Document:

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                                                                 EXHIBIT 10(i)f

                      SECOND AMENDMENT TO CREDIT AGREEMENT

         THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this "Second Amendment"),
dated as of October 7, 2004, is entered into among COMMERCIAL METALS COMPANY, a
Delaware corporation (the "Borrower"), the lenders listed on the signature pages
hereof as Lenders (the "Lenders"), BANK OF AMERICA, N.A., as Administrative
Agent, THE BANK OF TOKYO-MITSUBISHI, LTD. and ABN AMRO BANK N.V., as
Co-Syndication Agents, and MELLON BANK, N.A. and BNP PARIBAS, as
Co-Documentation Agents.

                                   BACKGROUND

         A.       The Borrower, the Lenders, the Co-Syndication Agents, the
Co-Documentation Agents and the Administrative Agent are parties to that certain
Credit Agreement, dated as of August 8, 2003, as amended by that certain First
Amendment to Credit Agreement, dated as of March 15, 2004 (said Credit
Agreement, as amended, the "Credit Agreement"). The terms defined in the Credit
Agreement and not otherwise defined herein shall be used herein as defined in
the Credit Agreement.

         B.       The Borrower has requested an amendment to the Credit
Agreement

         C.       The Lenders, the Co-Syndication Agents, the Co-Documentation
Agents and the Administrative Agent hereby agree to amend the Credit Agreement,
subject to the terms and conditions set forth herein.

         NOW, THEREFORE, in consideration of the covenants, conditions and
agreements hereafter set forth, and for other good and valuable consideration,
the receipt and adequacy of which are all hereby acknowledged, the Borrower, the
Lenders, the Co-Syndication Agents, the Co-Documentation Agents, and the
Administrative Agent covenant and agree as follows:

         1.       AMENDMENT. The definition of "Letter of Credit Sublimit" set
forth in Section 1.01 of the Credit Agreement is hereby amended to read as
follows:

                  "Letter of Credit Sublimit" means an amount equal to
         $40,000,000. The Letter of Credit Sublimit is part of, and not in
         addition to, the Aggregate Commitments.

         2.       REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT. By
its execution and delivery hereof, the Borrower represents and warrants that, as
of the date hereof:

         (a)      the representations and warranties contained in the Credit
Agreement and the other Loan Documents are true and correct on and as of the
date hereof as made on and as of such date;

         (b)      no event has occurred and is continuing which constitutes a
Default or an Event of Default;

                                       1
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         (c)      (i) the Borrower has full power and authority to execute and
deliver this Second Amendment, (ii) this Second Amendment has been duly executed
and delivered by the Borrower, and (iii) this Second Amendment and the Credit
Agreement, as amended hereby, constitute the legal, valid and binding
obligations of the Borrower, enforceable in accordance with their respective
terms, except as enforceability may be limited by applicable Debtor Relief Laws
and by general principles of equity (regardless of whether enforcement is sought
in a proceeding in equity or at law) and except as rights to indemnity may be
limited by federal or state securities laws;

         (d)      neither the execution, delivery and performance of this Second
Amendment or the Credit Agreement, as amended hereby, nor the consummation of
any transactions contemplated herein or therein, will conflict with any Law or
Organization Documents of the Borrower, or any indenture, agreement or other
instrument to which the Borrower or any of their properties are subject; and

         (e)      no authorization, approval, consent, or other action by,
notice to, or filing with, any governmental authority or other Person (including
the board of directors of the Borrower) is required for the execution, delivery
or performance by the Borrower of this Second Amendment.

         3.       CONDITIONS TO EFFECTIVENESS. This Second Amendment shall be
effective upon satisfaction or completion of the following:

         (a)      the Administrative Agent shall have received counterparts of
this Second Amendment executed by the Required Lenders;

         (b)      the Administrative Agent shall have received counterparts of
this Second Amendment executed by the Borrower; and

         (c)      the Administrative Agent shall have received, in form and
substance satisfactory to the Administrative Agent and its counsel, such other
documents, certificates and instruments as the Administrative Agent shall
require.

         4.       REFERENCE TO THE CREDIT AGREEMENT.

         (a)      Upon the effectiveness of this Second Amendment, each
reference in the Credit Agreement to "this Agreement", "hereunder", or words of
like import shall mean and be a reference to the Credit Agreement, as affected
and amended hereby.

         (b)      The Credit Agreement, as amended by the amendments referred to
above, shall remain in full force and effect and is hereby ratified and
confirmed.

         5.       COSTS, EXPENSES AND TAXES. The Borrower agrees to pay on
demand all costs and expenses of the Administrative Agent in connection with the
preparation, reproduction, execution and delivery of this Second Amendment and
the other instruments and documents to be delivered hereunder (including the
reasonable fees and out-of-pocket expenses of counsel for the Administrative
Agent with respect thereto).

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         6.       EXECUTION IN COUNTERPARTS. This Second Amendment may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which when taken together shall constitute
but one and the same instrument. For purposes of this Second Amendment, a
counterpart hereof (or signature page thereto) signed and transmitted by any
Person party hereto to the Administrative Agent (or its counsel) by facsimile
machine, telecopier or electronic mail is to be treated as an original. The
signature of such Person thereon, for purposes hereof, is to be considered as
an original signature, and the counterpart (or signature page thereto) so
transmitted is to be considered to have the same binding effect as an original
signature on an original document.

         7.       GOVERNING LAW; BINDING EFFECT. This Second Amendment shall be
governed by and construed in accordance with the laws of the State of Texas
applicable to agreements made and to be performed entirely within such state,
provided that each party shall retain all rights arising under federal law, and
shall be binding upon the parties hereto and their respective successors and
assigns.

         8.       HEADINGS. Section headings in this Second Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Second Amendment for any other purpose.

         9.       ENTIRE AGREEMENT. THE CREDIT AGREEMENT, AS AMENDED BY THIS
SECOND AMENDMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

                   REMAINDER OF PAGE LEFT INTENTIONALLY BLANK

                                       3
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         IN WITNESS WHEREOF, this Second Amendment is executed as of the date
first set forth above.

                                       COMMERCIAL METALS COMPANY

                                       By: /s/ Stanley A. Rabin
                                          -------------------------------------
                                          Name: Stanley A. Rabin
                                               --------------------------------
                                          Title: Chairman of the Board,
                                               --------------------------------
                                                 President and
                                                 Chief Executive Officer

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                                       BANK OF AMERICA, N.A., as Administrative
                                       Agent

                                       By: /s/ Kendra Chase
                                          -------------------------------------
                                          Name: /s/ Kendra Chase
                                               --------------------------------
                                          Title: Vice President
                                                -------------------------------

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                                       BANK OF AMERICA, N.A., as a Lender

                                       By: /s/ Sanjay H. Gurnani
                                          -------------------------------------
                                          Name: Sanjay H. Gurnani
                                               --------------------------------
                                          Title: Vice President
                                                -------------------------------

<PAGE>

                                       THE BANK OF TOKYO-MITSUBISHI, LTD.,
                                       as Co-Syndication Agent and as a Lender

                                       By: /s/ D. Barnell
                                          -------------------------------------
                                          Name: D. Barnell
                                               --------------------------------
                                          Title: Vice President
                                                -------------------------------

<PAGE>

                                       ABN AMRO BANK N.V., as Co-Syndication
                                       Agent and as a Lender

                                       By: /s/ Angela Noique
                                          -------------------------------------
                                          Name: Angela Noique
                                               --------------------------------
                                          Title: Group Vice President
                                                -------------------------------

                                       By: /s/ Ignacio Pineros
                                          -------------------------------------
                                          Name: Ignacio Pineros
                                               --------------------------------
                                          Title: Vice President
                                                -------------------------------

<PAGE>

                                       MELLON BANK, N.A., as Co-Documentation
                                       Agent and as a Lender

                                       By: /s/ William M. Feathers
                                          -------------------------------------
                                          Name: William M. Feathers
                                               --------------------------------
                                          Title: Vice President
                                                -------------------------------

<PAGE>

                                       BNP PARIBAS, as Co-Documentation Agent
                                       and as a Lender

                                       By: /s/ Brad Ellis
                                          -------------------------------------
                                          Name: Brad Ellis
                                               --------------------------------
                                          Title: Associate
                                                -------------------------------

                                       By: /s/ Aurora L. Abella
                                          -------------------------------------
                                          Name: Aurora L. Abella
                                               --------------------------------
                                          Title: Vice President
                                                -------------------------------

<PAGE>

                                       COMERICA BANK, as a Lender

                                       By: /s/ Janet Wheeler
                                          -------------------------------------
                                          Name: Janet Wheeler
                                               --------------------------------
                                          Title: Corporate Banking Officer
                                                -------------------------------

<PAGE>

                                       AUSTRALIA AND NEW ZEALAND BANKING GROUP
                                       LIMITED

                                       By: /s/ Damodar P. Menon
                                          -------------------------------------
                                          Name: Damodar P. Menon
                                               --------------------------------
                                          Title: Director
                                                -------------------------------

<PAGE>

                                       NATIONAL AUSTRALIA BANK

                                       By: /s/ Scott Tuhy
                                          -------------------------------------
                                          Name: Scott Tuhy
                                               --------------------------------
                                          Title: Director
                                                -------------------------------

<PAGE>

                                       THE BANK OF NOVA SCOTIA

                                       By: /s/ William E. Zarrett
                                          -------------------------------------
                                          Name: William E. Zarrett
                                               --------------------------------
                                          Title: Managing Director
                                                -------------------------------

<PAGE>

                                       SOCIETE GENERALE

                                       By: /s/ Craig A. Tashjian
                                          -------------------------------------
                                          Name: Craig A. Tashjian
                                               --------------------------------
                                          Title: Managing Director
                                                -------------------------------

                                       By: /s/ Laurence Lemesle
                                          -------------------------------------
                                          Name: Laurence Lemesle
                                               --------------------------------
                                          Title: Vice President
                                                -------------------------------

<PAGE>

                                       WELLS FARGO BANK, N.A.

                                       By: /s/ John W. Johnson
                                          -------------------------------------
                                          Name: John W. Johnson
                                               --------------------------------
                                          Title: Vice President
                                                -------------------------------

<PAGE>

                                 HARRIS NESBITT FINANCING, INC.
                                 (formerly known as BMO Nesbitt Burns Financing,
                                 Inc.)

                                 By: /s/ Joseph W. Linder
                                    -------------------------------------
                                    Name: Joseph W. Linder
                                         --------------------------------
                                    Title: Vice President
                                          -------------------------------

<PAGE>

                                       FORTIS CAPITAL CORP.

                                       By: /s/ Patrick Jaberg
                                          -------------------------------------
                                          Name: Patrick Jaberg
                                               --------------------------------
                                          Title: Sr. Associate
                                                -------------------------------

                                       By: /s/ Cristina E. Roberts
                                          -------------------------------------
                                          Name: Cristina E. Roberts
                                               --------------------------------
                                          Title: Managing Director
                                                 Fortis Capital Corp.
                                                -------------------------------

<PAGE>

                                       HIBERNIA NATIONAL BANK

                                       By: /s/ Laura Watts
                                          -------------------------------------
                                          Name: Laura Watts
                                               --------------------------------
                                          Title: Vice President
                                                -------------------------------

<PAGE>

                                       HSBC BANK USA, NATIONAL ASSOCIATION

                                       By: /s/ George Linhart
                                          -------------------------------------
                                          Name: George Linhart
                                               --------------------------------
                                          Title: Senior Vice President
                                                -------------------------------

<PAGE>

                                       SOUTHWEST BANK OF TEXAS, N.A.

                                       By: /s/ Melinda N. Jackson
                                          -------------------------------------
                                          Name: Melinda N. Jackson
                                               --------------------------------
                                          Title: Senior Vice President
                                                -------------------------------exv10wxiiiyf

 

Exhibit 10(iii)f

COMMERCIAL METALS COMPANY

1999 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN

(Amended and Restated as of November 8, 2004)

     The Commercial Metals Company 1999 Non-Employee Director Stock Option Plan
(hereinafter called the “Plan”) was adopted by the Board of Directors of
Commercial Metals Company, a Delaware corporation (hereinafter called the
“Company”). The Plan was originally effective as of November 22, 1999. This
amended and restated version of the Plan is effective as of November 8, 2004.

ARTICLE 1

PURPOSE

     The purpose of the Plan is to attract and retain Outside Directors of the
Company and to provide such persons with a proprietary interest in the Company
through the granting of nonqualified stock options and restricted stock that
will:

     (a) increase the interest of such persons in the Company’s
welfare;

     (b) furnish an incentive to such persons to continue their
services for the Company; and

     (c) provide a means through which the Company may attract able
persons as directors.

     With respect to any Participant who is subject to the reporting
requirements of Section 16 of the Securities Exchange Act of 1934 (the “1934
Act”), the Plan and all transactions under the Plan are intended to comply with
all applicable conditions of Rule 16b-3 promulgated under the 1934 Act. To the
extent any provision of the Plan or action by the Committee fails to so comply,
it shall be deemed null and void ab initio, to the extent permitted by law and
deemed advisable by the Committee.

ARTICLE 2

DEFINITIONS

     For the purpose of the Plan, unless the context requires otherwise, the
following terms shall have the meanings indicated:

     2.1 “Black-Scholes Value” means the value of a Stock Option granted under
the Plan to purchase one share of Common Stock determined pursuant to the
option pricing model commonly known as the Black-Scholes method.

     2.1A “Award” means the grant of any Stock Option or Restricted Stock.

     2.1B “Award Agreement” means a written agreement between a Participant
and the Company that sets out the terms of the Award.

     2.2 “Board” means the board of directors of the Company.

 

 

     2.3 “Change of Control” means any of the following: (i) any
consolidation, merger or share exchange of the Company in which the Company is
not the continuing or surviving corporation or pursuant to which shares of the
Company’s Common Stock would be converted into cash, securities or other
property, other than a consolidation, merger or share exchange of the Company
in which the holders of the Company’s Common Stock immediately prior to such
transaction have the same proportionate ownership of Common Stock of the
surviving corporation immediately after such transaction; (ii) any sale, lease,
exchange or other transfer (excluding transfer by way of pledge or
hypothecation) in one transaction or a series of related transactions, of all
or substantially all of the assets of the Company; (iii) the stockholders of
the Company approve any plan or proposal for the liquidation or dissolution of
the Company; (iv) the cessation of control (by virtue of their not constituting
a majority of directors) of the Board by the individuals (the “Continuing
Directors”) who (x) at the date of this Plan were directors or (y) become
directors after the date of this Plan and whose election or nomination for
election by the Company’s stockholders, was approved by a vote of at least
two-thirds of the directors then in office who were directors at the date of
this Plan or whose election or nomination for election was previously so
approved; (v) the acquisition of beneficial ownership (within the meaning of
Rule 13d-3 under the 1934 Act) of an aggregate of 15% of the voting power of
the Company’s outstanding voting securities by any person or group (as such
term is used in Rule 13d-5 under the 1934 Act), provided, however, that
notwithstanding the foregoing, an acquisition shall not constitute a Change of
Control hereunder if the acquirer is (w) Daniel E. Feldman, Moses Feldman,
Robert L. Feldman, or Sara B. Feldman (the “Feldmans”), or any of his or her
affiliates, so long as the Feldmans and their affiliates do not beneficially
own an aggregate of 25% or more of the shares of Common Stock then outstanding,
(x) a trustee or other fiduciary holding securities under an employee benefit
plan of the Company and acting in such capacity, (y) a Subsidiary of the
Company or a corporation owned, directly or indirectly, by the stockholders of
the Company in substantially the same proportions as their ownership of voting
securities of the Company or (z) any other person whose acquisition of shares
of voting securities is approved in advance by a majority of the Continuing
Directors; or (vi) in a Title 11 bankruptcy proceeding, the appointment of a
trustee or the conversion of a case involving the Company to a case under
Chapter 7. Under sub-clause (w) of clause (v) of the preceding sentence, if a
person or entity is an affiliate of one or more of the Feldmans and of another
person or entity, such sub-clause (w) shall not serve to exempt such other
person or entity in determining whether a Change of Control has occurred.

     2.4 “Code” means the Internal Revenue Code of 1986, as amended.

     2.5 “Committee” means the committee appointed or designated by the Board
to administer the Plan in accordance with ARTICLE 3 of this Plan.

     2.6 “Common Stock” means the common stock which the Company is currently
authorized to issue or may in the future be authorized to issue.

     2.7 “Company” means Commercial Metals Company, a Delaware corporation, and
any successor entity.

     2.8 “Date of Grant” means the effective date on which an Award is made to
a Participant as set forth in the applicable Award Agreement in accordance with
the terms of the Plan; provided, however, that solely for purposes of Section
16 of the 1934 Act and the rules and regulations promulgated thereunder, the
Date of Grant of an Award shall be the date of stockholder approval of the Plan
if such date is later than the effective date of such Award as set forth in the
Award Agreement.

     2.9 “Election Form” means a form approved by the Committee pursuant to
which an Outside Director elects a method of payment of Fees.

2

 

     2.10 “Employee” means common law employee (as defined in accordance with
the Regulations and Revenue Rulings then applicable under Section 3401(c) of
the Code) of the Company or any Subsidiary of the Company.

     2.11 “Fair Market Value” means, as of a particular date, the mean of the
highest and lowest prices per share on the New York Stock Exchange Consolidated
Tape, or such reporting service as the Committee may select, on the appropriate
date, or in the absence of reported sales on such day, the most recent previous
day for which sales were reported.

     2.12 “Fees” means the cash retainer payable by the Company to an Outside
Director for service as an Outside Director of the Company, as such amount may
be changed from time to time.

     2.13 “Optioned Shares” means the full shares of Common Stock which a
Participant may purchase pursuant to the exercise of a Stock Option granted
pursuant to this Plan.

     2.14 “Option Period” means the period during which a Stock Option may be
exercised.

     2.15 “Option Price” means the price which must be paid by a Participant
upon exercise of a Stock Option to purchase a share of Common Stock.

     2.16 “Options Election Period” means the period beginning on October 1(st)
(or, with respect to the first full calendar year during the term of the Plan,
November 22, 1999) of each year during the term of the Plan and ending on the
following December 31(st), or such other time period designated by the
Committee, during which Outside Directors may elect to receive Stock Options as
payment of some or all of their Fees. If a person becomes an Outside Director
on or after January 1(st) but before October 1(st), including a person serving
as a director and an Employee who becomes an Outside Director because such
director’s employment with the Company terminates during such period, the
Options Election Period for such person for that year shall commence on the
date such person first becomes an Outside Director and end 30 days thereafter.

     2.17 “Outside Director” means a director of the Company who is not an Employee.

     2.18 “Participant” shall mean an Outside Director of the Company.

     2.19
“Plan” means this Commercial Metals Company 1999 Outside Director Stock Option Plan, as amended from time to time.

     2.20 “Plan Year” means a yearly period during the term of the Plan
beginning on the date of the Company’s annual meeting of stockholders and
ending on the day before the Company’s next annual meeting of stockholders.

     2.20A “Restricted Stock” means shares of Common Stock issued to a
Participant pursuant to Section 4.1 of the Plan that are subject to
restrictions or limitations set forth in the Plan and in the related Award
Agreement.

     2.21 “Retirement” means Termination of Service as a Director at or after
attaining age 62.

     2.22 “Stock Option” means a non-qualified option to purchase Common Stock
granted under the Plan.

3

 

     2.23 [Reserved]

     2.24 “Subsidiary” means (i) any corporation in an unbroken chain of
corporations beginning with the Company, if each of the corporations other than
the last corporation in the unbroken chain owns stock possessing a majority of
the total combined voting power of all classes of stock in one of the other
corporations in the chain, (ii) any limited partnership, if the Company or any
corporation described in item (i) above owns a majority of the general
partnership interest and a majority of the limited partnership interests
entitled to vote on the removal and replacement of the general partner, and
(iii) any partnership or limited liability company, if the partners or members
thereof are composed only of the Company, any corporation listed in item (i)
above or any limited partnership listed in item (ii) above. “Subsidiaries”
means more than one of any such corporations, limited partnerships,
partnerships or limited liability companies.

     2.25 “Termination of Service as a Director” occurs when a Participant who
is an Outside Director of the Company shall cease to serve as a director of the
Company for any reason.

     2.26 “Total and Permanent Disability” means that the Participant, because
of ill health, physical or mental disability or any other reason beyond his or
her control, is unable to perform his or her duties as a director for a period
of six (6) continuous months, as determined in good faith by the Committee.

ARTICLE 3

ADMINISTRATION

     3.1 General Administration; Establishment of Committee. Subject to the
terms of this ARTICLE 3, the Plan shall be administered by a committee
appointed by the Board (the “Committee”). The Committee shall consist of not
fewer than two persons. Any member of the Committee may be removed at any
time, with or without cause, by resolution of the Board. Any vacancy occurring
in the membership of the Committee may be filled by appointment by the Board.
At any time there is no Committee to administer the Plan, any references in
this Plan to the Committee shall be deemed to refer to the Board.

     Membership on the Committee shall be limited to those members of the Board
who are “outside directors” under Section 162(m) of the Code and “non-employee
directors” as defined in Rule 16b-3 promulgated under the 1934 Act. The
Committee shall select one of its members to act as its Chairman. A majority
of the Committee shall constitute a quorum, and the act of a majority of the
members of the Committee present at a meeting at which a quorum is present
shall be the act of the Committee.

     3.2 Authority of the Committee. The Committee, in its discretion, shall
(i) interpret the Plan, (ii) prescribe, amend, and rescind any rules and
regulations necessary or appropriate for the administration of the Plan, and
(iii) make such other determinations or certifications and take such other
action as it deems necessary or advisable in the administration of the Plan.
Any interpretation, determination, or other action made or taken by the
Committee shall be final, binding, and conclusive on all interested parties.
The Committee’s discretion set forth herein shall not be limited by any
provision of the Plan, including any provision which by its terms is applicable
notwithstanding any other provision of the Plan to the contrary.

     The Committee may delegate to officers of the Company, pursuant to a
written delegation, the authority to perform specified functions under the
Plan. Any actions taken by any officers of the

4

 

Company pursuant to such written delegation of authority shall be deemed to
have been taken by the Committee.

     With respect to restrictions in the Plan that are based on the
requirements of Rule 16b-3 promulgated under the 1934 Act, the rules of any
exchange or inter-dealer quotation system upon which the Company’s securities
are listed or quoted, or any other applicable law, rule or restriction
(collectively, “applicable law”), to the extent that any such restrictions are
no longer required by applicable law, the Committee shall have the sole
discretion and authority to grant Awards that are not subject to such mandated
restrictions and/or to waive any such mandated restrictions with respect to
outstanding Awards.

ARTICLE 4

ELIGIBILITY; GRANT OF AWARDS

     4.1 Automatic Grant of Awards. On the first day of every Plan Year, each
Outside Director serving as such on that date shall automatically be granted an
Award of either (i) a Stock Option to purchase six thousand (6,000) shares of
Common Stock on such date or (ii) one thousand (1,000) shares of Restricted
Stock on such date. The Committee, in its sole discretion, shall determine, on
or prior to such date, whether all Participants shall receive Stock Options or
all Participants shall receive Restricted Stock for such Plan Year. If a
person becomes an Outside Director during a Plan Year, on a date after the
first day of a Plan Year, including a person serving as a director and an
Employee who becomes an Outside Director because such director’s employment
with the Company terminates during such Plan Year, such Outside Director shall
automatically be granted an Award in the same form as the Award granted to each
other Outside Director for such Plan Year, but reduced by multiplying such
Award by a fraction, the numerator of which shall be the number of days until
the end of such Plan Year and the denominator of which shall be the total
number of days in such Plan Year. In the event that the calculation in the
immediately preceding sentence would result in a fractional share being subject
to a Stock Option or Restricted Stock, the number of shares shall be rounded up
to the next whole number of shares.

     4.2 Election to Receive Stock Options in Lieu of Cash Fees. A Participant
may elect to receive all or part of the Fees otherwise payable to him or her
during a calendar year in the form of a Stock Option to purchase the number of
shares of Common Stock determined as set forth below in this Section 4.2. An
Outside Director who wishes to receive Fees for a calendar year in the form of
a Stock Option must irrevocably elect to do so by delivering a valid Election
Form during the Options Election Period to the Secretary of the Company or such
other person as the Committee may designate. An Outside Director’s timely
election to receive a Stock Option in lieu of cash Fees under this Section 4.2
will be effective as of the first day of the calendar year covered by the
Election Form. Elections to receive Stock Options in lieu of cash Fees are
irrevocable and shall be valid only for the calendar year covered by such
election. The Date of Grant for Stock Options granted under this Section 4.2
will be the first day of the Plan Year immediately following the calendar year
covered by the Election Form.

The Committee shall cause to be calculated the Black-Scholes Value as of the
first day of the Plan Year immediately following the calendar year covered by
the Election Form. The Committee shall have complete discretion to assign such
values to the factors utilized in the calculation of the Black-Scholes Value as
the Committee deems appropriate. The Committee may, but shall not be required
to, use the services of Employees, consultants or other agents to assist the
Committee in calculating the Black-Scholes Value. The number of shares subject
to a Stock Option granted pursuant to this Section 4.2 shall be the number of
whole shares equal to (i) the dollar amount of the Fees earned by the Outside
Director that the Outside Director elected to receive in the form of a Stock
Option divided by (ii) the Black-

5

 

Exhibit 10(iii)(f)

Scholes Value. In determining the number of Optioned Shares, any fraction of a
share will be rounded up to the next highest whole number of shares.

For example:

     Assume that an Outside Director has elected to receive $5,000 of his or
her Fees in the form of a Stock Option and that the Black-Scholes Value was
determined to be $10. The Outside Director would be granted a Stock Option to
purchase 500 shares of Common Stock as payment of the $5,000 compensation,
calculated as follows: $5,000 divided by $10 = 500 shares.

     4.3 Stock Options. Any automatic grant of a Stock Option pursuant to
Section 4.1 shall be evidenced by an Award Agreement setting forth the total
number of shares of Common Stock subject to the Stock Option, the Option Price,
the maximum term of the Stock Option, the Date of Grant, and such other terms
and provisions as are approved by the Committee, but not inconsistent with the
Plan. The Company shall execute an Award Agreement with a Participant promptly
after the Date of Grant of the Stock Option. The holder of a Stock Option
shall have none of the rights or privileges of a stockholder except with
respect to shares which have been actually issued.

     4.4 Restricted Stock. Any automatic grant of Restricted Stock pursuant to
Section 4.1 shall be evidenced by an Award Agreement setting forth: (i) the
number of shares of Common Stock awarded, (ii) the time or times within which
such Award may be subject to forfeiture, (iii) specified criteria that the
Committee determines must be met in order to remove any restrictions on such
Award, and (iv) all other terms, limitations, restrictions, and conditions of
the Restricted Stock, which shall be consistent with this Plan. The provisions
of Restricted Stock need not be the same with respect to each Participant.

     (a) Legend on Shares. A stock certificate or certificates shall be
issued in the name of each Participant who is granted Restricted Stock
pursuant to Section 4.1 in respect of such shares of Common Stock, or
such shares may be represented by uncertificated shares. Such
certificate(s) or uncertificated shares shall be registered in the name
of the Participant, and shall bear an appropriate legend or notation
referring to the terms, conditions, and restrictions applicable to such
Restricted Stock, substantially as provided in Section 14.11 of the Plan.

     (b) Restrictions and Conditions. Subject to the other provisions of this
Plan and the terms of the particular Award Agreements, shares of
Restricted Stock shall be subject to the following restrictions and
conditions:

(i) During such period as may be determined by the Committee
commencing on the Date of Grant (the “Restriction Period”), the
Participant shall not be permitted to sell, transfer, pledge or
assign shares of Restricted Stock. Except for these limitations,
the Board may in its sole discretion, remove any or all of the
restrictions on such Restricted Stock whenever it may determine
that, by reason of changes in applicable laws or other changes in
circumstances arising after the date of the Award, such action is
appropriate.

(ii) Except as provided in sub-paragraph (b)(i) above, the
Participant shall have, with respect to his or her Restricted
Stock, all of the rights of a stockholder of the Company, including
the right to vote the shares, and the right to receive any
dividends thereon. Certificates for shares of Common Stock free of
restriction under this Plan shall be delivered to the Participant
promptly after, and only after, the Restriction Period shall expire
without forfeiture in respect of such shares of Common Stock or
after any other restrictions imposed on such shares of Common Stock
by the applicable Award Agreement or other agreement have expired.
Certificates for the shares of Common

6

 

Stock forfeited under the provisions of the Plan and the applicable
Award Agreement shall be promptly returned to the Company by the
forfeiting Participant. Each Award Agreement shall require that
each Participant, in connection with the issuance of a certificate
for Restricted Stock, shall endorse such certificate in blank or
execute a stock power in form satisfactory to the Company in blank
and deliver such certificate and executed stock power to the
Company.

(iii) The Restriction Period of Restricted Stock shall commence on
the Date of Grant, and, subject to ARTICLE 12 of the Plan, shall
expire upon satisfaction of the conditions set forth Section 4.5.

(iv) Upon Termination of Service as a Director during the
Restriction Period, the nonvested shares of Restricted Stock shall
be forfeited by the Participant unless such nonvested shares
otherwise vest upon Termination of Service as a Director as
provided by Section 4.5. Upon any forfeiture, all rights of a
Participant with respect to the forfeited shares of the Restricted
Stock shall cease and terminate, without any further obligation on
the part of the Company.

     4.5 Vesting; Time of Exercise.

     (a) Stock Options granted pursuant to Section 4.1 will be
exercisable in the following cumulative installments:

	 	 	First Installment: A Stock Option will be exercisable for up to 50%
of the Optioned Shares (rounded down so that no fractional share is
exercisable) at any time following the first anniversary of the
Date of Grant.
	 
	 	 	Second Installment: A Stock Option will be exercisable for the
remainder of the Optioned Shares not exercisable in the first
installment at any time following the second anniversary of the
Date of Grant.

     Notwithstanding the foregoing, the vesting of installments under
Stock Options granted pursuant to Section 4.1 shall automatically
accelerate and the Stock Options shall be exercisable in full upon (i)
the Participant’s death, (ii) the Participant’s Termination of Service as
a Director as a result of Total and Permanent Disability, (iii) the
Participant’s Termination of Service as a Director as a result of
Retirement, or (iv) the occurrence of a Change of Control. The
determination of the Committee that any of the foregoing conditions has
been met shall be binding and conclusive on all parties.

     (b) Subject to any restriction in the Award Agreement, Restricted
Stock granted pursuant to Section 4.1 shall vest in the following
cumulative installments::

	 	 	First Installment: 50% of the shares of Restricted Stock granted
(rounded down so that no fractional share is vested) shall become
fully vested upon the first anniversary of the Date of Grant.
	 
	 	 	Second Installment: The remainder of the shares of Restricted Stock
granted shall become fully vested upon the second anniversary of
the Date of Grant.
	 
	 	 	Notwithstanding the foregoing, the vesting of Restricted Stock
granted pursuant to Section 4.1 shall automatically accelerate upon (i)
the

7

 

	 	 	Participant’s death, (ii) the Participant’s Termination of Service as a Director as a result of Total and Permanent
Disability, (iii) the Participant’s Termination of Service as a Director
as a result of Retirement, or (iv) the occurrence of a Change of Control.
The determination of the Committee that any of the foregoing conditions
has been met shall be binding and conclusive on all parties.

ARTICLE 5

SHARES SUBJECT TO PLAN

     The maximum number of shares of Common Stock that may be issued under the
Plan is two hundred thousand (200,000) (as may be adjusted in accordance with
ARTICLES 11 and 12 hereof). All Stock Options granted under the Plan shall be
designated as non-qualified stock options. Shares of Common Stock to be issued
under the Plan may be made available from either authorized but unissued Common
Stock or Common Stock held by the Company in its treasury. Shares of Common
Stock previously subject to Awards that are forfeited, terminated, or settled
in cash in lieu of Common Stock, or expired unexercised shall immediately
become available for grants of Awards under the Plan.

     During the term of this Plan, the Company will at all times reserve and
keep available the number of shares of Common Stock that shall be sufficient to
satisfy the requirements of this Plan.

ARTICLE 6

OPTION PRICE

     The Option Price for any share of Common Stock which may be purchased
under a Stock Option shall be One Hundred Percent (100%) of the Fair Market
Value of the share on the Date of Grant.

ARTICLE 7

OPTION PERIOD; FORFEITURE

     No Stock Option granted under the Plan may be exercised at any time after
the end of its Option Period.

     The Option Period for each Stock Option will terminate on the first of the
following to occur:

     (a) 5 p.m. on the seventh anniversary of the Date of Grant;

     (b) 5 p.m. on the date which is one (1) year following the
Participant’s Termination of Service as a Director due to death or Total
and Permanent Disability;

     (c) 5 p.m. on the date that is two (2) years following the
Participant’s Termination of Service as a Director due to Retirement;
provided that any installment not vested and exercisable on the
Participant’s Retirement shall terminate and be forfeited on such date;
or

     (d) 5 p.m. on the date that is thirty (30) days after any other
Termination of Service as a Director; provided that any installment not
vested and exercisable on the date of such Termination of Service as a
Director shall terminate and be forfeited on such date.

8

 

ARTICLE 8

EXERCISE OF OPTION

     Stock Options may be exercised during the Option Period. Stock Options may
be exercised at such times and in such amounts as provided in this Plan and the
applicable Award Agreements, subject to the terms, conditions, and restrictions
of the Plan.

     In no event may a Stock Option be exercised or shares of Common Stock be
issued pursuant to a Stock Option if a necessary listing of the shares on a
stock exchange or any registration under state or federal securities laws
required under the circumstances has not been accomplished. No Stock Option may
be exercised for a fractional share of Stock. The granting of a Stock Option
shall impose no obligation upon the Participant to exercise that Stock Option.

     Subject to such administrative regulations as the Committee may from time
to time adopt, a Stock Option may be exercised by the delivery of written
notice to the Committee setting forth the number of shares of Common Stock with
respect to which the Stock Option is to be exercised and the date of exercise
thereof (the “Exercise Date”) which shall be at least three (3) days after
giving such notice unless an earlier time shall have been mutually agreed upon.
On the Exercise Date, the Participant shall deliver to the Company
consideration with a value equal to the total Option Price of the shares of
Common Stock to be purchased, payable as follows: (a) cash, check, bank draft,
or money order payable to the order of the Company, (b) Common Stock owned by
the Participant on the Exercise Date, valued at its Fair Market Value on the
Exercise Date, (c) by delivery (including by FAX) to the Company or its
designated agent of an executed irrevocable option exercise form together with
irrevocable instructions from the Participant to a broker or dealer, reasonably
acceptable to the Company, to sell certain of the shares of Common Stock
purchased upon exercise of the Stock Option or to pledge such shares as
collateral for a loan and promptly deliver to the Company the amount of sale or
loan proceeds necessary to pay such purchase price, and/or (d) any other form
of consideration that is acceptable to the Committee in its sole discretion.

     Upon payment of all amounts due from the Participant, the Company shall
cause certificates for the Common Stock then being purchased to be delivered to
the Participant (or the person exercising the Participant’s Stock Option in the
event of his death) at its principal business office promptly after the
Exercise Date. The obligation of the Company to deliver shares of Common Stock
shall, however, be subject to the condition that if at any time the Committee
shall determine in its discretion that the listing, registration, or
qualification of the Stock Option or the Common Stock upon any securities
exchange or under any state or federal law, or the consent or approval of any
governmental regulatory body, is necessary or desirable as a condition of, or
in connection with, the Stock Option or the issuance or purchase of shares of
Common Stock thereunder, the Stock Option may not be exercised in whole or in
part unless such listing, registration, qualification, consent, or approval
shall have been effected or obtained free of any conditions not acceptable to
the Committee.

     If the Participant fails to pay for any of the Common Stock specified in
such notice or fails to accept delivery thereof, the Participant’s right to
purchase such Common Stock may be terminated by the Company.

9

 

ARTICLE 9

AMENDMENT OR DISCONTINUANCE

     Subject to the limitations set forth in this ARTICLE 9, the Board may at
any time and from time to time, without the consent of the Participants,
suspend or discontinue the Plan in whole or in part. The Board may amend the
Plan at any time and for any reason without stockholder approval; provided,
however, that the Board may condition any amendment on the approval of
stockholders of the Company if such approval is necessary or deemed advisable
with respect to tax, securities or other applicable laws, policies and
regulations.

     Subject to the forgoing, any such amendment shall, to the extent deemed
necessary or advisable by the Committee, be applicable to any outstanding
Awards theretofore granted under the Plan, notwithstanding any contrary
provisions contained in any Award Agreement. In the event of any such
amendments to the Plan, the holder of any Award outstanding under the Plan
shall, upon request of the Committee and as a condition to the exercisability
thereof, execute a conforming amendment in the form prescribed by the Committee
to any Award Agreement relating thereto within such reasonable time as the
Committee shall specify in such request. Notwithstanding anything contained in
this Plan to the contrary, unless required by law, no action contemplated or
permitted by this ARTICLE 9 shall adversely affect any rights of Participants
or obligations of the Company to Participants with respect to any Awards
theretofore granted under the Plan without the consent of the affected
Participant.

ARTICLE 10

STOCKHOLDER APPROVAL; TERM

     Anything in the Plan to the contrary notwithstanding, the effectiveness of
the Plan and of the grant of all Awards hereunder is in all respects subject to
the approval of the Plan by the affirmative vote of the holders of a majority
of the shares of the Common Stock present in person or by proxy and entitled to
vote at a meeting of stockholders at which the Plan is presented for approval.
Awards may be granted under the Plan prior to the time of stockholder approval.
Any such Awards granted prior to such stockholder approval shall be subject to
such stockholder approval. Unless sooner terminated by action of the Board, the
Plan will terminate on January 31, 2010, but Awards granted before such date
will continue to be effective in accordance with their terms and conditions.

ARTICLE 11

CAPITAL ADJUSTMENTS

     In the event that the Committee shall determine that any dividend or other
distribution, recapitalization, stock split, reverse stock split, rights
offering, reorganization, merger, consolidation, split-up, spin-off, split-off,
combination, subdivision, repurchase, or exchange of Common Stock, issuance of
warrants or other rights to purchase Common Stock, or other similar corporate
transaction or event affects the Common Stock such that an adjustment is
determined by the Committee to be appropriate to prevent the dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan, then the Committee shall, in such manner as it may deem
equitable, adjust any or all of the (i) the number of shares and type of Common
Stock which thereafter may be made the subject of Awards, (ii) the number of
shares and type of Common Stock subject to outstanding Awards, and (iii) the
Option Price of each outstanding Award. In lieu of the foregoing, if deemed
appropriate, the

10

 

Committee may make provision for a cash payment to the holder of an
outstanding Award. Such adjustments shall be made in accordance with the rules
of any securities exchange, stock market, or stock quotation system to which
the Company is subject.

     Upon the occurrence of any such adjustment or cash payment, the Company
shall provide notice to each affected Participant of its computation of such
adjustment or cash payment which shall be conclusive and shall be binding upon
each such Participant.

ARTICLE 12

RECAPITALIZATION, MERGER AND CONSOLIDATION

     12.1 General. The existence of this Plan and Awards granted hereunder
shall not affect in any way the right or power of the Company or its
stockholders to make or authorize any or all adjustments, recapitalizations,
reorganizations, or other changes in the Company’s capital structure and its
business, or any merger or consolidation of the Company, or any issue of bonds,
debentures, preferred or preference stocks ranking prior to or otherwise
affecting the Common Stock or the rights thereof (or any rights, options, or
warrants to purchase same), or the dissolution or liquidation of the Company,
or any sale or transfer of all or any part of its assets or business, or any
other corporate act or proceeding, whether of a similar character or otherwise.

     12.2 Adjustment; Company Survives. Subject to any required action by the
stockholders, if the Company shall be the surviving or resulting corporation in
any merger, consolidation or share exchange, any Award granted hereunder shall
pertain to and apply to the securities or rights (including cash, property, or
assets) to which a holder of the number of shares of Common Stock subject to
the Award would have been entitled.

     12.3 Adjustment; Company Does Not Survive. In the event of any
reorganization, merger, consolidation or share exchange pursuant to which the
Company is not the surviving or resulting corporation, there shall be
substituted for each share of Common Stock subject to the unexercised portions
of such outstanding Awards that number of shares of each class of stock or
other securities or that amount of cash, property or assets of the surviving,
resulting or consolidated company which were distributed or are to be
distributed to the stockholders of the Company in respect of each share of
Common Stock held by them, such outstanding Awards to be thereafter exercisable
for such stock, securities, cash or property in accordance with their terms.
Notwithstanding the foregoing, however, the Committee, in its sole discretion,
may cancel all such Awards as of the effective date of any such reorganization,
merger, consolidation, share exchange or of any dissolution or liquidation of
the Company by giving notice to each holder thereof or his personal
representative of its intention to do so and by permitting the purchase, during
the thirty (30) day period next preceding such effective date, of all of the
shares of Common Stock subject to such outstanding Awards.

     12.4 Notice of Adjustment. Upon the occurrence of each event requiring an
adjustment of the Option Price or the number of shares of Common Stock
purchasable pursuant to Awards granted pursuant to the terms of this Plan, the
Company shall mail to each Participant its computation of such adjustment,
which shall be conclusive and shall be binding upon each such Participant.

11

 

ARTICLE 13

LIQUIDATION OR DISSOLUTION

     In case the Company shall, at any time while any Award under this Plan
shall be in force and remain unexpired, (i) sell all or substantially all of
its property, or (ii) dissolve, liquidate, or wind up its affairs, then each
Participant may thereafter receive upon exercise hereof (in lieu of each share
of Common Stock of the Company which such Participant would have been entitled
to receive) the same kind and amount of any securities or assets as may be
issuable, distributable, or payable upon any such sale, dissolution,
liquidation, or winding up with respect to each share of Common Stock of the
Company. If the Company shall, at any time prior to the expiration of any
Award, make any partial distribution of its assets, in the nature of a partial
liquidation, whether payable in cash or in kind (but excluding the distribution
of a cash dividend payable out of earned surplus and designated as such) then
in such event the Option Prices then in effect with respect to each Award shall
be reduced, on the payment date of such distribution, in proportion to the
percentage reduction in the tangible book value of the shares of the Company’s
Common Stock (determined in accordance with generally accepted accounting
principles) resulting by reason of such distribution.

ARTICLE 14

MISCELLANEOUS PROVISIONS

     14.1 Assignability. No Award granted under this Plan shall be assignable
or otherwise transferable by the Participant (or his or her authorized legal
representative) during the Participant’s lifetime and, after the death of the
Participant, other than by will or the laws of descent and distribution or as
provided below in this ARTICLE 14. All or a portion of a Award granted to a
Participant may be assigned by such Participant to (i) the spouse, children or
grandchildren of the Participant (“Immediate Family Members”), (ii) a trust or
trusts for the exclusive benefit of such Immediate Family Members, or (iii) a
partnership in which such Immediate Family Members are the only partners, (iv)
an entity exempt from federal income tax pursuant to Section 501(c)(3) of the
Code or any successor provision, or (v) a split interest trust or pooled income
fund described in Section 2522(c)(2) of the Code or any successor provision,
provided that (x) there shall be no consideration for any such transfer, and
(y) subsequent transfers of transferred Awards shall be prohibited except those
by will or the laws of descent and distribution. Following transfer, any such
Award shall continue to be subject to the same terms and conditions as were
applicable immediately prior to transfer, provided that for purposes of
Articles 8, 9, 11, 12, 13 and 14 hereof the term “Participant” shall be deemed
to include the transferee. The events of Termination of Service shall continue
to be applied with respect to the original Participant, following which the
Awards shall be exercisable by the transferee only to the extent and for the
periods specified in the Plan and the Award Agreement. The Committee and the
Company shall have no obligation to inform any transferee of an Award of any
expiration, termination, lapse or acceleration of such Option. The Company
shall have no obligation to register with any federal or state securities
commission or agency any Common Stock issuable or issued under an Award that
has been transferred by a Participant under this Section 14.1.

     14.2 Investment Intent. The Company may require that there be presented to
and filed with it by any Participant(s) under the Plan, such evidence as it may
deem necessary to establish that the Awards granted or the shares of Common
Stock to be purchased or transferred are being acquired for investment purposes
and not with a view to their distribution.

     14.3 No Employment Relationship. Each Participant is not an Employee of
the Company. Nothing herein shall be construed to create an employer-employee
relationship between the Company and the Participant.

12

 

     14.4 Stockholders’ Rights. The holder of an Award shall have none of the
rights or privileges of a stockholder except with respect to shares which have
been actually issued.

     14.5 Effect of the Plan. Neither the adoption of this Plan nor any action
of the Board or the Committee shall be deemed to give any person any right to
be granted an Award to purchase Common Stock of the Company or any other rights
except as may be evidenced by an Award Agreement, or any amendment thereto,
duly authorized by the Committee and executed on behalf of the Company, and
then only to the extent and upon the terms and conditions expressly set forth
therein.

     14.6 Indemnification of Board and Committee. No current or previous member
of the Board or the Committee, nor any officer or employee of the Company
acting on behalf of the Board or the Committee, shall be personally liable for
any action, determination, or interpretation taken or made in good faith with
respect to the Plan, and all such members of the Board and the Committee and
each and any officer or employee of the Company acting on their behalf shall,
to the extent permitted by law, be fully indemnified and protected by the
Company in respect of any such action, determination or interpretation. The
foregoing right of indemnification shall not be exclusive of any other rights
of indemnification to which such individuals may be entitled under the
Company’s Certificate of Incorporation or Bylaws, by contract, as a matter of
law, or otherwise.

     14.7 Restrictions. This Plan, and the granting and exercise of Awards
hereunder, and the obligation of the Company to sell and deliver Common Stock
under such Awards, shall be subject to all applicable foreign and United States
laws, rules and regulations, and to such approvals on the part of any
governmental agencies or stock exchanges or transaction reporting systems as
may be required. No Common Stock or other form of payment shall be issued with
respect to any Award unless the Company shall be satisfied based on the advice
of its counsel that such issuance will be in compliance with applicable federal
and state securities laws and the requirements of any regulatory authority
having jurisdiction over the securities of the Company. Unless the Awards and
Common Stock covered by this Plan have been registered under the Securities Act
of 1933, as amended, each person exercising an Award under this Plan may be
required by the Company to give a representation in writing in form and
substance satisfactory to the Company to the effect that he is acquiring such
shares for his own account for investment and not with a view to, or for sale
in connection with, the distribution of such shares or any part thereof. If any
provision of this Plan is found not to be in compliance with such rules, such
provision shall be null and void to the extent required to permit this Plan to
comply with such rules. Certificates evidencing shares of Common Stock
delivered under this Plan may 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
securities exchange or transaction reporting system upon which the Common Stock
is then listed or quoted, and any applicable federal, foreign and state
securities law. The Committee may cause a legend or legends to be placed upon
any such certificates to make appropriate reference to such restrictions.

     14.8 Gender and Number. Where the context permits, words in the masculine
gender shall include the feminine and neuter genders, the plural form of a word
shall include the singular form, and the singular form of a word shall include
the plural form.

     14.9 Tax Requirements. The Company shall have the right to deduct from all
amounts hereunder paid in cash or other form, any Federal, state, or local
taxes required by law to be withheld with respect to such payments. The
Participant receiving shares of Common Stock issued upon exercise of Awards
granted under the Plan shall be required to pay the Company the amount of any
taxes which the Company is required to withhold with respect to such shares of
Common Stock. Such payments shall be required to be made prior to the delivery
of any certificate representing such shares of Common Stock. Such payment may
be made in cash, by check or through the delivery of shares of Common Stock
owned

13

 

by the Participant (which may be effected by the actual delivery of shares of
Common Stock by the Participant or by the Company’s withholding a number of
shares to be issued upon the exercise of an Award, if applicable), which shares
have an aggregate Fair Market Value equal to the required minimum withholding
payment, or any combination thereof.

     14.10 Use of Proceeds. Proceeds from the sale of shares of Common Stock
pursuant to Awards granted under this Plan shall constitute general funds of
the Company.

     14.11 Legend. Each certificate representing shares of Restricted Stock
issued to a Participant shall bear the following legend, or a similar legend
deemed by the Company to constitute an appropriate notice of the provisions
hereof (any such certificate not having such legend shall be surrendered upon
demand by the Company and so endorsed):

	 	 	On the face of the certificate:
	 
	 	 	“Transfer of this stock is restricted in accordance with
conditions printed on the reverse of this certificate.”
	 
	 	 	On the reverse:
	 
	 	 	“The shares of stock evidenced by this certificate are subject to
and transferable only in accordance with that certain Commercial
Metals Company 1999 Non-Employee Stock Option Plan, a copy of
which is on file at the principal office of the Company in Dallas,
Texas. No transfer or pledge of the shares evidenced hereby may
be made except in accordance with and subject to the provisions of
said Plan. By acceptance of this certificate, any holder,
transferee or pledgee hereof agrees to be bound by all of the
provisions of said Plan.”

     The following legend shall be inserted on a certificate evidencing Common
Stock issued under the Plan if the shares were not issued in a transaction
registered under the applicable federal and state securities laws:

	 	 	“Shares of stock represented by this certificate have been
acquired by the holder for investment and not for resale, transfer
or distribution, have been issued pursuant to exemptions from the
registration requirements of applicable state and federal
securities laws, and may not be offered for sale, sold or
transferred other than pursuant to effective registration under
such laws, or in transactions otherwise in compliance with such
laws, and upon evidence satisfactory to the Company of compliance
with such laws, as to which the Company may rely upon an opinion
of counsel satisfactory to the Company.”

14

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