deferral election will be reflected in a new Plan Agreement and Election to Participate and will become effective as of January 1 of the immediately following Plan Year. A Participant who changes his or her Level
of Participation will continue to be Vested with respect to the new Level of Participation to the same extent the Participant was Vested in the prior Level of Participation. A Participant’s Deferral election will cease as of the earlier of his
or her separation from service (including a deemed separation from service on account of Disability as provided in Article VI), Retirement, or at the end of the Plan Year in which his or her Plan Agreement is terminated. The amount of each
Participant’s Covered Salary deferred pursuant to this Article III, will be and remain solely the property of the Employer, and a Participant will have no right thereto, nor will the Employer be obligated to use such amounts in any
specific manner. In the event a Participant changes his or her Level of Participation, such change will affect (in a pro-rata manner) the Participant’s Deferrals and the Participant’s projected benefits under this Plan. The affect of such
change will be reflected on the Participant’s Election to Participate and Plan Agreement with respect to both the Participant’s Deferrals and the Participant’s projected benefits. 
  

	 3.4
	 Loss of Eligibility Status. A Participant under this Plan who separates from service with the Employer prior to Retirement for a reason other than death,
Disability or Cause, or who ceases to be an Eligible 

 
Employee after having become fully or partially Vested will be entitled to a Deferred Retirement Benefit pursuant to Article IV. Conversely, a
Participant under this Plan who separates from service with the Employer for Cause regardless of whether such Participant has become fully or partially Vested, will not be entitled to any benefits under this Plan. Likewise, a Participant under this
Plan who separates from service with the Employer for a reason other than death or who ceases to be an Eligible Employee, before having become fully or partially Vested will not be entitled to any benefits under this Plan except as provided in
Article VIII regarding termination of this Plan. 
 ARTICLE IV 
 RETIREMENT BENEFIT AND BENEFIT UPON 
 SEPARATION FROM SERVICE 

 

	 4.1
	 Normal Retirement Benefit. An Eligible Employee will be entitled to a Normal Retirement Benefit under this Plan if he or she continues in the employment
of the Employer as a Participant in this Plan until the Participant’s Normal Retirement Age (i.e., the Participant’s Election to Participate and Plan Agreement have been kept in force), has fully Vested and Retires (i.e.,
Retires at his or her Normal Retirement Date). Such Normal Retirement Benefit will equal the total amount specified in the Participant’s Plan Agreement as a Retirement Benefit and will be divided into a Part A Benefit and a Part B Benefit:

  

	 	 (a)
	 Part A Benefit. The Part A Benefit is a monthly Retirement Benefit which will equal the amount and will be paid for the duration of time specified in the
Participant’s Plan Agreement commencing as of the first day of the month following the Participant’s Retirement subject to the provisions of Section 4.6 for Key Employees and pursuant to Section 4.5 for Participants
who elect to delay payment of retirement benefits. 

  

	 	 (b)
	 Part B Benefit. The Part B Benefit is a Post Retirement Death Benefit for the amount specified in the Participant’s Plan Agreement and will be paid
to the Participant’s Beneficiary in a lump sum upon the death of the Participant. 

  

	 4.2
	 Late Retirement Benefit. A Participant who satisfies the criteria set forth in Section 4.1 and who continues employment with the Employer
after his or her Normal Retirement Age will be entitled to payment of his or her Normal Retirement Benefit upon his or her Retirement in accordance with Section 4.1. 

  

	 4.3
	 Early Retirement Benefit. An Eligible Employee will be entitled to an Early Retirement Benefit under this Plan if he or she continues in the employment of
the Employer as a Participant in this Plan until the Participant’s Early Retirement Age (i.e., the Participant’s Election to Participate and Plan Agreement have been kept in force), has fully vested and Retires (i.e., Retires
on or after his or her Early Retirement Date but before his or her Normal Retirement Date). In such event, the Participant’s Early Retirement Benefit will be the Part A Benefit described in Section 4.1(a) multiplied by a fraction,
which will not exceed one (1), the numerator of which is the number of whole years between the Participant’s Original Entry Date and the date of his or her Retirement and the denominator of which is the number of whole years between the
Participant’s Original Entry Date and the Participant’s Normal Retirement Date. The said amount will be the only benefit to which such Participant will be entitled prior to his or her death and will be paid in accordance with
Section 4.1(a) above. 

 The Part B Death Benefit, payable by reason of the Participant’s
early Retirement will be calculated in accordance with the formula as stated in this Section 4.3. Such Part B Death Benefit, will be paid to the Participant’s Beneficiary in a lump sum at the time of the Participant’s death.

  

	 4.4
	 Deferred Retirement Benefit. A Participant who ceases to be a Participant after becoming fully or partially Vested before his or her Retirement Date
(other than as a result of death, Disability or separation from service for Cause), will receive a Deferred Retirement Benefit which will be payable in the manner 

 
specified in Section 4.1 upon the earlier of (a) the Participant’s death or (b) the Participant’s separation from service and
attainment of Normal Retirement Age, subject to the provisions of Section 4.7 regarding de minimis payments. 
 The Part A Deferred Retirement Benefit payable to the Participant pursuant to this Section 4.4 will be the Part A Benefit described in Section 4.1(a) multiplied (i) by a fraction which will not exceed one (1),
the numerator of which is the number of whole years between the Participant’s Original Entry Date and the date the Employee ceases to be a Participant as described above and the denominator of which is the number of whole years between the
Participant’s Original Entry Date and the Participant’s Normal Retirement Date and by (ii) the Participant’s Vested Percentage as of the date the Participant ceased to be a Participant. The Part B Post Retirement Death Benefit,
payable to the Participant pursuant to this Section 4.4 will be the Part B Death Benefit described in Section 4.1(b) calculated in accordance with the formula as stated in this Section 4.4. 
 Such prorated Part A Benefit amount and prorated Part B Benefit will be the only benefit to which such Participant will be entitled if the
Participant lives to the Participant’s Normal Retirement Age. If the Participant dies prior to such date, such prorated Part B Benefit will be paid to the Participant’s Beneficiary in a lump sum upon the death of the Participant and said
prorated Part A Benefit will commence upon the death of the Participant and be paid to the Participant’s Beneficiary pursuant to Section 4.1(a). 
 Notwithstanding the foregoing provisions of this Section 4.4, a Participant who ceases to be an Employee after becoming fully or partially Vested due to Cause will not be entitled to
any benefits under this Plan, and the Employer will have no obligation to such Participant. 
  

	 4.5
	 Election to Delay Payment of Retirement Benefit. As permitted by section 409A of the Code, the Participant may irrevocably elect (by filing with the
Company an Election Form) to delay the commencement of his or her Early Retirement Benefit payable pursuant to Section 4.3 or Normal Retirement Benefit payable pursuant to Section 4.1 to the date which is five (5) years
after the date such payment would have otherwise been made (i.e., the first day of the month following the Participant’s Retirement (or the date specified in the Participant’s Plan Agreement)) provided that such election is made at
least twelve (12) months before the payment would have otherwise been made (i.e., is made at least twelve (12) months prior to Retirement (or the date specified in the Participant’s Plan Agreement)). For example, if a
Participant makes such election at age sixty (60) and Retires at age sixty-two (62), payment of his or her Normal Retirement Benefit will not be made until age sixty-seven (67). Similarly, if a Participant makes such election and Retires at age
sixty-five (65), payment of his or Normal Retirement Benefit will not commence until age seventy (70). 

 If
a Participant makes an election pursuant to this Section 4.5 and Retires less than twelve (12) months thereafter, such election will be of no effect and payment of his or her Retirement Benefit will be made pursuant to
Section 4.1 regarding the Normal Retirement Benefit or Section 4.3 regarding the Early Retirement Benefit, subject to Section 4.6. Likewise, if a Participant does not elect to delay the payment of his or her Early
Retirement Benefit or Normal Retirement Benefit pursuant to this Section 4.5, payment of such Early Retirement Benefit or Normal Retirement Benefit, will, subject to Section 4.6, commence as of the first day of the month
following the Participant’s Retirement as provided in Section 4.1 regarding the Normal Retirement Benefit or Section 4.3 regarding the Early Retirement Benefit. 
 The election provided pursuant to this Section 4.5 will not be applicable to the Deferred Vested Retirement Benefit payable
pursuant to Section 4.4. 
  

	 4.6
	 Termination Distributions to Key Employees. Notwithstanding the foregoing provisions of this Article IV, distributions under this Plan that are
payable to a Key Employee on account of Retirement will be delayed for a period of six (6) months and one (1) day following such Participant’s Retirement. This restriction will not apply, or will cease to apply, with respect to a
distribution to a Participant’s Beneficiary by reason of the death of the Participant. 

	 4.7
	 De Minimis Distributions. Notwithstanding the foregoing provisions of this Article IV, in the event that a Participant ceases participation in this
Plan and the Participant’s Vested Percentage in his Retirement Benefit does not exceed ten thousand dollars ($10,000) (or such other amount as may be prescribed pursuant to regulations issued under section 409A of the Code), such benefit will
be paid to the Participant in the form of a lump sum cash payment upon the earlier of (a) his or her separation from service with the Company and its Subsidiaries or (b) December 31 of the fifth (5th) year after the year in which
the Participant ceased participation in the Plan. Such lump sum payment will be made, subject to the provisions of Section 4.6, as soon as practicable following the date set forth above but no later than the later of December 31 of
the calendar year in which the Participant separates from service or the fifteenth (15th) day of the third (3rd) month following the Participant’s separation from service. At the time the Participant receives such distribution his
non-Vested Percentage in his Retirement Benefit will be forfeited and such Participant will be precluded from recommencing participation in this Plan for a period of five (5) years following the date of such distribution.

 ARTICLE V 
 DEATH BENEFIT 
  

	 5.1
	 Amount and Payment of Death Benefit. If a Participant dies before Retirement and this Plan is in effect at the time, the Employer will pay or cause to be
paid a Death Benefit to such Participant’s Beneficiary. The Death Benefit will be the greater of (a) the Early Retirement Benefit payable pursuant to the provisions of Section 4.3 determined as if the Participant were fully
Vested or (b) one hundred percent (100%) of the Participant’s Covered Salary as set forth in the Participant’s Plan Agreement for the first twelve (12) months after such death and fifty percent (50%) of the said Covered
Salary for the next one hundred and eight (108) months or until the Participant’s Normal Retirement Age, whichever is later. Such payments will commence as of the first day of the month following the date of death after notification of
death has been given to the Employer. 

  

	 5.2
	 Entitlement to Death Benefit. The obligation of the Employer to pay the Death Benefit will exist only if: 

  

	 	 (a)
	 at the time of death the Participant was an Employee, Disabled, or on an authorized leave of absence; 

  

	 	 (b)
	 the Plan Agreement was in force on the date of death; 

  

	 	 (c)
	 the Participant’s death was not a result of suicide within two (2) years after the date of the Participant’s original Plan Agreement, or within
two (2) years of the date of any subsequent Plan Agreement which is the result of additional benefits granted because of an increase in the Participant’s Covered Salary or a change in the Level of Participation, but the amount of the Death
Benefit which the Employer will not be obligated to pay will be limited to additional benefits granted within two (2) years prior to the date of such suicide; 

  

	 	 (d)
	 the Participant’s death was determined not to be from a bodily or mental cause or causes, the information about which was withheld, or knowingly concealed,
or falsely provided by the Participant when requested by the Employer to furnish evidence of good health upon the Participant’s enrolling in this Plan or for any increase in the Participant’s Covered Salary, but the amount of the Death
Benefit which the Employer will not be obligated to pay will be limited to additional benefits granted within two (2) years prior to the date of such last increment of Covered Salary; and 

  

	 	 (e)
	 proof of death in such form as determined acceptable by the Committee is furnished. 

  

	 5.3
	 Beneficiary Designation. A Participant may designate a Beneficiary by completing and filing a Designation of Beneficiary Form with the Committee. If more
than one Beneficiary is named, the shares 

 
and preference of each will be indicated. If the Participant is married, his or her spouse will automatically be his or her Beneficiary unless another
Beneficiary is designated under this Section 5.3 and the Participant’s spouse consents in writing to such other Beneficiary designation. The effective date of a Beneficiary Designation will be the date such Designation of
Beneficiary Form was executed by the Participant. 
 If the Committee has any doubt as to the proper Beneficiary to receive
payments pursuant to this Plan, it will have the right to withhold such payments until the matter is finally adjudicated. Any payment made by the Employer in accordance with this Plan in good faith will fully discharge the Employer from all further
obligations with respect to such payment. 
 ARTICLE VI 
 DISABILITY 
  

	 6.1
	 Entitlement to Disability Benefit. A Participant who becomes Disabled while in the employ of the Employer will be entitled, subject to the provisions of
Section 4.6, to payment of a Disability Benefit pursuant to this Article VI. During the first six (6) months of such Disability, the Participant’s Deferrals will continue under this Plan and such six (6) month period will be
included in any calculation of the Participant’s Vested Percentage. At the end of such six (6) month period, the Participant will be deemed to have incurred a separation from service for purposes of section 409A of the Code and such Deferrals
will cease. A Disability Benefit will be paid as a pro rated Normal Retirement Benefit pursuant to Section 4.1 upon (a) the Participant’s attainment of Normal Retirement Age, if the Participant becomes Disabled before attaining Early
Retirement Age or (b) the first of the month following the Participant’s deemed separation from service pursuant to this Section 6.1 (i.e., the end of the first six (6) months of Disability), if the Participant becomes Disabled on or
after the attainment of Early Retirement Age subject to an election made under Section 4.5). 

 The
amount of the above-referenced pro rated Normal Retirement Benefit otherwise payable pursuant to Section 4.1 will be determined by multiplying the Normal Retirement Benefit otherwise payable pursuant to Section 4.1 by
(i) a fraction which will not exceed one (1), the numerator of which is the number of whole years between the Participant’s Original Entry Date and the date six (6) months subsequent to the date on which the Employee became Disabled
and the denominator of which is the number of whole years between the Participant’s Original Entry Date and the Participant’s Normal Retirement Date and (ii) the Participant’s Vested Percentage as of the first day of the seventh
(7th) month subsequent to the date on which the Participant became Disabled. 
  

	 6.2
	 Recovery from Disability. If a Participant recovers from his or her Disability and is reemployed by the Employer as an Eligible Employee, such Participant
will not be permitted to reenter the Plan. Any benefits the Participant is receiving under the Plan during his prior period of employment will continue to be paid. 

  

	 6.3
	 Death while Disabled. If a Participant, while Disabled, dies prior to the commencement of his or her Retirement Benefit pursuant to Article IV, the
Death Benefit provided in Article V will be paid in accordance with the provisions of that Article. 

 ARTICLE VII

 SOURCE OF BENEFITS 
  

	 7.1
	 Source of Benefits. Amounts payable to a Participant will be paid exclusively from the general assets of the Employer; provided, that the Employer may
purchase insurance or establish a rabbi trust to serve as a source of funds for the benefits payable under this Plan. The Employer’s liability for the payment of benefits will be evidenced only by this Plan and the Plan Agreement entered into
between the Employer and a Participant. 

	 7.2
	 Creditor Status. Participants and their Beneficiaries will be general unsecured creditors of their respective Employer with respect to the payment of any
benefit under this Plan. No Participant or Beneficiary entitled to any payment will have any claim, right, security or other interest in any particular asset of the Employer. 

  

	 7.3
	 Evidence of Insurability. The Employer has purchased and may continue to purchase corporate owned life insurance as a source of funds for the payment of
benefits under this Plan. Each Participant’s Level of Participation is (a) designed to be commensurate with the amount of insurance that may be obtained on the Participant’s life at standard rates and (b) conditioned upon the
Employer being able to obtain life insurance with respect to the life of a Participant at standard rates in an amount sufficient to fund the payment of benefits under this Plan. Accordingly, the Employer may require that a Participant furnish
evidence of good health when first enrolling in this Plan and upon electing any additional increment of participation. 

  

	 	 (a)
	 Obligation of Participant. The Participant agrees to cooperate by furnishing such information as the Employer may require, including but not limited, to
physical examination reports of any previous employer; taking such additional physical examinations as may be requested by the Employer; and doing any other act which may be requested by the Employer. 

  

	 	 (b)
	 Adjustment of Participation Levels or Deferrals Prior to Enrollment. If, prior to acceptance of an Eligible Employee’s election to participate in
this Plan or to increase his or her Level of Participation, the Employer makes application for life insurance on the Eligible Employee’s life and the Eligible Employee cannot provide evidence of good health at standard rates or for the amounts
initially contemplated in connection with his or her contemplated Level of Participation in this Plan, the Employer may, at its sole discretion, prior to the acceptance of an Eligible Employee’s election to participate in this Plan, permit the
Eligible Employee to enroll in this Plan pursuant to the requirements of Article III at a modified Level of Participation (i.e., other than fifty percent (50%) or one hundred percent (100%) of the Participant’s Covered
Salary) upon such Deferral of his or her Covered Salary as the Employer may, in its sole discretion, deem appropriate. 

  

	 	 (c)
	 Adjustment of Participation Levels or Deferrals After Enrollment. If, after the Participant has elected to participate in this Plan, selected a Level of
Participation and commenced the Deferral of Covered Salary pursuant to Article III, the Employer makes application for life insurance on the Participant’s life and the Participant cannot provide evidence of good health at standard
rates or for the amounts initially contemplated in connection with his or her selected Level of Participation in this Plan, the Committee may determine that the Participant’s participation in this Plan will be terminated for all future years,
may require the Participant to increase the amount of his or her Covered Salary Deferrals for future Plan Years to enable the Participant to continue his or her previously selected Level of Participation or may reduce the Participant’s Level of
Participation to an amount commensurate with the level of insurance that may be procured with respect to such Participant at standard rates. 

 ARTICLE VIII 
 AMENDMENT AND TERMINATION OF THE PLAN 
  

	 8.1
	 Amendment of Plan. Both the Company, through an action of its Board of Directors or an authorized committee of such Board, and the Committee reserve the
right in their sole and absolute discretion to amend the prospective application of this Plan in any respect at any time. Other than termination of this Plan and as otherwise required by law, no amendment to this Plan may materially and adversely
affect the then accrued and Vested rights of a Participant. 

	 8.2
	 Termination of Plan. Either the Company, through an action of its Board of Directors or an authorized committee of such Board, or the Committee may
terminate this Plan in whole or in part at the end of any Plan Year. Following such termination, the benefits payable under this Plan will be paid as set forth in Section 8.2(a), unless the Company or Committee elects to liquidate this
Plan pursuant to Section 8.2(b); provided, however, that, except as required to comply with section 409A of the Code in the case of the liquidation of this Plan, no termination of this Plan will affect the benefits payable to
Participants who as of the date of termination have already become entitled to receive payment of benefits pursuant to this Plan (e.g., Participants who have Retired prior to the termination of this Plan, etc.). 

 

	 	 (a)
	 No Early Plan Liquidation. Each Participant who is fully or partially Vested as of the date on which this Plan is terminated and who has been a
Participant in this Plan for at least one (1) full calendar year will be entitled to receive a Retirement Benefit payable upon the earlier of the Participant’s death or the distribution date determined pursuant to Article IV subject
to the provisions of Section 4.6 regarding distributions to Key Employees, Section 4.7 regarding de minimis payments and Article VI regarding Disability. The Part A Benefit payable to the Participant pursuant to this
Section 8.2(a) will be the Part A Benefit described in Section 4.1(a) multiplied (i) by a fraction which will not exceed one (1), the numerator of which is the number of whole years between the Participant’s
Original Entry Date and the date on which this Plan is terminated and the denominator of which is the number of whole years between the Participant’s Original Entry Date and the Participant’s Normal Retirement Date and by (ii) the
Participant’s Vested Percentage as of the date on which this Plan is terminated and by (iii) the fraction determined under Section 4.3 if the Participate is eligible for an Early Retirement Benefit. The Part B Benefit payable
to the Participant pursuant to this Section 8.2(a) will be the Part B Benefit described in Section 4.1(b) calculated in accordance with the formula as stated in this Section 8.2(a) (i.e., the Part B amount
set forth in the Participant’s Plan Agreement multiplied by the fraction and Vested Percentage referenced above). 

 If the Participant lives to such Participant’s distribution date, the Participant will receive the Part A Benefit and, upon his or her death, the Part B Benefit both prorated in accordance with this
Section 8.2(a). If the Participant dies prior to such distribution date, such prorated Part B Benefit will be paid to the Participant’s Beneficiary in a lump sum upon the death of the Participant and said prorated Part A Benefit
will commence upon the death of the Participant and be paid to the Participant’s Beneficiary in the installments set forth in Section 4.1. 
 Each Participant who is fully or partially Vested as of the date on which this Plan is terminated and who has not been a Participant in this Plan for at least one (1) full calendar year will
be entitled to receive an amount equal to the amount of his or her Covered Salary Deferrals plus ten percent (10%) of such Covered Salary Deferrals. Such amount will be paid upon the earlier of the Participant’s death or Retirement subject
to the provisions of Section 4.6 regarding distributions to Key Employees and Section 4.7 regarding de minimis payments. 
  

	 	 (b)
	 Early Liquidation of Plan. If, however, the Company or the Committee elects to liquidate this Plan in connection with such termination within the period
prescribed by section 409A of the Code, each affected Participant will be entitled to a benefit the amount of which will be determined as follows: (i) if the Participant participated in this Plan for less than one (1) year, the Participant
will be entitled to an amount equal to the amount of his or her Covered Salary Deferrals plus ten percent (10%) of such Covered Salary Deferrals and (ii) if the Participant participated in this Plan for more than one (1) year, the
Participant will receive the present value of the amount of his or her Part A Benefit that would otherwise be payable at his or her Normal Retirement Date in accordance with Article IV determined pursuant to this Section 8.2(b)
using the discount rate used by the Company in the preparation of the portion of its most recent annual financial statements describing its obligations pursuant to this Plan. Such Part A benefit will equal the Part A Benefit described in
Section 4.1(a) multiplied (A) by a fraction which will not exceed one (1), the numerator of which is the number of whole years between the Participant’s Original Entry Date and the date on which this Plan is terminated and the
denominator of which is the number of whole years between the Participant’s Original Entry Date and the Participant’s Normal 

	 	 
Retirement Date and by (B) the Participant’s Vested Percentage as of the date on which this Plan is terminated; provided, however, with respect to
Participants who are Plan D Participants, when calculating the Part A Benefit payable to such a Participant, the Plan Entry Date set forth in such Plan Agreement will be substituted for the Original Entry Date in the above-fraction. The Company
warrants that any such liquidation will comply with the requirements of section 409A of the Code and will not take any action that will result in the imposition of an excise tax to Participants pursuant to section 409A of the Code. Notwithstanding
the foregoing, if permitted by guidance issued pursuant to section 409A of the Code, no liquidation of this Plan will affect the benefits payable to Participants who as of the date of liquidation have already become entitled to receive payment of
benefits pursuant to this Plan (e.g., Participants who have retired prior to the liquidation of this Plan, etc.). 

  

	 8.3
	 Amendment or Termination of Plan Agreement. Either the Employer or the Committee may amend a Participant’s Plan Agreement or terminate a
Participant’s further participation in this Plan, subject to the requirements of section 409A of the Code regarding the cessation of Deferrals set forth in Article III; provided, that no such amendment or termination will reduce the then
Vested benefits accrued by such Participant under such Plan Agreement as of the date of the amendment or termination, except as required by law. 

  

	 8.4
	 Notice of Amendment or Termination. No action to terminate, amend, modify or supplement this Plan or terminate any Plan Agreement will be taken except
upon written notice to each Participant to be affected thereby not less than thirty (30) days prior to such action or as soon as practicable thereafter if advance notification is not possible due to applicable law. 

ARTICLE IX 
 OTHER BENEFITS AND
AGREEMENTS 
  

	 9.1
	 Other Benefits. The benefits provided for a Participant and a Participant’s Beneficiary under this Plan are in addition to any other benefits
available to such Participant under any other plan or program for employees of the Employer and this Plan will supplement and will not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided. Benefits
under this Plan will not be considered compensation for the purpose of computing contributions or benefits under any plan maintained by the Company or any of its Subsidiaries which is qualified under sections 401(a) and 501(a) of the Code.

 ARTICLE X 
 RESTRICTIONS ON ALIENATION OF BENEFITS 
  

	 10.1
	 Non-Alienation of Benefits. To the extent permitted by law, benefits payable under this Plan will not be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution, or levy of any kind, either voluntary or involuntary except that a Participant may designate a Beneficiary and such Beneficiary may acquire rights under
this Plan or a Plan Agreement. In addition, this Plan will recognize the division of benefits between the Participant and his or her spouse in connection with a divorce. However, no benefit awarded to the spouse pursuant to such divorce will be
payable to such spouse until the time the Participant is entitled to receive a distribution of benefits from this Plan in which case such benefit will be paid to the spouse at the same time and in the same manner as the Participant.

 Any unauthorized attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, charge or
otherwise dispose of any right to benefits payable hereunder will be void. No part of the assets of the Employer will be subject to seizure by legal process resulting from any attempt by creditors of or claimants against any Participant (or
Beneficiary), or any person claiming under or through the foregoing, to attach his or her interest under this Plan. 

	 10.2
	 Legal Disability. If a person entitled to any payment under this Plan is, in the sole judgment of the Committee, under a legal disability, or otherwise is
unable to apply such payment to his or her own interest and advantage, the Committee, in the exercise of its discretion, may direct the Employer or payor of the benefit to make any such payment in any one or more of either directly to such person,
to the Participant’s legal guardian or conservator, or to the Participant’s spouse or to any person charged with the duty of the Participant’s support, to be expended for the Participant’s benefit and/or that of the
Participant’s dependents. The decision of the Committee will in each case be final and binding upon all persons in interest, unless the Committee reverses its decision due to changed circumstances. 

  

	 10.3
	 Withholding. The Employer or its designee will withhold from any benefit payments made under this Plan, the required amounts of federal, state or local
income or other applicable taxes. 

 ARTICLE XI 
 ADMINISTRATION OF THIS PLAN 
  

	 11.1
	 Plan Administration. The general administration of this Plan, as well as construction and interpretation thereof, will be vested in the Committee. The
members of the Administrative Committee will be designated and appointed from time to time by, and will serve at the pleasure of the President of the Company. Any member of the Committee may resign by notice in writing filed with the Secretary of
the Committee. 

  

	 11.2
	 Secretary of the Committee. The Committee will appoint a Secretary who need not be a member of the Committee. The Secretary will keep minutes of the
proceedings of the Committee and all data, records and documents relating to the administration of this Plan by the Committee. The Committee may appoint from its number such subcommittees with such powers as the Committee will determine and may
authorize one or more members of the Committee or any agent to execute or deliver any instrument or make any payment on behalf of the Committee. 

  

	 11.3
	 Action of the Administrative Committee. All resolutions or other actions taken by the Administrative Committee will be by the vote of a majority of those
present at a meeting at which a majority of the members are present, or in writing by all the members in office at the time if they act without a meeting. 

  

	 11.4
	 Authority of the Committee. Subject to the provisions of this Plan, the Committee will have full authority from time to time to establish, modify and
rescind rules, forms and procedures for the administration of this Plan, to interpret this Plan, to determine each Employee who will participate in this Plan and to determine the terms and provisions of each Plan Agreement and the form of each Plan
Agreement and to decide any and all matters arising thereunder or in connection with the administration of this Plan. In addition, the Committee will have the power to compute and certify under this Plan the amount and kind of benefits from time to
time payable to Participants and their Beneficiaries and to authorize all disbursements for such purposes. All decisions, actions and records of the Committee will be conclusive and binding upon the Employer, the Participants and all persons having
or claiming to have any right or interest in or under this Plan. 

  

	 11.5
	 Information and Reliance. To enable the Committee to perform its functions, the Company will supply full and timely information to the Committee on all
matters relating to the Covered Salary of all Participants, their Retirement, death or other cause for separation from service or cessation of Plan participation, and such other pertinent facts as the Committee may require. The members of the
Committee and the officers and directors of the Company will be entitled to rely on all certificates and reports made by any duly appointed accountants or legal counsel retained by the Company or the Committee. Such legal counsel may be counsel for
the Company. 

	 11.6
	 Indemnification. No member of the Administrative Committee will be liable for any act or omission of any other member of the Administrative Committee, nor
for any act or omission on his or her own part, excepting only his or her own willful misconduct. The Company will indemnify and save harmless each member of the Administrative Committee, while serving on the Administrative Committee and at all
times thereafter, against any and all expenses and liabilities arising out of his or her membership on the Administrative Committee, excepting only expenses and liabilities arising out of his or her own willful misconduct. Expenses against which a
member of the Administrative Committee will be indemnified hereunder will include, without limitation, the amount of any settlement or judgment, costs, counsel fees and related charges reasonably incurred in connection with a claim asserted or a
proceeding brought or settlement thereof. The foregoing right of indemnification will be in addition to any other rights to which any such member may be entitled as a matter of law or otherwise. 

 ARTICLE XII 
 NON-COMPETE

  

	 12.1
	 Covenant not to Compete. Each Participant agrees that, following his or her separation from service with the Employer for any reason, the Participant will
not, for a period of two (2) years after the date of such separation from service, directly or indirectly, carry on or conduct, in competition with the Employer, any business of the nature in which the Employer is then engaged, and of the
nature in which the Participant was employed by the Employer for any portion of the period of two (2) years immediately prior to such separation from service, in any geographic area or territory in which the Employer is then engaged in such
business. Without limiting the generality of the foregoing, the Participant agrees that the solicitation or acceptance of orders outside any such geographic area or territory for shipment or delivery into any such geographic area or territory will
constitute conducting or engaging in business in such geographic area or territory within the meaning of this Article XII. The Participant agrees that he or she will not conduct or engage in any such business, either as an individual on his
or her own account or as a partner or joint venturer or as an employee, agent, consultant or salesman for any other person or entity, or as an officer or director of a corporation or as a stockholder in a corporation of which the Participant or
Participant’s spouse or their descendants, parents or siblings will then own in the aggregate ten percent (10%) or more of any class of stock. 

  

	 12.2
	 Remedy for Breach of Covenant. Each Participant agrees that, in the event of a breach of the terms and conditions of this Article XII by the
Participant, the Employer will be entitled, if it so elects, to institute and prosecute proceedings, either in law or in equity, against the Participant, to obtain damages for any such breach or to enjoin the Participant from performing services for
any competitor of the Employer in violation hereof, or to suspend or terminate any and all benefits which would otherwise be payable to the Participant and his or her Beneficiaries under the provisions of this Plan. Notwithstanding the foregoing,
nothing contained herein will be deemed to require any Participant to take any action in violation of applicable legal requirements or professional ethical obligations. 

 ARTICLE XIII 
 NAMED FIDUCIARY AND CLAIMS PROCEDURE 
  

	 13.1
	 Named Claim Fiduciary. The Named Fiduciary of this Plan for purposes of the claims procedure under this Agreement is the Committee. The Company will have
the right to change the Named Fiduciary at any time. 

  

	 13.2
	 Claims for Benefits. 

  

	 	 (a)
	 Initial Claim. In the event that an Employee, Eligible Employee, Participant or his or her Beneficiary claims to be eligible for benefits, or claims any
rights under this Plan, such claimant 

  

	 	     
	 must complete and submit such claim forms and supporting documentation as will be required by the Committee, in its sole and absolute discretion. Likewise, any
Participant or Beneficiary who feels unfairly treated as a result of the administration of this Plan, must file a written claim, setting forth the basis of the claim, with the Committee. In connection with the determination of a claim, or in
connection with review of a denied claim, the claimant may examine this Plan, and any other pertinent documents generally available to Participants that are specifically related to the claim. 

  

	 	     
	 A written notice of the disposition of any such claim will be furnished to the claimant within ninety (90) days after the claim is filed with the Committee.
Such notice will refer, if appropriate, to pertinent provisions of this Plan, will set forth in writing the reasons for denial of the claim if a claim is denied (including references to any pertinent provisions of this Plan) and, where appropriate,
will describe any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary. If the claim is denied, in whole or in part, the claimant will also be notified
of this Plan’s claim review procedure and the time limits applicable to such procedure, including the claimant’s right to arbitration following an adverse benefit determination on review as provided below. All benefits provided in this
Plan as a result of the disposition of a claim will be paid as soon as practicable following receipt of proof of entitlement, if requested. 

  

	 	 (b)
	 Request for Review. Within ninety (90) days after receiving written notice of the Committee’s disposition of the claim, the claimant may file
with the Committee, a written request for review of his or her claim. In connection with the request for review, the claimant will be entitled to be represented by counsel and will be given, upon request and free of charge, reasonable access to all
pertinent documents for the preparation of his or her claim. If the claimant does not file a written request for review within ninety (90) days after receiving written notice of the Committee’s disposition of the claim, the claimant will
be deemed to have accepted the Committee’s written disposition, unless the claimant was physically or mentally incapacitated so as to be unable to request review within the ninety (90) day period. 

  

	 	 (c)
	 Decision on Review. After receipt by the Committee of a written application for review of a claim, the Committee will review the claim taking into account
all comments, documents, records and other information submitted by the claimant regarding the claim without regard to whether such information was considered in the initial benefit determination. The Committee will notify the claimant of its
decision by delivery or by certified or registered mail to his or her last known address. A decision on review of the claim will be made by the Committee at its next meeting following receipt of the written request for review. If no meeting of the
Committee is scheduled within forty-five (45) days of receipt of the written request for review, then the Committee will hold a special meeting to review such written request for review within such forty-five (45) day period. If special
circumstances require an extension of the forty-five (45) day period, the Committee will so notify the claimant and a decision will be rendered within ninety (90) days of receipt of the request for review. In any event, if a decision is
not determined by the Committee within ninety (90) days of receipt of written submission for review, it will be deemed to be denied. 

  

	 	     
	 The decision of the Committee will be provided to the claimant as soon as possible but no later than five (5) days after the benefit determination is made.
The decision will be in writing and will include the specific reasons for the decision presented in a manner calculated to be understood by the claimant and will contain references to all relevant Plan provisions on which the decision was based.
Such decision will also advise the claimant that he or she may receive upon request, and free of charge, reasonable access to and copies of all documents, records and other information relevant to his or her claim and will inform the claimant of his
or her right to arbitration in the case of an adverse decision regarding the appeal. The decision of the Committee will be final and conclusive. 

  

	 13.3
	 Arbitration. Subject to the provisions of Section 12.2, all disputes arising under or related to this Plan or the administration of this Plan
will, following exhaustion of the claims procedure set forth in Section 13.2, 

 be resolved by arbitration conducted in accordance with this Section 13.3. A
claimant dissatisfied with any denial or deemed denial of a claim for benefits must appeal to an arbitrator within sixty (60) days after receiving the Committee’s denial or deemed denial of his or her request for review and before bringing
suit in court. A claimant’s Failure to initiate arbitration within this sixty (60) day period will serve as evidence of the claimant’s agreement with and acceptance of the Committee’s decision issued pursuant to
Section 13.2. 
 The arbitrator will be mutually selected by the claimant and the Committee from a list of
arbitrators who are experienced in nonqualified deferred compensation plan benefit matters that is provided by the American Arbitration Association (“AAA”). If the parties are unable to agree on the selection of an arbitrator
within ten (10) days of receiving the list from the AAA, the AAA will appoint an arbitrator. The arbitrator’s review will be limited to interpretation of the Plan document in the context of the particular facts involved. The claimant, the
Committee and the Employer agree to accept the award of the arbitrator as binding, and all exercises of power by the arbitrator hereunder will be final, conclusive and binding on all interested parties, unless found by a court of competent
jurisdiction, in a final judgment that is no longer subject to review or appeal, to be arbitrary and capricious. The claimant, the Committee and the Employer agree that the venue for the arbitration will be in Dallas Texas. The costs of arbitration
will be paid by the Employer; the costs of legal representation for the claimant or witness costs for the claimant will be borne by the claimant; provided, that, as part of his or her award, the Arbitrator may require the Employer to reimburse the
claimant for all or a portion of such amounts. 
 The Employer and claimant each may submit in writing to the other party, and
the other party shall respond to a maximum of five (5) (none of which may be subparts) of the following: interrogatories, demands to produce documents and requests for admissions. The Employer and claimant each may also take the oral deposition
of no more than five (5) individuals. Additional discovery may be permitted upon mutual agreement of the Employer and claimant. The arbitrator will resolve any discovery disputes by such pre hearing conferences as may be needed. The Employer,
Committee and claimant agree that the arbitrator will have the power of subpoena process as provided by law. Disagreements concerning the scope of depositions or document production, its reasonableness and enforcement of discovery requests will be
subject to agreement by the Employer and claimant or will be resolved by the arbitrator. All discovery requests will be subject to the proprietary rights and rights of privilege and other protections granted by applicable law to the Employer and
claimant and the arbitrator will adopt procedures to protect such rights. With respect to any dispute, the Employer, Committee and claimant agree that all discovery activities will be expressly limited to matters directly relevant to the dispute and
the arbitrator will be required to fully enforce this requirement. 
 The arbitrator will have no power to add to, subtract
from, or modify any of the terms of this Plan, or to change or add to any benefits provided by this Plan, or to waive or fail to apply any requirements of eligibility for a benefit under this Plan. Nonetheless, the arbitrator will have absolute
discretion in the exercise of its powers in this Plan. Arbitration decisions will not establish binding precedent with respect to the administration or operation of this Plan. The Arbitrator will issue a final written decision no later than one
hundred and twenty (120) days after the matter is submitted to arbitration. The arbitrator will not have the power to address/resolve claims presented in the form of a “class action” (i.e., the arbitrator will only have the
power to resolve disputes involving only a single Participant). 
  

	 13.4
	 Receipt and Release of Necessary Information. In implementing the terms of this Plan, the Committee, may, without the consent of or notice to any person,
release to or obtain from any other insuring entity or other organization or person any information, with respect to any person, which the Committee deems to be necessary for such purposes. Any Participant or Beneficiary claiming benefits under this
Plan will furnish to the Committee, such information as may be necessary to determine eligibility for and amount of benefit, as a condition of claiming and receiving such benefit. 

  

	 13.5
	 Overpayment and Underpayment of Benefits. The Committee may adopt, in its sole and absolute discretion, whatever rules, procedures and accounting
practices are appropriate in providing for the collection of any overpayment of benefits. If a Participant or Beneficiary receives an underpayment of 

 benefits, the Committee will direct that payment be made as soon as practicable to make
up for the underpayment. If an overpayment is made to a Participant or Beneficiary, for whatever reason, the Committee may, in its sole and absolute discretion, withhold payment of any further benefits under this Plan until the overpayment has been
collected or may require repayment of benefits paid under this Plan without regard to further benefits to which the Participant or Beneficiary may be entitled. 
 ARTICLE XIV 
 ADOPTION OF PLAN BY SUBSIDIARY, 
 AFFILIATED OR ASSOCIATED COMPANIES 
  

	 14.1
	 Adoption of Plan by Subsidiaries. Any corporation which is a Subsidiary of the Company may, with the approval of the Committee, adopt this Plan and
thereby come within the definition of Employer stated in Article II hereof. A Subsidiary may evidence its adoption of this Plan either by a formal action of its governing body or by commencing Deferrals and taking other administrative actions
with respect to this Plan on behalf of its Employees. An entity will cease to be an Employer as of the date such entity ceases to be a Subsidiary. 

  

	 14.2
	 Termination of Subsidiary Participation. A Subsidiary may terminate its participation in this Plan at any time by an action of its governing body and
providing written notice to the Committee. Likewise, the Committee may terminate a Subsidiary’s participation in this Plan at any time and will provide written notice to the Subsidiary. The effective date of any such termination will be the
later of the date specified in the notice of the termination of participation or the date on which the Committee can administratively implement such termination. In the event that a Subsidiary’s participation in this Plan is terminated, the
rights of each Participant employed by such Subsidiary to a Retirement Benefit will be determined pursuant to Article IV. 

 ARTICLE XV 
 MISCELLANEOUS 
  

	 15.1
	 No Guarantee of Employment. Neither this Plan nor any Plan Agreement, either singly or collectively, obligates the Employer to continue the employment of
a Participant or limits the right of the Employer at any time and for any reason to terminate a Participant’s employment. In no event will this Plan or the Participant’s Plan Agreement, either singly or collectively, by their terms or
implications constitute an employment contract of any nature whatsoever between the Employer and a Participant. 

  

	 15.2
	 Notice. Any notice which will or may be given under this Plan or a Plan Agreement will be in writing and will, unless provided otherwise herein, be mailed
by United States mail, postage prepaid. The term “delivered to the Committee,” as used in this Plan, will include delivery to a person or persons designated by the Committee for the disbursement and the receipt of administrative forms.
Delivery will be deemed to have occurred only when the form or other communication is actually received. If notice is to be given to the Company or the Committee, such notice will be addressed to Chaparral Steel Company, 300 Ward Road, Midlothian,
Texas 76065-9661, marked for the attention of the Vice President—Human Resources; or, if notice to a Participant, addressed to the address shown on such Participant’s Plan Agreement. Any party may change the address to which notices will
be mailed from time to time by giving written notice of such new address. 

  

	 15.3
	 Plan Binding. This Plan will be binding upon the Company and each Subsidiary which is an Employer and their respective successors and assigns, and upon a
Participant, his or her Beneficiary, assigns, heirs, executors and administrators. 

	 	 (a)
	 Successors of Employer. The Employer will require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or
otherwise) to all or substantially all of the business and/or assets of the Employer, expressly to agree to adopt this Plan and to perform each Plan Agreement to which the Employer is a party in the same manner and to the same extent the Employer
would be required to perform if no such succession had taken place. This Plan and any Plan Agreement will be binding upon and inure to the benefit of each Employer and any successor of the Employer, including without limitation any persons acquiring
directly or indirectly all or substantially all of the business and/or assets of the Employer whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed the “Employer,” as
applicable, for the purposes of this Plan and any Plan Agreement) but will not otherwise be assignable, transferable or delegable by the Employer. 

  

	 	 (b)
	 Successors of Participant. This Plan and any Plan Agreement will inure to the benefit of and be enforceable by the Participant’s Beneficiary,
personal or legal representatives, executors, administrators, successors, heirs, distributors and/or legatees. 

  

	 15.4
	 Expenses. The Employer will pay all costs and expenses incurred in operating and administering this Plan. Such costs and expenses will be paid by the
Employer from its general assets or any trust established by the employer under this Plan. 

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

			
	 CHAPARRAL STEEL COMPANY

		
	 By:
	 	  

		
	 Its:
	 	  

 APPENDIX A 
 SECOND AMENDED AND RESTATED 
 FINANCIAL SECURITY PLAN 
 OF CHAPARRAL STEEL COMPANY 
 ELECTION TO PARTICIPATE 
  

	 TO:
	 Chaparral Steel Company 

 I
acknowledge that I have received a copy of the Second Amended and Restated Financial Security Plan of Chaparral Steel Company (the “Plan”), effective as of the date hereof, and that I am familiar with the provisions of the
Plan (all capitalized terms herein will have the same meaning as set forth in the Plan, unless otherwise expressly provided in this Agreement). I elect to be a Participant according to the Plan provisions. 
 Please defer $             per
             of my Covered Salary for the      next succeeding Plan Year (in the case of my enrollment during the Open Enrollment Period) or
     the remainder of the Plan Year (in the case of my enrollment during a Special Enrollment Period) (select as applicable) and each Plan Year after that until this election to participate is modified or revoked by me
pursuant to this Election to Participate. 
 I understand that this deferral election applies to Covered Salary earned by me from my Employer
from (select as applicable): 
  

	  ̈
	 January 1, 2     (in the case of my enrollment during the Open Enrollment Period) or 

  

	  ̈
	             , 2     (in the case of my enrollment during a Special
Enrollment Period) 

 and that such election will continue in effect for all future years of my participation in the Plan
until modified or revoked by me by written request. I understand that any such modification or revocation is not effective for the Plan Year in which it is made but rather will be effective as of January 1 of the following Plan Year and that my
Deferral elections are irrevocable for any Plan Year (or portion thereof) to which they apply. 
 I also understand that, in executing this
Election to Participate, I agree to be bound by the terms and conditions of the Plan and agree that such terms and conditions are binding upon my Beneficiary, distributee, and personal representative. 
  

			
	 Participant:

	  
  

	 Signature

	  
  

	 Type or print name

		
	 Date:
	 	  

  

			
	 Chaparral Steel Company

		
	 By:
	 	  

 APPENDIX B 
 SECOND AMENDED AND RESTATED 
 CHAPARRAL STEEL COMPANY 
 FINANCIAL SECURITY PLAN 
 PLAN
AGREEMENT 
 The undersigned Employee acknowledges that, as an Employee of Chaparral Steel Company or a subsidiary (collectively the
“Employer”), he or she has been offered an opportunity to participate in the Second Amended and Restated Financial Security Plan of Chaparral Steel Company (the “Plan”) described in the attached
document (all capitalized terms herein will have the same meaning as set forth in the Plan, unless otherwise expressly provided in this Agreement) and subject to the terms and conditions stated therein, and that Employee has elected one of the two
alternatives set forth below as indicated by the space checked: 
  

	 	             
	 To participate in the Plan (if selected, complete the remainder of this Agreement). 

  

	 	             
	 Not to participate in the Plan (if selected, do not complete the remainder of this Agreement, but sign below). 

 Plan Participation (A, B, C or D):
                     
 Covered
Salary, Retirement Benefits, and Death Benefits are agreed to be as follows: 
  

	 1.
	 Covered Salary: $                     per
month. 

 This represents      50% or      100%
(select one) of my Covered Salary as of the date of my initial enrollment or the date of any application for an increased Level of Participation in the Plan. 
  

	 2.
	 Retirement Benefit (Article IV): 

  

	 	 (a)
	 Normal Retirement Benefit at age             . Payable at the Participant’s Normal
Retirement Date, as specified by Section 4.1 of the Plan. (For Plan A Participants: based on the Participant’s Total Benefit which is
$                    ). 

 Part A Benefit. 
 Plan A Participants: Retirement Benefit (90% of Total
Benefit). To be paid in monthly installments equal to 80% of the Participant’s monthly Covered Salary until such benefit has been paid in full (i.e., until 90% of the Participant’s Total Benefit has been paid). In the event of the
Participant’s death prior to the complete payment of such benefit, such monthly payments will continue to be paid to his or her Beneficiary until such benefit has been paid in full. 
 Plan B, C and D Participants: (            % of Covered
Salary): $                     per month for life or one hundred and eighty (180) months certain. 
 Part B Benefit. 
 Plan A Participants: Post Retirement Death Benefit (10% of Total Benefit) $                    
to be paid in a lump sum pursuant to Section 4.1 of the Plan. 
 Plan B, C and D Participants:
(             % of Covered Salary): Post Retirement Death Benefit:
$                     to be paid in a lump sum pursuant to Section 4.1. 
  

	 	 (b)
	 Retirement After Normal Retirement Date: Late Retirement Benefit payable in accordance with Section 4.2 of the Plan.

	 	 (c)
	 Early Retirement Benefit: Reduced amounts to be determined and paid as specified by Section 4.3 of the Plan. 

  

	 	 (d)
	 Deferred Retirement Benefit: Amounts to be determined and paid as specified in Section 4.4 of the Plan; provided, that for Plan A
Participants, the Part A Benefit may not exceed 50% of Covered Salary. 

  

	 3.
	 Death Benefit (Article V): 

 The greater of 
  

	 	 (a)
	 Death Benefit under Section 5.1 

  

	 	 (i)
	 One hundred percent (100%) of Covered Salary: $             per month for the first 12
months after death, plus 

  

	 	 (ii)
	 Fifty percent (50%) of Covered Salary: $             per month for the next 108 months or
until the Participant’s Normal Retirement Age, whichever is later; or 

  

	 	 (b)
	 Early Retirement Benefit under Section 4.3 

 The Participant hereby authorizes the Employer to reduce his or her monthly Covered Salary by             
($            ) per month, commencing                     ,
2     and continuing thereafter pursuant to the provisions of Article III of the Plan. The Participant understands that such election will continue in effect for all future years of his or her participation in the
Plan until modified or revoked by the Participant by written request. The Participant understands that any such modification or revocation is not effective for the Plan Year in which it is made but rather will be effective as of January 1 of
the following Plan Year and that this election is irrevocable for any Plan Year (or portion thereof) to which it applies. 
 The Participant further acknowledges, agrees and understands that: 
  

	 	 (a)
	 Any rights of the Participant or any Beneficiary will be solely those of an unsecured-creditor of the Employer. If the Employer purchases an insurance policy or
any other asset in connection with the liabilities assumed by it under the Plan, then, except as otherwise expressly provided, such policy or other assets will not be deemed to be held under any trust for the benefit of the Participant or his or her
Beneficiary or to be collateral security for the performance of the obligations of the Employer, but will be, and remain, a general, unpledged, unrestricted asset of the Employer. 

  

	 	 (b)
	 Neither the Employer, its officers, its employees nor its agents have any responsibility whatsoever for any changes made by the Participant in other personal
plans or programs as a result of the Participant’s decision to participate or not to participate in the Plan, and they are fully released to such extent. 

  

	 	 (c)
	 The Plan or this Plan Agreement may be amended or terminated by the Employer at any time, to the extent provided in Article VIII of the Plan.

  

	 	 (d)
	 If the Participant incurs a separation from service with the Employer or his or her participation in the Plan is terminated prior to Retirement, then except as
provided in Article IV (regarding Retirement Benefits), Article V (regarding Death), Article VI (regarding Disability) and Article VIII (regarding termination of the Plan), the Participant will forfeit the right to
receive any benefits under the Plan and that all Covered Salary Deferrals made by the Participant under the Plan pursuant to his or her Election to Participate or this Plan Agreement will be forfeited. Additionally, if the Participant incurs a
separation from service for Cause, all rights under the Plan will be forfeited. 

	 	 (e)
	 Any dispute or claim for benefits under this Plan must be resolved through the claims procedure set forth in Article XIII which procedure culminates in
binding arbitration. By electing to participate in this Plan, the Participant hereby agrees to binding arbitration as the final means of dispute resolution with respect to the Plan. 

 IN WITNESS WHEREOF, the Employer, and the Employee have executed this Plan Agreement as of
                                        .

  

									
		 		 		 	 EMPLOYER:

					
		 		 		 	 By:
	 	  

		 		 		 	 Title:
	 	  

				
		 		 		 	 EMPLOYEE:

	 Original Entry Date:
	 	  
	 		 	  
  

		 		 		 	 (Signature)

	 Plan Entry Date:
	 	  
	 		 	  
  

	 (Plan D Participants Only)
	 		 	 (Type or print name under signature)

		 		 		 	  
  

		 		 		 	 (Address of Employee)

  

 APPENDIX C 
 SECOND AMENDED AND RESTATED 
 FINANCIAL SECURITY PLAN 
 OF CHAPARRAL STEEL COMPANY 
 BENEFICIARY DESIGNATION 
  

	 1.
	 Participant:
                                        
                                        
                                        
                                        
                         

  

	 2.
	 Scope: 

 This Beneficiary Designation applies to all benefits of the Plan to which the above-named Participant has the right to name the Beneficiary. 
  

	 3.
	 COUNSEL: 

 THE DESIGNATION OF A BENEFICIARY OR BENEFICIARIES MAY HAVE SIGNIFICANT ESTATE AND GIFT TAX CONSEQUENCES TO THE PARTICIPANT. ACCORDINGLY, THE PARTICIPANT SHOULD SEEK THE ADVICE OF PROFESSIONAL COUNSEL WHO IS FAMILIAR WITH THE ESTATE AND GIFT
TAX ASPECTS OF NONQUALIFIED RETIREMENT AND SALARY CONTINUATION PLANS BEFORE COMPLETING THIS FORM. 
  

	 4.
	 Identification of Beneficiaries: 

  

	 	 A.
	 Primary Beneficiary:
                                        
                                        
                                        
                                        

                                       
                                        
                                        
                                        
                                        
   
  

	 	 B.
	 Secondary Beneficiary:
                                        
                                        
                                        
                                     

                                      
                                        
                                        
                                        
                                        
   
  

	 5.
	 Spousal Consent: (only complete if spouse is not primary Beneficiary) 

 If you are married (or deemed to be married under state common law), your spouse must complete this section of the form unless you have
named your spouse as your sole (100%) primary Beneficiary. 
 I, the undersigned spouse, am married (or deemed under
applicable state law to be married) to
                                        
(the “Participant”). I hereby consent to the Participant’s designation of the primary Beneficiary or Beneficiaries as set forth above. 
 I hereby represent that I have read and understand this form and, further, that I understand that the effect of my consent is that I will not receive from the Plan the benefits which I otherwise
could have received upon the Participant’s death. 
  

			
	
 Spouse’s Signature
	 	
 Date

		
	
 Spouse’s Printed Name
	 	

 (Spousal Consent, if applicable, must be notarized.) 
 The person whose signature is set forth above as the spouse of the Participant appeared before me this day and completed or affirmed such signature in my
presence as his or her free and voluntary act given under my hand and notarial seal this              day of
                    , 20    . 
  
  

			
	
 Notary Public’s Printed Name
	 	

			
	
 Notary Public’s Signature
	 	
 Notary Public’s Address

		
	
 Commission Expires
	 	

  

	 6.
	 Methods of Payment (Check One): 

  

	 	             
	 Alternative 1 – Beneficiary Includes Estate of Beneficiary. 

 Beneficiary means the Primary Beneficiary if such Primary Beneficiary survives the Participant, and means the Primary Beneficiary’s
estate if such Primary Beneficiary survives the Participant but thereafter dies. The term Beneficiary means the Secondary Beneficiary if the Primary Beneficiary fails to survive the Participant, and means the estate of the Secondary Beneficiary when
the Secondary Beneficiary thereafter dies. If both the Primary and Secondary Beneficiaries fail to survive the Participant, the term Beneficiary means the estate of the Participant. 
  

	 	             
	 Alternative 2 – Beneficiary Does not Include Estate of Beneficiary. 

 Beneficiary means the Primary Beneficiary if such Primary Beneficiary survives the Participant, and means the Secondary Beneficiary if
either the Primary Beneficiary fails to survive the Participant or the Primary Beneficiary survives the Participant but thereafter dies. If both the Primary and Secondary Beneficiaries fail to survive the Participant, the term Beneficiary means the
estate of the Participant. 
  

	 	             
	 Alternative 3 – To Be Specified by Participant. 

                                       
                                        
                                        
                                        
                                       
                                       
                                        
                                        
                                        
                                       
                                       
                                        
                                        
                                        
                                       
  

	 7.
	 Survivorship (Check One): 

  

	 	             
	 Alternative 1 – Beneficiary Must Survive Participant by 30 Days. 

 For purposes of this Beneficiary Designation, no person will be deemed to have survived the Participant if that person dies within thirty
(30) days of the Participant. 
  

	 	             
	 Alternative 2 – Spouse Deemed to Survive Participant in Certain Circumstances. 

 If the Participant and the spouse die under circumstances such that there is insufficient evidence to determine the order of their deaths
or if the spouse outlives the Participant for any time whatsoever, the spouse will be deemed to have survived the Participant. For all other purposes of this Beneficiary Designation, no person will be deemed to have survived the Participant if that
person dies within thirty (30) days of the death of the Participant. 
  

	 8.
	 Duration: 

 This Beneficiary Designation is effective until the Participant files another such Designation with the Committee pursuant to Section 5.3 of the Plan. Any previous Beneficiary Designations are hereby revoked. 

	 9.
	 Execution: 

  

							
	 Date:
	 	  
	 	 Participant:
	 	  

				
	 Witness:
	 	  
	 		 	

  

	 10.
	 Approval: 

 This Beneficiary Designation is acknowledged and approved this              day of
                    , 20     and will be effective as of the date executed by the Participant above. 
  

			
	 CHAPARRAL STEEL COMPANY

		
	 By:
	 	  

 APPENDIX D 
 SECOND AMENDED AND RESTATED 
 FINANCIAL SECURITY PLAN 
 OF CHAPARRAL STEEL COMPANY 
 ELECTION TO DELAY PAYMENT OF RETIREMENT BENEFIT 
 In order to comply with section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”), the Financial Security Plan of Chaparral Steel Company (the “Plan”) limits your ability to elect to change the date on which your Retirement Benefits will be paid
under the Plan (all capitalized terms herein will have the same meaning as set forth in the Plan, unless otherwise expressly provided in this Election Form). Specifically, unless specified otherwise in your Plan Agreement, if you Retire from the
Company on or after your Early Retirement Date, payment of your Retirement Benefits will begin as of the first of the month following your Retirement subject to the provisions of Section 4.6, regarding the six (6) month and one
(1) day delay in payment applicable to Key Employees. However, you may make a one-time irrevocable election to delay the payment of your Retirement Benefits by completing this Election Form. 
 Any such election (i) must not take effect until at least 12 months after the date on which the election is made and (ii) must delay the
benefit commencement date for five (5) years from the date the payments would have otherwise begun. If your election does not comply with these requirements, it will be null and void and will have no impact on the payment of your Retirement
Benefits (i.e., your Retirement Benefits will be paid at your Retirement as described above). 
 Note: This election does not apply to the payment of the Deferred Vested Retirement Benefit under the Plan (i.e., the benefit payable to you if you terminate participation in the Plan prior to your Early Retirement
Age and have a vested interest in the Plan). Payment of your Deferred Vested Retirement Benefit will be made once you terminate employment and reach Normal Retirement Age (i.e., age 65 unless specified otherwise in your Agreement). 

Examples. If you file this election and you Retire at age 62, payment of your Early Retirement Benefits will not begin until you have
attained age 67. Similarly, if after filing this election you continue working until age 65, payment of your Normal Retirement Benefits will not begin until you reach age 70. Conversely, if you do not file this election, then payment of your Early
Retirement Benefits in the first scenario described above would begin at age 62 and payment of your Normal Retirement Benefit would begin at age 65 in the second scenario described above. Thus, you should not file this election unless you
are certain that you wish to delay the payment of your Retirement Benefits for a period of five (5) years following your Retirement. 
 Election: 
  

	  ̈
	 I hereby elect to delay payment of my Retirement Benefits pursuant to the terms of the Plan for five (5) years following my Retirement on or after my Early
Retirement Date, as described above. 

 I understand that once made this election is irrevocable and may not be changed. 
  

							
		 		 	 Participant:

			
		 		 	
 Signature

			
		 		 	
 Type or print name

				
		 		 	 Date:
	 	  

			
	 Chaparral Steel Company
	 		 	
				
	 By:

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