Document:

exv10wxay

 

Exhibit 10(a)

Amendments to Long-Term Incentive Compensation Plan (the “Plan”)

Effective August 4, 2006, to reflect the two-for-one stock split in the form of a 100 percent stock
dividend on the Company’s common stock distributed August 11, 2006, to holders of record on August
4, 2006:

	1.	 	The first sentence of Section 4.1 of the Plan was amended to read:
	 
	 	 	“Subject to adjustment as provided in Section 25, the aggregate number of Shares issuable
pursuant to all Awards under this Plan on or after March 1, 2005 shall not exceed
473,852,226 Shares (as adjusted to reflect the August 11, 2006 two-for-one stock split);
provided that each Share issued pursuant to Awards of Performance Shares, Restricted Stock,
Restricted Share Rights, Performance Units or Stock Awards shall be counted against this
limit as four (4) Shares.”
	 
	2.	 	The first sentence of Section 4.3 of the Plan was amended to read:
	 
	 	 	“No Participant may be awarded in any calendar year (i) Options or Stock Appreciation Rights
covering an aggregate of more than 14,000,000 Shares or (ii) Awards other than Options or
Stock Appreciation Rights covering an aggregate of more than 4,000,000 Shares, which limits
shall be calculated and adjusted pursuant to Section 25 only to the extent that such
calculation or adjustment will not affect the status of any Award theretofore issued or that
may thereafter be issued as “performance based compensation” under Section 162(m) of the
Code.”exv10wxby

 

Exhibit 10(b)

Amendment to Deferred Compensation Plan (the “Plan”)

To increase the number of shares of the Company’s common stock that may be credited under the Plan
and to reflect the two-for-one stock split in the form of a 100 percent stock dividend on the
Company’s common stock distributed August 11, 2006, to holders of record on August 4, 2006, the
first sentence of Section 17 of the Plan was amended on September 26, 2006 to read:

“Subject to adjustment as provided in this Section 17, the maximum number of shares of
Common Stock that may be credited under the Plan is 16,000,000.”exv10wxcy

 

Exhibit 10(c)

Amendment to PartnerShares Stock Option Plan (the “Plan”)

Effective August 4, 2006, to reflect the two-for-one stock split in the form of a 100 percent stock
dividend on the Company’s common stock distributed August 11, 2006, to holders of record on August
4, 2006, the first sentence of Section 3.1 of the Plan was amended to read:

“An aggregate of 108,000,000 Shares (as adjusted to reflect the October 10, 1997 and August
11, 2006 two-for-one stock splits) are available for Awards and as a basis for calculating
Awards under the Plan.”exv10wxdy

 

Exhibit 10(d)

Amendment to Directors Stock Compensation and Deferral Plan (the “Plan”)

Effective August 4, 2006, to reflect the two-for-one stock split in the form of a 100 percent stock
dividend on the Company’s common stock distributed August 11, 2006, to holders of record on August
4, 2006, the first sentence of Article III of the Plan was amended to read:

“Subject to Article VII, no more than 1,600,000 shares of Common Stock (as adjusted to
reflect the August 11, 2006 two-for-one stock split) shall be awarded or made subject to
stock options awarded under the Plan; provided, however, that shares subject to options
granted hereunder (or assumed hereby) that are cancelled or expire without being fully
exercised and shares used to pay the exercise price for options granted hereunder (or
assumed hereby) may again be made subject to options granted under this Plan with no effect
on the foregoing limit.”exv10wxey

 

Exhibit 10(e)

Amendment to Supplemental 401(k) Plan (the “Plan”)

Effective August 4, 2006, to reflect the two-for-one stock split in the form of a 100 percent stock
dividend on the Company’s common stock distributed August 11, 2006, to holders of record on August
4, 2006, the first and second sentences of Section 12 of the Plan were amended to read:

“As of December 31, 2003, 2,742,974 shares of Company common stock were credited to Plan
Accounts (as adjusted to reflect the August 11, 2006 two-for-one stock split). On and after
January 1, 2004, no more than an additional 4,000,000 shares of Company common stock (as
adjusted for the August 11, 2006 two-for-one stock split) may be credited to Plan Accounts,
except that any share credits to a Plan Account which are forfeited pursuant to Section 15
may again be credited under the Plan.”EX-10.1

 

Exhibit 10.1

TRI-PARTY AGREEMENT

     This TRI-PARTY AGREEMENT (this “Instrument”), dated as of October 30, 2006, by and among
WORTHINGTON INDUSTRIES, INC., (The“Company”), THE BANK OF NEW YORK TRUST COMPANY, N.A., a national
banking association duly organized and existing under the laws of the United States of America (the
“Prior Trustee”) and U. S. BANK NATIONAL ASSOCIATION, a national banking association duly
organized and existing under the laws of the United States of America (the “Successor Trustee”).

WITNESSETH

     WHEREAS, on May 15, 1996 the Company and Prior Trustee executed an Indenture that provided for the
authentication, delivery and administration of the Debt Securities.

     WHEREAS, the Prior Trustee has been acting as Trustee, Registrar and Paying Agent under the
Indenture.

     WHEREAS, Section 7.08 of the Indenture provides that the Trustee may at any time resign with
respect to one or more or all series of Debt Securities by giving written notice of resignation to
the Company.

     WHEREAS, Section 7.08 of the Indenture further provides that in case the Trustee shall resign, the
Company may appoint a successor Trustee.

     WHEREAS, Section 7.08 of the Indenture provides that the successor Trustee shall be qualified under
Section 310(b) of the Trust Indenture Act of 1939 and eligible under provisions of Section 7.10 of
the Indenture.

     WHEREAS, Section 7.08 of the Indenture further provides that any successor Trustee appointed under
the Indenture shall execute, acknowledge and deliver to the Company and to the Prior Trustee an
instrument accepting such appointment, thereupon the resignation of the Prior Trustee shall
become effective and the Successor Trustee without any further act, deed or conveyance, shall
become fully vested with all the rights, powers, duties and responsibilities of the Prior Trustee;

     NOW, THEREFORE, pursuant to the Indenture and in consideration of the covenants herein contained,
it is agreed as follows (words and phrases not otherwise defined in this Instrument having the
definitions given thereto in the Indenture):

 

 

	 	1.	 	Pursuant to the terms of the Indenture, the Prior Trustee has notified the Company that the
Prior Trustee has resigned as Trustee, Registrar and Paying Agent under the Senior Indenture
effective as of November 15, 2006 (the “Effective Date”).
	 
	 	2.	 	Effective as of the Effective Date, the Prior Trustee hereby assigns, transfers, delivers and
confirms to the Successor Trustee all of its rights, title, interest under the Indenture and
all of its rights, title, interests, capacities, privileges, duties and responsibilities as
Trustee, Registrar and Paying Agent under the Indenture, except as set forth in paragraph 19
hereof.
	 
	 	3.	 	The Prior Trustee agrees to execute and deliver such further instruments and shall take such
further actions as the Successor Trustee or the Company may reasonably request so as to more
fully and certainly vest and confirm in the Successor Trustee all of the rights, title,
interests, capacities, privileges, duties and responsibilities hereby assigned, transferred,
delivered and confirmed to the Successor Trustee, including without limitation, the execution
and delivery of any instruments required to assign all liens in the name of the Successor
Trustee.
	 
	 	4.	 	Effective as of the Effective Date, the Prior Trustee hereby resigns as the Trustee,
Registrar and Paying Agent and the Company appoints the Successor Trustee as successor
Trustee, Registrar and Paying Agent under the Indenture; and the Company confirms to the
Successor Trustee all of the rights, title, interest, capacities, privileges, duties and
responsibilities of the Trustee, Registrar and Paying Agent under the Indenture except as set
forth in paragraph 19 hereof.
	 
	 	5.	 	The Company agrees to execute and deliver such further instruments and to take such further
action as the Successor Trustee may reasonably request so as to more fully and certainly vest
and confirm in the Successor Trustee all the rights, title, interests, capacities, privileges,
duties and responsibilities hereby assigned, transferred, delivered and confirmed to the
Successor Trustee.
	 
	 	6.	 	Effective as of the Effective Date, the Successor Trustee hereby accepts its appointment as
successor Trustee, Registrar and Paying Agent under the Indenture and shall be vested with all
of the rights, title, interests, capacities, privileges, duties and responsibilities of the
Trustee under the Indenture.
	 
	 	7.	 	The Successor Trustee hereby represents that it is qualified and eligible under the
provisions of Sections 7.08 and 7.10 of the Indenture to be appointed successor Trustee and
hereby accepts the appointment as successor Trustee and agrees that upon the signing of this
Instrument it shall become vested with all the rights, title, interest, capacities,
privileges, duties and responsibilities of the Prior Trustee with like effect as if originally
named as Trustee under the Indenture.
	 
	 	8.	 	The Successor Trustee shall cause notice of the resignation, appointment and acceptance
effected hereby to be given to the owners of the Debt Securities.

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	 	9.	 	Effective as of the Effective Date, the Successor Trustee shall serve as Trustee, Registrar
and Paying Agent as set forth in the Senior Indenture at its principal corporate trust office
in New York, NY or such other address as may be specified, where notices and demands to or
upon the Company in respect of the Debt Securities may be served.
	 
	 	10.	 	The Prior Trustee hereby represents and warrants to the Successor Trustee that:

	 	a)	 	To the best of its knowledge no Event of Default and no event which, after notice or
lapse of time or both, would become an Event of Default has occurred and is continuing
under the Indenture.
	 
	 	b)	 	No covenant or condition contained in the Indenture has been waived by the Prior
Trustee or to the best of its knowledge by the holders of the percentage in aggregate
principal amount of the Debt Securities required by the Indenture to
effect any such waiver.
	 
	 	c)	 	To the best of its knowledge there is no action, suit or proceeding pending or
threatened against the Prior Trustee before any court or governmental authority arising out
of any action or omission by the Prior Trustee as Trustee under the Indenture.
	 
	 	d)	 	The Prior Trustee has entered into a First Supplemental Indenture dated February 27,
1997, a Second Supplemental Indenture date December 12, 1997, a Third Supplemental
Indenture dated October 13, 1998 and a Fourth Supplemental Indenture Dated May 10, 2002.
The Prior Trustee executed no other supplement or amendment to the Indenture or any other
document in connection with the Debt Securities.
	 
	 	e)	 	As of the Effective Date, the Prior Trustee holds no moneys in any fund or account
established by it as Trustee, Registrar or Paying Agent under the Indenture.

	 	11.	 	Each of the parties hereto hereby represents and warrants for itself that as of the date
hereof, and the Effective Date:

	 	a)	 	it has power and authority to execute and deliver this Instrument and to perform its
obligations hereunder, and all such action has been duly and validly authorized by all
necessary proceedings on its part; and
	 
	 	b)	 	this Instrument has been duly authorized, executed and delivered by it, and constitutes
a legal, valid and binding agreement enforceable against it in accordance with its terms,
except as the enforceability of this Instrument may be limited by bankruptcy, insolvency or
other similar laws of general application affecting the enforcement of creditor’s rights or
by general principles of equity limiting the availability of equitable remedies.

	 	12.	 	The parties hereto agree that this Instrument does not constitute an assumption by the
Successor Trustee of any liability of the Prior Trustee arising out of any actions or inaction
by the Prior Trustee under the Indenture.

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	 	13.	 	The parties hereto agree that as of the Effective Date, all references to the Prior Trustee
as Trustee, Registrar and Paying Agent in the Indenture shall be deemed to refer to the
Successor Trustee. From and after the Effective Date, all notices or payments which were
required by the terms of the Indenture and Debt Securities to be given or paid to the Prior
Trustee, as Trustee, Registrar and Paying Agent, shall be given or paid to: U.S. Bank Trust
National Association, 175 South Third Street 4th Floor Columbus, OH 43215.
	 
	 	14.	 	The removal, appointment and acceptance effected hereby shall become effective as of the
opening of business on the Effective Date.
	 
	 	15.	 	This Instrument shall be governed by and construed in accordance with the laws of the State
of New York, without regard to conflicts of laws principles thereof.
	 
	 	16.	 	This Instrument may be executed in any number of counterparts, each of which shall be an
original, but which counterparts shall together constitute but one and the same instrument.
	 
	 	17.	 	Nothing contained in this Instrument shall in any way affect the obligations or rights of the
Company or the Prior Trustee. This Instrument shall be binding upon and inure to the benefit
of the Company, the Prior Trustee and the Successor Trustee and their respective successors
and assigns.
	 
	 	18.	 	All fees paid to the Prior Trustee in advance but unearned for the period from and after the
Effective Date shall be credited to any current fees owed the Prior Trustee.* Fees payable by
the Company on and after the Effective Date under the Indenture shall henceforth be invoiced
by and paid to the Successor Trustee at such address and account as shall hereafter be
provided by the Successor Trustee to the Issuer.
	 
	 	19.	 	This Instrument does not constitute a waiver or assignment by the Prior Trustee of any
compensation, reimbursement, expenses or indemnity to which it is or may be entitled pursuant
to the Indenture. The Company acknowledges its obligations set forth in Section 7.06 of the
Indenture to indemnify Prior Trustee for, and to hold Prior Trustee harmless against, any
loss, liability, or expense incurred without negligence, willful misconduct or bad faith on
the part of Prior Trustee and arising out of or in connection with the acceptance or
administration of the trust evidenced by the Indenture (which obligation shall survive the
execution hereof).

* The period for which fees have been paid in advance ends on 11/30/2006.

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly executed by their
duly authorized officers, all as of the date and year first above written.

	 	 	 
	WORTHINGTON INDUSTRIES, INC.
	 
	 	 
	By:

	 	/s/Lester V. Hess
	 

	 	 
	Title:

	 	Treasurer
	 
	 	 
	THE BANK OF NEW YORK TRUST COMPANY,

N.A., as Prior Trustee
	 
	 	 
	By:

	 	/s/George N. Reaves
	 

	 	 
	Title:

	 	[Prior Bank Contact Title]
	 
	 	 
	U. S. BANK NATIONAL

ASSOCIATION, as Successor Trustee
	 
	 	 
	By:

	 	/s/Scott Miller
	 

	 	 
	Title:

	 	Vice President

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