Document:

EXHIBIT 4.1

 

GMH MILITARY HOUSING MANAGEMENT LLC

NON-QUALIFIED
DEFERRED COMPENSATION PLAN

 

PLAN DOCUMENT

 

EFFECTIVE APRIL 1, 2008

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
  PURPOSE

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1

  	
  SPECIAL
  RULES AND DEFINITIONS

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2

  	
  SELECTION/ENROLLMENT/ELIGIBILITY

  	
  7

  
	
  2.1

  	
  Eligibility

  	
  7

  
	
  2.2

  	
  Enrollment Requirements

  	
  7

  
	
  2.3

  	
  Commencement of
  Participation

  	
  7

  
	
  2.4

  	
  Termination
  of Participation and/or Deferrals

  	
  7

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3

  	
  DEFERRAL
  COMMITMENTS/COMPANY CONTRIBUTIONS/CREDITING/TAXES

  	
  7

  
	
  3.1

  	
  Minimum Deferral

  	
  7

  
	
  3.2

  	
  Maximum Deferral

  	
  8

  
	
  3.3

  	
  Election to Defer/Effect
  of Election Form

  	
  8

  
	
  3.4

  	
  Withholding of Annual
  Deferral Amounts

  	
  9

  
	
  3.5

  	
  Annual Company Matching
  Contribution Amount

  	
  10

  
	
  3.6

  	
  Annual Company
  Discretionary Contribution Amount

  	
  10

  
	
  3.7

  	
  Investment of Trust Assets

  	
  10

  
	
  3.8

  	
  Vesting

  	
  10

  
	
  3.9

  	
  Crediting/Debiting of
  Account Balances

  	
  11

  
	
  3.10

  	
  Payroll Reductions and
  Taxes

  	
  13

  
	
  3.11

  	
  Distributions

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4

  	
  SHORT-TERM
  PAYOUT/UNFORESEEABLE FINANCIAL EMERGENCIES

  	
  14

  
	
  4.1

  	
  Short-Term Payout of
  Annual Deferral Amounts

  	
  14

  
	
  4.2

  	
  Short-Term Payout Deferral
  Elections

  	
  15

  
	
  4.3

  	
  Other Benefits Take
  Precedence Over Short-Term Payout

  	
  15

  
	
  4.4

  	
  Withdrawal
  Payout/Termination of Deferral Election for Unforeseeable Financial
  Emergencies

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5

  	
  TERMINATION
  BENEFIT

  	
  16

  
	
  5.1

  	
  Termination Benefit

  	
  16

  
	
  5.2

  	
  Payment
  of Termination Benefit

  	
  16

  

 

i

 

	
  ARTICLE
  6

  	
  SURVIVOR BENEFIT

  	
  17

  
	
  6.1

  	
  Pre-Termination Survivor Benefit

  	
  17

  
	
  6.2

  	
  Payment of Pre-Termination Survivor Benefit

  	
  17

  
	
  6.3

  	
  Death
  Prior to Completion of Short-Term Payout, Termination Benefit or Disability
  Benefit

  	
  17

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7

  	
  DISABILITY
  BENEFIT

  	
  18

  
	
  7.1

  	
  Disability Benefit

  	
  18

  
	
  7.2

  	
  Payment
  of Disability Benefit

  	
  18

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8

  	
  BENEFICIARY
  DESIGNATION

  	
  18

  
	
  8.1

  	
  Beneficiary

  	
  18

  
	
  8.2

  	
  Beneficiary Designation/Change

  	
  18

  
	
  8.3

  	
  Acknowledgment

  	
  18

  
	
  8.4

  	
  No Beneficiary Designation

  	
  18

  
	
  8.5

  	
  Doubt as to Beneficiary

  	
  19

  
	
  8.6

  	
  Discharge
  of Obligations

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9

  	
  TERMINATION/AMENDMENT/MODIFICATION

  	
  19

  
	
  9.1

  	
  Termination

  	
  19

  
	
  9.2

  	
  Amendment

  	
  20

  
	
  9.3

  	
  Plan Agreement

  	
  20

  
	
  9.4

  	
  Effect of Payment

  	
  20

  
	
  9.5

  	
  Amendment
  to Ensure Proper Characterization of the Plan

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10

  	
  ADMINISTRATION

  	
  21

  
	
  10.1

  	
  Establishment of Committee

  	
  21

  
	
  10.2

  	
  Agents

  	
  21

  
	
  10.3

  	
  Binding Effect of
  Decisions

  	
  21

  
	
  10.4

  	
  Indemnity of Committee

  	
  22

  
	
  10.5

  	
  Employer
  Information

  	
  22

  
	
   

  	
   

  	
   

  
	
  ARTICLE 11

  	
  OTHER
  BENEFITS AND AGREEMENTS

  	
  22

  
	
  11.1

  	
  Coordination
  with Other Benefits

  	
  22

  
	
   

  	
   

  	
   

  
	
  ARTICLE 12

  	
  CLAIMS
  PROCEDURES

  	
  22

  
	
  12.1

  	
  Presentation of Claim

  	
  22

  

 

ii

 

	
  12.2

  	
  Notification of Decision

  	
  22

  
	
  12.3

  	
  Review of a Denied Claim

  	
  23

  
	
  12.4

  	
  Decision
  on Review

  	
  23

  
	
  12.5

  	
  Claims
  and Review Procedure for Disability Claims Filed under the Plan

  	
  23

  
	
  12.6

  	
  Legal Action

  	
  27

  
	
   

  	
   

  	
   

  
	
  ARTICLE 13

  	
  TRUST

  	
  27

  
	
  13.1

  	
  Establishment
  of the Trust

  	
  27

  
	
  13.2

  	
  Interrelationship
  of the Plan and the Trust

  	
  27

  
	
  13.3

  	
  Distributions from the
  Trust

  	
  28

  
	
   

  	
   

  	
   

  
	
  ARTICLE 14

  	
  MISCELLANEOUS

  	
  28

  
	
  14.1

  	
  Status
  of Plan

  	
  28

  
	
  14.2

  	
  Unsecured
  General Creditor

  	
  28

  
	
  14.3

  	
  Employer’s
  Liability

  	
  28

  
	
  14.4

  	
  Nonassignability

  	
  28

  
	
  14.5

  	
  Not
  a Contract of Employment

  	
  28

  
	
  14.6

  	
  Furnishing
  Information

  	
  29

  
	
  14.7

  	
  Terms

  	
  29

  
	
  14.8

  	
  Captions

  	
  29

  
	
  14.9

  	
  Governing
  Law

  	
  29

  
	
  14.10

  	
  Notice

  	
  29

  
	
  14.11

  	
  Successors

  	
  29

  
	
  14.12

  	
  Spouse’s
  Interest

  	
  29

  
	
  14.13

  	
  Validity

  	
  29

  
	
  14.14

  	
  Incompetent

  	
  30

  
	
  14.15

  	
  Court
  Order

  	
  30

  
	
  14.16

  	
  Acceleration
  of Distribution

  	
  30

  
	
  14.17

  	
  Delay
  in Payment

  	
  30

  
	
  14.18

  	
  Prohibited
  Acceleration/Distribution Timing

  	
  31

  
	
  14.19

  	
  Insurance

  	
  31

  
	
  14.20

  	
  Aggregation
  of Employers

  	
  31

  
	
  14.21

  	
  Aggregation
  of Plans

  	
  31

  
	
  14.22

  	
  USERRA

  	
  32

  

 

iii

 

GMH
MILITARY HOUSING MANAGEMENT LLC

 

NON-QUALIFIED DEFERRED
COMPENSATION PLAN

 

Effective April 1, 2008

 

Purpose

 

The purpose of the GMH Military Housing Management LLC
Non-Qualified Deferred Compensation Plan (the “Plan”) is to provide
specified benefits to a select group of management or highly compensated
employees who contribute materially to the continued growth, development and
future business success of GMH Military Housing Management LLC and its
affiliates, if any, that participate in this Plan.  This Plan shall be unfunded for tax purposes
and for purposes of Title I of the Employee Retirement Income Security Act
of 1974, as amended.  This Plan is
intended to comply with the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended, as added by the American Jobs Creation Act of
2004 and the final Treasury regulations or any other authoritative guidance
issued thereunder.

 

ARTICLE 1

Special Rules and
Definitions

 

This Plan was spun off from the GMH Communities Trust Non-Qualified
Deferred Compensation Plan (the “Prior Plan”), effective as of April 1,
2008.  As such, every Participant who
participated in the Prior Plan shall have his or her entire Prior Plan Account
Balance, as well as his or her Deferral Account, Company Matching Contribution
Account and Company Discretionary Contribution Account history, transferred to
this Plan.  In addition, every
Participant’s Plan Agreement, Election Form and Beneficiary Designation Form in
effect under the Prior Plan shall be carried over to, and shall remain in effect
under, this Plan until amended or revoked in accordance with the terms of this
Plan.  Moreover, a Participant’s credited
service under the Prior Plan shall be preserved under this Plan.

 

For purposes of this Plan, unless otherwise clearly apparent from the
context, the following phrases or terms shall have the following indicated
meanings:

 

1.1                                 “Account Balance” shall mean, with respect to a Participant,
a credit on the records of the Company equal to the sum of (i) the
Deferral Account balance, (ii) the Company Matching Contribution Account
balance and (iii) the Company Discretionary Contribution Account balance.
The Account Balance, and each other specified account balance, shall be a
bookkeeping entry only and shall be utilized solely as a device for the
measurement and determination of the amounts to be paid to a Participant, or
his or her designated Beneficiary, pursuant to this Plan.

 

1.2                                 “Annual Company
Discretionary Contribution Amount” shall mean, for the Plan Year of reference,
the amount determined in accordance with Section 3.6.

 

1.3                                 “Annual Company
Matching Contribution Amount” shall mean, for the Plan Year of reference, the
amount determined in accordance with Section 3.5.

 

1

 

1.4                                 “Annual Deferral
Amount” shall mean that portion of a Participant’s Base Salary and/or Incentive
Payments that a Participant elects (subject to Section 3.10) to have, and
is, deferred (in accordance with Article 3) for any one Plan Year.  Base Salary and/or Incentive Payments shall
be considered as part of the Annual Deferral Amount for the Plan Year in which
such amounts would have been payable in the absence of the Participant’s
deferral election (e.g., an election to defer any Incentive Payments otherwise
payable early in 2010 for services performed from January 1, 2009 through December 31,
2009 shall be considered as part of the Participant’s 2010 Annual Deferral
Amount).  In the event of a Participant’s
Termination, death or other event described herein (including in Section 3.3(c))
pursuant to which a deferral election may be cancelled prior to the end of a
Plan Year, such year’s Annual Deferral Amount shall be the actual amount
withheld prior to such event.

 

1.5                                 “Base Salary”
shall mean the annual cash compensation relating to services performed during
any calendar year, whether or not paid in such calendar year or included on the
Federal Income Tax Form W-2 for such calendar year, excluding bonuses,
commissions, overtime, fringe benefits, stock options, relocation expenses,
Incentive Payments, nonmonetary awards, automobile and other allowances paid to
a Participant for employment services rendered (whether or not such allowances
are included in the Employee’s gross income). Base Salary shall be calculated
without regard to any reductions for compensation voluntarily deferred or
contributed by the Participant pursuant to all qualified or non-qualified plans
of the Employer, and therefore shall be calculated to include amounts not
otherwise included in the Participant’s gross income under Code Sections 125,
402(e)(3), 402(h), or 403(b) pursuant to plans established by the
Employer.

 

1.6                                 “Beneficiary”
shall mean one or more persons, trusts, estates or other entities, designated
in accordance with Article 8, that are entitled to receive benefits under
this Plan upon the death of a Participant.

 

1.7                                 “Beneficiary
Designation Form” shall mean the form established from time to time by the
Committee that a Participant completes, signs and returns to the Committee to
designate one or more Beneficiaries (which form may take the form of an
electronic transmission, if required or permitted by the Committee).

 

1.8                                 “Board” shall
mean the Board of Directors of GMH Communities TRS, Inc., the 100% owner
of the Company.

 

1.9                                 “Claimant” shall
have the meaning set forth in Section 12.1.

 

1.10                           “Code” shall
mean the Internal Revenue Code of 1986, as amended from time to time.

 

1.11                           “Committee” or “Plan
Committee” shall mean an Administrative Committee established pursuant to this Article 10
of this Plan or its delegate.

 

1.12                           “Company” shall
mean GMH Military Housing Management LLC, and any successor thereto.

 

2

 

1.13                           “Company
Discretionary Contribution Account” shall mean (i) the sum of all of the
Participant’s Annual Company Discretionary Contribution Amounts, plus (ii) amounts
credited or debited in accordance with all the applicable crediting provisions
of this Plan that relate to the Participant’s Company Discretionary
Contribution Account, less (iii) all distributions made to the Participant
or his or her Beneficiary pursuant to this Plan that relate to the Participant’s
Company Discretionary Contribution Account.

 

1.14                           “Company
Matching Contribution Account” shall mean (i) the sum of all of the
Participant’s Annual Company Matching Contribution Amounts, plus (ii) amounts
credited or debited in accordance with all the applicable crediting provisions
of this Plan that relate to the Participant’s Company Matching Contribution
Account, less (iii) all distributions made to the Participant or his or
her Beneficiary pursuant to this Plan that relate to the Participant’s Company
Matching Contribution Account.

 

1.15                           “Deduction
Limitation” shall mean the following described limitation on a benefit that may
otherwise be distributable pursuant to the provisions of this Plan. Except as
otherwise provided, this limitation shall be applied to all distributions that
are “subject to the Deduction Limitation” under this Plan.  If the Committee reasonably anticipates that,
if any distribution hereunder were made as scheduled, the Company’s deduction
with respect to that distribution would not be permitted by reason of the
limitation under Code Section 162(m), then the Committee may defer that
distribution, provided that all distributions that could be deferred in
accordance with this Section 1.15 are so deferred, and provided further
that the Committee treats payments to all similarly situated Participants on a
reasonably consistent basis. Any amounts deferred pursuant to this limitation
shall continue to be credited or debited with additional amounts in accordance
with Section 3.9 below, even if such amount is being paid out in
installments. The amounts so deferred and amounts credited or debited thereon
shall be distributed to the Participant or his or her Beneficiary (in the event
of the Participant’s death) during the Participant’s first taxable year in
which the Committee reasonably anticipates, or reasonably should anticipate,
that if the distribution is made its deductibility will not be limited by Code Section 162(m).

 

1.16                           “Deferral
Account” shall mean (i) the sum of all of a Participant’s Annual Deferral
Amounts, plus (ii) amounts credited or debited in accordance with all the
applicable crediting provisions of this Plan that relate to the Participant’s
Deferral Account, less (iii) all distributions made to the Participant or
his or her Beneficiary pursuant to this Plan that relate to his or her Deferral
Account.

 

1.17                           “Disability” or
“Disabled” shall mean a period of disability during which a Participant (i) is
unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than
twelve (12) months, (ii) is, by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can
be expected to last for a continuous period of not less than twelve (12) months,
receiving income replacement benefits for a period of not less than three (3) months
under an accident and health plan covering employees of the

 

3

 

Employer
or (iii) is determined to be totally disabled by the Social Security
Administration.

 

1.18                         “Disability
Benefit” shall mean the benefit set forth in Article 7.

 

1.19                         “Effective Date”
shall mean the effective date of the Plan, which is April 1, 2008.

 

1.20                         “Election Form”
shall mean the form or forms established from time to time by the Committee
that a Participant completes, signs and returns to the Committee to make an
election under the Plan (which form or forms may take the form of an electronic
transmission, if required or permitted by the Committee).

 

1.21                         “Employee”
shall mean a person who is an employee of the Employer.

 

1.22                         “Employer”
shall mean the Company, any directly or indirectly affiliated subsidiary
corporation and any other affiliate of the Company designated by the Board to
participate in the Plan (now in existence or hereafter formed or acquired).

 

1.23                         “ERISA” shall
mean the Employee Retirement Income Security Act of 1974, as amended from time
to time.

 

1.24                         “401(k) Plan”
shall mean the Employer’s tax-qualified 401(k) plan, as it may be amended
from time to time.

 

1.25                         “Incentive Payments” shall
mean any compensation paid to a Participant under any incentive plans or bonus
arrangements of the Employer with respect to which the Committee in its
discretion permits deferrals to be made hereunder, relating to services
performed during any calendar year, whether or not paid in such calendar year
or included on the Federal Income Tax Form W-2 for such calendar year.

 

1.26                         “Measurement
Funds” shall have the meaning set forth in Section 3.9(d).

 

1.27                         “Members” shall
mean the members (i.e., owners) of the
Company, a limited liability company.

 

1.28                         “Participant”
shall mean any Employee who is selected by the Committee to participate in the
Plan, provided such Employee (i) elects to participate in the Plan, (ii) signs
a Plan Agreement, an Election Form(s) and a Beneficiary Designation Form, (iii) has
his or her signed Plan Agreement, Election Form(s) and Beneficiary
Designation Form accepted by the Committee, (iv) commences
participation in the Plan, and (v) has not had his or her Plan Agreement
terminated.  A spouse or former spouse of
a Participant shall not be treated as a Participant in the Plan or have an
Account Balance under the Plan under any circumstance.

 

1.29                         “Performance-Based
Compensation” shall mean that portion of a Participant’s Incentive Payments the
amount of which, or the entitlement to which, is contingent on the satisfaction
of pre-established organizational or individual performance criteria relating
to a performance period of at least twelve (12) consecutive months, and which
satisfies

 

4

 

the requirements for “performance-based compensation” under Section 409A
including the requirement that the performance criteria be established in
writing by not later than (i) ninety (90) days after the commencement of
the period of service to which the criteria relates and (ii) the date the
outcome ceases to be substantially uncertain.

 

1.30                         “Plan” shall
mean this Non-Qualified Deferred Compensation Plan, as evidenced by this
instrument and by each Plan Agreement, as they may be amended from time to
time.

 

1.31                         “Plan Agreement” shall mean
a written agreement (which may take the form of an electronic transmission, if
required or permitted by the Committee), as may be amended from time to time,
which is entered into by and between the Employer and a Participant.  Each Plan Agreement executed by a Participant
and the Employer shall provide for the entire benefit to which such Participant
is entitled under the Plan; should there be more than one Plan Agreement, the
Plan Agreement bearing the latest date of acceptance by the Employer shall
supersede all previous Plan Agreements in their entirety and shall govern such
entitlement. The terms of any Plan Agreement may be different for any
Participant, and any Plan Agreement may provide additional benefits not set
forth in the Plan or limit the benefits otherwise provided under the Plan;
provided, however, that any such additional benefits or benefit limitations
must be agreed to by both the Employer and the Participant. In the Plan
Agreement, each Participant shall acknowledge that he or she accepts all of the
terms of the Plan including the discretionary authority of the Committee as set
forth in Article 11.

 

1.32                         “Plan Year”
shall mean a period beginning on January 1 of each calendar year and
continuing through December 31 of such calendar year during which this
Plan is in effect (provided that the Plan’s initial Plan Year shall be a short
plan year beginning on the Effective Date and ending on December 31,
2008).

 

1.33                         “Pre-Termination
Survivor Benefit” shall mean the benefit set forth in Article 6.

 

1.34                         “Section 409A”
shall mean Code Section 409A and the Treasury regulations or other
authoritative guidance issued thereunder.

 

1.35                         “Separation
from Service” shall mean the Participant’s separation from service, within the
meaning of Section 409A, treating as a Separation from Service an
anticipated permanent reduction in the level of bona fide services to twenty
percent (20%) or less of the average level of bona fide services performed over
the immediately preceding thirty-six (36) month period (or the full period
during which the Participant performed services for the Employer, if that is
less than thirty-six (36) months.  For
this purpose, upon a sale or other disposition of the assets of the Employer to
an unrelated purchaser, the Employer reserves the right to the extent permitted
by Section 409A to determine whether Participants providing services to
the purchaser after and in connection with the purchase transaction have
experienced a Separation from Service.

 

1.36                         “Short-Term
Payout” shall mean the payout set forth in Section 4.1.

 

1.37                         “Termination” “Terminate(s)”
or “Terminated” shall mean Separation from Service, voluntarily or
involuntarily, for any reason other than Disability or death.

 

5

 

1.38                         “Termination
Benefit” shall mean the benefit set forth in Article 5.

 

1.39                         “Trust” shall
mean the trust established pursuant to this Plan, as amended from time to time.
The assets of the Trust shall be the property of the Employer.

 

1.40                         “Unforeseeable
Financial Emergency” shall mean a severe financial hardship to the Participant
resulting from (i) an illness or accident of the Participant, the
Participant’s spouse, the Participant’s Beneficiary or the Participant’s
dependent (as defined in Code Section 152(a), without regard to Code Section 152(b)(1),
(b)(2) or (d)(1)(B)), (ii) a loss of the Participant’s property due
to casualty (including the need to rebuild a home following damage not
otherwise covered by insurance, for example, the need to rebuild following
damage caused by an event other than a natural disaster), or (iii) such
other similar extraordinary and unforeseeable circumstances arising as a result
of events beyond the control of the Participant (e.g., imminent foreclosure of
or eviction from the Participant’s primary residence, the need to pay for
medical expenses, including non-refundable deductibles and prescription drugs,
the need to pay funeral expenses of a spouse, Beneficiary or dependent), all as
determined in the sole discretion of the Committee (which discretion the
Committee is bound to exercise, however, within the limitations of Section 409A).

 

1.41                         “Yearly
Installment Method” shall be a yearly installment payment over one of the
installment payout alternatives selected by the Participant in accordance with
this Plan, calculated as follows (subject to Section 3.10): The Account
Balance of the Participant shall be calculated as of the close of business on
the date of reference (or, if the date of reference is not a business day, on
the immediately following business day), and shall be paid as soon as
practicable thereafter. The date of reference with respect to the first yearly
installment payment shall be as provided in Section 4.1, 4.2, 5.2, 6.2,
6.3 or 7.2, as applicable, and the date of reference with respect to subsequent
yearly installment payments shall be the anniversary of the first (1st)
installment payment.

 

The installment payout
alternative available for election by the Participant is substantially equal
annual installments of between two (2) and fifteen (15) years.

 

The yearly installment shall
be calculated by multiplying the Account Balance (or applicable portion
thereof) by a fraction, the numerator of which is one (1), and the denominator
of which is the remaining number of yearly payments due the Participant.  By way of example, if the Participant elects
a five (5) year Yearly Installment Method, the first payment shall be
one-fifth (1/5) of the Account Balance (or applicable portion thereof),
calculated as described in this definition. The following year, the payment
shall be one-fourth (1/4) of the Account Balance (or applicable portion
thereof), calculated as described in this definition.

 

1.42                         “Years of Service” shall
mean the total number of full years in which a Participant has been employed by
one or more Employers.  For purposes of
this definition, a year of employment shall be a three hundred sixty-five (365)
day period (or three hundred sixty-six (366) day period in the case of a leap
year) that, for the first year of employment, commences on the Employee’s date
of hiring and that, for any subsequent year,

 

6

 

commences
on an anniversary of that hiring date. 
Any partial year of employment shall not be counted.

 

ARTICLE 2

Selection/Enrollment/Eligibility

 

2.1                               Eligibility. Participation
in the Plan shall be limited to Employees whom the Plan Committee designates,
in its sole discretion, for participation, provided that Employees may not
participate in the Plan unless they are members of a select group of management
or highly compensated employees of the Employer, as membership in such group is
determined in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of
ERISA (which determination shall be made by the Plan Committee in its sole
discretion).

 

2.2                               Enrollment Requirements. As a condition
to participation, each selected Employee who is eligible for participation
shall complete, execute and return to the Committee a Plan Agreement, an
Election Form(s) and a Beneficiary Designation Form, all within thirty
(30) days after he or she first becomes eligible for participation in the
Plan.  In addition, the Committee shall
establish from time to time such other enrollment requirements as it determines
in its sole discretion are necessary.

 

2.3                               Commencement
of Participation. Provided a selected
Employee who is eligible for participation has met all enrollment requirements
set forth in this Plan and required by the Committee, that Employee shall
commence participation in the Plan immediately following the Employee’s timely
completion of all enrollment requirements (or as soon as practicable thereafter
as the Committee may determine).  If a
selected Employee fails to meet all such requirements within the specified
period required, in accordance with Section 2.2, that Employee shall not
be eligible to participate in the Plan until the first day of the following
Plan Year, again subject to timely delivery to and acceptance by the Committee
of the required documents.

 

2.4                               Termination of Participation
and/or Deferrals. If the Committee determines
in good faith that an Employee no longer qualifies as a member of a select
group of management or highly compensated employees of the Employer, the
Committee shall have the right, in its sole discretion, to prevent the
Participant from making future deferral elections and/or from being credited
with any further Annual Company Matching Contribution Amounts or Annual Company
Discretionary Contribution Amounts.

 

ARTICLE 3

Deferral Commitments/Company
Contributions/Crediting/Taxes

 

3.1                                 Minimum
Deferral. For each Plan Year, a
Participant may elect to defer, as his or her Annual Deferral Amount, Base
Salary and/or Incentive Payments in the minimum amount of two thousand dollars
($2,000) of each such item of compensation.

 

7

 

Notwithstanding
the foregoing, the Committee may, in its sole discretion, establish for any
Plan Year different minimum amount(s). If an election is made for less than the
stated minimum amount, or if no election is made, the amount deferred shall be
zero (0).

 

3.2                               Maximum
Deferral.

 

(a)                                  For each Plan Year, a Participant may elect to defer, as his
or her Annual Deferral Amount, Base Salary and/or Incentive Payments up to the
following maximum percentages for each deferral elected:

 

	
  Deferral

  	
   

  	
  Maximum Amount

  	
   

  
	
  Base Salary

  	
   

  	
  15

  	
  %

  
	
  Incentive Payments

  	
   

  	
  50

  	
  %

  

 

(b)                                 Committee’s Discretion.  Notwithstanding the foregoing, (i) the
Committee may, in its sole discretion, establish for any Plan Year maximum
percentages which differ from those set forth above, and (ii) if a
Participant first becomes a Participant after the first day of a Plan Year, the
maximum Annual Deferral Amount with respect to Annual Base Salary and/or
Incentive Payments shall be limited to the percentage of such compensation not
yet earned by the Participant as of the date the Participant submits a Plan
Agreement and Election Form(s) to the Committee for acceptance.

 

3.3                               Election
to Defer/Effect of Election Form.

 

(a)                                  Timing
of Election.  Except as provided below, a Participant shall
make a deferral election with respect to Base Salary and/or Incentive Payments,
as applicable, to be earned for services performed during an upcoming twelve
(12) month Plan Year.  Such election must
be made during such period as shall be established by the Committee which ends
no later than the last day of the Plan Year preceding the Plan Year in which
the services giving rise to the Base Salary and/or Incentive Payments, as
applicable, to be deferred are to be performed. 
For these purposes, Base Salary payable after the last day of the Plan
Year for services performed during the final payroll period containing the last
day of the Plan Year shall be treated as Base Salary for services performed in
the subsequent Plan Year.

 

Notwithstanding the
preceding, if and to the extent permitted by the Committee, the Participant may
make an election to defer that portion of his or her Incentive Payments which
constitutes Performance-Based Compensation no later than six (6) months
prior to the last day of the period over which the services giving rise to the
Incentive Payments are performed, provided that the Participant performs
services continuously from the later of the beginning of the performance period
or the date the performance criteria are established through the date of the
deferral election, and provided further that in no event may such deferral
election be made pursuant to this paragraph with respect to any portion of the
Performance-Based

 

8

 

Compensation that has become
reasonably ascertainable prior to the making of the deferral election, within
the meaning of Section 409A.

 

In addition, notwithstanding
the preceding, but subject to Section 14.21, in the case of the first Plan
Year in which an Employee first becomes eligible to become a Participant (or
again becomes eligible after having been ineligible for at least twenty four
(24) months), if and to the extent permitted by the Committee, the individual
may make an election no later than thirty (30) days after the date he or she
becomes eligible to become a Participant to defer Base Salary and/or Incentive
Payments (as applicable) for services to be performed after the election.  For this purpose, an election will be deemed
to apply to Incentive Payments for services performed after the election if the
election applies to no more than an amount equal to the total Incentive
Payments for the performance period multiplied by the ratio of the number of
days remaining in the performance period after the election over the total
number of days in the performance period.

 

(b)                                 Manner of Election.  For any Plan Year (or portion thereof), a deferral election
for amount(s) earned during that Plan Year (or portion thereof), and such
other elections as the Committee deems necessary or desirable under the Plan,
shall be made by timely delivering to the Committee, in accordance with its rules and
procedures, by the deadline(s) set forth above, an Election Form, along
with such other elections as the Committee deems necessary or desirable under
the Plan.  Deferral elections shall be in
whole percentage amounts.  For these
elections to be valid, the Election Form(s) must be completed and signed
by the Participant, timely delivered to the Committee (in accordance with Section 2.2
above) and accepted by the Committee. If no such Election Form(s) is
timely delivered for a Plan Year (or portion thereof), the Annual Deferral
Amount shall be zero (0) for that Plan Year (or portion thereof).

 

(c)                                  Change in Election.  Once a Plan Year has commenced, a Participant
may not elect to change his or her deferral election that is in effect for that
Plan Year, except if and to the extent permitted by the Committee and made in
accordance with the provisions of Section 409A specifically relating to a
change and/or revocation of deferral elections (such as, for example, to cancel
a deferral election upon the Participant’s disability (as defined in Section 1.409A-3(j)(4)(xii)
of the Treasury Regulations), or, as provided in Section 1.409A-3(j)(4) of
the Treasury regulations, following an Unforeseeable Financial Emergency or a
hardship distribution pursuant to Section 1.401(k)-1(d)(3) of the
Treasury regulations).

 

3.4                               Withholding
of Annual Deferral Amounts. For each Plan Year, the
Base Salary portion of the Annual Deferral Amount shall be withheld from each regularly
scheduled Base Salary payroll in equal amounts, as adjusted from time to time
for increases and decreases in Base Salary. The Incentive Payments portion of
the Annual Deferral Amount shall be withheld at the time the Incentive Payments
are or otherwise would be paid to the Participant, whether or not this occurs
during the Plan Year itself.

 

9

 

3.5                               Annual Company Matching
Contribution Amount. For each Plan Year during
which a Participant (i) defers into the 401(k) Plan the maximum
elective deferrals permissible under Section 402(g) of the Code or
the maximum elective deferrals permitted under the terms of the 401(k) Plan;
and (ii) satisfies the following sentence, the Company shall credit such
Participant with an Annual Company Matching Contribution Amount equal to
twenty-five percent (25%) of the first two percent (2%) of the Participant’s
Base Salary and Incentive Payment deferrals, plus twenty-five percent (25%) of
three percent (3%) of the Participant’s Base Salary and Incentive Payments that
are deferred, for the Plan Year; provided that, if the Participant’s total Base
Salary and Incentive Payments for the Plan Year exceeds the compensation limit
under Code Section 401(a)(17) in effect for the Plan Year, any deferrals
above that excess amount shall not be taken into account. The Annual Company
Matching Contribution Amount credit for a given Plan Year, if any, shall be
credited as soon as practicable following the last day of the Plan Year.

 

3.6                               Annual
Company Discretionary Contribution Amount. For each Plan
Year, the Committee, in its sole discretion, may, but is not required to,
credit any amount it desires to any Participant’s Company Discretionary
Contribution Account under this Plan, which amount shall be for that
Participant the Annual Company Discretionary Contribution Amount for that Plan
Year. The amount so credited to a Participant may be smaller or larger than the
amount credited to any other Participant, and the amount credited to any Participant
for a Plan Year may be zero, even though one or more other Participants receive
an Annual Company Discretionary Contribution Amount for that Plan Year. The
Annual Company Discretionary Contribution Amount for each Plan Year, if any,
shall be credited at such time(s) as determined by the Committee, in its
discretion.

 

3.7                                 Investment
of Trust Assets. The trustee of the Trust
shall be authorized, upon written instructions received from the Committee or
investment manager appointed by the Committee, to invest and reinvest the
assets of the Trust in accordance with the applicable Trust agreement,
including the reinvestment of the proceeds in one or more investment vehicles
designated by the Committee.

 

3.8                               Vesting.

 

(a)                                  Deferral Account and Company Matching
Contribution Account. A
Participant shall at all times be 100% vested in his or her Deferral Account
and, subject to Section 3.5, in his or her Company Matching Contribution
Account.

 

(b)                                 Company Discretionary Contribution Account. A
Participant shall become vested in his or her Company Discretionary
Contribution Account pursuant to a vesting schedule, if any, approved and
documented by the Committee at the time the Annual Company Discretionary
Contribution Amount is credited to the Participant’s Company Discretionary
Contribution Account for the Plan Year; provided, however, if a Participant
dies or becomes Disabled before he or she experiences a Termination, his or her
Company Discretionary Contribution Account shall immediately become one hundred
percent (100%) vested (if it is not already vested in accordance with a vesting
schedule).

 

10

 

3.9                               Crediting/Debiting of Account
Balances. In accordance with, and
subject to, the rules and procedures that are established from time to
time by the Committee, in its sole discretion, amounts shall be credited or
debited to a Participant’s Account Balance in accordance with the following
rules:

 

(a)                                  Sub-Accounts. Separate
sub-accounts shall be established and maintained with respect to each
Participant’s Account Balance (together, the “Sub-Accounts”), each attributable
to the portion of the Participant’s Account Balance representing the same type
of credited deferral or contribution. 
That is, for each Plan Year, if and as applicable, one Sub-Account shall
be attributable to the portion of the Participant’s Account Balance which
represents Base Salary deferrals, another attributable to the portion of the
Participant’s Account Balance which represents Incentive Payment deferrals and
another attributable to the portion of the Participant’s Account Balance which
represents Annual Company Discretionary Contribution Amounts and Annual Company
Matching Contribution Amounts.

 

(b)                                 Election of Measurement Funds. A
Participant, in connection with his or her initial deferral election in
accordance with Section 3.3(a) above, shall elect, on the Election
Form(s), one or more Measurement Funds to be used to determine the additional
amounts to be credited or debited to each of his or her Sub-Accounts for the
first business day of the Plan Year, continuing thereafter unless changed in
accordance with the next sentence. Commencing with the first business day of
the Plan Year, and continuing thereafter for the remainder of the Plan Year (unless
the Participant ceases during the Plan Year to participate in the Plan), the
Participant may (but is not required to) elect daily, by submitting an Election
Form(s) to the Committee that is accepted by the Committee (which
submission may take the form of an electronic transmission, if required or
permitted by the Committee), to add or delete one or more Measurement Funds to
be used to determine the additional amounts to be credited or debited to each
of his or her Sub-Accounts, or to change the portion of each of his or her
Sub-Accounts allocated to each previously or newly elected Measurement Funds.
If an election is made in accordance with the previous sentence, it shall apply
to the next business day and continue thereafter for the remainder of the Plan
Year (unless the Participant ceases during the Plan Year to participate in the
Plan), unless changed in accordance with the previous sentence.

 

(c)                                  Proportionate Allocation. In making
any election described in Section 3.9(b) above, the Participant shall
specify on the Election Form(s), in whole percentage points, the percentage of
each of his or her Sub-Account(s) to be allocated to a Measurement Fund
(as if the Participant was making an investment in that Measurement Fund with
that portion of his or her Account Balance).

 

(d)                                 Measurement Funds. The
Participant may elect one or more of the Measurement Funds set forth on Schedule
A (the “Measurement Funds”), for the purpose of crediting or debiting
additional amounts to his or her Account Balance.  The Committee may, in its sole discretion,
discontinue, substitute or add a Measurement Fund. Each such action will take
effect as of the first business day

 

11

 

that follows by thirty (30) days the day on which the Committee
gives Participants advance written notice of such change.  If the Committee receives an initial or
revised Measurement Funds election which it deems to be incomplete, unclear or
improper, the Participant’s Measurement Funds election then in effect shall
remain in effect (or, in the case of a deficiency in an initial Measurement
Funds election, the Participant shall be deemed to have filed no deemed
investment direction).  If the Committee
possesses (or is deemed to possess as provided in the previous sentence) at any
time directions as to Measurement Funds of less than all of the Participant’s
Account Balance, the Participant shall be deemed to have directed that the
undesignated portion of the Account Balance be deemed to be invested in a money
market, fixed income or similar Measurement Fund made available under the Plan
as determined by the Committee in its discretion.  Each Participant hereunder, as a condition to
his or her participation hereunder, agrees to indemnify and hold harmless the
Committee, the Employer and the Company, and their agents and representatives,
from any losses or damages of any kind relating to (i) the Measurement
Funds made available hereunder and (ii) any discrepancy between the
credits and debits to the Participant’s Account Balance based on the
performance of the Measurement Funds and what the credits and debits otherwise
might be in the case of an actual investment in the Measurement Funds.

 

(e)                                  Crediting or Debiting Method. The
performance of each elected Measurement Fund (either positive or negative) will
be determined by the Committee, in its sole discretion, based on the
performance of the Measurement Funds themselves.  A Participant’s Account Balance shall be
credited or debited on a daily basis based on the performance of each
Measurement Fund selected by the Participant, or as otherwise determined by the
Committee in its sole discretion, as though (i) a Participant’s Account
Balance were invested in the Measurement Funds selected by the Participant, in
the percentages elected by the Participant as of such date, at the closing
price on such date; (ii) the portion of the Annual Deferral Amount that
was actually deferred was invested in the Measurement Funds selected by the
Participant, in the percentages elected by the Participant, no later than the
close of business on the third (3rd) business day after the day on which such
amounts are actually deferred from the Participant’s Base Salary or Incentive
Payments, as applicable, at the closing price on such date; (iii) any
Annual Company Matching Contribution Amounts and/or Annual Company
Discretionary Contribution Amounts credited to a Participant’s Account Balance
were invested in the Measurement Fund(s) selected by the Participant, in
the percentages elected by the Participant, as soon as administratively
practicable following the date such amount(s) were credited to the
Participant’s Account Balance; and (iv) any distribution made to a
Participant that decreases such Participant’s Account Balance ceased being
invested in the Measurement Funds, in the percentages applicable to such
calendar day, no earlier than three (3) business days prior to the
distribution, at the closing price on such date.

 

(f)                                    No Actual Investment. Notwithstanding
any other provision of this Plan that may be interpreted to the contrary, the
Measurement Funds are to be used for

 

12

 

measurement purposes only, and a Participant’s election of
any such Measurement Fund, the allocation of his or her Account Balance
thereto, the calculation of additional amounts and the crediting or debiting of
such amounts to a Participant’s Account Balance shall not be considered or
construed in any manner as an actual investment of his or her Account Balance
in any such Measurement Fund. In the event that the Employer or the trustee (as
that term is defined in the Trust), in its sole discretion, decides to invest
funds in any or all of the Measurement Funds, no Participant shall have any
rights in or to such investments themselves. 
Without limiting the foregoing, a Participant’s Account Balance shall at
all times be a bookkeeping entry only and shall not represent any investment
made on his or her behalf by the Employer or the Trust; the Participant shall
at all times remain an unsecured general creditor of the Employer.

 

(g)                                 Beneficiary Elections. Each
reference in this Section 3.9 to a Participant shall be deemed to include,
where applicable, a reference to a Beneficiary.

 

3.10                         Payroll
Reductions and Taxes.

 

(a)                                  Annual Deferral Amounts. For each
Plan Year in which a Participant’s Base Salary and/or Incentive Payments is
being deferred hereunder, the Employer shall withhold from that portion of the
Participant’s Base Salary and/or Incentive Payments that is not being deferred,
in a manner determined by the Employer, the Participant’s share of FICA and
other employment taxes on such Annual Deferral Amount. If necessary, the
Committee may reduce the Annual Deferral Amount in order to comply with
applicable tax withholding requirements. 
In addition, the Committee may reduce the Annual Deferral Amount as
permitted by Section 409A to the extent necessary to make certain other
payroll reductions elected by the Participant or required under any other
benefit plan of the Employer (e.g., reductions for contributions to a cafeteria
plan (as defined in Code Section 125(d)).

 

(b)                                 Annual Company Matching Contribution Amounts. When a
Participant is credited with Annual Company Matching Contribution Amounts, the
Employer shall have the discretion to withhold from the Participant’s Base
Salary and/or Incentive Payments that is not deferred (or from any other
compensation payable to the Participant), in a manner determined by the
Employer, the Participant’s share of FICA and other employment taxes.  If necessary, the Committee may reduce the
Participant’s Annual Company Matching Contribution Amounts in order to comply
with this Section 3.10.

 

(c)                                  Annual Company Discretionary Contribution
Amounts. When a Participant becomes vested in his or her Company
Discretionary Contribution Account, the Employer may withhold from the
Participant’s Base Salary and/or Incentive Payments that is not deferred (or
from any other compensation payable to the Participant), in a manner determined
by the Employer, the Participant’s share of FICA and other employment
taxes.  If necessary, the Committee may
reduce the 

 

13

 

vested portion of the Participant’s Company Discretionary
Contribution Account in order to comply with this Section 3.10.

 

3.11                         Distributions.
Notwithstanding anything herein to the contrary, any payments made to a
Participant under this Plan shall be in cash form, and the Employer or the
trustee of the Trust shall withhold from any payments made to a Participant
under this Plan all Federal, state and local income, and other taxes required
to be withheld by the Employer or the trustee of the Trust, in connection with
such payments, in amounts and in a manner to be determined in the reasonable
discretion of the Employer. Any payment made to a Participant under this Plan
shall be made on or as soon as practicable after the payment date or event
specified herein; provided, however, such payment shall not be made later than
the later of (i) the last day of the calendar year in which the payment
date or event occurs, or, if later, the fifteenth (15th) day of the third (3rd)
calendar month following the date of the payment date or event, or (ii) the
last day of such other, extended period as the IRS may prescribe, such as in
the case of disputed payments or refusals to pay, provided the conditions of
such extension have been satisfied. If a Participant who experiences a
Separation from Service is rehired, his or her distributions hereunder may not
be suspended until his or her subsequent Separation from Service.

 

ARTICLE 4

Short-Term Payout/Unforeseeable
Financial Emergencies

 

4.1                               Short-Term Payout of Annual Deferral Amounts. At the
same time that a Participant elects to defer his or her Base Salary and/or
Incentive Payments for a given Plan Year, the Participant may elect to receive
a future “Short-Term Payout” from the Plan of the portion of the Participant’s
Account Balance attributable to that deferral. 
Subject to such requirements as may be imposed by the Committee, a
Participant may make a separate Short-Term Payout election in respect of each
Base Salary and Incentive Payment deferral election that he or she makes.  The Participant’s Short-Term Payout election
must be made by the deadline(s) set forth in Section 3.3(a) for
making a deferral election in respect of the Base Salary and/or Incentive
Payments to which it relates, and is irrevocable after that deadline has
passed. Subject to the Deduction Limitation and to Section 3.11, the
Participant may elect to receive the Short-Term Payout in a lump sum or
pursuant to one of the Yearly Installment Methods, in an amount that is equal
to the applicable Base Salary or Incentive Payment deferral amount and amounts
credited or debited thereto in the manner provided in Section 3.9 above,
determined at the time that the Short-Term Payout becomes payable.  Subject to the other terms and conditions of
this Plan, each Short-Term Payout elected shall be paid out, or shall commence
if applicable, during the January of any Plan Year designated by the
Participant that is at least two (2) Plan Years after the Plan Year of the
Base Salary and/or Incentive Payment deferrals, as specifically elected by the
Participant. By way of example, if a two (2) year Short-Term Payout is
elected for Base Salary that is deferred in the 2009 Plan Year (pursuant to a
deferral election made by the Participant in December 2008), the two (2) year
Short-Term Payout would become payable during January of 2012. Any amounts
credited to the Participant’s Company Matching Contribution Account or Company

 

14

 

Discretionary Contribution Account
shall not be eligible for a Short-Term Payout under the Plan.

 

4.2                               Short-Term Payout Deferral Elections. Notwithstanding
the preceding Section 4.1 or any other provision of this Plan that may be
construed to the contrary, a Participant who is in active service with the
Employer may, with respect to each Short-Term Payout, on an Election Form, make
one (1) or more additional deferral elections (a “Subsequent Election”) to
defer payment of all or a portion of such Short-Term Payout to a Plan Year
subsequent to the Plan Year originally (or subsequently) elected; provided,
however, any such Subsequent Election will be null and void unless accepted by
the Committee no later than one (1) year prior to the first day of the
Plan Year in which, but for the Subsequent Election, such Short-Term Payout
would be paid, and such Subsequent Election provides for a deferral of at least
five (5) Plan Years following the Plan Year in which the Short-Term
Payout, but for the Subsequent Election, would be paid.

 

Notwithstanding
anything above or elsewhere in the Plan to the contrary, no change submitted on
an Election Form shall be accepted by the Committee if the change
accelerates the time over which distributions shall be made to the Participant
(except as otherwise permitted under Section 409A) and the Committee shall
deny any change made to an election if the Committee determines that the change
violates the requirement under Section 409A that the first payment with
respect to which such election is made be deferred for a period of not less
than five (5) years from the date such payment would otherwise have been
made.  For these purposes, installment
payments shall be treated as a single payment, with the result that an election
to change from installments to a lump sum will require that the lump sum be
postponed until a date which is at least five (5) years from the scheduled
payment date of the first installment.

 

4.3                               Other
Benefits Take Precedence Over Short-Term Payout. Should an
event occur that triggers a benefit under Article 5, 6, 7, or 9 prior to
the commencement of payment of amounts subject to a Short-Term Payout election
under Section 4.1 (as extended pursuant to Section 4.2), then any
amounts that are subject to such Short-Term Payout election shall not be paid
in accordance with Sections 4.1 or 4.2 but shall be paid in accordance with the
other applicable Article.

 

4.4                               Withdrawal Payout/Termination of
Deferral Election for Unforeseeable Financial Emergencies. If a
Participant experiences an Unforeseeable Financial Emergency, the Participant
may petition the Committee to (i) halt any deferrals required to be made
by the Participant and (ii) receive a partial or full payout from the
Plan. The payout shall not exceed the lesser of the Participant’s vested
Account Balance, or the amount reasonably needed to satisfy the Unforeseeable
Financial Emergency plus amounts necessary to pay taxes reasonably anticipated
as a result of the payouts, after taking into account the extent to which the
Unforeseeable Financial Emergency is or may be relieved through reimbursement
or compensation by insurance or otherwise, by liquidation of the Participant’s
assets (to the extent the liquidation of assets would not itself cause severe
financial hardship) or by termination of deferrals hereunder.  If, subject to the sole discretion of the
Committee (which discretion the Committee is bound to exercise, however, within
the limitations of Section 409A), the petition for a termination of

 

15

 

deferrals and payout is approved, cessation shall take effect upon the
date of approval and any payout shall be made within sixty (60) days of the
date of approval. The payment of any amount under this Section 4.4 shall
be subject to Section 3.11, but shall not be subject to the Deduction
Limitation.

 

ARTICLE 5

Termination Benefit

 

5.1                               Termination
Benefit. Subject to the Deduction
Limitation and to Section 3.11, a Participant who Terminates shall
receive, as a Termination Benefit, his or her vested Account Balance (or
applicable portion thereof).

 

5.2                               Payment
of Termination Benefit. At the same time that a
Participant elects to defer his or her Base Salary and/or Incentive Payments
for a given Plan Year, the Participant may elect to receive, in a lump sum or
pursuant to one of the available Yearly Installment Methods, that portion of
his or her Termination Benefit attributable to that deferral, and at the same
time that a Participant elects to defer his or her Base Salary for a Plan Year,
the Participant may elect to receive that portion of his or her Termination
Benefit attributable to that Plan Year’s Annual Company Matching Contribution
Amount and Annual Company Discretionary Contribution Amount. Subject to such
requirements as may be imposed by the Committee, a Participant may make a
separate Termination Benefit distribution election in respect of each Base
Salary deferral election that he or she makes, each Incentive Payment deferral
election that he or she makes and each Plan Year’s combined Annual Company
Matching Contribution Amount and Annual Company Discretionary Contribution
Amount. The Participant’s Termination Benefit distribution election must be
made by the deadline(s) set forth in Section 3.3(a) for making a
deferral election in respect of the Base Salary and/or Incentive Payments for
the Plan Year, and is irrevocable after that deadline has passed. The lump sum
payment shall be made, or installments shall commence, as follows.  If you Terminate during January through June of
any Plan Year, your Termination Benefit will be paid (and/or will commence) in January of
the following Plan Year.  If you
Terminate during July through December, your Termination Benefit will be
paid (and/or commence) in July of the following Plan Year.

 

The Participant may change
his or her election to an allowable alternative form of payout by submitting a
new Election Form to the Committee, provided that any such Election Form is
submitted at least one (1) year prior to the distribution date then in
effect and provides for a distribution (or commencement of distributions) date
which is at least five (5) years from the distribution date then in effect.
Subject to the foregoing, the Election Form most recently accepted by the
Committee shall govern the payout of the Termination Benefit with respect to
the portion of the Participant’s Account Balance to which it pertains.

 

Notwithstanding
anything above or elsewhere in the Plan to the contrary, no change submitted on
an Election Form shall be accepted by the Committee if the change
accelerates the time over which distributions shall be made to the Participant
(except as

 

16

 

otherwise
permitted under Section 409A) and the Committee shall deny any change made
to an election if the Committee determines that the change violates the
requirement under Section 409A that the first payment with respect to
which such election is made be deferred for a period of not less than five (5) years
from the date such payment would otherwise have been made.  For these purposes, installment payments
shall be treated as a single payment, with the result that an election to change
from installments to a lump sum will require that the lump sum be postponed
until a date which is at least five (5) years from the scheduled payment
date of the first installment.

 

If the Participant does not
make any election with respect to the payment of any portion of the Termination
Benefit, then such portion shall be paid in a lump sum as follows. If you
Terminate during January through June of any Plan Year, such portion
will be paid in January of the following Plan Year, and if you Terminate
during July through December, such portion will be paid in July of
the following Plan Year.

 

ARTICLE 6

Survivor Benefit

 

6.1                               Pre-Termination
Survivor Benefit. The Participant’s
Beneficiary shall receive a Pre-Termination Survivor Benefit equal to the
Participant’s entire Account Balance if the Participant dies before he or she
experiences a Termination or Disability.

 

6.2                               Payment of Pre-Termination
Survivor Benefit. The Pre-Termination
Survivor Benefit shall be paid to the Participant’s Beneficiary in a lump sum
and/or in installments in accordance with Section 5.2, provided that
payment shall be made (or shall commence, if appropriate) as soon as
practicable following the date on which the Committee receives proof that is
satisfactory to the Committee of the Participant’s death (rather than during
the July or January of the following Plan Year).  Any payment made hereunder shall be subject
to Section 3.11, but shall not be subject to the Deduction Limitation.

 

6.3                               Death Prior to Completion of
Short-Term Payout, Termination Benefit or Disability Benefit.  If a Participant dies after his or her
Termination, Disability or elected Short-Term Payout date, and after the
Termination Benefit, Disability Benefit or Short-Term Payout has commenced but
before it is paid in full, the Participant’s unpaid Termination Benefit,
Disability Benefit or Short-Term Payout shall continue and shall be paid to the
Participant’s Beneficiary over the remaining number of years and in the same
amounts as that benefit would have been paid to the Participant had the
Participant survived.  If the Termination
Benefit, Disability Benefit or Short-Term Payout has not yet commenced, then
the Termination Benefit or Disability Benefit shall be paid in a lump sum
and/or in installments in accordance with Section 5.2, provided that
payment shall be made (or shall commence, if appropriate) as soon as
practicable following the date on which the Committee receives satisfactory
proof of the Participant’s death (rather than during the July or January of
the following Plan Year), and the Short-Term Payout shall be governed by Section 4.3.
Any payment made hereunder shall be subject to Section 3.11, but shall not
be subject to the Deduction Limitation.

 

17

 

ARTICLE 7

Disability Benefit

 

7.1                                 Disability
Benefit. A Participant shall receive
a Disability Benefit equal to the Participant’s entire Account Balance if the
Participant becomes Disabled prior to his or her Termination or death.

 

7.2                                 Payment
of Disability Benefit. The Disability Benefit shall
be paid in a lump sum and/or in installments in accordance with Section 5.2,
provided that payment shall be made (or shall commence, if appropriate) as soon
as practicable following the date on which the Participant is determined by the
Committee to be suffering from a Disability (rather than during the July or
January of the following Plan Year). 
Any payment made hereunder shall be subject to Section 3.11, but
shall not be subject to the Deduction Limitation.

 

ARTICLE 8

Beneficiary Designation

 

8.1                                 Beneficiary. Each
Participant shall have the right, at any time, to designate his or her
Beneficiary(ies) (both primary as well as contingent) to receive any benefits
payable under the Plan upon the death of a Participant. The Beneficiary
designated under this Plan may be the same as or different from the Beneficiary
designation under any other plan of the Employer in which the Participant
participates.

 

8.2                                 Beneficiary
Designation/Change. A Participant shall
designate his or her Beneficiary by completing and signing the Beneficiary
Designation Form, and returning it to the Committee or its designated agent. A
Participant shall have the right to change a Beneficiary by completing, signing
and otherwise complying with the terms of the Beneficiary Designation Form and
the Committee’s rules and procedures, as in effect from time to time. Upon
the acceptance by the Committee of a new Beneficiary Designation Form, all
Beneficiary designations previously filed shall be canceled.  The Committee shall be entitled to rely on
the last Beneficiary Designation Form filed by the Participant and
accepted by the Committee prior to his or her death.

 

8.3                                 Acknowledgment. No designation
or change in designation of a Beneficiary shall be effective until received and
acknowledged in writing by the Committee or its designated agent.

 

8.4                                 No
Beneficiary Designation. If a Participant fails to
designate a Beneficiary as provided in Sections 8.1, 8.2 and 8.3 above or, if
all designated Beneficiaries predecease the Participant or die prior to
complete distribution of the Participant’s benefits, then the Participant’s
designated Beneficiary shall be deemed to be his or her surviving spouse, or,
if the Participant has no surviving spouse, the benefits remaining under the
Plan to be paid to a Beneficiary shall be payable to the executor or personal
representative of the Participant’s estate.

 

18

 

8.5                                 Doubt
as to Beneficiary. If the Committee has any
doubt as to the proper Beneficiary to receive payments pursuant to this Plan,
the Committee shall have the right, exercisable in its discretion, to cause the
Employer to withhold such payments until this matter is resolved to the
Committee’s satisfaction.

 

8.6                                 Discharge
of Obligations. The payment of benefits
under the Plan to a person believed in good faith by the Committee to be a
valid Beneficiary shall fully and completely discharge the Employer and the
Committee from all further obligations under this Plan with respect to the
Participant, and that Participant’s Plan Agreement shall terminate upon such
full payment of benefits.  Neither the
Committee nor the Employer shall be obliged to search for any Participant or
Beneficiary beyond the sending of a registered letter to such person’s last
known address. If the Committee notifies any Participant or Beneficiary that he
or she is entitled to an amount under the Plan and the Participant or
Beneficiary fails to claim such amount or make his or her location known to the
Committee within three (3) years thereafter, then, except as otherwise
required by law, if the location of one or more of the next of kin of the
Participant is known to the Committee, the Committee may direct distribution of
such amount to any one or more or all of such next of kin, and in such
proportions as the Committee determines. 
If the location of none of the foregoing persons can be determined, the
Committee shall have the right to direct that the amount payable shall be
deemed to be a forfeiture, except that the dollar amount of the forfeiture,
unadjusted for deemed gains or losses in the interim, shall be paid by the
Employer if a claim for the benefit subsequently is made by the Participant or
the Beneficiary to whom it was payable. If a benefit payable to an unlocated
Participant or Beneficiary is subject to escheat and/or unclaimed property laws
pursuant to applicable law, neither the Committee nor the Employer shall be
liable to any person for any payment made in accordance with such law.

 

ARTICLE 9

Termination/Amendment/Modification

 

9.1                                 Termination. Although the
Employer anticipates that it will continue the Plan for an indefinite period of
time, there is no guarantee that the Employer will continue the Plan or will
not terminate the Plan at any time in the future. Accordingly, the Employer
reserves the right to discontinue its sponsorship of the Plan and/or to
terminate the Plan at any time with respect to any or all of its participating
Employees, by action of its board of directors or appropriate committee
thereof.  Upon a termination of the Plan
in accordance with the requirements, restrictions and limitations of Section 1.409A-3(j)(4)(ix) of
the Treasury regulations, the Plan Agreements of the affected Participants
shall terminate and their vested Account Balances, determined as if they had
experienced a Termination on the date of Plan termination, and paid to the
Participants in accordance with their distribution elections in effect at the
time of the Plan termination (but not to commence before or end after any
distribution period required by Section 409A).  If, due to the circumstances surrounding the
Plan termination, a distribution of a Participant’s Account Balance upon Plan
termination is not permitted by Section 409A, the payment of the Account
Balance shall be made only after Plan benefits otherwise become due hereunder.
The termination of the Plan shall not adversely affect any Participant or
Beneficiary who 

 

19

 

has become entitled to the
payment of any benefits under the Plan as of the date of termination.

 

Without
limiting the generality of the foregoing, the Employer specifically reserves
the right to terminate and liquidate the Plan with respect to all of its
participating Employees, in its discretion and by action of the its board of
directors or appropriate committee thereof, within the thirty (30) days
preceding or the twelve (12) months following a “change in control event” (as
defined in Section 409A); provided, however, that such termination and
liquidation must be irrevocable and shall be permitted only if all arrangements
sponsored by the Employer that are required to be aggregated with the Plan
pursuant to Section 14.21 are also irrevocably terminated and liquidated
with respect to each Participant therein who is employed by the Employer that
has experienced the change in control event, so that the Employees
participating under the Plan and all Participants under those other
arrangements who are employed by the Employer that have experienced the change
in control event are required to receive all amounts of compensation deferred
under the terminated and liquidated arrangements within twelve (12) months of
the date the Employer takes irrevocable action to terminate and liquidate the
arrangements.

 

9.2                                 Amendment. The Company
may, at any time, amend or modify the Plan in whole or in part by the action of
the Board or its delegate; provided, however, that no amendment or modification
shall be effective to decrease or restrict the value of a Participant’s vested
Account Balance in existence at the time the amendment or modification is made,
calculated as if the Participant had experienced a Termination as of the
effective date of the amendment or modification. The amendment or modification
of the Plan shall not affect any Participant or Beneficiary who has become
entitled to the payment of benefits under the Plan as of the date of the
amendment or modification.

 

9.3                                 Plan
Agreement. Despite the provisions of
Sections 9.1 and 9.2 above, if a Participant’s Plan Agreement contains benefits
or limitations that are not in this Plan document, the Company may only amend
or terminate such provisions with the consent of the Participant.

 

9.4                                 Effect
of Payment. The full payment of the
applicable benefit under Articles 4, 5, 6, 7, or 9 of the Plan shall completely
discharge all obligations to a Participant and his or her designated
Beneficiaries under this Plan and the Participant’s Plan Agreement shall
terminate.

 

9.5                                 Amendment
to Ensure Proper Characterization of the Plan.
Notwithstanding the previous Sections of this Article, the Plan may be amended
at any time, retroactively if required, if found necessary, in the opinion of
the Company, in order to ensure that the Plan is characterized as a
non-tax-qualified “top hat” plan of deferred compensation maintained for a
select group of management or highly compensated employees, as described under
ERISA Sections 201(2), 301(a)(3) and 401(a)(1), to conform the Plan to the
provisions to Section 409A and to ensure that amounts under the Plan are
not considered to be taxed to a Participant under the Federal income tax laws
prior to the 

 

20

 

Participant’s receipt of the amounts or to conform the Plan and the
Trust to the provisions and requirements of any applicable law (including ERISA
and the Code).

 

ARTICLE 10

Administration

 

10.1                           Establishment
of Committee. The Company shall establish an Administrative
Committee to administer the Plan in the manner described below.  The initial members of the Committee shall be
appointed by the Board.  The Board or the
Members may fill any vacancies on the Committee at any time. The Committee may,
but need not, adopt its own rules of operation that are not inconsistent
with the provisions of this Plan.

 

This Plan shall be
administered by the Committee or its delegate. 
The Committee shall have the discretion and authority to (i) make,
amend, interpret and enforce all appropriate rules and regulations for the
administration of this Plan and (ii) decide or resolve any and all
questions including interpretations of this Plan, as may arise in connection
with the Plan. Any individual serving as a member of the Committee who is a
Participant shall not vote or act on any matter relating solely to himself or
herself.  When making a determination or
calculation, the Committee shall be entitled to rely on information furnished
by a Participant or the Employer.

 

Any of the duties and
responsibilities of the Committee under the Plan, including, but not limited to
those listed below, may be performed by appropriate management personnel
designated by the Committee to perform such duties and responsibilities, except
that any decision, interpretation, calculation or other action which would
materially increase the Employer’s liability and/or costs associated with the
Plan must be approved by the Committee:

 

(a)                                  the appropriate management personnel may administer the
claims procedure requirements of the Plan set forth in Article 12;

 

(b)                                 the appropriate management personnel may change service
providers used in connection with the Plan;

 

(c)                                  the appropriate management personnel may allocate expenses
associated with the Plan’s administration among Participants’ Account Balances;

 

(d)                                 the appropriate management personnel may change the
Measurement Funds available under the Plan.

 

10.2                           Agents. In the
administration of this Plan, the Committee may, from time to time, employ
agents and delegate to them such administrative duties as they see fit (including
acting through a duly appointed representative) and may from time to time
consult with counsel who may be counsel to the Employer.

 

10.3                           Binding
Effect of Decisions. The decision or action of
the Committee with respect to any question arising out of or in connection with
the administration, interpretation and 

 

21

 

application of the Plan and
the rules and regulations promulgated hereunder shall be final and
conclusive and binding upon all persons having any interest in the Plan.

 

10.4                           Indemnity
of Committee. The Employer shall
indemnify and hold harmless the members of the Committee, and any individuals
to whom the duties of the Committee may be delegated, against any and all
claims, losses, damages, expenses or liabilities arising from any action or
failure to act with respect to this Plan, except in the case of willful
misconduct by the Committee or any of its members or any such individuals.  This indemnification shall be in addition to,
and not in limitation of, any other indemnification protections of the
Committee.

 

10.5                     Employer
Information. To enable the Committee to
perform its functions, the Employer shall supply full and timely information to
the Committee on all matters relating to the compensation of the Participants,
the date and circumstances of the Disability, death or Termination of the
Participants, and such other pertinent information as the Committee may
reasonably require.

 

ARTICLE 11

Other Benefits and Agreements

 

11.1                           Coordination
with Other Benefits. The benefits provided for a
Participant or a Participant’s Beneficiary under the Plan are in addition to
any other benefits available to such Participant under any other plan or
program for Employees of the Employer. 
The Plan shall supplement and shall not supersede, modify or amend any
other plan or program except as may otherwise be expressly provided.

 

ARTICLE 12

Claims Procedures

 

12.1                           Presentation
of Claim. Any Participant or
Beneficiary of a deceased Participant (such Participant or Beneficiary being
referred to below as a “Claimant”) may deliver to the Committee a written claim
for a determination with respect to the amounts distributable to such Claimant
from the Plan. If such a claim relates to the contents of a notice received by
the Claimant, the claim must be made within sixty (60) days after such notice
was received by the Claimant. All other claims must be made within one hundred
eighty (180) days of the date on which the event that caused the claim to arise
occurred.  The claim must state with
particularity the determination desired by the Claimant.

 

12.2                           Notification
of Decision. The Committee shall
consider a Claimant’s claim within a reasonable time, and shall notify the
Claimant in writing:

 

(a)                                  that the Claimant’s requested determination has been made,
and that the claim has been allowed in full; or

 

22

 

(b)                                 that the Committee has reached a conclusion contrary, in
whole or in part, to the Claimant’s requested determination, and such notice
must set forth in a manner calculated to be understood by the Claimant:

 

(i)                                     the specific reason(s) for the denial of the claim, or
any part of it;

 

(ii)                                  specific reference(s) to pertinent provisions of the
Plan upon which such denial was based;

 

(iii)                               a description
of any additional material or information necessary for the Claimant to perfect
the claim, and an explanation of why such material or information is necessary;
and

 

(iv)                              an explanation
of the claim review procedure set forth in Section 12.3 below.

 

12.3                           Review
of a Denied Claim. Within sixty (60) days after
receiving a notice from the Committee that a claim has been denied, in whole or
in part, a Claimant (or the Claimant’s duly authorized representative) may file
with the Committee a written request for a review of the denial of the
claim.  Thereafter, but not later than
thirty (30) days after the review procedure began, the Claimant (or the
Claimant’s duly authorized representative):

 

(a)                                  may review pertinent documents;

 

(b)                                 may submit written comments or other documents; and/or

 

(c)                                  may request a hearing, which the Committee, in its sole
discretion, may grant.

 

12.4                           Decision
on Review. The Committee shall render
its decision on review promptly, and not later than sixty (60) days after the
filing of a written request for review of the denial, unless a hearing is held
or other special circumstances require additional time, in which case the
Committee’s decision must be rendered within one hundred twenty (120) days
after such date. Such decision must be written in a manner calculated to be
understood by the Claimant, and it must contain:

 

(a)                                  specific reasons for the decision;

 

(b)                                 specific reference(s) to the pertinent Plan provisions
upon which the decision was based; and

 

(c)                                  such other matters as the Committee deems relevant.

 

12.5                           Claims
and Review Procedure for Disability Claims Filed under the Plan.
Notwithstanding the foregoing or anything herein that suggests otherwise, until
modified by the Committee, the claims and review procedure set forth in this Section shall
be the mandatory claims and review procedure for the resolution of disputes and
disposition of claims made by Participants that require a determination under
the Plan of the Participant’s Disability status, but only if and to the extent
that such claims require an independent determination by the Committee that the
Participant is or is not suffering 

 

23

 

from a Disability, within
the meaning of Section 1.17.  If the
Committee’s determination is based entirely on a Disability determination made
by another party, such as the Social Security Administration, the Participant’s
claim shall not be treated as a Disability claim for purposes of the special
provisions of this Article that apply to claims for which an independent
determination of Disability is required.

 

(a)                                  Initial Disability Claim. An
individual may, subject to any applicable deadline, file with the Committee a
written claim that requires a determination by the Committee of a Participant’s
Disability in a form and manner prescribed by the Committee.

 

(i)                                     If the Disability claim is denied in whole or in part, the
Committee shall notify the Claimant of the adverse benefit determination within
forty-five (45) days after receipt of the Disability claim.

 

(ii)                                  The forty-five (45) day period for making the determination
may be extended for thirty (30) days, if the Committee determines that an
extension is necessary due to reasons beyond the control of the Committee and notifies
the Claimant of the extension prior to the expiration of the initial forty-five
(45) day period.  The thirty (30) day
extension period can be further extended by another thirty (30) days (for a
total of a sixty (60) day extension) if notice is provided to the Claimant
within the first thirty (30) day extension period.

 

(iii)                               In the event that a period of time is extended due to a
Claimant’s failure to submit information necessary to decide a Disability
claim, the Claimant shall have forty-five (45) days within which to provide the
necessary information and the period for making the claim determination shall
be tolled from the date on which the notification of extension is sent to the
Claimant until the date on which the Claimant responds to the request for
additional information or, if earlier, the expiration of forty-five (45) days.

 

(iv)                              Any notice of extension shall specifically explain:

 

(A)                              the circumstances requiring the extension of time;

 

(B)                                the date by which a claim determination is expected to be
made;

 

(C)                                the standards on which entitlement to a benefit is based;

 

(D)                               the unresolved issues that prevent a decision on the
Disability claim; and

 

(E)                                 the additional information needed to resolve those issues.

 

(b)                                 Notice of Initial Adverse Determination. A notice
of an adverse determination for a Disability claim shall set forth in a manner
calculated to be understood by the Claimant:

 

24

 

(i)                           the specific reasons for the adverse determination;

 

(ii)                        references to the specific provisions of the Plan documents
(or other applicable writings) on which the adverse determination is based;

 

(iii)                     a
description of any additional material or information necessary to perfect the
claim, and an explanation of why such material or information is necessary;

 

(iv)                    a
description of the claims review procedure, and the time limits applicable to
such procedures, including a statement of the Claimant’s right to bring a civil
action under ERISA Section 502(a) following an adverse benefit
determination on review;

 

(v)                       if an internal rule, guideline, protocol, or other similar
criterion was relied upon in making the adverse determination, either the
specific rule, guideline, protocol, or other similar criterion; or a statement
that such a rule, guideline, protocol, or other similar criterion was relied
upon in making the adverse determination and that a copy of such rule,
guideline, protocol, or other criterion will be provided free of charge to the
Claimant upon request; and

 

(vi)                    if
the adverse benefit determination is based on a medical necessity or
experimental treatment or similar exclusion or limit, either an explanation of
the scientific or clinical judgment for the determination applying the terms of
the Plan to the Claimant’s medical circumstances, or a statement that such
explanation will be provided free of charge upon request.

 

(c)                                  Request for Review. Within
one-hundred and eighty (180) days after receipt of an initial adverse benefit
determination notice for a Disability claim, the Claimant may file with the
Committee a written request for review of the adverse determination and may, in
connection therewith, submit written comments, documents, records and other
information relating to the claim. Any request for review not filed within
one-hundred and eighty (180) days after receipt of an initial adverse
determination notice shall be untimely.

 

(d)                                 Disability Claim on Review. If the
Disability claim, upon review, is denied in whole or in part, the Committee
shall notify the Claimant of the adverse benefit determination within
forty-five (45) days after receipt of the request for review.

 

(i)                                     The forty-five (45) day period for deciding the Disability
claim on review may be extended for forty-five (45) days if the Committee
determines that special circumstances require an extension of time for the
Disability claim determination on review, provided that the Committee notifies
the Claimant, prior to the expiration of the initial forty-five (45) day
period, of the special circumstances requiring an extension and the date by
which a Disability claim determination is expected to be made.

 

25

 

(ii)                                  In the event that a period of time is extended due to a
Claimant’s failure to submit information necessary to decide a Disability
claim, the Claimant shall have forty-five (45) days within which to provide the
necessary information and the period for making the benefit determination shall
be tolled from the date on which the notification of extension is sent to the
Claimant until the date on which the Claimant responds to the request for
additional information or, if earlier, the expiration of forty-five (45) days.

 

(iii)                               The Committee’s review of a denied Disability claim shall:

 

(A)                    take
into account all comments, documents, records, and other information submitted
by the Claimant relating to the Disability claim, without regard to whether
such information was submitted or considered in the initial benefit
determination;

 

(B)                      not afford deference to the initial adverse benefit
determination;

 

(C)                      be conducted by a decision maker(s) who is neither the
decision maker(s) who made the initial adverse benefit determination that
is the subject of the appeal, nor the subordinate of such individual(s);

 

(D)                     if
the adverse benefit determination is based in whole or in part on a medical
judgment, consult with a health care professional who has the appropriate
training and experience in the field of medicine involved in the medical
judgment (such health care professional shall be an individual who is neither
an individual who was consulted in connection with the adverse benefit
determination that is subject of the appeal, nor the subordinate of any such
individual); and

 

(E)                       provide for the identification of the medical or vocational
experts whose advice was obtained on behalf of the Plan in connection with a
Claimant’s adverse benefit determination, without regard to whether the advice
was relied upon in making the benefit determination.

 

(e)                                  Notice of Adverse Determination for
Disability Claim on Review. A notice of an adverse determination for a Disability claim
on review shall set forth in a manner calculated to be understood by the
Claimant:

 

(i)                           the specific reasons for denial of the Disability claim;

 

(ii)                        the specific references to the pertinent provisions of the
Plan document (or other applicable writing) on which the denial is based;

 

(iii)                     a
statement that the Claimant is entitled to receive, upon request and free of
charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the Claimant’s claim;

 

26

 

(iv)                              a statement describing any voluntary appeal procedures
offered by the Plan and the Claimant’s right to obtain information about such
procedures;

 

(v)                                 a statement of the Claimant’s right to bring an action under
ERISA Section 502(a);

 

(vi)                              if an internal rule, guideline, protocol, or other similar
criterion was relied upon in making the adverse determination, either the
specific rule, guideline, protocol, or other similar criterion; or a statement
that such a rule, guideline, protocol, or other similar criterion was relied
upon in making the adverse determination and that a copy of such rule,
guideline, protocol, or other criterion will be provided free of charge to the
Claimant upon request;

 

(vii)                           if the adverse benefit determination is based on a medical
necessity or experimental treatment or similar exclusion or limit, either an
explanation of the scientific or clinical judgment for the determination
applying the terms of the Plan to the Claimant’s medical circumstances, or a
statement that such explanation will be provided free of charge upon request;
and

 

(viii)                       the following statement: “You and your plan may have other
voluntary alternative dispute resolutions options, such as mediation.  One way to find out what may be available is
to contact your local U.S. Department of Labor Office and your State insurance regulatory
agency.”

 

12.6                           Legal
Action. A Claimant’s compliance
with the foregoing provisions of this Article 12 is a mandatory
prerequisite to a Claimant’s right to commence any legal action with respect to
any claim for benefits under this Plan.

 

ARTICLE 13

Trust

 

13.1                           Establishment
of the Trust. The Employer has
established the Trust, and the Employer intends, but is not required, to
transfer over to the Trust at least annually such assets as the Employer
determines, in its sole discretion, are necessary to provide for its respective
future liabilities created with respect to the Annual Deferral Amounts, Annual
Company Matching Contribution Amounts and Annual Company Discretionary
Contribution Amounts for the Participants.

 

13.2                           Interrelationship
of the Plan and the Trust. The provisions of the Plan
and the Plan Agreement shall govern the rights of a Participant to receive
distributions pursuant to the Plan. The provisions of the Trust shall govern
the rights of the Employer and the creditors of the Employer to the assets
transferred to the Trust. The Employer shall at all times remain liable to
carry out its obligations under the Plan.

 

27

 

13.3                           Distributions
from the Trust. The Employer’s obligations
under the Plan may be satisfied with Trust assets distributed pursuant to the
terms of the Trust, and any such distribution shall satisfy the Employer’s
obligations under this Plan.

 

ARTICLE 14

Miscellaneous

 

14.1                           Status
of Plan. The Plan is intended to be a
plan that is not qualified within the meaning of Code Section 401(a) and
that “is unfunded and is maintained by an employer primarily for the purpose of
providing deferred compensation for a select group of management or highly
compensated employees” within the meaning of ERISA Sections 201(2), 301(a)(3) and
401(a)(1). The Plan shall be administered and interpreted to the extent
possible in a manner consistent with that intent.

 

14.2                           Unsecured
General Creditor. Participants and their
Beneficiaries, heirs, successors and assigns shall have no legal or equitable
rights, interests or claims in any property or assets of the Employer. For
purposes of the payment of benefits under this Plan, any and all of the
Employer’s assets shall be, and remain, the general, unpledged unrestricted
assets of the Employer.  The Employer’s
obligation under the Plan shall be merely that of an unfunded and unsecured
promise to pay money in the future.

 

14.3                           Employer’s
Liability. The Employer’s liability for
the payment of benefits shall be defined only by the Plan and the Plan
Agreement, as entered into between the Employer and a Participant. The Employer
shall have no obligation to a Participant under the Plan except as expressly
provided in the Plan and his or her Plan Agreement.

 

14.4                           Nonassignability. Subject to Section 3.11,
neither a Participant nor any other person shall have any right to commute,
sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber,
transfer, hypothecate, alienate or convey in advance of actual receipt, the
amounts, if any, payable hereunder, or any part thereof, which are, and all
rights to which are expressly declared to be, unassignable and
non-transferable.  Subject to Section 14.15,
no part of the amounts payable shall, prior to actual payment, be subject to
seizure, attachment, garnishment or sequestration for the payment of any debts,
judgments, alimony or separate maintenance owed by a Participant or any other
person, be transferable by operation of law in the event of a Participant’s or
any other person’s bankruptcy or insolvency or be transferable to a spouse as a
result of a property settlement or otherwise.

 

14.5                           Not
a Contract of Employment. The terms and conditions of
this Plan shall not be deemed to constitute a contract of employment between by
the Participant and the Employer. Such employment is hereby acknowledged,
subject to applicable state law, to be an “at will” employment relationship
that can be terminated at any time for any reason, or no reason, with or
without cause, and with or without notice, unless expressly provided in a
written employment agreement. Nothing in this Plan shall be deemed to give any
Participant the right to be retained in the service of the Employer, or to
interfere with the right of the Employer to discipline or discharge the
Participant at any time.

 

28

 

14.6                           Furnishing
Information. A Participant or his or her
Beneficiary will cooperate with the Committee by furnishing any and all
information requested by the Committee and take such other actions as may be
requested in order to facilitate the administration of the Plan and the
payments of benefits hereunder, including, but not limited to, taking such
physical examinations as the Committee may deem necessary.

 

14.7                           Terms. Whenever any
words are used herein in the masculine, they shall be construed as though they
were in the feminine in all cases where they would so apply; and whenever any
words are used herein in the singular or in the plural, they shall be construed
as though they were used in the plural or the singular, as the case may be, in
all cases where they would so apply.

 

14.8                           Captions. The captions of
the articles, sections and paragraphs of this Plan are for convenience only and
shall not control or affect the meaning or construction of any of its
provisions.

 

14.9                           Governing
Law. Subject to ERISA, the provisions of this Plan shall
be construed and interpreted according to the internal laws of the State of
Delaware without regard to its conflicts of laws principles.

 

14.10                     Notice. Any notice or
filing required or permitted to be given to the Committee under this Plan shall
be sufficient if in writing and hand-delivered, or sent by registered or
certified mail, to the address below:

 

Benefits Manager

GMH Military Housing
Management LLC

10 Campus Boulevard

Newtown Square, PA  19073

 

Such notice shall be deemed
given as of the date of delivery or, if delivery is made by mail, as of the
date shown on the postmark on the receipt for registration or certification.

 

Any notice or filing
required or permitted to be given to a Participant under this Plan shall be
sufficient if in writing and hand-delivered, or sent by mail, to the last known
address of the Participant.

 

14.11                     Successors. The provisions
of this Plan shall bind and inure to the benefit of the Participant’s Employer
and its successors and assigns and the Participant and the Participant’s
designated Beneficiaries.

 

14.12                     Spouse’s
Interest.  The interest in
the benefits hereunder of a spouse of a Participant who has predeceased the
Participant shall automatically pass to the Participant and shall not be
transferable by such spouse in any manner, including but not limited to such
spouse’s will, nor shall such interest pass under the laws of intestate
succession.

 

14.13                     Validity. In case any
provision of this Plan shall be illegal or invalid for any reason, said
illegality or invalidity shall not affect the remaining parts hereof, but this
Plan shall be construed and enforced as if such illegal or invalid provision
had never been inserted 

 

29

 

herein; except to the extent
that Section 409A requires that this Section 14.13 be disregarded
because it purports to nullify Plan terms that are not in compliance with Section 409A.

 

14.14                     Incompetent. If the
Committee determines in its discretion that a benefit under this Plan is to be
paid to a minor, a person declared incompetent or to a person incapable of
handling the disposition of that person’s property, the Committee may direct
payment of such benefit to the guardian, legal representative or person having
the care and custody of such minor, incompetent or incapable person.  The Committee may require proof of minority,
incompetence, incapacity or guardianship, as it may deem appropriate prior to
distribution of the benefit. Any payment of a benefit shall be a payment for
the account of the Participant and the Participant’s Beneficiary, as the case
may be, and shall be a complete discharge of any liability under the Plan for
such payment amount.

 

14.15                     Court
Order. The Committee is authorized to make any payments
otherwise distributable hereunder as directed by court order in any action in
which the Plan or the Committee has been named as a party. In addition, if a
court determines that a spouse or former spouse of a Participant has an
interest in the Participant’s benefits under the Plan in connection with a
property settlement or otherwise, the Committee, in its sole discretion but
solely if and to the extent permitted by Section 409A, shall have the right,
notwithstanding any election made by a Participant, to immediately distribute
the spouse’s or former spouse’s interest in the Participant’s benefits under
the Plan to that spouse or former spouse.

 

14.16                     Acceleration
of Distribution. The Employer may, in its
sole discretion (without any direct or indirect election on the part of any
Participant), accelerate the date of distribution or commencement of
distributions hereunder, or accelerate installment payments by paying the
vested Account Balance in a lump sum or pursuant to a Yearly Installment Method
using fewer years, to the extent permitted under Section 409A (such as,
for example, as provided in Section 1.409A-3(j)(4) of the Treasury
regulations, to comply with domestic relations orders or certain conflict of
interest rules, to pay employment taxes, to make a lump sum cashout of certain
de minimus amounts that are less than the applicable dollar amount under
Code Section 402(g)(1)(B), or to make payments upon income inclusion under
Section 409A).

 

If the Trust terminates in
accordance with the provisions of the Trust and benefits are distributed from
the Trust to a Participant in accordance with such provisions, the
Participant’s benefits under this Plan shall be reduced to the extent of such
distributions.

 

14.17                     Delay
in Payment. If the Committee reasonably
anticipates that any payment scheduled to be made hereunder would violate
securities laws (or other applicable laws) or jeopardize the ability of the
Employer to continue as a going concern if paid as scheduled, then the
Committee may defer that payment, provided the Employer treats payments to all
similarly situated Participants on a reasonably consistent basis. In addition,
the Employer may, in its discretion, delay a payment upon such other events and
conditions as the IRS may prescribe, provided the Employer treats payments to
all similarly situated Participants on a reasonably consistent basis. Any
amounts deferred 

 

30

 

pursuant
to this Section shall continue to be credited or debited with additional
amounts in accordance with Section 3.9 above, even if such amount is being
paid out in installments.  The amounts so
deferred and amounts credited or debited thereon shall be distributed to the
Participant or his or her Beneficiary (in the event of the Participant’s death)
at the earliest possible date on which the Committee reasonably anticipates
that such violation or material harm would be avoided or as otherwise
prescribed by the IRS.

 

14.18                     Prohibited
Acceleration/Distribution Timing. This Section shall
take precedence over any other provision of the Plan or this Article 14 to
the contrary.  If the timing of any
distribution election would result in any tax or other penalty (other than
ordinarily payable Federal, state or local income or payroll taxes), which tax
or penalty can be avoided by payment of the distribution at a later time, then
the distribution shall be made (or commence, as the case may be) on (or as soon
as practicable after) the first date on which such distributions can be made
(or commence) without such tax or penalty; except to the extent that Section 409A
requires that this Section 14.18 be disregarded because it purports to
nullify Plan terms that are not in compliance with Section 409A.

 

14.19                     Insurance.  The Employer, on its own behalf or on behalf
of the trustee of the Trust, and, in its sole discretion, may apply for and
procure insurance on the life of the Participant, in such amounts and in such
forms as the Employer or the Trust it may choose. The Employer or the trustee
of the Trust, as the case may be, shall be the sole owner and beneficiary of
any such insurance.  The Participant
shall have no interest whatsoever in any such policy or policies, and at the
request of the Employer and in order to satisfy the notice and consent
requirements of Code Section 101(j)(4) or any applicable State
insurance law requirements, shall supply such information and execute such
documents as may be required by the Employer or the insurance company or
companies to whom the Employer has applied for insurance.

 

14.20                     Aggregation
of Employers.  If the Employer
is a member of a controlled group of corporations or a group of trades or
business under common control (as described in Code Section 414(b) or
(c), but substituting a fifty percent (50%) ownership level for the eighty
percent (80%) level set forth in those Code Sections), all members of the group
shall be treated as a single Employer for purposes of whether there has
occurred a Separation from Service and for any other purposes under the Plan as
Section 409A shall require.  For
purposes of Section 9.1, in the case of a change in control event, the
entities to be treated as a single Employer shall be determined immediately
following the change in control event.

 

14.21                     Aggregation
of Plans.  If the Employer
offers other account balance deferred compensation plans in addition to the
Plan, those plans together with the Plan shall be treated as a single plan to
the extent required under Section 409A for purposes of determining whether
an Employee may make a deferral election pursuant to Section 3.3(a) within
thirty (30) days of becoming eligible to participate in the Plan, for purposes
of cashing out de minimus amounts pursuant to Section 14.16 and for
any other purposes under the Plan as Section 409A shall require.

 

31

 

14.22                     USERRA.  Notwithstanding anything herein to the
contrary, any deferral or distribution election provided to a Participant as necessary
to satisfy the requirements of the Uniformed Services Employment and
Reemployment Rights Act of 1994, as amended, shall be permissible hereunder.

 

IN WITNESS WHEREOF, the Employer has adopted
this Plan document effective as of April 1, 2008.

 

	
   

  	
  GMH MILITARY HOUSING MANAGEMENT LLC

  
	
   

  	
   

  
	
   

  	
  By: GMH
  Military Housing, LLC, its managing member

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Bruce Robinson

  	
   

  
	
   

  	
  Print
  Name:

  	
  Bruce
  Robinson

  	
   

  
	
   

  	
  Title:
  President

  
	
   

  	
  Date:
  April 1, 2008

  
					

 

32Exhibit 10.03b

 

EXECUTION COPY

 

AMENDMENT NO. 3 TO AMENDED AND RESTATED CREDIT
AGREEMENT AND

AMENDMENT NO. 1 TO AMENDED AND RESTATED SECURITY
AGREEMENT

 

AMENDMENT NO. 3 TO THE AMENDED AND RESTATED CREDIT AGREEMENT
AND AMENDMENT NO. 1 TO THE AMENDED AND RESTATED SECURITY AGREEMENT, dated as of March 31,
2008 (this “Amendment”),
by and among STEEL DYNAMICS, INC., an Indiana corporation (the “Borrower”), the
banks, financial institutions and other lenders listed on the signature pages hereof,
NATIONAL CITY BANK (“National City”),
and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells
Fargo”), as co-administrative agents, NATIONAL CITY, as paying
agent (“Paying Agent”) and BANC OF
AMERICA SECURITIES LLC (“BAS”), as
sole lead arranger and sole bookrunner (in such capacity, the “Lead Arranger”).

 

PRELIMINARY STATEMENTS:

 

(1)          The Borrower, the lenders
listed on the signature pages thereto, National City, as collateral agent
(the “Collateral Agent”), National
City and Wells Fargo, as co-administrative agents, National City as paying
agent, Bank of America, N.A. (“Bank of America”),
General Electric Capital Corporation, Fifth Third Bank and BMO Capital Markets
Financing, Inc., as Documentation Agents, Bank of America and National
City, as syndication agents, and BAS and National City, as joint lead arrangers
are parties to that certain Amended and Restated Credit Agreement dated as of June 19,
2007, as amended by Amendment No. 1 dated as of July 11, 2007 and as
further amended by Amendment No. 2 dated as of September 11, 2007 (as
supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”).  Capitalized terms not otherwise defined in
this Amendment have the same meanings as specified in the Credit Agreement.

 

(2)          In connection with the
consummation of the transactions contemplated in the Credit Agreement, the
Borrower, the Collateral Agent and each of the other Loan Parties entered into
that certain Amended and Restated Security Agreement dated as of June 19,
2007 (as supplemented or otherwise modified prior to the date hereof, the “Security Agreement”)

 

(3)          The Borrower has requested
that the Lenders and certain Persons that will become Lenders pursuant to this
Amendment commit to increase the commitments of the Term A Facility and the
Revolving Credit Facility in accordance with Section 2.17 of the Credit
Agreement on the terms and conditions hereinafter set forth and as otherwise
provided in the Credit Agreement, and (a) the Term A Lenders and Revolving
Credit Lenders listed on the signature pages hereto as an “Increasing Term
A Lender” or “Increasing Revolving Credit Lender”, respectively, have agreed to
make Additional Term A Advances and/or to increase their Revolving Credit
Commitments, as the case may be, (the Lenders referred to in this clause (a) being,
the “Increasing Lenders”) and (b) the
Persons listed on the signature pages hereof as “Additional Term A Lenders”
have agreed to make Additional Term A Advances and the Persons listed as “Additional
Revolving Credit Lenders” (the Persons referred to in this clause (b) being,
the “Additional Lenders”)  have agreed to provide additional Revolving
Credit Commitments to the Borrower on the terms and subject to the conditions
hereinafter set forth and as otherwise provided in the Credit Agreement.

 

(4)          The Borrower has also
requested that the Required Lenders amend the Credit Agreement and the Security
Agreement in certain respects, and the Required Lenders have agreed, subject 

 

 

to the terms and conditions
hereinafter set forth, to amend the Credit Agreement and the Security Agreement
as hereinafter set forth.

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration,
the sufficiency and the receipt of which is hereby acknowledged, the parties
hereto hereby agree as follows:

 

SECTION 1.                                Incremental
Facility Increases and Related Amendments. 
Upon, and subject to, the occurrence of the Increase Effective Date (as
defined in Section 6(a) below), the Credit
Agreement is hereby amended as follows:

 

(a)                      Section 1.01 is hereby amended by inserting therein
after the defined term “Amendment No. 2 Effective Date” and before the
defined term “Applicable Lending Office” the following defined terms:

 

“ “Additional Revolving Credit Commitments”
means, with respect to any Increasing Revolving Credit Lender at any time
commencing with the Amendment No. 3 Increase Date, the amount set forth
opposite such Lender’s name as it “Revolving Credit Commitment” or “Increase in
Revolving Credit Commitment”, as applicable, on Schedule 1 to Amendment No. 3.”

 

“ “Additional Term A Advances”
has the meaning specified in Section 2.01(e).”

 

“ “Additional Term A Borrowing”
means a borrowing consisting of simultaneous Additional Term A Advances of the
same Type made by the Increasing Term A Lenders.”

 

“ “Additional Term A Commitments”
means the commitment of Increasing Term A Lenders to make Additional Term A
Advances on the Amendment No. 3 Increase Date in the amount set forth
opposite each Increasing Term A Lender’s name under the heading “Additional
Term A Commitment” on Schedule 1 to Amendment No. 3.”

 

“ “Amendment No. 3” means
that certain Amendment No. 3 to this Agreement dated as of March 31,
2008 by and among the Borrower, National City, Wells Fargo, the Lead Arranger,
Increasing Lenders, Term A Lenders and Revolving Credit Lenders listed on the
signature pages thereto.”

 

“ “Amendment No. 3 Effective Date”
means the date on which the Paying Agent notifies the Borrower that all
conditions set forth in Section 6(b) of Amendment No. 3 have
been satisfied.”

 

“ “Amendment No. 3 Increase Date”
means the date on which the Paying Agent notifies the Borrower that all
conditions set forth in Section 6(a) of Amendment No. 3 have
been satisfied.”

 

(b)                     Section 1.01
is hereby amended by inserting therein after the defined term “Hedge Bank” and
before the defined term “Incremental Facility” the following defined term:

 

“ “Increasing Lenders” means
each Increasing Term A Lender and Increasing Revolving Credit Lender.”

 

“ “Increasing Revolving Credit Lender”
means each Revolving Credit Lender that has executed and delivered Amendment No. 3
in the capacity of an “Increasing Revolving Credit Lender” or “Additional
Revolving Credit Lender”.”

 

2

 

“ “Increasing Term A Lender”
means each Term A Lender that has executed and delivered Amendment No. 3
in the capacity of an “Increasing Term A Lender” or “Additional Term A Lender”.”

 

(c)                      The definition of “Lenders” in Section 1.01 is hereby
amended by inserting therein immediately after the comma and before the phrase “the
Initial Lenders” the phrase “the Increasing Lenders,”.

 

(d)                     The
definition of “Revolving Credit Commitment” is hereby amended by inserting at
the end of such definition, immediately before the period, the phrase “and “Revolving
Credit Commitments” includes, for the avoidance of doubt, the Additional
Revolving Credit Commitments.”

 

(e)                      The definition of “Term A Advance” is amended and restated
in its entirety to read as follows:

 

“Term A Advance” means the
collective reference to the advances made pursuant to Section 2.01(d) and
the Additional Term A Advances made pursuant to Section 2.01(e).

 

(f)                        The definition of “Term A Commitment” is amended by
inserting at the end of such definition, immediately before the period, the
phrase “or increased pursuant to Section 2.17, and “Term A Commitments”
includes, for the avoidance of doubt, the Additional Term A Commitments.”

 

(g)                     Section 2.01(d) is
hereby amended by deleting therefrom the parenthetical “(a “Term A Advance”).

 

(h)                     Section 2.01
is hereby further amended by inserting therein a new clause (e) to read as
follows:

 

“(e)                            The Additional
Term A Advances.  Each
Increasing Term A Lender severally agrees, on the terms and conditions
hereinafter set forth, to make a single advance (an “Additional
Term A Advance”) to the Borrower on the Amendment No. 3
Increase Date in an amount not to exceed such Lender’s Additional Term A
Commitment at such time.  The Additional
Term A Borrowing shall consist of Additional Term A Advances made
simultaneously by the Increasing Term A Lenders ratably according to their
Additional Term A Commitments.  Amounts
borrowed under this Section 2.01(e) and repaid or prepaid may not be
reborrowed.”

 

(i)                         Section 2.04 is amended by adding a new clause (e) thereto,
to read as follows:

 

(a)                                  Additional Term A Advances.  The Borrower shall repay to the Paying Agent
for the ratable account of the Increasing Term A Lenders the aggregate
outstanding principal amount of the Additional Term A Advances on the following
dates in an amount equal to the percentage set forth below for such date of the
aggregate outstanding principal amount of the Additional Term A Advance as of
the Amendment No. 3 Increase Date (which amounts shall be reduced as a
result of the application of prepayments in accordance with the order of
priority set forth in Section 2.06):

 

	
  Date

  	
   

  	
  Percentage

  	
   

  
	
  June 30,
  2008

  	
   

  	
  2.50

  	
  %

  
	
  September 30,
  2008

  	
   

  	
  2.50

  	
  %

  
	
  December 31,
  2008

  	
   

  	
  2.50

  	
  %

  
	
  March 31,
  2009

  	
   

  	
  2.50

  	
  %

  

 

3

 

	
  June 30,
  2009

  	
   

  	
  2.50

  	
  %

  
	
  September 30,
  2009

  	
   

  	
  2.50

  	
  %

  
	
  December 31,
  2009

  	
   

  	
  2.50

  	
  %

  
	
  March 31,
  2010

  	
   

  	
  2.50

  	
  %

  
	
  June 30,
  2010

  	
   

  	
  2.50

  	
  %

  
	
  September 30,
  2010

  	
   

  	
  2.50

  	
  %

  
	
  December 31,
  2010

  	
   

  	
  2.50

  	
  %

  
	
  March 31,
  2011

  	
   

  	
  2.50

  	
  %

  
	
  June 30,
  2011

  	
   

  	
  2.50

  	
  %

  
	
  September 30,
  2011

  	
   

  	
  2.50

  	
  %

  
	
  December 31,
  2011

  	
   

  	
  2.50

  	
  %

  
	
  March 31,
  2012

  	
   

  	
  2.50

  	
  %

  
	
  June 19,
  2012

  	
   

  	
  60.00

  	
  %

  

 

provided, however, that the final principal
installment shall be repaid on the Termination Date and in any event shall be
in an amount equal to the aggregate principal amount of the Additional Term A
Advances outstanding on such date.

 

(j)                         Schedule I to the Credit Agreement is hereby supplemented by
adding the table attached as Schedule I to this Amendment to such Schedule.

 

SECTION 2.                                Lender
Agreements to Increase. 
Each Revolving Credit Lender that executes and delivers this Amendment
in the capacity of an “Increasing Revolving Credit Lender” (each, an “Increasing Revolving Lender”)
or an “Additional Revolving Credit Lender” (each, an “Additional Revolving Lender”) hereby agrees that upon,
and subject to, the occurrence of the Increase Effective Date, such Lender’s “Revolving
Credit Commitment” under the Credit Agreement shall be increased as
contemplated by Section 2.17 of the Credit Agreement by the amount set
forth opposite such Lender’s name under the heading “Increase in Revolving
Credit Commitment” on Schedule 1 to this Amendment (an “Increase in Revolving Credit Commitment”) and, in the
case of an Additional Revolving Lender, that such Lender shall be deemed to be
a “Revolving Credit Lender” for all purposes under the Credit Agreement and
shall have a “Revolving Credit Commitment” equal to the amount set forth
opposite its name on Schedule 1 to this Amendment.  From and after the Increase Effective Date,
each reference in the Credit Agreement to a Revolving Credit Lender’s Revolving
Credit Commitment shall mean, (a) with respect to an Increasing Revolving
Lender, its Revolving Credit Commitment as increased pursuant to this Amendment
and (b) with respect to an Additional Revolving Lender, its Revolving
Credit Commitment as set forth opposite its name on Schedule 1 to this
Amendment.

 

SECTION 3.                                Additional Amendments to the
Credit Agreement.  Upon, and
subject to, the satisfaction of the conditions precedent set forth in Section 6(b) below,
the Credit Agreement is hereby
amended as follows:

 

(a)                      The definition of “Excluded Subsidiary” in Section 1.01
is hereby amended by inserting therein immediately after the phrase “each of”
and immediately before the phrase “Paragon Steel Enterprises LLC” contained
therein the following:

 

“Speedbird Aviation, LLC, an Indiana limited
liability company,”.

 

(b)                     Section 2.17(a) is
hereby amended by substituting for the phrase “exceed $350,000,000” where it
appears in the first proviso thereto the phrase “incurred after the Amendment No. 3
Increase Date exceed $250,000,000”.

 

4

 

(c)                      Section 2.17(f) is hereby amended by deleting the
phrase “and the drawings permitted thereunder” appearing in clause (ii) contained
therein and substituting in lieu thereof the phrase “and the drawings
thereunder on the relevant Incremental Facility Effective Date”.

 

(d)                     Section 5.01(j) is
hereby amended by deleting the phrase “15 days” each time it appears therein
and substituting in lieu thereof, in each case, the phrase “30 days”.

 

(e)                      Section 5.02(e) is hereby amended by (i) deleting
the “; and” appearing at the end of clause (v) contained therein, (ii) deleting
the period appearing at the end of clause (vi) contained therein and
substituting in lieu thereof “; and” and (iii) inserting therein
immediately after the clause (vi) contained therein the following clause
(vii):

 

“(vii)                     the winding up
or dissolution of any Subsidiary so long as (A) all assets of such Subsidiary
are transferred to the Borrower or another Subsidiary (other than any Excluded
Subsidiary) prior to, or simultaneously with, such winding up or dissolution
and (B) if such Subsidiary is a Guarantor, all assets of such Subsidiary
are transferred to the Borrower or another Guarantor.”

 

(f)                        Section 5.02(f) is hereby amended by (i) deleting
the “; and” appearing at the end of clause (viii) contained therein and
substituting in lieu thereof a semi-colon, (ii) deleting the period
appearing at the end of clause (ix) contained therein and substituting in
lieu thereof “; and” and (iii) inserting therein immediately after the
clause (ix) contained therein the following clause (x):

 

“(x)                             Investments in
Excluded Subsidiaries in an amount not to exceed $50,000,000 in the aggregate.”

 

(g)                     Section 5.02(o) is
hereby amended by inserting in clause (i) contained therein immediately
after the word “Person” contained therein the following parenthetical:

 

“(other than to the Collateral Agent pursuant to the
Loan Documents)”

 

(h)                     Section 6.01(c) is
hereby amended by (i) deleting the cross reference to “Section 5.01(e),
(f), (i), (j), (m) or (p)” contained therein and substituting in lieu
thereof “Section 5.01(e), (f), (i), (j), (l) or (n)” and (ii) deleting
the cross reference to “Section 5.02(p)” contained in the proviso thereto
and substituting in lieu thereof “Section 5.02(o)”.

 

SECTION 4.                                Consent.  Upon, and subject to, the satisfaction of the
conditions precedent set forth in Section 6(b) below, the Required
Lenders hereby consent to the release of Speedbird Aviation, LLC, an Indiana
limited liability company, from its obligations under the Guaranty and the
Security Agreement.

 

SECTION 5.                                Amendment
to Security Agreement. 
Upon, and subject to, the satisfaction of the conditions precedent set
forth in Section 6(b) below, Section 11(a) of the
Security Agreement is hereby amended and restated in its entirety to read as
follows:

 

“Each Grantor will keep the Inventory of such Grantor (other than
Inventory sold in the ordinary course of business) at the places therefor
specified in Section 9(b).”

 

5

 

SECTION 6.                            Conditions of
Effectiveness of Amendments.

 

(a)                      Sections 1 and 2 of this Amendment and the amendments to the
Credit Agreement set forth therein shall become effective on the date (the “Increase Effective Date”)
when each of the conditions set forth in this Section 6 shall have
been satisfied:

 

(i)                                    Execution of
Counterparts.  The Paying
Agent shall have received counterparts of (i) this Amendment executed by (A) the
Borrower, (B) each Increasing Lender and (C) each Additional Lender
and (ii) the consent attached hereto (the “Consent”) executed by each Guarantor.

 

(ii)                                 Payment of Fees
and Expenses.  The
Borrower shall have paid (i) to the Arranger for its own account such fees
as have been separately agreed in writing between the Borrower and the Lead
Arranger and (ii) all costs and expenses (including the reasonable fees
and expenses of Shearman & Sterling LLP) incurred by the Lead
Arranger, Bank of America, as Syndication Agent, and National City, as
Co-Administrative Agent in connection with the preparation, negotiation and
execution of this Amendment or otherwise required to be paid under the Loan
Documents and remaining outstanding on or prior to the date of this Amendment,
in each case for which the invoice for such fees and expenses shall have been
presented to the Borrower.

 

(iii)                              Corporate
Authorizations, Etc.  The Lead
Arranger shall have received:

 

(A)                              Certified
copies of the resolutions of the board of directors or of the members or
managers of each Loan Party approving the Amendment, the incurrence or
guarantee (as applicable) of the increase of the Term A Advances and Revolving
Credit Advances pursuant to Section 2.17 of the Credit Agreement, the
other transactions contemplated hereby and each of the documents necessary to
effect the Amendment to which it is or is to be a party and of all documents
evidencing other necessary corporate action and governmental and other third
party approvals and consents, if any, with respect to the Amendment, the
transactions contemplated hereby and each such other document.

 

(B)                                A copy of a
certificate of the Secretary of State of the jurisdiction of incorporation or
organization of each Loan Party, dated reasonably near the effective date of
this Amendment, certifying (A) as to a true and correct copy of the
charter, articles of incorporation or articles of organization, as the case may
be (“Organizational
Documents”) of such Loan Party and each amendment thereto on
file in such Secretary’s office and (B) that (1) such amendments are
the only amendments to such Loan Party’s Organizational Documents on file in
such Secretary’s office, (2) if applicable, such Loan Party has paid all
franchise taxes to the date of such certificate and (C) such Loan Party is
duly incorporated or organized and in good standing or presently subsisting
under the laws of the State of the jurisdiction of its incorporation or
organization.

 

(C)                                A copy of a
certificate of the Secretary of State of each jurisdiction reasonably requested
by the Lead Arranger, dated reasonably near the effective date of this
Amendment, stating that a Loan Party is duly qualified and in good standing as
a foreign entity in such State and has filed all annual reports required to be
filed to the date of such certificate.

 

(D)                               A certificate
of each Loan Party, signed on behalf of such Loan Party by a Responsible
Officer, dated the effective date of this Amendment (the statements made 

 

6

 

in which certificate shall
be true on and as of the effective date of this Amendment), certifying as to (A) the
absence of any amendments to the Organizational Documents of such Loan Party
since the date of the Secretary of State’s certificate referred to in clause (B) above,
(B) a true and correct copy of the bylaws or operating agreement, as
applicable, of such Loan Party as in effect on the date on which the
resolutions referred to in clause (A) above were adopted and on the
effective date of this Amendment, (C) the due incorporation/organization
and good standing or valid existence of such Loan Party as a corporation or
limited liability company organized under the laws of the jurisdiction of its
incorporation or organization, and the absence of any proceeding for the
dissolution or liquidation of such Loan Party, (D) the truth of the
representations and warranties contained in the Loan Documents as though made
on and as of the effective date of this Amendment and (E) the absence of
any event occurring and continuing, or resulting from the Amendment, the full
drawing of the Additional Term A Borrowing or the outstandings under the
Revolving Credit Facility, that constitutes a Default.

 

(E)                                 A certificate
of a Responsible Officer of each Loan Party certifying the names and true
signatures of the officers of such Loan Party authorized to sign the Amendment,
the Consent and the other documents to be delivered hereunder to which it is or
is to be a party.

 

(iv)                              Indenture
Compliance Certificate.  The
Lead Arranger shall have received a certificate signed by the Chief Financial
Officer of the Borrower certifying that, after giving pro forma effect to the
full drawing of the Additional Term A Borrowing and the outstandings under the
Revolving Credit Facility, the Borrower is in compliance with the covenants
(including restrictions on liens and debt) set forth in the Related Documents
and each other indenture to which the Borrower is a party (together with
calculations in detail reasonably satisfactory the Lead Arranger).

 

(v)                                 Legal Opinions.  The Lead Arranger shall have received
favorable opinions of Barrett & McNagny, LLP and Greenberg Traurig,
LLP, counsel for the Loan Parties, addressed to the Lead Arranger, the
Administrative Agents, the Revolving Credit Lenders and the Term A Lenders
party hereto, as to such matters as the Administrative Agents or the Lead
Arranger may reasonably request, including the matters addressed in Exhibits
G-1 and G-2 to the Credit Agreement.

 

(vi)                             Solvency
Certificate.  The Lead
Arranger shall have received a certificate, in substantially the form of Exhibit F
to the Credit Agreement, signed by the Chief Financial Officer or another
Responsible Officer of each Loan Party attesting to the Solvency of each Loan
Party individually and together with its Subsidiaries, taken as a whole, before
and after giving effect to the Amendment.

 

(vii)                           Borrowing Base
Certificate.     The Lead Arranger
shall have received a certificate signed by the Chief Financial Officer of the
Borrower, the statements in which shall be true, certifying that, after giving
pro forma effect to the full drawing of the Additional Term A Borrowing and the
outstandings under the Revolving Credit Facility, the aggregate of (x) 85%
of the book value of accounts receivables that constitute Collateral and (y) 65%
of the book value of inventory that constitutes Collateral exceeds the sum of (x) aggregate
principal amount outstanding under the Revolving Credit Facility (including
outstanding Letters of Credit and Swing Line Advances) and the Term A Facility plus
(y) the aggregate amount of obligations outstanding under Secured Cash
Management Agreements plus (z) the aggregate Agreement Value of all
Secured Hedge Agreements at such time.

 

7

 

(viii)                       Financial
Covenant Certificate.  The Lead
Arranger shall have received a certificate signed by the Chief Financial
Officer of the Borrower, the statements in which shall be true, certifying
that, after giving pro forma effect to the full drawing of the Additional Term
A Borrowing and the outstandings under the Revolving Credit Facility, the
Borrower is in compliance with the covenants set forth in Section 5.04 of
the Credit Agreement.

 

(b)                     Sections
2, 3 and 4 of this Amendment and the amendments to the Credit Agreement
contemplated thereby shall become effective on the date when the Paying Agent
shall have received counterparts of (i) this Amendment executed by (A) the
Borrower and (B) the Required Lenders, the calculation of which shall
exclude, for greater certainty, each Lender that executes this Amendment in the
capacity of an “Additional Term A Lender” or “Additional Revolving Credit
Lender”, and (ii) the consent attached hereto (the “Consent”) executed by
each Guarantor.

 

SECTION 7.                                Reference to and Effect on
the Credit Agreement and the Loan Documents.

 

(a)                      On and after the effectiveness of this Amendment, each
reference in the Credit Agreement and the Security Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement
or the Security Agreement, as applicable, and each reference in the Notes and
each of the other Loan Documents to “the Credit Agreement”, “the Security
Agreement”, “thereunder”, “thereof” or words of like import referring to the
Credit Agreement or the Security Agreement, as applicable, shall mean and be a
reference to the Credit Agreement and the Security Agreement, as applicable, in
each case, as amended by this Amendment.

 

(b)                     The
Credit Agreement, the Notes and each of the other Loan Documents, as
specifically amended by this Amendment (and as contemplated to be amended,
modified, supplemented, restated, substituted or replaced by this Amendment)
are, and shall continue to be, in full force and effect and is hereby in all
respects ratified and confirmed.  Without
limiting the generality of the foregoing, the Collateral Documents and all of
the Collateral described therein do and shall continue to secure the payment of
all Obligations of the Loan Parties under the Loan Documents, in each case as
amended by this Amendment (and as contemplated to be amended, modified,
supplemented, restated, substituted or replaced by this Amendment).

 

(c)                      The execution, delivery and effectiveness of this Amendment
shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of any Lender or the Paying Agent under any of the Loan
Documents, nor constitute a waiver of any provision of any of the Loan
Documents.  On and after the
effectiveness of this Amendment, this Amendment shall for all purposes
constitute a Loan Document.

 

SECTION 8.                                Execution in Counterparts.  This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of a
signature page to this Amendment by telecopier, facsimile or other
electronic transmission (i.e. “pdf” or “tif”) shall be effective as
delivery of a manually executed counterpart of this Amendment.

 

SECTION 9.                                Governing Law.  This Amendment shall be governed by, and
construed in accordance with, the laws of the State of New York.

 

[Remainder
of this page intentionally left blank.]

 

8

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be executed by their respective officers thereunto duly
authorized, as of the date first above written.

 

	
   

  	
  STEEL DYNAMICS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name:

  	
  Theresa E.
  Wagler

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

[Amendment No. 3]

 

 

 

 

	
   

  	
  BANC OF AMERICA SECURITIES LLC,

  
	
   

  	
  as a Lead Arranger

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Otis Ku

  
	
   

  	
   

  	
  Name:

  	
  Otis Ku

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as a Revolving Credit Lender and as a Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David
  McCauley

  
	
   

  	
   

  	
  Name:

  	
  David McCauley

  
	
   

  	
   

  	
  Title:

  	
  Principal

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

 

 

 

 

	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as an Increasing Revolving Lender and

  
	
   

  	
  an Increasing
  Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David
  McCauley

  
	
   

  	
   

  	
  Name:

  	
  David McCauley

  
	
   

  	
   

  	
  Title:

  	
  Principal

  
	
   

  	
   

  

 

 

 

 

 

	
   

  	
  ABN AMRO BANK NV,

  
	
   

  	
  as a Revolving Credit Lender and

  
	
   

  	
  Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Allen
  Smith

  
	
   

  	
   

  	
  Name:

  	
  Mark Allen Smith

  
	
   

  	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ece Bennett

  
	
   

  	
   

  	
  Name:

  	
  Ece Bennett

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  
	
   

  	
   

  

 

 

 

 

 

	
   

  	
  NATIONAL CITY BANK,

  
	
   

  	
  as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David G.
  McNeely

  
	
   

  	
   

  	
  Name:

  	
  David G. McNeely

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NATIONAL CITY BANK,

  
	
   

  	
  as a Revolving Credit Lender and as a Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David G.
  McNeely

  
	
   

  	
   

  	
  Name:

  	
  David G. McNeely

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice
  President

  

 

 

 

 

 

	
   

  	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION,

  
	
   

  	
  as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rosalie C.
  Hawley

  
	
   

  	
   

  	
  Name:

  	
  Rosalie C.
  Hawley

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION,

  
	
   

  	
  as a Revolving Credit Lender and as a Term A

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rosalie C.
  Hawley

  
	
   

  	
   

  	
  Name:

  	
  Rosalie C.
  Hawley

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION,

  
	
   

  	
  as an Increasing Revolving Credit Lender

  and an Increasing Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rosalie C.
  Hawley

  
	
   

  	
   

  	
  Name:

  	
  Rosalie C.
  Hawley

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

 

	
   

  	
  ABN AMRO BANK NV,

  
	
   

  	
  as an Increasing Revolving Credit Lender and 

  
	
   

  	
  Increasing Term
  A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Mark Allen
  Smith

  
	
   

  	
   

  	
  Name:

  	
  Mark Allen Smith

  
	
   

  	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Ece Bennett

  
	
   

  	
   

  	
  Name:

  	
  Ece Bennett

  
	
   

  	
   

  	
  Title:

  	
  Director

  

 

 

 

 

	
   

  	
  BMO CAPITAL MARKETS FINANCING, INC.,

  as an Increasing Revolving Credit Lender

  and Increasing Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas A.
  Batterham

  
	
   

  	
   

  	
  Name:

  	
  Thomas A.
  Batterham

  
	
   

  	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  
	
   

  	
   

  

 

 

 

 

	
   

  	
  BMO CAPITAL MARKETS FINANCING, INC.,

  as a Revolving Credit Lender and 

  Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas A.
  Batterham

  
	
   

  	
   

  	
  Name:

  	
  Thomas A.
  Batterham

  
	
   

  	
   

  	
  Title:

  	
  Managing
  Director

  

 

 

 

 

	
   

  	
  CITIBANK, N.A., 

  as a Revolving Credit Lender and a Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter
  Olnowich

  
	
   

  	
   

  	
  Name:

  	
  Peter Olnowich

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

 

	
   

  	
  Export Development Canada,

  as a Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew
  Devine

  
	
   

  	
   

  	
  Name:

  	
  Matthew Devine

  
	
   

  	
   

  	
  Title:

  	
  Asset Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Howard
  Clysdale

  
	
   

  	
   

  	
  Name:

  	
  Howard Clysdale

  
	
   

  	
   

  	
  Title:

  	
  Portfolio
  Manager

  

 

 

 

 

 

	
   

  	
  FIRST COMMERCIAL BANK, LOS ANGELES BRANCH,

  as a Revolving Credit Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Larry Jen-Yu
  Lai

  
	
   

  	
   

  	
  Name:

  	
  Larry Jen-Yu Lai

  
	
   

  	
   

  	
  Title:

  	
  SAVP &
  Deputy General Manager

  

 

 

 

 

 

	
   

  	
  FIRST COMMONWEALTH BANK,

  as an existing Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ C. Forrest
  Tefft

  
	
   

  	
   

  	
  Name:

  	
  C. Forrest Tefft

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice
  President

  

 

 

 

 

 

	
   

  	
  FIRST COMMONWEALTH BANK,

  as an additional Revolving Credit Lender and

  an Increasing Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anthony M.
  Cardone

  
	
   

  	
   

  	
  Name:

  	
  Anthony M.
  Cardone

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

 

	
   

  	
  FIRSTMERIT BANK, N.A.,

  as a Revolving Credit Lender and a Term Loan A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward
  Yannayon

  
	
   

  	
   

  	
  Name:

  	
  Edward Yannayon

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice
  President

  

 

 

 

 

 

	
   

  	
  GOLDMAN SACHS CREDIT PARTNERS, L.P.,

  as an Increasing Revolving Credit Lender and 

  Increasing Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Walton

  
	
   

  	
   

  	
  Name:

  	
  Mark Walton

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  

 

 

 

 

 

	
   

  	
  Hua Nan Commerical Bank, Ltd.

  New York Agency,

  as an Additional Revolving Credit Lender 

  and Additional Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Henry Hsieh

  
	
   

  	
   

  	
  Name:

  	
  Henry Hsieh

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice
  President

  

 

 

 

 

 

	
   

  	
  KEYBANK NATIONAL ASSOCIATION,

  as a Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Suzannah
  Harris

  
	
   

  	
   

  	
  Name:

  	
  Suzannah Harris

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

 

	
   

  	
  MORGAN STANLEY SENIOR FUNDING, INC.,

  as a Revolving Credit Lender and 

  Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel
  Twenge

  
	
   

  	
   

  	
  Name:

  	
  Daniel Twenge

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  

 

 

 

 

	
   

  	
  MORGAN STANLEY SENIOR FUNDING, INC.,

  as an Increasing Revolving Credit Lender and 

  Increasing Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel
  Twenge

  
	
   

  	
   

  	
  Name:

  	
  Daniel Twenge

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

 

	
   

  	
  PNC BANK, NATIONAL ASSOCIATION,

  as a Revolving Credit Lender and 

  Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Louis K.
  McLinden

  
	
   

  	
   

  	
  Name:

  	
  Louis K.
  McLinden

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

 

	
   

  	
  RAYMOND JAMES BANK,

  as a Revolving Credit Lender and 

  a Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph A.
  Ciccolini

  
	
   

  	
   

  	
  Name:

  	
  Joseph A.
  Ciccolini

  
	
   

  	
   

  	
  Title:

  	
  Vice President -
  Senior Corporate Banker

  

 

 

 

 

 

	
   

  	
  RBS CITIZENS, NATIONAL ASSOCIATION,

  as a Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ André
  Nazareth

  
	
   

  	
   

  	
  Name:

  	
  André Nazareth

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice
  President

  

 

 

 

 

 

	
   

  	
  SUNTRUST BANK,

  as an Additional Revolving Credit

  Lender and Additional Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. Matthew
  Rowand

  
	
   

  	
   

  	
  Name:

  	
  J. Matthew
  Rowand

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

 

	
   

  	
  TD BANKNORTH, N.A.,

  as a Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James J.
  Riley

  
	
   

  	
   

  	
  Name:

  	
  James J. Riley

  
	
   

  	
   

  	
  Title:

  	
  Managing
  Director

  

 

 

 

 

 

	
   

  	
  UNION BANK OF CALIFORNIA, N.A.,

  as an additional Revolving Credit Lender

  and an Increasing Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David
  Thurber

  
	
   

  	
   

  	
  Name:

  	
  David Thurber

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

 

	
   

  	
  U.S. BANK, N.A.,

  as a Term A Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Karen Meyer

  
	
   

  	
   

  	
  Name:

  	
  Karen Meyer

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

Schedule
I

 

COMMITMENTS AND APPLICABLE LENDING OFFICES

 

	
  Name of

  Lender

  	
   

  	
  Additional

  Term A

  Commitment

  	
   

  	
  Increase in

  Revolving Credit

  Commitment

  	
   

  	
  Revolving Credit

  Commitment

  	
   

  	
  Domestic Lending

  Office

  	
   

  	
  Eurodollar

  Lending

  Office

  
	
  Bank
  of America N.A.

  	
   

  	
  $

  	
  17,247,706

  	
   

  	
  $

  	
  22,752,294

  	
   

  	
  N/A

  	
   

  	
  On
  file with the Paying Agent

  	
   

  	
  On
  file with the Paying Agent

  
	
  Wells
  Fargo, N.A.

  	
   

  	
  $

  	
  17,247,706

  	
   

  	
  $

  	
  22,752,294

  	
   

  	
  N/A

  	
   

  	
  On
  file with the Paying Agent

  	
   

  	
  On
  file with the Paying Agent

  
	
  First Commonwealth Bank

  	
   

  	
  $

  	
  12,935,780

  	
   

  	
  $

  	
  17,064,220

  	
   

  	
  N/A

  	
   

  	
  On
  file with the Paying Agent

  	
   

  	
  On
  file with the Paying Agent

  
	
  SunTrust
  Bank

  	
   

  	
  $

  	
  12,935,780

  	
   

  	
  N/A

  	
   

  	
  $

  	
  17,064,220

  	
   

  	
  On
  file with the Paying Agent

  	
   

  	
  On
  file with the Paying Agent

  
	
  Morgan Stanley Senior Funding, Inc.

  	
   

  	
  $

  	
  8,623,853

  	
   

  	
  $

  	
  11,376,147

  	
   

  	
  N/A

  	
   

  	
  On
  file with the Paying Agent

  	
   

  	
  On
  file with the Paying Agent

  
	
  ABN
  Amro Bank

  	
   

  	
  $

  	
  6,467,890

  	
   

  	
  $

  	
  8,532,110

  	
   

  	
  N/A

  	
   

  	
  On
  file with the Paying Agent

  	
   

  	
  On
  file with the Paying Agent

  
	
  BMO
  Capital Markets

  	
   

  	
  $

  	
  6,467,890

  	
   

  	
  $

  	
  8,532,110

  	
   

  	
  N/A

  	
   

  	
  On
  file with the Paying Agent

  	
   

  	
  On
  file with the Paying Agent

  
	
  Union Bank of California

  	
   

  	
  $

  	
  6,467,890

  	
   

  	
  N/A

  	
   

  	
  $

  	
  8,532,110

  	
   

  	
  On
  file with the Paying Agent

  	
   

  	
  On
  file with the Paying Agent

  
	
  Goldman Sachs Credit Partners L.P.

  	
   

  	
  $

  	
  4,311,927

  	
   

  	
  $

  	
  5,688,073

  	
   

  	
  N/A

  	
   

  	
  On
  file with the Paying Agent

  	
   

  	
  On
  file with the Paying Agent

  
	
  Hua
  Nan Bank

  	
   

  	
  $

  	
  1,293,578

  	
   

  	
  N/A

  	
   

  	
  $

  	
  1,706,422

  	
   

  	
  On
  file with the Paying Agent

  	
   

  	
  On
  file with the Paying Agent

  
	
  Total

  	
   

  	
  $

  	
  94,000,000

  	
   

  	
  $

  	
  96,697,248

  	
   

  	
  $

  	
  27,302,752

  	
   

  	
   

  	
   

  	
   

  

 

 

CONSENT

 

Dated as of March 31,
2008

 

Each of the undersigned, as Guarantor under the
Amended and Restated Subsidiary Guaranty and Grantor under the Amended and
Restated Security Agreement (as amended by the Amendment No. 3 to the
Credit Agreement and Amendment No. 1 to the Security Agreement dated as of
the date hereof), for the benefit of the Paying Agent and the benefit of the
Lenders parties to the Credit Agreement referred to in the foregoing Amendment,
hereby consents to such Amendment and hereby confirms and agrees that (a) notwithstanding
the effectiveness of such Amendment, each of the Amended and Restated
Subsidiary Guaranty and Amended and Restated Security Agreement is, and shall
continue to be, in full force and effect and is hereby ratified and confirmed
in all respects, except that, on and after the effectiveness of such Amendment,
each reference in the Amended and Restated Subsidiary Guaranty and Amended and
Restated Security Agreement to the “Credit Agreement”, “thereunder”, “thereof”
or words of like import shall mean and be a reference to the Credit Agreement,
as amended by such Amendment, and (b) the Collateral Documents to which
such Grantor is a party and all of the Collateral described therein do, and
shall continue to, secure the payment of all of the Secured Obligations (in
each case, as defined therein).

 

This Consent shall be governed by, and construed in
accordance with, the laws of the State of New York

 

	
   

  	
  SDI INVESTMENT COMPANY

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  
	
   

  	
  NEW MILLENNIUM BUILDING SYSTEMS, LLC

  
	
   

  	
   

  
	
   

  	
  By:    Steel Dynamics, Inc., its sole member

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  STEEL DYNAMICS SALES NORTH AMERICA,

  INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROANOKE ELECTRIC STEEL CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  

 

 

	
   

  	
  SHREDDED PRODUCTS, LLC

  
	
   

  	
  By:  ROANOKE ELECTRIC STEEL

  CORPORATION, MANAGER AND SOLE

  MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  JOHN W. HANCOCK, JR., LLC

  
	
   

  	
  By:  ROANOKE ELECTRIC STEEL

  CORPORATION, MANAGER AND SOLE

  MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  NEW MILLENNIUM BUILDING SYSTEMS,

  INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  SOCAR OF OHIO, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  STEEL OF WEST VIRGINIA, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SWVA, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  MARSHALL STEEL, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  

 

 

	
   

  	
  STEEL VENTURES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  	 

	
   

  	
   

  	
  Title: Vice President

  	 

	
   

  	
   

  
	
   

  	
  SHREDDED PRODUCTS II, LLC

  
	
   

  	
  By: STEEL DYNAMICS, INC.,MANAGER AND

  SOLE MEMBER

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  	 

	
   

  	
   

  	
  Name: Theresa E. Wagler

  	 

	
   

  	
   

  	
  Title: Vice President

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  THE TECHS INDUSTRIES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  	 

	
   

  	
   

  	
  Name: Theresa E. Wagler

  	 

	
   

  	
   

  	
  Title: Vice President

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  ADMETCO, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  	 

	
   

  	
   

  	
  Name: Theresa E. Wagler

  	 

	
   

  	
   

  	
  Title: Vice President

  	 

	
   

  	
   

  
	
   

  	
  AUBURN INVESTMENT COMPANY, LLC

  
	
   

  	
  By: OMNISOURCE CORPORATION, SOLE

  MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  	 

	
   

  	
   

  	
  Name: Theresa E. Wagler

  	 

	
   

  	
   

  	
  Title: Vice President

  	 

 

 

	
   

  	
  CAPITOL CITY METALS, LLC

  
	
   

  	
  By:  OMNISOURCE CORPORATION,
  SOLE

  MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  CAROLINA INVESTMENT COMPANY, LLC

  
	
   

  	
  By:  OMNISOURCE CORPORATION,
  SOLE

  MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  GLOBAL SHREDDING TECHNOLOGIES, LTD.,

  LLC

  
	
   

  	
  By:  OMNISOURCE CORPORATION,
  SOLE

  MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  INDUSTRIAL SCRAP CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  INDUSTRIAL SCRAP, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  JACKSON IRON & METAL COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  

 

 

	
   

  	
  LUCKY STRIKE METALS, LLC

  
	
   

  	
  By:  OMNISOURCE CORPORATION,
  SOLE

  MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  MICHIGAN PROPERTIES ECORSE, LLC

  
	
   

  	
  By:  OMNISOURCE CORPORATION,
  SOLE

  MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  OMNISOURCE BAY CITY, LLC

  
	
   

  	
  By:  JACKSON IRON &
  METAL COMPANY,

  INC., SOLE MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  OMNISOURCE ATHENS DIVISION, LLC

  
	
   

  	
  By:  OMNISOURCE CORPORATION,
  SOLE

  MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  OMNISOURCE CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  OMNISOURCE INDIANAPOLIS, LLC

  
	
   

  	
  By:  OMNISOURCE CORPORATION,
  SOLE

  MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  

 

 

	
   

  	
  OMNISOURCE MEXICO, LLC

  
	
   

  	
  By:  OMNISOURCE CORPORATION,
  SOLE

  MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  OMNISOURCE TRANSPORT, LLC

  
	
   

  	
  By:  OMNISOURCE CORPORATION,
  SOLE

  MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  OMNISOURCE, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  RECOVERY TECHNOLOGIES, LLC

  
	
   

  	
  By:  OMNISOURCE CORPORATION,
  SOLE

  MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  SCIENTIFIC RECYCLING GROUP, LLC

  
	
   

  	
  By:  OMNISOURCE CORPORATION,
  SOLE

  MEMBER

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  SUPERIOR ALUMINUM ALLOYS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Theresa E.
  Wagler

  
	
   

  	
   

  	
  Name: Theresa E. Wagler

  
	
   

  	
   

  	
  Title: Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]