Document:

RTI EX- 10.11

EXHIBIT 10.11

PAY PHILOSOPHY AND GUIDING PRINCIPLES
 
COVERING EXECUTIVE COMPENSATION AT 
RTI INTERNATIONAL METALS, INC.

(As Amended by the Compensation Committee on January 29, 2015)

SCOPE
The pay philosophy and guiding principles described herein are applicable to the RTI International Metals, Inc. (“RTI” or the “Company”) elected executive officer positions listed below, non-officer executives designated by the Chief Executive Officer and reviewed annually with the Compensation Committee, as well as any other positions so designated by the Board of Directors:

OFFICER-DIRECTORS
Vice Chair, President and Chief Executive Officer

OFFICERS
Executive Vice President(s)
Senior Vice President(s)
Vice President(s)

OVERALL PHILOSOPHY

RTI’s officer compensation programs are designed to:

		
	•
	promote achievement of the Company’s business objectives and reinforce its strategies

		
	•
	align the interests of the Company’s officers with those of RTI’s shareholders

		
	•
	provide pay that is externally competitive and internally equitable, that rewards accomplishment to the extent identifiable and measurable and that delivers significant rewards for exceptional performance without creating incentive for the assumption of unnecessary or excessive risk: and

		
	•
	promote retention of performing officers and non-officer executives.

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GUIDING PRINCIPLES

		
	I.
	Pay Program Characteristics.  The Company’s compensation programs will be managed to help communicate desired results and promote decisions and actions that produce these results.  The programs will be characterized by:

		
	A.
	Variability.  A large portion of total compensation will be based on Company performance, recognizing the highly cyclical nature of the business and the need to maintain conservative compensation levels during business downturns.  While salaries will generally be maintained at competitive levels, the major opportunities for significant upward shifts in total compensation will be provided from short- and long-term incentive programs.

		
	B.
	Clarity.  Performance objectives for short- and long-term incentive programs, whether quantitative or qualitative, will be clearly articulated.  Normally the objectives will be predetermined and the related performance evaluations will be straightforward - - with little need for after-the-fact discretionary judgment.  However, the opportunity to apply such judgment, when deemed necessary by the Board, will be provided.

		
	C.
	Communicability.  Officers and designated non-officer executives will be aware of and fully understand their earnings potential for a given year and what specific actions and results are necessary to achieve that potential.  Specific areas of communication will be:

		
	1.
	The factors considered in determining salary levels and increases.

		
	2.
	Annual incentive target objectives and results.

		
	3.
	Annual target levels for equity vesting, performance measures and results.

		
	D.
	Strategic Emphasis.  The development and administration of compensation programs will include recognition of the roles of various elements of pay in attracting, retaining and motivating employees, the aspects of performance that each element is best suited to reward and the needs of the Company and its officers that may warrant emphasis on specific elements of pay.  The Company’s compensation programs will emphasize variable components over guaranteed fixed components.

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	E.
	Risk Management.  The Company’s compensation programs will provide appropriate rewards for prudent risk taking, and will not create incentive for the assumption of unnecessary and/or excessive risks that could threaten the reputation or sustainability of the Company.

		
	II.
	Pay Positioning and Delivery.  Overall, total direct compensation (salary, bonus and long-term incentives) for RTI’s officer and executive groups should provide remuneration that approximates the comparator group (as described in Section III) median when all aspects of performance are at target levels, and at or above the comparator group median when performance levels significantly exceed the target. 

		
	A.
	Salary Administration

		
	1.
	Salary Structure.  The midpoint of the salary range for each position will be maintained near the median of that for similar positions at appropriate comparator companies (as described in Section III), with the maximum near the 75th percentile of the comparator group.  Midpoints will also be monitored to ensure that each reflects the relative value of the position compared with other RTI officer and executive positions. 

		
	2.
	Salary.  The major role of salary in rewarding performance and accomplishment is the recognition of consistent excellent performance over a number of years.  Merit budgets, as well as individual promotional increases, will reflect such factors as general economic conditions, RTI’s performance and the availability of funds.  An individual’s salary may fall anywhere in the range, up to and including the maximum.

		
	3.
	However, individual salary increase levels will reflect a variety of factors, including relevant experience, time in position and individual performance as measured in an annual performance review.

		
	B.
	Incentive Compensation

		
	1.
	Annual Incentive Compensation.  The major role of annual incentive, or bonus, payments is to motivate employees through the recognition of attainment of specific key objectives and/or other strategic milestones or operational goals.  Awards are paid under RTI’s annual incentive compensation program (i.e., annual bonuses).  Award opportunity guidelines for participants will be maintained near the median of that for similar positions at appropriate comparator companies (as described in Section III).

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The Board of Directors will approve a financial plan at the first meeting of the year which will serve as the basis upon which the awards are to be paid.

The Board may also establish individual performance objectives for the year, as developed by management or by the Board itself, which are  relevant to the performance of the Company.

No award will be paid to a participant whose individual performance is judged to be unacceptable regardless of the level of corporate performance.  Likewise, the Board may pay one or more awards to recognize exceptional individual performance regardless of the level of corporate performance.

		
	2.
	Long-Term Incentive Compensation.  Opportunities for payouts will be designed specifically to reward increases in shareholder wealth, as measured by the price of RTI’s common stock and dividend levels, if any, improvement in the financial performance of the Company or to achieve significant internal accomplishments or milestones.

		
	(A)
	Grant Levels.  Long-term incentive award guidelines are developed such that the total fair value of all long-term incentive awards combined, at target performance, approximate the median of the comparator companies.  The target grant levels are intended as rough guidance and the actual grant will be left to the discretion of the Compensation Committee.      

		
	(B)
	Grant Types and Valuation.  Long-term incentive grants may be made in a combination of restricted shares, restricted stock units, performance shares, stock options, phantom stock or non-restricted shares.  Stock options may be non-qualified or incentive stock options and the exercise price will equal the fair market value (closing or average high/low) of RTI stock on the date of grant.

The total long-term incentive opportunity will be allocated between multiple award vehicles .  The target allocation is intended as rough guidance and the actual allocation will be left to the discretion of the Compensation Committee.  Projected grant valuations may be based on any generally accepted methodology, including mathematical models, including the exercise of judgment.

-5-

		
	(C)
	Grant Frequency.  Unless otherwise determined by the Compensation Committee, equity grants will be made annually.  

		
	 (D)
	Vesting Considerations.

		
	(1)
	Time-Based Vesting.  Unless otherwise determined by the plan administrator, time-based vesting of equity awards will vest at a minimum rate of 20 percent a year beginning the year following the grant year.  

		
	(2)
	Stock Options.  Unless otherwise determined by the Stock Plan Committee, stock options will vest in equal installments over a three-year period beginning one year following the date of grant.

		
	(3)
	Performance-Based Awards.  The Committee, in its discretion, may grant stock or stock option awards with vesting conditions based on the achievement of performance conditions as established by the Committee.

		
	III.
	Comparative Data.

		
	A.
	Data Selection Factors.  Generally, because of the dearth of U. S. companies that compete directly with RTI and because managerial talent can be found in organizations other than directly competing companies, the compensation data selected for use in Company and/or individual position comparisons will include information on a broad group of U. S. industrial companies similar to RTI.  The primary determinant of similarity will be sales volume; however, when available, other measures of “size”, such as assets, total capital, total market value, and number of employees, will also be included.  When appropriate and available, data specific to the metals industry or a specific position will be used.

		
	B.
	Sources of Comparative Data.  Compensation data used in comparisons will be obtained from nationally recognized compensation consulting firms, such as Mercer Human Resource Consulting, Hay Group, Hewitt Associates, Towers Watson, or such other sources as are approved by the Compensation Committee or the Chairman of the Board of Directors.

		
	C.
	In addition to the survey data, compensation data may be collected from the proxy statements for a peer group of companies as approved by the Compensation Committee.  This information will be used as a secondary data source in evaluating the compensation arrangements of the Company’s officers and executives.  The peer group shall consist of companies appropriate in size 

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and industry and may be a competitor from a business or talent standpoint.  The peer group may change from time to time to align with the above criteria.

		
	IV.
	Benefits.  The objective in providing benefits for RTI’s officers and executives will be to deliver adequate benefits in the most effective way possible.

		
	V.
	Perquisites.  Perquisites, which will not be emphasized, should serve a business purpose and will be reviewed in their entirety by the Board of Directors from time to time.

		
	VI.
	Stock Ownership Guidelines.  Each officer will be expected to maintain a meaningful equity position in the company’s stock.  The Compensation Committee may establish target ownership levels for officers from time to time.  If the Committee in its judgment determines that an executive has not complied with its ownership expectations, it may use its discretion to reduce or eliminate future long-term incentive grants for the executive. 

		
	VII.
	Capital Accumulation/Estate Planning.  In designing and administering compensation programs, consideration will be given to provisions that accommodate the capital accumulation and estate planning objectives of officers.

		
	VIII.
	Tax/Legal/Accounting Factors.  The restrictions imposed by taxing authorities, laws and required accounting treatments will be considered in the design and administration of compensation programs.  These will be balanced by the desirability of preserving, to the degree possible, the Board’s decision-making flexibility.

		
	IX.
	Decision-Making Authority.  The Board of Directors (either directly or by delegated authority) will monitor and review officer and designated non-officer executive compensation programs, in aggregate, to ensure consistency with the overall compensation philosophy and guiding principles.  The Board, upon the recommendation of the Compensation Committee, will approve the salaries of the individuals holding the positions described herein as elected executive officers and will have authority, with respect to incentives and benefits, as is described in the relevant plan or program.RTI EX- 10.36

Exhibit 10.36
FORM OF INDEMNIFICATION AGREEMENT
          RTI International Metals, Inc. has entered into an Indemnification Agreement in the form attached with each of the individuals listed below, effective as of the date set forth opposite such individual’s name.
	
			
	 
	 
	 

	Name and Title
	 
	Date

	Daniel I. Booker, Director
	 
	May 6, 2005

	 
	 
	 

	Ronald L. Gallatin, Director
	 
	May 6, 2005

	 
	 
	 

	Robert M. Hernandez, Director
	 
	May 6, 2005

	 
	 
	 

	David P. Hess, Director
	 
	October 30, 2014

	 
	 
	 

	Edith E. Holiday, Director
	 
	May 6, 2005

	 
	 
	 

	Jerry Howard, Director
	 
	April 26, 2013

	 
	 
	 

	Bryan T. Moss, Director
	 
	June 1, 2008

	 
	 
	 

	James A. Williams, Director
	 
	August 7, 2005

	 
	 
	 

	Arthur B. Winkleblack, Director
	 
	December 1, 2013

	 
	 
	 

	Dawne S. Hickton, Vice Chair, President & Chief Executive Officer and Director
	 
	May 6, 2005

	 
	 
	 

	William T. Hull, Senior Vice President & Chief Risk Officer
	 
	November 9, 2005

	 
	 
	 

	James L. McCarley, Executive Vice President – Operations
	 
	May 17, 2010

	 
	 
	 

	Michael G. McAuley, Senior Vice President & Chief Financial Officer and Treasurer
	 
	July 1, 2014

	 
	 
	 

	Chad Whalen, General Counsel & Senior Vice President – Government Relations
	 
	February 19, 2007

	 
	 
	 

	Loretta L. Benec, Assistant General Counsel & Secretary
	 
	April 26, 2013

 

                            INDEMNIFICATION AGREEMENT
                                     BETWEEN
                         RTI INTERNATIONAL METALS, INC.
                                       AND

                              --------------------

         THIS AGREEMENT is made this ___ day of ______________, 20___ by and
between RTI International Metals, Inc., an Ohio corporation (the "Corporation"),
and ______________________, an individual and a director and/or officer of the
Corporation (the "Indemnitee").

                                    RECITALS

         WHEREAS, Indemnitee is either a member of the Board of Directors or an
officer of the Corporation, or both, and in such capacity is performing a
valuable service for the Corporation;

         WHEREAS, the Corporation has adopted a Code of Regulations (the "Code")
wherein Article IV Section 1 provides for the indemnification of the Board of
Directors and officers of the Corporation to the full extent permitted by law;

         WHEREAS, the Ohio General Corporation Law, as amended to date (the
"Ohio Statute") specifically provides in Section 1701.13(E)(6) that it is not
exclusive, and thereby contemplates that contracts may be entered into between
the Corporation and its directors and officers with respect to indemnification
of such persons;

         WHEREAS, developments with respect to the application, amendment and
enforcement of statutory and other indemnification provisions generally have
raised questions concerning the adequacy and reliability of the protection
afforded to directors and officers thereby; and

         WHEREAS, in order to resolve such questions and thereby induce
Indemnitee to continue to serve as a member of the Board of Directors of the
Corporation or an officer, or both, the Corporation has determined and agreed to
enter into this contract with Indemnitee;

                                    AGREEMENT

         NOW, THEREFORE, in consideration of Indemnitee's continued service with
the Corporation after the date hereof the parties agree as follows:

         1. D&O INSURANCE. The Corporation represents that it has directors and
officers liability insurance ("D&O Insurance").

         2. INDEMNITY. Subject only to the exclusions set forth in Section 3
hereof, the Corporation hereby further agrees to hold harmless and indemnify
Indemnitee against any and all expenses (including attorneys' fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by
Indemnitee (and any federal, state, local or foreign taxes imposed as 

                                       2

a result of the actual or deemed receipt of any payments under this Agreement)
in connection with any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative (including
an action by or in the right of the Corporation) to which Indemnitee is, was or
at any time becomes a party, or is threatened to be made a party, by reason of
the fact that Indemnitee is, was or at any time becomes a director or officer of
the Corporation, or is or was serving or at any time serves at the request of
the Corporation as a director, trustee, officer, employee, member, manager or
agent of another corporation, limited liability Corporation, partnership, joint
venture, trust or other enterprise to the fullest extent authorized and
permitted by the provisions of the Ohio Statute, or by any amendment thereof or
other statutory provisions authorizing or permitting such indemnification which
is adopted after the date hereof.

         3. LIMITATIONS ON INDEMNITY. No indemnity pursuant to Section 2 hereof
shall be paid by the Corporation:

                  (a) except to the extent the aggregate of losses to be
         indemnified hereunder exceed the amount of such losses for which the
         Indemnitee is indemnified either pursuant to Section 2 hereof or
         pursuant to any D&O Insurance purchased and maintained by the
         Corporation;

                  (b) in respect to remuneration paid to Indemnitee if it shall
         be determined by a final judgment or other final adjudication that such
         remuneration was in violation of law;

                  (c) on account of any suit in which judgment is rendered
         against an Indemnitee for an accounting of profits made from the
         purchase or sale by Indemnitee of securities of the Corporation
         pursuant to the provisions of Section 16(b) of the Securities Exchange
         Act of 1934 and amendments thereto or similar provisions of any
         federal, state or local statutory law;

                  (d) on account of Indemnitee's act or omission being finally
         adjudged to have involved an act or omission undertaken with deliberate
         intent to cause injury to the Corporation or undertaken with reckless
         disregard for the best interests of the Corporation; or

                  (e) if a final decision by a Court having jurisdiction in the
         matter shall determine that such indemnification is not lawful.

         4. ADVANCEMENT OF EXPENSES.

                  (a) As and to the extent provided in Section 1701.13 (E)(5)(a)
         of the Ohio Statute, the Corporation shall pay any expenses, including
         attorney's fees, incurred by Indemnitee in defending any action, suit,
         or proceeding, as they are incurred, in advance of the final
         disposition of the action, suit or proceeding provided that Indemnitee
         agrees to repay such amount if it is proved by clear and convincing
         evidence in a court of competent jurisdiction that his action or
         failure to act involved an act or omission undertaken with deliberate
         intent to cause injury to the Corporation or undertaken with reckless
         disregard for the Corporation, and the Indemnitee agrees to reasonably
         cooperate with the Corporation concerning such action, suit or
         proceeding.

                                       3

                  (b) As and to the extent provided in Section 1701.13 (E)(5)(b)
         of the Ohio Statute, the Corporation shall pay any expenses, including
         attorney's fees, incurred by Indemnitee in defending any action, suit
         or proceeding as they are incurred, in advance of the final disposition
         of the action, suit, or proceeding based, in part, on the undertaking
         of Indemnitee set forth in Section 7 hereof, provided that such
         advancement by the Corporation is authorized by the Board of Directors
         of the Corporation in the specific case.

         5. CONTINUATION OF INDEMNITY. All agreements and obligations of the
Corporation contained herein shall continue during the period Indemnitee is a
director or officer of the Corporation (or is or was serving at the request of
the Corporation as a director, trustee, officer, employee, member, manager or
agent of another corporation, limited liability Corporation, partnership, joint
venture, trust or other enterprise) and shall continue thereafter so long as
Indemnitee shall be subject to any possible claim or threatened, pending or
completed action, suit or proceeding, whether civil, criminal or investigative,
by reason of the fact that Indemnitee was a director of the Corporation or
serving in any other capacity referred to herein.

         6. NOTIFICATION AND DEFENSE OF CLAIM. Promptly after receipt by
Indemnitee of notice of the commencement of any action, suit or proceeding,
Indemnitee will, if a claim in respect thereof is to be made against the
Corporation under this Agreement, notify the Corporation of the commencement
thereof; but the omission so to notify the Corporation will not relieve it from
any liability which it may have to Indemnitee otherwise than under this
Agreement. With respect to any such action, suit or proceeding as to which
Indemnitee notifies the Corporation of the commencement thereof:

                  (a) The Corporation will be entitled to participate therein at
         its own expense; and

                  (b) Except as otherwise provided below, to the extent that it
         may wish, the Corporation jointly with any other indemnifying party
         similarly notified will be entitled to assume the defense thereof, with
         counsel selected by the Corporation and reasonably satisfactory to
         Indemnitee. After notice from the Corporation to Indemnitee of its
         election so to assume the defense thereof, the Corporation will not be
         liable to Indemnitee under this Agreement for any legal or other
         expenses subsequently incurred by Indemnitee in connection with the
         defense thereof other than reasonable costs of investigation or as
         otherwise provided below. Indemnitee shall have the right to employ
         counsel in such action, suit or proceeding but the fees and expenses of
         such counsel incurred after notice from the Corporation of its
         assumption of the defense thereof shall be at the expense of Indemnitee
         unless (i) the employment of counsel by Indemnitee has been authorized
         by the Corporation, (ii) Indemnitee shall have reasonably concluded
         that there may be a conflict of interest between the Corporation and
         Indemnitee in the conduct of the defense of such action, or (iii) the
         Corporation shall not in fact have employed counsel to assume the
         defense of such action, in each of which cases the fees and expenses of
         counsel shall be at the expense of the Corporation. The Corporation
         shall not be entitled to assume the defense of any action, suit or
         proceeding brought by or on behalf of the Corporation or as to which
         Indemnitee shall have made the conclusion provided for in (ii) above.

                                       4

                  (c) The Corporation shall not be liable to indemnify
         Indemnitee under this Agreement for any amounts paid in settlement of
         any action or claim effected without its written consent. The
         Corporation shall not settle in any manner which would impose any
         penalty or limitation on Indemnitee without Indemnitee's written
         consent. Neither the Corporation nor Indemnitee will unreasonably
         withhold their consent to any proposed settlement.

         7. REPAYMENT OF EXPENSES. Indemnitee agrees that Indemnitee will
reimburse the Corporation for all reasonable expenses paid by the Corporation in
defending any civil or criminal action, suit or proceeding against Indemnitee in
the event and only to the extent that it shall be ultimately determined that
Indemnitee is not entitled to be indemnified by the Corporation for such
expenses under the provisions of the Ohio Statute, the Code, this Agreement or
otherwise. Indemnitee shall, to the extent permitted by law, be indemnified for
all reasonable attorneys' fees incurred in defense or prosecution of a claim for
indemnification.

         8. CHANGE IN CONTROL/ESTABLISHMENT OF TRUST. In the event of a Change
in Control (as hereinafter defined) the Corporation shall, upon written request
by Indemnitee, create and fund a trust (the "Trust") for the benefit of
Indemnitee in an amount, determined by counsel selected by Indemnitee and
identified in the written request which counsel must: (i) under all applicable
law, regulation and standards of professional conduct, have no conflict of
interest by representing either the Corporation or Indemnitee, and (ii) be
reasonably satisfactory to the Corporation, to be an amount sufficient to
satisfy any and all claim for indemnity (including without limitation expenses)
by Indemnitee under this Agreement. The terms of the Trust shall provide that
(i) the Trust shall not be revoked or the principal thereof invaded without the
written consent of Indemnitee, (ii) the trustee shall advance, within ten
business days of a request by Indemnitee, any and all expenses to Indemnitee
(the Indemnitee hereby agrees to reimburse the Trust under the same
circumstances for which the Indemnitee would be required to reimburse the
Corporation under Sections 4(a) and 7 of this Agreement), (iii) the Trust shall
continue to be funded by the Corporation in accordance with the funding
obligation set forth above, (iv) the trustee shall promptly pay to Indemnitee
all amounts for which Indemnitee shall be entitled to indemnification pursuant
to this Agreement or otherwise, and (v) all unexpended funds in the Trust shall
revert to the Corporation upon a final determination by the independent counsel
or a court of competent jurisdiction, as the case may be, that Indemnitee has
been fully indemnified under the terms of this Agreement. The trustee shall be
chosen by the Indemnitee. Nothing in this Section 8 shall relieve the
Corporation of any of its obligations under this Agreement. All income earned on
the assets held in the Trust shall be reported as income by the Corporation for
federal, state, local and foreign tax purposes. The Corporation shall pay all
costs of establishing and maintaining the Trust and shall indemnify the trustee
against any and all expenses (including attorneys' fees), claims, liabilities,
loss, and damages arising out of or relating to this Agreement or the
establishment and maintenance of the Trust.

         For purposes of this Agreement, a Change in Control means a change in
control (other than one approved by a majority of the directors on the board of
the Corporation immediately prior to such Change in Control) of a nature that
would be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), whether or not the Corporation is then subject to such
reporting requirement; provided, that, without limitation, such a change in
control shall be deemed to have occurred if:

                                       5

                  (1) Any person (within the meaning of that term as used in
         Sections 13(d) and 14(d) of the Exchange Act (a "Person"), is or
         becomes the "beneficial owner" (as defined in Rule 13d-3 under the
         Exchange Act), directly or indirectly, of securities of the Corporation
         representing twenty percent (20%) or more of the combined voting power
         of the Corporation's then outstanding voting securities; provided,
         however, that for purposes of this Plan the term "Person" shall not
         include (i) the Corporation or any of its majority-owned Subsidiaries,
         (ii) a trustee or other fiduciary holding securities under an employee
         benefit plan of the Corporation or any of its Subsidiaries, (iii) an
         underwriter temporarily holding securities pursuant to an offering of
         such securities, or (iv) a corporation owned, directly or indirectly,
         by the stockholders of the Corporation in substantially the same
         proportions as their ownership of stock of the Corporation; or

                  (2) A change in composition of the Board during any two year
         period such that the following individuals cease for any reason to
         constitute a majority of the number of directors then serving on the
         Board: individuals who, at the beginning of the two year period, are
         serving as directors on the Board and any new director (other than a
         director whose initial assumption of office is in connection with an
         actual or threatened election contest, including but not limited to a
         consent solicitation, relating to the election of directors of the
         Corporation) whose appointment or election by the Board or nomination
         for election by the Corporation's stockholders was approved by a vote
         of at least two-thirds (2/3) of the directors then still in office who
         either were directors at the beginning of the two year period or whose
         appointment, election or nomination for election was previously so
         approved, or

                  (3) There is consummated a merger or consolidation of the
         Corporation or a Subsidiary thereof, with any other corporation, other
         than a merger or consolidation which would result in the holders of the
         voting securities of the Corporation outstanding immediately prior
         thereto holding securities which represent immediately after such
         merger or consolidation at least 50% of the combined voting power of
         the voting securities of the entity surviving the merger or
         consolidation (or the Parent of such surviving entity), or the
         shareholders of the Corporation approve a plan of complete liquidation
         of the Corporation, or there is consummated the sale or other
         disposition of all or substantially all of the Corporation's assets.

         9. SUBROGATION. In the event of any payment under this Agreement, the
Corporation shall be subrogated to the extent thereof to all rights to
indemnification or reimbursement against any insurer or other entity or person
vested in the Indemnitee, who shall execute all instruments and take all other
actions as shall be reasonably necessary for the Corporation to enforce such
rights.

         10. ENFORCEMENT.

                  (a) The Corporation expressly confirms and agrees that it has
         entered into this Agreement and assumed the obligations imposed on the
         Corporation hereby in order to induce Indemnitee to continue as
         director or an officer of the Corporation, or both, and 

                                       6

         acknowledges that Indemnitee is relying upon this Agreement in 
         continuing in such capacity.

                  (b) In the event Indemnitee is required to bring any action to
         enforce rights or to collect moneys due under this Agreement and is
         successful in such action, Corporation shall reimburse Indemnitee for
         all of Indemnitee's reasonable fees and expenses in bringing and
         pursuing such action.

         11. SEPARABILITY. Each of the provisions of this Agreement is a
separate and distinct agreement and independent of the others, so that if any
provision hereof shall be held to be invalid or unenforceable for any reason,
such invalidity or unenforceability shall not affect the validity or
enforceability of the other provisions hereof.

         12. GOVERNING LAW; BINDING EFFECT; AMENDMENT AND TERMINATION.

                  (a) This Agreement shall be interpreted and enforced in
         accordance with the laws of the State of Ohio.

                  (b) This Agreement shall be binding upon Indemnitee and upon
         the Corporation, its successors and assigns, and shall inure to the
         benefit of Indemnitee, his heirs, personal representatives and assigns
         and to the benefit of the Corporation, its successors and assigns.

                  (c) No amendment, modification, termination or cancellation of
         this Agreement shall be effective unless in writing signed by both
         parties hereto.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

                                            RTI INTERNATIONAL METALS, INC.

                                            By: 
                                               --------------------------------
                                               [name of authorized officer]
                                               [title]

                                            By: 
                                               --------------------------------
                                               [name], Indemnitee

Dated:  Effective                 , 20
                  ----------------    ---

                                       7

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