Document:

Credit and Security Agreement Third Amendment, dated June 30, 2009

 Exhibit 10.12 

THIRD AMENDMENT AGREEMENT 

This THIRD AMENDMENT AGREEMENT (this “Amendment”) is made as of the
30th day of June, 2009, among: 

(a) SHILOH INDUSTRIES, INC., a Delaware corporation (“Borrower”); 

(b) the Lenders, as defined in the Credit Agreement, as hereinafter defined; 

(c) NATIONAL CITY BANK, as the co-lead arranger, sole book runner and administrative agent for the Lenders under the
Credit Agreement (“Agent”); and 
 (d) THE PRIVATEBANK AND TRUST COMPANY, as the co-lead arranger and
syndication agent. 
 WHEREAS, Borrower, Agent and the Lenders are parties to that certain Credit and Security
Agreement, dated as of August 1, 2008, that provides, among other things, for loans and letters of credit aggregating One Hundred Twenty Million Dollars ($120,000,000), all upon certain terms and conditions (as amended and as the same may from
time to time be further amended, restated or otherwise modified, the “Credit Agreement”); 
 WHEREAS,
Borrower’s business has experienced significant disruption as a result of the unprecedented events occurring in the automotive industry, including the bankruptcy filings of General Motors Corporation and Chrysler Group LLC (collectively, the
“Auto Industry Conditions”), as well as the general downturn in the global economy; 
 WHEREAS, the
unusual and uncertain circumstances within the auto industry, and the lack of visibility with respect to demand for autos and other factors that impact Borrower’s business make it difficult to forecast beyond a relatively short period of time
with a reasonably high level of confidence; therefore, the covenants being addressed in this Amendment will continue to focus on short-term performance; 

WHEREAS, Borrower anticipates that more accurate financial information regarding forecasts will be available to Borrower
prior to October 31, 2009; 
 WHEREAS, Agent and the Lenders intend to have appraisals and field
examinations conducted with respect to the assets of Borrower that will assist in the evaluation of the Companies; 

WHEREAS, Borrower, Agent and the Lenders desire to amend the Credit Agreement to modify certain provisions thereof and
add certain provisions thereto; 
 WHEREAS, each capitalized term used herein and defined in the Credit
Agreement, but not otherwise defined herein, shall have the meaning given such term in the Credit Agreement; and 

WHEREAS, unless otherwise specifically provided herein, the provisions of the Credit Agreement revised herein are amended
effective as of the date of this Amendment; 
 NOW, THEREFORE, in consideration of the premises and of the
mutual covenants herein and for other valuable consideration, Borrower, Agent and the Lenders agree as follows: 

1. Amendment to Definitions. Section 1.1 of the Credit Agreement is hereby amended to delete the definitions
of “Applicable Margin”, “Base Rate”, “Closing Commitment Amount”, “Commitment Period”, “Consolidated EBITDA”, “Eurodollar Rate”, “Fixed Charge Coverage Ratio”, “Interest
Period”, “Leverage Ratio”, “Related Writing”, and “Revolving Credit Commitment” therefrom and to insert in place thereof, respectively, the following: 

“Applicable Margin” means (a) five hundred (500.00) basis points for Eurodollar Loans,
and (b) four hundred (400.00) basis points for Base Rate Loans. 

 “Base Rate” means a rate per annum equal to the
highest of (a) the Prime Rate, (b) one-half of one percent (.50%) in excess of the Federal Funds Effective Rate, or (c) the Daily LIBOR Rate plus one percent (1.00%). 

“Closing Commitment Amount” means Ninety-Five Million Dollars ($95,000,000). 

“Commitment Period” means the period from the Closing Date to July 31, 2012, or such
earlier date on which the Commitment shall have been terminated pursuant to Article IX hereof. 

“Consolidated EBITDA” means, for any period, as determined on a Consolidated basis and in
accordance with GAAP, (a) Consolidated Net Earnings for such period plus, without duplication, the aggregate amounts deducted in determining such Consolidated Net Earnings in respect of (i) Consolidated Interest Expense,
(ii) Consolidated Income Tax Expense, (iii) Consolidated Depreciation and Amortization Charges, (iv) extraordinary or unusual non-cash losses not incurred in the ordinary course of business (but that were counted in the net income
calculation for such period), in an aggregate amount not to exceed Two Hundred Thousand Dollars ($200,000), (v) non-cash expenses related to the issuance of employee stock incentive options, (vi) any Related Expenses incurred during such
period, (vii) non-cash charges resulting from changes in estimates or assumptions related to employee retirement and health benefit plans, and (viii) costs and expenses (including appraisal costs and fees) of Borrower incurred in
connection with the Third Amendment Agreement during such period; minus (b) to the extent included in Consolidated Net Earnings for such period, non-recurring or non-cash gains not incurred in the ordinary course of business; provided that, at
any time an Acquisition is made pursuant to Section 5.13 hereof, Consolidated EBITDA shall be recalculated to include the EBITDA of the acquired company (with appropriate pro-forma adjustments, reasonably acceptable to Agent and the Required
Lenders, due to discontinued operations, and expenses and synergies directly related thereto) as if such Acquisition had been completed on the first day of the relevant measuring period. 

“Eurodollar Rate” means, with respect to a Eurodollar Loan, for any Interest
Period, a rate per annum equal to the greater of (a) the quotient obtained (rounded upwards, if necessary, to the nearest  1/
16th of
 1%) by dividing (i) the rate of interest, determined by Agent in accordance with its usual procedures (which determination shall be conclusive absent manifest error) as of approximately 11:00 A.M. (London time) two Business Days prior to the
beginning of such Interest Period pertaining to such Eurodollar Loan, as listed on British Bankers Association Interest Rate LIBOR 01 or 02 as provided by Reuters or Bloomberg (or, if for any reason such rate is unavailable from Reuters or
Bloomberg, from any other similar company or service that provides rate quotations comparable to those currently provided by Reuters or Bloomberg) as the rate in the London interbank market for Dollar deposits in immediately available funds with a
maturity comparable to such Interest Period, provided that, in the event that such rate quotation is not available for any reason, then the Eurodollar Rate shall be the average (rounded upward to the nearest
 
1/16th
 of 1%) of the per annum rates at which deposits in immediately available funds in Dollars for the relevant Interest Period and in the amount of the Eurodollar Loan to be disbursed or to
remain outstanding during such Interest Period, as the case may be, are offered to Agent (or an affiliate of Agent, in Agent’s discretion) by prime banks in any Eurodollar market reasonably selected by Agent, determined as of 11:00 A.M. (London
time) (or as soon thereafter as practicable), two Business Days prior to the beginning of the relevant Interest Period pertaining to such Eurodollar Loan; by (ii) 1.00 minus the Reserve Percentage; and (b) two percent (2.00%).

 “Fixed Charge Coverage Ratio” means, as determined for the most
recently completed twelve calendar months, on a Consolidated basis and in accordance with GAAP, the ratio of (a) (i) Consolidated EBITDA, minus (ii) the sum of (A) Consolidated Capital Expenditures, and (B) Capital
Distributions (other than the 2008 Special Dividend); to (b) Consolidated Fixed Charges. 

 “Interest Period” means, with respect to a
Eurodollar Loan, the period commencing on the date such Eurodollar Loan is made and ending on the last day of such period, as selected by Borrower pursuant to the provisions hereof, and, thereafter (unless such Eurodollar Loan is converted to a Base
Rate Loan), each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of such period, as selected by Borrower pursuant to the provisions hereof. The duration of each Interest Period for
a Eurodollar Loan shall be one month. 
 “Leverage Ratio” means, as determined on a
Consolidated basis and in accordance with GAAP, the ratio of (a) Consolidated Funded Indebtedness (for the most recently completed calendar month), to (b) Consolidated EBITDA (for the most recently completed twelve calendar months).

 “Related Writing” means each Loan Document, each Borrowing Formula Certificate and
any other assignment, mortgage, security agreement, guaranty agreement, subordination agreement, financial statement, audit report or other writing furnished by any Credit Party, or any of its officers, to Agent or the Lenders pursuant to or
otherwise in connection with this Agreement. 
 “Revolving Credit Commitment” means the
obligation hereunder, during the Commitment Period, of (a) the Lenders to make Revolving Loans, (b) the Fronting Lenders to issue and the Lenders to participate in, Letters of Credit pursuant to the Letter of Credit Commitment, and
(c) the Swing Line Lender to make, and the Lenders to participate in, Swing Loans pursuant to the Swing Line Commitment; up to an aggregate principal amount outstanding at any time equal to the lesser of (a) the Borrowing Formula, or
(b) the Total Commitment Amount. 
 2. Additions to Definitions. Section 1.1 of the Credit
Agreement is hereby amended to add the following new definitions thereto: 
 “Borrowing
Formula” means an amount equal to the sum of the following: 
 (a) the aggregate of the net
book value of all of the accounts receivable of Borrower, as determined in accordance with GAAP; plus 

(b) the aggregate of the net book value of all of the Inventory of Borrower, as determined in accordance
with GAAP; plus 
 (c) (i) for the period from the Third Amendment Effective Date through
August 31, 2009, Forty-Five Million Dollars ($45,000,000), and (ii) for the period from September 1, 2009 and thereafter, Forty Million Dollars ($40,000,000); minus 

(d) the aggregate of the net book value of all amounts due and owing on accounts payable by Borrower, as
determined in accordance with GAAP. 
 “Borrowing Formula Certificate” means a
Borrowing Formula Certificate, in the form of the attached Exhibit G. 
 “Daily LIBOR
Rate” means, for any day, the rate per annum determined by Agent by dividing (a) the Published Rate by (b) a number equal to 1.00 minus the Reserve Percentage on such day. 

 “Published Rate” shall mean the rate of interest
published each Business Day in The Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published
Rate shall be the rate at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market for a one month period as published in another publication selected by Agent. 

“Third Amendment Agreement” means that certain Third Amendment Agreement, dated as of the Third
Amendment Effective Date, among Borrower, Agent and the Lenders. 
 “Third Amendment
Effective Date” means June 30, 2009. 
 3. Amendment to Computation of Interest and Fees
Provisions. Article II of the Credit Agreement is hereby amended to delete section 2.10 therefrom and to insert in place thereof the following: 

Section 2.10. Computation of Interest and Fees. Interest on Loans, Letter of Credit fees,
Related Expenses, and commitment and other fees and charges hereunder shall be computed on the basis of a year having three hundred sixty (360) days and calculated for the actual number of days elapsed. 

4. Amendment to Mandatory Payments Provisions. Section 2.11(c) of the Credit Agreement is hereby amended to
add the following new subpart (v) thereto: 
 (v) Aggregate Cash Balances. If, at any
time, the Companies maintain aggregate cash balances in excess of Five Million Dollars ($5,000,000) for any five consecutive calendar days, Borrower shall make a Mandatory Prepayment, on the last day of such five day period, in an amount equal to
the aggregate amount of cash in excess of Five Million Dollars ($5,000,000). Notwithstanding anything in this Section 2.11 to the contrary, any Mandatory Prepayment made pursuant to this subpart (v) shall not result in a permanent
reduction of the Revolving Credit Commitment. 
 5. Amendment to Financial Statements and Information
Provisions. Section 5.3 of the Credit Agreement is hereby amended to delete subsection (c) therefrom and to insert in place thereof the following: 

(c) Compliance Certificate. Borrower shall deliver to Agent and the Lenders, concurrently with the
delivery of the financial statements set forth in subsections (a), (b) and (l) of this Section 5.3, a Compliance Certificate. 

6. Addition to Financial Statements and Information Provisions. Section 5.3 of the Credit Agreement is hereby
amended to add the following new subsections (j), (k) and (l) thereto: 
 (j)
Borrowing Formula. Borrower shall deliver to Agent and the Lenders, as frequently as Agent may request, but no less frequently than by 5:00 P.M. (Eastern time) on each Wednesday of each calendar week (or the next Business Day if such
Wednesday is not a Business Day), (i) a Borrowing Formula Certificate (for the period ending on the Business Day prior to the date such Borrowing Formula Certificate is submitted) prepared by a Financial Officer, and (ii) an Accounts aging
report and a summary Inventory report, each in form and substance satisfactory to Agent and signed by a Financial Officer. 

(k) Cash Flow and Sales Forecasts and Reports. Borrower shall deliver to Agent and the Lenders, on
the Third Amendment Effective Date and by no later 5:00 P.M. (Eastern time) on each Wednesday of each calendar week (or the next Business Day if such Wednesday is not a Business Day), a rolling thirteen (13) week cash flow forecast and sales
forecast, each to be in form and substance acceptable to Agent and the Lenders. 

 (l) Monthly Financials. Borrower shall deliver to
Agent and the Lenders, on the Third Amendment Effective Date and within twenty (20) days after the end of each calendar month, a monthly financial reporting package, acceptable to Agent and the Required Lenders, including, but not limited to,
monthly financial statements, a reconciliation of the prior month actual results to the budget, and a variance analysis on cash flow and sales forecasts, all prepared on a Consolidated basis, in accordance with GAAP and in form and detail
satisfactory to Agent. 
 7. Amendment to Financial Covenants. Article V of the Credit Agreement is
hereby amended to delete Section 5.7 therefrom and to insert in place thereof the following: 

Section 5.7. Financial Covenants. 

(a) Leverage Ratio. Borrower shall not suffer or permit at any time the Leverage Ratio to exceed
(i) 3.00 to 1.00 on the Closing Date through January 30, 2010, (ii) 2.75 to 1.00 on January 31, 2010 through January 30, 2011, and (iii) 2.50 to 1.00 on January 31, 2011 and thereafter; provided that (A) if
Borrower shall not be in compliance with this Section 5.7(a) for any period prior to November 30, 2009, such non-compliance shall not result in an Event of Default until November 30, 2009, and (B) if Borrower shall be in
compliance with this Section 5.7(a) for the period ending October 31, 2009, and shall have provided evidence to Agent and the Lenders of such compliance prior to November 30, 2009, then non-compliance with this Section 5.7(a) for
periods prior to October 31, 2009 shall be deemed to be waived. 
 (b) Fixed Charge
Coverage Ratio. Borrower shall not suffer or permit at any time the Fixed Charge Coverage Ratio to be less than 2.50 to 1.00; provided that (A) if Borrower shall not be in compliance with this Section 5.7(b) for any period prior to
November 30, 2009, such non-compliance shall not result in an Event of Default until November 30, 2009, and (B) if Borrower shall be in compliance with this Section 5.7(b) for the period ending October 31, 2009, and shall
have provided evidence to Agent and the Lenders of such compliance prior to November 30, 2009, then non-compliance with this Section 5.7(b) for periods prior to October 31, 2009 shall be deemed to be waived. 

(c) Minimum Consolidated EBITDA. On and after the Third Amendment Effective Date, Borrower shall
not suffer or permit at any time Consolidated EBITDA, as determined for the most recently completed three consecutive calendar months, to be less than: 

(i) negative One Million Three Hundred Eighty-Nine Thousand Four Hundred Eighty-Three Dollars
($-1,389,483), on June 30, 2009; 
 (ii) negative Two Million Five Hundred Forty-Six
Thousand Three Hundred Ninety-Five Dollars ($-2,546,395), on July 31, 2009; 
 (iii)
negative Five Hundred Ninety-Three Thousand Six Hundred Ten Dollars ($-593,610), on August 31, 2009; 

(iv) One Million Seven Hundred Sixty-Three Thousand Five Hundred Ninety-Two Dollars ($1,763,592), on
September 30, 2009; 
 (v) Two Million Nine Hundred Sixty-Nine Thousand Seven Hundred
Fifty-Three Dollars ($2,969,753), on October 31, 2009; 
 (vi) Three Million Six Hundred
Sixty-One Thousand Two Hundred Ninety Dollars ($3,661,290), on November 30, 2009; 

 (vii) Three Million Four Hundred Seventy-Five Thousand Three
Hundred Seventy-Nine Dollars ($3,475,379), on December 31, 2009; and 
 (viii) Two Million
Eight Hundred Forty-Five Thousand Nine Hundred Seventeen Dollars ($2,845,917), on January 31, 2010 and thereafter. 

8. Amendment to Acquisitions Provision. Section 5.13 of the Credit Agreement is hereby amended to add the
following new proviso at the end thereof: 
 provided that, on and after the Third Amendment Effective Date, no
Company shall effect an Acquisition without the prior written consent of Agent and the Required Lenders. 
 9.
Amendment to Covenants. Article V of the Credit Agreement is hereby amended to add the following new Section 5.30 and Section 5.31 thereto: 

Section 5.30. Banking Relationship. Until payment in full of the Obligations, Borrower shall
maintain its banking and depository relationship (including, but not limited to, all Deposit Accounts and investment accounts) with one or more Lenders and all such accounts shall be subject to Control Agreements (or similar agreements); provided
that Borrower may maintain up to three Deposit Accounts at Bank of America, N.A. for a period not to exceed thirty (30) days after the Third Amendment Effective Date, so long as the balance in such accounts does not, in the aggregate, exceed
Fifty Thousand Dollars ($50,000) at any time. 
 Section 5.31. Appraisals. Borrower
hereby agrees that Agent (or a representative of Agent), for the benefit of the Lenders, may (a) hire an appraisal firm to (i) conduct an appraisal of all of the Equipment of the Companies, which shall be in form and substance satisfactory
to Agent, and (ii) conduct an appraisal of the Real Property of the Companies, which shall be in form and substance satisfactory to Agent, and (b) conduct a field exam with respect to the current assets of the Companies, to be in form and
substance satisfactory to Agent. Borrower hereby agrees to, promptly upon demand therefor, pay all costs and expenses incurred in connection with such appraisals and field exams. Borrower agrees to cause the Companies to fully cooperate with such
appraisals and field exams. 
 10. Amendment to Schedules. The Credit Agreement is hereby amended to
delete Schedule 1 (Commitment of Lenders) therefrom and to insert in place thereof a new Schedule 1 in the form of Schedule 1 hereto. 

11. Addition to Exhibits. The Credit Agreement is hereby amended to add a new Exhibit G (Borrowing Formula
Certificate) thereto in the form of Exhibit G hereto. 
 12. Closing Deliveries. Concurrently with
the execution of this Amendment, Borrower shall: 
 (a) cause each Guarantor of Payment to
execute the attached Guarantor Acknowledgment and Agreement; 
 (b) deliver to Agent and the
Lenders the financial reports required to be delivered pursuant to Section 5.3 (k) and (l) of the Credit Agreement; 

(c) pay an amendment fee to Agent, for the pro rata benefit of the Lenders that shall have executed and
delivered this Amendment to Agent on or before 1:00 P.M. (Eastern time) on June 30, 2009 (each an “Approving Lender”), in an amount equal to twenty-five (25.00) basis points multiplied by the aggregate amount of the Commitments
(effective as of the Third Amendment Effective Date) of the Approving Lenders; and 
 (d) pay all
legal fees and expenses of Agent in connection with this Amendment. 

 13. Post-Closing Deliveries. No later than July 7, 2009, unless
otherwise agreed to by Agent in writing, Borrower shall have delivered to Agent a Processor’s Waiver, in form and substance satisfactory to Agent, for each location where a Company maintains any Inventory with a processor, together with
(a) filed appropriate U.C.C. Financing Statements to protect such Company’s interest therein, in form and substance satisfactory to Agent; and (b) evidence that proper notice has been given to all secured parties of such third party
that have filed U.C.C. Financing Statements (prior to the time of the filing of the U.C.C. Financing Statement of such Company) claiming a security interest in such third party’s inventory. 

14. Representations and Warranties. Borrower hereby represents and warrants to Agent and the Lenders that
(a) Borrower has the legal power and authority to execute and deliver this Amendment; (b) the officers executing this Amendment have been duly authorized to execute and deliver the same and bind Borrower with respect to the provisions
hereof; (c) the execution and delivery hereof by Borrower and the performance and observance by Borrower of the provisions hereof do not violate or conflict with the Organizational Documents of Borrower or any law applicable to Borrower or
result in a breach of any provision of or constitute a default under any other agreement, instrument or document binding upon or enforceable against Borrower; (d) no Default or Event of Default will exist or occur immediately after the
execution and delivery of this Amendment or by the performance or observance of any provision hereof; (e) each of the representations and warranties contained in the Loan Documents is true and correct in all material respects as of the Third
Amendment Effective Date as if made on the Third Amendment Effective Date, except to the extent that any such representation or warranty expressly states that it relates to an earlier date (in which case such representation or warranty is true and
correct in all material respects as of such earlier date); (f) Borrower is not aware of any claim or offset against, or defense or counterclaim to, Borrower’s obligations or liabilities under the Credit Agreement or any Related Writing;
and (g) this Amendment constitutes a valid and binding obligation of Borrower in every respect, enforceable in accordance with its terms. 

15. Waiver and Release. Borrower, by signing below, hereby waives and releases Agent and each of the Lenders, and
their respective directors, officers, employees, attorneys, affiliates and subsidiaries, from any and all claims, offsets, defenses and counterclaims of which Borrower is aware, such waiver and release being with full knowledge and understanding of
the circumstances and effect thereof and after having consulted legal counsel with respect thereto. 
 16.
References to Credit Agreement and Ratification. Each reference that is made in the Credit Agreement or any other Related Writing shall hereafter be construed as a reference to the Credit Agreement as amended hereby. Except as herein
otherwise specifically provided, all terms and provisions of the Credit Agreement are confirmed and ratified and shall remain in full force and effect and be unaffected hereby. This Amendment is a Related Writing. 

17. Counterparts. This Amendment may be executed in any number of counterparts, by different parties hereto in
separate counterparts and by facsimile signature, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. 

18. Headings. The headings, captions and arrangements used in this Amendment are for convenience only and shall
not affect the interpretation of this Amendment. 
 19. Severability. Any term or provision of this
Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the term or provision so held to be invalid or
unenforceable. 
 20. Governing Law. The rights and obligations of all parties hereto shall be governed
by the laws of the State of Ohio, without regard to principles of conflicts of laws. 
 [Remainder of page intentionally left
blank.] 

 JURY TRIAL WAIVER. BORROWER, AGENT AND THE LENDERS, TO THE EXTENT
PERMITTED BY LAW, EACH HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWER, AGENT AND THE LENDERS, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED
TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AMENDMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. THIS WAIVER SHALL
NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR MODIFY AGENT’S OR ANY LENDER’S ABILITY TO PURSUE REMEDIES PURSUANT TO ANY CONFESSION OF JUDGMENT OR COGNOVIT PROVISION CONTAINED IN ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT AMONG
BORROWER, AGENT AND THE LENDERS. 
 IN WITNESS WHEREOF, the parties have executed and delivered this Amendment
in Cleveland, Ohio as of the date first set forth above. 
  

			
	 SHILOH INDUSTRIES, INC.

		
	 By:
	 	 /s/ Thomas M. Dugan

		 	 Thomas M. Dugan

		 	 Treasurer

	
	 NATIONAL CITY BANK,

    as Agent and as a Lender

		
	 By:
	 	 /s/ Robert S. Coleman

		 	 Robert S. Coleman

		 	 Senior Vice President

	
	 THE PRIVATEBANK AND TRUST COMPANY,     as Syndication Agent and as a Lender

		
	 By:
	 	 /s/ Robert M. Walker

		 	 Robert M. Walker

		 	 Managing Director

Signature Page 1 of 2 to 

Third Amendment Agreement 

			
	 FIRSTMERIT BANK, N.A.

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 KEYBANK NATIONAL ASSOCIATION

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 RBS CITIZENS, NATIONAL ASSOCIATION

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

Signature Page 2 of 2 to 

Third Amendment Agreement 

 GUARANTOR ACKNOWLEDGMENT AND AGREEMENT 

The undersigned consent and agree to and acknowledge the terms of the foregoing Third Amendment Agreement dated as of
June 30, 2009. The undersigned further agree that the obligations of the undersigned pursuant to the Guaranty of Payment executed by the undersigned are hereby ratified and shall remain in full force and effect and be unaffected hereby.

 The undersigned hereby waive and release Agent and the Lenders and their respective directors, officers,
employees, attorneys, affiliates and subsidiaries from any and all claims, offsets, defenses and counterclaims of any kind or nature, absolute and contingent, of which the undersigned are aware or should be aware, such waiver and release being with
full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto. 

JURY TRIAL WAIVER. THE UNDERSIGNED, TO THE EXTENT PERMITTED BY LAW, HEREBY WAIVE ANY RIGHT TO HAVE A JURY
PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWERS, AGENT, THE LENDERS AND THE UNDERSIGNED, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP
ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AMENDMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. THIS WAIVER SHALL NOT IN ANY WAY AFFECT, WAIVE, LIMIT,
AMEND OR MODIFY THE ABILITY OF AGENT AND LENDERS TO PURSUE REMEDIES PURSUANT TO ANY CONFESSION OF JUDGMENT OR COGNOVIT PROVISION CONTAINED IN ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT BETWEEN BORROWER, AGENT AND LENDERS. 

 

									
	 SHILOH CORPORATION
	 		 	 GREENFIELD DIE & MANUFACTURING CORP.

					
	 By:
	 	 /s/ Thomas J. Stecz
	 		 	 By:
	 	 /s/ Thomas J. Stecz

		 	 Thomas J. Stecz
	 		 		 	 Thomas J. Stecz

		 	 Treasurer
	 		 		 	 Treasurer

			
	 JEFFERSON BLANKING INC.
	 		 	 SHILOH AUTOMOTIVE, INC.

					
	 By:
	 	 /s/ Thomas M. Dugan
	 		 	 By:
	 	 /s/ Thomas J. Stecz

		 	 Thomas M. Dugan
	 		 		 	 Thomas J. Stecz

		 	 Assistant Secretary
	 		 		 	 Treasurer

					
	 By:
	 	 /s/ Thomas J. Stecz
	 		 		 	
		 	 Thomas J. Stecz
	 		 		 	
		 	 Treasurer
	 		 		 	

 Signature Page 1 of 2 to 

Guarantor Acknowledgement and Agreement 

									
	 SHILOH INDUSTRIES, INC. DICKSON MANUFACTURING DIVISION
	 		 	 LIVERPOOL COIL PROCESSING, INCORPORATED

					
	 By:
	 	 /s/ Thomas J. Stecz
	 		 	 By:
	 	 /s/ Thomas J. Stecz

		 	 Thomas J. Stecz
	 		 		 	 Thomas J. Stecz

		 	 Treasurer
	 		 		 	 Treasurer

			
	 MEDINA BLANKING, INC.
	 		 	 THE SECTIONAL DIE COMPANY

					
	 By:
	 	 /s/ Thomas J. Stecz
	 		 	 By:
	 	 /s/ Thomas J. Stecz

		 	 Thomas J. Stecz
	 		 		 	 Thomas J. Stecz

		 	 Treasurer
	 		 		 	 Treasurer

				
	 SECTIONAL STAMPING, INC.
	 		 		 	
					
	 By:
	 	 /s/ Thomas J. Stecz
	 		 		 	
		 	 Thomas J. Stecz
	 		 		 	
		 	 Treasurer
	 		 		 	

 Signature Page 2 of 2 to 

Guarantor Acknowledgement and Agreement 

 SCHEDULE 1 
  

										
	 LENDERS
	  	COMMITMENT
PERCENTAGE	 	 	REVOLVING
CREDIT

COMMITMENT
AMOUNT	  	MAXIMUM
AMOUNT
	 National City Bank
	  	29.1666666667	% 	 	$	27,708,333.34	  	$	27,708,333.34
	 The PrivateBank and Trust Company
	  	29.1666666667	% 	 	$	27,708,333.33	  	$	27,708,333.33
	 FirstMerit Bank, N.A.
	  	16.6666666666	% 	 	$	15,833,333.33	  	$	15,833,333.33
	 KeyBank National Association
	  	12.5000000000	% 	 	$	11,875,000.00	  	$	11,875,000.00
	 RBS Citizens, National Association
	  	12.5000000000	% 	 	$	11,875,000.00	  	$	11,875,000.00
	 Total Commitment Amount
	  	100.0000000000	% 	 	$	95,000,000	  	$	95,000,000
		  			 	 	 	  		

  

 S-1 

 EXHIBIT G 

FORM OF 
 BORROWING
FORMULA CERTIFICATE 
 See attached. 
  

 S-2 

 Shiloh Industries Inc 

Weekly Working Capital Reporting 
 For
the Period ending: 
  

				
	 Accounts receivable
	  		
	 Inventory
	  		
	 Accounts payable
	  		
		  	 	 
	 Net
	  	 	—  
	 Amendment add-on
	  		
		  	 	 
	 Borrowing Formula
	  	 	—  
	 Less Letters of Credit
	  		
	 Less Bank debt
	  		
		  	 	 
	 Excess / (deficit) Borrowing Formula
	  	$	                —Rayonier Incentive Stock Plan

 Exhibit 10.1 

RAYONIER INCENTIVE STOCK PLAN 
  

	1.	Purpose  

 The purpose of the Rayonier
Incentive Stock Plan is to attract and retain highly qualified employees and directors and to motivate and reward performance that will lead to sustained increases in shareholder value. The Plan furthers opportunities for share ownership by our
employees in order to increase their proprietary interest in Rayonier and, as a result, their interest in our long-term success and their commitment to creating shareholder value. 

 

	2.	Definitions  

 When used herein, the
following terms shall have the indicated meaning: 
 “Act” means the Securities Exchange Act of 1934. 

“Award” means an award granted to any Key Employee in accordance with the provisions of the Plan in the form of Options, Rights,
Performance Shares, Restricted Stock or any combination of the foregoing. 
 “Award Agreement” means the written
agreement or document, including electronic communication, evidencing each Award granted to a Key Employee under the Plan. 

“Beneficiary” means the estate of a Key Employee or such other beneficiary or beneficiaries lawfully designated pursuant to
Section 10 to receive the amount, if any, payable under the Plan upon the death of a Key Employee. 
 “Board”
means the Board of Directors of the Company. 
 “Change in Control” has the meaning set forth in Section 9(g).

 “Code” means the Internal Revenue Code of 1986, as now in effect or as hereafter amended. (All citations to sections
of the Code are to such sections as they may from time to time be amended or renumbered.) 
 “Committee” means the
Compensation and Management Development Committee of the Board or such other committee as may be designated by the Board to administer the Plan. 

“Company” means Rayonier Inc. and its successors and assigns. 

“Effective Date” has the meaning set forth in Section 17. 

“Fair Market Value”, unless otherwise indicated in the provisions of this Plan, means, as of any date, the closing price for one
share of Stock on the New York Stock Exchange for the most recently completed trading day or, if no sales of Stock have taken place on such date, the closing price on the most recent date on which selling prices were quoted, the determination to be
made in the discretion of the Committee. 
 “GAAP” means U.S. Generally Accepted Accounting Principles. 

“Incentive Stock Option” means a stock option qualified under Section 422 of the Code. 

“Key Employee” means an employee (including any officer or director who is also an employee) of any Participating Company whose
responsibilities and decisions, in the judgment of the Committee, directly affect the performance of the Company and its subsidiaries. References to the term “Key Employees” shall be read to include “Non-employee Directors” in
the application of Sections 3, 5, 7, 8, and 9 through 16 of the Plan as the context may require in relationship to Awards to Non-employee Directors hereunder. Except as otherwise may be determined by the Board, a Non-employee Director’s ceasing
to be a director of the Company shall be treated in the same manner as a voluntary termination of employment by a Key Employee on such date. 

 “Limited Stock Appreciation Right” means a stock appreciation right that shall
become exercisable automatically upon the occurrence of a Change in Control as described in Section 9 of the Plan. 

“Non-employee Director” means a member of the Board who is not otherwise an employee of the Company. 

“Option” means an Incentive Stock Option or a non-qualified stock option awarded under Section 5 of the Plan. 

“Original Plans” means the 2004 Rayonier Incentive Stock and Management Bonus Plan, as subsequently amended and restated
effective for Awards made on and after January 1, 2009, and before the Effective Date of the amendments reflected in this Plan for Awards made on and after the Effective Date. 

“Participating Company” means the Company or any subsidiary or other affiliate of the Company; provided, however, for Incentive
Stock Options only, “Participating Company” means the Company or any corporation that at the time such Option is granted qualifies as a “subsidiary” of the Company under Section 425(f) of the Code. 

“Performance Goals” means or may be expressed in terms of any, but not limited to, of the following business criteria:
(i) net income, (ii) earnings per share, (iii) operating income, (iv) operating cash flow, (v) cash available for distribution, (vi) earnings before income taxes and depreciation, (vii) earnings before interest,
taxes, depreciation and amortization, (viii) operating margins (ix) reductions in operating expenses, (x) sales or return on sales, (xi) total stockholder return (xii) return on equity, (xiii) return on total capital,
(xiv) return on invested capital, (xv) return on assets, (xvi) economic value added, (xvii) cost reductions and savings, (xviii) increase in surplus, (xix) productivity improvements, and (xx) an executive’s
attainment of personal objectives with respect to any of the foregoing criteria or other criteria such as growth and profitability, customer satisfaction, leadership effectiveness, business development, negotiating transactions and sales or
developing long term business goals. A Performance Goal may be measured over a Performance Period on a periodic, annual, cumulative or average basis and may be established on a corporate-wide basis or established with respect to one or more
operating units, divisions, subsidiaries, acquired businesses, minority investments, partnerships or joint ventures. Unless otherwise determined by the Committee, the Performance Goals will be determined using GAAP consistently applied during a
Performance Period by no later than the earlier of the date that is ninety days after the commencement of the Performance Period or the day prior to the date on which twenty-five percent of the Performance Period has elapsed. 

“Performance Objective” means the level or levels of performance required to be attained with respect to specified Performance
Goals in order that a Key Employee shall become entitled to specified rights in connection with a Performance Share. The level or levels of performance specified with respect to a Performance Goal may be established in absolute terms, as objectives
relative to performance in prior periods, as an objective compared to the performance of one or more peer companies or an index covering multiple companies, or otherwise as the Committee may determine. 

“Performance Period” means the calendar year, or such other shorter or longer period designated by the Committee, during which
performance will be measured in order to determine a Key Employee’s entitlement to receive payment of a Performance Share. 

“Performance Share” means a performance share awarded under Section 6 of the Plan. 

“Plan” means this Rayonier Incentive Stock Plan, which amends and restates the Original Plans, as the same may be further
amended, administered or interpreted from time to time. 
 “Plan Year” means the calendar year. 

“Retirement” means eligibility to receive immediate retirement benefits under a Participating Company pension plan. 

“Restricted Stock” means Stock awarded under Section 7 of the Plan subject to such restrictions as the Committee deems
appropriate or desirable. 

 “Restricted Stock Unit” has the meaning set forth in Section 6 of the Plan.

 “Retirement Plan” means the Retirement Plan for Salaried Employees of Rayonier Inc., as amended effective
July 18, 1997, and as the same may be thereafter amended from time to time prior to the occurrence of a Change in Control. 

“Right” means a stock appreciation right awarded in connection with an option under Section 5 of the Plan. 

“Share Limit” has the meaning set forth in Section 3. 

“Shareholder Approval” shall mean approval of holders of a majority of the shares of Stock represented and voting in person or
by proxy at an annual or special meeting of shareholders of the Company where a quorum is present. 
 “Stock” means the
common shares of the Company. 
 “Total Disability” means the complete and permanent inability of a Key Employee to
perform all of his or her duties under the terms of his or her employment with any Participating Company, as determined by the Committee upon the basis of such evidence, including independent medical reports and data, as the Committee deems
appropriate or necessary. 
 “Voting Securities” means any securities of the Company that vote generally in the
election of directors. 
  

	3.	Shares Subject to the Plan  

(a) From and after the Effective Date, the total number of shares of Stock that may be issued pursuant to Awards under the Plan shall not
exceed 4,145,365, together with any shares of Stock reserved for issuance as Awards under Original Plans programs outstanding on the Effective Date. The shares of Stock may be authorized, but unissued, or reacquired shares of Stock. Subject to
Section 3(b), the number of shares available for issuance under the Plan shall be reduced by: (i) 1 share for each share of stock issued pursuant to an Option or a Right granted under Section 5, and (ii) 2.27 shares for
each share of Stock issued pursuant to a [Performance Share], or Restricted Stock Award or Restricted Stock Units granted under Section 6 and Section 7, respectively. Shares may be issued in connection with a merger or acquisition as
permitted by NYSE Listed Company Manual Section 303A.08, and such issuance shall not reduce the number of shares available for issuance under the Plan. No more than 1,000,000 shares of Stock may be cumulatively available for Awards of Incentive
Stock Options under the Plan. [For any Plan Year, no individual employee may receive an Award of Options, Performance Shares, Restricted Stock or Rights for more than four percent (4%) of the total number of shares authorized under the Plan
(with respect to any Key Employee, his or her “Share Limit”). The number of shares available in each category hereunder shall be subject to adjustment as provided in Section 13 in connection with a Stock split, Stock dividend, or
other extraordinary transaction affecting the Stock. 
 (b) Subject to the above limitations, shares of Stock to be issued under
the Plan may be made available from the authorized but unissued shares, or from shares purchased in the open market. For the purpose of computing the total number of shares of Stock available for future Awards under the Plan, shares of Stock shall
be reserved for issuance under outstanding Performance Shares programs at the maximum award level and counted against the foregoing limitations. If any Awards under the Plan are forfeited, terminated, expire unexercised, are settled in cash in lieu
of Stock, are exchanged for other Awards or are released from a reserve for failure to meet the maximum payout under a program, the shares of Stock that were theretofore subject to or reserved for such Awards shall again be available for Awards
under the Plan to the extent of such forfeiture, expiration of such Awards or so released from a reserve. To the extent there is issued a share of Common Stock pursuant to a Stock Award that counted as 2.27 shares against the number of shares
available for issuance under the Plan pursuant to Section 3(a) and such share of Common Stock again becomes available for issuance under the Plan pursuant to this Section 3(b), then the number of shares of Common Stock available for
issuance under the Plan shall increase by 2.27 shares. Any shares that are exchanged (either actually or constructively) by optionees as full or partial payment to the Company of the purchase price of shares being acquired through the exercise
of a stock option granted under the Plan will not be available for subsequent Awards. If any shares subject to a Stock Award are not delivered to a Participant because such shares are withheld for the payment of taxes or the Stock Award is exercised
through a reduction of shares subject to the Stock Award (i.e., “net exercised”) or an appreciation distribution in respect of a Right is paid in shares of Common Stock, the number of shares subject to the Stock Award that are not
delivered to the Participant shall not remain available for subsequent issuance under the Plan. If the exercise price of any Stock Award is satisfied by tendering shares of Common Stock held by the Participant (either by actual delivery or
attestation), then the number of shares so tendered shall not remain available for issuance under the Plan. 

	4.	Grant of Awards and Award Agreements  

(a) Subject to the provisions of the Plan, the Committee shall (i) determine and designate from time to time those Key Employees or
groups of Key Employees to whom Awards are to be granted; (ii) determine the form or forms of Award to be granted to any Key Employee; (iii) determine the amount or number of shares of Stock subject to each Award, and (iv) determine
the terms and conditions of each Award. 
 (b) The Board shall serve to administer and interpret the Plan with respect to any
grants of Awards made to Non-employee Directors. Non-employee Directors shall only be eligible for Stock Options pursuant to Section 5 and/or Restricted Stock under Section 7. Non-employee Directors shall not be entitled to receive any
Rights. Any such Awards, and all duties, powers and authority given to the Committee in this Plan, including those provided for in this Section 4, in Section 11 and elsewhere in the Plan, in connection with Awards to Participants shall be
deemed to be given to the Board in its sole discretion in connection with Awards to Non-employee Directors. The Board may request of the Committee, its Nominating and Corporate Governance Committee or of any other Board committee comprised of
independent directors, its recommendation on the level of Awards for this purpose. Except as may be specifically provided by the Board at the time of grant or in the applicable Award Agreement, the provisions of Sections 9, 14 and 15 shall not apply
in respect of Awards made to Non-employee Directors. 
 (c) Each Award granted under the Plan shall be evidenced by a written
Award Agreement. Such agreement shall be subject to and incorporate the express terms and conditions, if any, required under the Plan or required by the Committee, including such covenants and agreements with respect to the subject matter of
Sections 14 and 15 as the Committee may determine in its sole discretion. 
  

	5.	Stock Options and Rights  

(a) With respect to Options and Rights, the Committee shall (i) authorize the granting of Incentive Stock Options, nonqualified stock
options, or any combination thereof; (ii) authorize the granting of Rights that may be granted in connection with all or part of any Option granted under this Plan, either concurrently with the grant of the Option or at any time thereafter
during the term of the Option; (iii) determine the number of shares of Stock subject to each Option or the number of shares of Stock that shall be used to determine the value of a Right; and (iv) determine the time or times when and the
manner in which each Option or Right shall be exercisable and the duration of the exercise period. 
 (b) Any Option issued
hereunder that is intended to qualify as an Incentive Stock Option shall be subject to such limitations or requirements as may be necessary for the purposes of Section 422 of the Code or any regulations and rulings thereunder to the extent and
in such form as determined by the Committee in its discretion. 
 (c) Rights may be granted any Key Employee or director, in the
discretion of the Committee. 
 (d) The exercise period for Options and any related Rights shall not exceed ten years from the
date of grant. 
 (e) The Option price per share shall be determined by the Committee at the time any Option is granted and shall
be not less than the Fair Market Value of one share of Stock on the date the Option is granted. 

 (f) No part of any Option or Right may be exercised until the Key Employee who has been
granted the Award shall have remained in the employ of a Participating Company for such period after the date of grant as the Committee may specify, if any, and the Committee may further require exercisability in installments; provided, however, the
period during which a Right is exercisable shall commence no earlier than six months following the date the Option or Right is granted. 

(g) The Option purchase price shall be paid to the Company at the time of exercise either in cash or Stock already owned by the optionee,
or any combination thereof, having a total Fair Market Value equal to the purchase price. The Committee shall determine acceptable methods for tendering Stock as payment upon exercise of an Option and may impose such limitations and prohibitions on
the use of Stock to exercise an Option as it deems appropriate. 
 (h) Unless Section 9 shall provide otherwise, Rights
granted to a director or officer shall terminate when such person ceases to be considered a director or officer of the Company subject to Section 16 of the Act. 

(i) In case of termination of employment, the following provisions shall apply: 

(A) If a Key Employee who has been granted an Option shall die before such Option has expired, his or her vested Options may be exercised
in full by the person or persons to whom the Key Employee’s rights under the Option pass by will, or if no such person has such right, by his or her executors or administrators, at any time, or from time to time, in each such case, such heir,
executor or administrator may exercise the Option within five years after the date of the Key Employee’s death or within such other period, and subject to such terms and conditions as the Committee may specify, but in all events not later than
the expiration date specified in Section 5(d) above. Unless the Committee or the Award Agreement shall specify otherwise, unvested Options shall be forfeited as of the date of the Key Employee’s death. 

(B) If the Key Employee’s employment by any Participating Company terminates because of his or her Retirement or Total Disability, he
or she may exercise his or her Options in full at any time, or from time to time, within five years after the date of the termination of his or her employment or within such other period, and subject to such terms and conditions as the Committee may
specify, but not later than the expiration date specified in Section 5(d) above. Any such Options not fully exercisable immediately prior to such optionee’s Retirement shall become fully exercisable upon such Retirement unless the
Committee, in its sole discretion, shall otherwise determine. 
 (C) Except as provided in Section 9, if the Key Employee
shall voluntarily resign before eligibility for Retirement or he or she is terminated for cause as determined by the Committee, the Options shall be cancelled coincident with the effective date of the termination of employment. 

(D) If the Key Employee’s employment terminates for any other reason, he or she may exercise his or her Options, to the extent that
he or she shall have been entitled to do so at the date of the termination of his or her employment, at any time, or from time to time, within three months after the date of the termination of his or her employment or within such other period, and
subject to such terms and conditions as the Committee may specify, but not later than the expiration date specified in Section 5(d) above. 

(j) No Option or Right granted under the Plan shall be transferable other than by will or by the laws of descent and distribution. During
the lifetime of the optionee, an Option or Right shall be exercisable only by the Key Employee to whom the Option or Right is granted. 

(k) With respect to an Incentive Stock Option, the Committee shall specify such terms and provisions as the Committee may determine to be
necessary or desirable in order to qualify such Option as an “incentive stock option” within the meaning of Section 422 of the Code. 

 (l) With respect to the exercisability and settlement of Rights: 

(A) Upon exercise of a Right, the Key Employee shall be entitled, subject to such terms and conditions as the Committee may specify, to
receive upon exercise thereof all or a portion of the excess of (i) the Fair Market Value of a specified number of shares of Stock at the time of exercise, as determined by the Committee, over (ii) a specified amount that shall not,
subject to Section 5(e), be less than the Fair Market Value of such specified number of shares of Stock at the time the Right is granted. Upon exercise of a Right, payment of such excess shall be made in cash, the issuance or transfer to the
Key Employee of whole shares of Stock with a Fair Market Value at such time equal to any excess, or any combination thereof, all as determined by the Committee. The Company will not issue a fractional share of Stock and, if a fractional share would
otherwise be issuable, the Company shall pay cash equal to the Fair Market Value of the fractional share of Stock at such time. 

(B) In the event of the exercise of such Right, the Company’s obligation in respect of any related Option or such portion thereof
will be discharged by payment of the Right so exercised. 
  

	6.	Performance Shares  

 (a)
Subject to the provisions of the Plan, the Committee shall (i) determine and designate from time to time those Key Employees or groups of Key Employees to whom Awards of Performance Shares are to be made, (ii) determine the Performance
Period and Performance Objectives applicable to such Awards, (iii) determine the form of settlement of a Performance Share and (iv) generally determine the terms and conditions of each such Award. At any date, each Performance Share shall
have a value equal to the Fair Market Value of a share of Stock at such date; provided that the Committee may limit the aggregate amount payable upon the settlement of any Award. 

(b) The Committee shall determine a Performance Period of not less than two nor more than five years with respect to the award of
Performance Shares. Performance Periods may overlap and Key Employees may participate simultaneously with respect to Performance Shares for which different Performance Periods are prescribed. 

(c) The Committee shall determine the Performance Objectives of Awards of Performance Shares. Performance Objectives may vary from Key
Employee to Key Employee and between groups of Key Employees and shall be based upon such Performance Goals as the Committee may deem appropriate. The Performance Objective shall be established by the Committee prior to, or reasonably promptly
following the inception of, a Performance Period but, to the extent required by Section 162(m) of the Code, by no later than the earlier of the date that is ninety days after the commencement of the Performance Period or the day prior to the
date on which twenty-five percent of the Performance Period has elapsed. 
 (d) Following the completion of each Performance
Period, the Committee shall certify in writing, in accordance with the requirements of Section 162(m) of the Code to the extent applicable, whether the Performance Objective and other material terms for paying amounts in respect of each
Performance Share Award related to that Performance Period have been achieved or met. Unless the Committee determines otherwise, Performance Share Awards shall not be settled until the Committee has made the certification specified under this
Section 6(d). 
 (e) The Committee is authorized at any time during or after a Performance Period to reduce or eliminate the
Performance Share Award of any Key Employee for any reason, including, without limitation, changes in the position or duties of any Key Employee with the Participating Company during or after a Performance Period, whether due to any termination of
employment (including death, disability, retirement, voluntary termination or termination with or without cause) or otherwise. In addition, to the extent necessary to preserve the intended economic effects of the Plan to the Participating Company
and the Key Employee, the Committee shall adjust Performance Objectives, the Performance Share Awards or both to take into account: (i) a change in corporate 

 
capitalization, (ii) a corporate transaction, such as any merger of the Company or any subsidiary into another corporation, any consolidation of the Company or any subsidiary into another
corporation, any separation of the Company or any subsidiary (including a spin-off or the distribution of stock or property of the Company or any subsidiary), any reorganization of the Company or any subsidiary or a large, special and non-recurring
dividend paid or distributed by the Company (whether or not such reorganization comes within the definition of Section 368 of the Code), (iii) any partial or complete liquidation of the Company or any subsidiary or (iv) a change in
accounting or other relevant rules or regulations (any adjustment pursuant to this Clause (iv) shall be subject to the timing requirements of the last sentence of the definition of Performance Goal set forth in Section 2 of the Plan);
provided, however, that no adjustment hereunder shall be authorized or made if and to the extent that the Committee determines that such authority or the making of such adjustment would cause the Performance Bonus Awards to fail to qualify as
“qualified performance-based compensation” under Section 162(m) of the Code with respect to a particular Key Employee. 

(f) At the beginning of a Performance Period, the Committee shall determine for each Key Employee or group of Key Employees the number of
Performance Shares or the percentage of Performance Shares that shall be paid to the Key Employee or member of the group of Key Employees if Performance Objectives are met in whole or in part. 

(g) If a Key Employee terminates service with all Participating Companies during a Performance Period because of death, Total Disability,
Retirement, or under other circumstances where the Committee in its sole discretion finds that a waiver would be in the best interests of the Company, that Key Employee may, as determined by the Committee, be entitled to an Award of Performance
Shares at the end of the Performance Period based upon the extent to which the Performance Objectives were satisfied at the end of such period, which Award, in the discretion of the Committee, may be maintained without change or reduced and prorated
for the portion of the Performance Period during which the Key Employee was employed by any Participating Company; provided, however, the Committee may provide for an earlier payment in settlement of such Performance Shares in such amount and under
such terms and conditions as the Committee deems appropriate or desirable, but only to the extent consistent with the requirements of Section 162(m) of the Code to the extent applicable in respect of such Key Employee. If a Key Employee
terminates service with all Participating Companies during a Performance Period for any other reason, then such Key Employee shall not be entitled to any Award with respect to that Performance Period unless the Committee shall otherwise determine.

 (h) Each Award of a Performance Share shall be paid in whole shares of Stock, with payment to commence as soon as practicable
after the end of the relevant Performance Period but no earlier than following the determination made in Section 6(d) hereof. To the extent provided at the beginning of a Performance Period and in the applicable Award Agreement, the Award may
be individual dividends deemed invested in additional shares of stock. Subject to the terms of the applicable program, the Award may also be paid in shares of Stock or Restricted Stock. 

(i) A Key Employee shall not be granted Performance Shares for all of the Performance Periods commencing in the same calendar year that
permit the Key Employee to earn Stock covering more than the Share Limit in respect of such Key Employee. In addition, separate and apart from the limit in the previous sentence, with respect to Performance Share Awards to be settled in cash, a Key
Employee shall not be granted Performance Share Awards for all of the Performance Periods commencing in a calendar year that permit the Key Employee in the aggregate to earn a cash payment in excess of the Fair Market Value of the Share Limit as of
the first day of the first Performance Period commencing in such calendar year. 
 (j) Performance Share Awards may be structured
in the form of Restricted Stock Units or any substantially similar instrument evidencing the right to receive a share of Stock at some future date upon the lapse of the applicable restrictions established by the Committee or upon the satisfaction of
any applicable Performance Goals established by the Committee hereunder. To the extent provided for by the Committee, the rules of Section 7 shall apply to Restricted Stock Units. 

	7.	Restricted Stock  

 (a)
Restricted Stock shall be subject to a restriction period (after which restrictions will lapse), which shall mean a period commencing on the date the Award is granted and ending on such date as the Committee shall determine (the “Restriction
Period”). The Committee may provide for the lapse of restrictions in installments where deemed appropriate. 
 (b) Except
when the Committee determines otherwise pursuant to Section 7(d), if a Key Employee terminates employment with all Participating Companies for any reason before the expiration of the Restriction Period, all shares of Restricted Stock still
subject to restriction shall be forfeited by the Key Employee and shall be reacquired by the Company. 
 (c) Except as otherwise
provided in this Section 7, no shares of Restricted Stock received by a Key Employee shall be sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of during the Restriction Period. 

(d) In cases of death, Total Disability or Retirement or in cases of special circumstances, the Committee may, in its sole discretion when
it finds that a waiver would be in the best interests of the Company, elect to waive any or all remaining restrictions with respect to such Key Employee’s Restricted Stock. 

(e) The Committee may require, under such terms and conditions as it deems appropriate or desirable, that the certificates for Stock
delivered under the Plan may be held in custody by a bank or other institution, or that the Company may itself hold such shares in custody until the Restriction Period expires or until restrictions thereon otherwise lapse, and may require, as a
condition of any Award of Restricted Stock that the Key Employee shall have delivered a stock power endorsed in blank relating to the Restricted Stock. 

(f) Nothing in this Section 7 shall preclude a Key Employee from exchanging any shares of Restricted Stock subject to the
restrictions contained herein for any other shares of Stock that are similarly restricted. 
 (g) Subject to Section 7(e)
and Section 8, each Key Employee entitled to receive Restricted Stock under the Plan shall be issued a certificate for the shares of Stock. Such certificate shall be registered in the name of the Key Employee, and shall bear an appropriate
legend reciting the terms, conditions and restrictions, if any, applicable to such Award and shall be subject to appropriate stop-transfer orders. 
  

	8.	Certificates for Awards of Stock  

(a) The Company shall not be required to issue or deliver any certificates for shares of Stock prior to (i) the listing of such
shares on any stock exchange on which the Stock may then be listed and (ii) the completion of any registration or qualification of such shares under any federal or state law, or any ruling or regulation of any government body that the Company
shall, in its sole discretion, determine to be necessary or advisable. 
 (b) All certificates for shares of Stock delivered
under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the
Stock is then listed and any applicable federal or state securities laws, and the Committee may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions. The foregoing provisions of this
Section 8(b) shall not be effective if and to the extent that the shares of Stock delivered under the Plan are covered by an effective and current registration statement under the Securities Act of 1933, or if and so long as the Committee
determines that application of such provisions is no longer required or desirable. In making such determination, the Committee may rely upon an opinion of counsel for the Company. The rules applicable to certificates hereunder shall apply equally to
noncertificated shares of Stock held pursuant to any electronic, book entry or other means or record of ownership and transfer. 

 (c) Except for the restrictions on Restricted Stock under Section 7, each Key Employee
who receives Stock in settlement of an Award of Stock, shall have all of the rights of a shareholder with respect to such shares, including the right to vote the shares and receive dividends and other distributions. No Key Employee awarded an
Option, a Right or Performance Share shall have any right as a shareholder with respect to any shares covered by his or her Option, Right or Performance Share prior to the date of issuance to him or her of a certificate or certificates for such
shares. 
  

	9.	Change in Control  

Notwithstanding any provisions in this Plan to the contrary: 

(a) Each outstanding Option granted under the Plan shall become immediately exercisable in full for the aggregate
number of shares covered thereby and all related Rights shall also become exercisable upon the occurrence of a Change in Control and shall continue to be exercisable in full for cash for a period of 60 calendar days beginning on the date that such
Change in Control occurs and ending on the 60th calendar
day following that date; provided, however, that no Option or Right shall be exercisable beyond the expiration date of its original term. 

(b) Options and Rights shall not terminate and shall continue to be fully exercisable for a period of seven months following the
occurrence of a Change in Control in the case of an employee who is terminated other than for just cause or who voluntarily terminates his or her employment because he or she in good faith believes that as a result of such Change in Control he or
she is unable effectively to discharge the duties of the position he or she occupied just prior to the occurrence of such Change in Control. For purposes of Section 9 only, termination shall be for “just cause” only if such
termination is based on fraud, misappropriation or embezzlement on the part of the employee that results in a final conviction of a felony. Under no circumstances, however, shall any Option or Right be exercised beyond the expiration date of its
original term. 
 (c) Any Right or portion thereof may be exercised for cash within the 60-calendar-day
period following the occurrence of a Change in Control with settlement, except in the case of a Right related to an Incentive Stock Option, based on the “Formula Price” that shall mean the highest of (A) the Fair Market Value, or
(B) the average composite daily selling prices of the Stock during the period beginning on the
30th calendar day prior to the date on which the Right is
exercised and ending on the date such Right is exercised, or (C) the highest gross price paid for the Stock during the same period of time, as reported in a report on Schedule 13D filed with the Securities and Exchange Commission or
(D) the highest gross price paid or to be paid for a share of Stock (whether by way of exchange, conversion, distribution upon merger, liquidation or otherwise) in any of the transactions set forth in the definition of “Change in
Control” in subsection (g) below; provided that, if any of these alternative calculations is not a permitted calculation of “fair market value” under Treasury Regulation Section 1.409A-1(b)(5)(iv) in the circumstances, it
shall not be included. 
 (d) Upon the occurrence of a Change in Control, Limited Stock Appreciation Rights
shall automatically be granted as to any Option with respect to which Rights are not then outstanding; provided, however, that Limited Stock Appreciation Rights shall be provided at the time of grant of any Incentive Stock Option subject to
exercisability upon the occurrence of a Change in Control. Limited Stock Appreciation Rights shall entitle the holder thereof, upon exercise of such rights and surrender of the related Option or any portion thereof, to receive, without payment to
the Company (except for applicable withholding taxes), an amount in cash equal to the excess, if any, of the Formula Price as that term is defined in Section 9 over the exercise price of the Stock as provided in such Option; provided that in
the case of the exercise of any such Limited Stock Appreciation Right or portion thereof related to an Incentive Stock Option, the Fair Market Value of the Stock at the time of such exercise shall be substituted for the Formula Price. Each such
Limited Stock Appreciation Right shall be exercisable only during the period beginning on the first business day following the occurrence of such Change in Control and ending on the
60th calendar day following such date and only to the same
extent the related Option is exercisable. Upon exercise of a Limited Stock Appreciation Right and surrender of the related Option, or portion thereof, such Option, to the extent surrendered, shall not thereafter be exercisable. 

 (e) The restrictions applicable to Awards of Restricted Stock issued pursuant to
Section 7 shall lapse upon the occurrence of a Change in Control and the Company shall issue stock certificates without a restrictive legend. Key Employees holding Restricted Stock on the date of a Change in Control may tender such Restricted
Stock to the Company that shall pay the Formula Price as that term is defined in Section 9; provided, such Restricted Stock must be tendered to the Company within 60 calendar days of the Change in Control. 

(f) Subject to any change or interpretation of the Committee under Section 16(f), if a Change in Control occurs during the course of
a Performance Period applicable to an Award of Performance Shares pursuant to Section 6, then the Key Employee shall be deemed to have satisfied the Performance Objectives and settlement of such Performance Shares shall be based on the Formula
Price, as defined in this Section 9. 
 (g) For purposes of this Plan, “Change in Control” means the occurrence of
any one or more of the following events: 
  

	(i)	subject to the conditions contained in the final paragraph of this definition, the filing of a report on Schedule 13D with the Securities and Exchange Commission
pursuant to Section 13(d) of the Securities Exchange Act of 1934 (the “Act”) disclosing that any person, other than the Company or any employee benefit plan sponsored by the Company, is the beneficial owner (as the term is defined in
Rule 13d-3 under the Act) directly or indirectly, of securities representing 20 percent or more of the total voting power represented by the Company’s then outstanding Voting Securities (calculated as provided in paragraph (d) of Rule
13d-3 under the Act in the case of rights to acquire Voting Securities); or 

  

	(ii)	the purchase by any person, other than the Company or any employee benefit plan sponsored by the Company, of shares pursuant to a tender offer or exchange offer to
acquire any Voting Securities of the Company (or securities convertible into such Voting Securities) for cash, securities, or any other consideration, provided that after consummation of the offer, the person in question is the beneficial owner,
directly or indirectly, of securities representing 20 percent or more of the total voting power represented by the Company’s then outstanding Voting Securities (all as calculated under clause (i)); or 

 

	(iii)	the approval by the shareholders of the Company, and the subsequent occurrence, of (A) any consolidation or merger of the Company in which the Company is not the
continuing or surviving corporation (other than a merger of the Company in which holders of Common Shares of the Company immediately prior to the merger have the same proportionate ownership of Common Shares of the surviving corporation immediately
after the merger as immediately before), or pursuant to which Common Shares of the Company would be converted into cash, securities, or other property, or (B) any sale, lease, exchange, or other transfer (in one transaction or a series of
related transactions) of all or substantially all the assets of the Company; or 

  

	(iv)	a change in the composition of the Board of the Company at any time during any consecutive 24-month period such that “continuing directors” cease for any
reason to constitute at least a 70 percent majority of the Board. 

 For purposes of this definition of “Change in
Control,” the term “Voting Securities” means any securities of the Company that vote generally in the election of members of the Board and the term “continuing directors” means those members of the Board who either were
directors at the beginning of a consecutive 24-month period or were elected during such period by or on the nomination or recommendation of at least a 70 percent majority of the then-existing Board. So long as there has not been a Change in Control
within the meaning of clause (iv) above, the Board may adopt by a 70 percent majority vote of the “continuing directors” a resolution to the effect that the occurrence of an event described in clause (i) (a “Clause
(i) Event”) does not constitute a “Change in Control” (an “Excluding Resolution”) or a resolution to the effect that the occurrence of a Clause (i) Event does constitute a “Change in Control” (an
“Including Resolution”). The adoption of an Excluding Resolution with respect to any Clause (i) Event shall not deprive the Board of the right to adopt an Including Resolution with respect to such Clause (i) Event at a later
date. A Clause (i) Event shall not in and of itself constitute a “Change in Control” until the earlier of (x) the effective date of an Including Resolution with respect thereto or (y) the passage of a period of 30 calendar
days after the occurrence thereof without an Excluding Resolution having been adopted with respect thereto; notwithstanding the adoption of an Excluding Resolution within the 30-day period referred to in (y), an Including Resolution may subsequently
be adopted with respect to the relevant Clause (i) Event while it continues to exist, in which event a “Change in Control” shall be deemed to have occurred for purposes of this definition upon the effective date of such Including
Resolution. The provisions of this paragraph of the definition of “Change in Control” relate only to situations where a Clause (i) Event has occurred and no Change in Control within the meaning of clause (ii), (iii), or (iv) of
the preceding paragraph has occurred, and nothing in this paragraph shall derogate from the principle that the occurrence of an event described in clause (ii), (iii), or (iv) of the preceding paragraph shall be deemed an immediate Change in
Control regardless of whether or not a Clause (i) Event has occurred and an Excluding Resolution or Including Resolution become effective. 

	10.	Beneficiary  

 The
Beneficiary of a Key Employee shall be the Key Employee’s estate, which shall be entitled to receive the Award, if any, payable under the Plan upon his or her death. A Key Employee may file with the Company a written designation of one or more
persons as a Beneficiary in lieu of his or her estate, who shall be entitled to receive the Award, if any, payable under the Plan upon his or her death, subject to the enforceability of the designation under applicable law at that time. A Key
Employee may from time-to-time revoke or change his or her Beneficiary designation, with or without the consent of any prior Beneficiary as required by applicable law, by filing a new designation with the Company. Subject to the foregoing, the last
such designation received by the Company shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Company prior to the Key Employee’s death, and in no event shall
it be effective as of a date prior to such receipt. If the Committee is in doubt as to the right of any person to receive such Award, the Company may retain such Award, without liability for any interest thereon, until the Committee determines the
rights thereto, or the Company may pay such Award into any court of appropriate jurisdiction and such payment shall be a complete discharge of the liability of the Company therefore. 

 

	11.	Administration of the Plan  

(a) Each member of the Committee shall be both a member of the Board, a “non-employee director” within the meaning of Rule
16b-3(b)(3)(i) under the Act or successor rule or regulation and an “outside director “ within the meaning of Section 162(m) of the Code. 

(b) All decisions, determinations or actions of the Committee made or taken pursuant to grants of authority under the Plan shall be made
or taken in the sole discretion of the Committee and shall be final, conclusive and binding on all persons for all purposes. 

(c) The Committee shall have full power, discretion and authority to interpret, construe and administer the Plan and any part thereof, and
its interpretations and constructions thereof and actions taken thereunder shall be, except as otherwise determined by the Board, final, conclusive and binding on all persons for all purposes. 

(d) The Committee’s decisions and determinations under the Plan need not be uniform and may be made selectively among Key Employees,
whether or not such Key Employees are similarly situated. 
 (e) The Committee may, in its sole discretion, delegate such of its
powers as it deems appropriate; provided, however, that the Committee may not delegate its responsibility (i) to make Awards to executive officers of the Company; (ii) to make Awards that are intended to constitute “qualified
performance-based compensation” under Section 162(m) of the Code; or (iii) to certify the satisfaction of Performance Objectives pursuant to Section 6(d) or in accordance with Section 162(m) of the Code. The Committee may
also appoint agents to assist in the day-to-day administration of the Plan and may delegate the authority to execute documents under the Plan to one or more members of the Committee or to one or more officers of the Company. 

(f) If a Change in Control has not occurred and if the Committee determines that a Key Employee has taken action inimical to the best
interests of any Participating Company, the Committee may, in its sole discretion, terminate in whole or in part such portion of any Option (including any related Right) as has not yet become exercisable at the time of termination, terminate any
Performance Share Award for which the Performance Period has not been completed or terminate any Award of Restricted Stock for which the Restriction Period has not lapsed. 

	12.	Amendment, Extension or Termination  

The Board may, at any time, amend or terminate the Plan and, specifically, may make such modifications to the Plan as it deems necessary
to avoid the application of Section 162(m) of the Code and the Treasury regulations issued thereunder. However, no amendment shall, without approval by a majority of the Company’s stockholders, (a) alter the group of persons eligible
to participate in the Plan, (b) except as provided in Section 13 increase the maximum number of shares of Stock that are available for Awards under the Plan, or (c) except for adjustments pursuant to Section 13 or as otherwise
provided for in the Plan, decrease the Option price for any outstanding Option or Right after the date the Option or Right is granted, or cancel or accept the surrender of any outstanding Option or Right at a time when its exercise price exceeds the
fair market value of the underlying Stock, in exchange for another Award, cash or other property or the grant of a new Option or Right with a lower price than the Option or Right being surrendered. If a Change in Control has occurred, no amendment
or termination shall impair the rights of any person with respect to a prior Award. 
  

	13.	Adjustments in Event of Change in Common Stock  

In the event of any recapitalization, reclassification, split-up or consolidation of shares of Stock or stock dividend, merger or
consolidation of the Company or sale by the Company of all or a portion of its assets, the Committee may make such adjustments in the Stock subject to Awards, including Stock subject to purchase by an Option, or the terms, conditions or restrictions
on Stock or Awards, including the price payable upon the exercise of such Option, as the Committee deems equitable. With respect to Awards intended to qualify as “performance-based compensation” under Section 162(m) of the Code, such
adjustments shall be made only to the extent that the Committee determines that such adjustments may be made without a loss of deductibility for such Awards under Section 162(m) of the Code. 

 

	14.	Forfeiture of Gains on Exercise  

Except following a Change in Control, if the Key Employee terminates employment in breach of any covenants and conditions subsequent set
forth in Section 15 and becomes employed by a competitor of the Company within one year after the date of exercise of any Option or the receipt of any Award, the Key Employee shall pay to the Company an amount equal to any gain from the
exercise of the Option or the value of the Award other than Options, in each case measured by the amount reported as taxable compensation to the Key Employee by the Company for federal income tax purposes and in the case of Options that are
incentive stock options, in an amount equal to the amount that would have been reported as taxable income were such Options not incentive stock options, and in each case without regard to any subsequent fluctuation in the market price of the shares
of common stock of the Company. Any such amount due hereunder shall be paid by the Key Employee within thirty days of becoming employed by a competitor. By accepting an Option or other Award hereunder, the Key Employee is authorizing the Company to
withhold, to the extent permitted by law, the amount owed to the Company hereunder from any amounts that the Company may owe to the Key Employee in any capacity whatsoever. 

 

	15.	Conditions Subsequent  

Except after a Change in Control, the exercise of any Option or Right and the receipt of any Award shall be subject to the satisfaction of
the following conditions subsequent: (i) that Key Employee refrain from engaging in any activity that in the opinion of the Committee is competitive with any activity of the Company or any Subsidiary, excluding any activity undertaken upon the
written approval or request of the Company, (ii) that Key Employee refrain from otherwise acting in a manner inimical or in any way contrary to the best interests of the Company, and (iii) that the Key Employee furnish the Company such
information with respect to the satisfaction of the foregoing conditions subsequent as the Committee shall reasonably request. In addition, except as may otherwise be excused by action of the Committee, the Key Employee by the exercise of the Option
or the receipt of the Award agrees to remain in the employ of the Company, unless earlier terminated by the Company or by the Key Employee by reason of his or her death, disability or retirement. 

	16.	Miscellaneous  

 (a)
Except as provided in Section 9, nothing in this Plan or any Award granted hereunder shall confer upon any employee any right to continue in the employ of any Participating Company or interfere in any way with the right of any Participating
Company to terminate his or her employment at any time. No Award payable under the Plan shall be deemed salary or compensation for the purpose of computing benefits under any employee benefit plan or other arrangement of any Participating Company
for the benefit of its employees unless the Company shall determine otherwise. No Key Employee shall have any claim to an Award until it is actually granted under the Plan. To the extent that any person acquires a right to receive payments from the
Company under this Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be
established and no segregation of assets shall be made to assure payment of such amounts except as provided in Section 7(e) with respect to Restricted Stock. 

(b) The Committee may cause to be made, as a condition precedent to the payment of any Award, or otherwise, appropriate arrangements with
the Key Employee or his or her Beneficiary, for the withholding of any federal, state, local or foreign taxes. 
 (c) The Plan
and the grant of Awards shall be subject to all applicable federal and state laws, rules, and regulations and to such approvals by any government or regulatory agency as may be required. 

(d) The terms of the Plan shall be binding upon the Company and its successors and assigns. 

(e) Captions preceding the sections hereof are inserted solely as a matter of convenience and in no way define or limit the scope or
intent of any provision hereof. 
 (f) To the extent Awards issued under the Plan are intended to be exempt from the application
of Section 162(m) of the Code, which restricts under certain circumstances the Federal income tax deduction for compensation paid by a public company to named executives in excess of $1 million per year, the Committee may, without stockholder
approval, amend the Plan retroactively or prospectively to the extent it determines necessary in order to comply with any subsequent clarification of Section 162(m) of the Code required to preserve the Company’s Federal income tax
deduction for compensation paid pursuant to the Plan. 
  

	17.	Effective Date, Term of Plan and Shareholder Approval  

This Plan, which amends and restates the Original Plans, shall become effective for Awards made on and after the later of Shareholder
Approval or January 1, 2011 (the “Effective Date”). The Plan will continue in effect for existing Awards as long as any such Award is outstanding. Unless the Company determines otherwise, Section 6 of the Plan and the definition
of “Performance Goal” shall be submitted to the Company’s stockholders for Shareholder Approval at the first stockholder meeting that occurs in the fifth year following the year in which the Plan was last approved by stockholders (or
any earlier meeting designated by the Board), or at such other time as may be required by Section 162(m) of the Code, and in accordance with the requirements thereof.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}]]