Document:

EX-10.22

 

Exhibit 10.22

The Annual Incentive Plan

For Year 2006

 

 

	 	 	 	 	 
	Contents	 	Page	 
	At a Glance
	 	 	1	 
	What is the Annual Incentive Plan?
	 	 	1	 
	Who is Eligible for This Plan?
	 	 	1	 
	How Does the Annual Incentive Plan Work?
	 	 	1	 
	 
	 	 	 	 
	Calculation of the Annual Incentive Plan Award
	 	 	2	 
	Target Bonus Percentage
	 	 	2	 
	Performance Goals and the Target Bonus Percentage
	 	 	2	 
	2006 Performance Goals
	 	 	3	 
	 
	 	 	 	 
	How the AIP Incentive Award is Calculated When All Goals
Are 100% Achieved
	 	 	4	 
	 
	 	 	 	 
	How the AIP Incentive Award is Calculated for Other Achievement Levels
	 	 	5	 
	Maximums and Minimums
	 	 	5	 
	 
	 	 	 	 
	Additional Guidelines for the Annual Incentive Plan
	 	 	6	 
	Discretionary Adjustments
	 	 	6	 
	Some Special Circumstances
	 	 	6	 
	Making Payments
	 	 	6	 
	 
	 	 	 	 
	Administration Details
	 	 	7	 

 

 

At a Glance

What is the Annual Incentive Plan?

The Annual Incentive Plan (the “AIP” or the “Plan”) provides key managers of Allegheny Technologies
Incorporated (“Allegheny Technologies” or the “Company”) and its operating companies with the
opportunity to earn an incentive award when certain pre-established goals are met at the corporate
and operating company levels.

Who is Eligible for This Plan?

Generally, key managers who have a significant impact on the company’s operations will be eligible
to participate in the Plan. Individuals eligible for participation are determined annually, based
on recommendations of the operating company presidents, if applicable, and the Company’s chief
executive officer, with the approval of the Personnel and Compensation Committee of the Company’s
Board of Directors (the “Committee”).

How Does the Annual Incentive Plan Work?

Under the Plan, key managers may earn an incentive award based on a percentage of their base
salary, depending on the extent to which pre-established operating company and/or corporate
performance goals have been achieved.

	•	 	For purposes of the Plan, base salary is generally the manager’s
annual base salary rate as of the end of the year, excluding any
commission or other incentive pay. For some special circumstances
affecting the amount of base salary used in the Plan, see page 6.
	 
	•	 	A target bonus percentage is used in calculating the incentive
award. It is explained on the next page. Each participating
manager will have a target bonus percentage.
	 
	•	 	The target bonus percentage will be adjusted (upward or downward)
based on the extent to which various performance goals are
achieved. Under the plan for 2006, all of the adjustment will be
based on company performance.

Incentive award payments will generally be distributed in cash after the year-end audit is
complete.

Page 1

 

Calculation of the Annual Incentive Plan Award

Target Bonus Percentage

The Plan establishes an incentive opportunity for each Plan participant, calculated as a percentage
of the manager’s base salary. Each participant will be provided with an initial percentage,
referred to as a “target bonus percentage.”

Generally, the target bonus percentage is the percentage of base salary that can be earned as an
award under the Plan if 100% of the various performance goals are achieved. For 2006, if 100% of
the performance goals are achieved, 100% of the target bonus percentage can be earned.

If there is a change in the key manager’s job position during the year that changes the manager’s
target bonus percentage, the target bonus percentage used in the award calculation will be
determined as follows:

	•	 	If the individual has at least six months of service in the new
position, the newly adjusted target bonus percentage will be used
in calculating the individual’s award for the full year.
	 
	•	 	If the individual has less than six months of service in the new
position, the individual’s award for the year will be calculated
on a pro-rata basis using the two different target bonus
percentages weighted by length of service in each position during
the year.

The Committee may change the goals and objectives for the Plan at any time.

Performance Goals and the Target Bonus Percentage

An AIP award is based on the extent to which specified, preestablished performance objectives are
achieved. For 2006, AIP awards will be based on the extent to which the participant’s company
achieves specified levels of achievement as to:

	•	 	Operating Earnings
	 
	•	 	Operating Cash Flow
	 
	•	 	Manufacturing Improvements
	 
	•	 	Safety and Environmental Improvements
	 
	•	 	Customer Responsiveness Improvements

For operating company presidents, 80% of the goals’ overall weight will be based on the performance
of the president’s operating company, and 20% of the goals’ overall weight will be based on
corporate level performance.

For corporate staff employees, performance will be measured completely at the corporate level.

Page 2

 

At the end of the year, the Company will measure actual performance against each of the
preestablished objectives.

The achievements attributable to each performance goal as noted above, then will be added together,
and that sum will be multiplied by: (1) the individual’s target bonus percentage, times (2) the
individual’s annual base salary, to produce the amount, if any, of the incentive award for 2006.

Note that potential adjustments are described on page 6.

2006 Performance Goals

	 	 	 	 	 	 	 
	The performance goals for 2006 generally consist of:	 	 	 	 
	•

	 	Operating Earnings
	 	 	40	%
	•

	 	Operating Cash Flow
	 	 	30	%
	•

	 	Manufacturing Improvements
	 	 	10	%
	•

	 	Safety and Environmental Improvements
	 	 	10	%
	•

	 	Customer Responsiveness Improvements
	 	 	10	%

Targeted achievements as to each performance goal above have been set for each operating company
and for corporate staff. Together the above goals comprise 100% of the target bonus percentage.

No annual incentive will be paid if the achievement of Operating Earnings is less than the
established applicable minimum of Operating Earnings, notwithstanding the achievements as to the
other applicable performance goals for 2006.

A prerequisite to any AIP award is compliance with Allegheny Technologies’ Corporate Guidelines for
Business Conduct

Page 3

 

How the AIP Incentive Award is Calculated When All Goals are 100% Achieved

For the Year 2006, if 100% of the performance goals are achieved, then 100% of the target bonus
percentage will be credited to the participant:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Goal %	 	 	Goal	 	 	Earned % of	 
	Goals	 	of Target	 	 	Achieved %	 	 	Target *	 
	Operating Earnings
	 	 	40	%	 	 	100	%	 	 	40	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Operating Cash Flow
	 	 	30	%	 	 	100	%	 	 	30	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Mfg. Improvements
	 	 	10	%	 	 	100	%	 	 	10	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Safety and Envir. Improvements
	 	 	10	%	 	 	100	%	 	 	10	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Customer Resp. Improvements
	 	 	10	%	 	 	100	%	 	 	10	%
	 
	 	 	 	 	 	 	 	 	 
	Total
	 	 	100	%	 	 	 	 	 	 	100	%

 

			
	* Earned % of Target = Goal % of Target X Goal Achieved %

In this example, assume that the operating company manager’s target bonus percentage is 20%.

The target bonus percentage of 20% is then multiplied by 100% to produce a bonus award equal to 20%
of base salary:

	 	 	 	 	 
	Earned Percentage of Target

	 	 	100	%
	 
	 	 	 	 
	X Target Bonus Percent

	 	 	20	%
	 
	 	 	 	 
	 

	 	 	 	 
	Equals Percentage of Salary for Incentive Award

	 	 	20	%

The sections below discuss the impact of achieving more or less than 100% of various goals,
and they also discuss the impact of other potential adjustments.

Page 4

 

How the AIP Incentive Award is Calculated for Other Achievement Levels

The percentage of a goal achieved will determine the earned percentage of target for that
particular goal. The earned percentage of target will be interpolated for achievement between the
established minimum level and the established target level for a particular goal. Similarly, the
earned percentage of target will be interpolated for achievement between the established target
level and the established maximum level for a particular goal.

Maximums and Minimums

	•	 	Generally, the maximum percentage calculated as an earned
percentage of target for any goal is 200%, and the overall
maximum incentive award that an individual can earn under the
weighting formula is 200% of his or her target bonus
percentage.
	 
	•	 	Where the established minimum of a performance goal is
achieved, only 50% of that goal’s share will be allocated to
his or her target bonus percentage.
	 
	•	 	Where less than the established minimum of a performance goal
is achieved, no amount of that goal will be allocated to his
or her target bonus percentage.

No annual incentive will be paid if the achievement of Operating Earnings is less than the
established applicable minimum of Operating Earnings, notwithstanding the achievements as to the
other applicable performance goals for 2006.

Page 5

 

Additional Guidelines for the Annual Incentive Plan

Discretionary Adjustments

In some cases, the Plan allows for discretionary adjustments of up to +20% or –20% of an
individual’s calculated award. However, the sum of discretionary adjustments for all eligible
managers of the affected company cannot exceed +5% of the aggregate calculated awards for that
company.

Some Special Circumstances

The above formulas generally determine the amount of the incentive award for the year. Other
factors that may affect the actual award follow:

	•	 	If a manager leaves the company due to retirement, death, or
disability, an award will be calculated based on the actual base
salary earned during the year in which the manager left—so long as
the manager worked at least six months of that year.
	 
	•	 	If a manager leaves the company before the end of the plan year
for any other reason, the manager will not receive a bonus award
for that year.
	 
	•	 	If a manager voluntarily leaves the company after the end of the
year but before the award is paid, the manager would receive any
bonus due unless the employment is terminated for cause. If
employment is terminated for cause, the manager would not be
entitled to receive an award under the Plan.
	 
	•	 	Managers who are hired mid-year may earn a pro-rated award for
that year, based on the salary earned during that year. However,
managers with less than two months service in a plan year (i.e.
hired after October 31) would not be eligible for an award for
that year.
	 
	•	 	If the manager received an adjustment in base salary due to a
change in job position (i.e. other than a merit increase), the
manager’s base salary for plan purposes will be the sum of (1) the
product of the number of months prior to the adjustment times the
rate of monthly base salary immediately prior to the adjustment,
and (2) the product of the number of months after the adjustment
times the rate of monthly base salary as of the end of the Plan
Year.
	 
	•	 	A prerequisite to any AIP award is compliance with Allegheny
Technologies’ Corporate Guidelines for Business Conduct.

Making Payments

All incentive award payments will generally be paid in cash, less applicable withholding taxes,
after the year-end audit is complete. This is expected to occur by no later than March 15.

Page 6

 

Administration Details

This summary relates to the Annual Incentive Plan (AIP) of Allegheny Technologies Incorporated
and its subsidiaries. The Plan is administered by the Committee, which has full authority to:

	•	 	Interpret the Plan;
	 
	•	 	Designate eligible participants and categories of eligible participants;
	 
	•	 	Set the terms and conditions of incentive awards; and
	 
	•	 	Establish and modify administrative rules for the Plan.

Plan participants may obtain additional information about the plan and the Committee from:

Executive Vice President,

Human Resources, Chief Legal and Compliance Officer,

General Counsel and Corporate Secretary

Allegheny Technologies Incorporated

1000 Six PPG Place

Pittsburgh PA 15222 5479

Phone: 412-394-2836                     Fax: 412-394-2837

The Plan will remain in effect until terminated by the Committee. The Committee may also amend the
plan at its discretion.

The Plan is not subject to the provisions of the Employee Retirement Income Security Act of 1974
(ERISA) and is not “qualified” under Section 401(a) of the Internal Revenue Code.

Page 7EX-10.23

 

Exhibit 10.23

FORM OF

TOTAL SHAREHOLDER RETURN INCENTIVE COMPENSATION PROGRAM

AWARD AGREEMENT

Allegheny Technologies Incorporated (the “Company”) and the award recipient named below
(“Participant”) enter into this Total Shareholder Return Incentive Compensation Program Agreement
effective as of January 1, 2006.

	 	 	 
	Participant:	 	[Name]
	 	 	PARTICIPANT TO COMPLETE THE FOLLOWING CHART
	 	 	(Please print)
	Street Address
	 	 
	 
	 	 
	City/State/Zip Code
	 	 
	 
	 	 
	Social Security Number
	 	 

WHEREAS, the Company has adopted the Allegheny Technologies Incorporated 2000 Incentive Plan (the
 “Plan”) and, in accordance with the Plan, has adopted Administrative Rules for the Total
Shareholder Return Incentive Compensation Program, as amended (the “TSRP”) as a portion of the Plan
to (i) assist the Company retain and motivate key management employees; (ii) reward key management
employees for the overall success of the Company; and (iii) provide a means of encouraging key
management employees to acquire and hold shares of Company Common Stock.

WHEREAS, the TSRP provides that each TSR Target Award made under the TSRP shall be evidenced by an
Award Agreement between the Company and the key management employee who receives a TSR Target Award
under the TSRP setting forth the terms and conditions of such TSR Target Award;

WHEREAS, the Company desires to make a TSR Target Award to the Participant and evidence such TSR
Target Award by this Award Agreement and the Participant, having read and understood the Plan and
the TSRP, is willing to enter into this Award Agreement on the terms and conditions set forth
herein.

NOW THEREFORE, in consideration of the covenants and agreements herein contained and intending to
be legally bound, the parties hereto agree with each other as follows:

Subject to the attainment of the Performance Levels described below and to the terms and conditions
of the Plan, the TSRP and the Terms and Conditions of Award attached hereto and incorporated herein
by reference, by which Participant agrees to be bound, the Company awards to Participant the Award
described below, with respect to the Performance Period described below:

 

 

PERFORMANCE PERIOD: January 1, 2006 through December 31, 2008

TSR TARGET AWARD: [Number of shares] Shares of Company Common Stock

[equals applicable base salary times [Target Award Percentage] (which is the Participant’s target
award opportunity as a percent of salary) divided by $33.7263 (which is the average Closing Price
for the 30 trading days prior to January 1, 2006)]

PERFORMANCE LEVELS: The following table shows the performance award relationship under the TSRP
for the 2006 — 2008 performance period:

	 	 	 	 	 	 	 	 	 
	 	 	Outcome Relative to Peer Group TSR	 
	 	 	Three-Year Percentile	 	 	Percent of Target	 
	Level of Performance	 	Ranking in TSR	 	 	Award Earned	 
	 
	Below Threshold
	 	Below 25th percentile	 	 	0	%
	Threshold
	 	25th percentile	 	 	50	%
	Target
	 	50th percentile	 	 	100	%
	Excellent
	 	75th percentile	 	 	200	%
	Outstanding
	 	90th percentile	 	 	300	%

 

			
	 	 	Note: Interpolation between points will be made on a straight line
basis on each scale. Below the 25th percentile and above the
90th percentile, there will be no interpolation.

THE ACTUAL AWARD UNDER THE TSRP WILL EQUAL THE TSR TARGET AWARD TIMES THE APPLICABLE PERCENT OF
TARGET AWARD EARNED.

IN WITNESS WHEREOF, the parties hereto have executed this Total Shareholder Return Incentive
Compensation Program Award Agreement effective the day and year first above written.

	 	 	 
	ALLEGHENY TECHNOLOGIES INCORPORATED
	By:

	 	                                                                                                    
	 

	 	Title: Executive Vice President, Human Resources,
	 

	 	          Chief Legal & Compliance Officer

	 	 	 
	PARTICIPANT:

	 	WITNESS:
	 

	 	 
	                                                            

	 	                                                            

2

 

TERMS AND CONDITIONS OF TSRP AWARD

Section 1: Definitions

Capitalized words used but not defined below or elsewhere in these Terms and Conditions shall have
the meanings ascribed to them in the Plan.

“ Administrative Rules” or “TSRP” shall mean the Administrative Rules for the TSRP adopted by the
Committee effective January 1, 2001, as amended effective
February 24, 2005, as the same may be amended from time to time.

“ Award” shall mean the grant of a TSR Target Award evidenced by this Award Agreement.

“Committee” means the Personnel and Compensation Committee of the Board of Directors.

“Common Stock” shall mean the common stock, $0.10 par value per share, of Allegheny Technologies
Incorporated.

“Company” shall mean Allegheny Technologies Incorporated and its subsidiaries, unless the context
requires otherwise.

“Disability” shall mean the total and permanent disability of Participant as determined by the
Committee in its sole discretion.

“Excellent” shall mean a relative standing of the Company’s TSR as against the TSR for the Peer
Group, in each case for the TSR Performance Period, equal to or greater than 75% but less than 90%.

“Outstanding” shall mean a relative standing of the Company’s TSR as against the TSR for the Peer
Group, in each case for the TSR Performance Period, equal to or greater than 90%.

“Peer Group” shall mean the corporations listed on Exhibit 1 to this Award Agreement, subject to
the adjustments to such group as permitted under the Administrative Rules.

“Retirement” means a termination of employment with the Company and each of its subsidiaries, with
the consent of the Company, at or after (i) attaining age 55 and (ii) completing five years of
employment with the Company and/or any subsidiary of the Company.

“Target” shall mean a relative standing of the Company’s TSR as against the TSR of the Peer Group,
in each case for the TSR Performance Period, of equal to or greater than 50% but less than 75%.

“Threshold” shall mean a relative standing of the Company’s TSR as against the TSR of the Peer
Group, in each case for the TSR Performance Period, of equal to or greater than 25% but less than
50%.

“TSR Performance Level” means the measure of Company TSR performance relative to the Peer Group, as
set forth on page 2 of this Award Agreement. In determining the final Performance Level, the
Committee shall use straight-line interpolation between Threshold and Target, between Target and
Excellent, and between Excellent and Outstanding. No TSR Reward will be earned for a Performance
Level less than Threshold. No additional TSR Reward above Outstanding will be earned for a
Performance Level greater than Outstanding.

3

 

Section 2: TSRP Award

2.1 Subject to the attainment of the TSR Performance Levels and to the terms and conditions
otherwise set forth in the Plan, the TSRP and this Award Agreement, the Company awards to
Participant the TSRP Award described in the first two pages of this Award Agreement with respect to
the Performance Period described therein.

Section 3: Payment

3.1 Subject to the withholding obligations and any requirements of Section 4 then applicable, the
Company shall deliver to the Participant certificates representing the TSR Rewards, if any, for the
TSR Performance Period within 75 days after the end of the TSR Performance Period.

3.2 If the Participant terminates employment with the Company and each subsidiary of the Company
during a then uncompleted TSR Performance Period for reasons other than death, Disability or
Retirement, any TSR Target Award for any then uncompleted TSR Performance Period shall be forfeited
automatically and the shares represented by such TSR Target Awards shall again be eligible for
awards under the Rules.

3.3 If the Participant terminates employment with the Company and each Subsidiary of the Company
during a then uncompleted TSR Performance Period due to the Participant’s death, Disability, or
Retirement, a pro rata award based on the number of full months worked by the Participant during
that Performance Period will be calculated, based on goal achievement over the entire performance
period. Any award determined to be payable shall be paid after the end of the applicable
Performance Period.

Section 4: Miscellaneous

4.1 General Restriction. To the extent any TSR Target Award is denominated in Common Stock
under this Award Agreement, it shall be subject to the requirement that if at any time the
Committee shall determine that any listing or registration of the shares of Common Stock or any
consent or approval of any governmental body or any other agreement or consent is necessary or
desirable as a condition of the issuance of shares of Common Stock or cash in satisfaction thereof,
such issuance of shares of Common Stock may not be consummated unless such requirement is satisfied
in a manner acceptable to the Committee. The Company shall in no event be obligated to register
any securities pursuant to the Securities Act of 1933 (as the same shall be in effect from time to
time) or to take any other affirmative action to cause the issuance of shares pursuant to the
distribution of TSR Rewards to comply with any law or regulation of any governmental authority.

4.2 Non-Assignability. No TSR Target Award granted under this Award Agreement shall be
assignable or transferable by the Participant, except by will or by the laws of descent and
distribution. During the life of the Participant, any TSR Rewards shall be payable only to the
Participant. No assignment or transfer of a TSR Target Award or of the rights represented thereby,
whether voluntary or involuntary, by operation of law or otherwise (except by will or the laws of
descent and distribution), shall vest in the assignee or transferee any interest or right herein
whatsoever, and immediately upon

4

 

such purported assignment or transfer, the TSR Target Awards shall terminate and become of no
further effect.

4.3 Withholding Obligations. Whenever the Company makes delivery under the Plan, in whole
or in part, the Company shall notify the Participant of the amount of withholding for tax, if any,
which must be paid under federal and, where applicable, state and local law. The Company shall, in
the discretion of the Company, but with the consent of the Committee, arrange for payment for such
withholding for taxes in any one or combination of the following ways: (i) acceptance of an amount
in cash paid by the Participant; or (ii) reduction in the number of shares to be issued by that
number of shares which, in aggregate, have a value equal to such withholding amount. If the full
amount of the required withholding is not recovered in the above manner, the Participant shall,
forthwith upon receipt of notice, remit the deficiency to the Company. No shares of Common Stock
shall be issued or delivered to the Participant (and/or the Participant’s designee) until all
applicable withholding obligations shall have been satisfied in full.

4.4 Delivery of Certificates. As soon as practicable after compliance by the Participant
with all applicable conditions including, but not limited to, the satisfaction of the Withholding
Obligations described in Section 4.3 hereof, the Company will issue and deliver by mail, or cause
delivery by mail, to the Participant at the address specified by the Participant in writing,
certificates registered in the name of the Participant (and/or the Participant’s designee) for the
number of shares of Common Stock which the Participant is entitled to receive (subject to reduction
for withholding as provided in Section 4.3 hereof) under the provisions of this Award Agreement.

4.5 No Right to Employment. Nothing in the Plan or in this Award Agreement shall confer
upon the Participant the right to continue in the employ of the Company or any subsidiary or affect
any right that the Company or a subsidiary may have to terminate the employment of the Participant.

4.6 Amendment or Termination of the Plan. The Plan, or any part thereof (including the
TSRP and/or Administrative Rules) may be terminated or may, from time to time, be amended, each in
accordance with the Plan, TSRP or Administrative Rules, as applicable, provided, however, the
termination or amendment of the Plan, the Administrative Rules or TSRP shall not, without the
consent of the Participant, affect Participant’s rights under this Award Agreement.

4.7 Investment Representation. Under the federal and/or state securities laws, the
Participant may be required to deliver, and, if so, shall deliver, to the Committee, upon demand by
the Committee, at the time of any payment of Common Stock, a written representation that the shares
to be acquired are to be acquired for investment and not for resale or with a view to the
distribution thereof. Upon such demand, delivery of such representation prior to delivery of any
shares shall be a condition precedent to the right of the Participant to receive any shares.

4.8 No Rights as Shareholder. The Participant shall have no rights as a stockholder of the
Company with respect to shares of Common Stock subject to the Award evidenced this Award Agreement
unless and until a certificate for shares of Common Stock is issued to the Participant.

5

 

4.9 Adjustment of Award. In the event of any change or changes in the outstanding Common
Stock of the Company by reason of any stock dividend, recapitalization, reorganization, merger,
consolidation, split-up, combination or exchange of shares or any rights offering to purchase a
substantial amount of Common Stock at a price substantially below fair market value or of any
similar change affecting the Common Stock, any of which takes effect after the first grant of a TSR
Target Award under this Award Agreement, the Committee may, in its discretion, appropriately adjust
the number of shares of Common Stock which may be issued under this Award Agreement, the number of
shares of Common Stock subject to TSR Target Awards under this Award Agreement and any and all
other adjustments deemed appropriate by the Committee to prevent substantial dilution or
enlargement of the rights granted to the Participant in such manner as the Committee shall deem
appropriate. Any adjustment so made shall be final and binding upon the Participant.

4.10 Awards Not a Bar to Corporate Event. The existence of the TSR Target Awards granted
hereunder shall not affect in any way the right or the 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 or its business, or any merger or consolidation of the Company, or
any issue of bonds, debentures, preferred or prior preference stocks ahead of or affecting the
Common Stock or the rights thereof, 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.

4.11 Not Income for Qualified Plans. No amounts of income received by an Participant
pursuant to this Award Agreement shall be considered compensation for purposes of any pension or
retirement plan, insurance plan or any other employee benefit plan of the Company or any of its
affiliates.

4.12 Meaning of Participant. Whenever the word “Participant” is used in any provision of
this Award Agreement under circumstances where the provision should logically be construed to apply
to the executors, the administrators, or the person or persons to whom the TSR Target Awards may be
transferred by will or by the laws of descent and distribution, the word “Participant” shall be
deemed to include such person or persons.

4.13 Determinations of Committee. The actions taken and determinations of the Committee
made pursuant to this Award Agreement and of the Committee pursuant to the Plan, the TSRP and the
Administrative Rules shall be final, conclusive and binding upon the Company and upon the
Participant. No member of the Committee shall be liable for any action taken or determination made
relating to this Award Agreement, the Plan, the TSRP, or the Administrative Rules if made in good
faith.

6

 

Exhibit 1: List of Peer Companies (2006 — 2008 Performance Period)

AK Steel Corporation

Alcan, Inc.

Alcoa Inc.

Aleris International, Inc.

Carpenter Technology Corporation

IPSCO Steel, Inc.

Kennametal Inc.

Nucor Corporation

Quanex Corporation

Reliance Steel & Aluminum Co.

RTI International Metals

Steel Dynamics

Titanium Metals Corporation

U.S. Steel Corporation

7

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