Document:

Agreement to furnish instruments and agreements defining rights of holders

 Exhibit 4.9 

 
 July 30, 2010 

Securities and Exchange Commission 

100 F Street, NE 

Washington, D.C. 20549 
  

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

	 	     
	 May 31, 2010 — SEC File No. 1-8399 

Ladies and Gentlemen: 

Worthington Industries, Inc., an Ohio corporation, is today filing its Annual Report on Form 10-K for the fiscal year
ended May 31, 2010 the “Form 10-K”). 
 None of (i) Worthington Industries, Inc.,
(ii) any of the consolidated subsidiaries of Worthington Industries, Inc. or (iii) Worthington Armstrong Venture, a 50%-owned unconsolidated joint venture (in the form of a general partnership between Armstrong Ventures, Inc., a subsidiary
of Armstrong World Industries, Inc., and The Worthington Steel Company (Delaware), a subsidiary of Worthington Industries, Inc.), for which financial statements are required to be filed with the Form 10-K, has outstanding any instrument or agreement
with respect to its long-term debt, other than those filed or incorporated by reference as an exhibit to the Form 10-K, under which the total amount of long-term debt authorized exceeds 10% of the total assets of Worthington Industries, Inc. and its
subsidiaries on a consolidated basis. In accordance with the provisions of Item 601(b)(4)(iii) of SEC Regulation S-K, Worthington Industries, Inc. hereby agrees to furnish to the SEC, upon request, a copy of each such instrument or agreement
defining (i) the rights of holders of the long-term debt of Worthington Industries, Inc. or (ii) the rights of holders of the long-term debt of a consolidated subsidiary of Worthington Industries, Inc. or (iii) the rights of holders
of the long-term debt of Worthington Armstrong Venture, in each case which is not being filed or incorporated by reference as an exhibit to the Form 10-K. 

 

	
	 Very truly yours,

	
	 WORTHINGTON INDUSTRIES, INC.

	
	 /s/    B. Andrew Rose

	 B. Andrew Rose

Vice President and Chief Financial OfficerForm of Notice of Grant of Stock Options and Option Agreement (1997 LTI Plan)

 Exhibit 10.7 

 
  
  

					
	 Notice of Grant of Stock Options
	    	 Worthington Industries, Inc.
	  	
	 and Option Agreement
	    	 ID: xx-xxxxxxx
	  	
		    	 200 Old Wilson Bridge Road
	  	
		    	 Columbus, OH 43085
	  	

  
  

 

							
	 [OPTIONEE NAME]
	  	 Option Number:
	  	 XXXXXXX
	  	
	 [OPTIONEE ADDRESS]
	  	 Plan:
	  	 LTIP
	  	
				
	 [OPTIONEE CITY, STATE ZIP]
	  	 ID:
	  	 SSN#
	  	

  
  

Effective XX/XX/20XX, you have been granted a(n) Non-Qualified Stock Option to buy XXXX shares of Worthington Industries, Inc. (the
Company) stock at $XX.XX per share. 
 The total option price of the shares granted is $XX,XXX.XX 

Shares in each period will become fully vested on the date shown. 

 

											
	  	 	 Shares
	    	 Vest Type
	    	 Full Vest
	    	 Expiration
	  	 
		 	 X,000
	    	On Vest Date	    	XX/XX/20XX	    	XX/XX/20XX	  	
		 	 X,000
	    	On Vest Date	    	XX/XX/20XX	    	XX/XX/20XX	  	
		 	 X,000
	    	On Vest Date	    	XX/XX/20XX	    	XX/XX/20XX	  	
		 	 X,000
	    	On Vest Date	    	XX/XX/20XX	    	XX/XX/20XX	  	
		 	 X,000
	    	On Vest Date	    	XX/XX/20XX	    	XX/XX/20XX	  	

  
  

 
 By your signature and the
Company’s signature below, you and the Company agree that these options are granted under and governed by the terms and conditions of the Company’s Stock Option Plan as amended and the Option Agreement, all of which are attached and made a
part of this document. 
  
  

 
  

					
	  
	 		  	  

	 [SIGNATURE OF OPTIONEE]
	 		  	 DateForm of Letter Evidencing Cash Performance Awards and Performance Share Awards

 Exhibit 10.10 

 

							
	MEMORANDUM	  		  	
 

	To:	  		  		  
				
	From:	  		  		  	Personal & Confidential
		  		  	Date:	  	
		
	Re:	  	 Long-Term Incentive Awards: Performance Share and Performance Cash

 
  

 
 At its June meeting, the
Board’s Compensation Committee approved the grant of Performance Cash and Performance Share Awards for the three-year period ending May 31, 20xx. These awards become payable if the company achieves specified levels (threshold, target,
maximum) of selected financial measures. You have been selected as a recipient of these awards. 
 In an effort to focus
on both the quantity of earnings and the amount of capital employed to generate those earnings, the Performance Cash Awards and Performance Share Awards incorporate both an EPS and EVA component. For corporate officers, half of the possible award is
allocated to EPS targets and half to EVA targets. 
 Your target Performance Awards for the three-year performance period
ending May 31, 20xx are: (a) a Cash Award of $xxx,xxx and (b) a Performance Share Award of x,xxx common shares of Worthington Industries, Inc. (“Company Stock”). The specific performance targets, and the related Performance
Cash and Performance Share Awards for 20xx are listed in the table below. 
 Three Year Period Ending
May 31, 20xx 
  

							
	 EPS Targets
	 	20xx Corporate EPS	 	Cash Award	 	Share Award
	 Threshold
	 	$xxx	 	$xxx	 	xxx shares
	 Target
	 	$xxx	 	$xxx	 	xxx shares
	 Maximum
	 	$xxx	 	$xxx	 	xxx shares
		
	 Cumulative 3-Year Corporate
	 	
	 EVA Targets
	 	EVA Ending 20xx	 	Cash Award	 	Share Award
	 Threshold
	 	$xxx million	 	$xxx	 	xxx shares
	 Target
	 	$xxx million	 	$xxx	 	xxx shares
	 Maximum
	 	$xxx million	 	$xxx	 	xxx shares

 For the
three-year performance period ending May 31, 20xx, all FIFO impact, positive or negative, will be excluded for the purposes of measuring Corporate EPS. No FIFO adjustment will be made to the EVA calculation. 

Performance falling between threshold and maximum will be prorated on a linear basis. No payments will be made if performance falls
below threshold. Each of the performance measures is freestanding so that you will be able to earn a pay-out based upon the achievement of one measure, even if the threshold performance level is not achieved in the other measure. 

 Calculation of the Company results and attainment of performance measures will be made
solely by the Compensation Committee based upon the Company’s audited consolidated financial statements. The Compensation Committee has the right to make changes and adjustments in calculating the performance measures to take into account
unusual or non-recurring events, including, without limitation, changes in tax and accounting rules and regulations; extraordinary gains and losses; mergers and acquisitions and purchases or sales of substantial assets; provided that, if
Section 162(m) of the Internal Revenue Code would be applicable to the pay-out of the Performance Awards hereunder, any such change or adjustment must be permissible under Section 162(m). 

The determination of the attainment of performance objectives and the amount of the Performance Awards payable will generally be
finalized within a reasonable time after the audit of the applicable consolidated financial statements of the Company has been completed. Payments will then be made within a reasonable time after finalization by the Committee, unless there is a need
for a delay. 
 Unless the Committee elects a different form of pay-out, payments of the Cash Award will be made in cash
and payment of the Performance Share Award will be made in Company Stock. The Committee may adopt provisions permitting the deferral of a portion or all of the pay-out into a Deferred Compensation Plan, provided that a timely deferral election is
made. The Company may require payment of, or may withhold from payments, amounts necessary to meet any federal, state or local tax withholding requirements. 

If you are transferred out of your current position of employment into another LTIP-eligible position, your award will generally be
amended at the discretion of the Compensation Committee to reflect your new position. In such case, a new award will be given to reflect the remaining time in the Performance Period with new award amounts and new performance targets set in
accordance with those established at the beginning of the performance period (similar amounts for those given for comparable positions at the beginning of the performance period). Your awards for the performance period will then be prorated based on
the two awards (the previous award for your previous position and the new award for your new position). The proration will be made based on the number of months in each position, prorated over the 36 month period. The Compensation Committee can
choose the effective time of the change from your previous performance award to your new performance award when it amends the performance award. If the Compensation Committee elects not to amend the performance award, this award shall remain in
place with no proration. 
 If you are demoted from or otherwise transferred out of your current position to a position
that is not LTIP eligible, but remain employed by the Company, at a time that there are more than 12 months remaining in the performance period, your award will be reduced on a prorata basis to reflect the number of months during the performance
period in which you are no longer in an LTIP-eligible position. For example, if you are transferred to a non LTIP-eligible position after 20 months of the performance period, your performance award would be prorated on the basis of 20/36.

 In general, termination of employment terminates Performance Awards. Termination of employment for reasons of death,
disability or retirement will result in a pro rata pay-out for performance periods ending within 24 months after termination, based on the number of months of employment completed by you during the performance period before the effective date of
termination. No pay-out will be made for performance periods ending more than 24 months after termination. Termination of employment for any other reason, voluntary or involuntary, prior to the Committee’s determination of the attainment of
performance objectives and finalization of the Performance Award amount will result in the forfeiture of all Performance Awards from the Plan. 

The provisions of the Plan are incorporated herein by reference and a copy is available at your request. 

The potential dollar value of these grants is considerable and should be viewed as significant additional incentive and reward for
performance. Let’s be focused in our efforts to ensure the achievement of these performance levels. 
 Your
continuing efforts on behalf of the Company are greatly appreciated. If you have any questions after reviewing the enclosed information, please feel free to call me at 614-xxx-xxxx.

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