Document:

Employee Stock Option Program

 Exhibit 10.3 
  
 PARTNERS FINANCIAL CORPORATION 
  
 EMPLOYEE STOCK OPTION PROGRAM 
  
 1. Purpose. This Employee Stock Option Program (“Program”) is intended to secure for Partners Financial Corporation and its
affiliates (collectively, “PFC”), the benefits arising from ownership of PFC common stock, par value $0.01 per share (“Common Stock”), by those selected officers and other key employees of PFC who will be responsible for its
future growth. The Program is designed to help attract and retain superior personnel for positions of substantial responsibility with PFC and to provide key employees with an additional incentive to contribute to its success. 
  
 2. Elements of the Program. In order to maintain flexibility in
the award of stock benefits, the Program is comprised of two parts: (i) an Incentive Stock Option Plan (“Incentive Plan”); and (ii) a Compensatory Stock Option Plan (“Compensatory Plan”). Copies of the Incentive Plan and the
Compensatory Plan are attached hereto as Plan I and Plan II, respectively, and are collectively referred to herein as the “Plans.” The grant of an option under one of the Plans shall not be construed to prohibit the grant of an option
under the other Plan. 
  
 3. Applicability of General
Provisions. Unless any Plan specifically indicates to the contrary, all Plans shall be subject to the General Provisions of the Program set forth below. 
  

4. Administration of the Plans. The Plans shall be administered, construed, governed and amended in accordance with their respective
terms. 
  
 GENERAL PROVISIONS OF THE PROGRAM 
  
 Article 1. Administration. The Program shall be administered by
a committee which shall consist of three or more members of the Board of Directors, none of whom is an officer or employee of PFC, and each of whom shall be a “disinterested person” within the meaning of Rule 16b-3 promulgated under the
Securities Exchange Act of 1934, as amended. The committee, when acting to administer the Program, is referred to as the “Program Administrators.” Any action of the Program Administrators shall be taken by majority vote or the unanimous
written consent of the Program Administrators. No Program Administrator shall be liable for any action or determination made in good faith with respect to the Program or to any option granted hereunder. 
  
 Article 2. Authority of Program Administrators. Subject to the
other provisions of this Program, and with a view to effecting its purpose, the Program Administrators shall have sole authority in their absolute discretion: (i) to construe and interpret the Program; (ii) to define the terms used herein; (iii) to
prescribe, amend and rescind rules and regulations relating to the Program; (iv) to determine the employees to whom options shall be granted under the Program; (v) to determine the time or times at which options shall be granted under the Program;
(vi) to determine the number of shares subject to any option under the Program, the option price, the duration of each option, vesting requirements, and any other terms and conditions of options; (vii) to terminate the 

  

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Program; and (viii) to make any other determinations necessary or advisable for the administration of the Program and to do everything necessary or
appropriate to administer the Program. All decisions, determinations and interpretations made by the Program Administrators shall be binding and conclusive on all participants in the Program and on their legal representatives, heirs and
beneficiaries. 
  
 Article 3. Maximum Number of Shares
Subject to the Program. The maximum aggregate number of shares of Common Stock available pursuant to the Plans, subject to adjustment as provided in Article 6 hereof, shall be 10% of the outstanding shares of PFC Common Stock at any time;
provided, however, that in no event may the total number of shares available pursuant to the Plans exceed 300,000. If any of the options granted under this Program expire or terminate for any reason before they have been exercised in full, the
unpurchased shares subject to those expired or terminated options shall again be available for the purposes of the Program. 
  
 Article 4. Eligibility and Participation. Only regular, full-time employees of PFC, including officers, whether or not directors, shall be
eligible for selection by the Program Administrators to participate in the Program. Directors who are not full-time, salaried employees of PFC, shall not be eligible to participate in the Program. 
  
 Article 5. Effective Date and Term of Program. The Program
shall become effective upon its adoption by the Board of Directors of PFC and subsequent approval of the Program by a majority of the total votes eligible to be cast at a meeting of PFC’s shareholders, which vote shall be taken within 12 months
of adoption of the Program by PFC’s Board of Directors; provided, however, that options may be granted under this Program prior to obtaining shareholder approval of the Program. Furthermore, any such options shall be contingent upon such
shareholder approval being obtained and may not be exercised prior to such approval. The Program shall continue in effect for a term of 10 years unless sooner terminated under Article 2 of the General Provisions. 
  
 Article 6. Adjustments. If the shares of Common Stock of PFC as
a whole are increased, decreased, changed into or exchanged for a different number or kind of shares or securities through merger, consolidation, combination, exchange of shares, other reorganization, the exercise of warrants, recapitalization,
reclassification, stock dividend, stock split or reverse stock split, an appropriate and proportionate adjustment shall be made in the maximum number and kind of shares as to which options may be granted under this Program. A
corresponding adjustment changing the number or kind of shares allocated to unexercised options, or portions thereof, which shall have been granted prior to any such change, shall likewise be made, except if such adjustment was due to the exercise
of PFC Common Stock warrants issued in PFC’s initial stock offering. Any such adjustment in outstanding options shall be made without change in the aggregate purchase price applicable to the unexercised portion of the option, but with a
corresponding adjustment in the price for each share or other unit of any security covered by the option. In making any adjustment pursuant to this Article 6, any fractional shares shall be disregarded. 
  
 Article 7. Termination and Amendment of Program. The Program
shall terminate no later than 10 years from the date such Program is adopted by the Board of Directors or the date such Program is approved by the shareholders, whichever is earlier. No options shall be granted under the Program after that date.
Subject to the limitation contained in Article 8 of the General Provisions, the Program Administrators may at any time amend or revise the terms of the Program, including the form and substance of the option agreements to be used hereunder; provided
that no amendment or 

  

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revision shall: (i) increase the maximum aggregate number of shares that may be sold pursuant to options granted under this Program, except as permitted
under Article 6 of the General Provisions; (ii) change the minimum purchase price for shares under Section 4 of the Plan I; (iii) increase the maximum term established under the Plans for any option; or (iv) permit the granting of an option to
anyone other than as provided in Article 4 of the General Provisions. 
  
 Article 8. Prior Rights and Obligations. No amendment, suspension or termination of the Program shall, without the consent of the employee who has received an option alter or impair any of that employee’s rights or
obligations under any option granted under the Program prior to such amendment, suspension or termination. 
  
 Article 9. Privileges of Stock Ownership. Notwithstanding the exercise of any options granted pursuant to the terms of this Program, no
employee shall have any of the rights or privileges of a shareholder of PFC in respect of any shares of stock issuable upon the exercise of his or her option until certificates representing the shares have been issued and delivered. No shares shall
be required to be issued and delivered upon exercise of any option, unless and until all of the requirements of law and of all regulatory agencies having jurisdiction over the issuance and delivery of the securities shall have been fully complied
with. No adjustment shall be made for dividends or any other distribution for which the record date is prior to the date on which such stock certificate is issued. 
  
 Article 10. Reservation of Shares of Common Stock. During the term of this Program, PFC will at all times,
reserve and keep available such number of shares of its Common Stock as shall be sufficient to satisfy the requirements of the Program. In addition, PFC will, as is necessary to accomplish the purposes of this Program, seek to obtain from any
regulatory agency having jurisdiction over any requisite authority in order to issue and sell shares of Common Stock hereunder. The inability of PFC to obtain from any regulatory agency having jurisdiction the authority deemed by PFC’s counsel
to be necessary to permit the lawful issuance and sale of any shares of its stock hereunder shall relieve PFC of any liability in respect of the non-issuance or sale of the stock as to which the requisite authority shall not have been obtained.

  
 Article 11. Tax Withholding. The exercise of any
option granted under the Program is subject to the condition that if at any time PFC shall determine, in its discretion, that the satisfaction of withholding tax or other withholding liabilities under any state or federal law is necessary or
desirable as a condition of, or in any connection with, such exercise or the delivery or purchase of shares pursuant thereto, then in such event, the exercise of the option shall not be effective, unless such withholding tax or other withholding
liabilities shall have been satisfied in a manner acceptable to PFC. 
  
 Article 12. Employment. Nothing in the Program or in any option award shall confer upon any eligible employee any right to continued employment by PFC, or limit in any way the right of PFC at any time to terminate or alter the
terms of that employment. 
  

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 PARTNERS FINANCIAL CORPORATION 
  
 PLAN I 
 INCENTIVE
STOCK OPTION PLAN 
  
 Section 1. Purpose. The
purpose of this Incentive Stock Option Plan (“Incentive Plan”) is to promote the growth and enhance shareholder value of PFC by permitting PFC to grant options to purchase shares of its Common Stock to selected officers and full-time, key
employees. The Incentive Plan is designed to help attract and retain superior personnel for its positions of responsibility with PFC to provide key employees with an additional incentive to contribute to the success of PFC. It is the intent of PFC
that options granted pursuant to the provisions of the Incentive Plan will qualify and will be identified as “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (“Code”).
Unless any provision herein indicates to the contrary, this Incentive Plan shall be subject to the General Provisions of the Program. 
  
 Section 2. Option Terms and Conditions. The terms and conditions of options granted under the Incentive Plan may differ from one another as
the Program Administrators shall, in their discretion, determine, as long as all options granted under the Incentive Plan satisfy the requirements of the Incentive Plan. 
  
 Section 3. Duration of Options. Each option and all rights thereunder granted pursuant to the terms of the
Incentive Plan shall expire on the date determined by the Program Administrators, but in no event shall any option granted under the Incentive Plan expire later than 10 years from the date on which the option is granted, except that any employee who
owns more than 10% of the combined voting power of all classes of stock of PFC, must exercise any options granted thereto within three years from the date of the grant. In addition, each option shall be subject to early termination as provided in
the Incentive Plan. 
  
 Section 4. Purchase Price.
The purchase price for shares acquired pursuant to the exercise, in whole or in part, of any option shall not be less than the Fair Market Value of the shares at the time of the grant of the option; except that for any employee who owns more than
10% of the combined voting power of all classes of stock of PFC, the purchase price shall not be less than 110% of the Fair Market Value. For purposes of this Plan I, Fair Market Value shall be the closing sale price of a share of Common Stock on
the date in question (or, if such day is not a trading day in the U.S. markets, on the nearest preceding trading day), as reported with respect to the principal market (or the composite of the markets, if more than one) or national quotation system
in which such shares are then traded, or if no such closing prices are reported, the mean between the high bid and low asked prices that day on the principal market or national quotation system then in use, or if no such quotations are available,
the price furnished by a professional securities dealer making a market in such shares as selected by the Board of Directors of PFC. In the absence of any over-the-counter transactions, the Fair Market Value means the highest price at which a share
of Common Stock has sold in an arms length transaction during the 90 days immediately preceding the grant date. In the absence of an arms length transaction during such 90 days, the Fair Market Value means the greater of the book value of a share of
Common Stock, as determined by the Program Administrators or $10.00. 
  

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 Section 5. Maximum Amount of Options Exercisable in any Calendar Year. The aggregate Fair
Market Value (determined as of the time the option is granted) of the Common Stock with respect to which incentive stock options, as defined in Section 422(b) of the Code, are exercisable for the first time by any employee during any calendar year
(under the terms of this Plan and all such plans of PFC) shall not exceed $100,000. 
  
 Section 6. Exercise of Options. Each option shall be exercisable in one or more installments during its term, and the right to exercise may be cumulative as determined by the Program Administrators;
provided, however, that no option may be exercisable for the first 12 months following the date the option is granted. No option may be exercised for a fraction of a share of Common Stock. The purchase price of any shares purchased shall be paid in
full by check payable to the order of PFC. 
  
 Section 7.
Acceleration of Rights of Exercise of Installments. Notwithstanding the first sentence of Section 6 of this Incentive Plan with respect to the ability to exercise options in installments, in the event PFC or its shareholders enter into an
agreement to dispose of all or substantially all of the assets or stock of PFC by means of a sale, merger or other reorganization, liquidation or otherwise, any option granted pursuant to the terms of the Incentive Plan shall become immediately
exercisable with respect to the full number of shares subject to that option during the time period commencing as of the date of the agreement to dispose of all or substantially all of the assets or stock of PFC and, subject to the provisions
hereof, ending when the disposition of assets or stock contemplated by that agreement is consummated or the option is otherwise terminated in accordance with its provisions or the provisions of this Incentive Plan, whichever occurs first; provided,
however, that no option shall be immediately exercisable under this Section 7 on account of any agreement to dispose of all or substantially all of the assets or stock of PFC by means of a sale, merger or other reorganization, liquidation or
otherwise where the shareholders of PFC immediately before the consummation of the transaction will own at least 50% of the total combined voting power of all classes of stock entitled to vote of the surviving entity, whether PFC or some other
entity, immediately after the consummation of the transaction; and, provided further, that the exercisability of an option may not be accelerated prior to the sixth month anniversary of the date the option was granted. In the event the transaction
contemplated by the agreement referred to in this Section 7 is not consummated, but rather is terminated, canceled or expires, the options granted pursuant to the Incentive Plan shall thereafter be treated as if that agreement had never been entered
into. 
  
 Notwithstanding the first sentence of Section 6 of this
Incentive Plan with respect to the ability to exercise options in installments, and subject to the provisions of the first paragraph of this Section 7, in the event of a change of control of PFC or threatened change in control of PFC as determined
by a vote of not less than a majority of the Board of Directors, all options granted prior to such change in control or threatened change of control shall become immediately exercisable, except that any option granted for less than six months shall
not become exercisable until the sixth month anniversary of the date the option was granted. The term “control” for purposes of this Section shall refer to the acquisition of 25% or more of the voting securities of PFC by any person or by
persons acting as a group within the meaning of Section 13(d) of the Securities Exchange Act of 1934, as amended; provided, however, that for purposes of this Incentive Plan, except under the circumstances as set forth in the paragraph of this
Section 7, no change in control or threatened change in control shall be deemed to have occurred if prior to the acquisition of, or offer to acquire, 

  

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25% or more of the voting securities of PFC, the full Board of Directors of PFC shall have adopted by not less than two-thirds vote a resolution specifically
approving such acquisition or offer. The term “person” for venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. 
  
 Section 8. Written Notice Required. Any option granted pursuant
to the terms of the Incentive Plan shall be exercised when written notice of that exercise has been given to PFC at its principal office by the person entitled to exercise the option and full payment for the shares with respect to which the option
is exercised has been received by PFC. 
  
 Section 9.
Compliance With Securities Laws. Shares of Common Stock shall not be issued with respect to any option granted under the Incentive Plan, unless the exercise of that option and the issuance and delivery of those shares pursuant to that
exercise complies with all relevant provisions of state and federal law including, without limitation, the Securities Act of 1933, as amended (“Securities Act”), or exemption contained therein, the rules and regulations promulgated
thereunder, and the requirements of any stock exchange or national quotation system upon which the shares may be listed, and shall be further subject to the approval of counsel for PFC with respect to such compliance. The Program Administrators may
also require an employee to whom an option has been granted under the Incentive Plan (“Optionee”) to furnish evidence satisfactory to PFC, including a written and signed representation letter and consent to be bound by any transfer
restriction imposed by law, legend, condition or otherwise, that the shares are being purchased only for investment and without any present intention to sell or distribute the shares in violation of any state or federal law, rule or regulation.
Further, each Optionee shall consent to the imposition of a legend on the shares of Common Stock subject to his or her option restricting their transferability to the extent required by law or by this Section 9. 
  
 Section 10. Employment of Optionee. Nothing in the Plan or in
any option granted hereunder shall confer upon any Optionee any right to continued employment, or limit in any way the right of PFC at any time to terminate or alter the terms of that employment. 
  
 Section 11. Option Rights Upon Termination of Employment. If an
Optionee ceases to be employed by PFC for any reason other than death, disability or cause, his or her option shall immediately terminate; provided, however, that the Program Administrators, may, in their discretion, allow such option to be
exercised (to the extent exercisable on the date of termination of employment) at any time within three months after the date of termination of employment, unless either the option or this Incentive Plan otherwise provides for earlier termination.
If an Optionee is terminated for cause, any options granted thereto under the provision of this Plan shall terminate as of the effective date of such termination of employment. 
  
 Section 12. Option Rights Upon Disability. If an Optionee becomes disabled within the meaning of Section
22(e)(3) of the Code while employed by PFC, the option may be exercised, to the extent exercisable on the date of termination of employment at any time within one year after the date of termination of employment due to disability, unless either the
option or this Incentive Plan otherwise provides for earlier termination. 
  

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 Section 13. Option Rights Upon Death of Optionee. Except as otherwise limited by the
Program Administrators at the time of the grant of an option, if an Optionee dies while employed by PFC, or within 90 days after ceasing to be an employee thereof, his or her option shall expire one year after the date of death, unless by its term
it expires sooner. During this one year period, the option may be exercised, to the extent that it remains unexercised on the date of death, by the person or persons to whom the Optionee’s rights under the option shall pass by will or by the
laws of descent and distribution, but only to the extent that the Optionee was entitled to exercise the option at the date of death. 
  
 Section 14. Options not Transferable. Options granted pursuant to the terms of this Incentive Plan may not be sold, pledged, assigned
or transferred in any manner otherwise than by will or the laws of descent and distribution and may be exercised during the lifetime of an Optionee, only by that Optionee, or their guardian or legal representative. 
  
 Section 15. Conversion of Options Granted Under Incentive Plan.
Options granted pursuant to the terms of this Incentive Plan may be converted with the written consent of the Optionee to compensatory non-qualified stock options subject to and governed by the provisions of the Compensatory Stock Option Plan, which
is a part of the Program. 
  

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 PARTNERS FINANCIAL CORPORATION 
  
 PLAN II 
 COMPENSATORY STOCK OPTION PLAN 
  
 Section 1.
Purpose. The purpose of this Compensatory Stock Option Plan (“Compensatory Plan”) is to permit PFC to grant options to purchase shares of its Common Stock to selected officers and full-time, key employees. The Compensatory Plan is
designed to help attract and retain superior personnel for positions of substantial responsibility with PFC and to provide key employees with an additional incentive to contribute to its success. Any option granted pursuant to this Compensatory Plan
shall be clearly and specifically designated as not being an incentive stock option, as defined in Section 422 of the Internal Revenue Code of 1986, as amended. Unless any provision herein indicates to the contrary, this Compensatory Plan shall be
subject to the General Provisions of the Program. 
  
 Section 2. Option Terms and Conditions. The terms and conditions of options granted under this Compensatory Plan may differ from one another as the Program Administrators shall, in their sole discretion, determine as long as
all options granted under the Compensatory Plan satisfy the requirements of the Compensatory Plan. 
  
 Section 3. Duration Options. Each option and all rights thereunder granted pursuant to the terms of this Compensatory Plan shall expire on
the date determined by the Program Administrators, but in no event shall any option granted under the Compensator Plan expire later than 10 years and one month from the date on which the option is granted. In addition, each option shall be subject
to early termination as provided in the Compensatory Plan. 
  
 Section 4. Purchase Price. The purchase price for shares acquired pursuant to the exercise, in whole or in part, of any option shall be equal to the Fair Market Value of the shares at the time of the grant of the option. For
purposes of this Plan II, Fair Market Value shall be the closing sale price of a share of Common Stock on the date in question (or, if such day is not a trading day in the U.S. markets, on the nearest preceding trading day) as reported with respect
to the principal market (or the composite of the markets, if more than one) or national quotation system in which such shares are then traded, or if no such closing prices are reported, the mean between the high bid and low asked prices that day on
the principal market or national quotation system then in use, or if no such quotations are available, the price furnished by a professional securities dealer making a market in such shares as selected by the Board of Directors of PFC. In the
absence of any over-the-counter transactions, the Fair Market Value means the highest price at which a share of Common Stock has sold in an arms length transaction during the 90 days immediately preceding the grant date. In the absence of an arms
length transaction during such 90 days, the Fair Market Value means the greater of the book value of a share of Common Stock, as determined by the Program Administrators or $10.00. 
  
 Section 5. Exercise of Options. Each option shall be exercisable in one or more installments during its term
and the right to exercise may be cumulative as determined by the Program Administrators; provided, however, that no option may be exercisable for the first 12 months following the date the option is granted. No options may be exercised for a
fraction of a share of Common Stock. The purchase price of any shares purchased shall be paid in full by check payable to the order of PFC. 
  

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 Section 6. Acceleration of Right of Exercise of Installments. Notwithstanding the first
sentence of Section 5 herein with respect to the ability to exercise options in installments, if PFC or its shareholders enter into an agreement to dispose of all or substantially all of the assets or stock of PFC by means of a sale, merger or other
reorganization, liquidation, or otherwise, any option granted pursuant to the terms of this Compensatory Plan shall become immediately exercisable with respect to the full number of shares subject to that option during the period commencing as of
the date of the agreement to dispose of all or substantially all of the assets or stock of PFC and, subject to the provisions hereof, ending when the disposition of assets or stock contemplated by that agreement is consummated, or the option is
otherwise terminated in accordance with its provisions or the provisions of this Compensatory Plan, whichever occurs first; provided, however, that no option shall be immediately exercisable under this Section 6 on account of any agreement to
dispose of all or substantially all of the assets or stock of PFC by means of a sale, merger or other reorganization, liquidation or otherwise where the shareholders of PFC immediately before the consummation of the transaction will own least 50% of
the total combined voting power of all classes of stock entitled to vote of the surviving entity, whether PFC or some other entity, immediately after the consummation of the transaction; and, provided further, that the exercisability of an option
may not be accelerated prior to the sixth month anniversary of the date the option was granted. In the event the transaction contemplated by the agreement referred to in this Section 6 is not consummated but rather is terminated, canceled or
expires, the options granted pursuant to this Compensatory Plan shall thereafter be treated as if that agreement had never been entered into. 
  
 Notwithstanding the first sentence of Section 5 herein with respect to the ability to exercise options in installments, and subject to the provisions of
the first paragraph of this Section 6, in the event of a change in control of PFC, or threatened change in control as determined by a vote of not less than a majority of its Board of Directors, all options granted prior to such change in control or
threatened change in control shall become immediately exercisable, except that any option granted for less than six months shall not become exercisable until the sixth month anniversary of the date the option was granted. The term
“control” for purposes of this Section shall refer to the acquisition of 25% or more of the voting securities of PFC by any person or by persons acting as a group within the meaning of Section 13(d) of the Securities Exchange Act of 1934,
as amended; provided, however, that for purposes of this Compensatory Plan, except under the circumstances as set forth in the first paragraph of this Section 6 no change in control or threatened change in control shall be deemed to have occurred if
prior to the acquisition of, or offer to acquire, 25% or more of the voting securities of PFC, the full Board of Directors of PFC shall have adopted by not less than two-thirds vote a resolution specifically approving such acquisition or offer. The
term “person” for purposes of this Section refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not
specifically listed herein. 
  
 Section 7. Written Notice
Required. Any option granted pursuant to the terms of this Compensatory Plan shall be exercised when written notice of that exercise has been given to PFC at its principal office by the person entitled to exercise the option and full payment
for the shares with respect to which the option is exercised has been received by PFC. 
  
 Section 8. Compliance With Securities Laws. Shares shall not be issued with respect to any option granted under the Compensatory Plan, unless the exercise of that option and the issuance and delivery of
the shares pursuant thereto shall comply with all relevant provisions of state and 

  

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federal law, including, without limitation, the Securities Act or exemptions contained therein, the rules and regulations promulgated thereunder and the
requirements of any stock exchange or national quotation system upon which the shares may then be listed, and shall be further subject to the approval of counsel for PFC with respect to such compliance. The Program Administrators may also require an
employee to whom an option has been granted (“Optionee”) to furnish evidence satisfactory to PFC, including a written and signed representation letter and consent to be bound by any transfer restrictions imposed by law, legend, condition
or otherwise, that the shares are being purchased only for investment purposes and without any present intention to sell or distribute the shares in violation of any state or federal law, rule or regulation. Further, each Optionee shall consent to
the imposition of a legend on the shares of Common Stock subject to his or her option restricting their transferability to the extent required by law or by this Section 8. 
  
 Section 9. Employment of Optionee. Nothing in this Compensatory Plan or in any option granted hereunder shall
confer upon any Optionee any right to continued employment, or limit in any way the right of PFC to terminate or alter the terms of that employment. 
  
 Section 10. Option Rights Upon Termination of Employment. If any Optionee under this Compensatory Plan ceases to be employed by PFC, for any
reason other than disability, death or cause, his or her option; provided, however, that the Program Administrators may, in their discretion, allow such option to be exercised, to the extent exercisable on the date of termination of employment, for
a period of three months following such termination, unless either the option or this Plan otherwise provides for earlier termination. If an Optionee is terminated for cause, any options granted thereto under the provisions of this Plan shall
terminate as of the effective date of such termination of employment. 
  
 Section 11. Option Rights Upon Disability. If an Optionee becomes disabled within the meaning of Section 22(e)(3) of the Code while employed by PFC, the Program Administrators, in their discretion, may allow the option to be
exercised, to the extent exercisable on the date of termination of employment or directorship, at any time within one year after the date of termination of employment due to disability, unless either the option or this Compensatory Plan otherwise
provides for earlier termination. 
  
 Section 12. Option
Rights Upon Death of Optionee. Except as otherwise limited by the Program Administrators at the time of the grant of an option, if an Optionee dies while employed by PFC, his or her option shall expire one year after the date of death unless
by its terms it expires sooner. During this one year period, the option may be exercised, to the extent that it remains unexercised, on the date of death by the person or persons to whom the Optionee’s rights under the option shall pass by will
or by the laws of descent and distribution, but only to the extent that the Optionee was entitled to exercise the option at the date of death. 
  
 Section 13. Options not Transferable. Options granted pursuant to the terms of this Compensatory Plan may not be sold, pledged, assigned or
transferred in any manner otherwise than by will or the laws of descent and distribution and may be exercised during the lifetime of an Optionee only by that Optionee or their guardian or legal representative. 
  

 Page 10 of 10Stock Purchase Agreement

 Exhibit 10.1 
  
 STOCK PURCHASE AGREEMENT 
  
 THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of the 26th day of October, 2004, by and among REYNOLDS METALS
COMPANY, a corporation organized under the laws of Delaware, U.S.A. (“Reynolds”), BILLITON INVESTMENTS IRELAND LTD., a corporation organized under the laws of Ireland (“Billiton”) (Reynolds and Billiton are hereafter
collectively referred to as the “Sellers” and individually as a “Seller”), and RYERSON TULL, INC., a corporation organized under the laws of Delaware (“Purchaser”). 
  
 WHEREAS, each of Reynolds and Billiton own 50% of the outstanding
shares of capital stock of Integris Metals, Inc., a corporation organized under the laws of New York, U.S.A. (the “Company”); and 
  
 WHEREAS, Sellers desire to sell all of the capital stock of the Company to Purchaser, and Purchaser desires to purchase the capital stock of the
Company from Sellers, upon the terms and conditions set forth below. 
  
 NOW, THEREFORE, in consideration of the premises and the covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
as follows: 
  
 ARTICLE 1. - DEFINITIONS 

 
 1.01 Definitions. As used in this Agreement, the following terms
shall have the following meanings: 
  
 “Affiliate” means
any Person, directly or indirectly, controlling, controlled by, or under common control with, Sellers or Purchaser; provided that in the case of Billiton, BHP Billiton Limited, a company organized under the laws of Victoria, Australia, or any
Affiliate of BHP Billiton Limited shall also be deemed an Affiliate of Billiton. The term “control” (including the terms “controlling,” “controlled by” and “under common control with”) as used with respect to
any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
  
 “Best Efforts” means commercially reasonable efforts that a prudent
person desiring to achieve a result would use in similar circumstances to ensure that the result is achieved as expeditiously as possible; provided, however, that an obligation to use Best Efforts under this Agreement does not require the person
subject to that obligation to take actions that would result in a materially adverse change in the condition (financial or otherwise) or business of the person or in the benefits to that person of this Agreement and the transactions contemplated by
this Agreement. 
  
 “Billiton Material Adverse Effect”
shall mean any adverse change in the condition (financial or otherwise), business or results of operations of Billiton or any of its Affiliates which is material to Billiton and its Affiliates, taken as a whole, excluding (i) any changes or effects

  

 
resulting from general changes in economic, market, regulatory or political conditions, (ii) changes in conditions generally applicable to the industries in
which Billiton and its Affiliates are involved or (iii) changes or effects resulting from the announcement or pendency of this Agreement or related transactions, including, without limitation, the impact thereof on relationships with customers,
suppliers or employees, except in the case of the foregoing clauses (i) and (ii), for any such change that specifically relates to, or disproportionately affects in an adverse manner, Billiton or any of its Affiliates. 
  
 “Break Fee” means the termination fee payable from Purchaser to
Sellers pursuant to the terms of Article 10.0. 
  
 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Commissioner” means the Commissioner of Competition under the Competition Act or any person duly authorized to exercise the powers of the Commissioner of Competition. 
  
 “Competition Act” means the Competition Act (Canada), R.S.C. 1985,
c.C-34, as amended. 
  
 “Competition Act Approval” means
either: 
  

	 	(a)	the issuance of an advance ruling certificate (“ARC”) by the Commissioner under Section 102(1) of the Competition Act with respect to the purchase of Shares contemplated
by this Agreement; or 

  

	 	(b)	the Purchaser shall have received a “no-action” letter from the Commissioner, which letter confirms that the Commissioner is of the view that grounds do not exist to
initiate proceedings before the Competition Tribunal under the merger provisions of the Competition Act in respect of the purchase of Shares contemplated by this Agreement and which does not contain any conditions, restrictions or requirements that
are inconsistent with the provisions of Section 8.03 (other than the normal caveat that such proceedings may be initiated at any time up to three years after the transactions have been substantially completed). 

  
 “Disclosure Schedule” means the document attached hereto as the
Disclosure Schedule. 
  
 “HSR Act” means the
Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, and the rules and regulations promulgated thereunder. 
  
 “Integris Metals Corporation” means the Delaware company which is currently a wholly-owned subsidiary of the Company. 
  
 “Material Adverse Effect” shall mean any adverse change in the
condition (financial or otherwise), business or results of operations of the Company or any of its Subsidiaries which is material to the Company and its Subsidiaries, taken as a whole, excluding (i) any changes resulting from general changes in
economic, market, regulatory or political conditions, (ii) changes in conditions generally applicable to the industries in which the Company and its 

  

 2 

 
Subsidiaries are involved or (iii) changes resulting from the announcement or pendency of this Agreement or related transactions, including, without
limitation, the impact thereof on relationships with customers, suppliers or employees, except, in the case of the foregoing clauses (i) and (ii), for any such change that specifically relates to, or disproportionately affects in an adverse manner,
the Company or any of its Subsidiaries. 
  
 “New York City
Time” means the local time of New York, New York, United States of America. 
  
 “Person” means a natural person, a corporation, a partnership or any other entity. 
  
 “Prohibition Order” means any injunction, writ, hold separate arrangement or order, temporary restraining order or other order of any nature
issued by any court, tribunal or governmental agency prohibiting the consummation of the transaction substantially on the terms contemplated hereby. For purposes of this definition, a prohibition of the consummation of the transaction substantially
on the terms contemplated hereby does not include a requirement of the applicable court, tribunal or governmental agency that Purchaser divest or dispose, or agree to divest or dispose, plants, assets and businesses of Purchaser and its Affiliates
or the Company and its Subsidiaries that accounted in the aggregate for dollar sales of less than 10% of the U.S. sales of the Company and its Subsidiaries in the preceding twelve consecutive calendar months. 
  
 “Required Governmental Approval” means all approvals of, or
declarations or filings with, or expiration of waiting periods imposed by, any governmental agency necessary for the consummation of the transactions contemplated by this Agreement, including (i) expiration or termination of all applicable waiting
periods, if any, under the HSR Act and (ii) the expiration of any applicable waiting period under section 123 of the Competition Act, or the waiver by the Commissioner (in accordance with section 113(c) of the Competition Act) of the obligation to
provide a pre-merger notification in accordance with Part IX of the Competition Act, in respect of the purchase of Shares contemplated by this Agreement. 
  
 “Reynolds Material Adverse Effect” shall mean any adverse change in the condition (financial or otherwise), business or results of operations of
Reynolds or any of its Affiliates which is material to Reynolds and its Affiliates, taken as a whole, excluding (i) any changes or effects resulting from general changes in economic, market, regulatory or political conditions, (ii) changes in
conditions generally applicable to the industries in which Reynolds and its Affiliates are involved or (iii) changes or effects resulting from the announcement or pendency of this Agreement or related transactions, including, without limitation, the
impact thereof on relationships with customers, suppliers or employees, except, in the case of the foregoing clauses (i) and (ii) for any such change that specifically relates to, or disproportionately affects in an adverse manner Reynolds or any of
its Affiliates. 
  
 “Shares” means 50 shares of capital
stock of the Company held by Reynolds and 50 shares of capital stock of the Company held by Billiton, collectively representing all of the issued and outstanding shares of the Company. 
  
 “Subsidiaries” means the legal entities owned by the Company, each of which is set forth on Schedule 6.01.

  

 3 

 “U.S.” or “U.S.A.” means the United States of America. 
  
 “US$” means the lawful currency of the United States of America.

  
 ARTICLE 2. - PURCHASE AND SALE 
  
 2.01 Purchase and Sale of the Shares. Subject to the terms and
conditions set forth in this Agreement, at the Closing, Reynolds and Billiton hereby agree to transfer, sell and convey the Shares to Purchaser, and Purchaser hereby agrees to purchase the Shares from Reynolds and Billiton for the consideration
specified in this Agreement. 
  
 2.02 Purchase Price. As
consideration for the sale of the Shares to Purchaser, Purchaser shall pay US$205,000,000 to Reynolds and US$205,000,000 to Billiton. The total sum of US$410,000,000 is the “Purchase Price.” 
  
 2.03 Payment of the Purchase Price. Purchaser shall pay the
Purchase Price to Reynolds and Billiton by wire transfer of immediately available funds on the Closing Date pursuant to the wire transfer instructions that each Seller shall deliver in writing to Purchaser at least three business days prior to the
Closing Date. Such payments shall be made no later than 4:00 p.m. New York City Time on the Closing Date. If a payment is made to a Seller after 4:00 p.m., Purchaser shall pay to Seller, in the manner set forth above, interest on such amount at an
annual rate equal to the overnight rate offered by Mellon Bank for funds deposited on the Closing Date from and including the Closing Date to and including the day on which payment is received in the account of Seller. Purchaser’s obligation to
pay interest to a Seller shall only be discharged as a result of payment having been received by such Seller, without regard to whether the other Seller shall have received payment. 
  
 ARTICLE 3. - CLOSING 
  

3.01 Time, Date and Place of Closing. The closing of the purchase of the Shares of the Company by Purchaser from Sellers and the payment by
Purchaser of the Purchase Price (the “Closing”) shall take place at the offices of Alcoa Inc., 390 Park Avenue, New York, New York, U.S.A. at 10:00 a.m. New York City Time on the second business day after the date on which all of the
conditions set forth in Article 9 have been satisfied or waived, or at such other place and time as shall be agreed to by Sellers and Purchaser (the “Closing Date”). 
  
 3.02 Sellers’ Deliveries at the Closing. At the Closing: 
  

	 	(a)	Reynolds shall deliver or cause to be delivered to Purchaser: 

  

	 	(1)	the share certificate or certificates evidencing the Shares held by Reynolds, duly endorsed for transfer to Purchaser; 

  

	 	(2)	the resignations of William E. Leahey, Jr., Richard P. McCracken and William B. Plummer as directors of the Company; 

  

 4 

	 	(3)	a certificate of the Secretary of Reynolds certifying resolutions of the board of directors of Reynolds approving and authorizing the execution, delivery and performance by Reynolds
of this Agreement and the consummation by Reynolds of the transactions contemplated hereby (together with an incumbency and signature certificate regarding the officer(s) signing on behalf of Reynolds); and 

  

	 	(4)	a certificate dated as of the Closing Date, signed by Reynolds, certifying as to compliance by Reynolds with Sections 9.02(a) and 9.02(b). 

  

	 	(b)	Billiton shall deliver or cause to be delivered to Purchaser: 

  

	 	(1)	the share certificate or certificates evidencing the Shares held by Billiton, duly endorsed for transfer to Purchaser; 

  

	 	(2)	the resignations of Marcus P. Randolph, Andre L. Liebenberg and George J. Karpakis as directors of the Company; 

  

	 	(3)	a certificate of the Secretary of Billiton certifying resolutions of the board of directors of Billiton approving and authorizing the execution, delivery and performance by Billiton
of this Agreement and the consummation by Billiton of the transactions contemplated hereby (together with an incumbency and signature certificate regarding the officer(s) signing on behalf of Billiton); and 

  

	 	(4)	a certificate dated as of the Closing Date, signed by Billiton, certifying as to compliance by Billiton with Sections 9.02(a) and 9.02(b). 

  

	 	(c)	Reynolds and Billiton shall cause the Company to deliver to Purchaser: 

  

	 	(1)	the articles of incorporation of the Company, certified by the Secretary of State of New York, and the by-laws of the Company, certified by its Secretary or other officer;

  

	 	(2)	a certificate issued by the Company pursuant to Treas. Reg. §§1.897-2(h) and 1.1445-2(c)(3) to the effect that the Company is not, and has not been at any time during the
previous five years, a United States real property holding corporation within the meaning of Section 897 of the Code. In connection with such certification, the Company shall comply with the notification requirements of Treas. Reg.
§1.897-2(h)(2); and 

  

	 	(3)	a certificate of good standing for the Company from the State of New York. 

  

 5 

 3.03 Purchaser’s Deliveries at the Closing. At the Closing, Purchaser shall deliver or cause
to be delivered to Sellers: 
  

	 	(1)	the Purchase Price by wire transfers of immediately available funds as provided in Article 2.0 above and will provide Fed transfer numbers as proof thereof;

  

	 	(2)	a certificate of the Secretary of Purchaser certifying resolutions of the board of directors of Purchaser approving and authorizing the execution, delivery and performance by
Purchaser of this Agreement and the consummation by Purchaser of the transactions contemplated hereby (together with an incumbency and signature certificate regarding the officer(s) signing on behalf of Purchaser); and 

  

	 	(3)	a certificate dated as of the Closing Date, signed by Purchaser, certifying as to compliance with Sections 9.03(a) and 9.03(b). 

  
 ARTICLE 4. - REPRESENTATIONS AND WARRANTIES OF REYNOLDS

  
 Reynolds makes the following representations and warranties to
Purchaser: 
  
 4.01 Required Consents; Authority. All
corporate consents, approvals, authorizations and orders necessary for the execution and delivery of this Agreement by Reynolds, and for the sale and delivery of the Shares to be sold by Reynolds hereunder, have been obtained; Reynolds has the
corporate right, power and authority to enter into this Agreement and has the corporate right, power and authority to sell, assign, transfer and deliver the Shares to be sold by Reynolds hereunder; and this Agreement has been duly authorized,
executed and delivered by Reynolds. 
  
 4.02 No Conflicts.
The execution, delivery and performance of this Agreement by Reynolds, the sale of the Shares to be sold by Reynolds and the consummation by Reynolds of the transactions herein contemplated will not (i) conflict with or result in a breach or
violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of Reynolds pursuant to, any indenture, mortgage, deed of trust,
loan agreement or other agreement or instrument to which Reynolds is a party or by which Reynolds is bound or to which any of the property or assets of Reynolds is subject, (ii) result in any violation of the provisions of the charter or by-laws or
similar organizational documents of Reynolds or (iii) subject to compliance with the HSR Act and the Competition Act, result in the violation of any applicable law or statute or any judgment, order, rule or regulation of any court or arbitrator or
governmental or regulatory agency having jurisdiction over Reynolds except, in the case of clauses (i) and (iii) above, for such conflicts, breaches or violations that would not, individually or in the aggregate, have a Material Adverse Effect or
Reynolds Material Adverse Effect or affect the validity of the Shares, the consummation of the transactions contemplated herein or the performance by Reynolds of its obligations hereunder. 
  

 6 

 4.03 Title to Shares. Reynolds has good and valid title to the Shares to be sold at the Closing by
Reynolds hereunder, free and clear of all liens, encumbrances, equities and adverse claims; Reynolds will have, immediately prior to the Closing, good and valid title to the Shares to be sold at the Closing by Reynolds, free and clear of all
liens, encumbrances, equities and adverse claims; and, upon delivery of the certificates representing such Shares and payment therefor pursuant hereto, good and valid title to such Shares, free and clear of all liens, encumbrances, equities and
adverse claims, will pass to Purchaser. 
  
 4.04 Reynolds
Indemnity. Reynolds has provided to Purchaser a true and correct copy of the agreement pursuant to which Reynolds has provided the Company with the indemnification related to certain aluminum plate sold by a predecessor to the Company, as
described in the S-1 (defined below). Such agreement is in full force and effect, is binding on Reynolds in accordance with its terms and shall survive the Closing in accordance with its terms. 
  
 ARTICLE 5. - REPRESENTATIONS AND WARRANTIES OF BILLITON

  
 Billiton makes the following representations and warranties to
Purchaser: 
  
 5.01 Required Consents; Authority. All
corporate consents, approvals, authorizations and orders necessary for the execution and delivery of this Agreement by Billiton, and for the sale and delivery of the Shares to be sold by Billiton hereunder, have been obtained; Billiton has the
corporate right, power and authority to enter into this Agreement and has the corporate right, power and authority to sell, assign, transfer and deliver the Shares to be sold by Billiton hereunder; and this Agreement has been duly authorized,
executed and delivered by Billiton. 
  
 5.02 No Conflicts.
The execution, delivery and performance of this Agreement by Billiton, the sale of the Shares to be sold by Billiton and the consummation by Billiton of the transactions herein contemplated will not (i) conflict with or result in a breach or
violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of Billiton pursuant to, any indenture, mortgage, deed of trust,
loan agreement or other agreement or instrument to which Billiton is a party or by which Billiton is bound or to which any of the property or assets of Billiton is subject, (ii) result in any violation of the provisions of the charter or by-laws or
similar organizational documents of Billiton or (iii) subject to compliance with the HSR Act and the Competition Act, result in the violation of any applicable law or statute or any judgment, order, rule or regulation of any court or arbitrator or
governmental or regulatory agency having jurisdiction over Billiton except, in the case of clauses (i) and (iii) above, for such conflicts, breaches or violations that would not, individually or in the aggregate, have a Material Adverse Effect or
Billiton Material Adverse Effect or affect the validity of the Shares, the consummation of the transactions contemplated herein or the performance by Billiton of its obligations hereunder. 
  
 5.03 Title to Shares. Billiton has good and valid title to the Shares
to be sold at the Closing by Billiton hereunder, free and clear of all liens, encumbrances, equities and adverse claims; Billiton will have, immediately prior to the Closing, good and valid title to the 

  

 7 

 
Shares to be sold at the Closing by Billiton, free and clear of all liens, encumbrances, equities and adverse claims; and, upon delivery of the certificates
representing such Shares and payment therefor pursuant hereto, good and valid title to such Shares, free and clear of all liens, encumbrances, equities and adverse claims, will pass to Purchaser. 
  
 ARTICLE 6. - REPRESENTATIONS AND WARRANTIES 
 REGARDING THE COMPANY 
  
 All of the following representations and warranties are made subject to the information contained in and exceptions which are described in (1) the draft Form S-1
Registration Statement attached here as Exhibit 1 (the “S-1”) or (2) the disclosure schedule delivered by Sellers to Purchaser concurrently herewith and identified by the parties as the “Disclosure Schedule.” On and as of the
date hereof, each Seller severally, represents and warrants to Purchaser that: 
  
 6.01 Organization and Good Standing. The Company and each of its Subsidiaries have been duly organized and are validly existing and in good standing under the laws of their respective jurisdictions of
organization, are duly qualified to do business and are in good standing in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification, and have the corporate
power and authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified or have such power or authority would not, individually or in the
aggregate, have a Material Adverse Effect. The Company does not own or control, directly or indirectly, any Person other than the subsidiaries listed in Schedule 6.01. 
  
 6.02 Capitalization. The capital stock of the Company consists of 100,000 shares of common stock, par value of
$0.01 per share, of which 100 shares are issued and outstanding. All of the Shares are validly issued and outstanding, fully paid and non-assessable. There are no outstanding subscriptions, options, warrants, calls or rights of any kind to purchase
or otherwise acquire, and no securities convertible into, capital stock or other securities of the Company. Sellers are the owners of record of all of the Shares. 
  
 6.03 No Violation or Default. Neither the Company nor any of its Subsidiaries is (i) in violation of its charter or
by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in
any material indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any of the property
or assets of the Company or any of its Subsidiaries is subject; or (iii) in violation of any applicable material law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority having
jurisdiction over the Company or any of its Subsidiaries, as the case may be, except for any such default or violation that would not, individually or in the aggregate, have a Material Adverse Effect. 
  
 6.04 No Consents Required. No consent, approval, authorization, order,
registration or qualification of or with any court or arbitrator or governmental or regulatory 

  

 8 

 
authority is required for the execution, delivery and performance by Seller of this Agreement and the consummation by Seller of the transactions contemplated
hereby, except in connection with the applicable requirements of the HSR Act and the antitrust, competition or trade regulation laws of Mexico and Canada and except as would not have a Material Adverse Effect. 
  
 6.05 Legal Proceedings. There are no material legal, governmental or
regulatory investigations, actions, suits or proceedings pending or, to Sellers’ knowledge, threatened, to which the Company or any of its Subsidiaries is a party or to which any property of the Company or any of its Subsidiaries is the
subject. 
  
 6.06 Title to Real and Personal Property. The
Company and its Subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real and personal property that are material to the respective businesses of the Company and its Subsidiaries,
in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except those that (i) do not materially interfere with the use made and proposed to be made of such property by the Company and its subsidiaries or
(ii) could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 
  
 6.07 Title to Intellectual Property. The Company and its Subsidiaries own or possess adequate rights to use, or can acquire on reasonable terms,
all material patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary
or confidential information, systems or procedures) currently employed by them in connection with the respective businesses now operated by them, except where the failure to own, possess or be able to acquire on reasonable terms would not,
individually or in the aggregate, have a Material Adverse Effect; and the conduct of the respective businesses of the Company and its Subsidiaries do not conflict in any material respect with any such rights asserted by others and the Company and
its Subsidiaries have not received any notice of any claim of infringement or conflict with any such rights asserted by others, except for such claims which, individually or in the aggregate, would not have a Material Adverse Effect. 
  
 6.08 Taxes. The Company and its Subsidiaries have filed all
material federal, state, local and foreign tax returns required to be filed through the date hereof, and have paid or have made adequate reserves or provisions for the payment of all federal, state, local and foreign taxes required to be paid
through the date hereof; and there are no material tax deficiencies that have been, or could reasonably be expected to be, asserted against the Company or any of its Subsidiaries or any of their respective properties or assets. 
  
 6.09 Licenses and Permits. The Company and its Subsidiaries possess
all material licenses, certificates, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary to conduct
their respective businesses as described in the S-1, except where the failure to possess or make the same would not, individually or in the aggregate, have a Material Adverse Effect; and neither the Company nor any of its 

  

 9 

 
Subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason to believe
that any such license, certificate, permit or authorization will not be renewed in the ordinary course, except where such revocations, modifications or failures to renew would not, individually or in the aggregate, have a Material Adverse Effect.

  
 6.10 Compliance With Environmental Laws. The Company
and its Subsidiaries (i) are in compliance with any and all applicable federal, state, local and foreign laws, rules and regulations and judgments and orders of any court, arbitrator or governmental or regulatory authority having jurisdiction over
the Company or any of its Subsidiaries, as the case may be, relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”);
(ii) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (iii) have not received notice of any actual or potential
liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except in the case of the foregoing clauses (i) and (ii), for any such failure to comply, or failure to
receive required permits, licenses or approvals, or liability as would not, individually or in the aggregate, have a Material Adverse Effect. None of the Company and its Subsidiaries reasonably expects material capital expenditures to maintain
compliance with Environmental Laws. Except as would not reasonably be expected to result in fines or monetary sanctions, exclusive of interest and costs, of $100,000 or more, none of the Company and its Subsidiaries is a party to any environmental
proceeding including a governmental entity. 
  
 6.11 Compliance
With ERISA. Except as would not, individually or in the aggregate, have a Material Adverse Effect, (i) each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), that is maintained, administered or contributed to by the Company or any of its Subsidiaries for employees or former employees of the Company and its Affiliates has been maintained in all material respects in compliance with its
terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; and (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has
occurred with respect to any such plan excluding transactions effected pursuant to a statutory or administrative exemption. 
  
 6.12 Financial Statements. The consolidated financial statements and the related notes thereto of the Company and its consolidated subsidiary (the
“Consolidated Financial Statements”) included in the S-1 present fairly in all material respects the financial position as of the dates indicated and the results of operations and the changes in the cash flows for the periods specified of
the Company and its consolidated subsidiary; and the Consolidated Financial Statements have been prepared in conformity in all material respects with United States generally accepted accounting principles applied on a consistent basis throughout the
periods covered thereby. 
  
 6.13 No Broker’s Fees.
Neither the Company nor any of its Subsidiaries is a party to any contract, agreement or understanding with any person (other than this 

  

 10 

 
Agreement) that would give rise to a valid claim against Purchaser, the Company or any of its Subsidiaries for a brokerage commission, finder’s fee or
like payment in connection with the transaction contemplated by this Agreement. 
  
 6.14 Employment Agreements. The Disclosure Schedule lists all agreements of any kind between the Company and officers or directors of the Company (including, without limitation, agreements granting shares of
phantom stock to any employee but excluding agreements for at-will employment and excluding any benefit or other plans offered to employees generally) (the “Employment Agreements”). True and correct copies of all Employment Agreements have
been provided to Purchaser. 
  
 6.15 Outstanding Debt. The
S-1 or the Disclosure Schedule accurately describes as of the day hereof the debt instruments for notes payable of the Company and all amounts outstanding thereunder as of the dates indicated. True and correct copies of all such debt instruments
have been provided to Purchaser. 
  
 6.16 Absence of Changes.
Since October 1, 2004, (a) there has not been any change with respect to the Company that has had or would reasonably be expected to have a Material Adverse Effect and (b) Sellers have used Best Efforts to cause the Company to be operated in the
ordinary course of business consistent with past practices, other than with respect to any actions taken under Section 8.07. 
  
 6.17 No Material Misstatements or Omissions. As of the dates indicated in the S-1, with respect to the Company and its Subsidiaries, the S-1 does
not contain any untrue statement of a material fact and does not omit to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading; provided, however, that each
Seller makes no representation or warranty with respect to any statements or omissions (a) relating to the other Seller or (b) that reflect, were subject to or dependent on the occurrence of the transactions contemplated in connection with the
initial public offering or the restructuring. 
  
 6.18 Certain
Other Representations. 
  

	 	(a)	Neither the Company nor any entities controlled by it for purposes of the Investment Canada Act carries on a “Canadian business” (as defined in the Investment Canada Act)
that has activities identified in subsection 14.1(5) of the Investment Canada Act or in any business activity prescribed for purposes of paragraph15(a) of the Investment Canada Act. 

  

	 	(b)	 With respect to the Company and any entities controlled by it for purposes of the Investment Canada Act, and for purposes of Part IV of the Investment Canada Act,
the value (calculated in accordance with the Investment Canada Act and the regulations thereunder) of the assets of the entity or entities carrying on a Canadian business, and of all other entities in Canada, the control of which is being directly
or indirectly acquired by the Purchaser under this Agreement does not amount to more than 50% of the value (calculated in accordance with the Investment Canada Act and 

  

 11 

	 	 
the regulations thereunder) of the assets of all entities the control of which is being directly or indirectly acquired by the Purchaser under this
Agreement. 

  

	 	(c)	Neither the Company nor any “subsidiary” of the Company is a “foreign bank” as those terms are defined in the Bank Act (Canada). 

  
 6.19 Integris Metals Corporation. Integris Metals Corporation (a) is a
wholly owned subsidiary that was formed to effect a proposed restructuring of the Company, (b) has no assets or liabilities and (c) does not now, and has not in the past, engaged in any operations. 
  
 6.20 Contribution Agreement. Sellers have provided to Purchaser a true
and correct copy of the Contribution and Dissolution Agreement, among Reynolds Metals Company, NAMD Inc. and Billiton Investments Ireland Limited, dated as of September 18, 2001 (the “Contribution Agreement”). Such Contribution Agreement
is in full force and effect, is binding on Sellers in accordance with its terms and shall survive the Closing in accordance with its terms. 
  
 ARTICLE 7. - REPRESENTATIONS AND WARRANTIES OF PURCHASER 
  
 Purchaser hereby makes the following representations and warranties to Sellers on and as of the date hereof: 
  
 7.01 Required Consents; Authority. All corporate consents, approvals,
authorizations and orders necessary for the execution and delivery of this Agreement by Purchaser, and for the purchase of the Shares have been obtained; Purchaser has the corporate right, power and authority to enter into this Agreement and has the
corporate right, power and authority to purchase the Shares; and this Agreement has been duly authorized, executed and delivered by Purchaser. 
  
 7.02 No Conflicts. The execution, delivery and performance of this Agreement by Purchaser, the purchase of the Shares and the consummation by
Purchaser of the transactions herein contemplated will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or
encumbrance upon any property or assets of Purchaser pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Purchaser is a party or by which Purchaser is bound or to which any of the property or
assets of Purchaser is subject, (ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents of Purchaser or (iii) subject to compliance with HSR Act and the Competition Act, result in the violation of
any applicable law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory agency having jurisdiction over Purchaser except, in the case of clauses (i) and (iii) above, for such conflicts,
breaches or violations that would not affect the consummation of the transactions contemplated herein or the performance by Purchaser of its obligations hereunder. 
  

 12 

 7.03 No Consents Required. No consent, approval, authorization, order, registration or
qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by Purchaser of this Agreement and the consummation by Purchaser of the transactions contemplated
herein, except in connection with the applicable requirements of the HSR Act and antitrust, competition or trade regulation laws of Mexico and Canada. 
  
 7.04 Organization and Good Standing. Purchaser is duly organized, validly existing and in good standing under the laws of Delaware and has full
corporate power and authority to consummate the transactions contemplated hereby and to conduct the operations of the Company. 
  
 7.05 No Brokers. Purchaser has neither entered into nor will enter into any agreement, arrangement or understanding with any person or firm which
will result in the obligation of a Seller to pay any finder’s fee, brokerage commission or similar payment in connection with the transactions contemplated hereby. 
  
 7.06 Availability of Funds. Purchaser will have available on the Closing Date sufficient funds to enable it to
consummate the transactions contemplated by this Agreement and has delivered to Sellers either commitment or “highly confident” letters from any proposed funding sources. 
  
 ARTICLE 8. - CONDUCT BEFORE THE CLOSING 
  
 8.01 Conduct of Business. Sellers shall, from the date of this Agreement until the Closing Date, use Best Efforts to
cause the Company to conduct its business in the usual and ordinary course consistent with past practice, other than with respect to any actions taken under Section 8.07. Without limiting the generality of the foregoing, prior to the Closing
Sellers shall cause the Company not to, without the prior written consent of Purchaser: (a) authorize for issuance, issue, sell or deliver, or agree or commit to issue, sell or deliver, any shares of capital stock or any other securities of the
Company, or amend any of the terms of any such capital stock or other securities, (b) split, combine or reclassify any shares of its capital stock, declare, set aside or pay any dividend or other distribution (whether in cash, stock or property or
any combination thereof) in respect of its capital stock, or redeem or otherwise acquire any capital stock or other securities of the Company (provided, however, that the Company shall be permitted to pay a dividend to its shareholders in the fourth
quarter 2004 in the ordinary course of business consistent with past practice), or (c) make any change in its article of incorporation or bylaws. 
  
 8.02 Supplements to Disclosure; Closing. 
  
 (a) From time to time prior to the Closing, Sellers shall supplement or amend the Disclosure Schedule with respect to any matter hereafter arising or discovered which, if
existing, occurring or discovered at or prior to the date of this Agreement, would have been required to be set forth or described in such Disclosure Schedule. No such supplement or amendment related to a matter existing as of the date hereof shall
be deemed to cure any breach of any representation, warranty or covenant made in this Agreement; provided, however, that if Purchaser decides to close, 

  

 13 

 
Sellers shall, subject to Section 11.07, have no liability with respect to such new supplement or amendment. 
  
 (b) To the extent any representation or warranty of a Seller made herein prior to Closing is,
to Purchaser’s actual knowledge, untrue or incorrect, then, if Purchaser elects to close, Seller shall have no liability with respect to such untruth or inaccuracy. 
  
 8.03 Exercise of Best Efforts. Upon the terms and subject to the conditions hereof, each of the parties hereto shall
use its Best Efforts to take, or cause to be taken, all appropriate action, and to do or cause to be done, all things necessary, proper or advisable under applicable laws and regulations to consummate and make effective the transactions contemplated
by this Agreement as soon as practicable. Without limiting the generality of the foregoing, the parties shall use their respective Best Efforts to obtain each Required Governmental Approval as soon as practicable after the date hereof. For purposes
of this Section 8.03, “Best Efforts” shall include Purchaser divesting such plants, assets or businesses (including entering into customary ancillary agreements on commercially reasonable terms relating to any such divestiture of such
assets or businesses) as may be required to avoid the filing of any lawsuit by any governmental entity seeking to enjoin the transaction, or the entry of, or to effect the dissolution of, any Prohibition Order; provided, however, that Purchaser
shall not be required to take any actions in connection with, or agree to, any hold separate arrangement or order, sale, divestiture, or disposition of plants, assets and businesses of Purchaser and its Affiliates or of the Company and its
Subsidiaries that accounted for aggregate dollar sales of more than 10% of the U.S. sales of the Company and its Subsidiaries in the preceding twelve consecutive calendar months. Sellers shall, and shall cause their respective Affiliates to,
cooperate with Purchaser in obtaining Competition Act Approval. 
  
 8.04 Press Releases. The parties will consult with each other and will mutually agree upon any press releases or public announcements pertaining to the contemplated transaction and shall not issue any such press releases or make any
such public announcements prior to such consultation and agreement, except as may be required by applicable law or by obligations pursuant to any agreement with any national securities exchange or automated quotation system, in which case the party
proposing to issue such press release or make such public announcement shall use its Best Efforts to consult in good faith with the other party before issuing any such press releases or making any such public announcements. Notwithstanding the
foregoing, nothing in this Section 8.04 shall prevent any party from (a) discussing this Agreement or its contents or the transactions contemplated hereby with those persons whose approval, agreement or opinion, as the case may be, is required for
consummation of such particular transaction or transactions, (b) making internal announcements to their respective employees that are consistent with the parties’ prior public disclosures regarding the transactions contemplated hereby, (c)
enforcing its rights hereunder or (d) communicating with customers and suppliers and prospective customers and suppliers regarding the transactions contemplated hereby in a manner that is consistent with the parties’ prior public disclosures
regarding the transactions contemplated hereby. 
  

 14 

 8.05 Third Party Consents and Waivers. 
  

	 	(a)	Purchaser shall: (1) use its Best Efforts to obtain consents or waivers from the Company’s lenders, or (2) if such consents or waivers are not obtained, shall arrange to pay
off the Company’s debt at Closing. Sellers shall, and shall cause the Company to, use Best Efforts to cooperate with and assist Purchaser in connection with the foregoing to the extent such cooperation or assistance is requested by Purchaser.

  

	 	(b)	From and after the date hereof, Sellers will use their Best Efforts, and Purchaser will cooperate with Sellers, to secure all necessary consents, approvals, authorizations,
exemptions and waivers from third parties under any contract, permit or license of the Company in connection with the transaction contemplated hereby. 

  

	 	(c)	Notwithstanding anything herein to the contrary, to the extent a consent is required under any contract, permit or license of the Company in connection with the transaction
contemplated hereby, failure to secure such consent will not constitute a breach of this Agreement (subject to the parties’ obligations to use Best Efforts to obtain such consent set forth herein). If any such consent is not obtained, Sellers
shall, at Sellers’ expense, cooperate with Purchaser in any reasonable arrangement designed to provide for Purchaser the benefit of any such right, including enforcement of any and all rights of Sellers or the Company against the other party to
any contract, commitment or other similar agreement arising out of the breach or cancellation thereof by such party or otherwise. 

  
 8.06 Review of Operations. Subject to applicable laws, Purchaser may, prior to the Closing Date, directly or through its representatives, review,
during normal business hours and upon reasonable prior notice to Sellers, the premises and books and records of the Company in order to facilitate transition plans. Any information obtained by Purchasers or any of its representatives pursuant to
this Agreement shall be subject to the provisions of the Confidentiality Agreement (as hereinafter defined). Prior to the Closing Date, upon reasonable notice from Purchaser to Sellers, Sellers shall, subject to applicable laws, make the officers
and management employees of the Company available to Purchaser and its representatives as Purchaser and its representatives shall from time to time reasonably request in order to facilitate transition plans. In no circumstance shall the Company
provide customer data or other competitively sensitive information to Purchaser, including information in respect of the Company’s purchasing programs. 
  
 8.07 Possible Restructuring. On or before October 29, 2004, Purchaser may deliver a written notice (a “Restructuring Notice”) to Sellers
stating that Purchaser desires to restructure the proposed transaction such that the Company undertakes a corporate reorganization with the effect that Integris Metals Corporation becomes the parent of the Company (the “Restructuring”). If
Purchaser delivers a Restructuring Notice to Sellers, the Parties shall, and shall cause their Affiliates to, (a) as promptly as reasonably practicable amend this Agreement to reflect the Restructuring on mutually acceptable terms and (b) use their
respective Best Efforts to effect the agreed upon restructuring as promptly as is reasonably practicable. 
  

 15 

 ARTICLE 9. - CONDITIONS PRECEDENT TO THE CLOSING 
  
 9.01 Conditions to the Obligations of All Parties. The obligations of
each of Purchaser and each Seller to consummate the transactions contemplated hereby are subject to the fulfillment of the following conditions precedent: 
  

	 	(a)	no Prohibition Order shall have been issued and remain in effect; 

  

	 	(b)	there shall not be pending or threatened in writing any action, proceeding or investigation before any court, tribunal or governmental agency seeking as to any party hereto a
Prohibition Order; and 

  

	 	(c)	all Required Governmental Approvals shall have been obtained and remain in effect. 

  
 9.02 Conditions Precedent to Obligation of Purchaser. The obligation of Purchaser to purchase the Shares at the
Closing is subject to the satisfaction, or the waiver by Purchaser in writing, at or prior to the Closing, of the following conditions precedent: 
  

	 	(a)	the representations and warranties of Sellers contained herein shall have been true and correct as stated when made and shall be repeated and be true and correct as stated at and as
of the Closing; 

  

	 	(b)	Sellers shall have duly performed and complied with, in all material respects, the terms, agreements, covenants and conditions required by this Agreement to be performed or complied
with by Sellers prior to or at the Closing; 

  

	 	(c)	Purchaser has received all of the documents required to be delivered by Sellers to Purchaser pursuant to Section 3.02; and 

  

	 	(d)	there shall not have occurred any change to the Company that has had, or would reasonably be expected to have, a Material Adverse Effect. 

  
 9.03 Conditions Precedent to Obligation of Sellers. The obligation of
Sellers to sell the Shares at the Closing is subject to the satisfaction, or waiver by Sellers in writing, at or prior to the Closing, of the following conditions precedent: 
  

	 	(a)	the representations and warranties of Purchaser contained herein shall have been true and correct in all respects when made and shall be repeated and be true and correct in all
respects at and as of the Closing; 

  

	 	(b)	Purchaser shall have duly performed and complied with, in all material respects, the terms, agreements and conditions required by this Agreement to be performed or complied with by
it prior to or at the Closing; and 

  

	 	(c)	Sellers have received all of the documents and the Purchase Price required to be delivered by Purchaser to Sellers pursuant to Section 3.03. 

  

 16 

 ARTICLE 10. - TERMINATION AND BREAK FEES 
  
 10.01 Termination. This Agreement may be terminated and the
transactions contemplated herein abandoned as set forth below: 
  

	 	(a)	This Agreement may be terminated by Sellers by written notice to Purchaser if by December 15, 2004, after good faith discussions between Sellers and Purchaser, it appears that there
may be serious impediments to closing by January 31, 2005, in which case no Break Fee shall be payable by Purchaser to Sellers. 

  

	 	(b)	This Agreement may be terminated by Sellers by written notice to Purchaser if the transaction has not been consummated by January 31, 2005 (or such later date as the parties may
agree at the time based on certainty of closure at such time) for any reason. In such case, a Break Fee of US$20 million shall be payable by Purchaser to Sellers, unless the reason the transaction was not consummated was that the waiting period
under the Hart Scott Rodino Act shall not have expired or been terminated or a governmental entity has prohibited the consummation of the transaction in which case a Break Fee of US$10 million shall be payable by Purchaser to Sellers.

  

	 	(c)	This Agreement may be terminated by Purchaser by written notice to Sellers prior to the Closing, if: (1) Sellers shall have failed to perform in any material respect any of their
obligations under this Agreement to be performed at or prior to such date of termination, which failure to perform is not cured, or is incapable of being cured, by January 30, 2005; or (2) any representation or warranty of Sellers contained in this
Agreement shall not be true and correct (except for changes permitted by this Agreement and those representations which address matters only as of a particular date shall remain true and correct as of such date), which failure to be true and correct
is not cured, or is incapable of being cured, by January 30, 2005. In the case of a termination pursuant to this Section 10.01(c), no Break Fee shall be payable by Purchaser to Sellers. 

  

	 	(d)	This Agreement may be terminated by Sellers by written notice to Purchaser prior to the Closing, if: (1) Purchaser shall have failed to perform in any material respect any of its
obligations under this Agreement to be performed at or prior to such date of termination, which failure to perform is not cured, or is incapable of being cured, within 30 days after the receipt by Purchaser of written notice of such failure (or by
January 31, 2005, whichever is earlier); or (2) any representation or warranty of Purchaser contained in this Agreement shall not be true and correct (except for changes permitted by this Agreement and those representations which address matters
only as of a particular date shall remain true and correct as of such date). In such case, a Break Fee of US$20 million shall be payable by Purchaser to Sellers. 

  

 17 

	 	(e)	This Article 10 sets forth the sole and exclusive remedy that Sellers have against Purchaser if Sellers terminate this Agreement pursuant to this Section 10.01.

  
 10.02 Break Fee. In the event that this
Agreement is terminated pursuant to Section 10.01(b) or (d) above, Purchaser shall pay to Sellers the Break Fee equal to the amount specified in Section 10.01(b) or (d). Half of the Break Fee shall be payable to Reynolds and half of the Break Fee
shall be payable to Billiton. Purchaser shall pay the Break Fee to Reynolds and Billiton by wire transfer of immediately available funds pursuant to the wire transfer instructions that each Seller shall deliver in writing to Purchaser at least three
business days in advance of such payment. Such payments shall be made no later than 4:00 p.m. New York City Time on the effective date of termination. If a payment is made to a Seller after 4:00 p.m., Purchaser shall pay to Seller, in the manner set
forth above, interest on such amount at an annual rate equal to the overnight rate offered by Mellon Bank for funds deposited on the date of payment from and including the effective date of termination to and including the day on which payment is
received in the account of Seller. Purchaser’s obligation to pay interest to a Seller shall only be discharged as a result of payment having been received by such Seller, without regard to whether the other Seller shall have received payment.

  
 10.03 Effect of Termination. In the event of the
termination of this Agreement pursuant to Article 10, this Agreement shall forthwith become void and have no effect, without any liability on the part of any party hereto or its affiliates, directors, officers or stockholders, other than the
provisions of Section 8.04, this Article 10.0, Section 11.03, Section 13.01 and Section 13.08. Notwithstanding the foregoing but subject to Section 10.01(e), nothing contained in this Section 10.03 shall relieve any party from liability for any
willful breach of any representation, warranty, covenant or other agreement contained in this Agreement. 
  
 ARTICLE 11. - POST-CLOSING COVENANTS OF PURCHASER AND SELLERS 
  
 11.01 Records. Following the Closing, Sellers shall have reasonable access to personnel and pre-Closing records of the Company during normal
business hours as may reasonably be necessary or advisable for Sellers to have in connection with any action or other proceeding arising from or related to Seller’s ownership and/or operation of the Company’s business. Sellers agree to
keep any information obtained pursuant to the previous sentence confidential. For a period of six years after the Closing, Purchaser will maintain all financial and tax books and records (or shall offer them to Sellers prior to any disposal of them)
existing as of the Closing Date pertaining to the Company and will permit Seller to examine such records at reasonable hours and make copies thereof at such Seller’s expense. 
  
 11.02 Further Assurances. On and after the Closing Date, the parties
will take all appropriate action and execute all documents, instruments or conveyances of any kind that may reasonably be necessary or advisable to carry out any of the provisions hereof. 
  
 11.03 Confidentiality. The terms of the Confidentiality
Agreement by and among Sellers and Purchaser dated October 15, 2004 (the “Confidentiality Agreement”), are 

  

 18 

 
hereby incorporated by reference and shall continue in full force and effect until the Closing, at which time the obligations of Purchaser under such
Confidentiality Agreement shall terminate. Should the Closing not occur, the Confidentiality Agreement shall remain in full force and effect in accordance with its terms. 
  
 11.04 Certain Employee Arrangements. Purchaser agrees to cause the Company to honor or Purchaser agrees to honor or
assume the employee arrangements listed on Schedule 11.04, all as in effect at the Closing such that the employees receive the greater of (a) the severance amounts described under item 3(a), item 3(b) and item 4 of Schedule 11.04 of the Disclosure
Schedule or (b) the amounts due under the Company’s current severance plan. 
  
 11.05 Survival. The provisions of this Article 11.0 shall survive Closing. 
  
 11.06 Indemnification by Sellers. Reynolds and Billiton will, severally, and not jointly, indemnify and hold harmless Purchaser against any losses,
claims, damages or liabilities that arise out of or are based upon any breach or inaccuracy of any representation or warranty made by Sellers in Section 6.17 (it being understood that each of Reynolds and Billiton shall be responsible for 50% of any
amounts due with respect to such indemnification). Purchaser shall not be entitled to recover an aggregate amount in excess of the Purchase Price in connection with (a) the indemnification set forth in this Section 11.06 and (b) a breach of any of
the representations and warranties that survive the Closing in accordance with Section 12.01. Any claim for indemnification by Purchaser pursuant to this Section 11.06 must be brought within 18 months of the Closing Date. 
  
 11.07 Contribution Agreement. The parties acknowledge and agree that
(a) certain matters set forth in the S-1 or the Disclosure Schedules may be subject to the Contribution Agreement and the agreement referenced in Section 4.04 hereof and (b) no such disclosure shall in any way affect the rights or obligations under
the Contribution Agreement or the agreement referenced in Section 4.04 hereof of the parties thereto (including, without limitation, any rights to indemnification that the Company or its Subsidiaries may have against Sellers or their Affiliates
pursuant to the Contribution Agreement or the agreement referenced in Section 4.04 hereof). 
  
 ARTICLE 12. - SURVIVAL OF REPRESENTATIONS AND WARRANTIES 
  
 12.01 The representations and warranties made herein or in any instrument delivered pursuant to this Agreement shall not survive beyond the earlier of (a)
termination of this Agreement or (b) the Closing other than (i) the representations and warranties set forth in Article 4, Article 5 and Sections 6.02, 7.01, 7.02 and 7.04, each of which shall survive the Closing forever and (ii) the representations
and warranties set forth in Section 6.17, which shall survive the Closing for a period of 18 months. This Section 12.01 shall not limit any covenant or agreement of the parties hereto which by its terms contemplates performance after the Closing.

  

 19 

 ARTICLE 13. - MISCELLANEOUS PROVISIONS 
  
 13.01 Expenses. Whether or not the transactions contemplated herein
shall be consummated, each party hereto shall pay its own expenses incident to preparing for, entering into and carrying out this Agreement and the consummation of the transactions contemplated hereby (it being understood that Sellers, and not the
Company, shall be responsible for any investment bank and other advisor fees incurred by Sellers or the Company in connection with the transactions contemplated hereby). 
  
 13.02 Transfer Taxes; No Code §338 Election. 
  

	 	(a)	Notwithstanding anything herein to the contrary, all foreign, federal, state and local transfer, stamp, vehicle, sales and use taxes, real estate transfer and any and all transfer
taxes (including without limitation, any real property gains taxes), if any, for which the stockholders of the Company are liable as a result of the transactions contemplated by this Agreement and any and all notarial fees imposed or incurred in
connection with the consummation of the transactions contemplated by this Agreement shall be borne by Purchaser. 

  

	 	(b)	Neither Purchaser nor Company shall make any election under Code §338 with respect to the transaction contemplated by this Agreement. 

  
 13.03 Notices. Any notice or other communication required or permitted
to be given hereunder shall be in writing and shall be hand delivered or sent by certified mail (return receipt requested) or by reputable overnight courier, or sent by facsimile (with transmission confirmation), delivered to the respective
addresses set forth below or, as to each party, at such other address as shall be designated by such party in accordance with the provisions of this Section. All such notices and communications shall be effective when hand delivered or, in the case
of notice by mail, courier, or facsimile, on the next succeeding business day following the date when sent (on the third succeeding business day when sent by mail) addressed as set forth below: 
  
 If to Reynolds: 
  
 6603West Broad Street 
 Richmond, Virginia 23230

 P.O. Box 27003 
 Richmond, VA 23261-7003 (United States)

 Attn: General Counsel Office 
 Fax: 804-281-3740 
  

 20 

 Copy to: 
  
 Alcoa Inc. 
 390 Park Avenue 
 New York, New York 10022 
 Attn.: General Counsel 
 Facsimile: 212-836-2844 
  
 If to Billiton: 
  
 Billiton Investments Ireland
Limited 
 1 Neathouse Place 
 Victoria, London, U.K. 

SW1V 1BH 
 Attn: Company Secretariat 
 Facsimile: 44 207 802 4090 
  
 If to Purchaser: 
  
 Ryerson Tull, Inc.

 2621 West 15th Place

 Chicago, Illinois 60608 
 Attn: General Counsel 
 Facsimile: (773) 788-4219 
  
 13.04 Entire Agreement. This Agreement, including the Exhibits and Schedules (each of which is attached and incorporated into this Agreement) and
other documents referred to herein which form a part hereof, represents the entire understanding and agreement between the parties hereto with respect to the subject matter hereof, supersedes all other agreements or understandings, written or oral,
between the parties with respect to the subject matter hereof (including, without limitation, the letter dated October 15, 2004 but excluding the Confidentiality Agreement) and cannot be amended, supplemented or changed, nor can any provision hereof
be waived, except by a written instrument signed by the party against whom enforcement of any such amendment, supplement, modification or waiver is sought. 
  
 13.05 Successors. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and
assigns. No party may assign its rights hereunder without the prior written consent of the other parties; provided, however, that Purchaser may assign this Agreement or performance of any part hereof to any wholly owned Delaware subsidiary, in whole
or in part, without the consent of Sellers; provided that Purchaser shall remain obligated for its obligations hereunder. 
  
 13.06 Section Headings. The section headings contained in this Agreement are for convenience of reference only and shall not affect in any way the
meaning or interpretation of this Agreement. 
  
 13.07 Parties
in Interest. Nothing in this Agreement, whether express or implied, is intended to confer any rights or remedies under or by reason of this Agreement on 

  

 21 

 
any person other than the parties to it, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third person
to any party to this Agreement, nor shall any provision give any third persons any right of subrogation or action over against any party to this Agreement. 
  
 13.08 Consent to Jurisdiction. In the event any party to this Agreement commences any litigation, proceeding or other legal action in connection
with or relating to this Agreement or any matters contemplated hereby, each party to this Agreement hereby (a) agrees that any such litigation, proceeding or other legal action may be brought in a court of competent jurisdiction located within the
County of New York, in the State of New York, in federal court; (b) agrees that in connection with any such litigation, proceeding or action, such party will consent and submit to personal jurisdiction in any such court described in clause
(a) of this Section 13.08 and to service of process upon it in accordance with the rules and statutes governing service of process; (c) agrees to waive to the full extent permitted by law any objection that it may now or hereafter have to the
venue of any such litigation, proceeding or action in any such court or that any such litigation, proceeding or action was brought in an inconvenient forum; (d) designates, appoints and directs CT Corporation System as its authorized agent to
receive on its behalf service of any and all process and documents in any such litigation, proceeding or action in the State of New York; (e) agrees to notify the other party to this Agreement immediately if such agent shall refuse to act, or be
prevented from acting, as agent and, in such event, promptly to designate another agent in the State of New York to serve in place of such agent and deliver to the other party written evidence of such substitute agent’s acceptance of such
designation; (f) agrees as an alternative method of service to service of process in any such litigation, proceeding or action by mailing of copies thereof to such party at its address set forth in Section 13.03; (g) agrees that any service made as
provided herein shall be effective and binding service in every respect; and (h) agrees that nothing herein shall affect the rights of either party to effect service of process in any other manner permitted by law. EACH PARTY HERETO WAIVES THE RIGHT
TO A TRIAL BY JURY IN ANY DISPUTE IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR ANY MATTERS CONTEMPLATED HEREBY, AND AGREES TO TAKE ANY AND ALL ACTION NECESSARY OR APPROPRIATE TO EFFECT SUCH WAIVER. 
  
 13.09 Governing Law. This Agreement has been executed and delivered in
and shall be construed and enforced in accordance with the laws of the State of New York, without regard to its conflict of laws doctrine. 
  
 13.10 Severability. If at any time subsequent to the date hereof, any provision of this Agreement is held by any court of competent jurisdiction to
be illegal, void or unenforceable, such provision will be of no force and effect, but the illegality or unenforceability of such provision will have no effect upon and will not impair the enforceability of any other provision of this Agreement.

  
 13.11 Counterparts. This Agreement may be executed in
one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  

 22 

 [The remainder of this page is intentionally left blank.] 
  

 23 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement, or have caused this Agreement
to be duly executed on their respective behalf by their duly authorized representative, as of the day and year first above written. 
  

			
	SELLERS:
	
	REYNOLDS METALS COMPANY
		
	By:	 	 
	
	BILLITON INVESTMENTS IRELAND LTD.
		
	By:	 	 
	
	PURCHASER:
	
	RYERSON TULL, INC.
		
	By:	 	 

  

 Exhibit 1 
  
 The S-1 is attached hereto.

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