Document:

Registration Rights Agreement

 Exhibit 4.6 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is made as of November 28, 2006, by and among Claymont Steel Holdings, Inc., a Delaware corporation (the “Company”), H.I.G. Capital LLC, Inc., a Delaware corporation (“HIG”), and
each Person who hereafter becomes a party to this Agreement (collectively, the “Other Investors”). Except as otherwise defined herein, capitalized terms used herein are defined in Section 9 hereof. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 1. Demand Registrations. 
 (a) Requests for Registration. At any time following the date that is 180 days after the closing of the Company’s Initial Public Offering, the
holders of at least a majority of the HIG Registrable Securities may request registration under the Securities Act of all or any portion of such HIG Registrable Securities on Form S-1 or any similar long-form registration statement
(“Long-Form Registrations”) or, if available, on Form S-2 or S-3 or any similar short-form registration statement (“Short-Form Registrations”). All registrations requested pursuant to this Section 1(a)
are referred to herein as “Demand Registrations.” Each request for a Demand Registration shall specify the approximate number of Registrable Securities requested to be registered and the anticipated per share price range for such
offering. Within 10 days after receipt of any such request, the Company shall give written notice of such requested registration to all other holders of Registrable Securities and, subject to Section 1(d) below, will include in such
registration, in addition to the HIG Registrable Securities that are requested to be registered pursuant hereto, all Other Registrable Securities with respect to which the Company has received written requests for inclusion therein within 15 days
after the sending by the Company of the Company’s notice. 
 (b) Long-Form Registrations. The holders of a majority of the HIG
Registrable Securities shall be entitled to request up to five Long-Form Registrations in which the Company will pay all Registration Expenses (as defined below in Section 5). All Long-Form Registrations shall be underwritten
registrations. 
 (c) Short-Form Registrations. In addition to the Long-Form Registrations provided pursuant to
Section 1(b), the holders of a majority of the HIG Registrable Securities shall be entitled to request an unlimited number of Short-Form Registrations in which the Company will pay all Registration Expenses. Demand Registrations will be
Short-Form Registrations whenever the Company is permitted to use any applicable short form. After the Company has become subject to the reporting requirements of the Securities Exchange Act, the Company shall use its reasonable best efforts to make
Short-Form Registrations on Form S-3 available for the sale of Registrable Securities. All Short-Form Registrations shall be underwritten registrations or resale registrations and may be “shelf registrations” pursuant to Rule 415 under the
Securities Act or otherwise, in each case at the sole discretion of the requesting holders. 

 (d) Priority on Demand Registrations. The Company will not include in any Demand Registration any
securities which are not Registrable Securities without the prior written consent of the holders of a majority of the Registrable Securities included in such registration. If a Demand Registration is an underwritten offering and the managing
underwriters advise the Company in writing that, in their opinion, the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such offering, exceeds the number of Registrable Securities and other
securities, if any, which can be sold therein without adversely affecting the marketability of the offering, the Company will include in such registration (i) first, the number of Registrable Securities requested to be included in such
registration which in the opinion of such underwriters can be sold without adverse effect, pro rata among the respective holders thereof on the basis of the number of Registrable Securities owned by each such holder, and (ii) second, other
securities requested to be included in such Demand Registration, pro rata among the holders of such securities on the basis of the number of such securities owned by each such holder. 
 (e) Restrictions on Demand Registrations. The Company will not be obligated to effect any Demand Registration within six months after the
effective date of a previous Long-Form Registration with respect to the Company. The Company may postpone, for up to six months (from the date of the request), the filing or the effectiveness of a registration statement for a Demand Registration if
(i) the Company’s board of directors believes, in good faith, that such Demand Registration would reasonably be expected to have an adverse effect on any proposal or plan by the Company or any Subsidiary thereof to engage in any
acquisition of assets (other than in the ordinary course of business) or any stock purchase, merger, consolidation, tender offer, reorganization, or similar transaction or (ii) the Company is in possession of material non-public information
concerning it or its business and affairs and the Company’s board of directors determines in good faith that the prompt public disclosure of such information in a registration statement would reasonably be expected to have an adverse effect on
the Company; provided, however, that in any such event, the holders of Registrable Securities initially requesting such Demand Registration will be entitled to withdraw such request and, if such request is withdrawn, such Demand
Registration shall be treated as if it had never been made in the first instance, and the Company will pay all Registration Expenses in connection with such registration. The Company may delay a Demand Registration hereunder only once in any
12-month period. 
 (f) Selection of Underwriters. The holders of a majority of the Registrable Securities initially requesting
registration hereunder will have the right to select the investment banker(s) and manager(s) to administer the offering under such Demand Registration, subject to the Company’s approval, which will not be unreasonably withheld. 
 (g) Other Registration Rights. Except as provided in this Agreement, the Company will not grant to any Persons the right to request that the
Company register any equity securities of the Company, or any securities convertible into or exchangeable or exercisable for any such securities, without the prior written consent of the holders of at least a majority of the Registrable Securities.

  

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 2. Piggyback Registrations. 
 (a) Right to Piggyback. Whenever the Company proposes to register any of its equity securities under the Securities Act (other than pursuant to a
Demand Registration or a registration on Form S-4 or S-8 or any successor or similar forms) and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), whether or not
for sale for its own account, the Company will give prompt written notice to all holders of Registrable Securities of its intention to effect such a registration and, subject to Sections 2(c) and 2(d) below, will include in such
registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within 10 days after the sending by the Company of the Company’s notice. 
 (b) Piggyback Expenses. In all Piggyback Registrations, the Registration Expenses of the holders of Registrable Securities will be paid by the
Company. 
 (c) Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of
the Company, and the managing underwriters advise the Company in writing (with a copy to each party hereto requesting registration of Registrable Securities under this Section 2) that, in their opinion, the number of securities requested
to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing, distribution method or probability of success of the offering, then the Company
will include in such registration (i) first, the securities that the Company proposes to sell, (ii) second, the Registrable Securities requested to be included in such registration, pro rata among the holders thereof on the basis of the
number of Registrable Securities owned by each such holder, and (iii) third, other securities requested to be included in such registration pro rata among the holders of such securities on the basis of the number of such other securities owned
by each such holder. 
 (d) Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration
on behalf of holders of the Company’s securities (it being understood that secondary registrations on behalf of holders of Registrable Securities are addressed in Section 1 above rather than in this Section 2(d)), and
the managing underwriters advise the Company in writing that, in their opinion, the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the
marketability of the offering, the Company will include in such registration (i) first, the securities requested to be included therein by the holders requesting such registration, (ii) second, the Registrable Securities requested to be
included in such registration, pro rata among the holders of such Registrable Securities on the basis of the number of Registrable Securities owned by each such requesting holder and (iii) third, other securities requested to be included in
such registration pro rata among the holders of such other securities on the basis of the number of such securities owned by each such holder. 
 (e) Selection of Underwriters. If any Piggyback Registration is an underwritten offering, the selection of the investment banker(s) and manager(s) for the offering shall be made by the Company in its sole discretion. 
  

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 (f) Withdrawal by Company. If, at any time after giving notice of its intention to register any of
its securities as set forth in Section 2(a) and before the effective date of such registration statement filed in connection with such registration, the Company shall determine, for any reason, not to register such securities, the
Company shall give written notice of such determination to each holder of Registrable Securities and thereupon shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from its
obligation to pay the Registration Expenses in connection therewith as provided herein). 
 (g) Limitation. No Piggyback Registration
under this Section 2 shall be deemed to constitute a Demand Registration or to have been effected pursuant to Section 1 hereof or shall release the Company of its obligations to effect any Demand Registration upon request as
provided in Section 1. 
 3. Holdback Agreements. 
 (a) Each holder of Registrable Securities agrees not to effect any public sale or distribution (including sales pursuant to Rule 144) of equity securities
of the Company, or any securities, options, or rights convertible into or exchangeable or exercisable for such securities, during the Applicable Period (except as part of such underwritten registration), unless the underwriters managing the
registered public offering otherwise agree. The “Applicable Period” shall begin seven days before and continue for 180 days following the effective date of the registration statement for the Initial Public Offering and shall begin seven
days before and continue for 90 days following the effective date of the registration statement for any other underwritten public offering of the Company’s equity securities (including Demand and Piggyback Registrations). 
 (b) The Company agrees (i) not to effect any public sale or distribution of its equity securities, or any securities convertible into or
exchangeable or exercisable for such securities, during the Applicable Period (except as part of such underwritten registration or pursuant to registrations on Form S-4 or S-8 or any successor form), unless the underwriters managing the registered
public offering otherwise agree, and (ii) to cause each holder of its Common Stock, or any securities convertible into or exchangeable or exercisable for Common Stock, purchased or otherwise acquired from the Company at any time after the date
of this Agreement (other than in a registered public offering) to agree not to effect any public sale or distribution (including sales pursuant to Rule 144) of any such securities during any such period (except as part of such underwritten
registration, if otherwise permitted), unless the underwriters managing the registered public offering otherwise agree. 
 4. Registration
Procedures. Whenever the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement, the Company will use its reasonable best efforts to effect the registration and the
sale of such Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company will as expeditiously as possible: 
 (a) prepare and (within 60 days after receiving a request for registration) file with the Securities and Exchange Commission a registration statement with respect to such Registrable Securities and thereafter use its
reasonable best efforts to cause such registration statement to 
  

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 become effective (provided, that, before filing a registration statement or prospectus or any amendments or
supplements thereto, the Company will furnish to the counsel selected by the holders of a majority of the Registrable Securities covered by such registration statement copies of all such documents proposed to be filed, which documents will be
subject to review of such counsel); 
 (b) prepare and file with the Securities and Exchange Commission such amendments and supplements to
such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period of either (i) not less than six months (subject to extension pursuant to
Section 7(b)) or, if such registration statement relates to an underwritten offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sales of
Registrable Securities by an underwriter or dealer, or (ii) such shorter period as will terminate when all of the securities covered by such registration statement during such period have been disposed of in accordance with the intended methods
of disposition by the seller or sellers thereof set forth in such registration statement (but, in any event, not before the expiration of any longer period required under the Securities Act), and to comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such registration statement until such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set
forth in such registration statement; 
 (c) furnish to each seller of Registrable Securities such number of copies of such registration
statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), and such other documents as such seller may reasonably request in order to facilitate the disposition
of the Registrable Securities owned by such seller; 
 (d) use its reasonable best efforts to register or qualify such Registrable Securities
under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such
jurisdictions of the Registrable Securities owned by such seller (provided, that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but
for this subsection, (ii) subject itself to taxation in any such jurisdiction, or (iii) consent to general service of process in any such jurisdiction); 
 (e) notify each seller of such Registrable Securities, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the discovery of the happening
of any event as a result of which, the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in the light of the circumstances
under which they were made, and, at the request of any such seller, the Company will prepare and furnish to such seller a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers
of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made;

  

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 (f) use its reasonable best efforts to cause all such Registrable Securities to be listed on each
securities exchange on which similar securities issued by the Company are then listed and, if not so listed, to be listed on a securities exchange or the National Association of Securities Dealers (“NASD”) automated quotation system
and, if listed on the NASD automated quotation system, use its reasonable best efforts to secure designation of all such Registrable Securities covered by such registration statement as a “national market system security” of The Nasdaq
Stock Market within the meaning of Rule 11Aa2-1 of the Securities Exchange Act, or, failing that, to secure The Nasdaq Stock Market’s authorization for such Registrable Securities and, without limiting the generality of the foregoing, to
arrange for at least two market makers to register as such with respect to such Registrable Securities with the NASD; 
 (g) use its
reasonable best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement; 
 (h) enter into such customary agreements (including underwriting agreements in customary form) and take all such other actions as the holders of a majority of the Registrable Securities being sold or the underwriters,
if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, effecting a stock split, combination of shares, recapitalization, or reorganization); 
 (i) make available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration
statement, and any attorney, accountant, or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate and business documents and properties of the Company as shall be necessary to enable them to
exercise their due diligence responsibility, and cause the Company’s officers, directors, employees, agents, representatives, and independent accountants to supply all such information reasonably requested by any such seller, underwriter,
attorney, accountant, or agent in connection with such registration statement; 
 (j) otherwise use its reasonable best efforts to comply
with all applicable rules and regulations of the Securities and Exchange Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12 months, beginning with the
first day of the Company’s first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

 (k) permit any holder of Registrable Securities which holder, in its sole and exclusive judgment, might be deemed to be an underwriter or
a controlling person of the Company to participate in the preparation of such registration or comparable statement and to require the insertion therein of material, furnished to the Company in writing, which in the reasonable judgment of such holder
and its counsel should be included; 
 (l) in the event of the issuance of any stop order suspending the effectiveness of a registration
statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any securities included in such registration statement for sale in any jurisdiction, use its reasonable best efforts promptly to
obtain the withdrawal of such order; 
  

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 (m) use its reasonable best efforts to cause such Registrable Securities covered by such registration
statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; 
 (n) use its reasonable best efforts to obtain a cold comfort letter from the Company’s independent public accountants in customary form and covering
such matters of the type customarily covered by cold comfort letters, which letter shall be addressed to the underwriters, and the Company shall use its reasonable best efforts to cause such cold comfort letter to also be addressed to the holders of
such Registrable Securities; and 
 (o) use its reasonable best efforts to obtain an opinion from the Company’s outside counsel in
customary form and covering such matters of the type customarily covered by such opinions, which opinion shall be addressed to the underwriters and the holders of such Registrable Securities. 
 If any such registration or comparable statement refers to any holder by name or otherwise as the holder of any securities of the Company and if such holder, in its sole
and exclusive judgment, is or might be deemed to be an underwriter or a controlling person of the Company, such holder shall have the right to require (i) the insertion therein of language, in form and substance satisfactory to such holder and
presented to the Company in writing, to the effect that the holding by such holder of such securities is not to be construed as a recommendation by such holder of the investment quality of the Company’s securities covered thereby, and that such
holding does not imply that such holder shall assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to such holder by name or otherwise is not required by the Securities Act or any similar
federal or state statute then in force, the deletion of the reference to such holder; provided, that, with respect to this clause (ii), such holder shall furnish to the Company an opinion of counsel to such effect, which opinion and
counsel shall be reasonably satisfactory to the Company. The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish the Company with such information regarding such seller and the
distribution of such securities as the Company may from time to time reasonably request in writing. 
 5. Registration Expenses.

 (a) All expenses incident to the Company’s performance of or compliance with this Agreement, including, without limitation, all
registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, fees and disbursements of counsel for the Company, and all
independent certified public accountants, underwriters (excluding discounts and commissions), and other Persons retained by the Company (all such expenses being herein referred to as “Registration Expenses”), will be borne as
provided in this Agreement, except that the Company will, in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any
annual audit or quarterly review, the expense of any liability insurance, and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed or, if none
are so listed, on a securities 
  

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 exchange or the NASD automated quotation system. The Company shall have no obligation to pay any underwriting discounts
or selling commissions attributable to the Registrable Securities being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders 
 (b) In connection with each Demand Registration and each Piggyback Registration, the Company shall reimburse the holders of Registrable Securities
included in such registration for the reasonable fees and disbursements of one counsel chosen by the holders of a majority of the Registrable Securities included in such registration. 
 (c) To the extent Registration Expenses are not required to be paid by the Company, each holder of securities included in any registration hereunder will
pay those Registration Expenses allocable to the registration of such holder’s securities so included, and any Registration Expenses not so allocable will be borne by all sellers of securities included in such registration in proportion to the
aggregate selling price of each seller’s securities to be so registered. 
 6. Indemnification. 
 (a) The Company agrees to indemnify and hold harmless, to the full extent permitted by law, each holder of Registrable Securities, its officers,
directors, members, agents, and employees and each Person who controls such holder (within the meaning of the Securities Act) against any and all losses, claims, damages, liabilities, joint or several, together with reasonable costs and expenses
(including reasonable attorney’s fees), to which such indemnified party may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages, or liabilities (or actions or proceedings, whether commenced or
threatened, in respect thereof) arise out of, are based upon, are caused by, or result from (i) any untrue or alleged untrue statement of material fact contained (A) in any registration statement, prospectus, or preliminary prospectus or
any amendment thereof or supplement thereto, or (B) in any application or other document or communication (in this Section 6 collectively called an “application”) executed by or on behalf of the Company or based
upon written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration statement under the “blue sky” or securities laws thereof, or (ii) any
omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Company will reimburse such holder and each such director, officer, member, agent and employee for any
legal or any other expenses incurred by them in connection with investigating or defending any such loss, claim, liability, action, or proceeding; provided, however, that the Company shall not be liable in any such case to the extent
that any such loss, claim, damage, liability (or action or proceeding in respect thereof), or expense arises out of, is based upon, is caused by, or results from an untrue statement or alleged untrue statement, or omission or alleged omission, made
in such registration statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished to the Company by such
holder or other indemnified party expressly for use therein or by such holder’s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Company has furnished such holder with a
sufficient number of copies of the same. In connection with any underwritten offering, the Company will indemnify 
  

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 such underwriters, their officers and directors, and each Person who controls such underwriters (within the meaning of
the Securities Act) to the same extent as provided above with respect to the indemnification of the holders of Registrable Securities. 
 (b)
In connection with any registration statement in which a holder of Registrable Securities is participating, each such holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in
connection with any such registration statement or prospectus and, to the full extent permitted by law, will indemnify and hold harmless the other holders of Registrable Securities and the Company, and their respective directors, officers, members,
agents, and employees and each other Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities, joint or several, together with reasonable costs and expenses (including reasonable
attorney’s fees), to which such indemnified party may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages, or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of, are based upon, are caused by, or result from (i) any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto
or in any application, or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is made
in such registration statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or in any application, in reliance upon and in conformity with written information prepared and furnished to the Company by such
holder expressly for use therein; provided, however, that the obligation to indemnify will be individual to each holder and will be limited to the net amount of proceeds received by such holder from the sale of Registrable Securities
pursuant to such registration statement. 
 (c) Any Person entitled to indemnification hereunder will (i) give prompt written notice to
the indemnifying party of any claim with respect to which it seeks indemnification (provided, that the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder to the extent such failure has
not prejudiced the indemnifying party), and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without
its consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with
respect to such claim. 
 (d) The indemnifying party shall not, except with the approval of each indemnified party, consent to entry of any
judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to each indemnified party of a release from all liability in respect to such claim or litigation without any
payment or consideration provided by such indemnified party. 
  

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 (e) If the indemnification provided for in this Section 6 is unavailable to, or is
insufficient to hold harmless, an indemnified party under the provisions above in respect of any losses, claims, damages, or liabilities referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages, or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the sellers of Registrable Securities and any
other sellers participating in the registration statement on the other hand from the sale of Registrable Securities pursuant to the registered offering of securities as to which indemnity is sought, or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and of the
sellers of Registrable Securities and any other sellers participating in the registration statement on the other hand in connection with the statement or omissions which resulted in such losses, claims, damages, or liabilities, as well as any other
relevant equitable considerations. The relative benefits received by the Company on the one hand and the sellers of Registrable Securities and any other sellers participating in the registration statement on the other hand shall be deemed to be in
the same proportion as the total net proceeds from the offering (before deducting expenses) to the Company bear to the total net proceeds from the offering (before deducting expenses) to the sellers of Registrable Securities and any other sellers
participating in the registration statement. The relative fault of the Company on the one hand and of the sellers of Registrable Securities and any other sellers participating in the registration statement on the other hand shall be determined by
reference to, among other things, whether the untrue or alleged omission to state a material fact relates to information supplied by the Company or by the sellers of Registrable Securities or other sellers participating in the registration statement
and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
 (f) The Company and the sellers of Registrable Securities agree that it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata allocation (even if the sellers of Registrable
Securities were treated as one entity for such purpose) or by any other method of allocation which does not take into account the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an
indemnified party as a result of the losses, claims, damages, and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred
by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 6, no seller of Registrable Securities shall be required to contribute any amount in excess
of the net proceeds received by such seller from the sale of Registrable Securities covered by the registration statement filed pursuant hereto. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (g) The
indemnification and contribution by any such party provided for under this Agreement shall be in addition to any other rights to indemnification or contribution which any 
  

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 indemnified party may have pursuant to law or contract and will remain in full force and effect regardless of any
investigation made or omitted by or on behalf of the indemnified party or any officer, director, employee or controlling Person of such indemnified party and will survive the transfer of securities. 
 7. Participation in Underwritten Registrations. 
 (a) No Person may participate in any registration hereunder which is underwritten unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or
Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to the terms of any over-allotment or “green shoe” option requested by the managing underwriter(s); provided, that no holder of
Registrable Securities will be required to sell more than the number of Registrable Securities that such holder has requested the Company to include in any registration), and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements, and other documents reasonably required under the terms of such underwriting arrangements. 
 (b) Each
Person that is participating in any registration hereunder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 4(e) above, such Person will forthwith discontinue the
disposition of its Registrable Securities pursuant to the registration statement until such Person’s receipt of the copies of a supplemented or amended prospectus as contemplated by such Section 4(e). In the event that the Company
shall give any such notice, the applicable time period mentioned in Section 4(b) during which a Registration Statement is to remain effective shall be extended by the number of days during the period from and including the date of the
giving of such notice pursuant to this Section 7 to and including the date when each seller of a Registrable Security covered by such registration statement shall have received the copies of the supplemented or amended prospectus
contemplated by Section 4(e). 
 8. Current Public Information. At all times after the Company has filed a registration statement
with the Securities and Exchange Commission pursuant to the requirements of either the Securities Act or the Securities Exchange Act, the Company will file all reports required to be filed by it under the Securities Act and the Securities Exchange
Act and the rules and regulations adopted by the Securities and Exchange Commission thereunder, and will take such further action as any holder or holders of Registrable Securities may reasonably request, all to the extent required to enable such
holders to sell Registrable Securities pursuant to Rule 144 adopted by the Securities and Exchange Commission under the Securities Act (as such rule may be amended from time to time) or any similar rule or regulation hereafter adopted by the
Securities and Exchange Commission. 
 9. Definitions. 
 “Common Stock” shall mean the Common Stock, $.001 par value per share, of the Company as constituted on the date hereof and any stock into which any such common stock shall have been changed or any
stock resulting from any reclassification of any such common stock. 
  

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 “HIG Registrable Securities” means (i) all shares of Common Stock of the Company
originally issued, directly or indirectly, to HIG, (ii) all shares of Common Stock of the Company issued or issuable, directly or indirectly, with respect to the securities referred to in clause (i) above upon exercise, conversion, or
exchange or by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation, or other reorganization, and (iii) all other shares of Common Stock of the Company held by Persons
holding securities described in clauses (i) and (ii) above. As to any particular HIG Registrable Securities, such securities shall cease to be HIG Registrable Securities when they have been (a) distributed to the public pursuant to an
offering registered under the Securities Act, (b) sold to the public through a broker, dealer, or market maker in compliance with Rule 144 under the Securities Act (or any similar rule then in force), or (c) repurchased by the Company or
any Subsidiary thereof or purchased or otherwise acquired by any employee of the Company, and, if such HIG Registrable Securities are purchased or otherwise acquired by any employee of the Company, then such HIG Registrable Securities shall be
deemed Other Registrable Securities. For purposes of this Agreement, a Person shall be deemed to be a holder of HIG Registrable Securities, and the HIG Registrable Securities shall be deemed to be in existence, whenever such Person has the right to
acquire directly or indirectly such HIG Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not
such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a holder of HIG Registrable Securities hereunder. 
 “Initial Public Offering” shall mean the closing of the first sale of Common Stock pursuant to an effective registration statement filed by the Company under the Securities Act in connection with a
firm commitment underwritten offering of its Common Stock to the general public. 
 “Other Registrable Securities” means
(i) all shares of Common Stock of the Company originally issued, directly or indirectly, to any other Investor, (ii) all shares of Common Stock of the Company issued or issuable, directly or indirectly, with respect to the securities
referred to in clause (i) above upon exercise, conversion, or exchange or by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation, or other reorganization, and
(iii) any other shares of Common Stock of the Company held by Persons holding securities described in clauses (i) and (ii) above. As to any particular Other Registrable Securities, such securities shall cease to be Other Registrable
Securities when they have been (a) distributed to the public pursuant to an offering registered under the Securities Act, (b) sold to the public through a broker, dealer, or market maker in compliance with Rule 144 under the Securities Act
(or any similar rule then in force) or (c) repurchased by the Company or any Subsidiary thereof or purchased or otherwise acquired by HIG, and, if such Other Registrable Securities are purchased or otherwise acquired by HIG, then such Other
Registrable Securities shall be deemed HIG Registrable Securities. For purposes of this Agreement, a Person shall be deemed to be a holder of Other Registrable Securities, and the Other Registrable Securities shall be deemed to be in existence,
whenever such Person has the right to acquire, directly or indirectly, such Other Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the
exercise of such right other than vesting), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a holder of Other Registrable Securities hereunder. 
  

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 “Person” shall mean an individual, a corporation, a limited liability company, an
association, a joint-stock company, a business trust or other similar organization, a partnership, a joint venture, a trust, an unincorporated organization or a government or any agency, instrumentality or political subdivision thereof. 

“Registrable Securities” means, collectively, the HIG Registrable Securities and the Other Registrable Securities. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations
promulgated thereunder, all as amended, modified or supplemented from time to time. 
 “Securities and Exchange Commission”
includes any governmental body or agency succeeding to the functions thereof. 
 “Securities Exchange Act” means the
Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations promulgated thereunder, all as amended, modified or supplemented from time to time. 
 “Subsidiary” or “Subsidiaries” means, with respect to any Person, any corporation, limited liability company, partnership,
association, or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, or
trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof, or (ii) if a limited liability company, partnership, association, or
other business entity, a majority of the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of such Person or a combination thereof. For
purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association, or other business entity if such Person or Persons shall be allocated a majority of limited
liability company, partnership, association, or other business entity gains or losses or shall be or control any managing director or general partner of such limited liability company, partnership, association, or other business entity. 

10. Miscellaneous. 
 (a) No
Inconsistent Agreements. The Company will not hereafter enter into any agreement with respect to the Company’s securities which is inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement.

 (b) Adjustments Affecting Registrable Securities. The Company will not take any action, or permit any change to occur, with respect
to the Company’s securities which would materially and adversely affect the ability of the holders of Registrable Securities to include such Registrable Securities in a registration undertaken pursuant to this Agreement or which would adversely
affect the marketability of such Registrable Securities in any such registration (including, without limitation, effecting a stock split, combination of shares, or other recapitalization). 
  

 13 

 (c) Amendment and Waiver. Except as otherwise provided herein, no modification, amendment, or
waiver of any provision of this Agreement will be effective against the Company or the holders of Registrable Securities, unless such modification, amendment, or waiver is approved in writing by the Company and the holders of at least a majority of
the Registrable Securities; provided, that in the event that such amendment or waiver would materially and adversely affect a holder or group of holders of Registrable Securities in a manner substantially different than any other
holders of Registrable Securities, then such amendment or waiver will require the consent of such holder of Registrable Securities or a majority of the Registrable Securities held by such group of holders materially and adversely affected. The
failure of any party to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such party thereafter to enforce each and every provision of this Agreement in
accordance with its terms. 
 (d) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality, or
unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed, and enforced in such jurisdiction as if such invalid, illegal, or unenforceable provision had never been contained
herein. 
 (e) Entire Agreement. Except as otherwise expressly set forth herein, this Agreement embodies the complete agreement and
understanding among the parties and supersedes and preempts any prior understandings, agreements, or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. 
 (f) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective heirs, executors, successors and assigns. In addition, and whether or not any express assignment shall have been made, the provisions of this Agreement which are for the benefit of the holders of Registrable Securities (or any portion
thereof) as such shall be for the benefit of, and enforceable by, any subsequent holder of any Registrable Securities (or of such portion thereof). 
 (g) Counterparts. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together shall constitute one and the same agreement. 
 (h) Remedies. Any Person having rights under any provision of this Agreement shall be entitled to enforce their rights under this Agreement
specifically to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor; provided, however the parties hereto stipulate that the remedies at law of any party
hereto in the event of any default or threatened default by any other party hereto in the performance of or compliance with the terms hereof are not and will not be adequate and that, to the fullest extent permitted by law, such terms may be
specifically enforced (without posting a bond or other security) by a decree for the specific performance thereof, whether by an injunction against violation thereof or otherwise. 
  

 14 

 (i) Notices. All communications provided for herein shall be in writing and sent (a) by
facsimile if the sender on the same day sends a confirming copy of such communication by a recognized overnight delivery service (charges prepaid), (b) by a recognized overnight delivery service (charges prepaid), or (c) by messenger, in
each case as follows: 
 if to the Company, to it at: 
 Claymont Steel Holdings, Inc. 
 4001 Philadelphia Pike 
 Claymont Delaware 19703 
 Attention: Jeff
Bradley 
 Fax No.: (302) 792-1195 
 if to H.I.G. Capital LLC, Inc., to it at: 
 c/o H.I.G. Capital, LLC 
 1001 Brickell Bay Drive 
 27th Floor

 Miami, FL 33131 
 Attention:
Matthew Sanford 
 Fax No.: (305) 379-2013 
 in each case, with a copy to: 
 Morgan Lewis & Bockius LLP 
 One Oxford Centre, Thirty-Second Floor 
 301
Grant Street 
 Pittsburgh, PA 15219 
 Attn: Kimberly A. Taylor, Esq. 
 Fax No.: (412) 560-7001 
 Any party may change its address (or facsimile number) by notice to each of the other parties in accordance with this Section 10(i). Notice shall be deemed given (and received) on the date of service or
transmission if personally served or transmitted by telegram, or facsimile (with confirmation of successful transmission obtained); provided, that if such service or transmission is not on a business day or is after normal business
hours, then such notice shall be deemed given (and received) on the next business day. Notice otherwise sent as provided herein shall be deemed given (and received) on the next business day following timely delivery of such notice to a recognized
overnight delivery service. 
 (j) Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by and
construed in accordance with the domestic laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the
laws of any 
  

 15 

 jurisdiction other than the State of Delaware. Each party hereto submits to the jurisdiction of any state or federal
court sitting in the State of Delaware, in any action or proceeding arising out of or relating to this Agreement and agrees that all claims in respect of the action or proceeding may be heard and determined in any such court. Each party also agrees
not to bring any action or proceeding arising out of or relating to this Agreement in any other court. Each party hereto waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety,
or other security that might be required of any other party with respect thereto. Any party may make service on any other party by sending or delivering a copy of the process to the party to be served at the address and in the manner provided for
the giving of notices in Section 10(i) above. Nothing in this Section 10(j), however, shall affect the right of any party to bring any action or proceeding arising out of or relating to this Agreement in any other court or to
serve legal process in any other manner permitted by law or at equity. Each party agrees that a final judgment in any action or proceeding so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by
law or at equity. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTY IN RESPECT OF ITS OR HIS OBLIGATIONS HEREUNDER OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
 (k) No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties
hereto to express their mutual intent, and no rule of strict construction shall be applied against any party. 
 (l) Business Days. If
any time period for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or legal holiday in the state in which the Company’s chief executive office is located, the time period shall automatically be extended to
the business day immediately following such Saturday, Sunday or legal holiday. 
 (m) Descriptive Headings. The descriptive headings
of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY BLANK]

  

 16 

 IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement on the day
and year first above written. 
  

			
	CLAYMONT STEEL HOLDINGS, INC.
		
	By:	 	 /s/ Jeff Bradley
  

	Name:	 	Jeff Bradley
	Title:	 	Chief Executive Officer
	
	H.I.G. CAPITAL LLC, INC.
		
	By:	 	 /s/ Sami Mnaymneh
  

	Name:	 	Sami Mnaymneh
	Title:	 	Co-President

 [Signature Page to Registration Rights Agreement]2006 Stock Incentive Plan

 Exhibit 10.17 
 CLAYMONT STEEL HOLDINGS, INC. 
 2006 STOCK INCENTIVE PLAN 
 ARTICLE ONE 
 GENERAL PROVISIONS

 I. PURPOSE OF THE PLAN 
 This 2006 Stock Incentive Plan is intended to promote the interests of Claymont Steel Holdings, Inc., a Delaware corporation, by providing eligible persons in the Corporation’s service with the opportunity to acquire a proprietary
interest, or otherwise increase their proprietary interest, in the Corporation as an incentive for them to remain in such service. 
 Capitalized terms shall have the meanings assigned to such terms in the attached Appendix. 
 II. STRUCTURE OF THE PLAN

 A. The Plan shall be divided into three separate equity incentive programs: 
 – the Discretionary Grant Program under which eligible persons may, at the discretion of the Plan Administrator, be granted options
to purchase shares of Common Stock or stock appreciation rights tied to the value of such Common Stock, 
 – the Stock
Issuance Program under which eligible persons may, at the discretion of the Plan Administrator, be issued shares of Common Stock pursuant to restricted stock awards, restricted stock units, performance shares or other stock-based awards which vest
upon the attainment of pre-established performance milestones and/or the completion of a designated service period, or such shares of Common Stock may be issued through direct purchase or as a bonus for services rendered the Corporation (or any
Parent or Subsidiary), and 
 – the Automatic Grant Program under which Eligible Directors will automatically receive
grants at designated intervals over their period of continued Board service. 
 B. The provisions of Articles One and Five shall apply to
each of the equity incentive programs under the Plan and shall govern the interests of all persons under the Plan. 

 III. ADMINISTRATION OF THE PLAN 
 A. The Compensation Committee shall have sole and exclusive authority to administer the Discretionary Grant and Stock Issuance Programs with respect to
Section 16 Insiders. Administration of the Discretionary Grant and Stock Issuance Programs with respect to all other persons eligible to participate in those programs may, at the Board’s discretion, be vested in the Compensation Committee
or a Secondary Board Committee, or the Board may retain the power to administer those programs with respect to all such persons. However, any Awards made to the members of the Compensation Committee (other than pursuant to the Automatic Grant
Program) must be authorized by a disinterested majority of the Board. 
 B. Members of the Compensation Committee or any Secondary Board
Committee shall serve for such period as the Board may determine and may be removed by the Board at any time. The Board may also at any time terminate the functions of the Secondary Board Committee and reassume all powers and authority previously
delegated to such committee. 
 C. Each Plan Administrator shall, within the scope of its administrative functions under the Plan, have full
power and authority (subject to the provisions of the Plan) to establish such rules and regulations as it may deem appropriate for proper administration of the Discretionary Grant and Stock Issuance Programs and to make such determinations under,
and issue such interpretations of, the provisions of those programs and any outstanding Awards thereunder as it may deem necessary or advisable. Decisions of the Plan Administrator within the scope of its administrative functions under the Plan
shall be final and binding on all parties who have an interest in the Discretionary Grant and Stock Issuance Programs under its jurisdiction or any Award thereunder. 
 D. Service as a Plan Administrator by the members of the Compensation Committee or the Secondary Board Committee shall constitute service as Board members, and the members of each such committee shall accordingly be
entitled to full indemnification and reimbursement as Board members for their service on such committee. No member of the Compensation Committee or the Secondary Board Committee shall be liable for any act or omission made in good faith with respect
to the Plan or any Award made thereunder. 
 E. Administration of the Automatic Grant Program shall be self-executing in accordance with the
terms of that program, and no Plan Administrator shall exercise any discretionary functions with respect to any Awards made under that program, except that the Compensation Committee shall have the express authority to establish from time to time
the specific number of shares of Common Stock to be subject to the initial and annual grants made to non-employee Board members under such program in accordance with the dollar value formula set forth in Article Four. 
 IV. ELIGIBILITY 
 A. The persons
eligible to participate in the Discretionary Grant and Stock Issuance Programs are as follows: 
 (i) Employees, 

 

 2 

 (ii) non-employee members of the Board or the board of directors of any Parent or
Subsidiary, and 
 (iii) consultants and other independent advisors who provide services to the Corporation (or any Parent or
Subsidiary). 
 B. The Plan Administrator shall have full authority to determine, (i) with respect to Awards made under the
Discretionary Grant Program, which eligible persons are to receive such Awards, the time or times when those Awards are to be made, the number of shares to be covered by each such Award, the time or times when the Award is to vest and become
exercisable, the maximum term for which such Award is to remain outstanding and the status of a granted option as either an Incentive Option or a Non-Statutory Option and (ii) with respect to Awards made under the Stock Issuance Program, which
eligible persons are to receive such Awards, the time or times when the Awards are to be made, the number of shares subject to each such Award, the vesting and issuance schedules applicable to the shares which are the subject of such Award and the
cash consideration (if any) payable for those shares. 
 C. The Plan Administrator shall have the absolute discretion either to grant options
or stock appreciation rights in accordance with the Discretionary Grant Program or to effect stock issuances and other stock-based awards in accordance with the Stock Issuance Program. 
 D. The individuals who shall be eligible to participate in the Automatic Grant Program shall be limited to (i) those individuals serving as Eligible
Directors on the Plan Effective Date and (ii) those individuals who first become Eligible Directors on or after the Plan Effective Date. An Eligible Director who has previously been in the employ of the Corporation (or any Parent or Subsidiary)
shall not be eligible to receive a grant under the Automatic Grant Program at the time he or she first becomes am Eligible Director, but shall be eligible to receive periodic grants under the Automatic Grant Program while he or she continues to
serve as an Eligible Director. 
 V. STOCK SUBJECT TO THE PLAN 
 A. The stock issuable under the Plan shall be shares of authorized but unissued or reacquired Common Stock, including shares repurchased by the
Corporation on the open market. The number of shares of Common Stock reserved for issuance over the term of the Plan shall not exceed 450,000 shares. 
 B. No one person participating in the Plan may receive Awards for more than 100,000 shares of Common Stock in the aggregate per calendar year. 
 C. Shares of Common Stock subject to outstanding Awards made under the Plan shall be available for subsequent issuance under the Plan to the extent those
Awards expire or terminate for any reason prior to the issuance of the shares of Common Stock subject to those Awards. Unvested shares issued under the Plan and subsequently forfeited or repurchased by the Corporation, at a price per share not
greater than the original issue price paid per share (as 
  

 3 

 adjusted to reflect changes in the Corporation’s capital structure), pursuant to the Corporation’s repurchase
rights under the Plan shall be added back to the number of shares of Common Stock reserved for issuance under the Plan and shall accordingly be available for subsequent reissuance. Should the exercise price of an option under the Plan be paid with
shares of Common Stock, then the authorized reserve of Common Stock under the Plan shall be reduced by the gross number of shares for which that option is exercised, and not by the net number of shares issued under the exercised stock option. If
shares of Common Stock otherwise issuable under the Plan are withheld by the Corporation in satisfaction of the withholding taxes incurred in connection with the issuance, exercise or vesting of an Award or the issuance of shares of Common Stock
thereunder, then the number of shares of Common Stock available for issuance under the Plan shall be reduced by the gross number of shares issued, exercised or vested under such Award, calculated in each instance prior to any such share withholding.

 D. In the event of any of the following transactions affecting the outstanding shares of Common Stock as a class without the
Corporation’s receipt of consideration: any stock split, stock dividend, spin-off transaction, extraordinary distribution (whether in cash, securities or other property), recapitalization, combination of shares, exchange of shares or other
similar transaction affecting the outstanding Common Stock as a class without the Corporation’s receipt of consideration, then equitable adjustments shall be made by the Plan Administrator to (i) the maximum number and/or class of
securities issuable under the Plan, (ii) the maximum number and/or class of securities for which any one person may receive Awards under the Plan per calendar year, (iii) the number and/or class of securities for which Awards may
subsequently be made under the Automatic Grant Program to new and continuing Eligible Directors, (iv) the number and/or class of securities and the exercise or base price per share in effect under each outstanding Award under the Discretionary
and Automatic Grant Programs, (v) the number and/or class of securities subject to each outstanding Award under the Stock Issuance and Automatic Grant Programs and the cash consideration (if any) payable per share and (vi) the number
and/or class of securities subject to the Corporation’s outstanding repurchase rights under the Plan and the repurchase price payable per share. To the extent the foregoing adjustments are to be made to outstanding Awards, such adjustments
shall be effected by the Plan Administrator in such manner as the Plan Administrator deems appropriate in order to prevent the dilution or enlargement of benefits under those Awards. The adjustments determined by the Plan Administrator shall be
final, binding and conclusive. 
 E. Outstanding Awards under the Plan shall in no way affect the right of the Corporation to adjust,
reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 
  

 4 

 ARTICLE TWO 
 DISCRETIONARY GRANT PROGRAM 
 I. OPTION TERMS 
 Each option shall be evidenced by one or more documents in the form approved by the Plan Administrator; provided, however, that each such document
shall comply with the terms specified below. Each document evidencing an Incentive Option shall, in addition, be subject to the provisions of the Plan applicable to such options. 
 A. Exercise Price. 
 1. The
exercise price per share shall be fixed by the Plan Administrator; provided, however, that such exercise price shall not be less than one hundred percent (100%) of the Fair Market Value per share of Common Stock on the grant date. 

2. The exercise price shall become immediately due upon exercise of the option and shall, subject to the provisions of the documents evidencing the
option, be payable in one or more of the forms specified below: 
 (i) cash or check made payable to the Corporation,

 (ii) shares of Common Stock valued at Fair Market Value on the Exercise Date and held for the requisite period (if any)
necessary to avoid any additional charges to the Corporation’s earnings for financial reporting purposes, or 
 (iii) to
the extent the option is exercised for vested shares, through a special sale and remittance procedure pursuant to which the Optionee shall concurrently provide instructions to (a) a brokerage firm (reasonably satisfactory to the Corporation for
purposes of administering such procedure in compliance with the Corporation’s pre-clearance/pre-notification policies) to effect the immediate sale of the purchased shares and remit to the Corporation, out of the sale proceeds available on the
settlement date, sufficient funds to cover the aggregate exercise price payable for the purchased shares plus all applicable income and employment taxes required to be withheld by the Corporation by reason of such exercise and (b) the
Corporation to deliver the certificates for the purchased shares directly to such brokerage firm on such settlement date in order to complete the sale. 
 Except to the extent such sale and remittance procedure is utilized, payment of the exercise price for the purchased shares must be made on the Exercise Date. 
  

 5 

 B. Exercise and Term of Options. Each option shall be exercisable at such time or times,
during such period and for such number of shares as shall be determined by the Plan Administrator and set forth in the documents evidencing the option. However, no option shall have a term in excess of seven (7) years measured from the grant
date. 
 C. Effect of Termination of Service. 
 1. The following provisions shall govern the exercise of any options granted pursuant to the Discretionary Grant Program that are outstanding at the time of the Optionee’s cessation of Service or death:

 (i) Any option outstanding at the time of the Optionee’s cessation of Service for any reason shall remain exercisable
for such period of time thereafter as shall be determined by the Plan Administrator and set forth in the documents evidencing the option, but no such option shall be exercisable after the expiration of the option term. 
 (ii) Any option held by the Optionee at the time of the Optionee’s death and exercisable in whole or in part at that time may be
subsequently exercised by the personal representative of the Optionee’s estate or by the person or persons to whom the option is transferred pursuant to the Optionee’s will or the laws of inheritance or by the Optionee’s designated
beneficiary or beneficiaries of that option. 
 (iii) Should the Optionee’s Service be terminated for Misconduct or
should the Optionee otherwise engage in Misconduct while holding one or more outstanding options granted under this Article Two, then all of those options shall terminate immediately and cease to be outstanding. 
 (iv) During the applicable post-Service exercise period, the option may not be exercised for more than the number of vested shares for
which the option is at the time exercisable. No additional shares shall vest under the option following the Optionee’s cessation of Service, except to the extent (if any) specifically authorized by the Plan Administrator in its sole discretion
pursuant to an express written agreement with the Optionee. Upon the expiration of the applicable exercise period or (if earlier) upon the expiration of the option term, the option shall terminate and cease to be outstanding for any shares for which
the option has not been exercised. 
 2. The Plan Administrator shall have complete discretion, exercisable either at the time an option is
granted or at any time while the option remains outstanding, to: 
 (i) extend the period of time for which the option is to
remain exercisable following the Optionee’s cessation of Service from the limited exercise period otherwise in effect for that option to such greater period of time as the Plan Administrator shall deem appropriate, but in no event beyond the
expiration of the option term, 
  

 6 

 (ii) include an automatic extension provision whereby the specified post-Service
exercise period in effect for any option granted under this Article Two shall automatically be extended by an additional period of time equal in duration to any interval within the specified post-Service exercise period during which the exercise of
that option or the immediate sale of the shares acquired under such option could not be effected in compliance with applicable federal and state securities laws, but in no event shall such an extension result in the continuation of such option
beyond the expiration date of the term of that option, and/or 
 (iii) permit the option to be exercised, during the
applicable post-Service exercise period, not only with respect to the number of vested shares of Common Stock for which such option is exercisable at the time of the Optionee’s cessation of Service but also with respect to one or more
additional installments in which the Optionee would have vested had the Optionee continued in Service. 
 D. Stockholder
Rights. The holder of an option shall have no stockholder rights with respect to the shares subject to the option until such person shall have exercised the option, paid the exercise price and become a holder of record of the
purchased shares. 
 E. Repurchase Rights. The Plan Administrator shall have the discretion to grant options which are
exercisable for unvested shares of Common Stock. Should the Optionee cease Service while such shares are unvested, the Corporation shall have the right to repurchase any or all of those unvested shares at a price per share equal to the
lower of (i) the exercise price paid per share or (ii) the Fair Market Value per share of Common Stock at the time of repurchase. The terms upon which such repurchase right shall be exercisable (including the period and
procedure for exercise and the appropriate vesting schedule for the purchased shares) shall be established by the Plan Administrator and set forth in the document evidencing such repurchase right. 
 F. Transferability of Options. The transferability of options granted under the Plan shall be governed by the following provisions:

 (i) Incentive Options: During the lifetime of the Optionee, Incentive Options shall be exercisable only by
the Optionee and shall not be assignable or transferable other than by will or the laws of inheritance following the Optionee’s death. 
 (ii) Non-Statutory Options. Non-Statutory Options shall be subject to the same limitation on transfer as Incentive Options, except that the Plan Administrator may structure one or more Non-Statutory
Options so that the option may be assigned in whole or in part during the Optionee’s lifetime to one or more Family Members of the Optionee or to a trust established exclusively for the Optionee and/or one or more such Family Members, to the
extent such assignment is in connection with the Optionee’s estate plan or pursuant to a domestic relations order. The assigned portion may only be exercised by the 
  

 7 

 person or persons who acquire a proprietary interest in the option pursuant to the assignment. The terms
applicable to the assigned portion shall be the same as those in effect for the option immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriate. 

(iii) Beneficiary Designations. Notwithstanding the foregoing, the Optionee may designate one or more persons as the
beneficiary or beneficiaries of his or her outstanding options under this Article Two (whether Incentive Options or Non-Statutory Options), and those options shall, in accordance with such designation, automatically be transferred to such
beneficiary or beneficiaries upon the Optionee’s death while holding those options. Such beneficiary or beneficiaries shall take the transferred options subject to all the terms and conditions of the applicable agreement evidencing each such
transferred option, including (without limitation) the limited time period during which the option may be exercised following the Optionee’s death. 
 II. INCENTIVE OPTIONS 
 The terms specified below shall be applicable to all Incentive Options. Except
as modified by the provisions of this Section II, all the provisions of Articles One, Two and Four shall be applicable to Incentive Options. Options which are specifically designated as Non-Statutory Options when issued under the Plan shall
not be subject to the terms of this Section II. 
 A. Eligibility. Incentive Options may only be granted to
Employees. 
 B. Dollar Limitation. The aggregate Fair Market Value of the shares of Common Stock (determined as of the
respective date or dates of grant) for which one or more options granted to any Employee under the Plan (or any other option plan of the Corporation or any Parent or Subsidiary) may for the first time become exercisable as Incentive Options during
any one calendar year shall not exceed the sum of One Hundred Thousand Dollars ($100,000). 
 To the extent the Employee holds two
(2) or more such options which become exercisable for the first time in the same calendar year, then for purposes of the foregoing limitations on the exercisability of those options as Incentive Options, such options shall be deemed to become
first exercisable in that calendar year on the basis of the chronological order in which they were granted, except to the extent otherwise provided under applicable law or regulation. 
 C. 10% Stockholder. If any Employee to whom an Incentive Option is granted is a 10% Stockholder, then the exercise price per share
shall not be less than one hundred ten percent (110%) of the Fair Market Value per share of Common Stock on the option grant date, and the option term shall not exceed five (5) years measured from the option grant date. 
  

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 III. STOCK APPRECIATION RIGHTS 
 A. Authority. The Plan Administrator shall have full power and authority, exercisable in its sole discretion, to grant stock appreciation
rights in accordance with this Section III to selected Optionees or other individuals eligible to receive option grants under the Discretionary Grant Program. 
 B. Types. Two types of stock appreciation rights shall be authorized for issuance under this Section III: (i) tandem stock appreciation rights (“Tandem Rights”) and (ii) stand-alone
stock appreciation rights (“Stand-alone Rights”). 
 C. Tandem Rights. The following terms and conditions shall
govern the grant and exercise of Tandem Rights. 
 1. One or more Optionees may be granted a Tandem Right, exercisable upon such terms and
conditions as the Plan Administrator may establish, to elect between the exercise of the underlying option for shares of Common Stock or the surrender of that option in exchange for a distribution from the Corporation in an amount equal to the
excess of (i) the Fair Market Value (on the option surrender date) of the number of shares in which the Optionee is at the time vested under the surrendered option (or surrendered portion thereof) over (ii) the aggregate exercise price
payable for such vested shares. 
 2. No such option surrender shall be effective unless it is approved by the Plan Administrator, either at
the time of the actual option surrender or at any earlier time. If the surrender is so approved, then the distribution to which the Optionee shall accordingly become entitled under this Section III shall be made in shares of Common Stock valued at
Fair Market Value on the option surrender date. 
 3. If the surrender of an option is not approved by the Plan Administrator, then the
Optionee shall retain whatever rights the Optionee had under the surrendered option (or surrendered portion thereof) on the option surrender date and may exercise such rights at any time prior to the later of (i) five (5) business
days after the receipt of the rejection notice or (ii) the last day on which the option is otherwise exercisable in accordance with the terms of the instrument evidencing such option, but in no event may such rights be exercised more than seven
(7) years after the date of the option grant. 
 D. Stand-Alone Rights. The following terms and conditions shall govern
the grant and exercise of Stand-alone Rights: 
 1. One or more individuals eligible to participate in the Discretionary Grant Program may be
granted a Stand-alone Right not tied to any underlying option under this Discretionary Grant Program. The Stand-alone Right shall relate to a specified number of shares of Common Stock and shall be exercisable upon such terms and conditions as the
Plan Administrator may establish. In no event, however, may the Stand-alone Right have a maximum term in excess of seven (7) years measured from the grant date. Upon exercise of the Stand- 
  

 9 

 alone Right, the holder shall be entitled to receive a distribution from the Corporation in an amount equal to the excess
of (i) the aggregate Fair Market Value (on the exercise date) of the shares of Common Stock underlying the exercised right over (ii) the aggregate base price in effect for those shares. 
 2. The number of shares of Common Stock underlying each Stand-alone Right and the base price in effect for those shares shall be determined by the Plan
Administrator in its sole discretion at the time the Stand-alone Right is granted. In no event, however, may the base price per share be less than the Fair Market Value per underlying share of Common Stock on the grant date. 
 3. Stand-alone Rights shall be subject to the same transferability restrictions applicable to Non-Statutory Options and may not be transferred during
the holder’s lifetime, except if such assignment is in connection with the holder’s estate plan and is to one or more Family Members of the holder or to a trust established for the holder and/or one or more such Family Members or pursuant
to a domestic relations order covering the Stand-alone Right as marital property. In addition, one or more beneficiaries may be designated for an outstanding Stand-alone Right in accordance with substantially the same terms and provisions as set
forth in Section I.F of this Article Two. 
 4. The distribution with respect to an exercised Stand-alone Right shall be made in shares of
Common Stock valued at Fair Market Value on the exercise date. 
 5. The holder of a Stand-alone Right shall have no stockholder rights with
respect to the shares subject to the Stand-alone Right unless and until such person shall have exercised the Stand-alone Right and become a holder of record of the shares of Common Stock issued upon the exercise of such Stand-alone Right.

 E. Post-Service Exercise. The provisions governing the exercise of Tandem and Stand-alone Rights following the cessation of
the recipient’s Service shall be substantially the same as those set forth in Section I.C of this Article Two for the options granted under the Discretionary Grant Program, and the Plan Administrator’s discretionary authority under Section
I.C.2 of this Article Two shall also extend to any outstanding Tandem or Stand-alone Appreciation Rights. 
 F. Gross
Counting. Upon the exercise of any Tandem or Stand-alone Right under this Section III, the share reserve under Section V of Article One shall be reduced by the gross number of shares as to which such right is exercised, and not by the
net number of shares actually issued by the Corporation upon such exercise. 
 IV. CHANGE IN CONTROL/HOSTILE TAKE-OVER 
 A. In the event of a Change in Control, each outstanding Award under the Discretionary Grant Program shall automatically accelerate so that each such
Award shall, immediately prior to the effective date of that Change in Control, become exercisable as to all the shares of Common Stock at the time subject to such Award and may be exercised as to any or all of those shares as fully vested shares of
Common Stock. However, an outstanding Award 
  

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 under the Discretionary Grant Program shall not become exercisable on such an accelerated basis if and to the extent:
(i) such Award is to be assumed by the successor corporation (or parent thereof) or is otherwise to continue in full force and effect pursuant to the terms of the Change in Control transaction or (ii) such Award is to be replaced with a
cash retention program of the successor corporation which preserves the spread existing at the time of the Change in Control on any shares as to which the Award is not otherwise at that time exercisable and provides for subsequent payout of that
spread in accordance with the same (or more favorable) exercise/vesting schedule in effect for that Award or (iii) the acceleration of such Award is subject to other limitations imposed by the Plan Administrator. 
 B. All outstanding repurchase rights under the Discretionary Grant Program shall automatically terminate, and the shares of Common Stock subject to those
terminated rights shall immediately vest in full, in the event of a Change in Control, except to the extent: (i) those repurchase rights are to be assigned to the successor corporation (or parent thereof) or are otherwise to continue in full
force and effect pursuant to the terms of the Change in Control transaction or (ii) such accelerated vesting is precluded by other limitations imposed by the Plan Administrator. 
 C. Immediately following the consummation of the Change in Control, all outstanding Awards under the Discretionary Grant Program shall terminate and
cease to be outstanding, except to the extent assumed by the successor corporation (or parent thereof) or otherwise continued in full force and effect pursuant to the terms of the Change in Control transaction. 
 D. Each Award which is assumed in connection with a Change in Control or otherwise continued in effect shall be appropriately adjusted, immediately after
such Change in Control, to apply to the number and class of securities into which the shares of Common Stock subject to that Award would have been converted in consummation of such Change in Control had those shares actually been outstanding at that
time. Appropriate adjustments to reflect such Change in Control shall also be made to (i) the exercise or base price per share in effect under each outstanding Award, provided the aggregate exercise or base price in effect for the
securities subject to that Award shall remain the same, (ii) the maximum number and/or class of securities available for issuance over the remaining term of the Plan, (iii) the maximum number and/or class of securities for which stock
option grants may subsequently be made under the Automatic Grant Program to new and continuing Eligible Directors, (iv) the maximum number and/or class of securities which may be issued without cash consideration under the Stock Incentive
Program and (v) the maximum number and/or class of securities for which any one person may receive Awards under the Plan per calendar year. To the extent the actual holders of the Corporation’s outstanding Common Stock receive cash
consideration for their Common Stock in consummation of the Change in Control, the successor corporation may, in connection with the assumption or continuation of the outstanding Awards under the Discretionary Grant Program, substitute one or more
shares of its own common stock with a fair market value equivalent to the cash consideration paid per share of Common Stock in such Change in Control transaction. 
  

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 E. The Plan Administrator shall have the discretionary authority to structure one or more outstanding
Awards under the Discretionary Grant Program so that those Awards shall, immediately prior to the effective date of a Change in Control, become exercisable as to all the shares of Common Stock at the time subject to those Awards and may be exercised
as to any or all of those shares as fully vested shares of Common Stock, whether or not those Awards are to be assumed in the Change in Control transaction or otherwise continued in effect. In addition, the Plan Administrator shall have the
discretionary authority to structure one or more of the Corporation’s repurchase rights under the Discretionary Grant Program so that those rights shall immediately terminate upon the consummation of the Change in Control transaction, and the
shares subject to those terminated rights shall thereupon vest in full. 
 F. The Plan Administrator shall have full power and authority to
structure one or more outstanding Awards under the Discretionary Grant Program so that those Awards shall become exercisable as to all the shares of Common Stock at the time subject to those Awards in the event the Optionee’s Service is
subsequently terminated by reason of an Involuntary Termination within a designated period following the effective date of any Change in Control transaction in which those Awards do not otherwise vest on an accelerated basis. In addition, the Plan
Administrator may structure one or more of the Corporation’s repurchase rights so that those rights shall immediately terminate with respect to any shares held by the Optionee at the time of such Involuntary Termination, and the shares subject
to those terminated repurchase rights shall accordingly vest in full at that time. 
 G. The Plan Administrator shall have the discretionary
authority to structure one or more outstanding Awards under the Discretionary Grant Program so that those Awards shall, immediately prior to the effective date of a Hostile Take-Over, become exercisable as to all the shares of Common Stock at the
time subject to those Awards and may be exercised as to any or all of those shares as fully vested shares of Common Stock. In addition, the Plan Administrator shall have the discretionary authority to structure one or more of the Corporation’s
repurchase rights under the Discretionary Grant Program so that those rights shall terminate automatically upon the consummation of such Hostile Take-Over, and the shares subject to those terminated rights shall thereupon vest in full.
Alternatively, the Plan Administrator may condition the automatic acceleration of one or more outstanding Awards under the Discretionary Grant Program and the termination of one or more of the Corporation’s outstanding repurchase rights under
such program upon the subsequent termination of the Optionee’s Service by reason of an Involuntary Termination within a designated period following the effective date of such Hostile Take-Over. 
 H. The portion of any Incentive Option accelerated in connection with a Change in Control or Hostile Take-Over shall remain exercisable as an Incentive
Option only to the extent the applicable One Hundred Thousand Dollar ($100,000) limitation is not exceeded. To the extent such dollar limitation is exceeded, the accelerated portion of such option shall be exercisable as a Non-statutory Option under
the Federal tax laws. 
  

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 V. PROHIBITION ON REPRICING PROGRAMS 
 The Plan Administrator shall not (i) implement any cancellation/regrant program pursuant to which outstanding options or stock appreciation rights
under the Plan are cancelled and new options or stock appreciation rights are granted in replacement with a lower exercise price per share, (ii) cancel outstanding options or stock appreciation rights under the Plan with exercise prices per
share in excess of the then current Fair Market Value per share of Common Stock for consideration payable in equity securities of the Corporation or (iii) otherwise directly reduce the exercise price in effect for outstanding options or stock
appreciation rights under the Plan, without in each such instance obtaining shareholder approval. 
  

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 ARTICLE THREE 
 STOCK ISSUANCE PROGRAM 
 I. STOCK ISSUANCE TERMS 
 Shares of Common Stock may be issued under the Stock Issuance Program, either as vested or unvested shares, through direct and immediate issuances without
any intervening option grants. Each such stock issuance shall be evidenced by a Stock Issuance Agreement which complies with the terms specified below. Shares of Common Stock may also be issued under the Stock Issuance Program pursuant to
performance share awards or restricted stock units which entitle the recipients to receive the shares underlying those awards or units upon the attainment of designated performance goals and/or the satisfaction of specified Service requirements or
upon the expiration of a designated time period following the vesting of those awards or units. 
 A. Issue Price. 

1. The issue price per share shall be fixed by the Plan Administrator, but shall not be less than one hundred percent (100%) of the Fair Market
Value per share of Common Stock on the issuance date. 
 2. Shares of Common Stock may be issued under the Stock Issuance Program for any of
the following items of consideration which the Plan Administrator may deem appropriate in each individual instance: 
 (i)
cash or check made payable to the Corporation, 
 (ii) past services rendered to the Corporation (or any Parent or
Subsidiary); or 
 (iii) any other valid consideration under the Delaware General Corporation Law. 
 B. Vesting Provisions. 
 1.
Shares of Common Stock issued under the Stock Issuance Program may, in the discretion of the Plan Administrator, be fully and immediately vested upon issuance or may vest in one or more installments over the Participant’s period of Service or
upon the attainment of specified performance objectives. The elements of the vesting schedule applicable to any unvested shares of Common Stock issued under the Stock Issuance Program shall be determined by the Plan Administrator and incorporated
into the Stock Issuance Agreement. 
  

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 Shares of Common Stock may also be issued under the Stock Issuance Program pursuant to performance share awards or
restricted stock units which entitle the recipients to receive the shares underlying those awards or units upon the attainment of designated performance goals and/or the satisfaction of specified Service requirements or upon the expiration of a
designated time period following the vesting of those awards or units, including (without limitation) a deferred distribution date following the termination of the Participant’s Service. 
 2. The Plan Administrator shall also have the discretionary authority, consistent with Code Section 162(m), to structure one or more Awards under
the Stock Issuance Program so that the shares of Common Stock subject to those Awards shall vest (or vest and become issuable) upon the achievement of certain pre-established corporate performance goals based on one or more of the following
criteria: (1) return on total stockholder equity; (2) earnings per share of Common Stock; (3) net income or operating income (before or after taxes); (4) earnings before interest, taxes, depreciation and amortization;
(5) earnings before interest, taxes, depreciation, amortization and charges for stock-based compensation, (6) sales or revenue targets; (7) return on assets, capital or investment; (8) cash flow; (9) market share;
(10) cost reduction goals; (11) budget comparisons; (12) measures of customer satisfaction; (13) any combination of, or a specified increase in, any of the foregoing; and (14) the formation of joint ventures or the
completion of other corporate transactions intended to enhance the Corporation’s revenue or profitability or enhance its customer base. In addition, such performance goals may be based upon the attainment of specified levels of the
Corporation’s performance under one or more of the measures described above relative to the performance of other entities and may also be based on the performance of any of the Corporation’s business units or divisions or any Parent or
Subsidiary. Performance goals may include a minimum threshold level of performance below which no award will be earned, levels of performance at which specified portions of an award will be earned and a maximum level of performance at which an award
will be fully earned. The performance goals may, at the time they are established for one or more Awards under the Stock Issuance Program, be subject to adjustment for one or more of the following items: extraordinary, unusual or non-recurring items
of gain, loss or expense; items of gain, loss or expense related to (a) the disposal of a business or discontinued operations or (b) the operations of any business acquired by the Corporation; accruals for reorganization and restructuring
cost and expenses; and items of gain, loss or expense attributable to changes in tax laws and regulations, accounting principles or other applicable laws or regulations. 
 3. Any new, substituted or additional securities or other property (including money paid other than as a regular cash dividend) which the Participant may have the right to receive with respect to the
Participant’s unvested shares of Common Stock by reason of any stock dividend, stock split, spin-off transaction, extraordinary distribution (whether in cash, securities or other property), recapitalization, combination of shares, exchange of
shares or other change affecting the outstanding Common Stock as a class without the Corporation’s receipt of consideration shall be issued subject to (i) the same vesting requirements applicable to the Participant’s unvested shares
of Common Stock and (ii) such escrow arrangements as the Plan Administrator shall deem appropriate. Equitable adjustments to reflect each such transaction shall also be made by the Plan Administrator to the repurchase price payable per share by
the Corporation for any unvested securities subject to its existing repurchase rights under the Plan; provided the aggregate repurchase price shall in each instance remain the same. 
  

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 4. The Participant shall have full stockholder rights with respect to any shares of Common Stock issued
to the Participant under the Stock Issuance Program, whether or not the Participant’s interest in those shares is vested. Accordingly, the Participant shall have the right to vote such shares and to receive any dividends paid on such shares,
subject to any applicable vesting requirements. The Participant shall not have any stockholder rights with respect to the shares of Common Stock subject to a restricted stock unit or performance share award until that award vests and the shares of
Common Stock are actually issued thereunder. However, dividend-equivalent units may be paid or credited, either in cash or in actual or phantom shares of Common Stock, on outstanding restricted stock unit or performance share awards, subject to such
terms and conditions as the Plan Administrator may deem appropriate. 
 5. Should the Participant cease to remain in Service while holding
one or more unvested shares of Common Stock issued under the Stock Issuance Program or should the performance objectives not be attained with respect to one or more such unvested shares of Common Stock, then those shares shall be immediately
surrendered to the Corporation for cancellation, and the Participant shall have no further stockholder rights with respect to those shares. To the extent the surrendered shares were previously issued to the Participant for consideration paid in cash
or cash equivalent, the Corporation shall repay to the Participant the lower of (i) the cash consideration paid for the surrendered shares or (ii) the Fair Market Value of those shares at the time of cancellation. 

6. The Plan Administrator may in its discretion waive the surrender and cancellation of one or more unvested shares of Common Stock which would
otherwise occur upon the cessation of the Participant’s Service or the non-attainment of the performance objectives applicable to those shares. Any such waiver shall result in the immediate vesting of the Participant’s interest in the
shares of Common Stock as to which the waiver applies. Such waiver may be effected at any time, whether before or after the Participant’s cessation of Service or the attainment or non-attainment of the applicable performance objectives.
However, no vesting requirements tied to the attainment of performance objectives may be waived with respect to shares which were intended at the time of the issuance to qualify as performance-based compensation under Code Section 162(m),
except in the event of the Participant’s Involuntary Termination or as otherwise provided in Section II of this Article Three. 
 7.
Outstanding performance share awards or restricted stock units under the Stock Issuance Program shall automatically terminate, and no shares of Common Stock shall actually be issued in satisfaction of those awards or units, if the performance goals
or Service requirements established for such awards or units are not attained or satisfied. The Plan Administrator, however, shall have the discretionary authority to issue vested shares of Common Stock under one or more outstanding performance
share awards or restricted stock units as to which the designated performance goals or Service requirements have not been attained or satisfied. However, no vesting requirements tied to the attainment of performance goals may be waived with respect
to awards or units which were intended, at the time those awards or units were granted, to qualify as performance-based compensation under Code Section 162(m), except in the event of the Participant’s Involuntary Termination or as
otherwise provided in Section II of this Article Three. 
  

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 II. CHANGE IN CONTROL/HOSTILE TAKE-OVER 
 A. All of the Corporation’s outstanding repurchase rights under the Stock Issuance Program shall terminate automatically, and all the shares of
Common Stock subject to those terminated rights shall immediately vest in full, in the event of any Change in Control, except to the extent (i) those repurchase rights are to be assigned to the successor corporation (or parent thereof) or are
otherwise to continue in full force and effect pursuant to the terms of the Change in Control transaction or (ii) such accelerated vesting is precluded by other limitations imposed in the Stock Issuance Agreement. 
 B. Each outstanding Award under the Stock Issuance Program which is assumed in connection with a Change in Control or otherwise continued in effect shall
be adjusted immediately after the consummation of that Change in Control so as to apply to the number and class of securities into which the shares of Common Stock subject to that Award immediately prior to the Change in Control would have been
converted in consummation of such Change in Control had those shares actually been outstanding at that time, and appropriate adjustments shall also be made to the cash consideration (if any) payable per share thereunder, provided the aggregate
amount of such consideration shall remain the same. To the extent the actual holders of the Corporation’s outstanding Common Stock receive cash consideration for their Common Stock in consummation of the Change in Control, the successor
corporation may, in connection with the assumption or continuation of the outstanding Awards, substitute one or more shares of its own common stock with a fair market value equivalent to the cash consideration paid per share of Common Stock in such
Change in Control transaction. 
 C. If an Award under the Stock Issuance Program is not assumed or otherwise continued in effect or replaced
with a cash retention program of the successor corporation which preserves the Fair Market Value of the underlying shares of Common Stock at the time of the Change in Control and provides for the subsequent payout of that value in accordance with
the same (or more favorable) vesting schedule in effect for those shares at the time of such Change in Control, then such Award shall vest, and the shares of Common Stock subject to that Award shall be issued as fully-vested shares, immediately
prior to the consummation of the Change in Control. 
 D. The Plan Administrator shall have the discretionary authority to structure one or
more unvested Awards under the Stock Issuance Program so that the shares of Common Stock subject to those Awards shall automatically vest (or vest and become issuable) in whole or in part immediately upon the occurrence of a Change in Control or
upon the subsequent termination of the Participant’s Service by reason of an Involuntary Termination within a designated period following the effective date of that Change in Control transaction. 
 E. The Plan Administrator shall also have the discretionary authority to structure one or more unvested Awards under the Stock Issuance Program so that
the shares of Common Stock subject to those Awards shall automatically vest (or vest and become issuable) in whole or in part immediately upon the occurrence of a Hostile Take-Over or upon the subsequent termination of the Participant’s Service
by reason of an Involuntary Termination within a designated period following the effective date of that Hostile Take-Over. 
  

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 F. The Plan Administrator’s authority under Paragraphs D and E of this Section II shall also extend
to any Awards under the Stock Issuance Program which are intended to qualify as performance-based compensation under Code Section 162(m), even though the automatic vesting of those issuances, units or awards pursuant to Paragraph D or E of this
Section II may result in their loss of performance-based status under Code Section 162(m). 
  

 18 

 ARTICLE FOUR 
 AUTOMATIC GRANT PROGRAM 
 I. OPTION TERMS 
 A. Automatic Grants. Awards shall be made pursuant to the Automatic Grant Program in effect under this Article Four as follows:

 1. Each individual who is serving as an Eligible Director on the Underwriting Date shall automatically be granted on such date an Award in
the form of a Non-Statutory Option to purchase that number of shares of Common Stock (rounded up to the next whole share) determined by dividing the sum of Thirty Thousand Dollars ($30,000.00) by the Fair Market Value per share of Common Stock on
the Underwriting Date (the “IPO Grant”). 
 2. Each individual who is first elected or appointed as an Eligible Director at any
time after the Plan Effective Date shall automatically be granted, on the date of such initial election or appointment, an Award in the form of a Non-Statutory Option to purchase that number of shares of Common Stock (rounded up to the next whole
share) determined by dividing the Applicable Dollar Amount by the Fair Market Value per share of Common Stock on such date, provided that individual has not previously been in the employ of the Corporation or any Parent or Subsidiary (the
“Initial Grant”). The Applicable Dollar Amount shall be determined by the Plan Administrator at the time of each such grant, but in no event shall exceed Fifty Thousand Dollars ($50,000.00). 
 3. On the date of each annual stockholders meeting, beginning with the 2007 Annual Meeting, each individual who is to continue to serve as an Eligible
Director, whether or not that individual is standing for re-election to the Board at that particular annual meeting, shall automatically be granted an Award in the form of restricted stock units covering that number of shares of Common Stock
(rounded up to the next whole share) determined by dividing the Applicable Annual Amount by the Fair Market Value per share on such date, provided that such individual has served as an Eligible Director for a period of at least six (6) months
(the “Annual Grant”). There shall be no limit on the number of such Annual Grants any one continuing Eligible Director may receive over his or her period of Board service, and Eligible Directors who have previously been in the employ of
the Corporation (or any Parent or Subsidiary) shall be eligible to receive one or more such Annual Grants over their period of continued Board service. The Applicable Annual Amount shall be determined by the Plan Administrator on or before the date
of the annual stockholders meeting on which those Annual Grants are to be made, but in no event shall exceed Thirty Thousand Dollars (30,000.00). 
 B. Exercise Price. 
 1. The exercise price per share for each IPO Grant or Initial Grant made under this Article Four
shall be equal to one hundred percent (100%) of the Fair Market Value per share of Common Stock on the option grant date. 
  

 19 

 2. The exercise price shall be payable in one or more of the alternative forms authorized under the
Discretionary Grant Program. Except to the extent the sale and remittance procedure specified thereunder is utilized, payment of the exercise price for the purchased shares must be made on the Exercise Date. 
 C. Option Term. Each IPO Grant or Initial Grant made under this Article Four shall have a maximum term of seven (7) years measured
from the option grant date, subject to earlier termination following the Optionee’s cessation of Board service. 
 D. Exercise and
Vesting of Options. Each IPO Grant or Initial Grant made under this Article Four shall be immediately exercisable for any or all of the option shares. However, any unvested shares purchased under the option shall be subject to repurchase by
the Corporation, at the lower of (i) the exercise price paid per share or (ii) the Fair Market Value per share of Common Stock at the time of repurchase, upon the Optionee’s cessation of Board service prior to vesting in
those shares. The shares subject to each IPO Grant and Initial Grant shall vest, and the Corporation’s repurchase right shall lapse, in four (4) successive equal annual installments upon the Optionee’s completion of each year of Board
service over the four (4)-year period measured from the option grant date. An Eligible Director shall not vest in any additional shares of Common Stock subject to his or her IPO Grant or Initial Grant following his or her cessation of Board service;
provided, however, that should such cessation of Board service occur by reason of such Eligible Director’s death or Permanent Disability, then all the shares purchased or purchasable under that grant shall immediately vest. Except
for sales made to cover the exercise price and the federal and state income tax liability attributable to the exercise of the option, the shares of Common Stock acquired upon the exercise of the IPO Grant or the Initial Grant shall be retained by
the Eligible Director until the earliest to occur of (i) the expiration of the four (4)-year period measured from the grant date of that option, (ii) his or her cessation of Board service or (iii) immediately prior to
the effective date of a Change in Control or Hostile Take-Over. 
 E. Vesting of Annual Grants and Issuance of Shares. The
Annual Grant shall vest upon the earlier of (i) the Eligible Director’s completion of the one (1)-year period of Board service measured from the award date or (ii) the Eligible Director’s continuation in such Board
service through the day immediately preceding the next annual stockholders meeting following such award date. An Eligible Director shall not vest in any Annual Grant which is unvested at the time of his or her cessation of Board service;
provided, however, that should such cessation of Board service occur by reason of such Eligible Director’s death or Permanent Disability, then the unvested Annual Grant shall immediately vest in full. The shares of Common Stock
underlying each Annual Grant which vests in accordance with the foregoing vesting provisions shall be issued upon the earliest to occur of (i) the expiration of the four (4)-year period measured from the award date of that Annual
Grant, (ii) the Eligible Director’s cessation of Board service or (iii) immediately prior to a Change in Control or Hostile Take-Over. 
 F. Limited Transferability of Options. Each IPO Grant or Initial Grant made under this Article Four may be assigned in whole or in part during the Optionee’s lifetime to one or more of his or her
Family Members or to a trust established exclusively for the Optionee and/or one or more such Family Members, to the extent such assignment is in 
  

 20 

 connection with the Optionee’s estate plan or pursuant to a domestic relations order. The assigned portion may only
be exercised by the person or persons who acquire a proprietary interest in the option pursuant to the assignment. The terms applicable to the assigned portion shall be the same as those in effect for the option immediately prior to such assignment
and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriate. The Optionee may also designate one or more persons as the beneficiary or beneficiaries of his or her outstanding IPO Grant or Initial
Grant under this Article Four, and such option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon the Optionee’s death while holding that option. Such beneficiary or beneficiaries
shall take the transferred option subject to all the terms and conditions of the applicable agreement evidencing each such transferred option, including (without limitation) the limited time period during which the option may be exercised following
the Optionee’s death. 
 G. Termination of Board Service. The following provisions shall govern the exercise of any
IPO Grant or Initial Grant held by the Eligible Director at the time he or she ceases Board service: 
 (i) The Eligible
Director (or, in the event of his or her death while holding the option, the personal representative of his or her estate or the person or persons to whom the option is transferred pursuant to his or her will or the laws of inheritance or the
designated beneficiary or beneficiaries of such option) shall have a twelve (12)-month period following the date of such cessation of Board service in which to exercise such option. 
 (ii) During the twelve (12)-month exercise period, the option may not be exercised in the aggregate for more than the number of vested
shares of Common Stock for which the option is exercisable at the time of the Eligible Director’s cessation of Board service. 
 (iii) In no event shall the option remain exercisable after the expiration of the option term. Upon the expiration of the twelve (12)-month exercise period or (if earlier) upon the expiration of the option term, the option shall terminate
and cease to be outstanding for any vested shares for which the option has not been exercised. However, the option shall, immediately upon the Eligible Director’s cessation of Board service for any reason (other than cessation of Board service
by reason of death or Permanent Disability), terminate and cease to be outstanding to the extent the option is not otherwise at that time exercisable for vested shares. 
 II. CHANGE IN CONTROL/HOSTILE TAKE-OVER 
 A. Should the Eligible Director continue in Board service
until the effective date of a Change in Control, then the following provisions shall apply: 
  

 21 

 (i) The shares of Common Stock at the time subject to any outstanding IPO Grant or
Initial Grant held by such Eligible Director under this Automatic Grant Program but not otherwise vested shall automatically vest in full so that such option shall, immediately prior to the effective date of the Change in Control, become exercisable
for all the option shares as fully vested shares of Common Stock and may be exercised for any or all of those vested shares. Immediately following the consummation of the Change in Control, such option shall terminate and cease to be outstanding,
except to the extent assumed by the successor corporation (or parent thereof) or otherwise continued in effect pursuant to the terms of the Change in Control transaction. 
 (ii) The shares of Common Stock subject to each outstanding Annual Award made to such Eligible Director shall, immediately prior to the
effective date of the Change in Control, vest in full and shall be issued to him or her as soon as administratively practicable thereafter, but in no event more than fifteen (15) business days after such effective date. 
 B. Should the Eligible Director continue in Board service until the effective date of a Hostile Take-Over, then the following provisions shall apply:

 (i) The shares of Common Stock at the time subject to any outstanding IPO Grant or Initial Grant held by such Eligible Director under this
Automatic Grant Program but not otherwise vested shall automatically vest in full so that such option shall, immediately prior to the effective date of the Hostile Take-Over, become exercisable for all the option shares as fully vested shares of
Common Stock and may be exercised for any or all of those vested shares. Each such option shall remain exercisable for such fully vested option shares until the expiration or sooner termination of the option term. 
 (ii) The shares of Common Stock subject to each outstanding Annual Award made to such Eligible Director shall, immediately prior to the
effective date of the Hostile Take-Over, vest in full and shall be issued to him or her as soon as administratively practicable thereafter, but in no event more than fifteen (15) business days after such effective date. 
 C. All outstanding repurchase rights under this under this Automatic Grant Program shall automatically terminate, and the shares of Common Stock subject
to those terminated rights shall immediately vest in full, in the event of any Change in Control or Hostile Take-Over. 
 D. Each option
which is assumed in connection with a Change in Control or otherwise continued in effect shall be appropriately adjusted, immediately after such Change in Control, to apply to the number and class of securities which would have been issuable to the
Optionee in consummation of such Change in Control had the option been exercised immediately prior to such Change in Control. Appropriate adjustments shall also be made to the exercise price payable per share under each outstanding option,
provided the aggregate exercise 
  

 22 

 price payable for such securities shall remain the same. To the extent the actual holders of the Corporation’s
outstanding Common Stock receive cash consideration for their Common Stock in consummation of the Change in Control, the successor corporation may, in connection with the assumption or continuation of the outstanding options under the Automatic
Grant Program, substitute one or more shares of its own common stock with a fair market value equivalent to the cash consideration paid per share of Common Stock in such Change in Control transaction. 
 III. REMAINING TERMS 
 The remaining
terms of each grant shall be the same as the terms in effect for option grants made under the Discretionary Grant Program. 
 IV.
ALTERNATIVE AWARDS 
 The Compensation Committee shall have full power and authority to award, in lieu of one or more automatic option
grants under this Article Four, unvested shares of Common Stock or restricted stock units which in each instance have an aggregate Fair Market Value substantially equal to the fair value (as determined for financial reporting purposes in accordance
with Financial Accounting Standard 123R or any successor standard) of the automatic option grant which such award replaces. Any such alternative award shall be made at the same time the automatic option grant which it replaces would have been made,
and the vesting provisions (including vesting acceleration) applicable to such award shall be substantially the same as in effect for the automatic option grant so replaced. 
  

 23 

 ARTICLE FIVE 
 MISCELLANEOUS 
 I. TAX WITHHOLDING 
 A. The Corporation’s obligation to deliver shares of Common Stock upon the issuance, exercise or vesting of an Award under the Plan shall be subject
to the satisfaction of all applicable income and employment tax withholding requirements. 
 B. The Plan Administrator may, in its
discretion, provide Optionees and Participants to whom Awards are made under the Plan (other than the Awards made under the Automatic Grant Program) with the right to use shares of Common Stock in satisfaction of all or part of the Withholding Taxes
to which such individuals may become subject in connection with the issuance, exercise or vesting of those Awards or the issuance of shares of Common Stock thereunder. Such right may be provided to any such individual in either or both of the
following formats: 
 Stock Withholding: The election to have the Corporation withhold, from the shares of Common Stock otherwise
issuable upon the issuance, exercise or vesting of such Award or the issuance of shares of Common Stock thereunder, a portion of those shares with an aggregate Fair Market Value equal to the percentage of the Withholding Taxes (not to exceed one
hundred percent (100%)) designated by such individual. The shares of Common Stock so withheld shall reduce the number of shares of Common Stock authorized for issuance under the Plan. 
 Stock Delivery: The election to deliver to the Corporation, at the time of the issuance, exercise or vesting of such Award or the issuance of
shares of Common Stock thereunder, one or more shares of Common Stock previously acquired by such individual (other than in connection with the issuance, exercise or vesting of the shares triggering the Withholding Taxes) with an aggregate Fair
Market Value equal to the percentage of the Withholding Taxes (not to exceed one hundred percent (100%)) designated by the individual. The shares of Common Stock so delivered shall not be added to the shares of Common Stock authorized for
issuance under the Plan. 
 II. SHARE ESCROW/LEGENDS 
 Unvested shares may, in the Plan Administrator’s discretion, be held in escrow by the Corporation until the Participant’s interest in such shares vests or may be issued directly to the Participant with
restrictive legends on the certificates evidencing those unvested shares. 
 III. EFFECTIVE DATE AND TERM OF THE PLAN 
 A. The Plan shall become effective on the Plan Effective Date. Options may be granted under the Discretionary Grant Program at any time on or after the
Plan Effective Date, and the IPO Grants under the Automatic Grant Program shall also be made on the Plan Effective Date to all Eligible Directors at that time. However, no options or stock appreciation 
  

 24 

 rights granted under the Plan may be exercised, and no shares shall be issued under the Plan, until the Plan is approved
by the Corporation’s stockholders. If such stockholder approval is not obtained within twelve (12) months after the date the Plan is adopted by the Board, then all options or stock appreciation rights previously granted under this Plan
shall terminate and cease to be outstanding, and no further options or stock appreciation rights shall be granted and no shares shall be issued under the Plan. 
 B. The Plan shall terminate upon the earliest to occur of (i) November 27, 2016 (ii) the date on which all shares available for issuance under the Plan shall have been issued as fully vested shares or
(iii) the termination of all outstanding Awards in connection with a Change in Control. Should the Plan terminate on November 27, 2016, then all Awards outstanding at that time shall continue to have force and effect in accordance with the
provisions of the documents evidencing those Awards. 
 IV. AMENDMENT OF THE PLAN 
 A. The Board shall have complete and exclusive power and authority to amend or modify the Plan in any or all respects. However, no such amendment or
modification shall adversely affect the rights and obligations with respect to Awards at the time outstanding under the Plan unless the Optionee or the Participant consents to such amendment or modification. In addition, amendments to the Plan will
be subject to stockholder approval to the extent required under applicable law or regulation or pursuant to the listing standards of the stock exchange on which the Common Stock is at the time primarily traded. 
 B. The Compensation Committee shall have the discretionary authority to adopt and implement from time to time such addenda or subplans to the Plan as it
may deem necessary in order to bring the Plan into compliance with applicable laws and regulations of any foreign jurisdictions in which grants or awards are to be made under the Plan and/or to obtain favorable tax treatment in those foreign
jurisdictions for the individuals to whom the grants or awards are made. 
 C. Awards may be made under the Plan that involve shares of
Common Stock in excess of the number of shares then available for issuance under the Plan, provided no shares shall actually be issued pursuant to those Awards until the number of shares of Common Stock available for issuance under the Plan is
sufficiently increased by the stockholder approval of an amendment of the Plan authorizing such increase. If stockholder approval is required and is not obtained within twelve (12) months after the date the first excess Award is made, then all
Awards granted on the basis of such excess shares shall terminate and cease to be outstanding. 
 V. USE OF PROCEEDS 
 Any cash proceeds received by the Corporation from the sale of shares of Common Stock under the Plan shall be used for general corporate purposes.

  

 25 

 VI. REGULATORY APPROVALS 
 A. The implementation of the Plan, the grant of any Award and the issuance of any shares of Common Stock in connection with the issuance, exercise or
vesting of any Award under the Plan shall be subject to the Corporation’s procurement of all approvals and permits required by regulatory authorities having jurisdiction over the Plan, the Awards made under the Plan and the shares of Common
Stock issuable pursuant to those Awards. 
 B. No shares of Common Stock or other assets shall be issued or delivered under the Plan unless
and until there shall have been compliance with all applicable requirements of applicable securities laws, including the filing and effectiveness of the Form S-8 registration statement for the shares of Common Stock issuable under the Plan, and all
applicable listing requirements of any Stock Exchange (or the Nasdaq Stock Market, if applicable) on which Common Stock is then listed for trading. 
 VII. NO EMPLOYMENT/SERVICE RIGHTS 
 Nothing in the Plan shall confer upon the Optionee or the Participant any right to
continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Corporation (or any Parent or Subsidiary employing or retaining such person) or of the Optionee or the Participant, which
rights are hereby expressly reserved by each, to terminate such person’s Service at any time for any reason, with or without cause. 
  

 26 

 APPENDIX 
 The following definitions shall be in effect under the Plan: 
 A. Annual Meeting shall mean an
annual meeting of the Corporation’s stockholders. 
 B. Automatic Grant Program shall mean the automatic grant program in
effect for Eligible Directors under Article Four of the Plan. 
 C. Award shall mean any of the following stock or stock-based
awards authorized for issuance or grant under the Plan: stock option, stock appreciation right, direct stock issuance, restricted stock or restricted stock unit award or performance share or other stock-based award. 
 D. Board shall mean the Corporation’s Board of Directors. 
 E. Change in Control shall mean a change in ownership or control of the Corporation effected through any of the following transactions:

 (i) a merger, consolidation or other reorganization approved by the Corporation’s stockholders, unless
securities representing more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same
proportion, by the persons who beneficially owned the Corporation’s outstanding voting securities immediately prior to such transaction, or 
 (ii) a stockholder-approved sale, transfer or other disposition of all or substantially all of the Corporation’s assets, or 
 (iii) the closing of any transaction or series of related transactions pursuant to which any person or any group of persons comprising a
“group” within the meaning of Rule 13d-5(b)(1) of the 1934 Act (other than the Corporation or a person that, prior to such transaction or series of related transactions, directly or indirectly controls, is controlled by or is under common
control with, the Corporation) becomes directly or indirectly the beneficial owner (within the meaning of Rule 13d-3 of the 1934 Act) of securities possessing (or convertible into or exercisable for securities possessing) more than fifty percent
(50%) of the total combined voting power of the Corporation’s securities (as measured in terms of the power to vote with respect to the election of Board members) outstanding immediately after the consummation of such transaction or series
of related transactions, whether such transaction involves a direct issuance from the Corporation or the acquisition of outstanding securities held by one or more of the Corporation’s existing stockholders. 
 F. Code shall mean the Internal Revenue Code of 1986, as amended. 
  

 A-1. 

 G. Common Stock shall mean the Corporation’s common stock. 
 H. Compensation Committee shall mean the Compensation Committee of the Board comprised of two (2) or more non-employee Board members.

 I. Corporation shall mean Claymont Steel Holdings, Inc., a Delaware corporation, and any corporate successor to all or
substantially all of the assets or voting stock of Claymont Steel Holdings, Inc. which has by appropriate action assumed the Plan. 
 J.
Discretionary Grant Program shall mean the discretionary grant program in effect under Article Two of the Plan pursuant to which stock options and stock appreciation rights may be granted to one or more eligible individuals.

 K. Eligible Director shall mean a non-employee Board member who is not at the time of determination a member, officer,
manager, equity holder or other affiliate of H.I.G. Capital LLC, Inc. 
 L. Employee shall mean an individual who is in the
employ of the Corporation (or any Parent or Subsidiary, whether now existing or subsequently established), subject to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance.

 M. Exercise Date shall mean the date on which the Corporation shall have received written notice of the option exercise.

 N. Fair Market Value per share of Common Stock on any relevant date shall be determined in accordance with the following
provisions: 
 (i) If the Common Stock is at the time traded on the Nasdaq National Market, then the Fair Market Value shall
be the closing selling price per share of Common Stock at the close of regular hours trading (i.e., before after-hours trading begins) on the Nasdaq National Market on the date in question, as such price is reported by the National Association of
Securities Dealers. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 
 (ii) If the Common Stock is at the time listed on any Stock Exchange, then the Fair Market Value shall be the closing selling price per
share of Common Stock at the close of regular hours trading (i.e., before after-hours trading begins) on the date in question on the Stock Exchange determined by the Plan Administrator to be the primary market for the Common Stock, as such price is
officially quoted in the composite tape of transactions on such exchange. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date for
which such quotation exists. 
  

 A-2. 

 (iii) For purposes of any option grants made on the Underwriting Date (including, without
limitation, the IPO Grants under the Automatic Grant Program), the Fair Market Value shall be deemed to be equal to the price per share at which the Common Stock is to be sold in the initial public offering pursuant to the Underwriting Agreement.

 O. Family Member means, with respect to a particular Optionee or Participant, any child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law. 
 P. Hostile Take-Over shall mean a change in ownership or control of the Corporation effected through either of the following transactions: 
 (i) a change in the composition of the Board over a period of twelve (12) consecutive months or less such that a majority of the
Board members ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals who either (A) have been Board members continuously since the beginning of such period or (B) have been elected or
nominated for election as Board members during such period by at least a majority of the Board members described in clause (A) who were still in office at the time the Board approved such election or nomination, or 
 (ii) the acquisition, directly or indirectly, by any person or related group of persons (other than the Corporation or a person that
directly or indirectly controls, is controlled by, or is under common control with, the Corporation) of beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act) of securities possessing more than fifty percent (50%) of the total
combined voting power of the Corporation’s outstanding securities pursuant to a tender or exchange offer made directly to the Corporation’s stockholders which the Board does not recommend such stockholders to accept. 
 Q. Incentive Option shall mean an option which satisfies the requirements of Code Section 422. 
 R. Involuntary Termination shall mean the termination of the Service of any individual which occurs by reason of: 
 (i) such individual’s involuntary dismissal or discharge by the Corporation (or any Parent or Subsidiary) for reasons other than
Misconduct, or 
 (ii) such individual’s voluntary resignation following (A) a change in his or her position with
the Corporation (or any Parent or Subsidiary) which materially reduces his or her duties and responsibilities or the level of management to which he or she reports, (B) a reduction in his or her level of compensation (including base salary,
fringe benefits and target bonus under any corporate-performance based bonus or incentive programs) by more than fifteen 
  

 A-3. 

 percent (15%) or (C) a relocation of such individual’s place of employment by more than
fifty (50) miles, provided and only if such change, reduction or relocation is effected by the Corporation (or any Parent or Subsidiary) without the individual’s consent. 
 S. Misconduct shall mean the commission of any act of fraud, embezzlement or dishonesty by the Optionee or Participant, any unauthorized use
or disclosure by such person of confidential information or trade secrets of the Corporation (or any Parent or Subsidiary), or any other intentional misconduct by such person adversely affecting the business or affairs of the Corporation (or any
Parent or Subsidiary) in a material manner. The foregoing definition shall not in any way preclude or restrict the right of the Corporation (or any Parent or Subsidiary) to discharge or dismiss any Optionee, Participant or other person in the
Service of the Corporation (or any Parent or Subsidiary) for any other acts or omissions, but such other acts or omissions shall not be deemed, for purposes of the Plan, to constitute grounds for termination for Misconduct. 
 T. 1934 Act shall mean the Securities Exchange Act of 1934, as amended. 
 U. Non-Statutory Option shall mean an option not intended to satisfy the requirements of Code Section 422. 
 V. Optionee shall mean any person to whom an option is granted under the Discretionary Grant or Automatic Grant Program. 
 W. Parent shall mean any corporation (other than the Corporation) in an unbroken chain of corporations ending with the Corporation,
provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other
corporations in such chain. 
 X. Participant shall mean any person who is issued shares of Common Stock or restricted stock
units or other stock-based awards under the Stock Issuance Program. 
 Y. Permanent Disability or Permanently Disabled shall
mean the inability of the Optionee or the Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment expected to result in death or to be of continuous duration of twelve
(12) months or more. However, solely for purposes of the Automatic Grant Program, Permanent Disability or Permanently Disabled shall mean the inability of the non-employee Board member to perform his or her usual duties as a Board member by
reason of any medically determinable physical or mental impairment expected to result in death or to be of continuous duration of twelve (12) months or more. 
 Z. Plan shall mean the Corporation’s 2006 Stock Incentive Plan, as set forth in this document. 
  

 A-4. 

 AA. Plan Administrator shall mean the particular entity, whether the Compensation
Committee, the Board or the Secondary Board Committee, which is authorized to administer the Discretionary Grant and Stock Issuance Programs with respect to one or more classes of eligible persons, to the extent such entity is carrying out its
administrative functions under those programs with respect to the persons under its jurisdiction. 
 BB. Plan Effective Date
shall mean the date on which the Plan shall become effective and shall be coincident with the Underwriting Date. 
 CC. Secondary Board
Committee shall mean a committee of one or more Board members appointed by the Board to administer the Discretionary Grant and Stock Issuance Programs with respect to eligible persons other than Section 16 Insiders. 
 DD. Section 16 Insider shall mean an officer or director of the Corporation subject to the short-swing profit liabilities of
Section 16 of the 1934 Act. 
 EE. Service shall mean the performance of services for the Corporation (or any Parent or
Subsidiary, whether now existing or subsequently established) by a person in the capacity of an Employee, a non-employee member of the board of directors or a consultant or independent advisor, except to the extent otherwise specifically provided in
the documents evidencing the option grant or stock issuance. For purposes of the Plan, an Optionee or Participant shall be deemed to cease Service immediately upon the occurrence of either of the following events: (i) the Optionee or
Participant no longer performs services in any of the foregoing capacities for the Corporation or any Parent or Subsidiary or (ii) the entity for which the Optionee for the Corporation or any Parent or Subsidiary or (ii) the entity for
which the Optionee or Participant is performing such services ceases to remain a Parent or Subsidiary of the Corporation, even though the Optionee or Participant may subsequently continue to perform services for that entity. Service shall not be
deemed to cease during a period of military leave, sick leave or other personal leave approved by the Corporation; provided, however, that should such leave of absence exceed three (3) months, then, for purposes of determining the period
within which an Incentive Option may be exercised as such under the federal tax laws, the Optionee’s Service shall be deemed to cease on the first day immediately following the expiration of such three (3)-month period, unless the Optionee is
provided with the right to return to Service following such leave either by statute or written contract. Except to the extent otherwise required by law or expressly authorized by the Plan Administrator or by the Corporation’s written policy on
leaves of absence, no Service credit shall be given for vesting purposes for any period the Optionee or Participant is on a leave of absence. 
 FF. Stock Exchange shall mean either the American Stock Exchange or the New York Stock Exchange. 
 GG. Stock
Issuance Agreement shall mean the agreement entered into by the Corporation and the Participant at the time of issuance of shares of Common Stock under the Stock Issuance Program. 
 HH. Stock Issuance Program shall mean the stock issuance program in effect under Article Three of the Plan. 
  

 A-5. 

 II. Subsidiary shall mean any corporation (other than the Corporation) in an unbroken chain
of corporations beginning with the Corporation, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain. 
 JJ. 10% Stockholder shall mean the owner of
stock (as determined under Code Section 424(d)) possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Corporation (or any Parent or Subsidiary). 
 KK. Underwriting Agreement shall mean the agreement between the Corporation and the underwriter or underwriters managing the initial public
offering of the Common Stock. 
 LL. Underwriting Date shall mean the date on which the Underwriting Agreement is executed and
priced in connection with an initial public offering of the Common Stock. 
 MM. Withholding Taxes shall mean the applicable
income and employment withholding taxes to which the Optionee or Participant may become subject in connection with the issuance, exercise or vesting of the Award made to him or her under the Plan or the issuance of shares of Common Stock under such
Award. 
  

 A-6.

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