Document:

Amended and Restated 2003 Stock Option Plan

 Exhibit 10.6 
 WORTHINGTON INDUSTRIES, INC. 
 AMENDED AND RESTATED 
 2003 STOCK OPTION PLAN 
  

	 	1.	 Purpose 

 This Plan is intended to promote and advance the long-term interest of Worthington and its shareholders by enabling the Company to attract, retain and reward employees and to strengthen the mutuality of interest between employees and
Worthington’s shareholders. The Plan is designed to accomplish this purpose by granting Stock Options to selected employees thereby providing a financial incentive to pursue the long-term growth, profitability and financial success of the
Company. This Plan is amended and restated effective November 1, 2008. 
  

	 	2.	 Definitions 

 When used in this Plan, the following terms have the meanings given to them in this section unless another meaning is expressly provided elsewhere in this Plan or clearly required by the context. When applying these definitions, the form of
any term or word will include any of its other forms. 
 (a) “Act” shall mean the Securities
Exchange Act of 1934, as amended. 
 (b) “Award” or “Awards” shall mean a grant of a
Stock Option made to a Participant under Section 6 of this Plan. 
 (c) “Award Agreement”
means the written agreement between Worthington and each Participant that describes the terms and conditions of each Award. 
 (d) “Beneficiary” shall mean the person a Participant designates to receive (or exercise) any Plan benefits (or rights) that are unpaid (or unexercised) when the Participant dies. A Beneficiary may be
designated only by following the procedures described in Section 14(b). Neither the Company nor the Committee is required to infer a Beneficiary from any other source. 
 (e) “Board” shall mean the Board of Directors of Worthington. 
 (f) “Code” shall mean the Internal Revenue Code of 1986, as amended, and any applicable regulations or rulings
issued under the Code. 
 (g) “Committee” shall mean the Board’s Compensation and Stock Option
Committee (or the Board committee which succeeds to the appropriate duties of such Compensation and Stock Option Committee) which also constitutes a “compensation committee” within the meaning of Treasury Regulation §1.162-27(c)(4).
The Committee will be comprised of at least three persons (i) each of whom is (A) an outside director, as defined in Treasury Regulation §1.162-27(e)(3)(i); (B) a “non-employee” director within the meaning of Rule 16b-3
under the Act; and (C) “independent” for purposes of the rules of any securities exchange, market or other quotation system on or through which the Common Shares are then listed or traded; and (ii) none of whom may receive
remuneration from the Company in any capacity other than as a director, except as permitted under applicable laws, rules and regulations. 
  

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 (h) “Common Shares” shall mean the Common Shares, without par
value, of Worthington or any security of Worthington issued in substitution, exchange or in lieu thereof. 
 (i) “Company” shall mean Worthington and its Subsidiaries, collectively. 
 (j)
“Disability” shall mean, unless otherwise specified by the Committee and reflected in the Award Agreement: 
 (i) With respect to any Award other than an Incentive Stock Option, the Participant’s inability to perform his or her normal duties for a period of at least six months due to a physical or mental infirmity; or

 (ii) With respect to an Incentive Stock Option, as defined in Section 22(e)(3) of the Code.

 (k) “Effective Date” shall mean September 25, 2003, the date this Plan was approved by
Worthington’s shareholders. 
 (l) “Employee” shall mean any individual who, on an applicable
Grant Date, is a common law employee of the Company. A worker who is classified as other than a common law employee but who is subsequently reclassified as a common law employee of the Company for any reason and on any basis will be treated as a
common law employee only from the date of that determination and will not retroactively be reclassified as an Employee for any purpose of this Plan. 
 (m) “Exercise Price” shall mean the price at which a Participant may exercise a Stock Option. 
 (n) “Fair Market Value” shall mean the value of one Common Share on any relevant date, determined under the following rules: 
 (i) If the Common Shares are traded on an exchange, the reported “closing price” on the relevant date if it is
a trading day, otherwise on the next trading day; 
 (ii) If the Common Shares are traded over-the-counter
with no reported closing price, the mean between the lowest bid and the highest asked prices on that quotation system on the relevant date if it is a trading day, otherwise on the next trading day; or 
 (iii) If neither (i) nor (ii) applies, the fair market value as determined by the Committee in good faith with
respect to Incentive Stock Options and the fair market value as determined through the reasonable application of a reasonable valuation method, taking into account all information material to the value of Worthington, that satisfies the requirements
of Section 409A of the Code, with respect to Non-Qualified Stock Options. 
 (o) “Grant Date”
shall mean the date as of which an Award is granted to a Participant. 
 (p) “Incentive Stock
Option” shall mean any Stock Option granted pursuant to the provisions of Section 6 of this Plan that is intended to be and is specifically designated as an “incentive stock option” within the meaning of Section 422 of the
Code. 
 (q) “Non-Qualified Stock Option” shall mean any Stock Option granted under Section 6
that is not an Incentive Stock Option. 
 (r) “Participant” shall mean an Employee or former
Employee of the Company who has been granted an Award under this Plan and who has an Award still outstanding. 
  

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 (s) “Plan” shall mean this Worthington Industries, Inc. Amended
and Restated 2003 Stock Option Plan, as set forth herein and as it may hereafter be amended. 
 (t)
“Retirement” shall mean, unless the Committee specifies otherwise in the Award Agreement, the retirement of the Employee under the Company’s normal policies. 
 (u) “Stock Option” shall mean an Award to purchase Common Shares granted pursuant to the provisions of
Section 6 of this Plan. 
 (v) “Subsidiary” shall mean any corporation, partnership, limited
liability company or other form of entity of which Worthington owns, directly or indirectly, 50% or more of the total combined voting power of all classes of stock, if the entity is a corporation, or of the capital or profits interests, if the
entity is a partnership or another form of entity; or any other entity in which Worthington has a 20% or greater direct or indirect equity interest and which is designated as a Subsidiary by the Committee for purposes of the Plan; provided, however
that: 
 (i) No Employee of a Subsidiary may be granted an Incentive Stock Option unless the Subsidiary is
also a “subsidiary”, as defined in Section 424 of the Code; and 
 (ii) No Employee of a
Subsidiary may be granted a Non-Qualified Stock Option unless the Subsidiary and Worthington would be considered a single employer under Sections 414(b) and 414(c) of the Code, but modified as permitted by Treasury Regulation
§1.409A-1(b)(5)(iii)(E)(1). 
 (w) “Ten-Percent Owner” shall mean any Employee who, at the
time an Incentive Stock Option is granted, owns more than 10% of the outstanding voting shares of Worthington or any Subsidiary. For purposes of determining ownership of voting shares, an Employee shall be deemed to own all shares which are
attributable to such Employee under Section 424(d) of the Code, including, but not limited to, shares owned, directly or indirectly, by or for the Employee’s brothers and sisters (whether by whole or half blood), spouse, ancestors and
lineal descendants. 
 (x) “Termination” or “Terminated” shall mean, unless otherwise
specified by the Committee and reflected in the Award Agreement, cessation of the employee-employer relationship between an Employee and the Company for any reason. 
 (xi) “Treasury Regulations” shall mean any regulations issued by the Department of Treasury and/or Internal
Revenue Service under the Code. 
 (xii) “Worthington” shall mean Worthington Industries, Inc.

  

	 	3.	 Participation 

 To become a Participant, each Employee receiving an Award must (a) sign an Award Agreement; and (b) comply with any other terms and conditions as may be imposed by the Committee. The prospective recipient of any Award under the
Plan shall not, with respect to such Award, be deemed to have become a Participant, or to have any rights with respect to such Award, until and unless such recipient shall have executed an Award Agreement or other instrument evidencing the Award and
delivered a fully executed copy thereof to Worthington, and otherwise complied with the then applicable terms and conditions. 
  

	 	4.	 Administration 

 (a) Committee Duties. The Committee shall administer the Plan and shall have all powers appropriate and necessary to that purpose. Consistent with the Plan’s objectives, the Committee may adopt, amend and rescind
rules and regulations relating to the Plan and has complete discretion to make all other decisions (including whether a Participant has incurred a Disability) and take or authorize actions 

  

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necessary or advisable for the administration and interpretation of the Plan. Any action by the Committee will be final, binding and conclusive for all
purposes and upon all persons. 
 (b) Consistent with the terms of the Plan, the Committee will: 

(i) Decide which Employees will be granted Awards; and 
 (ii) Specify the type of Award to be granted and the terms, not inconsistent with the Plan, upon which an Award will be
granted. 
 (c) Delegation. The Committee may designate persons other than members of the Committee to carry
out its responsibilities (including, without limitation, the granting of Awards) under such conditions and limitations as it may prescribe, except that the Committee may not delegate its authority with regard to selection for participation of, and
the granting of Awards to, persons subject to Section 16(a) and 16(b) of the Act or Section 162(m) of the Code. 
 (d) Award Agreement. At the time any Award is made, Worthington will prepare and deliver an Award Agreement to each affected Participant. The Award Agreement will describe: 
 (i) The type of Award and when and how it may be exercised; 
 (ii) The effect of exercising the Award; and 
 (iii) Any other applicable terms and conditions affecting the Award. 
 (e) Restriction on Repricing. Regardless of any other provision of this Plan, neither the Company nor the Committee may
“reprice” (as defined under rules issued by the securities exchange, market or other quotation system on or through which the Common Shares then are listed or traded) any Stock Option without the prior approval of the shareholders of
Worthington. 
  

	 	5.	 Duration of, and Common Shares Subject to, Plan 

 (a) Term of Plan. The Plan became effective on the Effective Date and shall remain in effect until terminated by the Board; provided, however, that no Stock Option may be granted under this Plan
more than ten years after the Effective Date and no Incentive Stock Option may be granted later than August 20, 2013. 
 (b) Common Shares Subject to Plan. The maximum number of Common Shares in respect of which Awards may be granted under the Plan, subject to adjustment as provided in Section 11 of the Plan, is 7,000,000 Common
Shares. Notwithstanding the foregoing, in no event shall more than 1,000,000 Common Shares be cumulatively available for Awards of Incentive Stock Options under the Plan. No Participant may be granted Awards under the Plan in any one calendar year
with respect to more than 250,000 Common Shares. 
 For the purpose of computing the total number of Common Shares available
for Awards under the Plan, there shall be counted against the foregoing limitations the number of Common Shares subject to issuance upon exercise or settlement of Awards as of the dates on which such Awards are granted. The Common Shares which were
previously subject to Awards shall again be available for Awards under the Plan if any such Awards are forfeited, terminated, unexercised before expiration, or settled in cash or otherwise than the issuance of Common Shares. In addition, if Common
Shares are used as full or partial payment to Worthington by a Participant of the Exercise Price upon exercise of a Stock Option, the number of Common Shares so used shall again be available for Awards under the Plan. 
  

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 Common Shares which may be issued under this Plan may be either authorized and unissued
Common Shares or previously issued Common Shares which have been reacquired by Worthington. No fractional Common Shares shall be issued under the Plan. 
  

	 	6.	 Grant of Stock Options 

 (a) Eligibility. Persons eligible for Awards under the Plan shall consist of all Employees of the Company. 
 (b) Stock Options. Stock Options may be granted under the Plan by the Committee in the form of Incentive Stock Options or Non-Qualified Stock Options, and such Stock Options shall be subject to the following terms and
conditions and such additional terms and conditions, not inconsistent with the express provisions of this Plan, as the Committee shall deem desirable: 
 (i) Exercise Price. The Exercise Price per Common Share purchasable upon exercise of a Stock Option shall be determined by the Committee at the time of grant, but in no event shall the Exercise
Price of a Stock Option be less than 100% of the Fair Market Value of the Common Shares on the Grant Date of such Stock Option; provided, however, that the Exercise Price shall not be less than 110% of the Fair Market Value of the Common Shares on
such Grant Date with respect to any Incentive Stock Option granted to a Ten-Percent Owner. 
 (ii) Vesting.
Unless otherwise specified by the Committee and reflected in the Award Agreement, a Participant may not exercise a Stock Option granted under the Plan prior to that date which is 12 months after the Grant Date. Unless otherwise determined by the
Committee, the Participant may exercise such Stock Option as follows: 
 (A) At any time after such 12
months, as to 20% of the Common Shares originally subject to the Stock Option; 
 (B) At any time after 24
months from the Grant Date, as to 40% of the Common Shares originally subject to the Stock Option; 
 (C) At
any time after 36 months from the Grant Date, as to 60% of the Common Shares originally subject to the Stock Option; 
 (D) At any time after 48 months from the Grant Date, as to 80% of the Common Shares originally subject to the Stock Option; and 
 (E) At any time after 60 months from the Grant Date, as to 100% of the Common Shares originally subject to the Stock Option. 
 (iii) Stock Option Term. Unless otherwise specified by the Committee and reflected in the Award Agreement, each Stock
Option shall expire ten years after the Grant Date; provided that any Incentive Stock Option granted to a Ten-Percent Owner shall expire no later than five years after the Grant Date. 
 Subject to the other provisions of this Plan, any Stock Option which becomes exercisable shall remain exercisable until the date of
expiration of the term of the Stock Option. 
 Subject to the provisions of Section 7, a Participant may not exercise
any part of a Stock Option granted under this Plan unless, at the time of such exercise, the Participant has been in the continuous employment of the Company since the date such Stock Option was granted. The Committee may decide in each case whether
leaves of absence for government or military service, illness, temporary disability or other reasons shall be deemed not to interrupt continuous employment for purposes of this paragraph. 
  

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	 	7.	 Impact of Termination 

 (a) Retirement. Unless otherwise specified by the Committee and reflected in the Award Agreement, all Awards that are outstanding and exercisable upon the Retirement of an Employee, may be exercised at any time before
the earlier of (i) the expiration date specified in the Award Agreement or (ii) 36 months (three months in the case of Incentive Stock Options) beginning on the Retirement date. The Committee may, in its sole discretion, elect to make any
unvested portion of the Award exercisable as of the Retirement date of the Participant. 
 (b) Death or
Disability. Unless otherwise specified by the Committee and reflected in the Award Agreement, all Awards that are outstanding and exercisable when an Employee is Terminated because of death or Disability, may be exercised by the Participant or the
Participant’s Beneficiary at any time before the earlier of (i) the expiration date specified in the Award Agreement or (ii) 36 months (12 months in the case of an Incentive Stock Option) beginning on the date of death or Termination
because of Disability. The Committee may, in its sole discretion, elect to make any unvested portion of the Award exercisable as of the date of death or Termination for Disability. 
 (c) Termination. Unless otherwise specified by the Committee and reflected in the Award Agreement, any Awards that are
outstanding when an Employee is Terminated for any reason not described in Sections 7(a) and 7(b) will be forfeited. 
  

	 	8.	 Forfeitures 

 (a) Limits on Exercisability/Forfeiture of Exercised Awards. Regardless of any other provision of this Plan and unless the Committee specifies otherwise as reflected in the Award Agreement, a Participant who fails to
comply with this Section 8(a) will forfeit all outstanding Awards. 
 The forfeiture described in this Section will
apply if the Participant: 
 (i) Without the Committee’s written consent, which may be withheld for any
reason or for no reason, violates any non-competition covenant, employee non-solicitation covenant, or any similar agreement or covenant of the Participant in favor of the Company; 
 (ii) Deliberately engages in any action that the Committee concludes has caused or may cause harm to the interests of the
Company; 
 (iii) Without the Committee’s written consent, which may be withheld for any reason or for
no reason, discloses confidential and proprietary information relating to the Company’s business affairs (“Trade Secrets”), including technical information, product information and formulae, processes, business and marketing plans,
strategies, customer information and other information concerning the Company’s products, promotions, development, financing, expansion plans, business policies and practices, salaries and benefits and other forms of information considered by
the Company to be proprietary and confidential and in the nature of Trade Secrets; or 
 (iv) Fails to return
all property (other than personal property), including keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data, formulae or any other tangible
property or document and any and all copies, duplicates or reproductions that have been produced by, received by or otherwise been submitted to the Participant in the course of the Participant’s employment with the Company. 
 (b) In the event a Participant or former Participant violates any non-competition covenant, employee non-solicitation
covenant, or any similar agreement or covenant of the Participant or former Participant in favor of the Company, the Committee, in its sole discretion, may require such Participant or 

  

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former Participant, to return to the Company the economic value of any Award which is realized or obtained (measured at the date of exercise) by such
Participant or former Participant at any time during the period beginning on that date which is six months prior to the earlier of (i) the date of such Participant’s or former Participant’s Termination; or (ii) the date any such
violation occurs. 
  

	 	9.	 Method of Exercise 

 A Stock Option may be exercised, in whole or in part, by giving written notice of exercise to Worthington specifying the number of Common Shares to be purchased. Such notice shall be accompanied by payment in full of the Exercise Price in
cash or, unless otherwise specified by the Committee and reflected in the associated Award Agreement, in its sole discretion, in Common Shares already owned by the Participant prior to the exercise date or by delivering or surrendering outstanding
vested and exercisable Awards (including through the withholding of Common Shares which would otherwise be issued in connection with the exercise of a vested and exercisable Stock Option) or any combination thereof (in each case valuing Common
Shares at Fair Market Value on the date of exercise). The Committee shall determine acceptable methods for tendering Common Shares (including by attestation if permitted by applicable law, rules or regulations) and delivering or surrendering
outstanding vested and exercisable Awards and may impose such conditions on the use of Common Shares or outstanding Awards to exercise Stock Options as it deems appropriate. 
  

	 	10.	 Special Rule for Incentive Stock Options 

 With respect to an Incentive Stock Option granted under the Plan, the aggregate Fair Market Value (determined as of the Grant Date of the Incentive Stock Option) of the number of Common Shares with respect to which
Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under all option plans of the Company) shall not exceed $100,000 or such other limit as may be required by the Code. No Incentive Stock Option may
be granted after August 20, 2013. 
  

	 	11.	 Adjustments Upon Changes In Capitalization, Etc. 

 (a) The existence of this Plan and the Awards granted hereunder shall not affect or restrict in any way the right or
power of the Board or the shareholders of Worthington to make or authorize any adjustment, recapitalization, reorganization or other change in Worthington’s capital structure or its business, any merger or consolidation of Worthington, any
issue of bonds, debentures, preferred or prior preference shares ahead of or affecting Worthington’s capital stock or the rights thereof, the dissolution or liquidation of Worthington or any sale or transfer of all or any part of
Worthington’s assets or business, or any other corporate act or proceeding. 
 (b) In the event of any
change in capitalization affecting the Common Shares of Worthington, such as a stock dividend, stock split, recapitalization, merger, consolidation, split-up, combination or exchange of shares or other form of reorganization, or any other change
affecting the Common Shares or the price thereof, such proportionate adjustments, if any, as the Board in its discretion may deem appropriate to reflect such change shall be made with respect to the aggregate number of Common Shares for which Awards
in respect thereof may be granted under the Plan, the maximum number of Common Shares which may be subject to Awards granted to any Participant in any one calendar year, the number of Common Shares covered by each outstanding Award, and the Exercise
Price in respect of outstanding Awards. 
 (c) The Committee may also make such adjustments in the number of
Common Shares covered by, and the price or other value of any outstanding Awards in the event of a spin-off or other distribution (other than normal cash dividends) of Worthington’s assets to shareholders. 
 Any adjustment made pursuant to this Section 11 shall be made in accordance with the requirements of Section 409A of the Code,
to the extent applicable. 
  

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	 	12.	 Change in Control Provisions 

 (a) Effects of Change in Control. Subject to the provisions of Section 12(c), in the event of a Change in Control (as defined below) of Worthington, all Stock Options then outstanding shall
become fully vested and exercisable as of the date of the Change in Control, whether or not then exercisable. 
 (b) Definitions. 
 (i) A “Change in Control” of Worthington shall have occurred when any
Acquiring Person (other than (A) the Company, (B) any employee benefit plan of the Company or any trustee of or fiduciary with respect to any such employee benefit plan when acting in such capacity, or (C) any person who, on the
Effective Date of the Plan, was an Affiliate of Worthington owning in excess of 10% of the outstanding Common Shares of Worthington and the respective successors, executors, legal representatives, heirs and legal assigns of such person), alone or
together with its Affiliates and Associates, has acquired or obtained the right to acquire the beneficial ownership of 25% or more of the Common Shares then outstanding); or the Continuing Directors no longer constitute a majority of the Board.

 (ii) “Acquiring Person” means any person (any individual, firm, corporation or other entity) who
or which, together with all Affiliates and Associates of such person, has acquired or obtained the right to acquire the beneficial ownership of 25% or more of the Common Shares then outstanding. 
 (iii) “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule
12b-2 of the General Rules and Regulations under the Act. 
 (iv) “Change in Control Price Per
Share” shall mean the price per Common Share (A) paid by the Acquiring Person in connection with the transaction that results in the Change in Control; or (B) at any time after the Change in Control and before the Participant
exercises his or her election under Section 12(c), the Fair Market Value of the Common Shares. 
 (v)
“Continuing Director” means any individual who was a member of the Board on the Effective Date of this Plan or thereafter elected by the shareholders of Worthington or appointed by the Board prior to the date as of which the Acquiring
Person became an Acquiring Person or an individual designated (before his or her initial election or appointment as a director) as a Continuing Director by three-fourths of the Whole Board, but only if a majority of the Whole Board shall then
consist of Continuing Directors. 
 (vi) “Whole Board” means the total number of directors which
Worthington would have if there were no vacancies. 
 (c) Change in Control Cash-Out. Notwithstanding any
other provision of the Plan, during the 60-day period from and after a Change in Control (the “Exercise Period”), if the Committee shall determine at, or at any time after, the time of grant of a Stock Option, a Participant holding a Stock
Option shall have the right, whether or not the Stock Option is fully exercisable and in lieu of the payment of the Exercise Price for the Common Shares being purchased under the Stock Option and by giving notice to Worthington, to elect (within the
Exercise Period) to surrender all or part of the Stock Option to Worthington and to receive cash, within 30 days of such notice, in an amount equal to the amount by which the Change in Control Price per Share on the date of such election shall
exceed the Exercise Price per Common Share under the Stock Option (the “Spread”) multiplied by the number of Common Shares granted under the Stock Option as to which the right granted under this Section 12(c) shall have been
exercised. 
 (d) Alternative Awards. Section 12(a) will not apply to the extent that the Committee
reasonably concludes in good faith before the Change in Control occurs that Awards will be honored or 

  

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assumed or new rights substituted for the Awards (collectively, “Alternative Awards”) by the Participant’s employer (or the parent or a
subsidiary of that employer) immediately after the Change in Control, provided that any Alternative Award must: 
 (i) Be based on stock that is (or, within 60 days of the Change in Control, will be) traded on an established securities market; 
 (ii) Provide the Participant rights and entitlements substantially equivalent to or better than the rights, terms and conditions of the Award for which it is substituted, including an identical or better exercise or
vesting schedule and identical or better timing and methods of payment; and 
 (iii) Have substantially
equivalent economic value to the Award (determined at the time of the Change in Control) for which it is substituted. 
 (e) Provisions Not Applicable. The provisions of this Section 12 shall not apply (i) if the Committee determines at the time of grant of an Award that such Section shall not apply in respect of such Award or
(ii) to any Change in Control when expressly provided otherwise by a three-fourths vote of the Whole Board, but only if a majority of the members of the Board then in office and acting upon such matter shall be Continuing Directors. 

 

	 	13.	 Amendment, Modification and Termination of Plan 

 The Board or the Committee may terminate, suspend or amend the Plan at any time without shareholder approval except to the extent that shareholder approval is required to satisfy applicable
requirements imposed by (a) Rule 16b-3 under the Act, or any successor rule or regulation, (b) applicable requirements of the Code or (c) the rules of any securities exchange, market or other quotation system on or through on which
the Company’s securities are listed or traded. Also, no Plan amendment may (i) result in the loss of a Committee member’s status as a “non-employee director” as defined in Rule 16b-3 under the Act, or any successor rule or
regulation, with respect to any employee benefit plan of the Company, (ii) cause the Plan to fail to meet requirements imposed by Rule 16b-3 or (iii) without the consent of the affected Participant, adversely affect any Award granted
before the amendment. However, nothing in this Section 13 will restrict the Committee’s right to exercise the discretion retained in the various provisions of this Plan. 
  

	 	14.	 Miscellaneous 

 (a) Assignability. Except as described in this Section 14(a) and Section 14(b), an Award may not be transferred except by will or the laws of descent and distribution and, during the Participant’s
lifetime, may be exercised only by the Participant, the Participant’s guardian or legal representative. 
 (b) Beneficiary Designation. Each Participant may name a Beneficiary or Beneficiaries (who may be named contingently or successively) to receive or to exercise any vested Award that is unexercised at the Participant’s death. Each
designation made will revoke all prior designations made by the same Participant, must be made on a form prescribed by the Committee and will be effective only when filed in writing with the Committee. If a Participant has not made an effective
Beneficiary designation, the deceased Participant’s Beneficiary will be the deceased Participant’s estate. The identity of a Participant’s designated Beneficiary will be based only on the information included in the latest beneficiary
designation form completed by the Participant and will not be inferred from any other evidence. 
 (c) No
Guarantee of Employment or Participation. Nothing in this Plan may be construed as: (i) interfering with or limiting the right of the Company to Terminate any Employee’s employment at any time; (ii) conferring on any Employee any
right to continue as an employee of the Company; or (iii) guaranteeing that any Employee will receive any Awards. 
  

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 (d) Tax Withholding. The Company will withhold from other amounts owed to
a Participant, or require the Participant to remit to the Company, an amount sufficient to satisfy federal, state and local withholding tax requirements on any Award, exercise or cancellation of an Award or purchase of Common Shares. If these
amounts are not to be withheld from other payments due to the Participant (or if there are no other payments due to the Participant), the Company will defer payment of cash or issuance of Common Shares until the earlier of: (i) 30 days after
the settlement date; or (ii) the date the Participant remits the required amount. 
 If the Participant has not remitted
the required amount within 30 days after the settlement date, the Company will permanently withhold from the value of the Awards to be distributed the minimum amount required to be withheld to comply with applicable federal, state and local income,
wage and employment taxes and distribute the balance to the Participant. 
 Unless otherwise specified by the Committee and
reflected in the associated Award Agreement, a Participant may elect, subject to such conditions as the Committee establishes, to reimburse the Company for this tax withholding obligation through one or more of the following methods: 
 (i) By having Common Shares otherwise issuable under the Plan withheld by the Company (but only to the extent of the
minimum amount that must be withheld to comply with applicable state, federal and local income, employment and wage tax laws); 
 (ii) By delivering to the Company previously acquired Common Shares that the Participant already owned; 
 (iii) By remitting cash to the Company; or 
 (iv) By remitting a personal
check immediately payable to the Company. 
 (e) Indemnification. Each individual who is or was a member of
the Committee or of the Board will be indemnified and held harmless by Worthington against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by such individual in connection with or resulting from any
claim, action, suit or proceeding to which such individual may be made a party or in which such individual may be involved by reason of any action taken or failure to take action under this Plan as a Committee member and against and from any and all
amounts paid, with Worthington’s approval, by such individual in settlement of any matter related to or arising from this Plan as a Committee member or paid by such individual in satisfaction of any judgment in any action, suit or proceeding
relating to or arising from this Plan against such individual as a Committee member, but only if such individual gives Worthington an opportunity, at its own expense, to handle and defend the matter before such individual undertakes to handle and
defend it in his or her own behalf. The right of indemnification described in this Section 14(e) is not exclusive and is independent of any other rights of indemnification to which the individual may be entitled under Worthington’s
organizational documents, by contract, as a matter of law or otherwise. 
 (f) Requirements of Law. The grant
of Awards and the issuance of Common Shares will be subject to all applicable laws, rules and regulations and to all required approvals of any governmental agencies or national securities exchange, market or other quotation system. Also, no Common
Shares will be issued under this Plan unless Worthington is satisfied that the issuance of those Common Shares will comply with applicable federal and state securities laws. Certificates for Common Shares delivered under this Plan may be subject to
any stock transfer orders and other restrictions that the Committee believes to be advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or other recognized market or
quotation system upon which the Common Shares are then listed or traded, or any other applicable federal or state securities law. The Committee may cause a legend or legends to be placed on any certificates issued under this Plan to make appropriate
reference to restrictions within the scope of this Section 14(f). 
  

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 (g) No Right to Employment. Neither the adoption of this Plan nor the
granting of any Award shall confer upon any Employee of the Company any right to continued employment with the Company, nor shall it interfere in any way with the right of the Company to Terminate any of its Employees at any time, with or without
cause. 
 (h) Other Company Benefit and Compensation Programs. Payments and other benefits received by a
Participant under an Award made pursuant to this Plan shall not be deemed a part of a Participant’s regular, recurring compensation for purposes of the termination indemnity or severance pay law of any state or country and shall not be included
in, nor have any effect on, the determination of benefits under any other employee benefit plan or similar arrangement provided by the Company unless expressly so provided by such other plan or arrangement, or except where the Committee expressly
determines that an Award or portion of an Award should be included to accurately reflect competitive compensation practices or to recognize that an Award has been made in lieu of a portion of competitive annual cash compensation. This Plan
notwithstanding, the Company may adopt such other compensation programs and additional compensation arrangements as it deems necessary to attract, retain and reward Employees for their service with the Company. 
 (i) Cost of Plan. The costs and expenses of administering this Plan shall be borne by the Company. 
 (j) Governing Law. This Plan and all rules, regulations and actions hereunder shall be governed by and construed in
accordance with the laws (other than laws governing conflicts of laws) of the State of Ohio and applicable federal laws. 
 (k) Section 409A of the Code. The Plan is intended to be exempt from the requirements of Section 409A of the Code and the Treasury Regulations promulgated thereunder and shall be interpreted, administered
and operated accordingly. Nothing in the Plan should be construed as a guarantee or entitlement of any particular tax treatment to a Participant. None of the Board, the Committee, the Company or any other person shall have any liability with respect
to a Participant in the event that this Plan fails to comply with the requirements of Section 409A of the Code. 
  

 53Amended and Restated 2000 Stock Option Plan for Non-Employee Directors

 Exhibit 10.7 
 WORTHINGTON INDUSTRIES, INC. 
 AMENDED AND RESTATED 
 2000 STOCK OPTION PLAN FOR NON-EMPLOYEE DIRECTORS 
  

	1.	 PURPOSE 

 The purpose of the Worthington Industries, Inc. Amended and Restated 2000 Stock Option Plan for Non-Employee Directors is to promote the interests of the Company and its shareholders by (a) increasing the proprietary interest of
Eligible Directors in the growth and performance of the Company by granting such Eligible Directors options to purchase Common Shares of the Company and (b) encouraging the Eligible Directors to remain as directors of the Company and put forth
maximum efforts for the success of the Company. The Plan is amended and restated effective as of November 1, 2008. 
  

	2.	 DEFINITIONS 

 As used in the Plan, the following terms shall have the meanings set forth below: 
  

	 	(a)	 “Acquiring Person” means any Person who or which, together with all of its Affiliates and Associates, has acquired or obtained the right to acquire the
beneficial ownership of 25% or more of the Common Shares then outstanding. 

  

	 	(b)	 “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations
under the Exchange Act. 

  

	 	(c)	 “Board” shall mean the Board of Directors of the Company. 

  

	 	(d)	 “Change in Control” shall have occurred when any Person (other than (A) the Company or any Subsidiary of the Company, (B) any employee
benefit plan of the Company or of any Subsidiary of the Company or any trustee of or fiduciary with respect to any such plan when acting in such capacity, or (C) any Person who, on the Effective Date of the Plan, was an Affiliate of the Company
and owning in excess of 10% of the outstanding Common Shares of the Company and the respective successors, executors, legal representatives, heirs and legal assigns of such Person), alone or together with its Affiliates and Associates, has acquired
or obtained the right to acquire the beneficial ownership of 25% or more of the Common Shares then outstanding. 

  

	 	(e)	 “Continuing Director” means any individual who was a member of the Board on the Effective Date of the Plan or thereafter elected by the shareholders of
the Company or appointed by the Board prior to the date as of which the Acquiring Person became a Substantial Shareholder (as such term is defined in Article SEVENTH of the Company’s Amended Articles of Incorporation), or an individual
designated (before his initial election or appointment as a director) as a Continuing Director by three-fourths of the Whole Board, but only if a majority of the Whole Board shall then consist of Continuing Directors. 

 

	 	(f)	 “Change in Control Exercise Period” shall have the meaning set forth in paragraph (ii) of Subsection 6(d) of the Plan.

  

	 	(g)	 “Change in Control Price Per Common Share” shall mean the price per Common Share (i) paid by the Acquiring Person in connection with the
transaction that results in the Change in Control; or (ii) at any time after the Change in Control and before the Eligible Director exercises his/her election under paragraph (ii) of Subsection 6(d), the Fair Market Value of the Common
Shares. 

  

 54 

	 	(h)	 “Change in Control Spread” shall have the meaning set forth in paragraph (ii) of Subsection 6(d) of the Plan. 

  

	 	(i)	 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and any successor provisions thereto. 

 

	 	(j)	 “Company” shall mean Worthington Industries, Inc., an Ohio corporation, together with any successor thereto. 

  

	 	(k)	 “Common Shares” shall mean the common shares, without par value, of the Company. 

  

	 	(l)	 “Director Option” shall mean a Non-Qualified Stock Option granted to each Eligible Director under the provisions of the Plan without any action by the
Board. 

  

	 	(m)	 “Director Retirement” shall mean the retirement of an Eligible Director from service on the Board after having (i) attained the age of 65 or
(ii) served at least nine years as a member of the Board, unless the Board specifies a shorter period of required service which shall in no event be fewer than six years. 

  

	 	(n)	 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and any successor provisions thereto.

  

	 	(o)	 “Effective Date” shall mean September 28, 2000. 

  

	 	(p)	 “Eligible Director” shall mean, on any date, an individual who is serving as a member of the Board but shall not include any individual who is an
employee of the Company or of any Subsidiary or Affiliate of the Company. 

  

	 	(q)	 The “Fair Market Value” of a Common Share on any relevant date for purposes of any provision of the Plan shall be the last reported sales price of a
Common Share as shown on the national securities exchange on which the Company’s Common Shares are then traded, or, if there are no reported sales on such date, then the last reported sales price on the next preceding day on which such a sale
was transacted. 

  

	 	(r)	 “For Cause” shall mean removal from office for cause in accordance with Article SIXTH of the Company’s Amended Articles of Incorporation and the
Ohio General Corporation Law. 

  

	 	(s)	 “Non-Qualified Stock Option” shall mean a right to purchase Common Shares from the Company that is granted under the Plan and is not intended to meet
the requirements of Section 422 of the Code or any successor provision thereto. 

  

	 	(t)	 “Option Agreement” shall mean any written agreement, contract or other document evidencing any Director Option granted under the Plan.

  

	 	(u)	 “Permissible Transferee” shall mean any member of the immediate family of an Eligible Director, any trust, whether revocable or irrevocable, solely for
the benefit of members of the Eligible Director’s immediate family, or any partnership or limited liability company whose only partners or members are members of the Eligible Director’s immediate family. 

  

	 	(v)	 “Person” shall mean any individual, corporation, partnership, limited liability company, association, joint-stock company, trust, unincorporated
organization, government or political subdivision thereof or other entity. 

  

	 	(w)	 “Plan” shall mean the Worthington Industries, Inc. Amended and Restated 2000 Stock Option Plan for Non-Employee Directors, as the same may be amended
from time to time. 

  

 55 

	 	(x)	 “SEC” shall mean the Securities and Exchange Commission or any successor thereto and shall include the staff thereof. 

  

	 	(y)	 “Subsidiary” shall mean any corporation which, on the date of determination, qualified as a subsidiary of the Company under Section 424(f) of the
Code. In addition, the term “Subsidiary” shall include any trade or business that is under common control with the Company, as determined under Section 414(c) of the Code. 

  

	 	(z)	 “Total Disability” shall be deemed to be the inability, by reason of a medically determinable physical or mental impairment, to engage in any
substantial gainful activity, for a period of 180 days after its commencement and such condition, in the opinion of a physician selected by the Company and reasonably acceptable to the Eligible Director or his/her legal representative, is total and
permanent. 

  

	 	(aa)	 “Treasury Regulations” means any regulations issued by the Department of Treasury and/or Internal Revenue Service under the Code.

  

	 	(bb)	 “Whole Board” means the total number of directors which the Company would have if there were no vacancies. 

  

	3.	 ADMINISTRATION 

 (a) The Plan shall be administered by the Board. 
 (b) The Board shall have full power and authority in its
discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the power and authority specifically granted to the Board under the Plan or necessary or advisable, in the sole and
absolute discretion of the Board, in the administration of the Plan including, without limitation, the authority to: interpret and construe any provision of the Plan or any Director Option granted under the Plan; make all required or appropriate
determinations under the Plan or any Director Option granted under the Plan; adopt, amend and rescind such rules and regulations relating to the Plan as the Board shall determine in its discretion subject to the express provisions of the Plan; and
make all other determinations deemed by the Board necessary or advisable for the administration of the Plan. Notwithstanding the preceding sentence, the Board shall have no discretion with respect to the selection of members of the Board to receive
Director Options, the number of Common Shares subject to any Director Option, the purchase price per Common Share under each Director Option or the timing of grants of Director Options under the Plan. 
 (c) The interpretation and construction of any provision of the Plan or any Director Option granted under the Plan and all determinations
by the Board in each case shall be final, binding and conclusive with respect to all interested parties, unless otherwise determined by the Board. No member of the Board shall be personally liable for any action, failure to act, determination,
interpretation or construction made in good faith with respect to the Plan or any Director Option or transaction under the Plan. 
 (d) Nothing contained in the Plan, nor any Director Option granted pursuant to the Plan, nor shall confer upon any Eligible Director any right to continue as a director of the Company nor limit in any way the right of the shareholders of
the Company to remove him/her as a director in accordance with the Company’s Amended Articles of Incorporation and the Ohio General Corporation Law. 
 The validity, construction and effect of the Plan and any rules and regulations relating to the Plan and any Option Agreement evidencing a Director Option granted under the Plan shall be determined in accordance with
the laws of the State of Ohio. 
  

	4.	 ELIGIBILITY 

  

 56 

 The class of individuals eligible to receive grants of Director Options shall be the
Eligible Directors. 
  

	5.	 COMMON SHARES SUBJECT TO THE PLAN 

 Subject to adjustment as provided in Section 7 of the Plan, an aggregate of 250,000 Common Shares shall be available for issuance under the Plan. The Common Shares deliverable upon the exercise of Director
Options may be made available from authorized but unissued Common Shares or issued Common Shares which have been reacquired by the Company. If any Director Option granted under the Plan shall terminate for any reason without having been exercised in
full, the Common Shares subject to, but not delivered under, such Director Option shall be available for issuance under the Plan. 
  

	6.	 GRANT, TERMS AND CONDITIONS OF DIRECTOR OPTIONS 

 (a) On the date an Eligible Director is first elected or appointed to the Board prior to September 25, 2003, such Eligible Director shall be granted a Director Option to purchase 4,000
Common Shares; provided, however, in respect of the first election to the Board of Eligible Directors prior to the Effective Date, such Director Option shall be granted on the Effective Date. On the date an Eligible Director is first elected or
appointed to the Board on or after September 25, 2003, such Eligible Director shall be granted a Director Option to purchase 5,000 Common Shares. Notwithstanding the foregoing, no Director Option shall be granted pursuant to this Plan on or
after September 27, 2006. 
 (b) On the date on which each annual meeting of the shareholders of the Company is held in
2001 and in 2002, each Eligible Director who has served as a director of the Company for more than six months and will continue to serve as a member of the Board on and after such date, shall receive a grant of a Director Option to purchase 2,000
Common Shares. On the date on which each annual meeting of shareholders of the Company is held, beginning with the annual meeting to be held in 2003, each Eligible Director who served as a director of the Company for more than six months and will
continue to serve as a member of the Board on and after such date, shall receive a grant of a Director Option to purchase 4,000 Common Shares. Notwithstanding the foregoing, no Director Option shall be granted pursuant to this Plan on or after
September 27, 2006. 
 (c) The Director Options granted shall have the following terms and conditions: 
 (i) Purchase Price. The purchase price per Common Share deliverable upon the exercise of each Director Option shall be
100% of the Fair Market Value per Common Share on the date the Director Option is granted. 
 (ii) Payment.
Director Options may be exercised only upon payment of the purchase price thereof in full. Such payment may be made in cash, or its equivalent, or, unless otherwise specified by the Board and reflected in the associated Option Agreement(s), by
tendering, either by actual delivery of Common Shares or by attestation, Common Shares acceptable to the Board, by the withholding of Common Shares which would otherwise be issued in connection with the exercise of the Director Option, or by a
combination of the foregoing, provided that the combined value of all cash and cash equivalents and the Fair Market Value of any Common Shares so tendered to the Company as of the date of such tender or so withheld by the Company as of
the date of such withholding is at least equal to the purchase price of the Common Shares underlying the portion of the Director Option being exercised. 
 Unless otherwise specified by the Board and reflected in the associated Option Agreement(s), an Eligible Director may elect to pay the purchase price upon the exercise of a Director Option by
irrevocably authorizing a third party to sell Common Shares (or a sufficient number of Common Shares) acquired upon exercise of the Director Option and remit to the Company a sufficient portion of the sale proceeds to pay the entire purchase price
and tax withholding resulting from such exercise. 
 (iii) Vesting and Term of Director Options. Each
Director Option granted pursuant to the Plan shall become vested and fully exercisable on the first to occur of (A) the first anniversary of the date of grant or (B) as to any Director Option granted as of the date of an annual meeting of
shareholders of the 

  

 57 

 
Company, the date on which the next annual meeting of shareholders of the Company is held following the date of grant, provided that in each case the
Eligible Director who was granted the Director Option is a director of the Company on the relevant date or the Eligible Director’s term as a director of the Company is ending on the relevant date. Once vested, each Director Option shall be
exercisable until the earlier of ten years from the date of grant and the expiration of the applicable period described in paragraph (iv) below. 
 (iv) Termination of Service as Eligible Director. 
 (A) Upon termination of an Eligible Director’s service as a director of the Company for any reason other than death, Director Retirement, Total Disability or For Cause, all outstanding Director Options held by such Eligible Director,
to the extent then exercisable, shall be exercisable in whole or in part for a period of one year from the date upon which the Eligible Director ceases to be a member of the Board, provided that in no event shall the Director Options be exercisable
beyond the period provided for in paragraph (iii) of Subsection 6(c) above. Notwithstanding the foregoing, the Board shall have the right to accelerate the exercisability of any outstanding Director Option, in its discretion, upon the
termination of an Eligible Director’s service on the Board. 
 (B) If an Eligible Director shall die
while serving as a director of the Company, all outstanding Director Options held by such Eligible Director (whether or not then exercisable by their terms) shall become immediately exercisable in full by the Eligible Director’s estate or by
the Person who acquires the right to exercise such Director Options upon the Eligible Director’s death by bequest or inheritance. Such exercise may occur at any time within three years after the date of the Eligible Director’s death,
provided that in no event shall such Director Options be exercisable beyond the period provided for in paragraph (iii) of Subsection 6(c) above. 
 (C) If an Eligible Director’s service as a director of the Company ceases as a result of the Eligible Director’s becoming Totally Disabled, all outstanding Director Options held by such
Eligible Director (whether or not then exercisable by their terms) shall become immediately exercisable in full. Such exercise may occur at any time within three years after the Eligible Director’s service as a director of the Company has
ceased, provided that in no event shall such Director Options be exercisable beyond the period provided for in paragraph (iii) of Subsection 6(c) above. 
 (D) If an Eligible Director’s service as a director of the Company ceases due to a Director Retirement, all outstanding Director Options held by such Eligible Director (whether or not then
exercisable by their terms) shall become immediately exercisable in full. Such exercise may occur at any time within three years after the date of the Director Retirement, provided that in no event shall such Director Options be exercisable beyond
the period provided for in paragraph (iii) of Subsection 6(c) above. 
 (E) If an Eligible
Director’s service as a director of the Company is terminated For Cause, each of the Director Options of such Eligible Director shall be cancelled on the date the Eligible Director ceases to be a director of the Company. 
 (v) Assignability of Director Options. With the permission of the Board, an Eligible Director who has been granted a
Director Option under the Plan, may transfer such Director Option to a revocable inter vivos trust as to which the Eligible Director is the settlor or may transfer such Director Option to a Permissible Transferee. Any such transferee shall remain
subject to all of the terms and conditions applicable to such Director Option and subject to the rules and regulations prescribed by the Board. A Director Option may not be retransferred by a Permissible Transferee except by will or the laws of
descent and distribution and then only to another Permissible Transferee. Other than as described above, no Director Option may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by an Eligible Director otherwise
than by will or the laws of descent and distribution, or pursuant to a qualified domestic relations order, and during the lifetime of the Eligible Director to whom a Director 

  

 58 

 
Option is granted, the Director Option may be exercised only by the Eligible Director or by the Eligible Director’s guardian or legal representative.

 (vi) Option Agreement. Each Director Option granted under the Plan shall be evidenced by an Option
Agreement with the Company which shall contain the terms and provisions set forth in the Plan and shall otherwise be consistent with the provisions of the Plan. 
 (d) Change in Control Provisions. 
 (i)
Notwithstanding any other provision of the Plan to the contrary, but subject to the provisions of paragraph (iv) of this Subsection 6(d), in the event of a Change in Control, any Director Options outstanding as of the date such Change in
Control is determined to have occurred, and which are not then exercisable, shall become fully exercisable. 
 (ii) Notwithstanding any other provision of the Plan, during the 60-day period from and after a Change in Control (the “Change in Control Exercise Period”), if the Board shall determine at, or at any time after, the time of grant,
an Eligible Director holding a Director Option shall have the right, whether or not the Director Option is fully exercisable and in lieu of the payment of the purchase price for the Common Shares being purchased under the Director Option and by
giving notice to the Company, to elect (within the Change in Control Exercise Period) to surrender all or part of the Director Option to the Company and to receive cash, within 30 days of such notice, in an amount equal to the amount by which the
Change in Control Price per Common Share on the date of such election shall exceed the purchase price per Common Share under the Director Option (the “Change in Control Spread”) multiplied by the number of Common Shares granted under the
Director Option as to which the right granted under this paragraph (ii) shall have been exercised. 
 (iii) The provisions of this Subsection 6(d) shall not apply (A) if the Board determines at the time of grant that such Section shall not apply or (B) to any Change in Control when expressly provided otherwise by a three-fourths
vote of the Whole Board, but only if a majority of the members of the Board then in office and acting upon such matters shall be Continuing Directors. 
  

	7.	 ADJUSTMENT AND CHANGES IN COMMON SHARES 

 (a) In the event that the outstanding Common Shares shall be changed into or exchanged for a different kind of shares, other securities or other property of the Company or of another corporation or other entity or for
cash (whether by reason of merger, consolidation, recapitalization, reclassification, split-up, combination of shares or otherwise) or if the number of Common Shares of the Company shall be increased through the payment of a share dividend, then
unless such change results in the termination of all outstanding Director Options granted pursuant to the Plan, there shall be substituted for or added to each Common Share subject to the Director Option, the number and kind of shares, other
securities or other property and the amount of cash into which each outstanding Common Share of the Company shall be changed, or for which each such Common Share shall be exchanged, or to which the holder of each Common Share shall be entitled, as
the case may be. The Director Option shall also be appropriately amended as to the purchase price and other terms as may be necessary to reflect the foregoing events. Fractional shares resulting from any adjustment in the Director Options pursuant
to this Section 7 shall be rounded down to the nearest whole number of shares. Notwithstanding the foregoing, any such adjustment pursuant to this Section 7(a) shall be made in accordance with the requirements of Section 409A of the
Code, to the extent applicable. 
 (b) Notice of any adjustment shall be given by the Company to each holder of a Director
Option which shall have been so adjusted, provided that such adjustment (whether or not such notice is given) shall be effective and binding for all purposes of the Plan and any Option Agreements issued under the Plan. 
 (c) The grant of Director Options under the Plan shall in no way affect the right of the Company 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. 
  

 59 

	8.	 NO RIGHTS AS SHAREHOLDERS 

 Neither an Eligible Director nor any holder or beneficiary of any Director Option shall be, or have any of the rights and privileges of, a shareholder of the Company in respect of any Common Shares purchasable upon
the exercise of any Director Option, in whole or in part, unless and until ownership of such Common Shares shall have been recorded in the share transfer books of the Company. To the extent that the Plan provides for issuance of certificates to
reflect the issuance of Common Shares, the issuance may be effected on a non-certificated basis, to the extent not prohibited by applicable law or the applicable rules of any national securities exchange on which the Common Shares are then listed or
traded. 
  

	9.	 PLAN AMENDMENTS 

 The Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time, in its sole and absolute discretion; provided that no such amendment, alteration, suspension, discontinuation or termination shall be
made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement, including for these purposes any approval requirement which is a prerequisite for exemptive relief from Section 16(b) of the
Exchange Act for which or with which the Board deems it necessary or desirable to qualify or comply. 
  

	10.	 TAX WITHHOLDING 

 The Company shall have the power to withhold, or require an Eligible Director to remit to the Company, an amount sufficient to satisfy federal, state and local tax withholding requirements on any Director Option granted under the Plan, and
the Company may withhold payment of cash or issuance of Common Shares until such requirements are satisfied. Unless otherwise specified by the Board and reflected in the associated Option Agreement(s), an Eligible Director may elect, subject to such
conditions as the Board shall impose, (a) to have Common Shares otherwise issuable under the Plan withheld by the Company or (b) to tender, either by actual delivery of Common Shares or by attestation, Common Shares acceptable to the
Board, in each case having a Fair Market Value sufficient to satisfy all or part of the Eligible Director’s estimated total federal, state and local tax obligations associated with the transaction. 
  

	11.	 REQUIREMENTS OF LAW 

 The granting of Director Options and the issuance of Common Shares upon exercise of Director Options shall be subject to all applicable laws, rules and regulations, and to such approval by any governmental agencies or
national securities exchanges as may be required. Notwithstanding the foregoing, no Common Shares shall be issued under the Plan unless the Company is satisfied that such issuance will be in compliance with applicable federal and state securities
laws. Certificates for Common Shares delivered under the Plan may be subject to such stock transfer orders and other restrictions as the Board may deem advisable under the rules, regulations and other requirements of the SEC, any national securities
exchange upon which the Common Shares are then listed or traded, or any applicable federal or state securities laws. The Board may cause a legend or legends to be placed on any such certificate to make appropriate reference to such restrictions.

  

	12.	 SEVERABILITY 

 If any provision of the Plan or any Director Option is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or as to any Person or Director Option or would disqualify the Plan or any Director Option under any
law deemed applicable by the Board, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Board, materially altering the intent of
the Plan or the Director Option, such provision shall be stricken as to such jurisdiction, Person or Director Option and the remainder of the Plan and any such Director Options shall remain in full force and effect. 
  

	13.	 INDEMNIFICATION 

  

 60 

 Each individual who is or shall have been a member of the Board shall be indemnified and
held harmless by the Company against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by him/her in connection with or resulting from any claim, action, suit or proceeding to which he/she may be made a
party or in which he/she may be involved by reason of any action taken or failure to act by the Board under the Plan and against and from any and all amounts paid by him/her in settlement thereof, with the Company’s approval, or paid by him/her
in satisfaction of any judgment in any such action, suit or proceeding against him/her, provided he/she shall give the Company an opportunity, at its own expense, to handle and defend the same before he/she undertakes to handle and defend it on
his/her own behalf. The foregoing right of indemnification shall not be exclusive and shall be independent of any other rights of indemnification to which such individuals may be entitled under the Company’s Amended Articles of Incorporation or
Code of Regulations, by contract, or as a matter of law. 
  

	14.	 EFFECTIVE DATE AND DURATION OF PLAN  

 The Plan became effective upon approval by the Company’s shareholders on the Effective Date and was approved by the Company’s shareholders as amended on September 25, 2003. The Plan is being amended for
compliance with the requirements of Section 409A of the Code effective as of November 1, 2008. The Plan shall terminate the day following the tenth annual meeting of shareholders of the Company at which directors are elected succeeding the
Effective Date unless the Plan is terminated by exhaustion of the Common Shares available for issuance under the Plan. Notwithstanding the foregoing, no Director Option may be granted pursuant to this Plan on or after September 27, 2006.
Director Options outstanding on the date the Plan is terminated shall continue to have force and effect in accordance with the provisions of the Option Agreements evidencing such Director Options. 
  

	15.	 SECTION 409A 

 The Plan is intended to be exempt from the requirements of Section 409A of the Code and the Treasury Regulations promulgated thereunder and shall be interpreted, administered and operated accordingly. Nothing in the Plan should be
construed as a guarantee or entitlement of any particular tax treatment to an Eligible Director. None of the Company, the Board or any other Person shall have any liability with respect to any Eligible Director in the event that the Plan fails to
comply with the requirements of Section 409A of the Code. 
  

 61

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