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Exhibit 4.2    
    

AMENDED AND RESTATED  

 BYLAWS  

 OF  

 METALS USA, INC.  

*As Amended by 

Amendment
No. 1 

Effective
5-17-2004 

(See
Attachment A to Amended and Restated Bylaws) 

 
AMENDED AND RESTATED  

 BYLAWS  

 OF  

 METALS USA, INC.  

ARTICLE I

STOCKHOLDERS  

        SECTION
1.    Annual Meeting.    The annual meeting of the stockholders of the Corporation shall be held on such date,
at such time and at such place, if any, within or without the State of Delaware as may be designated by the Board of Directors, for the purpose of' electing directors and for the transaction of such
other business as may be properly brought before the meeting. Such date shall be within thirteen (13) months subsequent to the latest of the Effective Time, the last annual meeting of
stockholders and the last act by written consent to elect directors in lieu of an annual meeting of stockholders. 

        SECTION
2.    Special Meetings.    Unless otherwise provided in the Certificate of Incorporation, special meetings of
the stockholders shall be called by the President or the Secretary upon the order in writing of a majority of the Board of Directors or stockholders holding together at least a majority of all the
shares of stock of the Corporation entitled to vote at the meeting, and shall be held at such date, time and place, within or without the State of Delaware, as may be specified by such order. Such
order of the Board of Directors or the stockholders shall state the purpose or purposes of the proposed meeting. Business transacted at any special meeting shall be confined to the purpose(s) stated
in such order and any matters reasonably related to thereto. 

        SECTION
3.    Notice of Stockholder Business and Nominations.    

        (a)    Annual Meetings of Stockholders.    

        (i)    Nominations
of persons for election to the Board of Directors and the proposal of business to be considered by the stockholders may be made at an annual meeting of
stockholders (A) pursuant to the Corporation's notice of meeting, (B) by or at the direction of the Board of Directors or (C) by any stockholder who was a stockholder of record at
the time of giving of notice provided for in this Section, who is entitled to vote at the meeting and who complies with the notice procedures set forth in this Section. 

        (ii)   For
nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to section 3(a)(i)(C) of this Article I, the
stockholder must have given timely notice thereof in writing to the Secretary of the Corporation and such other business must otherwise be a proper matter for stockholder action. To be timely, a
stockholder's notice shall be delivered to the Secretary at the principal executive offices of the Corporation not later than the close of business on the sixtieth (60th) day nor earlier than the
close of business on the ninetieth (90th) day prior to the first (1st) anniversary of the preceding year's annual meeting; provided, however, that in
the event that the date of the annual meeting is more than thirty (30) days before or more than sixty (60) days after such anniversary date, notice by the stockholder to be timely must
be so delivered not earlier than the close of business on the ninetieth (90th) day prior to such annual meeting and not later than the close of business on the later of the sixtieth (60th) day prior
to such annual meeting or the tenth (10th) day following the day on which public announcement of the date of such meeting is first made by the Corporation. In no event shall the public announcement of
an 

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adjournment
of an annual meeting commence a new time period for the giving of a stockholder's notice as described above. Such stockholder's notice shall set forth: 

        (A)  as
to each person whom the stockholder proposes to nominate for election or reelection as a director all information relating to such person that is required to be
disclosed in solicitations of proxies for election of directors in an election contest, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of
1934, as amended (the "Exchange Act") and Rule 14a-11 thereunder (including such person's written consent to being named in the proxy statement as a nominee and to serving as a
director if elected); 

        (B)  as
to any other business that the stockholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the
reasons for conducting such
business at the meeting and any material interest in such business of such stockholder and the beneficial owner, if any, on whose behalf the proposal is made; and 

        (C)  as
to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made (1) the name and address of such
stockholder, as they appear on the Corporations' books, and of such beneficial owner and (2) the class and number of shares of the Corporation which are owned beneficially and of record by such
stockholder and such beneficial owner. 

        (iii)  Notwithstanding
anything in the second sentence of Section 3(a)(ii) of this Article I to the contrary, in the event that the number of directors
to be elected to the Board of Directors is increased and there is no public announcement by the Corporation naming all of the nominees for director or specifying the size of the increased Board of
Directors at least seventy (70) days prior to the first (1st) anniversary of the preceding year's annual meeting, a stockholder's notice required by this Section shall also be considered
timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered to the Secretary at the principal executive offices of the Corporation not later than
the close of business on the tenth (10th) day following the day on which such public announcement is first made by the Corporation. 

        (b)    Special Meetings of Stockholders.    Only such business shall be conducted at a special meeting of stockholders
as shall have been brought before the meeting pursuant to the order of the Board of Directors or stockholders under which the special meeting has been called in accordance with Section 2 of
this Article I. Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the order of the
Board of Directors or stockholders under which the special meeting has been called in accordance with Section 2 of this Article I (a) by or at the direction of the Board of
Directors or (b) by any stockholder who is a stockholder of record at the time of giving of notice provided for in this Section 3, who shall be entitled to vote at the meeting and who
complies with the notice procedures set forth in this Section 3. In the event a special meeting of stockholders for the purpose of electing one or more directors to the Board of Directors has
been called under order of the Board of Directors or stockholders in accordance with Section 2 of this Article I, any stockholder may nominate a person or persons (as the case may be),
for election to such positions(s) as specified in the Corporation's notice of meeting, if the stockholder's notice required by Section 3(a)(ii) of this Article I shall be
delivered to the Secretary at the principal executive offices of the Corporation not earlier than the close of business on the ninetieth (90th) day prior to such special meeting and not later than the
close of business on the later of the sixtieth (60th) day prior to such special meeting or the tenth (10th) day following the day on which public announcement is first made of the date of the special
meeting and of the nominees 

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proposed
by the Board of Directors to be elected at such meeting. In no event shall the public announcement of an adjournment of a special meeting commence a new time period for the giving of a
stockholder's notice as described above. 

        (c)    General.    

        (i)    Only
such persons who are nominated in accordance with the procedures set forth in this Section 3 shall be eligible to serve as directors and only such business
shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with the procedures set forth in this Section 3. Except as otherwise provided by
applicable law, the Chairman of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case
may be, in accordance with the procedures set forth in this Section 3 and, if any proposed nomination or business is not in compliance with this Section 3, to declare that such defective
proposal or nomination shall be disregarded. 

        (ii)   For
purposes of this Section 3, "public announcement" shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or
comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act. 

        (iii)  Notwithstanding
the foregoing provisions of this Section 3, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules
and regulations thereunder with respect to the matters set forth in this Section 3. Nothing in this Section 3 shall be deemed to affect any rights (A) of stockholders to request
inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 under the Exchange Act; or (B) of the holders of Common Stock or any series of Preferred
Stock or any outstanding voting indebtedness to elect directors under specified circumstances. 

        SECTION
4.    Notice of Meetings.    Written notice of all meetings of the stockholders, stating the place, if any,
date and hour of the meeting, the place within the city or other municipality or community at which the list of stockholders may be examined, and the means of remote communications, if any, by which
stockholders and proxyholders may be deemed to be present in person and vote at such meeting shall be mailed or delivered to each stockholder not less than 10 nor more than 60 days prior to the
meeting. Notice of any special meeting shall state in general terms the purpose or purposes for which the meeting is to be held as specified in the order of the Board of Directors or stockholders
pursuant to which the meeting has been called. 

        SECTION
5.    Quorum.    At any meeting of the stockholders, the holders of a majority in number of the total
outstanding shares of stock of the Corporation entitled to vote at such meeting, present in person or represented by proxy, shall constitute a quorum of the stockholders for all purposes. When a
quorum is once present, it is not broken by the subsequent withdrawal of any stockholder. 

        SECTION
6.    Adjourned Meetings.    Whether or not a quorum shall be present in person or represented at any meeting
of the stockholders, the holders of a majority in number of the shares of stock of the Corporation present in person or represented by proxy and entitled to vote at such meeting shall have the power
to adjourn the meeting from time to time until a quorum shall be present or represented. When a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting if at
the meeting at which the adjournment is taken the time, place, if any, thereof and the means of remote communications, if any, by which stockholders and proxyholders may be deemed to be present in
person and vote at such adjourned meeting are announced. At such reconvened meeting at which a quorum shall be present or represented, any business may be transacted that might have been transacted at
the meeting as originally notified. If the adjournment is for more than thirty days, or if after the adjournment a new record date is fixed for the adjourned meeting, a 

4

 

notice
of the adjourned meeting shall be given to each stockholder of record entitled to vote at the adjourned meeting. 

        SECTION
7.    Organization.    Each annual and special meeting of stockholders shall be presided over by a chairman,
who shall have the exclusive authority to, among other things, determine (a) whether business and nominations have been properly brought before such meetings, and (b) the order in which
business and nominations properly brought before such meeting shall be considered. The chairman of each annual and special meeting shall be the Chairman of the Board or, in the absence (or inability
or refusal to act) of the Chairman of the Board, the President or, in the absence (or inability or refusal to act) of the President, such other person as shall be appointed by resolution approved by
the majority of the Board of Directors. 

        The
Secretary of the Corporation shall act as Secretary of all meetings of the stockholders; but in the absence of the Secretary, the Chairman may appoint any person to act as Secretary
of the meeting. It shall be the duty of the Secretary to prepare and make, at least ten (10) days before every meeting of stockholders, a complete list of stockholders entitled to vote at such
meeting, arranged in alphabetical order and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open, either at a place
within the city where the meeting is to be held, which place shall be specified in the notice of the meeting or, if not so specified, at the place where the meeting is to be held, for the ten
(10) days next preceding the meeting, to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, and shall be produced and kept at the time
and place of the meeting during the whole time thereof and subject to the inspection of any stockholder who may be present. Failure to comply with the requirements of this Section 7 shall not
affect the validity of any action taken at said meeting. In the event a meeting of stockholders is to be held solely by means of remote communication as permitted by Section 11 of this
Article I, the list of stockholders shall be open to the examination of any stockholder during the whole time of the meeting on a reasonably acceptable electronic network, and the information
required to access such list shall be provided to stockholders together with the notice of meeting. 

        The
stock ledger shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list required by this Section 7 or the books of the
Corporation or to vote in person or by proxy at any meeting of stockholders. 

        SECTION
8.    Voting.    Except as otherwise provided in the Certificate of Incorporation or these Bylaws, each
stockholder shall be entitled to one vote for each share of the capital stock of the Corporation registered in the name of such stockholder upon the books of the Corporation on the applicable record
dated fixed pursuant to these Bylaws. Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to corporate action in writing without a meeting, or a
stockholder's duly authorized attorney-in-fact, may vote in person or authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted
or acted upon after three years from its date, unless the proxy provides for a longer period. Each proxy shall be in writing, executed by the stockholder giving the proxy or by such stockholder's duly
authorized attorney, or electronically transmitted to the proxyholder in a manner such that it can be determined that the transmission was authorized by the stockholder. Unless and until voted, every
proxy shall be revocable at the pleasure of the person who executed it, or such person's legal representatives or assigns, except in those cases where an irrevocable proxy permitted by statute has
been given. 

        At
all elections of directors, the voting may but not need be by ballot. When directed by the presiding officer or upon the demand of any stockholder, the vote upon any other matter
before a meeting of stockholders shall be by ballot. The voting by stockholders or proxyholders at any meeting conducted by remote communication may be effected by a ballot submitted by electronic
transmission 

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provided
that any such electronic transmission sets forth or is submitted with information from which it can be determined that the electronic transmission was authorized by the stockholder or
proxyholder. 

        Except
as otherwise provided by law or by the Certificate of Incorporation, at all meetings of stockholders at which a quorum is present, (i) directors shall be elected by a
plurality of the votes cast by the stockholders entitled to vote in the election present in person or by proxy and (ii) all other matters shall be decided by a majority of the votes cast by the
stockholders entitled to vote thereon present in person or by proxy. 

        Shares
of the capital stock of the Corporation belonging to the Corporation or to another corporation, if a majority of the shares entitled to vote in the election of directors of such
other corporation is held, directly or indirectly, by the Corporation, shall neither be entitled to vote nor be counted for quorum purposes. 

        SECTION
9.    Inspectors.    When required by law or directed by the presiding officer or upon the demand of any
stockholder entitled to vote, but not otherwise, the polls shall be opened and closed, the proxies and ballots shall be received and taken in charge, and all questions touching the qualification of
voters, the validity of proxies and the acceptance or rejection of votes shall be decided at any meeting of the stockholders by two or more inspectors who may be appointed by the Board of Directors
before the meeting, or if not so appointed, shall be appointed by the presiding officer at the meeting. If any person so appointed fails to appear or act, the vacancy may be filled by appointment in
like manner. 

        SECTION
10.    Action Without Meeting.    Unless otherwise provided in the Certificate of Incorporation, any action
permitted or required by law, the Certificate of Incorporation or these Bylaws to be taken at a meeting of stockholders, may be taken without a meeting, without prior notice and without a vote, if a
consent or consents in writing, setting forth the action so taken, shall be signed by or on behalf of the holders of outstanding stock having not less than the minimum number of votes that would be
necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation by delivery to its registered
office in the state of incorporation, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are
recorded. Delivery made to the Corporation's registered office shall be by hand or by certified or registered mail, return receipt requested. 

        Every
written consent shall bear the date of signature of the person who signs the consent, and no written consent shall be effective to take the corporate action referred to therein
unless, within sixty (60) days of the earliest dated consent delivered in the manner required by this Section to the Corporation, written consents signed by or on behalf of a sufficient number
of holders to take action are delivered to the Corporation by delivery to its registered office in the state of incorporation, its principal place of business, or an officer or agent of the
Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation's registered office shall be by hand or by certified or
registered mail, return receipt requested. 

        Any
written consent may be delivered by a form of electronic transmission, and such transmission shall be deemed signed and dated for purposes hereof if such transmission sets forth or
is delivered with information from which the Company can determine that same was transmitted by or on behalf of a stockholder and the date that the same was transmitted. No consent by electronic
transmission shall be deemed to have been delivered unless such consent is reproduced in paper form and delivered to the Company as aforesaid. 

        Prompt
notice of the taking of corporation action without a meeting by less than a unanimous written consent shall be given by the Secretary to those stockholders who have not consented
in writing. 

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        SECTION
11.    Remote Meetings.    If authorized by the Board of Directors in its sole discretion, and subject to such
guidelines and procedures as the Board of Directors may adopt, stockholders and proxyholders not physically present at a meeting of stockholders may, by means of remote communication: 

        (A)  participate
in a meeting of stockholders; and 

        (B)  be
deemed present in person and vote at a meeting of stockholders whether such meeting is to be held at a designated place or solely by means of remote communication,
provided that (i) the Corporation shall implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a
stockholder or proxyholder, (ii) the Corporation shall implement reasonable measures to provide such stockholders and proxyholders a reasonable opportunity to participate in the meeting and to
vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such proceedings, and (iii) if any
stockholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Corporation. 

        In
the case of any annual meeting of stockholders or any special meeting of stockholders called upon order of the Board of Directors, the Board of Directors may, in its sole discretion,
determine that the meeting shall not be held at any place, but may instead be held solely by means of remote communications as authorized by this Section 11. 

ARTICLE II

BOARD OF DIRECTORS  

        SECTION
1.    Number and Term of Office.    The business, property and affairs of the Corporation shall be managed by
or under the direction of a Board of Directors. No director need be a stockholder of the Corporation, a citizen of the United States, or a resident of the State of Delaware. The number of directors
constituting the entire Board of Directors shall be (i) until the first annual meeting of stockholders after the Effective Time, six (which number shall be increased to seven upon the Board of
Directors determining to increase the size of the Board of Directors to seven and initially to fill the newly created directorship created pursuant to this clause with a person who is an officer of
the Corporation (other than the Chairman of the Board) at the time such newly created directorship is so filled, which determination the Board of Directors shall make no later than the date six months
after the Effective Date); and (ii) from and after such first annual meeting, seven or such greater number as fixed from time to time by resolution passed by a majority of the directors. The
directors shall, except as hereinafter otherwise provided for filling vacancies or any newly created directorships or as otherwise provided in the Certificate of Incorporation, be elected at the
annual meeting of stockholders. Directors who are elected by stockholders at an annual meeting of stockholders and directors who are elected in the interim to fill vacancies or newly created
directorships shall hold office until the next annual meeting of stockholders and until their respective successors are elected and qualified or until their earlier resignation or removal. The use of
the phrase "entire Board" herein refers to the total number of directors which the Corporation would have if there were no vacancies. 

        SECTION
2.    Removal, Vacancies and Additional Directors.    Except as otherwise provided in the Certificate of
Incorporation, the holders of a majority of the shares of stock outstanding and entitled to vote for the election of directors may remove any director, with or without cause. Except as otherwise
provided in the Certificate of Incorporation, vacancies caused by any such removal or by the death or resignation of any director or for any other reason, and any newly created directorship resulting
from any increase in the authorized number of directors, may be filled by the affirmative vote of a majority of the directors then in office, although less than a quorum, or by a sole remaining
director, or at a special meeting of the stockholders by the holders of shares entitled to vote for the election of 

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directors.
The Board of Directors shall be authorized to elect a person initially to fill a newly created directorship created pursuant to clause (i) the third sentence of Section 1 of
this Article II only if such person is an officer of the Corporation (other than the Chairman of the Board) at the time of such election. 

        If
there are no directors in office, then an election of directors may be held in the manner provided by law. If, at the time of filling any vacancy or any newly-created directorship,
the directors then in office shall constitute less than a majority of the whole Board (as constituted immediately prior to any such increase), the Court of Chancery may, upon application of any
stockholder or stockholders holding at least ten percent of the total number of the shares at the time outstanding having the right to vote for such directors, summarily order an election to be held
to fill any such vacancies or newly-created directorships, or to replace the directors chosen by the directors then in office as aforesaid, such election to be governed by Section 211 of the
General Corporation Law of the State of Delaware as far as applicable. No decrease in the size of the Board shall serve to shorten the term of an incumbent director. 

        When
one or more directors shall resign effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such
vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office as herein provided in connection with
the filling of other vacancies. 

        SECTION
3.    Place of Meeting.    The Board of Directors may hold its meetings in any place or places in the State of
Delaware or outside the State of Delaware. 

        SECTION
4.    Annual Meeting.    Following the annual meeting of stockholders, the newly elected Board of Directors
shall meet for the purpose of the election of officers and the transaction of such other business as may properly come before the meeting. Such meeting may be held without notice immediately after the
annual meeting of stockholders at the same place at which such stockholders' meeting is held or, if such annual meeting of stockholders is to be held solely by means of remote communication as
permitted by Section 11 of Article I, at the principal place of business of the Corporation. 

        SECTION
5.    Regular Meetings.    Regular meetings of the Board of Directors shall be held at such times and places
as the Board of Directors from time to time by resolution shall determine. No notice shall be required for any regular meeting of the Board of Directors held at times and places fixed by resolution of
the Board of Directors; but the Corporation shall notify each director of the adoption of every resolution fixing or changing the time or place of regular meetings at least five (5) days before
the first meeting held pursuant thereto. 

        SECTION
6.    Special Meetings.    Special meetings of the Board of Directors shall be held whenever called by order
of the Chairman of the Board or the President or by a majority of the directors or the sole director, as the case may be, then in office and shall be held at such date, time and place as may be
specified by such order. 

        Notice
of the day, time and place of each special meeting shall be given to each director by the President or the Secretary at least two (2) days before the meeting if by a
recognized express delivery service or at least 24 hours before the meeting if delivered personally or by telephone, facsimile or electronic transmission. Unless otherwise indicated in the
notice thereof, any and all business that may be transacted at a regular meeting may be transacted at any special meeting. Except as may be otherwise expressly provided by law, the Certificate of
Incorporation, or these Bylaws, neither the business to be transacted at, nor the purpose of, any special meeting need be specified in the notice or waiver of notice of such meeting. 

        SECTION
7.    Quorum.    A majority of the entire Board of Directors shall constitute a quorum for the transaction of
business. The vote of the majority of the directors present at any meeting of the 

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Board
of Directors at which a quorum is present shall be the act of the Board of Directors. If at any meeting of the Board of Directors there is less than a quorum present, a majority of those present
may adjourn the meeting from time to time to another time and place without notice. 

        SECTION
8.    Organization.    The Chairman of the Board or, in the absence (or inability or refusal to act) of the
Chairman of the Board, the President shall preside at all meetings of the Board of Directors. In the absence (or inability or refusal to act) of the Chairman of the Board and the President, a chairman
shall be elected from the directors present. The Secretary of the Corporation shall act as secretary of all meetings of the directors; but in the absence of the Secretary, the Chairman of the Board
may appoint any person to act as secretary of the meeting. 

        SECTION
9.    Attendance Via Communications Equipment.    Unless otherwise restricted by applicable law, the
Certificate of Incorporation or these Bylaws, members of the Board of Directors or any committee thereof may hold a meeting by means of telephone conference or other method of remote communications by
means of which all persons participating in the meeting can effectively communicate
with each other. Such participation in a meeting shall constitute presence in person at the meeting, except where a person participates in the meeting for the express purpose of objecting to the
transaction of any business on the ground that the meeting is not lawfully called or convened. 

        SECTION
10.    Consent of Directors or Committee in Lieu of Meeting.    Unless otherwise restricted by the Certificate
of Incorporation or by these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all members
of the Board of Directors or committee, as the case may be, consent thereto in writing or by electronic transmission and the writing or writings or the electronic transmission or transmissions are
filed with the minutes of proceedings of the Board of Directors or committee, as the case may be. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in
electronic form if the minutes are maintained in electronic form. 

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        SECTION 11.    Compensation of Directors.    Directors shall be paid their reasonable and necessary expenses, if
any,
of attendance at each meeting of the Board of Directors or any committee thereof and, as and to the extent authorized by the Board of Directors, a fixed sum for attendance at each meeting of the Board
of Directors or any committee thereof and a stated fee as director. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor.
Members of standing or other committees of the Board of Directors may be allowed like compensation for attending committee meetings. 

ARTICLE III

COMMITTEES OF DIRECTORS  

        SECTION
1.    Establishment.    The Board of Directors may from time to time by resolution establish, name or dissolve
one or more committees, each committee to consist of one or more of the directors. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when
required. There shall exist the following standing committees, which committees shall have and may exercise the following powers and authority: 

        (a)    Audit Committee.    The Audit Committee shall from time to time, but no less than two times per year, meet to
review and monitor the financial and cost accounting practices and procedures of the Corporation and all of its subsidiaries and to report its findings and recommendations to the Board of Directors
for final action. The Audit Committee shall not be empowered to approve any corporate action of whatever kind or nature, and the recommendations of the Audit Committee shall not be binding on the
Board of Directors, except when, pursuant to the provisions of Section 2 of this Article III, such power and authority have been specifically delegated to such committee by the Board of
Directors by resolution. In addition to the foregoing, the specific duties of the Audit Committee shall be determined by the Board of Directors by resolution. 

        (b)    Compensation Committee.    The Compensation Committee shall from time to time meet to review the various
compensation plans, policies and practices of the Corporation and all of its subsidiaries and to report its findings and recommendations to the Board of Directors for final action. The Compensation
Committee shall not be empowered to approve any corporate action of whatever kind or nature, and the recommendations of the Compensation Committee shall not be binding on the Board of Directors,
except when, pursuant to the provisions of Section 2 of this Article III, such power and authority have been specifically delegated to such committee by the Board of Directors by
resolution. In addition to
the foregoing, the specific duties of the Compensation Committee shall be determined by the Board of Directors by resolution. 

        SECTION
2.    Available Powers.    Any committee established pursuant to Section 1 of this Article III,
including the Audit Committee and the Compensation Committee, but only to the extent provided in the resolution of the Board of Directors establishing such committee or otherwise delegating specific
power and authority to such committee and as limited by law, the Certificate of Incorporation, and these Bylaws, shall have and may exercise all of the powers and authority of the Board of Directors
in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers that may require it. Without limiting the foregoing, such
committee may, but only to the extent authorized in the resolution or resolutions providing for the issuance of shares of stock adopted by the Board of Directors as provided in Section 151(a)
of the General Corporation Law of the State of Delaware, fix any of the preferences or rights of such shares relating to dividends, redemption, dissolution, any distribution of assets of the
Corporation or the conversion into, or the exchange of such shares for, shares of any other class or classes or any other series of the same or any other class or classes of stock of the Corporation. 

10

 

        SECTION
3.    Unavailable Powers.    No committee of the Board of Directors shall have the power or authority to
(1) approve or adopt, or recommend to the stockholders, any action or matter expressly required by the General Corporation Law of the State of Delaware to be submitted to stockholders for
approval or (2) adopt, amend or repeal any provision of these Bylaws. 

        SECTION
4.    Alternate Members.    The Board of Directors may designate one or more directors as alternate members of
any committee, who may replace any absent or disqualified member at any meeting of such committee. 

        SECTION
5.    Procedures.    Time, place, and notice, if any, of meetings of a committee shall be determined by such
committee. At meetings of a committee, a majority of the number of members designated by the Board of Directors shall constitute a quorum for the transaction of business. The act of a majority of the
members present at any meeting at which a quorum is present shall be the act of the committee, except as otherwise specifically provided by law, the Certificate of Incorporation or these Bylaws. If a
quorum is not present at a meeting of a committee, the members present may adjourn the meeting from time to time, without notice other than an announcement at the meeting, until a quorum is present. 

        SECTION
6.    Term; Termination.    In the event any person shall cease to be a director of the Corporation, such
person shall simultaneously therewith cease to be a member of any committee appointed by the Board of Directors. 

ARTICLE IV

OFFICERS  

        SECTION
1.    Officers.    The Board of Directors shall elect the officers of the Corporation, which shall include a
President, one or more Vice Presidents (any one or more of whom may be given an additional designation of rank or function), a Secretary and a Treasurer, and such additional officers, if any, as shall
be elected by the Board of Directors pursuant to the provisions of Section 7 of this Article IV. The Board of Directors shall elect officers at its first meeting after the Effective Time
and after each annual meeting of the stockholders thereafter. The failure to hold such election shall not of itself terminate the term of office of any officer. Any officer may resign at any time upon
written notice to the Corporation. Officers may, but need not, be a stockholder or, except in the case of the Chairman of the Board, a director. Any number of offices may be held by the same person. 

        All
officers, agents and employees shall be subject to removal, with or without cause, at any time by the Board of Directors. The removal of an officer without cause shall be without
prejudice to such officer's contract rights, if any. The election or appointment of an officer shall not of itself create contract rights. All agents and employees other than officers elected by the
Board of Directors shall also be subject to removal, with or without cause, at any time by the officers appointing them. 

        Any
vacancy caused by the death, resignation, or removal of any officer or otherwise shall be filled by the Board of Directors. 

        In
addition to the powers and duties of the officers of the Corporation as set forth in these Bylaws, the officers shall have such authority and shall perform such duties as from time to
time may be provided by law or the Certificate of Incorporation or as may be assigned by the Board of Directors or the President. 

        *SECTION
2.    Powers and Duties of the Chairman of the Board.    The Chairman of the Board shall preside when present
at all meetings of the stockholders and at all meetings of the Board of Directors. The Chairman of the Board shall advise and counsel the President and other officers and shall have such other powers
and perform such other duties as may from time to time be assigned to the Chairman of the Board by these Bylaws or by the Board of Directors. The Chairman of the Board may execute bonds, mortgages,
and other contracts requiring a seal under the seal of the Corporation, 

11

 

except
where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the Board of Directors to some other
officer or agent of the Corporation. The Chairman of the Board may delegate all or any of the powers or duties of the Chairman of the Board to the President, if and to the extent deemed by the
Chairman of the Board to be desirable or appropriate. 

        *SECTION
3.    Powers and Duties of the President.    The President shall be the chief executive officer of the
Corporation and, subject to the control of the Board of Directors, shall have general and active management of the business and affairs, and general charge and control of the operations, of the
Corporation and shall have all powers and shall perform all duties incident to the office of President. In the absence of the Chairman of the Board or in the event of the inability or refusal to act
of the Chairman of the Board, the President shall preside at all meetings of the stockholders and at all meetings of the Board of Directors and perform all other duties and exercise all other powers
of the Chairman of the Board. The President shall have such other powers and perform such other duties as may from time to time be assigned to the President by these Bylaws or by the Board of
Directors. 

        SECTION
4.    Powers and Duties of the Vice Presidents.    In the absence of the President or in the event of the
President's inability or refusal to act, except as otherwise expressly provided in these Bylaws, the Vice President (or in the event there be more than one Vice President, the Vice Presidents in the
order designated by the Board of Directors, or in the absence of any designation, then in the order of their election or appointment) shall perform the duties of the President, and when so acting,
shall have all the powers of and be subject to all the restrictions upon the President. Each Vice President shall have all such other powers and shall perform all such other duties incident to the
office of Vice President and shall have such other powers and perform such other duties as may from time to time be assigned to such Vice President by these Bylaws or by the Board of Directors or the
President. 

        SECTION
5.    Powers and Duties of the Secretary.    The Secretary shall have the duty to record the proceedings of
all meetings of the Board of Directors and all meetings of the stockholders in books to be kept for that purpose; the Secretary shall attend to the giving or serving of all notices of the Corporation;
the Secretary shall have custody of the corporate seal of the Corporation and shall affix the same to such documents and other papers as the Board of Directors or the President shall authorize and
direct; the Secretary shall have charge of the stock certificate books, transfer books and stock ledgers and such other books and papers as the Board of Directors or the President shall direct, all of
which shall at all reasonable times be open to the examination of any director, upon application, at the office of the Corporation during business hours; and whenever required by the Board of
Directors or the President shall render statements of such accounts; and the Secretary shall have all powers and shall perform all duties incident to the office of Secretary and shall also have such
other
powers and shall perform such other duties as may from time to time be assigned to the Secretary by these Bylaws or by the Board of Directors or the President. 

        SECTION
6.    Powers and Duties of the Treasurer.    Unless the Board of Directors by resolution otherwise provides,
the Treasurer shall be the chief accounting and financial officer of the Corporation. The Treasurer shall have custody of, and when proper shall pay out, disburse or otherwise dispose of, all funds
and securities of the Corporation which may have come into the hands of the Treasurer; the Treasurer may endorse on behalf of the Corporation for collection checks, notes and other obligations and
shall deposit the same to the credit of the Corporation in such bank or banks or depositary or depositaries as the Board of Directors may designate; the Treasurer shall sign all receipts and vouchers
for payments made to the Corporation; the Treasurer shall enter or cause to be entered regularly in the books of the Corporation kept for the purpose full and accurate accounts of all moneys received
or paid or otherwise disposed of by the Treasurer and whenever required by the Board of Directors or the President shall render statements of such accounts; the Treasurer shall, at all reasonable
times, exhibit the Treasurer's books and accounts to any director of the Corporation upon application at the office of the Corporation during business hours; and Treasurer shall have all powers and
the Treasurer shall 

12

 

perform
all duties incident to the office of the Treasurer and shall also have such other powers and shall perform such other duties as may from time to time be assigned to the Treasurer by these
Bylaws or by the Board of Directors or the President. 

        SECTION
7.    Additional Officers.    The Board of Directors may from time to time elect such other officers,
including a Controller, Assistant Treasurers, Assistant Secretaries and Assistant Controllers, as the Board of Directors may deem advisable and such officers shall have such authority and shall
perform such duties as may from time to time be assigned to them by the Board of Directors or the President. 

        The
Board of Directors may from time to time by resolution delegate to any Assistant Treasurer or Assistant Treasurers any of the powers or duties herein assigned to the Treasurer; and
may similarly delegate to any Assistant Secretary or Assistant Secretaries any of the powers or duties assigned to the Secretary. 

        The
Board of Directors may delegate the power to appoint such other officers, assistant officers, and agents, and may also remove such officers and agents or delegate the power to remove
same, as it shall from time to time deem necessary. 

        SECTION
8.    Surety Bonds.    Such officers and agents of the Corporation (if any) as the President or the Board of
Directors may direct, from time to time, shall be bonded for the faithful performance of their duties and for the restoration to the Corporation, in case of their death, resignation, retirement,
disqualification or removal from office, of all books, papers, vouchers, money and other property of whatever kind in their possession or under their control belonging to the Corporation, in such
amounts
and by such surety companies as President or the Board of Directors may determine. The premiums on such bonds shall be paid by the Corporation and the bonds so furnished shall be in the custody of the
Secretary. 

        SECTION
9.    Proxies in Respect of Securities of Other Corporations.    The President, any Vice President, or the
Secretary from time to time may, or may appoint an attorney or attorneys or an agent or agents for the Corporation to, in the name and on behalf of the Corporation, attend meetings or vote or consent
in respect of, or otherwise exercise the powers and rights that the Corporation may have as the holder of, stock or other securities in any other corporation or other entity held by the Corporation,
and the President, any Vice President, or the Secretary may instruct any person or persons so appointed as to the manner of exercising such powers and rights; and the President, any Vice President or
the Secretary may execute or cause to be executed, in the name and on behalf of the Corporation and under its corporate seal or otherwise, all such written proxies, powers of attorney, consents or
other instruments as such officer may deem necessary or proper in order that the Corporation may exercise such powers and rights. 

        SECTION
10.    Compensation of Officers.    The officers of the Corporation shall be entitled to receive such
compensation for their services as shall from time to time be determined by the Board of Directors. 

        SECTION
11.    Term of Office.    All officers shall serve until their successors are duly elected and qualified or
until their earlier death, resignation, or removal from office. 

ARTICLE V

INDEMNIFICATION  

        SECTION
1.    General.    Subject to Section 4 of this Article V, the Corporation shall indemnify any
person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (other
than an action by or in the right of the Corporation), by reason of the fact that the person is or was a director, officer, employee, or agent of the Corporation, or is or was serving at the request
of the 

13

 

Corporation
as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against expenses (including attorneys' fees), judgments, fines,
and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably
believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person's conduct was unlawful.
The termination of any action, suit or proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the
person did not act in good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of the Corporation and, with respect to any criminal action or
proceeding, have reasonable cause to believe that the person's conduct was unlawful. 

        SECTION
2.    Actions by or in the Right of the Corporation.    Subject to Section 4 of this Article V,
the Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Corporation to
procure a judgment in its favor by reason of the fact that the person is or was a director, officer, employee, or agent of the Corporation, or is or was serving at the request of the Corporation as a
director, officer, employee, or agent of another corporation, partnership, joint venture, or trust or other enterprise, against expenses (including attorneys' fees) actually and reasonably incurred by
the person in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best
interests of the Corporation and except that no indemnification shall be made in respect of any claim, issue, or matter as to which such person shall have been adjudged to be liable to the Corporation
unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view
of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper. 

        SECTION
3.    Indemnification Against Expenses.    To the extent that a present or former director or officer,
employee or agent of the Corporation has been successful on the merits or otherwise in defense of any action, suit, or proceeding referred to in Section 1 and Section 2 of this
Article V, or in defense of any claim, issue, or matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in
connection therewith. 

        SECTION
4.    Board Determinations; Limitation on Indemnification.    Any indemnification under Section 1 and
Section 2 of this Article V (unless ordered by a court) shall be made by the Corporation only as authorized in the specific case upon a determination that indemnification of the present
or former director, officer, employee or agent is proper in the circumstances because the person has met the
applicable standard of conduct set forth in Section 1 and Section 2 of this Article V. Such determination shall be made (1) by a majority vote of the directors who were not
parties to such action, suit or proceeding, even though less than a quorum, or (2) by a committee of such directors designated by majority vote of such directors, even though less than a
quorum, or (3) if there are no such disinterested directors or if such directors so direct, by independent legal counsel in a written opinion, or (4) by the stockholders. Notwithstanding
anything contained in this Article V to the contrary, except for proceedings to enforce rights to indemnification, the Corporation shall not be obligated to indemnify any person (or such
person's heirs, executors, or representatives) in connection with any action, suit, or proceeding (or part thereof) initiated by such person unless such action, suit, or proceeding was authorized or
consented to by the Board of Directors. 

        SECTION
5.    Advancement of Expenses.    Expenses (including attorneys' fees) incurred by an officer, director,
employee or agent in defending a civil or criminal action, suit or proceeding may be paid by the Corporation in advance of the final disposition of such action, suit, or proceeding upon receipt of an
undertaking by or on behalf of such director, officer, employee or agent to repay such 

14

 

amount
if it shall ultimately be determined that such person is not entitled to be indemnified by the Corporation as authorized by law or in this Article V. 

        SECTION
6.    Nonexclusive.    The indemnification and advancement of expenses provided by, or granted pursuant to,
this Article V shall not be deemed exclusive of any other rights to which any director, officer, employee, or agent of the Corporation seeking indemnification or advancement of expenses may be
entitled under any Bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another capacity while
holding such office, and shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee, or agent of the Corporation and shall
inure to the benefit of the heirs, executors, and administrators of such a person. 

        SECTION
7.    Insurance.    The Corporation shall have the power to purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee, or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee, or agent of another
corporation, partnership, joint venture, trust, or other enterprise, against any liability asserted against such person and incurred by such person in any such capacity or arising out of such person's
status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the provisions of applicable statutes, the Certificate of Incorporation, or
this Article V. 

        SECTION
8.    Certain Definitions.    For purposes of this Article V, (a) references to "the
Corporation" shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger that, if its
separate existence had continued, would have had power and authority to indemnify its directors, officers, employees, or agents, so that any person who is or was a director, officer, employee or agent
of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee, or agent of
another corporation, partnership, joint venture, trust, or other enterprise, shall stand in the same position under the provisions of this Article V with respect to the resulting or surviving
corporation as such person would have with respect to such constituent corporation if its separate existence had continued; (b) references to "other enterprises" shall include employee benefit
plans; (c) references to "fines" shall include any excise taxes assessed on a person with respect to an employee benefit plan; (d) references to "serving at the request of the
Corporation" shall include any service as a director, officer, employee, or agent of the Corporation that imposes duties on, or involves services by, such director, officer, employee, or agent with
respect to any employee benefit plan, its participants, or beneficiaries; and (e) a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the
participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Corporation" as referred to in this Article V. 

        SECTION
9.    Change in Governing Law; Effect of Amendment or Repeal of this Article.    In the event of any amendment
or addition to Section 145 of the General Corporation Law of the State of Delaware or the addition of any other section to such law that limits indemnification rights thereunder, the
Corporation shall, to the extent then permitted by the General Corporation Law of the State of Delaware, indemnify to the fullest extent authorized or permitted hereunder, any person who was or is a
party or is threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (including an action by or in
the right of the Corporation), by reason of the fact that such person is or was a director, officer, employee, or agent of the Corporation, or is or was serving at the request of the Corporation as a
director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against expenses (including attorneys' fees), judgments, fines, and amounts paid
in settlement actually and reasonably incurred by such person in connection with such action, suit, or proceeding. Any amendment or repeal of this Article V shall not adversely affect any
rights to indemnification of a 

15

 

director
or officer of the Corporation existing at the time of such amendment or repeal with respect to any acts or omissions occurring prior to such amendment or repeal. 

ARTICLE VI

STOCK-SEAL-FISCAL YEAR  

        SECTION
1.    Certificates For Shares of Stock.    Every holder of shares of the capital stock of the Corporation,
unless and to the extent the Board by resolution provides that any or all classes or series of stock shall be uncertificated, shall be entitled to have a certificate that certifies the number of
shares owned by such holder. The certificates for shares of stock of the Corporation shall be in such form, not inconsistent with the Certificate of Incorporation, as shall be approved by the Board of
Directors. All certificates shall be signed by the Chairman of the Board, the President or a Vice President and by the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer,
and shall not be valid unless so signed. Any and all signatures on any such certificate may be facsimiles. 

        In
case any officer or officers, transfer agent or registrar who shall have signed any such certificate or certificates shall cease to be such officer or officers, transfer agent or
registrar of the Corporation, whether because of death, resignation or otherwise, before such certificate or certificates shall have been delivered by the Corporation, such certificate or certificates
may nevertheless be issued and delivered as though the person or persons who signed such certificate or certificates had not ceased to be such officer or officers, transfer agent or registrar of the
Corporation at such time of delivery. 

        All
certificates for shares of stock shall be consecutively numbered as the same are issued. The Secretary or such other person designated by the Board of Directors shall maintain as
part of the books of the Corporation a stock ledger in which the name of each person owning any shares of capital stock of the Corporation, whether or not represented by certificates, the number and
class of such shares and the date of issue thereof shall be entered. 

        Except
as hereinafter provided, all certificates surrendered to the Corporation for transfer shall be canceled, and no new certificates shall be issued until former certificates for the
same number of shares have been surrendered and canceled. 

        If
the Corporation shall be authorized to issue more than one class of capital stock or more than one series of any class, a statement of the powers, designations, preferences and
relative, participating, optional or other special rights of each class of stock or series thereof and the qualification, limitations or restrictions of such preferences and/or rights shall, unless
the Board of Directors shall by resolution provide that such class or series of stock shall be uncertificated, be set forth in full or summarized on the face or back of any certificate that the
Corporation shall issue to represent such class or series of stock; provided, however, that, to the extent allowed by law, in lieu of such statement,
the face or back of such certificate may state that the Corporation will furnish a copy of such statement without charge to each requesting stockholder. 

        SECTION
2.    Lost, Stolen or Destroyed Certificates.    Whenever a person owning a certificate for shares of stock of
the Corporation alleges that it has been lost, stolen or destroyed, such person shall file in the office of the Corporation an affidavit setting forth, to the best of such person's knowledge and
belief, the time, place and circumstances of the loss, theft or destruction, and, if required by the Board of Directors, the President or the Secretary, a bond of indemnity or other indemnification
sufficient in the opinion of the Board of Directors, the President or the Secretary to indemnify the Corporation and its agents against any claim that may be made against it or them on account of the
alleged loss, theft or destruction of any such certificate or the issuance of a new certificate in replacement therefor. Thereupon the Corporation may cause to be issued to such person a new
certificate in replacement for the certificate alleged to have been lost, stolen or destroyed. Upon the stub of every new certificate so issued shall be noted the fact of such issue and the number,
date and 

16

 

the
name of the registered owner of the lost, stolen or destroyed certificate in lieu of which the new certificate is issued. 

        SECTION
3.    Transfer of Shares.    Shares of stock of the Corporation shall be transferred on the books of the
Corporation by the holder thereof, in person or by such holder's attorney duly authorized in writing, upon surrender and cancellation of certificates for the number of shares of stock to be
transferred. 

        SECTION
4.    Fractional Shares.    The Corporation may, but shall not be required to, issue certificates for
fractions of a share where necessary to effect authorized transactions, or the Corporation may pay in cash the fair value of fractions of a share as of the time when those entitled to receive such
fractions are determined, or it may issue scrip in registered or bearer from over the manual or facsimile signature of an offer of the Corporation or of its agent, exchangeable as therein provided for
full shares, but such scrip shall not entitle the holder to any rights of a stockholder except as therein provided. 

        SECTION
5.    Regulations.    The Board of Directors shall have power and authority to make such rules and regulations
as it may deem expedient concerning the issue, transfer and registration of certificates for shares of stock of the Corporation. 

        SECTION
6.    Record Date.    In order that the Corporation may determine the stockholders entitled to notice of or to
vote at any meeting of stockholders or any adjournment thereof, the Board of Directors may fix, in advance, a record date, which shall not precede the date upon which the resolution fixing the record
date is adopted by the Board of Directors, and which record date shall not be more than sixty nor less than ten days prior to any such action. If no record date is fixed by the Board of Directors, the
record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day notice is given or, if notice
is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of
stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned
meeting. 

        In
order that the Corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which
record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which date shall not be more than ten days after the date upon which
the resolution fixing the record date is adopted by the Board of Directors. If no record date has been fixed by the Board of Directors, the record date for determining stockholders entitled to consent
to corporate action in writing without a meeting, when no prior action by the Board of Directors is otherwise required, shall be the first date on which a signed written consent setting forth the
action taken or proposed to be taken is delivered to the Corporation by delivery to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the
Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation's registered office shall be by hand or by certified or
registered mail, return receipt requested. If no record date has been fixed by the Board of Directors and prior action by the Board of Directors is required, the record date for determining
stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior
action. 

        In
order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to
exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not
precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more 

17

 

than
sixty days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of
Directors adopts the resolution relating thereto. 

        SECTION
7.    Dividends.    Dividends on the capital stock of the Corporation, paid in cash, property, or securities
of the Corporation and as may be limited by applicable law and applicable provisions of the Certificate of Incorporation (if any), may be declared by the Board of Directors in its discretion, and it
shall not be required at any time, against such discretion, to divide or pay any part of such funds among or to the stockholders as dividends or otherwise. 

        Subject
to the provisions of the Certificate of Incorporation, any dividends declared upon the stock of the Corporation shall be payable on such date or dates as the Board of Directors
shall determine. If the date fixed for the payment of any dividend shall in any year fall upon a legal holiday, then the dividend payable on such date shall be paid on the next day not a legal
holiday. 

        Before
payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in its
absolute discretion, determines proper as a reserve or reserves to meet contingencies, for equalizing dividends, for repairing or maintaining any property of the Corporation or for such other purpose
as the Board of Directors shall determine to be in the best interest of the Corporation; and the Board of Directors may modify or abolish any such reserve in the manner in which it was created. 

        SECTION
8.    Issuance and Payment.    Subject to the provisions of law, the Certificate of Incorporation or these
Bylaws, shares may be issued for such consideration and to such persons as the Board of Directors may determine from time to time. Shares may not be issued until the full amount of the consideration
has been paid, unless upon the face or back of each certificate issued to represent any partly paid shares of capital stock there shall have been set forth the total amount of the consideration to be
paid therefor and the amount paid thereon up to and including the time said certificate is issued. 

        SECTION
9.    Registered Stockholders.    The Corporation shall be entitled to recognize the exclusive right of a
person registered on its books as the owner of shares to receive dividends, vote and be held liable for calls and assessments and shall not be bound to recognize any equitable or other claim to or
interest in such share or shares on the part of any person other than such registered owner, whether or not it shall have express or other notice thereof, except as otherwise provided by law. 

        SECTION
10.    Corporate Seal.    The Board of Directors shall provide a suitable seal, containing the name of the
Corporation, which seal shall be kept in the custody of the Secretary. A duplicate of the seal may be kept and be used by any officer of the Corporation designated by the Board of Directors or the
President. The seal may be used by causing it or a facsimile thereof to be impressed, affixed or otherwise reproduced. 

        SECTION
11.    Fiscal Year.    The fiscal year of the Corporation shall be the calendar year or such other fiscal year
as the Board of Directors from time to time by resolution shall determine. 

ARTICLE VII

AMENDMENTS  

        The Board of Directors shall have the power to adopt, amend and repeal from time to time Bylaws of the Corporation, subject to the right of the stockholders
entitled to vote with respect thereto to amend or repeal such Bylaws and to adopt new Bylaws as adopted or amended by the Board of Directors; and the stockholders may prescribe that any Bylaws made by
them shall not be altered, amended or repealed by the Board of Directors. 

18

 

ARTICLE VIII

MISCELLANEOUS PROVISIONS  

        SECTION
1.    Bank Accounts, Checks, Notes, Etc.    In addition to such bank accounts as may be authorized by the
Board of Directors, the Treasurer or any person designated by the Treasurer, whether or not an employee of the Corporation, may authorize such bank accounts to be opened or maintained in the name and
on behalf of the Corporation as the Treasurer may deem necessary or appropriate. 

        All
checks, drafts, bills of exchange, acceptances, notes or other obligations or orders for the payment of money by the Corporation shall be signed and, if so required by the Board of
Directors, countersigned by the Treasurer or such other officers of the Corporation or other persons as the Board of Directors from time to time shall designate. 

        Checks,
drafts, bills of exchange, acceptances, notes, obligations and orders for the payment of money made payable to the Corporation may be endorsed for deposit to the credit of the
Corporation with a duly authorized depository by the Treasurer or such other officers or persons as the Board of Directors from time to time may designate. 

        SECTION
2.    Loans.    No loans and no renewals of any loans shall be contracted on behalf of the Corporation except
as authorized by the Board of Directors and permitted under applicable law. When authorized so to do, any officer or agent of the Corporation may effect loans and advances for the Corporation from any
bank, trust company or other institution or from any firm, corporation or individual, and for such loans and advances may make, execute and deliver promissory notes, bonds or other evidences of
indebtedness of the Corporation. When authorized so to do, any officer or agent of the Corporation may pledge, hypothecate or transfer, as security for the payment of any and all loans,
advances, indebtedness and liabilities of the Corporation, any and all stocks, securities and other personal property at any time held by the Corporation, and to that end may endorse, assign and
deliver the same. Such authority may be general or confined to specific instances. 

        SECTION
3.    Contracts.    Except as otherwise provided in these Bylaws or by law or as otherwise directed by the
Board of Directors, the President or any Vice President shall be authorized to execute and deliver, in the name and on behalf of the Corporation, all agreements, bonds, contracts, deeds, mortgages,
and other instruments, either for the Corporation's own account or in a fiduciary or other capacity, and the seal of the Corporation, if appropriate, shall be affixed thereto by any of such officers
or the Secretary or an Assistant Secretary. The Board of Directors, the President or any Vice President designated by the Board of Directors or the President may authorize any other officer, employee
or agent to execute and deliver, in the name and on behalf of the Corporation, agreements, bonds, contracts, deeds, mortgages, and other instruments, either for the Corporation's own account or in a
fiduciary or other capacity, and, if appropriate, to affix the seal of the Corporation thereto. The grant of such authority by the Board of Directors or any such officer may be general or confined to
specific instances. 

        SECTION
4.    Means of Giving Notice.    Whenever under applicable law, the Certificate of Incorporation or these
Bylaws notice is required to be given to any director or stockholder, such notice may be given in writing and delivered personally, by a recognized express delivery service (such as Federal Express)
or (subject, in the case of notices to stockholders, as specified below) by means of facsimile transmission or other form of electronic transmission or, solely in the case of notices to stockholders,
through the United States mail, in any such case addressed to such director or stockholder at such director or stockholder's address or facsimile transmission or electronic mail address, as the case
may be, appearing on the records of the Corporation, with postage and fees thereon prepaid if required. Such notice shall be deemed to be given at the time when the same shall be deposited in the
United States mail or with an express delivery service or when transmitted, as the case may be. Notice of any meeting of the Board of Directors may also be given to a director by telephone and shall
be deemed given in such circumstances when actually received by the director. Any 

19

 

notice
given to any stockholder shall be effective if given by a form of electronic transmission consented to by the stockholder to whom the notice is given, to the extent permitted by, and subject to
the conditions set forth in, Section 232 of the General Corporation Law of the State of Delaware. 

        SECTION
5.    Waivers of Notice.    Whenever any notice whatever is required to be given by law, by the Certificate of
Incorporation or by these Bylaws to any person or persons, a waiver thereof in writing, signed by the person or persons entitled to the notice, or a waiver by electronic transmission by the person
entitled to notice, whether before or after the time stated therein, shall be deemed equivalent thereto. All such waivers shall be filed with the corporate records. Attendance at a meeting shall
constitute a waiver of notice of such meeting, except where a person attends for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully
called or convened. 

        SECTION
6.    Offices Outside of Delaware.    Except as otherwise required by the laws of the State of Delaware, the
Corporation may have an office or offices and keep its books, documents and papers outside of the State of Delaware at such place or places as from time to time may be determined by the Board of
Directors or the President. 

        SECTION
7.    Reports to Stockholders.    The Board of Directors shall present at each annual meeting of stockholders,
and at any special meeting of stockholders when called for by vote of the stockholders, a statement of the business and condition of the Corporation. 

        SECTION
8.    Books and Records.    The Corporation shall keep correct and complete books and records of account and
shall keep minutes of the proceedings of the stockholders and the Board of Directors and committees thereof and shall keep at its registered office or principal place of business, or at the office of
its transfer agent or registrar, a record of its stockholders, giving the names and addresses of all stockholders and the number and class of the shares held by each. 

        SECTION
9.    Resignation.    Any director, committee member, officer, or agent may resign by delivering notice in
writing or by electronic transmission to the Chairman of the Board, the President or the Secretary. The resignation shall take effect at the time specified therein (which shall be no earlier than the
time of such delivery) or immediately if no time is specified. Unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. 

        SECTION
10.    Ratification.    Any transaction, questioned in any law suit on the ground of lack of authority,
defective or irregular execution, adverse interest of director, officer or stockholder, non-disclosure, miscomputation, or the application of improper principles or practices of
accounting, may be ratified before or after judgment, by the Board of Directors or by the stockholders, and if so ratified shall have the same force and effect as if the questioned transaction had
been originally duly authorized. Such ratification shall be binding upon the Corporation and its stockholders and shall constitute a bar to any claim or execution of any judgment in respect of such
questioned transaction. 

        SECTION
11.    Defined Terms.    All capitalized terms used herein but not defined herein shall have the meanings
assigned to such terms in the Certificate of Incorporation. 

        Effective
as of 9:00 a.m. C.S.T., on October 31, 2002. 

/s/  JOHN HAGEMAN    

Secretary 

20

Attachment A 

AMENDMENT NO. 1

TO

AMENDED AND RESTATED BYLAWS

OF

METALS USA, INC.  

        This Amendment No. 1 (this "Amendment") to the Amended and Restated Bylaws (the
"Bylaws") of Metals USA, Inc., a Delaware corporation (the "Corporation"), is effective as of
May 17, 2004, and hereby amends the Bylaws as follows: 

        1.     Section 2
of Article IV of the Bylaws is hereby deleted in its entirety and replaced with the following: 

"SECTION
2.    Powers and Duties of the Chairman of the Board.    The Chairman of the Board shall be an officer of the Company, but
a non-executive officer. The Chairman of the Board shall preside when present at all meetings of the stockholders and at all meetings of the Board of Directors. The Chairman of the Board
shall advise and counsel the President and other officers and shall have such other powers and perform such other duties as may from time to time be assigned to the Chairman of the Board by these
Bylaws or by the Board of Directors. The Chairman of the Board may delegate all or any of the powers or duties of the Chairman of the Board to the President, if and to the extent deemed by the
Chairman of the Board to be desirable or appropriate." 

        2.     Section 3
of Article IV of the Bylaws is hereby deleted in its entirety and replaced with the following: 

"SECTION
3.    Powers and Duties of the President.    The President shall be the chief executive officer of the Corporation and,
subject to the control of the Board of Directors, shall have general and active management of the business and affairs, and general charge and control of the operations, of the Corporation and shall
have all powers and shall perform all duties incident to the office of President. In the absence of the Chairman of the Board or in the event of the inability or refusal to act of the Chairman of the
Board, the President shall preside at all meetings of the stockholders and at all meetings of the Board of Directors and perform all other duties and exercise all other powers of the Chairman of the
Board. The President may execute bonds, mortgages, and other contracts whether requiring a seal or otherwise, except where required or permitted by law to be otherwise signed and executed and except
where the signing and execution thereof shall be expressly delegated by the Board of Directors to some other officer or agent of the Corporation. The President shall have such other powers and perform
such other duties as may from time to time be assigned to the President by these Bylaws or by the Board of Directors." 

        The
undersigned certifies that this Amendment has been adopted by the Board on the date set forth in the preamble above. 

	 	 	Signature:	 	/s/  JOHN A. HAGEMAN      

	 	 	Name:	 	John A. Hageman
	 	 	Title:	 	Secretary

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Exhibit 4.7    
    

METALS USA, INC.  

 2002 LONG-TERM INCENTiVE PLAN  

        1.    PURPOSE.    The purpose of this 2002 Long-Tem incentive Plan (the "Plan") of Metals
USA, Inc., a Delaware corporation (the "Company"), is to advance the interests of the Company and its stockholders by providing a means to attract, retain and reward executive officers, other
key employees, directors and consultants of and service providers to the Company and its subsidiaries, and to enable such persons to acquire or increase a proprietary interest in the Company, thereby
promoting a closer identity of interests between such persons and the Company's stockholders. 

        2.    DEFINITIONS.    The definitions of awards under the Plan, including Options, SARs (including Limited SARs),
Restricted Stock, Performance Shares, Deferred Stock, Stock granted as a bonus or in lieu of other awards, Dividend Equivalents and Other Stock-Based Awards are set forth in Section 6 of the
Plan. Such awards, together with any other right or interest granted to a Participant under the Plan, are termed "Awards." For purposes of the Plan, the following additional terms shall be defined as
set forth below: 

        (a)   "Award
Agreement" means any written agreement, contract, notice or other instrument or document evidencing an Award. 

        (b)   "Beneficiary"
shall mean the person, persons, trust or trusts which have been designated by a Participant in his or her most recent written beneficiary designation filed
with the Committee to receive the benefits specified under the Plan upon such Participant's death or, if there is no designated Beneficiary or surviving designated Beneficiary, then the person,
persons, trust or trusts entitled by will or the laws of descent and distribution to receive such benefits. 

        (c)   "Board"
means the Board of Directors of the Company. 

        (d)   A
"Change in Control" shall be deemed to have occurred if: 

        (i)    any
Person is or becomes the "Beneficial Owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company) representing 50% or more of the total voting power of the Company's then
outstanding voting securities, excluding the Company or an employee benefit plan of the Company and any Person who becomes such a Beneficial Owner in connection with a transaction described in
clause (1) of clause (iii) below or who becomes a Beneficial Owner pursuant to the Reorganization Plan; 

        (ii)   the
following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the Effective Date, constitute the
Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company's stockholders was approved or recommended by a
vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the Effective Date or whose appointment, election, or nomination for
election was previously so approved or recommended; 

        (iii)  there
is consummated a merger or consolidation of the Company with any other corporation other than (1) a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of
the surviving entity or any parent thereof) at least 50% of the combined voting power of the voting securities of the Company or such surviving entity or any parent thereof 

 

outstanding
immediately after such merger or consolidation, or (2) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person
is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the
Company) representing 50% or more of the combined voting power of the Company's then outstanding voting securities; or 

        (iv)  the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by
the Company of all or substantially all of the Company's assets, other than a sale or disposition by the Company of all or substantially all of the Company's assets to an entity at least 50% of the
combined voting power of the voting securities of which are owned by Persons in substantially the same proportions as their ownership of the Company immediately prior to such sale. 

        (e)   "Code"
means the Internal Revenue Code of 1986, as amended from time to time. References to any provision of the Code shall be deemed to include regulations thereunder
and successor provisions and regulations thereto. 

        (f)    "Committee"
means the Compensation Committee of the Board, or such other Board committee as may be designated by the Board to administer the Plan. Any such Committee
that is authorized to grant Awards to Participants subject to Section 16 of the Exchange Act (a "Section 16 Committee") shall, to the extent necessary to comply with
Rule 16b-3, be comprised of two or more "nonemployee directors" within the meaning of Rule 16b-3 or shall constitute the entire Board, and any such Committee that
is authorized to grant Awards to executive officers of the Company (which may or may not be the same Committee as the Section 16 Committee) shall, to the extent necessary to comply with
Section 162(m) of the Code, be comprised of two or more "outside directors" within the meaning of Section 162(m); provided, however, that no director who is also an employee of the
Company may sit on any Committee (other than the full Board when it is sitting as the Section 16 Committee). 

        (g)   "Disability"
means: (a) in the case of a Participant whose employment with is subject to the terms of an employment agreement, which agreement includes a
definition of "Disability," the term "Disability" as used in this Plan or any Award Agreement shall have the meaning set forth in such employment agreement during the period that such employment
agreement remains in effect; or (b) the term "Disability" as used in the long-term disability plan, if any; or (c) if there is no such plan, the term "Disability" as used in
this Plan or any Award Agreement shall mean a physical or mental infirmity which impairs the Participant's ability to perform substantially his or her duties for a period of one hundred eighty
(180) consecutive days. 

        (h)   Effective
Date means the effective date for the Reorganization Plan (as defined in the Reorganization Plan). 

        (i)    "Exchange
Act" means the Securities Exchange Act of 1934, as amended from time to time. References to any provision of the Exchange Act shall be deemed to include rules
thereunder and successor provisions and rules thereto. 

        (j)    "Fair
Market Value" means, with respect to Stock, Awards, or other property, the fair market value of such Stock, Awards, or other property determined by such methods or
procedures as shall be established from time to time by the Committee, PROVIDED, HOWEVER, that if the Stock is listed on a national securities exchange or quoted in an interdealer quotation system,
the Fair Market Value of such Stock on a given date shall be based upon the last sales price or, if unavailable, the average of the closing bid and asked prices per share of the Stock on such date
(or, if there was no trading or quotation in the Stock on such date, on the next preceding date on 

2

 

which
there was trading or quotation) as reported in the WALL STREET JOURNAL (or other reporting service approved by the Committee). 

        (k)   "ISO"
means any Option intended to be and designated as an incentive stock option within the meaning of Section 422 of the Code. 

        (l)    "Nonqualified
Stock Option" means an Option that is not an ISO. 

        (m)  "Participant"
means a person who, at a time when eligible under Section 5 hereof, has been granted an Award under the Plan. 

        (n)   "Person"
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term
shall not include: (i) the Company or any of its subsidiaries; (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its
Affiliates; (iii) an underwriter temporarily holding securities pursuant to an offering of such securities; or (iv) a corporation owned, directly or indirectly, by the stockholders of
the Company in substantially the same proportions as their ownership of stock of the Company. 

        (o)   "Reorganization
Plan" means the plan of reorganization for the Company and certain of its subsidiaries and affiliates dated September 18, 2002 which was confirmed
pursuant to an order of the Bankruptcy Court dated October 18, 2002. 

        (p)   "Rule 16b-3"
means Rule 16b-3, as from time to time in effect and applicable to the Plan and Participants, promulgated by the
Securities and Exchange Commission under Section 16 of the Exchange Act. 

        (q)   "Stock"
means the Common Stock, $.01 par value, of the Company and such other securities as may be substituted for Stock or such other securities pursuant to
Section 4. 

        (r)   "Ten-Percent
Stockholder" means a Participant, who, at the time an Incentive Stock Option is to be granted to him or her, owns (within the meaning of
Section 422(b)(6) of the Code) Stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company, or of a "parent" or "subsidiary" (as such
terms are defined in Section 6(b)(3) hereof). 

        3.    ADMINISTRATION.    

        (a)    AUTHORITY OF THE COMMITTEE.    The Plan shall be administered by the Committee. The Committee shall have full
and final authority to take the following actions, in each case subject to and consistent with the provisions of the Plan: 

        (i)    to
select persons to whom Awards may be granted; 

        (ii)   to
determine the type or types of Awards to be granted to each such person; 

        (iii)  to
determine the number of Awards to be granted, the number of shares of Stock to which an Award will relate, the terms and conditions of any Award granted under the
Plan (including, but not limited to, any exercise price, grant price or purchase price, any restriction or condition, any schedule for lapse of restrictions or conditions relating to transferability
or forfeiture, exercisability or settlement of an Award, and waivers or accelerations thereof, performance conditions relating to an Award (including performance conditions relating to Awards not
intended to be governed by Section 7(e) and waivers and modifications thereof), based in each case on such considerations as the Committee shall determine), and all other matters to be
determined in connection with an Award; 

3

 

        (iv)  to
determine whether, to what extent and under what circumstances an Award may be settled, or the exercise price of an Award may be paid, in cash, Stock, other Awards,
or other property, or an Award may be canceled, forfeited, or surrendered; 

        (v)   to
determine whether, to what extent and under what circumstances cash, Stock, other Awards or other property payable with respect to an Award will be deferred either
automatically, at the election of the Committee or at the election of the Participant; 

        (vi)  to
prescribe the form of each Award Agreement, which need not be identical for each Participant; 

        (vii) to
adopt, amend, suspend, waive and rescind such rules and regulations and appoint such agents as the Committee may deem necessary or advisable to administer the Plan; 

        (viii) to
correct any defect or supply any omission or reconcile any inconsistency in the Plan and to construe and interpret the Plan and any Award, rules and regulations,
Award Agreement or other instrument hereunder; and 

        (ix)  to
make all other decisions and determinations as may be required under the terms of the Plan or as the Committee may deem necessary or advisable for the administration
of the Plan. 

        (b)    MANNER OF EXERCISE OF COMMITTEE AUTHORITY.    Unless authority is specifically reserved to the Board under the
terms of the Plan, the Company's Certificate of incorporation or Bylaws, or applicable law, the Committee shall have sole discretion in exercising authority under the Plan. Any action of the Committee
with respect to the Plan shall be final, conclusive and binding on all persons, including the Company, subsidiaries of the Company, Participants, any person claiming any rights under the Plan from or
through any Participant and stockholders, except to the extent the Committee may subsequently modify, or take further action not consistent with, its prior action. If not specified in the Plan, the
time at which the Committee must or may make any determination shall be determined by the Committee, and any such determination may thereafter by modified by the Committee (subject to
Section 8(e)). The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the
Committee. The Committee may delegate to officers or managers of the Company or any subsidiary of the Company the authority, subject to such terms as the Committee shall determine, to perform
administrative functions and, with respect to Participants not subject to Section 16 of the Exchange Act, to perform such other functions as the Committee may determine, to the extent permitted
under Rule 16b-3, if applicable, and other applicable law. 

        (c)    LIMITATION OF LIABILITY.    Each member of the Committee shall be entitled to, in good faith, rely or act upon
any report or other information furnished to him by any officer or other employee of the Company or any subsidiary, the Company's independent certified public accountants or any executive compensation
consultant, legal counsel or other professional retained by the Company to assist in the administration of the Plan. No member of the Committee, nor any officer or employee of the Company acting on
behalf of the Committee, shall be personally liable for any action, determination or interpretation taken or made in good faith with respect to the Plan, and all members of the Committee and any
officer or employee of the Company acting on its behalf shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action, determination or
interpretation. 

        4.    STOCK SUBJECT TO PLAN.    

        (a)    AMOUNT OF STOCK RESERVED.    The total amount of Stock that may be delivered pursuant to Awards granted under
the Plan shall not exceed 2,015,000 shares of Stock. Notwithstanding the foregoing, the number of shares that may be delivered upon the exercise of 

4

 

ISOs
shall not exceed 2,015,000, subject in each case to adjustment as provided in Section 4(c), and the number of shares that may be delivered as Restricted Stock and Deferred Stock (other
than pursuant to an Award granted under Section 7(e)) shall not in the aggregate exceed 2,015,000, provided, however, that shares subject to Options, Restricted Stock (including Performance
Shares) or Deferred Stock Awards shall not be deemed delivered if such Awards are forfeited, expire or otherwise terminate without delivery of shares to the Participant. To the extent that an Award is
only to be paid in cash or is paid in cash, any shares of Stock subject to such Award shall again be available for the grant of an Award. Any shares of Stock delivered pursuant to an Award may
consist, in whole or in part, of authorized and unissued shares, treasury shares or shares acquired in the market for a Participant's account. 

        (b)    ANNUAL PER-PARTICIPANT LIMITATIONS.    During any calendar year, no Participant may be granted
Awards that may be settled by delivery of more than 500,000 shares of Stock, subject to adjustment as provided in Section 4(c). In addition, with respect to Awards that may be settled in cash
(in whole or in part), no Participant may be paid during any calendar year cash amounts relating to such Awards that exceed the greater of the Fair Market Value of the number of shares of Stock set
forth in the preceding sentence at the date of grant or the date of settlement of Award. This provision sets forth two separate limitations, so that Awards that may be settled solely by delivery of
Stock will not operate to reduce the amount of cash-only Awards, and vice versa; nevertheless, Awards that may be settled in Stock or cash must not exceed either limitation. 

        (c)    ADJUSTMENTS.    In the event that the Committee shall determine that any dividend or other distribution
(whether in the form of cash, Stock or other property), recapitalization, forward or reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase or exchange of
Stock or other securities, liquidation, dissolution, or other similar corporate transaction or event, affects the Stock such that an adjustment is appropriate in order to prevent dilution or
enlargement of the rights of Participants under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and kind of shares of Stock
reserved and available for Awards under Section 4(a), including shares reserved for the ISOs and Restricted and Deferred Stock, (ii) the number and kind of shares of Stock specified in
the Annual Per-Participant Limitations under Section 4(b), (iii) the number and kind of shares of outstanding Restricted Stock or other outstanding Award in connection with
which shares have been issued, (iv) the number and kind of shares that may be issued in respect of other outstanding Awards and (v) the exercise price, grant price or purchase price
relating to any Award (or, if deemed appropriate, the Committee may make provision for a cash payment with respect to any outstanding Award). In addition, the Committee is authorized to make
adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, events described in the preceding
sentence) affecting the Company or any subsidiary or the financial statements of the Company or any subsidiary, or in response to changes in applicable
laws, regulations, or accounting principles. The foregoing notwithstanding, no adjustments shall be authorized under this Section 4(c) with respect to ISOs or SARs in tandem therewith to the
extent that such authority would cause the Plan to fail to comply with Section 422(b)(I) of the Code, and no such adjustment shall be authorized with respect to Options, SARs or other
Awards subject to Section 7(e) to the extent that such authority would cause such Awards to fail to qualify as "qualified performance-based compensation" under Section 162(m)(4)(C) of
the Code. 

        5.    ELIGIBILITY.    Executive officers, other key employees of the Company and its subsidiaries and the Company's
directors, and persons who provide consulting or other services to the Company deemed by the Committee to be of substantial value to the Company, are eligible to be granted Awards under the Plan. In
addition, a person who has been offered employment by the Company or its 

5

 

subsidiaries
is eligible to be granted an Award under the Plan, provided that such Award shall be cancelled if such person fails to commence such employment, and no payment of value may be made in
connection with such Award until such person has commenced such employment. 

        6.    SPECIFIC TERMS OF AWARDS.    

        (a)    GENERAL.    Awards may be granted on the terms and conditions set forth in this Section 6. In addition,
the Committee may impose on any Award or the exercise thereof such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms
requiring forfeiture of Awards in the event of termination of employment or service of the Participant. Except as provided in Section 6(f), 6(h), or 7(a), or to the extent required to comply
with requirements of the Delaware General Corporation Law that lawful consideration be paid for Stock, only services may be required as consideration for the grant (but not the exercise) of any Award. 

        (b)    OPTIONS.    The Committee is authorized to grant Options (including "reload" options automatically granted to
offset specified exercises of Options) on the following terms and conditions ("Options"): 

        (i)    EXERCISE PRICE.    The exercise price per share of Stock purchasable under an Option shall be determined by the
Committee; PROVIDED, HOWEVER, that, that, except as provided in Section 7(a), such exercise price shall be not less than the Fair Market Value of a share on the date of grant of such Option,
and further PROVIDED, that the exercise price per share shall not be less than 110% of the Fair Market Value on the date of grant in the case of an ISO granted to a Ten-Percent
Stockholder. 

        (ii)    TIME AND METHOD OF EXERCISE.    The Committee shall determine the time or times at which an Option may be
exercised in whole or in part, the methods by which such exercise price may be paid
or deemed to be paid, the form of such payment, including, without limitation, cash, Stock, other Awards or awards granted under other Company plans or other property (including notes or other
contractual obligations of Participants to make payment on a deferred basis, such as through "cashless exercise" arrangements, to the extent permitted by applicable law), and the methods by which
Stock will be delivered or deemed to be delivered to Participants. 

        (iii)    ISOS.    The terms of any ISO granted under the Plan shall comply in all respects with the provisions of
Section 422 of the Code, including but not limited to the requirement that no ISO shall be granted more than ten years after the Effective Date of the Plan. An ISO shall not be exercisable
after the expiration of ten (10) years from the date it is granted (five (5) years in the case of an ISO granted to a Ten-Percent Stockholder). An Option shall be treated as
an ISO only to the extent that the aggregate Fair Market Value (determined at the time the Option is granted) of the shares with respect to which all ISOs held by a Participant (under the Plan and all
other plans of the Company, its "parent corporation" or "subsidiary corporation" (as such terms are defined under Sections 424(e) and 424(f) of the Code, respectively)), become exercisable for the
first time during any calendar year does not exceed $100,000. This limitation shall be applied by taking Options into account in the order in which they were granted. To the extent this limitation is
exceeded, an Option shall be treated as a Nonqualified Stock Option regardless of its designation as an ISO. Should any ISO remain exercisable after three months after employment terminates for any
reason other than Disability or death, or after one year if employment terminates due to Disability, the Option shall immediately be converted to a Nonqualified Stock Option. In order to obtain the
benefits of an ISO under the Code, no sale or other disposition may be made of any shares upon exercise of such Option until the later of one year from the date of transfer of the shares acquired
pursuant to the exercise of the Option, or two years from the grant date of 

6

 

the
Option. The Company shall have no liability in the event it is determined that any Option intended to be an ISO fails to qualify as such, whether such failure is a result of a disqualifying
disposition or the terms of this Plan or any governing Agreement. 

        (iv)    TERMINATION OF EMPLOYMENT OR OTHER SERVICE.    Unless otherwise determined by the Committee, upon termination
of a Participant's employment or other service with the Company and its subsidiaries, such Participant may exercise any Options during the three-month period following such termination of employment
or other service, but only to the extent such Option was exercisable immediately prior to such termination of employment. Notwithstanding the foregoing, if the Committee determines that such
termination is for cause, all Options held by the Participant shall terminate as of the termination of employment or other service. 

        (c)    STOCK APPRECIATION RIGHTS.    The Committee is authorized to grant SARS on the following terms and conditions
("SARs"): 

        (i)    RIGHT TO PAYMENT.    An SAR shall confer on the Participant to whom it is granted a right to receive, upon
exercise thereof, the excess of (A) the Fair Market Value of one share of Stock on the
date of exercise (or, if the Committee shall so determine in the case of any such right other than one related to an ISO, the Fair Market Value of one share at any time during a specified period
before or after the date of exercise), over (B) the grant price of the SAR as determined by the Committee as of the date of grant of the SAR, which, except as provided in Section 7(a),
shall be not less than the Fair Market Value of one share of Stock on the date of grant. 

        (ii)    OTHER TERMS.    The Committee shall determine the time or times at which an SAR may be exercised in whole or
in part, the method of exercise, method of settlement, form of consideration payable in settlement, method by which Stock will be delivered or deemed to be delivered to Participants, whether or not an
SAR shall be in tandem with any other Award, and any other terms and conditions of any SAR. Limited SARS that may only be exercised upon the occurrence of a Change in Control may be granted on such
terms, not inconsistent with this Section 6(c), as the Committee may determine. Limited SARs may be either freestanding or in tandem with other Awards. 

        (d)    RESTRICTED STOCK.    The Committee is authorized to grant Restricted Stock on the following terms and
conditions ("Restricted Stock"), including those with respect to which the restrictions lapse upon the achievement of performance goals under Section 7(e) hereof ("Performance Shares"): 

        (i)    GRANT AND RESTRICTIONS.    Restricted Stock shall be subject to such restrictions on transferability and other
restrictions, if any, as the Committee may impose, which restrictions may lapse separately or in combination at such times, under such circumstances (including those set forth in Section 7(e)),
in such installments, or otherwise, as the Committee may determine. Except to the extent restricted under the terms of the Plan and any Award Agreement relating to the Restricted Stock or Performance
Shares, a Participant granted Restricted Stock or Performance Shares shall have all of the rights of a stockholder including, without limitation, the right to vote the Restricted Stock or Performance
Shares, and the right to receive dividends thereon. 

        (ii)    FORFEITURE.    Except as otherwise determined by the Committee, upon termination of employment or other
service (as determined under criteria established by the Committee) during the applicable restriction period, Restricted Stock and Performance Shares that are at that time subject to restrictions
shall be forfeited and reacquired by the Company; PROVIDED, HOWEVER, that the Committee may provide, by rule or regulation or in any 

7

 

Award
Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the event of termination
resulting from specified causes; provided, however, that no such determinations shall be made with respect to an Award of Performance Shares after the grant thereof if the Committee's discretion to
make such determination shall result in the Award not being qualified as performance-based pursuant to Section 7(e) hereof and Section 162(m) of the Code. 

        (iii)    CERTIFICATES FOR STOCK.    Restricted Stock and Performance Shares granted under the Plan may be evidenced in
such manner as the Committee shall determine. If certificates representing Restricted Stock and Performance Shares are registered in the name of the Participant, such certificates may bear an
appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, the Company may retain physical possession of the certificate, and the Participant shall
have delivered a stock power to the Company, endorsed in blank, relating to the Restricted Stock or Performance Shares. 

        (iv)    DIVIDENDS.    Dividends paid on Restricted Stock shall be either paid at the dividend payment date in cash or
in shares of unrestricted Stock having a Fair Market Value equal to the amount of such dividends, or the payment of such dividends shall be deferred and/or the amount or value thereof automatically
reinvested in additional Restricted Stock, other Awards, or other investment vehicles, as the Committee shall determine or permit the Participant to elect. Stock distributed in connection with a Stack
split or Stock dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such
Stock or other property has been distributed, unless otherwise determined by the Committee. An Award of Performance Shares shall provide that Dividends shall only be payable with respect to such Award
at such time and under such conditions that payment thereof will not cause the Award or payment of the Dividends to qualify as performance-based compensation pursuant to Section 7(e) hereof and
Section 162(m) of the Code. 

        (e)    DEFERRED STOCK.    The Committee is authorized to grant Deferred Stock subject to the following terms and
conditions ("Deferred Stock"): 

        (i)    AWARD AND RESTRICTIONS.    Delivery of Stock will occur upon expiration of the deferral period specified for an
Award of Deferred Stock by the Committee (or, if permitted by the Committee, as elected by the Participant). In addition, Deferred Stock shall be subject to such restrictions as the Committee may
impose, if any, which restrictions may lapse at the expiration of the deferral period or at earlier specified times, separately or in combination, in installments or otherwise, as the Committee may
determine. Subject to any rules that may be established by the Board with respect to compensation for directors who are not also employees, such directors may be permitted to defer shares of Stock in
lieu of receipt of payment of fees or shares to which they may be entitled for service as directors. 

        (ii)    FORFEITURE.    Except as otherwise determined by the Committee, upon termination of employment or other
service (as determined under criteria established by the Committee) during the applicable deferral period or portion thereof to which forfeiture conditions apply (as provided in the Award Agreement
evidencing the Deferred Stock), all Deferred Stock that is at that time subject to such forfeiture conditions shall be forfeited; PROVIDED, HOWEVER, that the Committee may provide, by rule or
regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Deferred Stack will be waived in whole or in part in the event of
termination resulting from specified causes. 

8

 

        (f)    BONUS STOCK AND AWARDS IN LIEU OF CASH OBLIGATIONS.    The Committee is authorized to grant Stock as a bonus,
or to grant Stock or other Awards in lieu of Company obligations to pay cash under other plans or compensatory arrangements. Stock or Awards granted hereunder shall be subject to such other terms as
shall be determined by the Committee. Subject to any rules that may be established by the Board with respect to compensation for directors who are not also employees, such directors may be permitted
to elect to receive shares of Stock in lieu of receipt of payment of fees to which they may be entitled for service as directors. 

        (g)    DIVIDEND EQUIVALENTS.    The Committee is authorized to grant Dividend Equivalents entitling the Participant to
receive cash, Stock, other Awards or other property equal in value to dividends paid with respect to a specified number of shares of Stock ("Dividend Equivalents"). Dividend Equivalents may be awarded
on a free-standing basis or in connection with another Award. The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been
reinvested in additional Stock, Awards or other investment vehicles, and subject to such restrictions on transferability and risks of forfeiture, as the Committee may specify. 

        (h)    OTHER STOCK-BASED AWARDS.    The Committee is authorized, subject to limitations under applicable law, to grant
such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock and factors that may influence the value of Stock, as
deemed by the Committee to be consistent with the purposes of the Plan, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Stock,
purchase rights for Stock, Awards with value and payment contingent upon performance of the Company or any other factors designated by the Committee and Awards valued by reference to the book value of
Stock or the value of securities of or the performance of specified subsidiaries ("Other Stock Based Awards"). The Committee shall determine the terms and conditions of such Awards. Stock issued
pursuant to an Award in the nature of a purchase right granted under this Section 6(h) shall be purchased for such consideration, paid for at such times, by such methods, and in such forms,
including, without limitation, cash, Stock, other Awards, or other property, as the Committee shall determine. Cash awards, as an element of or supplement to any other Award under the Plan, may be
granted pursuant to this Section 6(h). 

        7.    CERTAIN PROVISIONS APPLICABLE TO AWARDS    

        (a)    STAND-ALONE, ADDITIONAL, TANDEM, AND SUBSTITUTE AWARDS.    Awards granted under the Plan may, in the discretion
of the Committee, be granted either alone or in addition to, in tandem with or in substitution for, any other Award granted under the Plan or any award granted under any other plan of the Company, any
subsidiary or any business entity to be acquired by the Company or a subsidiary, or any other right of a Participant to receive payment from the Company or any subsidiary. Awards granted in addition
to or in tandem with other Awards or awards may be granted either as of the same time as or a different time from the grant of such other Awards or awards. 

        (b)    TERM OF AWARDS.    The term of each Award shall be for such period as may be determined by the Committee;
PROVIDED, HOWEVER, that in no event shall the term of any Award exceed a period of ten years from the date of its grant (or, the case of any ISO or SAR granted in tandem therewith, such shorter period
as may be applicable under Section 422 of the Code). 

        (c)    FORM OF PAYMENT UNDER AWARDS.    Subject to the terms of the Plan and any applicable Award Agreement, payments
to be made by the Company or a subsidiary upon the grant, exercise or settlement of an Award may be made in such forms as the Committee shall 

9

 

determine,
including, without limitation, cash, Stock, other Awards or other property, and may be made in a single payment or transfer, in installments or on a deferred basis. Such payments may
include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend Equivalents in respect of
installment or deferred payments denominated in Stock. 

        (d)    LOAN PROVISIONS.    With the consent of the Committee, and subject at all times to, and only to the extent, if
any, permitted under and in accordance with, laws and regulations and other binding obligations or provisions applicable to the Company, the Company may make, guarantee or arrange for a loan or loans
to a Participant with respect to the exercise of any Option or other payment in connection with any Award, including the payment by a Participant of any or all federal, state or local income or other
taxes due in connection with any Award. Subject to such limitations, the Committee shall have full authority to decide whether to make a loan or loans hereunder and to determine the amount, terms and
provisions of any such loan or loans, including the interest rate to be charged in respect of any such loan or loans, must be full recourse against the borrower, the terms on which the loan is to be
repaid and conditions, if any, under which the loan or loans may be forgiven. Notwithstanding the foregoing, the Company shall not make any loans to any director or executive officer of the Company. 

        (e)    PERFORMANCE-BASED AWARDS.    The Committee may, in its discretion, designate any Award the exercisability or
settlement of which is subject to the achievement of performance conditions as a performance-based Award subject to this Section 7(e), in order to qualify such Award as "qualified
performance-based compensation" within the meaning of Code Section 162(m) and regulations thereunder. The performance objectives for an Award subject to this Section 7(e) shall consist
of one or more business criteria and a targeted level or levels of performance with respect to such criteria, as specified by the Committee but subject to this Section 7(e). Performance
objectives shall be objective and shall otherwise meet the requirements of Section 162(m)(4)(C) of the Code. Business criteria used by the Committee in establishing performance objectives for
Awards subject to this Section 7(e) shall be selected exclusively from among the following: 

	(1)
	Annual
return on capital;

	(2)
	Net
earnings;

	(3)
	Annual
earnings per share;

	(4)
	Annual
cash flow provided by operations;

	(5)
	Changes
in annual revenues;

	(6)
	Earnings
before interest, taxes, depreciation and amortization ("EBITDA");

	(7)
	Funds
from operations;

	(8)
	Funds
from operations per share;

	(9)
	Operating
income;

	(10)
	Pre
or after tax income;

	(11)
	Cash
available for distribution;

	(12)
	Cash
available for distribution per share;

	(13)
	Return
on equity;

	(14)
	Return
on assets; 

10

 

	(15)
	Share
price performance;

	(16)
	Improvements
in the Company's attainment of expense levels;

	(17)
	Implementation
or completion of critical projects;

	(18)
	Improvement
in cash-flow or (before or after tax).earnings and/or

	(19)
	Attainment
of strategic business criteria, consisting of one or more objectives based on meeting specified revenue, market penetration, geographic business expansion goals, cost
targets, and goals relating to acquisitions or divestitures. 

        The
levels of performance required with respect to such business criteria may be expressed in absolute or relative levels. Achievement of performance objectives with respect to such
Awards shall be measured over a period of not less than one year nor more than five years, as the Committee may specify. Performance objectives may differ for such Awards to different Participants.
The Committee shall specify the weighting to be given to each performance objective for purposes of determining the final amount payable with respect to any such Award. The Committee may, in its
discretion, reduce the amount of a payout otherwise to be made in connection with an Award subject to this Section 7(e), but may not exercise discretion to increase such amount, and the
Committee may consider other performance criteria in exercising such discretion. All determinations by the Committee as to the
achievement of performance objectives shall be in writing. The Committee may not delegate any responsibility with respect to an Award subject to this Section 7(e). 

        (f)    ACCELERATION UPON A CHANGE OF CONTROL.    Notwithstanding anything contained herein to the contrary, unless
otherwise provided by the Committee in an Award Agreement, all conditions and restrictions relating to an Award, including limitations on exercisability, risks of forfeiture and conditions and
restrictions requiring the continued performance of services or the achievement of performance objectives with respect to the exercisability or settlement of such Award, shall immediately lapse upon a
Change in Control. 

        8.    GENERAL PROVISIONS.    

        (a)    COMPLIANCE WITH LAWS AND OBLIGATIONS.    The Company shall not be obligated to issue or deliver Stock in
connection with any Award or take any other action under the Plan in a transaction subject to the registration requirements of the Securities Act of 1933, as amended, or any other federal or state
securities law, any requirement under any listing agreement between the Company and any national securities exchange or automated quotation system or any other law, regulation or contractual
obligation of the Company until the Company is satisfied that such laws, regulations, and other obligations of the Company have been complied with in full. Certificates representing shares of Stock
issued under the Plan will be subject to such stop-transfer orders and other restrictions as may be applicable under such laws, regulations and other obligations of the Company, including
any requirement that a legend or legends be placed thereon. 

        (b)    LIMITATIONS ON TRANSFERABILITY.    No Option shall be transferable by a Participant otherwise than by will or
by the laws of descent and distribution or, in the case of an Option other than an ISO, pursuant to a domestic relations order (within the meaning of Rule 16a-12 promulgated under
the Exchange Act), and an Option shall be exercisable during the lifetime of such Participant only by the Participant or his or her guardian or legal representative. Notwithstanding the foregoing, the
Committee may set forth in the Agreement evidencing an Option (other than an ISO) at the time of grant or thereafter, that the Option may be transferred to members of the Participant's immediate
family, to trusts solely for the benefit of such immediate family members and to partnerships in which such family members and/or trusts are the only partners, and for purposes of this Plan, a
transferee of an Option shall be deemed to be the 

11

 

Participant.
For this purpose, immediate family means the Participant's spouse, parents, children, stepchildren and grandchildren and the spouses of such parents, children, stepchildren and
grandchildren. The terms of an Option shall be final, binding and conclusive upon the beneficiaries, executors, administrators, heirs and successors of the Participant. Until all restrictions upon the
shares of Restricted Stock or any other Award awarded to a Participant shall have lapsed or such other Awards shall have vested, shares subject to such Awards shall not be sold, transferred or
otherwise disposed of, shall not be pledged or otherwise hypothecated., and shall not be subject to the claims of creditors. 

        (c)    NO RIGHT TO CONTINUED EMPLOYMENT OR SERVICE.    Neither the Plan nor any action taken hereunder shall be
construed as giving any employee or other person the right to be retained in the employ or service of the Company or any of its subsidiaries, nor shall it interfere in any way with the right of the
Company or any of its subsidiaries to terminate any employee's employment or other person's service at any time. 

        (d)    TAXES.    The Company and any subsidiary is authorized to withhold from any Award granted or to be settled, any
delivery of Stock in connection with an Award, any other payment relating to an Award or any payroll or other payment to a Participant amounts of withholding and other taxes due or potentially payable
in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company and Participants to satisfy obligations for the payment
of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or receive Stock or other property and to make cash payments in respect thereof
in satisfaction of a Participant's tax obligations. 

        (e)    CHANGES TO THE PLAN AND AWARDS.    The Board may amend, alter, suspend, discontinue or terminate the Plan or
the Committee's authority to grant Awards under the Plan without the consent of stockholders or Participants, except that any such action shall be subject to the approval of the Company's stockholders
at or before the next annual meeting of stockholders for which the record date is after such Board action if such stockholder approval is required by any federal or state law or regulation or the
rules of any stock exchange or automated quotation system on which the Stock may then be listed or quoted, and the Board may otherwise, in its discretion, determine to submit other such changes to the
Plan to stockholders for approval; PROVIDED, HOWEVER, that, without the consent of an affected Participant, no such action may materially impair the rights of such Participant under any Award
theretofore granted to him. The Committee may waive any conditions or rights under, or amend, alter, suspend, discontinue, or terminate, any Award theretofore granted and any Award Agreement relating
thereto; PROVIDED, HOWEVER, that, without the consent of an affected Participant, no such action may materially impair the rights of such Participant under such Award. Notwithstanding this
Section 8(e) or any other provision of the Plan, no Option granted hereunder may be "repriced" at a lower exercise price, and no modification or amendment of any outstanding Option (including
the cancellation of such Option for a new Option at a lower exercise price) is permitted hereunder if such modification or amendment would qualify as a "repricing." 

        (f)    NO RIGHTS TO AWARDS; NO STOCKHOLDER RIGHTS.    No Participant or employee shall have any claim to be granted
any Award under the Plan, and there is no obligation for uniformity of treatment of Participants and employees. No Award shall confer on any Participant any of the rights of a stockholder of the
Company unless and until Stock is duly issued or transferred and delivered to the Participant in accordance with the terms of the Award or, in the case of an Option, the Option is duly exercised. 

        (g)    UNFUNDED STATUS OF AWARDS; CREATION OF TRUSTS.    The Plan is intended to constitute an "unfunded" plan for
incentive and deferred compensation. With respect 

12

 

to
any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award shall give any such Participant any rights that are greater than those of a general
creditor of the Company; PROVIDED, HOWEVER, that the Committee may authorize the creation of trusts or make other arrangements to meet the Company's obligations under the Plan to deliver cash, Stock,
other Awards, or other property pursuant to any Award, which Trusts or other arrangements shall be consistent with the "unfunded" status of the Plan unless the Committee otherwise determines with the
consent of each affected Participant. 

        (h)    NONEXCLUSIVITY OF THE PLAN.    Neither the adoption of the Plan by the Board nor its submission to the
stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other compensatory arrangements as it may deem desirable, including,
without limitation, the granting of stock options otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases. 

        (i)    NO FRACTIONAL SHARES.    No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any
Award. The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto
shall be forfeited or otherwise eliminated. 

        (j)    COMPLIANCE WITH CODE SECTION 162(M).    It is the intent of the Company that employee Options, SARs and other
Awards designated as Awards subject to Section 7(e) shall constitute "qualified performance-based compensation" within the meaning of Code Section 162(m). Accordingly, if any provision
of the Plan or any Award Agreement relating to such an Award does not comply or is inconsistent with the requirements of Code Section 162(m), such provision shall be construed or deemed amended
to the extent necessary to conform to such requirements, and no provision shall be deemed to confer upon the Committee or any other person discretion to increase the amount of compensation otherwise
payable in connection with any such Award upon attainment of the performance objectives. 

        (k)    GOVERNING LAW.    The validity, construction and effect of the Plan, any rules and regulations relating to the
Plan and any Award Agreement shall be determined in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of laws, and applicable federal law. 

        (l)    EFFECTIVE DATE; PLAN TERMINATION.    This Plan shall become effective on the Effective Date of the
Reorganization Plan. Stockholder approval of the Plan shall be obtained through the vote on the Reorganization Plan followed by entry of an order confirming the Reorganization Plan. The Plan shall
terminate on the day preceding the tenth anniversary of the Effective Date and no Award may be granted thereafter; provided, however, that the Board shall have the right to earlier terminate the Plan
provided that no such termination shall: (i) impair or adversely alter any Awards theretofore granted under the Plan, except with the consent of the Participant, or (ii) deprive any
Participant of any Shares which he or she may have acquired through or as a result of the Plan. 

13

QuickLinks

Exhibit 4.7

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