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                                                                 Exhibit 10.47

                         EXECUTIVE EMPLOYMENT AGREEMENT

         This EXECUTIVE EMPLOYMENT AGREEMENT ("Agreement") is made as of the
12th day of November, 2002 between MOLDFLOW CORPORATION, a Delaware corporation
(the "Company"), and LORI M. HENDERSON ("Executive").

         WHEREAS, the Company currently employs the Executive and desires to
continue to employ Executive and Executive desires to continue to be employed by
the Company on the terms contained herein.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:

1.       EMPLOYMENT. The term of this Agreement shall extend from the date
hereof (the "Commencement Date") until the first anniversary of the Commencement
Date and shall automatically be extended for one additional year on each
anniversary thereafter unless, not less than 30 days prior to each such date,
either party shall have given notice that it does not wish to extend this
Agreement; provided, further, that following a Change in Control the term of
this Agreement shall continue in effect for a period of not less than twelve
(12) months beyond the month in which the Change in Control occurred. The term
of this Agreement shall be subject to termination as provided in Paragraph 6 and
may be referred to herein as the "Period of Employment."

2.       POSITION AND DUTIES. During the Period of Employment, Executive shall
serve as the Vice President and General Counsel and shall have such duties as
may from time to time be prescribed by the Chief Executive Officer, the Chief
Financial Officer or the Board of Directors of the Company (the "Board").
Executive shall devote her full working time and efforts to the business and
affairs of the Company.

3.       COMPENSATION AND RELATED MATTERS.

         (a) BASE SALARY AND INCENTIVE COMPENSATION. Effective August 16, 2002,
Executive's initial annual base salary shall be $137,000, which salary is based
on the Executive working an 80% schedule. Executive's base salary shall be
redetermined annually by the Chief Executive Officer, the Board or a Committee
thereof. The annual base salary in effect at any given time is referred to
herein as "Base Salary." The Base Salary shall be payable in a manner consistent
with the general payroll policy of the Company. In addition to Base Salary,
Executive shall be eligible to participate in such incentive compensation plans
and Employee Benefit Plans as the Board or a Committee thereof shall determine
from time to time for senior executives of the Company. As used herein, the term
"Employee Benefit Plans" includes, without limitation, each pension and
retirement plan; supplemental pension, retirement and deferred compensation
plan; savings and profit-sharing plan; stock ownership plan; stock purchase
plan; stock option plan; life insurance plan; medical insurance plan; disability
plan; and health and accident plan or arrangement established and maintained by
the Company.

         (b) VACATIONS. Executive shall be entitled to sixteen (16) paid
vacation days in each fiscal year, which, which shall be accrued ratably
during the fiscal year, and Executive shall also be entitled to all paid
holidays given by the Company to its executives. Such number of vacation days
is based on Executive working an 80% schedule. Executive shall be entitled to
additional vacation based on any policy of the Company that provides for
additional vacation based on years of service or other criteria.

         (c) ADDITIONAL BENEFITS. During the Period of Employment the Company
will reimburse the Executive for the cost of a supplemental policy of
long-term disability insurance for the Executive.

         (d) INDEMNIFICATION AND DIRECTORS' AND OFFICERS' INSURANCE. During
Executive's employment and for the period of time following termination of
the Executive for any reason during which time Executive could be

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subject to any claim based on her position in the Company, Executive shall
receive the maximum indemnification protection from the Company as permitted by
the Company's by-laws and shall receive directors' and officers' insurance
coverage equivalent to that which is provided to any other director or officer
of the Company.

4.       UNAUTHORIZED DISCLOSURE.

         Executive acknowledges that in the course of her employment with the
Company (and, if applicable, its predecessors), she has and will become
acquainted with the Company's business affairs, information, trade secrets, and
other matters which are of a proprietary or confidential nature, including but
not limited to the Company's and its affiliates' and predecessors' operations,
business opportunities, price and cost information, finance, customer
information, product development information, business plans, various sales
techniques, manuals, letters, notebooks, procedures, reports, products,
processes, services, and other confidential information and knowledge
(collectively the "Confidential Information") concerning the Company's and its
affiliates' and predecessors' business. Executive understands and acknowledges
that such Confidential Information is confidential, and she agrees not to
disclose such Confidential Information to anyone outside the Company except to
the extent that (i) Executive deems such disclosure or use reasonably necessary
or appropriate in connection with performing her duties on behalf of the
Company; (ii) Executive is required by order of a court of competent
jurisdiction (by subpoena or similar process) to disclose or discuss any
Confidential Information, provided that in such case, Executive shall promptly
inform the Company of such event, shall cooperate with the Company in attempting
to obtain a protective order or to otherwise restrict such disclosure, and shall
only disclose Confidential Information to the minimum extent necessary to comply
with any such court order; or (iii) such Confidential Information becomes
generally known to and available for use in the Company's industry, other than
as a result of any action or inaction by Executive. Executive further agrees
that she will not during employment and/or at any time thereafter use such
Confidential Information in competing, directly or indirectly, with the Company.
At such time as Executive shall cease to be employed by the Company, she will
immediately turn over to the Company all Confidential Information, including
papers, documents, writings, electronically stored information, other property,
and all copies of them provided to or created by her during the course of her
employment with the Company. The foregoing provisions shall be binding upon
Executive's heirs, successors, and legal representatives and shall survive the
termination of this Agreement for any reason.

5.       COVENANT NOT TO COMPETE. In consideration for Executive's employment
by the Company under the terms provided in this Agreement and as a means to
aid in the performance and enforcement of the terms of the provisions of
Paragraph 4, Executive agrees that:

         (a) during the Period of Employment and for a period of twelve (12)
months thereafter, regardless of the reason for termination of employment,
Executive will not, directly or indirectly, as an owner, director, principal,
agent, officer, employee, partner, consultant, servant, or otherwise, carry on,
operate, manage, control, or become involved in any manner with any business,
operation, corporation, partnership, association, agency, or other person or
entity which is engaged in a business that is directly competitive with any of
the Company's products which are produced or in development by the Company as of
the date of Executive's termination of employment, anywhere in the world;
provided, however, that the foregoing shall not prohibit Executive from owning
up to one percent (1%) of the outstanding stock of a publicly held company
engaged in activities competitive with that of the Company and provided,
further, however that the foregoing shall not prohibit Executive from being a
partner in or associated with a law firm that provides services to any such
competitive business provided that during such twelve (12) month period the
Executive does not provide legal services, advice or consultation to any such
competitive business; and

         (b) during the term of Executive's employment with the Company and for
a period of twelve (12) months thereafter, regardless of the reason for
termination of employment, Executive will not directly or indirectly solicit or
induce any present or future employee of the Company or any affiliate of the
Company to accept employment with Executive or with any business, operation,
corporation, partnership, association, agency, or other person or entity with
which Executive may be associated, and Executive will not knowingly employ or
cause any business, operation, corporation, partnership, association, agency, or
other person or entity with which Executive may be associated to employ any
present or future employee of the Company without providing the Company with ten
(10) days' prior written notice of such proposed employment.

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         Should Executive violate any of the provisions of this Paragraph, then
in addition to all other rights and remedies available to the Company at law or
in equity, the duration of this covenant shall automatically be extended for the
period of time from which Executive began such violation until she permanently
ceases such violation.

6.       TERMINATION. Except for termination as specified in Subparagraph 6(a),
any termination of Executive's employment by the Company or any such termination
by Executive shall be communicated by written notice of termination to the other
party hereto. Executive's employment hereunder may be terminated without any
breach of this Agreement under the following circumstances:

         (a) DEATH. Executive's employment hereunder shall terminate upon her
death.

         (b) DISABILITY. If, as a result of Executive's incapacity due to
physical or mental illness, Executive shall have been absent from her duties
hereunder on a full-time basis for one hundred eighty (180) calendar days in the
aggregate in any twelve (12) month period, the Company may terminate Executive's
employment hereunder.

         (c) TERMINATION BY COMPANY FOR CAUSE. At any time during the Period of
Employment, the Company may terminate Executive's employment hereunder for Cause
if such termination is approved by not less than a majority of the Board. For
purposes of this Agreement, "Cause" shall mean: (A) conduct by Executive
constituting a material act of willful misconduct in connection with the
performance of her duties; (B) criminal or civil conviction of Executive, a plea
of nolo contendere by Executive or conduct by Executive that would reasonably be
expected to result in material injury to the reputation of the Company if she
were retained in her position with the Company; (C) continued, willful and
deliberate non-performance by Executive of her duties hereunder (other than by
reason of Executive's physical or mental illness, incapacity or disability)
which has continued for more than thirty (30) days following written notice of
such non-performance from the Board; or (D) a breach by Executive of any of the
provisions contained in Paragraphs 4 and 5 of this Agreement.

         (d) TERMINATION WITHOUT CAUSE. At any time during the Period of
Employment, the Company may terminate Executive's employment hereunder without
Cause if such termination is approved by a majority of the Company's Board of
Directors. Any termination by the Company of Executive's employment under this
Agreement which does not constitute a termination for Cause under Subparagraph
6(c) or result from the death or disability of the Executive under Subparagraph
6(a) or (b) shall be deemed a termination without Cause. If the Company provides
notice to Executive under Paragraph 1 that it does not wish to extend the Period
of Employment, such action shall be deemed a termination without Cause.

         (e) TERMINATION BY EXECUTIVE. At any time during the Period of
Employment, Executive may terminate her employment hereunder for any reason,
including but not limited to Good Reason. If Executive provides notice to the
Company under Paragraph 1 that she does not wish to extend the Period of
Employment, such action shall be deemed a voluntary termination by Executive and
one without Good Reason. For purposes of this Agreement, "Good Reason" shall
mean: (A) a substantial diminution or other substantive adverse change, not
consented to by Executive, in the nature or scope of Executive's
responsibilities, authorities, powers, functions or duties; (B) any removal,
during the Period of Employment, from Executive of her title as set forth in
paragraph 2 of this Agreement; (C) an involuntary reduction in Executive's Base
Salary except for across-the-board reductions similarly affecting all or
substantially all management employees; (D) a breach by the Company of any of
its other material obligations under this Agreement and the failure of the
Company to cure such breach within thirty (30) days after written notice thereof
by Executive; (E) the involuntary relocation of the Company's offices at which
Executive is principally employed or the involuntary relocation of the offices
of Executive's primary workgroup to a location more than thirty (30) miles from
such offices, or the requirement by the Company that Executive be based anywhere
other than the Company's offices at such location on an extended basis, except
for required travel on the Company's business to an extent substantially
consistent with Executive's business travel obligations; or (F) the failure of
the Company to obtain the agreement from any successor to the Company to assume
and agree to perform this Agreement as required by Paragraph 10.

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         (f) DATE OF TERMINATION. "Date of Termination" shall mean: (A) if
Executive's employment is terminated by her death, the date of her death; (B) if
Executive's employment is terminated under Subparagraph 6(b) or under
Subparagraph 6(c), the date on which Notice of Termination is given; (C) if
Executive's employment is terminated by the Company under Subparagraph 6(d),
thirty (30) days after the date on which a Notice of Termination is given; and
(D) if Executive's employment is terminated by Executive under Subparagraph
6(e), thirty (30) days after the date on which a Notice of Termination is given,
unless the Company cures the Good Reason event prompting the Executive to issue
a Notice of Termination.

7.       COMPENSATION UPON TERMINATION OR DURING DISABILITY.

         (a) If Executive's employment terminates by reason of her death, the
Company shall, within ninety (90) days of death, pay in a lump sum amount to
such person as Executive shall designate in a notice filed with the Company or,
if no such person is designated, to Executive's estate, Executive's accrued and
unpaid Base Salary and accrued vacation to the date of her death, plus her
accrued and unpaid incentive compensation (including any bonus payment if any,
under Subparagraph 3(a) that is earned with respect to any financial period but
which has not yet been authorized for payment by the Board of Directors or any
committee thereof, which shall be paid if and when it is so authorized by the
Board of Directors),. Upon the death of Executive, all stock options granted to
Executive on or after August 1, 2002 which would otherwise vest over the next
twelve (12) months shall immediately vest in Executive's estate or other legal
representatives and become exercisable, and Executive's estate or other legal
representatives shall have twelve (12) months from the Date of Termination or
the remaining option term, if earlier, to exercise all such stock options
granted to Executive. All other stock-based grants and awards held by Executive
shall vest or be canceled upon the death of Executive in accordance with their
terms. For a period of one (1) year following the Date of Termination, the
Company shall pay such health and dental insurance premiums as may be necessary
to allow Executive's spouse and dependents to receive health and dental
insurance coverage substantially similar to coverage they received immediately
prior to the Date of Termination. In addition to the foregoing, any payments to
which Executive's spouse, beneficiaries, or estate may be entitled under any
employee benefit plan shall also be paid in accordance with the terms of such
plan or arrangement. Such payments, in the aggregate, shall fully discharge the
Company's obligations hereunder.

         (b) During any period that Executive fails to perform her duties
hereunder as a result of incapacity due to physical or mental illness, Executive
shall continue to receive her accrued and unpaid Base Salary, plus accrued
vacation and accrued and unpaid incentive compensation, (including any bonus
payment if any, under Subparagraph 3(a), that is earned with respect to any
financial period but which has not yet been authorized for payment by the Board
of Directors or any committee thereof which shall be paid if and when it is so
authorized by the Board of Directors), until Executive's employment is
terminated due to disability in accordance with Subparagraph 6(b) or until
Executive terminates her employment in accordance with Subparagraph 6(e),
whichever first occurs. Upon the Date of Termination all stock options granted
to Executive on or after August 1, 2002 which would otherwise vest over the next
twelve (12) months shall immediately vest and become exercisable, and Executive
shall have twelve (12) months from the Date of Termination or the remaining
option term, if earlier, to exercise all such stock options granted to
Executive. All other stock-based grants and awards held by Executive shall vest
or be canceled upon the Date of Termination in accordance with their terms. For
a period of one (1) year following the Date of Termination, the Company shall
pay such health and dental insurance premiums as may be necessary to allow
Executive and Executive's spouse and dependents to receive health and dental
insurance coverage substantially similar to coverage they received prior to the
Date of Termination. In addition to the foregoing, any payments to which
Executive may be entitled under any employee benefit plan shall also be paid in
accordance with the terms of such plan or arrangement.

         (c) If Executive's employment is terminated by Executive other than for
Good Reason as provided in Subparagraph 6(e), then the Company shall, through
the Date of Termination, pay Executive her accrued and unpaid Base Salary plus
accrued vacation, at the rate in effect at the time Notice of Termination is
given. Thereafter, the Company shall have no further obligations to Executive
except as otherwise expressly provided under this Agreement. In addition, all
vested but unexercised stock options granted to Executive on or after August 1,
2002

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and held by Executive as of the Date of Termination must be exercised by
Executive within three (3) months following the Date of Termination or by the
end of the option term, if earlier. All other stock-based grants and awards held
by Executive shall vest or be canceled upon the Date of Termination in
accordance with their terms.

         (d) If Executive terminates her employment for Good Reason as provided
in Subparagraph 6(e) or if Executive's employment is terminated by the Company
without Cause as provided in Subparagraph 6(d), then the Company shall, through
the Date of Termination, pay Executive her accrued and unpaid Base Salary plus
accrued vacation, at the rate in effect at the time Notice of Termination is
given and her accrued and unpaid incentive compensation (including any bonus
payment if any, under Subparagraph 3(a), that is earned with respect to any
financial period but which has not yet been authorized for payment by the Board
of Directors or any committee thereof which shall be paid if and when it is so
authorized by the Board of Directors). In addition, subject to signing by
Executive of a general release of claims in a form and manner satisfactory to
the Company, the Company shall provide the following benefits to Executive:

         (i) The Company shall pay Executive an amount equal one (1) times the
         sum of (A) the Executive's Base Salary in effect on the Date of
         Termination and (B) the Executive's average annual bonus or other
         variable cash compensation (including commissions) over the five (5)
         fiscal years immediately prior to the year of termination (the
         "Termination Amount"). The Termination Amount shall be calculated by
         the Company within ten (10) business days following the Date of
         Termination and communicated to the Executive in writing and shall then
         be paid out in accordance with the Company's standard payroll
         practices, in equal installments over 12 months following the Date of
         Termination. Notwithstanding the foregoing, if the Executive breaches
         any of the provisions contained in Paragraphs 4 and 5 of this Agreement
         during the period over which the Termination Amount is being paid, then
         all further payments of the Termination Amount shall immediately cease.

         (ii) Upon the Date of Termination, all stock options granted to the
         Executive on or after August 1, 2002 which would otherwise vest over
         the next twelve (12) months shall immediately vest and become
         exercisable, and Executive shall have twelve (12) months from the Date
         of Termination or the remaining option term, if earlier, to exercise
         all such stock options granted to Executive. All other stock-based
         grants and awards held by Executive shall vest or be canceled upon the
         Termination Date in accordance with their terms.

         (iii) In addition to any other benefits to which Executive may be
         entitled in accordance with the Company's then existing severance
         policies, the Company shall, for a period of one (1) year commencing on
         the Date of Termination, pay such health and dental insurance premiums
         as may be necessary to allow Executive and Executive's spouse and
         dependents to continue to receive health and dental insurance coverage
         substantially similar to coverage they received prior to the Date of
         Termination. In addition to the foregoing, any payments to which
         Executive may be entitled under any employee benefit plan shall also be
         paid in accordance with the terms of such plan or arrangement.

         (e) If Executive's employment is terminated by the Company for Cause as
provided in Subparagraph 6(c), then the Company shall, through the Date of
Termination, pay Executive her accrued and unpaid Base Salary, plus accrued
vacation, at the rate in effect at the time Notice of Termination is given.
Thereafter, the Company shall have no further obligations to Executive except as
otherwise expressly provided under this Agreement. In addition, all stock
options held by Executive as of the Date of Termination shall cease to vest as
of the Date of Termination and Executive shall have 30 days from the Date of
Termination or the remaining option term, if earlier, to exercise all such
vested stock options. All other stock-based grants and awards held by Executive
shall be canceled upon the Termination Date in accordance with their terms.

         (f) Nothing contained in the foregoing Subparagraphs 7(a) through 7(e)
shall be construed so as to affect Executive's rights or the Company's
obligations relating to agreements or benefits that are unrelated to termination
of employment.

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8.       CHANGE IN CONTROL BENEFIT. Upon a Change of Control of the Company the
following provisions shall apply in lieu of, and expressly supersede, the
provisions of Subparagraph 7(d).

         (a)      CHANGE IN CONTROL.

                  (i) In the event that within 12 months following a Change of
         Control, the Executive terminates her employment for Good Reason or if
         the Executive's employment is terminated by the Company without Cause,
         the Company shall pay Executive an amount equal to 1.5 times the sum of
         (A) the Executive's Base Salary and (B) the Executive's cash bonus or
         other variable cash compensation (including commissions) that would be
         payable to the Executive during the fiscal year in which the Change of
         Control occurred if the Company and the Executive had met all of the
         targets required for a full payment of such cash bonus or other
         variable cash compensation (collectively, the "Severance Amount"). The
         Severance Amount shall be calculated by the Company within ten (10)
         business days following the Date of Termination and communicated to the
         Executive in writing and shall then be paid out in accordance with the
         Company's standard payroll practices, in equal installments over the 18
         months following the Date of Termination. For purposes of this
         Agreement, "Base Salary" shall mean the annual Base Salary in effect on
         the Date of Termination. Notwithstanding the foregoing, if the
         Executive breaches any of the provisions contained in Paragraphs 4 and
         5 of this Agreement then all further payments of the Severance Amount
         shall immediately cease. Furthermore, in the event Executive terminates
         her employment for Good Reason as provided in Subparagraph 6(e), she
         shall be entitled to the Severance Amount only if she provides the
         Notice of Termination provided for in Subparagraph 6(a) within sixty
         (60) days after the occurrence of the event or events which constitute
         such Good Reason as specified in Subparagraph 6(e); and

                  (ii) Notwithstanding anything to the contrary in any
         applicable option agreement or stock-based award agreement, upon a
         Change in Control, all stock options and other stock-based awards
         granted to Executive by the Company shall immediately accelerate and
         become exercisable or non-forfeitable as of the effective date of such
         Change in Control. Executive shall also be entitled to any other rights
         and benefits with respect to stock-related awards, to the extent and
         upon the terms provided in the employee stock option or incentive plan
         or any agreement or other instrument attendant thereto pursuant to
         which such options or awards were granted; and

                  (iii) The Company shall, for a period of one (1) year
         commencing on the Date of Termination, pay such health and dental
         insurance premiums as may be necessary to allow Executive, Executive's
         spouse and dependents to continue to receive health and dental
         insurance coverage substantially similar to the coverage they received
         prior to the Date of Termination.

         (b) DEFINITIONS. For purposes of this Paragraph 8, the following terms
shall have the following meanings:

         "CHANGE IN CONTROL" shall mean any of the following:

                  (a) any "person," as such term is used in Sections 13(d) and
         14(d) of the Securities Exchange Act of 1934, as amended (the "Act")
         (other than the Company, any of its subsidiaries, or any trustee,
         fiduciary or other person or entity holding securities under any
         employee benefit plan or trust of the Company or any of its
         subsidiaries), together with all "affiliates" and "associates" (as such
         terms are defined in Rule 12b-2 under the Act) of such person, shall
         become the "beneficial owner" (as such term is defined in Rule 13d-3
         under the Act), directly or indirectly, of securities of the Company
         representing forty percent (40%)or more of either (A) the combined
         voting power of the Company's then outstanding securities having the
         right to vote in an election of the Company's Board ("Voting
         Securities") or (B) the then outstanding shares of Company's common
         stock, par value $0.01 per share ("Common Stock") (other than as a
         result of an acquisition of securities directly from the Company); or

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                  (b) persons who, as of the Commencement Date, constitute the
         Company's Board (the "Incumbent Directors") cease for any reason,
         including, without limitation, as a result of a tender offer, proxy
         contest, merger or similar transaction, to constitute at least a
         majority of the Board, provided that any person becoming a director of
         the Company subsequent to the Commencement Date shall be considered an
         Incumbent Director if such person's election was approved by or such
         person was nominated for election by a vote of at least a majority of
         the Incumbent Directors; but provided further, that any such person
         whose initial assumption of office is in connection with an actual or
         threatened election contest relating to the election of members of the
         Board or other actual or threatened solicitation of proxies or consents
         by or on behalf of a person other than the Board, including by reason
         of agreement intended to avoid or settle any such actual or threatened
         contest or solicitation, shall not be considered an Incumbent Director;
         or

                  (c) the stockholders of the Company shall approve (A) any
         consolidation or merger of the Company where the stockholders of the
         Company, immediately prior to the consolidation or merger, would not,
         immediately after the consolidation or merger, beneficially own (as
         such term is defined in Rule 13d-3 under the Act), directly or
         indirectly, shares representing in the aggregate more than fifty
         percent (50%) of the voting shares of the Company issuing cash or
         securities in the consolidation or merger (or of its ultimate parent
         corporation, if any), (B) any sale, lease, exchange or other transfer
         (in one transaction or a series of transactions contemplated or
         arranged by any party as a single plan) of all or substantially all of
         the assets of the Company or (C) any plan or proposal for the
         liquidation or dissolution of the Company.

         Notwithstanding the foregoing, a "Change of Control" shall not be
deemed to have occurred for purposes of the foregoing clause (a) solely as the
result of an acquisition of securities by the Company which, by reducing the
number of shares of Common Stock or other Voting Securities outstanding,
increases the proportionate number of shares beneficially owned by any person to
forty percent (40%) or more of either (A) the combined voting power of all of
the then outstanding Voting Securities or (B) Common Stock; PROVIDED, HOWEVER,
that if any person referred to in this sentence shall thereafter become the
beneficial owner of any additional shares of Voting Securities or Common Stock
(other than pursuant to a stock split, stock dividend, or similar transaction or
as a result of an acquisition of securities directly from the Company) and
immediately thereafter beneficially owns forty percent (40%) or more of either
(A) the combined voting power of all of the then outstanding Voting Securities
or (B) Common Stock, then a "Change of Control" shall be deemed to have occurred
for purposes of the foregoing clause (a).

9.       NOTICE. For purposes of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
certified mail, return receipt requested, postage prepaid, addressed as follows:

         if to the Executive:
                  At her home address as shown in the Company's personnel
                  records;

         if to the Company:
                  Moldflow Corporation
                  430 Boston Post Road
                  Wayland, MA  01778
                  Attention: Chief Executive Officer

                  Copy to:  Chief Financial Officer

or to such other address as either party may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt.

10.      SUCCESSOR TO COMPANY. The Company shall require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Company expressly to assume
and agree to perform this Agreement to the same extent that the Company would be
required to perform it if no succession had taken place. Failure of the Company
to obtain an assumption of this Agreement at or prior to the

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effectiveness of any succession shall be a breach of this Agreement and shall
constitute Good Reason if the Executive elects to terminate employment.

11.      MISCELLANEOUS. No provisions of this Agreement may be modified, waived,
or discharged unless such waiver, modification, or discharge is agreed to in
writing and signed by Executive and such officer of the Company as may be
specifically designated by the Board. No agreements or representations, oral or
otherwise, express or implied, unless specifically referred to herein, with
respect to the subject matter hereof have been made by either party which are
not set forth expressly in this Agreement. The validity, interpretation,
construction, and performance of this Agreement shall be governed by the laws of
the Commonwealth of Massachusetts (without regard to principles of conflicts of
laws).

12.      VALIDITY. The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect.

13.      COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

14.      ARBITRATION; OTHER DISPUTES. In the event of any dispute or controversy
arising under or in connection with this Agreement, the parties shall first try
in good faith for a period of 30 days to settle such dispute or controversy by
mediation under the applicable rules of the American Arbitration Association
before resorting to arbitration. Following such time period, the parties will
settle any remaining dispute or controversy exclusively by arbitration in
Boston, Massachusetts in accordance with the rules of the American Arbitration
Association then in effect. Judgment may be entered on the arbitrator's award in
any court having jurisdiction. Notwithstanding the above, the Company shall be
entitled to seek a restraining order or injunction in any court of competent
jurisdiction to prevent any continuation of any violation of Paragraph 4 or 5
hereof.

15.      LITIGATION AND REGULATORY COOPERATION. During and after Executive's
employment, Executive shall reasonably cooperate with the Company in the defense
or prosecution of any claims or actions now in existence or which may be brought
in the future against or on behalf of the Company which relate to events or
occurrences that transpired while Executive was employed by the Company;
provided, however, that such cooperation shall not materially and adversely
affect Executive or expose Executive to an increased probability of civil or
criminal litigation. The Company shall also provide Executive with compensation
on an hourly basis (to be derived from her Base Salary) for requested litigation
and regulatory cooperation that occurs after her termination of employment, and
reimburse Executive for all costs and expenses incurred in connection with her
performance under this Paragraph 15, including, but not limited to, reasonable
attorneys' fees and costs.

                                       8
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement effective
on the date and year first above written.

                                    MOLDFLOW CORPORATION

                                    By:  /s/ Suzanne E. MacCormack
                                         ------------------------------------
                                    Its: Vice President and CFO
                                         ------------------------------------

                                    EXECUTIVE

                                    /s/ Lori M. Henderson
                                    -----------------------------------------
                                    Lori M. Henderson

                                       9QuickLinks
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Exhibit 10.57    
  

 
 

EARLE M. JORGENSEN    
    
    EMPLOYEE STOCK OWNERSHIP PLAN    
  

As Amended and Restated Effective as of April 1, 2001  

  
 

    TABLE OF CONTENTS    
  

	 
	 	PAGE

	Section 1. Nature of the Plan.	 	2
	

Section 2. Definitions.	
 	

2
	

Section 3. Eligibility and Participation.	
 	

8
	

Section 4. Employer Contributions.	
 	

9
	

Section 5. Investment of Trust Assets.	
 	

10
	

Section 6. Allocations to Participants' Accounts.	
 	

10
	

Section 7. Allocation Limitations.	
 	

12
	

Section 8. Voting Company Stock.	
 	

12
	

Section 9. Disclosure to Participants.	
 	

13
	

Section 10. Vesting and Forfeitures.	
 	

13
	

Section 11. Credited Service and Break in Service.	
 	

14
	

Section 12. When Capital Accumulation Will Be Distributed.	
 	

15
	

Section 13. In-Service Distributions.	
 	

16
	

Section 14. How Capital Accumulation Will Be Distributed.	
 	

17
	

Section 15. Rights Options and Restrictions on Company Stock.	
 	

18
	

Section 16. No Assignment of Benefits.	
 	

18
	

Section 17. Administration.	
 	

19
	

Section 18. Claims Procedure.	
 	

20
	

Section 19. Limitation on Participants' Rights.	
 	

21
	

Section 20. Future of the Plan.	
 	

21
	

Section 21. "Top-Heavy" Contingency Provisions.	
 	

22
	

Section 22. Governing Law.	
 	

22
	

Section 23. Execution.	
 	

22

 
EARLE M. JORGENSEN  

 EMPLOYEE STOCK OWNERSHIP  

PLAN As Amended and Restated Effective as of April 1, 2001  

Nature of the Plan.  

        The purpose of this Plan is to enable participating Employees to share in the growth and prosperity of Earle M. Jorgensen Holding Company, Inc. (the
"Company"), to provide Participants with an opportunity to accumulate capital for their future economic security, and to enable Participants to acquire stock ownership interests in the Company.
Therefore, a significant portion of the assets under the Plan shall be invested in Company Stock. 

        The
Plan, originally adopted effective as of May 3, 1990, as an employee stock ownership plan, under Section 4975(e)(7) of the Internal Revenue Code of 1986, as amended
(the "Code"), was amended and restated effective as of April 1, 1999 to be a stock bonus plan under Section 401(a) of the Code, and eligible individual account plan under
Section 407(d)(3) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Plan is further amended and restated effective April 1, 2001 to clarify certain
provisions and to update the Plan for certain changes in the law. 

        The
Kilsby-Roberts Employee Stock Ownership Plan was consolidated with and into the Plan in 1990, and portions of the Earle M. Jorgensen Company Employee Capital Accumulation Plan were
transferred to the Plan in 1991. Effective as of April 1, 1999, no further Employer Contributions shall be made under the portion of the Plan which was a money purchase pension plan and such
portion of the Plan is merged with and into the portion of the Plan which is a stock bonus plan. 

        In
order to satisfy applicable requirements of the Code, as amended by the Small Business Job Protection Act of 1996 and the Taxpayer Relief Act of 1997, the definitions of
"Compensation," "Employee" and "Highly Compensated Employee" in Section 2 are amended effective as of April 1, 1997, the definition of "Statutory Compensation" in Section 2 is
amended effective as of April 1, 1998, the third sentence of Section 3(c) is amended effective as of December 12, 1994, and the second sentence of Section 12(c) is amended
effective as of January 1, 1997. 

        All
Trust Assets held under the Plan will be administered, distributed, forfeited and otherwise governed by the provisions of this Plan and the related Trust Agreement. The Plan is
administered by a Benefits Committee for the exclusive benefit of Participants (and their Beneficiaries). 

Definitions.  

        In this Plan, whenever the context so indicates, the singular or plural number and the masculine, feminine or neuter gender shall be deemed to include the other,
the terms "he," "his" and "him" shall refer to a Participant, and the capitalized terms shall have the following meanings: 

	Account	 	One of several accounts maintained to record the interest of a Participant under the Plan. See Section 6.

2

 

	

Affiliate	
 	

Any corporation which is a member of a controlled group of corporations (within the meaning of Section 414(b) of the Code) of which an Employer is also a member or any trade or business (whether or not incorporated) which is under common control
with the Company (within the meaning of Section 414(c) of the Code) or any organization which is a member of an affiliated service group (within the meaning of Section 414(m) of the Code) of which the Company is also a member.
	

Allocation Date	
 	

March 31st of each year (the last day of each Plan Year).
	

Approved Absence	
 	

A leave of absence (without pay) granted to an Employee by the Employer, in accordance with rules uniformly applied to all Employees, for reasons of health or public service or for other reasons determined by the Employer to be in its best interests,
including unpaid leave under the Family and Medical Leave Act of 1993. See Section 3(c).
	

Beneficiary	
 	

The person (or persons) entitled to receive any benefit under the Plan in the event of a Participant's death. See Section 14(b).
	

Board of Directors	
 	

The Board of Directors of the Company.
	

Break in Service	
 	

A Plan Year in which an Employee is not credited with more than 500 Hours of Service as a result of his termination of Service. See Section 11(b).
	

Capital Accumulation	
 	

A Participant's vested, nonforfeitable interest in his Accounts under the Plan. Each Participant's Capital Accumulation shall be determined in accordance with the provisions of Section 10 and distributed as provided in Sections 12, 13 and
14.
	

Code	
 	

The Internal Revenue Code of 1986, as amended.
	

Committee	
 	

The Benefits Committee appointed by the Board of Directors to administer the Plan. See Section 17.
	

Company	
 	

Earle M. Jorgensen Holding Company, Inc., a Delaware corporation.
	

Company Stock	
 	

Shares of any class of capital stock issued by the Company.
	
 	
 	

 

3

 

	

Company Stock Account	
 	

The Account which reflects each Participant's interest in Company Stock held under the Plan attributable to Employer Contributions and Forfeitures. See Section 6.
	

Compensation	
 	

The total current cash compensation paid to an Employee by the Employer in each Plan Year before reductions for salary reductions (effective for Plan Years beginning on and after April 1, 2001, such reductions include, but are not limited to,
pre-tax amounts contributed under a Section 132(f) transportation fringe plan), but excluding (1) the Management Shareholders Bonus, (2) the Quarterly Supplemental Salary Adjustment for certain former senior managers of the Jorgensen
Division of the Employer, (3) auto allowance, (4) relocation allowance, (5) the special management bonus, (6) group term-life insurance, (7) moving expense, (8) payment for cancellation of options to purchase capital
stock of the Employer, (9) amounts received pursuant to "change in control contracts," and (10) any amount in excess of $160,000 (as adjusted after March 31, 2000, for increases in the cost of living pursuant to Section 401(a)(17)
of the Code).
	

Credited Service	
 	

The number of Plan Years in which an Employee is credited with at least 1000 Hours of Service. See Section 11.
	

Disability	
 	

The total and permanent disability of an Employee, determined by a licensed physician approved by the Committee.
	

ECAP	
 	

The Earle M. Jorgensen Company Employee Capital Accumulation Plan, a profit sharing plan and formerly also a stock bonus plan under Section 401(a) of the Code that includes a "cash or deferred arrangement" under Section 401(k) of the
Code.
	
 	
 	

 

4

 

	

Employee	
 	

An individual who is treated by an Employer as a common-law employee; provided, however, that an independent contractor (or other individual) who is reclassified as a common-law employee on retroactive basis shall not be treated as having been an
Employee for purposes of the Plan for any period prior to the date that he is so reclassified. A leased employee is not an Employee for purposes of the Plan. For this purpose, a "leased employee," as described in Section 414(n)(2) of the Code,
is any individual who is not treated as a common-law employee by an Employer and who provides services to an Employer if (A) such services are provided pursuant to an agreement between an Employer and a leasing organization, (B) such
individual has performed services for an Employer on a substantially full-time basis for a period of at least one year, and (C) such services are performed under the primary direction or control of an Employer.
	

Employer	
 	

Earle M. Jorgensen Company, a Delaware corporation and any of its Affiliates to which the Plan has been extended.
	

Employer Contributions	
 	

Payments made to the Trust by the Employer. See Section 4.
	

ERISA	
 	

The Employee Retirement Income Security Act of 1974, as amended.
	

Fair Market Value	
 	

The fair market value of Company Stock, as determined by the Committee for all purposes under the Plan based upon a valuation by an independent appraiser using the enterprise basis of valuation.
	

Forfeiture	
 	

Any portion of a Participant's Accounts which does not become a part of his Capital Accumulation and which is forfeited under Section 10(b).
	
 	
 	

 

5

 

	

Highly Compensated Employee	
 	

An Employee who (1) was a "5% owner" (as defined in Section 416(i)(1)(B)(i) of the Code) at any time during the Plan Year or the preceding Plan Year, or (2) has Statutory Compensation in excess of $80,000 in the preceding Plan Year and,
 if so elected by the Company, was in the top-paid 20% group of Employees for such preceding Plan Year; provided, however, that if such "top-paid group" election is made by the Company for any Plan Year, the "top-paid group" election must also be
applied to all employee benefit plans maintained by the Company or its Affiliates. The $80,000 amount shall be adjusted after March 31, 2000, for increases in the cost of living pursuant to Section 414(q)(1) of the Code.
	

Hour of Service	
 	

Each hour of Service for which an Employee is credited under the Plan, as described in Section 3(d).
	

Investment Manager	
 	

A person appointed pursuant to Section 402(c)(3) of ERISA to manage and direct the investment of Trust Assets other than Company Stock, provided that such person acknowledges in writing that it is a fiduciary with respect to the
Plan.
	

Kilsby ESOP	
 	

The Kilsby-Roberts Employee Stock Ownership Plan, a combination of a stock bonus plan and a money purchase pension plan (each of which is qualified under Section 401(a) of the Code) that constitutes an employee stock ownership plan under
Section 4975(e)(7) of the Code and that includes a tax credit employee stock ownership plan under Section 409 of the Code.
	

Matching Account	
 	

The Account which reflects a Participant's interest under the Plan attributable to his Participant Matched Contributions Account under the ECAP. See Section 6.
	

Other Investments Account	
 	

The Account which reflects each Participant's interest under the Plan attributable to Trust Assets other than Company Stock and attributable to Employer Contributions and Forfeitures. See Section 6.
	

Participant	
 	

Any Employee or former Employee who has met the applicable eligibility requirements of Section 3(a) and who has not yet received a complete distribution of his Capital Accumulation.
	
 	
 	

 

6

 

	

PAYSOP Account	
 	

The Account which reflects a Participant's interest under the Plan attributable to his PAYSOP Account under the Kilsby ESOP or under the ECAP. See Section 6.
	

Pension Plan	
 	

The Earle M. Jorgensen Salaried Employees Pension Plan (terminated 1991) or the Earle M. Jorgensen Hourly Employees Pension Plan, each of which is a defined benefit pension plan qualified under Section 401(a) of the Code.
	

Plan	
 	

The Earle M. Jorgensen Employee Stock Ownership Plan, which includes this Plan and the Trust Agreement.
	

Plan Year	
 	

The 12-month period ending on each Allocation Date (and coinciding with each fiscal year of the Company), which period shall also be the "limitation year" for purposes of Section 415 of the Code.
	

Republic ESOP	
 	

The Republic Supply Employee Stock Ownership Plan, a combination of a stock bonus plan and a money purchase pension plan (each of which was qualified under Section 401(a) of the Code) that constituted an employee stock ownership plan under
Section 4975(e)(7) of the Code, that included a tax credit employee stock ownership plan under Section 409 of the Code and that was merged into the Kilsby ESOP effective as of December 1, 1989.
	

Retirement	
 	

Termination of Service (1) after attaining age 65, or (2) after attaining age 55 and completing at least five years of Credited Service.
	

Rollover Account	
 	

The Account which reflects a Participant's interest attributable to his Rollover Account under the Kilsby ESOP. See Section 6.
	

Service	
 	

Employment with the Employer or employment with any other person that is required to be treated as employment with the Employer under Section 414(b), (c), (m) (n) or (o) of the Code.
	
 	
 	

 

7

 

	

Statutory Compensation	
 	

The total remuneration paid to an Employee by the Employer during the Plan Year for personal services rendered to the Employer, excluding employer contributions to a plan of deferred compensation, amounts realized in connection with stock options and
amounts which receive special tax benefits, and including any Company Salary Reduction Contributions made on behalf of an Employee for the Plan Year to the ECAP.
	

Trust	
 	

The Earle M. Jorgensen Employee Stock Ownership Trust, which is governed by the Trust Agreement entered into between the Company and the Trustee.
	

Trust Agreement	
 	

The Agreement between the Company and the Trustee specifying the duties of the Trustee.
	

Trust Assets	
 	

The Company Stock (and other assets) held in the Trust for the benefit of Participants. See Section 5.
	

Trustee	
 	

The Trustee (and any successor Trustee) appointed by the Board of Directors to hold the Trust Assets.

Eligibility and Participation.  

Each Employee who is a Participant on April 1, 2001, shall continue to be a Participant. Each other Employee shall become a Participant in the Plan on his initial date
of Service.  

        An
Employee of the Forge Division of the Employer who is not a salaried Employee shall not tie eligible to participate in the Plan. An Employee whose terms of Service are covered by a
collective bargaining agreement shall not be eligible to participate in the Plan unless the terms of such agreement specifically provide for coverage under the Plan. A Participant who ceases to be an
eligible Employee is entitled to share in the allocation of Employer Contributions and Forfeitures for the Plan Year in which he ceases to be an eligible Employee if he is an Employee on the
Allocation Date, but his Compensation shall include only amounts paid to him while he was an eligible Employee. An Employee who becomes an eligible Employee shall become a Participant on the date he
becomes an eligible Employee, and his Compensation shall include only amounts paid to him while he is an eligible Employee. 

A Participant is entitled to share in the allocation of Employer Contributions and Forfeitures under Section 6(a) for each Plan Year in which he is credited with at
least 1000 Hours of Service and in which he is an eligible Employee (or on Approved Absence) on the Allocation Date. A Participant is also entitled to share in the allocation of Employer Contributions
and Forfeitures for the Plan Year of his Retirement, Disability or death. A former Participant who is reemployed by the Employer shall become a Participant as of the date of his reemployment, if he is
then an eligible Employee. A Participant who is on an Approved Absence shall continue as a Participant during the period of his Approved Absence. Notwithstanding any provision of this Plan to the
contrary, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Section 414(u) of the Code.

8

 

Hours of Service—For purposes of determining the Hours of Service to be credited to an Employee under the Plan, the following rules shall be
applied:  

Hours
of Service shall include each hour of Service for which an Employee is paid (or entitled to payment) for the performance of duties; each hour of Service for which an Employee is paid (or
entitled to payment) for a period during which no duties are performed due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty or paid leave of absence;
and each additional hour of Service for which back pay is either awarded or agreed to (irrespective of mitigation of damages); provided, however, that not more than 501 Hours of Service shall be
credited for a single continuous period during which an Employee does not perform any duties. 

The
crediting of Hours of Service shall be determined in accordance with the rules set forth in paragraphs (b) and (c) of Section 2530.200b-2 of the regulations
prescribed by the Department of Labor, which rules shall be consistently applied with respect to all Employees within the same job classification. 

Hours
of Service shall not be credited to an Employee for a period during which no duties are performed if payment is made or due under a plan maintained solely for the purpose of complying with
applicable worker's compensation, unemployment compensation or disability insurance laws, and Hours of Service shall not be credited on account of any payment made or due an Employee solely in
reimbursement of medical or medically-related expenses. 

An
Employee compensated on an hourly basis shall be credited for each Hour of Service as described above. Unless the Employer maintains records of actual Hours of Service, a salaried Employee who
completes at least one Hour of Service during a semi-monthly pay period shall be credited with 95 Hours for each such period of Service. 

Employer Contributions.  

Amount of Employer Contributions—Employer Contributions shall be paid to the Trustee for each Plan Year in such amounts (or under such
formula) as may be determined by the Board of Directors.  

Payment of Employer Contributions—Employer Contributions for each Plan Year shall be paid to the Trustee not later
than the due date (including extensions) for filing the Company's Federal income tax return for that Plan Year. Employer Contributions may be paid in cash and/or in shares of Company
Stock, as determined by the Board of Directors. The amount of any Employer Contributions that are paid in the form of shares of Company Stock shall be based upon Fair Market Value as of the date such
shares are issued to the Trust.  

Additional Provisions—Employer Contributions shall not be made for any Plan Year in amounts which can be allocated
to no Participant's Accounts by reason of the allocation limitations described in Section 7 or in amounts which are not deductible under Section 404(a) of the Code. Any Employer
Contributions which are not deductible under Section 404(a) of the Code shall be returned to the Employer by the Trustee (upon the direction of the Company) within one year after the deduction
is disallowed or after it is determined that the deduction is not available. In the event that Employer Contributions are paid to the Trust by reason of a mistake of fact, such Employer Contributions
may be returned to the Employer by the Trustee (upon the direction of the Company) within one year after the payment to the Trust.  

No Participant shall be required or permitted to make contributions to the Trust. 

9

 

Investment of Trust Assets.  

In General—Trust Assets (other than Trust Assets attributable to Rollover Accounts) will be invested by the Trustee in accordance with
directions from the Committee. Employer Contributions (and other Trust Assets, except Trust Assets attributable to Rollover Accounts) may be used to acquire shares of Company Stock from any Company
stockholder or from the Company. Except as otherwise provided in Section 5(c), the Trustee may also invest Trust Assets in such other prudent investments as the Committee or an Investment
Manager deems to be desirable for the Trust, or Trust Assets may be held temporarily in cash. All purchases of Company Stock by the Trustee shall be made only as directed by the Committee and only at
prices which do not exceed Fair Market Value. The Committee may direct the Trustee to invest and hold up to 100% of the Trust Assets (other than Trust Assets attributable to Rollover Accounts) in
Company Stock.  

Sales of Company Stock—With the written approval of the Board of Directors, the Committee may direct the Trustee to
sell shares of Company Stock to any person (including the Company), provided that any such sale must be made at a price not less than Fair Market Value as of the date of the sale. Any decision by the
Committee to direct the Trustee to sell Company Stock under this Section 5(b) must comply with the fiduciary duties applicable under Section 404(a)(1) of ERISA.  

Rollover Accounts—Subject to the provisions of Sections 12, 13 and 14, the Trustee shall retain any shares of
Company Stock which have been allocated to Participants' Rollover Accounts.

Allocations to Participants' Accounts.  

        A Company Stock Account and an Other Investments Account shall be maintained to reflect the interest of each Participant under the Plan (including certain amounts
allocated to him under the Kilsby ESOP and the ECAP). A Rollover Account, a PAYSOP Account and a Matching Account shall be maintained to reflect the interest of a Participant under the Plan
attributable to certain amounts allocated to him under the Kilsby ESOP or the ECAP. 

        Company Stock Account—The Company Stock Account maintained for each Participant contains the former balances in his Company
Stock Accounts under the Kilsby ESOP or the Stock Balance in his ESOP Account under the ECAP. Such Account will be credited as of each Allocation Date with his allocable share of Company Stock
(including fractional shares) purchased and paid for by the Trust or contributed in kind to the Trust as an Employer Contribution, with any Forfeitures from Company Stock Accounts and with any stock
dividends on Company Stock allocated to his Company Stock Account. 

        Other Investments Account—The Other Investments Account maintained for each Participant contains the former balances in his
Other Investments Accounts under the Kilsby ESOP or the Cash Balance in his ESOP Account under the ECAP. Such Account will be credited as of each Allocation Date with his allocable share of Employer
Contributions that are not in the form of Company Stock and with any Forfeitures from Other Investments Accounts. Such Account will thereafter be credited as of the last day of each calendar quarter
with any cash dividends on Company Stock allocated to his Company Stock Account and any net income (or loss) of the Trust. Such Account will be debited for the Participant's share of any cash payments
made by the Trustee for the acquisition of Company Stock. 

        Rollover Account—The Rollover Account maintained for a Participant contains the former balance in his Rollover Account under
the Kilsby ESOP (if any). Such Account will be credited as of the last day of each calendar quarter with its share of the net income (or loss) of the Trust and any dividends on Company Stock allocated
to that Rollover Account. 

        PAYSOP Account—The PAYSOP Account maintained for a Participant contains the former balance in his PAYSOP Account under the
Kilsby ESOP or under the ECAP. Such Account will be 

10

 

credited as of the last day of each calendar quarter with any dividends on Company Stock allocated to his PAYSOP Account and any net income (or loss) of the Trust attributable to PAYSOP Accounts. 

        Matching Account—The Matching Account maintained for a Participant contains the former balance in his Participant Matched
Contributions Account under the ECAP. Such Account will be credited as of the last day of each calendar quarter with any dividends on Company Stock allocated to his Matching Account and any net income
(or loss) of the Trust attributable to Matching Accounts. 

        The
allocations to Participants' Accounts for each Plan Year will be made as follows: 

Employer Contributions and Forfeitures—Employer Contributions under Section 4(a) and Forfeitures under Section 10(b) for each
Plan Year will be allocated as of the Allocation Date among the Accounts of Participants so entitled under Section 3(b) in the ratio that the Compensation of each such Participant bears to the
total Compensation of all such Participants, subject to the allocation limitations described in Section 7.

Net Income (or Loss) of the Trust—The net income (or loss) of the Trust for each calendar quarter will be determined as of the last day of
the calendar quarter. Each Participant's share of any net income (or loss) will be allocated to his Other Investments Account in the ratio that the balance of his Other Investments Account on the last
day of the preceding calendar quarter (reduced by any distribution of Capital Accumulation from such Account since the last day of the preceding calendar quarter) bears to the sum of such Account
balances for all Participants as of that date. The allocation of any net income (or loss) for a calendar quarter ending on an Allocation Date shall occur prior to the allocation of Employer
Contributions and Forfeitures as of that Allocation Date. The net income (or loss) of the Trust for a calendar quarter includes the increase (or decrease) in the fair market value of Trust Assets
(other than Company Stock), interest income, dividends and other income and gains (or losses) attributable to Trust Assets (other than any dividends on allocated Company Stock) since the last day of
the preceding calendar quarter, reduced by any expenses charged to the Trust Assets since the last day of the preceding calendar quarter.

        The
net income (or loss) of the Trust attributable to Rollover Accounts invested among the investment funds described in Section 5(c) for each calendar quarter will be determined
separately for each investment fund and allocated among such Accounts in proportion to the respective balances of such Accounts invested in each investment fund (after taking into consideration any
distributions from such Accounts since the last day of the preceding calendar quarter). If a Participant has directed the Committee to appoint an Investment Manager to manage the investment of a
portion of his Rollover Account, the net income (or loss) attributable to such investment will be allocated to his Rollover Account. 

        The
net income (or loss) of the Trust attributable to PAYSOP Accounts and Matching Accounts will be determined separately and allocated among such Accounts in proportion to the
respective balances thereof. 

Dividends on Company Stock—Any cash dividends received on shares of Company Stock allocated to Participants' Company Stock Accounts will be
allocated to the respective Other Investments Accounts of such Participants. Any cash dividends received on shares of Company Stock allocated to Participants' Rollover Accounts, PAYSOP Accounts and
Matching Accounts will be allocated to the Accounts to which such Company Stock was allocated. Any cash dividends received on unallocated shares of Company Stock shall be included in the computation
of the net income (or loss) of the Trust. Any stock dividends received on Company Stock shall be credited to the Accounts to which such Company Stock was allocated.

Accounting for Allocations—The Committee shall establish accounting procedures for the purpose of making the allocations to Participants'
Accounts provided for in this Section 6. The Committee shall maintain adequate records of the aggregate cost basis of Company Stock allocated to each  

11

 

 Participant's Accounts. From time to time, the Committee may modify the accounting procedures for the purposes of achieving equitable and non-discriminatory allocations among the Accounts
of Participants in accordance with the general concepts of the Plan, the provisions of this Section 6 and the requirements of the Code and ERISA.

Allocation Limitations.  

        The Annual Additions for each Plan Year with respect to any Participant may not exceed the lesser of: 

25% of his Statutory Compensation; or

$30,000, as adjusted for increases in the cost of living pursuant to Section 415(d)(1)(C) of the Code.

For
this purpose, "Annual Additions" shall be the total of the Employer Contributions and Forfeitures (including any income attributable to Forfeitures) allocated to the Accounts of a Participant for
the Plan Year, plus any Company Salary Reduction Contributions made on his behalf for the Plan Year to the ECAP. In determining such Annual Additions, Forfeitures of Company Stock shall be included at
the Fair Market Value as of the Allocation Date. Annual Additions shall include any Company Salary Reduction Contributions distributed to the Participant pursuant to the ECAP and Sections 401(k)(8)
and 402(g)(2)(A) of the Code, but shall exclude any amounts paid to the Participant pursuant to the ECAP in order to avoid exceeding the limitation described in Section 415(c) of the Code.
Annual Additions shall also include any contributions allocated to an individual medical benefit account described in Sections 401(h) and 415(l)(2) of the Code or any amount attributable to
post-retirement medical benefits allocated to an account for a "key employee" (as defined in Section 416(i) of the Code) under Sections 419(e) and 419A(d) of the Code. 

        In
addition, for any Participant who is covered under a Pension Plan, Employer Contributions and Forfeitures may not be allocated to his Accounts (under this Plan) in amounts which would
cause the
limitations described in Section 415(e) of the Code to be exceeded for any Plan Year beginning prior to April 1, 2000. 

        If
the aggregate amount that would be allocated to the Accounts of a Participant in the absence of these limitations would exceed the amount set forth in these limitations, the following
is the order in which his benefits will be reduced to the extent necessary to avoid exceeding these limitations: (1) Pension Plan; (2) ECAP; and (3) this Plan. Any Forfeitures
which can be allocated to no Participant's Accounts by reason of these limitations shall be credited to a "Forfeiture Suspense Account" and allocated as Forfeitures under Section 6(a) for the
next succeeding Plan Year (prior to the allocation of Employer Contributions for such succeeding Plan Year). 

Voting Company Stock.  

        To the extent that shares of Company Stock have voting rights, such shares shall be voted as provided in this Section 8. 

        Shares
of Company Stock in the Trust that are not allocated to Rollover Accounts shall be voted by the Trustee only in such manner as shall be directed by the Committee. With respect to
any corporate matter which involves the voting of shares by stockholders and which constitutes a merger, consolidation, recapitalization, reclassification, liquidation, dissolution, sale of
substantially all assets of a trade or business or a similar transaction specified in regulations under Section 409(e)(3) of the Code, however, each Participant (or Beneficiary) will be
entitled to give confidential instructions to the Trustee as to the voting of shares of Company Stock then allocated to his Company Stock Account, PAYSOP Account and Matching Account. In that event,
any allocated Company Stock with respect to which voting instructions are not received from Participants (or Beneficiaries) and any shares of Company Stock held by the Trust which are not then
allocated to Participants' Company Stock Accounts, PAYSOP Accounts, Matching Accounts and Rollover Accounts shall be voted by the Trustee in the manner determined by the Committee. 

12

   
        Each Participant (or Beneficiary) will be entitled to give confidential instructions to the Trustee as to the voting of shares of Company Stock that are allocated to his Rollover Account
on all corporate matters involving the voting of such shares, including instructions to the Trustee to give irrevocable proxies with respect to such shares. Any such shares with respect to which
voting directions are not given shall not be voted. 

Disclosure to Participants.  

Summary Plan Description—Each Participant shall be furnished with the summary plan description of the Plan required by Sections 102(a)(1)
and 104(b)(1) of ERISA. Such summary plan description shall be updated from time to time as required under ERISA and U.S. Department of Labor regulations thereunder.

Summary Annual Report—Within two months after the due date for the filing of the annual return/report (Form 5500) for the Plan with
the appropriate governmental agency, each Participant shall be furnished with the summary annual report of the Plan required by Section 104(b)(3) of ERISA, in the form prescribed in regulations
of the U.S. Department of Labor.

Annual Statement—Following each Allocation Date, each Participant shall be furnished with a statement reflecting the following information:  

The
balances (if any) in his Accounts as of the beginning of the Plan Year. 

The
amount of Employer Contributions and Forfeitures allocated to his Accounts for that Plan Year. 

The
adjustments to his Accounts to reflect his share of dividends (if any) on Company Stock and any net income (or loss) of the Trust for that Plan Year. 

The
new balances in his Accounts, including the number of shares of Company Stock allocated to his Accounts and the Fair Market Value as of that Allocation Date. 

His
vested percentage in his Account balances (under Section 10) as of that Allocation Date. 

Additional Disclosure—The Company shall make available for examination by any Participant copies of the Plan, the Trust Agreement and the
latest annual report of the Plan filed (on Forms 5500) with the Internal Revenue Service. Upon written request of any Participant, the Company shall furnish copies of such documents and may make a
reasonable charge to cover the cost of furnishing such copies, as provided in regulations of the U.S. Department of Labor.

Vesting and Forfeitures.  

Vesting—

        (1)  A
Participant's interest in his Company Stock Account and Other Investments Account shall become 100% vested and nonforfeitable without regard to his Credited Service if
he (A) is employed by the Employer on or after his 65th birthday, (B) terminates Service by reason of Disability, (C) dies while employed by the Employer, or
(D) was an employee of an Employer under the Kilsby ESOP or an employee of Earle M. Jorgensen Company on May 2, 1990. 

13

 

        (2)  Except
as otherwise provided in Section 10(a)(1), the interest of each Participant in his Company Stock Account and Other Investments Account shall become vested
and nonforfeitable in accordance with the following schedule: 

	Credited Service

Under Section 11
 
	 	Nonforfeitable Percentage
	 
	Less than One Year	 	0	%
	

One Year	
 	

20	
%
	

Two Years	
 	

40	
%
	

Three Years	
 	

60	
%
	

Four Years	
 	

80	
%
	

Five Years or More	
 	

100	
%

        (3)  A
Participant's interest in his Rollover Account, PAYSOP Account and Matching Account shall be 100% vested and nonforfeitable at all times. 

        (4)      

Forfeitures—Any portion of the final balances in a Participant's Accounts which is not vested (and does not become part of his Capital
Accumulation) will become a Forfeiture upon the occurrence of a five-consecutive-year Break in Service. Forfeitures shall first be charged against a Participant's Other
Investments Account, with any balance charged against his Company Stock Account (at Fair Market Value). All Forfeitures will be reallocated to the Accounts of remaining Participants, as provided in
Section 6(a), as of the Allocation Date of the Plan Year in which a five-consecutive-year Break in Service occurs.

Vesting Upon Reemployment—If a Participant who is not 100% vested receives a distribution of his Capital Accumulation prior to the
occurrence of a five-consecutive-year Break in Service and he is reemployed prior to the occurrence of such a Break in Service, the portion of his Accounts which was not vested
shall be maintained separately until he becomes 100% vested. His vested and nonforfeitable percentage in such separate Accounts upon his subsequent termination of Service shall be equal
to:

                X-Y        

100%-Y 

For
purposes of applying this formula, X is the vested percentage at the time of the subsequent termination, and Y is the vested percentage at the time of the prior termination. 

Credited Service and Break in Service.  

Credited Service—An Employee's Credited Service shall be the number of Plan Years (beginning with the Plan Year ending March 31,
1991) in which he is credited with at least 1000 Hours of Service. Credited Service shall also include an Employee's Credited Service as defined under the Kilsby ESOP prior to May 3, 1990, and
an Employee's Years of Service as defined under the ECAP prior to May 3, 1990. All determinations of Credited Service shall be made in accordance with the regulations prescribed by the U.S.
Department of Labor.

Break in Service—A one-year Break in Service shall occur in a Plan Year in which an Employee is not credited with more than 500
Hours of Service as a result of his termination of Service. A five-consecutive-year Break in Service shall be five consecutive one-year Breaks in
Service.

        For
purposes of determining whether a Break in Service has occurred, if an Employee begins a maternity/paternity absence described in Section 411(a)(6)(E)(i) of the Code,
or any unpaid leave 

14

 

covered under the Family and Medical Leave Act of 1993, the computation of his Hours of Service shall include the Hours of Service that would have been credited if he had not been so absent. An
Employee shall be credited for such Hours of Service (up to a maximum of 501 Hours of Service) in the Plan Year in which such absence begins (if such crediting will prevent him from incurring a Break
in Service in such Plan Year) or in the next following Plan Year. For the purposes of this paragraph, a "maternity/paternity absence" means an Employee's absence (A) by reason of the
(i) pregnancy of the Employee, (ii) birth of a child of the Employee or (iii) placement of a child with the individual in connection with the adoption of such child by such
Employee, or (B) for purposes of caring for a child described in clause (A) for a period beginning immediately following such birth or placement. 

Reemployment—If a former Employee is reemployed after a one-year Break in Service, new Accounts will be established to reflect
his interests in the Plan attributable to Service after the Break in Service and the following special rules shall apply in determining his Credited Service:

If he is reemployed after the occurrence of a five-consecutive-year Break in Service, Credited Service after the Break in Service will not increase his
vested interest in his Accounts attributable to Service prior to the Break in Service.

After he completes one Plan Year of Credited Service following reemployment, his Credited Service with respect to his new Accounts will include his Credited Service accumulated
prior to the Break in Service. In the case of an Employee who is reemployed after a five-consecutive-year Break in Service and who has not attained a vested interest under the
Plan, Credited Service prior to the Break in Service shall not be included in determining his Credited Service.

When Capital Accumulation Will Be Distributed.  

Except as otherwise provided in Sections 12(c) and 13, a Participant's Capital Accumulation will be distributed following his termination of Service, but only at the
time and in the manner described in this Section 12. If the value of a Participant's Capital Accumulation exceeds $5,000, no portion of his Capital Accumulation may be distributed to him before
he attains age 65 without his written consent.  

        Subject to the procedures established by the Committee under Section 17(c)(5), a Participant's Capital Accumulation may be distributed in accordance with a
"qualified domestic relations order" (as defined in Section 414(p) of the Code) without regard to whether the Participant's Service has terminated or he has attained his "earliest retirement
age" (as defined in Section 414(p) of the Code). Unless the "qualified domestic relations order" provides otherwise, such distribution shall be made pro rata from each of the Participant's
Accounts. 

If a Participant's Service terminates as a result of his Retirement, his Disability, his death, a plant closure or job elimination by the Employer, distribution of his Capital
Accumulation shall occur in a single lump sum as soon as practicable after the June 30th, September 30th or December 31st coinciding with
or next following his termination of Service. If a Participant's Service terminates for any other reason, distribution of his Capital Accumulation shall occur in a single lump sum as soon as
practicable after the Allocation Date coinciding with or next following his termination of Service.

Unless the Participant elect to defer the distribution of his Capital Accumulation, distribution of his Capital Accumulation shall occur not later than 60 days after the
Allocation Date coinciding with or
next following his 65thbirthday (or his termination of Service, if later). The distribution of the Capital Accumulation of any Participant who attains age 701/2 in a
calendar year and either (1) has terminated Service or (2) is a "5% owner" (as defined in Section 416(i)(1)(B)(i) of the Code) must occur not later than April 1st of
the next calendar year and must be made in accordance with the regulations under Section 401(a)(9) of the Code, including Section 1.401(a)(9)-2; provided, however, that
distributions shall be offered to any other Participant who attains age 701/2 before January 1, 2000. With respect to  

15

 

 distributions under the Plan made for calendar years beginning on and after January 1, 2002, the Plan will apply the minimum distribution requirements of Section 401(a)(9) of the Code
in accordance with the regulations under Section 401(a)(9) that were proposed on January 17, 2001, notwithstanding any provision in the Plan to the contrary. This amendment shall
continue in effect until the end of the last calendar year beginning before the effective date of final regulations under Section 401(a)(9) or such date as may be specified in guidance
published by the IRS. A Participant who terminates Service after completing at least five years of Credited Service shall be entitled (upon his request) to have the distribution of his Capital
Accumulation occur upon his attaining age 55. If the amount of a Participant's Capital Accumulation cannot be determined (by the Committee) by the date on which a distribution is to occur, or if the
Participant cannot be located, distribution of his Capital Accumulation shall occur within 60 days after the date on which his Capital Accumulation can be determined or after the date on which
the Committee locates the Participant.

If any part of a Participant's Capital Accumulation is retained in the Trust after his Service ends, his Accounts will continue to be treated as described in Section 6.
However, except as otherwise provided in Section 3(b), such Accounts shall not be credited with any additional Employer Contributions and Forfeitures. The Trustee may determine (based upon a
nondiscriminatory policy) that the Capital Accumulations of former Employees will be diversified and invested in Trust Assets other than Company Stock.

In the case of any distribution of Capital Accumulation under this Plan, if the Committee is unable to make such distribution within three years after distribution is due a
Participant (or Beneficiary) under Section 12(b) because it cannot locate such Participant (or Beneficiary), the Committee shall direct that such Capital Accumulation shall be forfeited and
shall be reallocated as a Forfeiture (as of the Allocation Date coinciding with or next following the expiration of the aforesaid time limit) to the Accounts of those Participants who are entitled
under Section 3(b) to share in the allocation of Employer Contributions and Forfeitures under Section 6(a) for the Plan Year ending on that Allocation Date and the Trust Assets shall be
relieved of the liability for such distribution. If, after such forfeiture, the Participant (or Beneficiary) later claims such Capital Accumulation, such Capital Accumulation shall be reinstated from
Forfeitures of Participants occurring during the Plan Year in which such reinstatement occurs; provided, however, that if such Forfeitures are not sufficient to provide such reinstatement, an
additional Employer Contribution shall be made for the Plan Year in which reinstatement occurs to cover such reinstatement. Establishment of an Account through such reinstatement shall not be deemed
an "annual addition" under Section 415 of the Code or Section 7 of the Plan.

In-Service Distributions.  

Diversification—A Participant who has attained age 55 and completed at least ten years of participation in the Plan (including any years of
participation in the Kilsby ESOP, the Republic ESOP or the ECAP) shall be notified of his right to elect to "diversify" a portion of the balances in his Company Stock Account, PAYSOP Account and
Matching Account attributable to shares of Company Stock acquired by the Trust (including the Trusts under the Kilsby ESOP, the Republic ESOP or the ECAP) after December 31, 1986
("Post-1986 Shares"), as provided in Section 401(a)(28)(B) of the Code. An election to "diversify" must be made on the prescribed form and filed with the Committee within the
90-day period immediately following the Allocation Date of a Plan Year in the Election Period. For purposes of this Section 13(b), the "Election Period" means the period of six
consecutive Plan Years beginning with the Plan Year in which the Participant first becomes eligible to make an election.

        For
each of the first five Plan Years in the Election Period, the Participant may elect to "diversify" an amount which does not exceed 25% of the number of Post-1986 Shares
allocated to his Company Stock Account, PAYSOP Account and Matching Account since the inception of the Plan, the Kilsby ESOP, the Republic ESOP or the ECAP, less all shares with respect to which
amounts have previously 

16

 

been "diversified" under this Section 13(b). In the case of the sixth Plan Year in the Election Period, the Participant may elect to "diversify" an amount which does not exceed 50% of the
number of Post-1986 Shares allocated to his Company Stock Account, PAYSOP Account and Matching Account since the inception of the Plan, the Kilsby ESOP, the Republic ESOP or the ECAP, less
all shares with respect to which amounts have previously been "diversified" under this Section 13(b). No "diversification" election shall be permitted if the balance of Post-1986
Shares in a Participant's Company Stock Account, PAYSOP Account and Matching Account as of the Allocation Date of the first Plan Year in the Election Period has a Fair Market Value of $500 or less,
unless and until the balance of Post-1986 Shares in his Company Stock Account, PAYSOP Account and Matching Account as of a subsequent Allocation Date in the Election Period exceeds $500. 

        "Diversification"
will be effected by distributing to Participants (in shares of Company Stock, cash or a combination of both, as determined by the Committee) the portion of their
Company Stock Accounts, PAYSOP Accounts and Matching Accounts with respect to which a "diversification" election is made. Any distribution under this Section 13(a) shall occur within
90 days after the 90-day period in which the election may be made and shall be subject to the provisions of Section 14(c). 

Rollover Accounts—A Participant may at any time withdraw all or any portion of his Rollover Account by written request addressed to the
Committee.

How Capital Accumulation Will Be Distributed.  

The Trustee will make distributions from the Trust only, as directed by the Committee. Distribution of a Participant's Capital Accumulation (except his Rollover Account) will
be made in shares of Company Stock. Distribution of a Participant's Rollover Account will be made in cash; provided, however, that to the extent a Participant's Rollover Account is invested in Company
Stock, distribution will be made in such shares of Company Stock.

Distribution of a Participant's Capital Accumulation will be made to the Participant if living, and if not, to his Beneficiary. In the event of a Participant's death, his
Beneficiary shall be the first surviving class of the following classes of successive preference beneficiaries: (1) his surviving spouse, (2) his surviving children, (3) his
surviving parents, (4) his surviving brothers and sisters, or (5) his estate. A Participant (with the written consent of his spouse, if any, acknowledging the effect of the consent and
witnessed by a notary public or Plan representative) may designate a different Beneficiary or Beneficiaries from time to time by filing a written designation with the Committee. A deceased
Participant's entire Capital Accumulation shall be distributed to his Beneficiary on or before the December 31stof the calendar year that includes the fifth anniversary of his
death.

The Company shall furnish the recipient of a distribution with the tax consequences explanation required by Section 402(f) of the Code and shall comply with the
withholding requirements of Section 3405 of the Code and of any applicable state law with respect to distributions from the Trust. If the Committee so elects for a Plan Year, distributions to
Participants may be made less than 30 days after the notice required under Section 1.411(a) 11(c) of the regulations under the Code is given; provided, however, that no such distribution
to a Participant shall be made unless (1) the Participant is informed that he has the right for a period of at least 30 days after receiving the notice to consider whether or not to
consent to a distribution (or a particular distribution option), and (2) the Participant affirmatively elects to receive a distribution after receiving the notice.

If a distribution of a Participant's Capital Accumulation is not the minimum amount required to be distributed pursuant to the second sentence of Section 12(c), the
Committee shall notify the Participant (or any spouse or former spouse who is his alternate payee under a "qualified domestic relations order" (as defined in Section 414(p) of the Code)) of his
right to elect to have the "eligible rollover distribution" paid directly to an "eligible retirement plan" (within the meaning of Section 401(a)(31) of the Code) that is an individual
retirement account described in Section 408(a) of  

17

 

 the Code, an individual retirement annuity described in Section 408(b) of the Code, a qualified trust described in Section 401(a) of the Code or a qualified annuity plan described in
Section 403(a) of the Code that accepts "eligible rollover distributions." If such an "eligible rollover distribution" is to be made to the Participant's surviving spouse, the Committee shall
notify the surviving spouse of his right to elect to have the distribution paid directly to an "eligible retirement plan" that is either an individual retirement account described in
Section 408(a) of the Code or an individual retirement
annuity described in Section 408(b) of the Code. Any election under this Section 14(d) shall be made and effected in accordance with such rules and procedures as may be established from
time to time by the Committee in order to comply with Section 401(a)(31) of the Code.

Rights Options and Restrictions on Company Stock.  

Any shares of Company Stock distributed by the Trust shall be subject to a "right of first refusal." The right of first refusal shall provide that, prior to any subsequent
transfer, the shares must first be offered for purchase in writing to the Company, and then to the Trust, at the then Fair Market Value. A bona fide written offer from an independent prospective buyer
shall be deemed to be the Fair Market Value for this purpose. The Company and the Committee (on behalf of the Trust) shall have a total of 14 days to exercise the right of first refusal on the
same terms offered by a prospective buyer. The Company may require that a Participant entitled to a distribution of Company Stock execute an appropriate stock transfer agreement (evidencing the right
of first refusal) prior to receiving a certificate for Company Stock.

The Company shall provide a "put option" to any Participant (or Beneficiary) who receives a distribution of Company Stock. The put option shall permit the Participant (or
Beneficiary) to sell such Company Stock to the Company at any time during two option periods. The first put option period shall be for at least 60 days beginning on the date of distribution.
The second put option period shall be for at least 60 days beginning after the new determination of Fair Market Value (and notice to the Participant thereof) in the following Plan Year. Partial
exercise of a put option is not permitted. The price to be paid for Company Stock sold pursuant to a put option shall be the Fair Market Value as of the Allocation Date immediately preceding the
beginning of each put option period. The Company may allow the Committee to direct the Trustee to purchase shares of Company Stock tendered to the Company, under a put option. The payment for any
Company Stock sold under a put option shall be made within 30 days.

Shares of Company Stock allocated to a Participant's Rollover Account shall be subject to any applicable terms of the Stockholders Agreement that ways executed by him (and
shall not be subject to Sections 15(a) and (b)).

Shares of Company Stock held or distributed by the Trustee may include such legend restrictions on transferability as the Company may reasonably require in order to assure
compliance with applicable Federal and state securities laws and with the terms of any Stockholders Agreement to which the Participant may be a party. Except as otherwise provided in this
Section 15, no shares of Company Stock held or distributed by the Trustee may be subject to a put, call or other option, or buy-sell or similar arrangement.

No Assignment of Benefits.  

        A Participant's Capital Accumulation may not be anticipated, assigned (either at law or in equity), alienated or subject to attachment, garnishment, levy,
execution or other legal or equitable process, except in accordance with (i) a "qualified domestic relations order" (as defined in Section 414(p) of the Code); (ii) a federal tax
levy or collection by the Internal Revenue Service on a judgment resulting from an unpaid tax assessment; or (iii) a judgment or settlement described in Section 401(a)(13)(C) of the
Code. 

18

 

Administration.  

Benefits Committee—The Plan will be administered by the Benefits Committee, which is composed of three or more individuals appointed by the
Board of Directors to serve at its pleasure and without compensation. The members of the Committee shall be the named fiduciaries with authority to control and manage the operation and administration
of the Plan. Members of the Committee need not be Employees or Participants. Any Committee member may resign by giving notice, in writing, to the Board of Directors.

Committee Action—Committee action will be by vote of a majority of the members at a meeting or by unanimous written consent without a
meeting. A Committee member who is a Participant shall not vote on any question relating specifically to himself.

        The
Committee shall choose from its members a Chairman and a Secretary. The Committee may authorize any one of its members to execute any certificate or other written direction on behalf
of the Committee. The Secretary shall keep a record of the Committee's proceedings and of all dates, records and documents pertaining to the administration of the Plan. 

Powers and Duties of the Committee—The Committee shall have all powers necessary to enable it to administer the Plan and the Trust Agreement
in accordance with their provisions, including without limitation the following:

resolving all questions relating to the eligibility of Employees to become Participants;

determining the appropriate allocations to Participants' Accounts pursuant to Section 6;

determining the amount of benefits payable to a Participant (or Beneficiary), and the time and manner in which such benefits are to be paid;

authorizing and directing all disbursements of Trust Assets by the Trustee;  

establishing procedures in accordance with Section 414(p) of the Code to determine the qualified status of domestic relations orders and to administer distributions
under such qualified orders;

engaging any administrative, legal, accounting, clerical or other services that it may deem appropriate;

construing and interpreting the Plan and the Trust Agreement and adopting rules for administration of the Plan that are consistent with the terms of the Plan documents and of
ERISA and the Code;

compiling and maintaining all records it determines to be necessary, appropriate or convenient in connection with the administration of the Plan;

reviewing the performance of the Trustee with respect to the Trustee's administrative duties, responsibilities and obligations under the Plan and Trust
Agreement;

selecting the investment funds to be made available for the investment of Rollover Accounts in accordance with Section 5(c);

selecting an independent appraiser and determining the Fair Market Value of Company Stock as of such dates as it determines to be necessary or appropriate; and  

executing agreements and other documents on behalf of the Plan and Trust.

        Except
as otherwise provided in Section 5(c), the Committee shall be responsible for directing the Trustee as to the investment of Trust Assets, but may appoint an Investment
Manager to manage the investment of Trust Assets other than Company Stock. Except as otherwise provided in Section 5(c), the Committee may also delegate to the Trustee the responsibility for
investing Trust Assets other than 

19

 

Company Stock. The Committee shall establish a funding policy and method for directing the Trustee to acquire Company Stock (and for otherwise investing the Trust Assets) in a manner that is
consistent with the objectives of the Plan and the requirements of ERISA. 

        The
Committee shall perform its duties under the Plan and the Trust Agreement solely in the interests of the Participants (and their Beneficiaries). Any discretion granted to the
Committee under any of the provisions of the Plan or the Trust Agreement shall be exercised only in accordance with rules and policies established by the Committee which shall be applicable on a
nondiscriminatory basis. All decisions and interpretations of the Committee under this Section 17 shall be conclusive and binding upon all persons with an interest in the Plan and shall be
given the greatest deference permitted by law. 

Expenses—All reasonable expenses of administering the Plan and Trust shall be charged to and paid out of the Trust Assets. The Company may,
however, pay all or any portion of such expenses directly, and payment of expenses by the Company shall not be deemed to be Employer Contributions.

Information to be Submitted to the Committee—To enable the Committee to perform its functions, the Company shall supply full and timely
information to the Committee on all matters as the Committee may require, and shall maintain such other records as the Committee may determine are necessary or appropriate in order to determine the
benefits due or which may become due to Participants (or Beneficiaries) under the Plan.

Delegation of Fiduciary Responsibility—The Committee from time to time may allocate to one or more of its members and/or may delegate to any
other persons or organizations any of its rights, powers, duties and responsibilities with respect to the operation and administration of the Plan that are permitted to be so delegated under ERISA
(including its authority to give instructions to the Trustee or others with respect to the administration of the Plan); provided, however, that responsibility for investment of the Trust Assets may
not be allocated or delegated except as provided in Section 17(c). Any such allocation or delegation shall be made in writing, shall be reviewed periodically by the Committee and shall be
terminable upon such notice as the Committee in its discretion deems reasonable and proper under the circumstances.

Bonding, Insurance and Indemnity—To the extent required under Section 412 of ERISA, the Company shall secure fidelity bonding for the
fiduciaries of the Plan.

        The
Company (in its discretion) or the Trustee (as directed by the Committee) may obtain a policy or policies of insurance for the Committee (and other fiduciaries of the Plan) to cover
liability or loss occurring by reason of the act or omission of a fiduciary. If such insurance is purchased with Trust Assets, the policy must permit recourse by the insurer against the fiduciary in
the case of a breach of a fiduciary obligation by such fiduciary. The Company hereby agrees to indemnify each member of the Committee (to the extent permitted by law) against any personal liability or
expense resulting from his service on the Committee, except such liability or expense as may result from his own willful misconduct. 

Notices, Statements and Reports—The Company shall be the "Plan Administrator" (as defined in Section 3(16)(A) of ERISA and
Section 414(g) of the Code) for purposes of the reporting and disclosure requirements of ERISA and the Code. The Committee shall assist the Company, as requested, in complying with such
reporting and disclosure requirements. The Committee shall be the designated agent of the Plan for the service of legal process.

Claims Procedure.  

        A Participant (or Beneficiary) who does not receive a distribution of benefits to which he believes he is entitled may present a claim to the Committee. The claim
for benefits must be in writing and addressed to the Committee or to the Company. If the claim for benefits is denied, the Committee 

20

 

shall notify the Participant (or Beneficiary) in writing within 90 days after the Committee initially received the benefit claim. Any notice of a denial of benefits shall advise the
Participant (or Beneficiary) of the basis for the denial, any additional material or information necessary for the Participant (or Beneficiary) to perfect his claim and the steps which the Participant
(or Beneficiary) must take to have his claim for benefits reviewed. 

        Each
Participant (or Beneficiary) whose claim for benefits has been denied may file a written request for a review of his claim by the Committee. The request for review must be
filed by the Participant (or Beneficiary) within 60 days after he receives the written notice denying his claim. The decision of the Committee will be made within 60 days after receipt
of a request for review and shall be communicated in writing to the claimant. Such written notice shall set forth the basis for the Committee's decision. If there are special circumstances (such as
the need to hold a hearing) which require an extension of time for completing the review, the Committee's decision shall be rendered not later than 120 days after receipt of a request for
review. 

Limitation on Participants' Rights.  

        A Participant's Capital Accumulation will be based solely upon his vested interest in his Accounts and will be paid only from the Trust Assets. The Company,
Employer, the Committee or the Trustee shall not have any duty or liability to furnish the Trust with any funds, securities or other assets, except as expressly provided in the Plan. 

        The
adoption and maintenance of the Plan shall not be deemed to constitute a contract of employment or otherwise between the Employer and any Employee, or to be a consideration for, or
an inducement or condition of, any employment. Nothing contained in this Plan shall be deemed to give an Employee the right to be retained in the Service of the Employer or to interfere with the right
of the Employer to discharge, with or without cause, any Employee at any time. 

Future of the Plan.  

        The Company reserves the right to amend or terminate the Plan (in whole or in part) and the Trust Agreement at any time, by action of the Board of Directors.
Neither amendment nor termination of the Plan shall retroactively reduce the vested rights of Participants or permit any part of the Trust Assets to be diverted to or used for any purpose other than
for the exclusive benefit of the Participants (and their Beneficiaries). 

        The
Company specifically reserves the right to amend the Plan and the Trust Agreement retroactively in order to satisfy any applicable requirements of the Code and ERISA. 

        If
the Plan is terminated (or partially terminated), participation of Participants affected by the termination will end. If Employer Contributions are not replaced by contributions to a
comparable plan which satisfies the requirements of Section 401(a) of the Code, the Accounts of those affected Participants will become nonforfeitable as of the termination date. A complete
discontinuance of Employer Contributions shall be deemed to be a termination of the Plan for this purpose. 

        After
termination of the Plan, the Trust will be maintained until the Capital Accumulations of all Participants have been distributed. Capital Accumulations may be distributed following
termination of the Plan or distributions may be deferred as provided in Section 12, as the Company shall determine. In the event that Company Stock is sold in connection with the termination of
the Plan or the amendment of the Plan to become a qualified employee plan that is not a stock bonus plan, all Capital Accumulations will be distributed in cash. 

        In
the event of the merger or consolidation of this Plan with another plan, or the transfer of Trust Assets (or liabilities) to another plan, the Account balances of each Participant
immediately after such 

21

 

merger, consolidation or transfer must be at least as great as immediately before such merger, consolidation or transfer (as if the Plan had then terminated). 

"Top-Heavy" Contingency Provisions.  

The provisions of this Section 21 are included in the Plan pursuant to Section 401(a)(10)(B)(ii) of the Code and shall become applicable only if the Plan
becomes a "top-heavy plan" under Section 416(g) of the Code for any Plan Year.

The determination as to whether the Plan becomes "top-heavy" for any Plan Year shall be made as of the Allocation Date of the immediately preceding Plan Year by
considering the Plan together with the ECAP and the Pension Plans. The Plan (and the ECAP and the Pension Plans) shall be "top-heavy" only if the total of the account balances under the
Plan and the ECAP and the accrued benefits under the Pension Plans for "key employees" as of the determination date exceeds 60% of the total of the account balances and the values of the accrued
benefits for all Participants. For such purpose, account balances and accrued benefit values shall be computed and adjusted pursuant to Section 416(g) of the Code. "Key employees" shall be
certain Participants (who are officers or shareholders of the Employer) and Beneficiaries described in Section 416(i)(1) or (5) of the Code.

For any Plan Year in which the Plan is "top-heavy," each Participant who is an Employee on the Allocation Date (and who is not a "key employee") shall receive a
minimum allocation of Employer Contributions and Forfeitures which is equal to the lesser of:

3% of his Statutory Compensation; or  

the same percentage of his Statutory Compensation as the allocation to the "key employee" for whom the percentage is the highest for that Plan Year. For this purpose, the
allocation to a "key employee" shall include any Company Salary Reduction Contributions made on his behalf for the Plan Year to the ECAP.

For any Plan Year in which the Plan is "top-heavy," Statutory Compensation of each Employee for purposes of the Plan shall not take into account any amount in
excess of $160,000 (as adjusted after March 31, 2000, for increases in the cost of living).

For any Plan Year beginning prior to April 1, 2000, in which the Plan is "top-heavy," with respect to any Participant who is covered under a Pension Plan,
the "defined benefit plan fraction" and the "defined contribution plan fraction" referred to in Section 415(e) of the Code shall be computed by substituting "1.0" in lieu of "1.25" in both
denominators.

Governing Law.  

        The provisions of this Plan and the Trust Agreement shall be construed, administered and enforced in accordance with the laws of the State of California, to the
extent such laws are not superseded by ERISA. 

Execution.  

        To record the amendment and restatement of this Plan, the Company and the Employer have caused it to be executed on this    day of March, 2002. 

	EARLE M. JORGENSEN HOLDING

COMPANY, INC.	 	EARLE M. JORGENSEN COMPANY
	

By	
 	

    
	
 	

By	
 	

    

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QuickLinks

Exhibit 10.57

EARLE M. JORGENSEN EMPLOYEE STOCK OWNERSHIP PLAN

TABLE OF CONTENTS

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