Document:

Exhibit 10.23

HAYNES INTERNATIONAL, INC. 
PERFORMANCE SHARE AWARD AGREEMENT
This Performance Share Award Agreement is entered into by and between Haynes International, Inc., a Delaware corporation ("Company"), and «Participant», an officer of the Company ("Grantee"), effective as of «Date_of_Grant» ("Effective Date"). 
Background
The Company wishes to provide incentives to recognize and reward the Grantee, whose performance, contributions and skills will be critical to the Company's success, by aligning his/her interests more closely with those of the Company's stockholders.  For this purpose, the Compensation Committee of the Company's Board of Directors ("Committee") has granted the Grantee the opportunity to earn Performance Shares pursuant to the terms and conditions of this Performance Share Award Agreement ("Agreement") and the Haynes International, Inc. 2020 Incentive Compensation Plan (the "Plan").  
In consideration of the premises, the Company and the Grantee agree as follows:
AWARD OF PERFORMANCE SHARES
This Agreement evidences the grant by the Company of Performance Shares subject to the attainment of certain performance targets as set forth herein, all in accordance with the provisions of the Plan, as amended from time to time.  The number of Performance Shares that will ultimately be earned under this Agreement, as well as the number of Shares that will be distributed in settling those earned Performance Shares, which will not be determined until the end of the Performance Period, will depend on the calculated Total Shareholder Return (defined below) of the Company at the end of the Performance Period, as compared to the Total Shareholder Return of the TSR Peer Group (defined below) at the end of the Performance Period.  This grant shall become effective only if the Grantee electronically acknowledges the Agreement and/or signs and returns to the Company a copy of this Agreement evidencing the Grantee's understanding of the terms and conditions of the Performance Shares.  To the extent that the Grantee is a "covered employee" within the meaning of Code Section 162(m), the Agreement will be administered in accordance with the performance-based compensation exception under Code Section 162(m) to the maximum extent possible.  
"Target Number of Performance Shares" Awarded to Grantee:«Number_of_Shares»__
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"Performance Period" for the Award:                                through ​ ​​ ​​ ​​ ​
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Exhibit 10.23

AWARD DETERMINATION
As soon as practicable (but not later than 60 days) following the end of the Performance Period (as defined above) and the completion of all other conditions to payment set forth in this Agreement and the Plan, the Committee shall calculate Total Shareholder Return (as defined below) for the Company and Total Shareholder Return for each member of the TSR Peer Group (as defined below) and determine the extent to which the Target Number of Performance Shares (as defined above) awarded under this Agreement have been earned.  Except as otherwise provided herein or in the Plan, if the Grantee is employed by the Company as of the last day of the Performance Period, the Grantee shall earn as Performance Shares that percentage of his or her Target Number of Performance Shares determined by comparing the Company’s Total Shareholder Return to each member of the TSR Peer Group’s Total Shareholder Return on a percentile basis:
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Haynes TSR Peer Group Ranking
	Percentage of Target Number of
Performance Shares Earned

	< 30th Percentile 
	0%

	30th Percentile but < 50th Percentile
	50%

	50th Percentile but < 100th Percentile
	100%

	100th Percentile 
	200%

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The Company's TSR Peer Group Ranking shall be determined by the Committee following the end of the Performance Period and no Performance Shares shall be considered earned prior to the Committee certifying such results.
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If the Company’s TSR Peer Group Ranking for the Performance Period is between the 30th percentile and 50th percentile per the above table, the number of Performance Shares earned shall be determined by interpolation between the corresponding percentiles as the sum of:
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		(1)
	the difference between the actual percentile performance and the 30th percentile is multiplied by 2.5, plus

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(2)50%.
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If the Company’s percentile ranking for the Performance Period is between the 50th percentile and 100th percentile per the above table, the number of Performance Shares earned shall be determined by interpolation between the corresponding percentiles as the product of 2.0 multiplied by the actual percentile performance. 
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Exhibit A hereto sets forth a chart clarifying the above calculations.
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Definitions
“Total Shareholder Return” shall be calculated as follows:
Total Shareholder Return = (SPE – SPB + DIV)/SPB

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Exhibit 10.23

“SPB” shall mean the average closing price of a share of the Company’s Common Stock (or the common stock of the applicable member of the TSR Peer Group) for a period of twenty (20) trading days ending on the last day immediately prior to the start of the Performance Period. 
“SPE” shall mean the average closing price of a share of the Company’s Common Stock (or the common stock of the applicable member of the TSR Peer Group) for a period of twenty (20) trading days ending on the last day immediately prior to the end of the Performance Period. 
“DIV” shall mean the total amount of dividends paid by the Company (or the applicable member of the TSR Peer Group) during the Performance Period, assuming reinvestment thereof in the Company’s Common Stock (or the TSR Peer Group member’s common stock) on the date of the payment of such dividends. 
The “TSR Peer Group” shall consist of the following companies:  Arconic, Inc.; Allegheny Technologies Incorporated; Carpenter Technology Corporation; Commercial Metals Company; Insteel Industries Inc.; Kaiser Aluminum Corporation; Materion Corporation; Olympic Steel, Inc; and Universal Stainless & Alloy Products, Inc.   Notwithstanding the foregoing, (i) in the event a member of the TSR Peer Group is acquired by a third party, ceases to be publicly traded or files for bankruptcy or reorganization protection during the Performance Period, that member shall be excluded from the TSR Peer Group for purposes of calculating Total Shareholder Return; (ii) in the event a member of the TSR Peer Group spins off a portion of its business during the Performance Period, SPB shall be adjusted for the value of the spinoff; and (iii) in the event a member of the TSR Peer Group sells or otherwise disposes of a portion of its assets or operations to a third party during the Performance Period, no adjustments shall be made.   
The "TSR Peer Group Ranking" shall be calculated as the percentage that the Company’s TSR bears to the TSR of each of the members of the TSR Peer Group.  
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TERMS AND CONDITIONS
1.Grant of Performance Shares.  Pursuant to and subject to the terms and conditions of the Plan, the Company hereby awards to the Grantee, who is an employee of the Company or one of its Subsidiaries, the opportunity to earn the number of Performance Shares that will be determined at the end of the Performance Period under the Award Determination section above, up to, but not exceeding, 200% of the Target Number of Performance Shares specified above.  Each Performance Share earned hereunder represents the conditional right to receive one Share of the Company's common stock.  Except as otherwise provided herein, upon settlement of the Award following the end of the Performance Period, the earned Performance Shares will be settled by the distribution to the Grantee of one share (of the Company's common stock) for each earned Performance Share being settled, plus that number of Dividend Equivalents distributable with respect to the earned Performance Shares, as provided in Paragraphs 6 and 7 and subject to withholding as provided in Paragraph 10.
1.Acceptance; Transfer Restrictions.  The Grantee hereby accepts the Award of Performance Shares described in this Agreement and agrees that the Award will be held by the Grantee and the Grantee's successors subject to (and will not be disposed of except in accordance with) all of the restrictions, terms and conditions contained in this Agreement and the Plan.  Except 

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Exhibit 10.23

as otherwise provided in this Agreement or the Plan, the Grantee may not sell, assign, transfer, pledge or otherwise dispose of or encumber any of the Performance Shares, any Shares underlying the Performance Shares, or any interest in the Performance Shares or underlying Shares, until the Performance Period expires, at which time the Grantee's rights in the Performance Shares will be earned and settled to the extent provided in this Agreement.  Any purported sale, assignment, transfer, pledge or other disposition or encumbrance in violation of this Agreement or the Plan will be void and of no effect.
2.Earning/Performance Period.  If the Grantee remains employed by the Company or a Subsidiary through the end of the Performance Period, then at the end of the Performance Period the Performance Shares will become fully earned, to the extent determined under "Award Determination" above.  If the Grantee does not remain employed through the end of the Performance Period, the provisions of Paragraph 8 below will apply in determining the number of Performance Shares, if any, which will become earned at the end of the Performance Period.  All Performance Shares not earned at the end of the Performance Period will be forfeited, and the Grantee will have no rights or interest in or to those forfeited Performance Shares. 
3.Unfunded Obligations.  The Company will reflect the Grantee's interests in the Performance Shares and the underlying Shares by means of bookkeeping entries on the financial records of the Company, and this Agreement will not create in the Grantee or any successors any right to, or claim against any, specific assets of the Company or result in the creation of any trust or escrow account for the Grantee or any successors.  With respect to their interests under this Agreement, the Grantee and any successors will be general creditors of the Company.
4.Voting Rights.  The Grantee will not have any rights of a shareholder to vote the Shares underlying the Performance Shares until the Performance Shares are earned and settled in actual Shares after the end of the Performance Period.  Once the Performance Shares are settled by distribution of Shares, the Grantee will have all shareholder voting rights with respect to those Shares.
5.Dividend Equivalents and Other Distributions.  The Grantee will not have any rights of a shareholder to receive dividends or other distributions with respect to the Shares underlying the Performance Shares until the Performance Shares are earned and settled after the end of the Performance Period.  Once the Performance Shares are settled by distribution of Shares, the Grantee will have all shareholder rights to dividends and other distributions with respect to those Shares.  However, the Committee, in its sole discretion, will determine the amount of dividends that should have been paid on such earned Performance Shares during the Performance Period as if such earned Performance Shares had been actual Shares outstanding during the Performance Period ("Dividend Equivalents"). At the time settlement is made with respect to the earned Performance Shares pursuant to Paragraph 7, the Company will distribute to the Grantee (in addition to the Shares attributable to the earned Performance Shares) a lump sum cash payment equal to the Dividend Equivalents on such earned Performance Shares.  No Dividend Equivalents shall be payable hereunder with respect to forfeited Performance Shares.
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Exhibit 10.23

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6.Actions after Earning is Determined.  Except as provided in Paragraph 8, as soon as is practicable following the Committee's certification of the determination of the TSR Peer Group Percentile Ranking and the earned portion of the Performance Shares, and in any event on or before the fifteenth (15th) day of the third month following the day on which the Performance Period ends, the Company will settle the earned Performance Shares by distributing to the Grantee one Share for each Performance Share earned under this Agreement.  To distribute those Shares, the Company will, in its discretion, either deliver to the Grantee stock certificates representing, or shall instruct the Company's transfer agent to recognize in book entry form that the Grantee is the registered holder of, the number of Shares attributable to the earned Performance Shares, free from any restrictions or other terms and conditions of this Agreement.  At that same time, the Company shall take such actions as it shall deem appropriate to cancel the forfeited Performance Shares and to cause them to no longer be recognized as outstanding awards under the Plan.  In addition, the Company will issue to the Grantee a lump sum cash payment equal to the Dividend Equivalents to which the Grantee is entitled under Paragraph 6.  The Grantee (or his or her successors) shall execute and deliver such instruments and take such other actions as the Company shall reasonably request with respect to the actions to be taken pursuant to this Paragraph.  Notwithstanding the preceding provisions of this Paragraph 7, at any time prior to the settlement of the earned Performance Shares, unless otherwise provided by the Committee or prohibited by the Plan (such as in the case of a Change in Control), the Committee shall have the authority to reduce or eliminate the number of Performance Shares to be settled and distributed, or to cancel any part or all of an Award of Performance Shares, or to mandate the form in which the Award shall be paid (i.e., in cash, in Stock or both, in any proportions determined by the Committee).
7.Termination of Employment.  
(a)If the Grantee incurs a Termination of Employment for reasons other than Cause after the end of the Performance Period but prior to the time of settlement, then the settlement of the earned Performance Shares (as determined herein) shall be in a single lump sum cash payment, provided the Grantee may elect to take fifty percent (50%) or one hundred percent (100%) of the earned Performance Shares payable in Shares.    
(b)If the Grantee incurs a Termination of Employment during the Performance Period (a transfer of employment among the Company and its Subsidiaries will not be treated as a Termination of Employment), then all or some portion of the Performance Shares that would otherwise have become earned Performance Shares (based on the actual performance for the Performance Period) had the Grantee remained employed throughout the entire Performance Period, if any, will be earned or be forfeited as follows:
(i)If the Grantee's Termination of Employment results from his or her death or Disability, then the earned portion of the Performance Shares shall be determined by the Committee, in its sole discretion, as if all unfinished Performance Periods had ended with a TSR Peer Group Percentile Ranking of fifty percent (50%).  Such earned Performance Shares shall be settled in a single lump sum cash payment payable as soon thereafter as reasonably possible but not later than the fifteenth (15th) day of the third month following the end of the calendar year in 

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Exhibit 10.23

which such death or Disability occurred.  Any applicable Dividend Equivalents on the earned Performance Shares will be calculated as though the Target Number of Performance Shares were earned and paid in a single lump sum cash payment payable as soon thereafter as reasonably possible but not later than the fifteenth (15th) day of the third month following the end of the calendar year in which such death or Disability occurred; and
(ii)Unless the Committee determines otherwise at any time, in the event of the Grantee’s Termination of Employment during the Performance Period for a reason other than due to death or Disability (and other than for Cause), then upon such Termination of Employment, the amount of the Grantee's Performance Shares shall be adjusted. The revised Award shall be determined by multiplying the earned Performance Shares by the number of months the Grantee worked at least one day during the respective Performance Period divided by the number of months in the Performance Period, to be paid, if at all, at the same time and under the same terms that such outstanding earned Performance Shares would otherwise be paid; provided, however, if the Grantee does not satisfy the conditions to Retire at the time he or she voluntarily incurs a Termination of Employment during the Performance Period, then such Award shall be cancelled and forfeited upon such Termination of Employment.  A Termination of Employment shall be deemed to be voluntary if it is recorded as such on the records of the Company, as determined by the Company in its sole discretion; and 
(iii)Upon the Grantee's Termination of Employment for any reason other than those described in subparagraphs (i) and (ii) of this Paragraph, all of the Performance Shares will be forfeited immediately upon such Termination of Employment and no amounts will be payable under this Agreement.
(c)Notwithstanding any provision herein to the contrary, upon the Grantee's Termination of Employment for Cause, all of the Performance Shares will be forfeited immediately upon such Termination of Employment and no amounts will be payable under this Agreement.
8.Change in Control.  Notwithstanding the foregoing, in the event of a Change in Control (as defined in the Plan) of the Company, the Performance Period shall be deemed to end as of the effective date of the Change in Control and the Performance Shares shall be earned based upon the Company’s Total Shareholder Return as compared to the members of the TSR Peer Group as of the effective date of the Change in Control; provided that the minimum number of Shares earned in connection with a Change in Control will not be less than the Target Number of  Performance Shares established hereunder.  
9.Withholding.  At the time of the settlement of Performance Shares by distribution of any Shares pursuant to Paragraph 7 of this Agreement, the Company has the right and power to deduct or withhold, or require the Grantee to remit to the Company, an amount sufficient to satisfy all applicable tax withholding requirements with respect to such distributed shares.  The Company may permit or require the Grantee to satisfy all or part of the tax withholding obligations in connection with this Agreement by having the Company withhold otherwise distributable Shares, 

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Exhibit 10.23

having a value equal to the amount to be withheld, which shall not exceed the amount determined by the applicable minimum statutory tax withholding rate (or such other rate as will not result in a negative accounting impact).  For these purposes, the value of the Shares to be withheld or delivered will be equal to the Fair Market Value as of the date that the taxes are required to be withheld. 
10.Code Section 409A Compliance.  The Award under this Agreement is intended to be exempt from the requirements of Code Section 409A. To the extent that any terms of this Agreement would subject the Grantee to gross income inclusion, interest, or additional tax pursuant to Code Section 409A, those terms are to that extent superseded by, and shall be adjusted to the minimum extent necessary to satisfy, the applicable Code Section 409A standards. 
11.Notices.  All notices and other communications required or permitted under this Agreement shall be written and delivered personally or sent by registered or certified first-class mail, postage prepaid and return receipt required, addressed as follows: if to the Company, to the Company's executive offices in Kokomo, Indiana, and if to the Grantee or his or her successor, to the address last furnished by the Grantee to the Company.  The Company may, however, authorize notice by any other means it deems desirable or efficient at a given time, such as notice by facsimile or electronic mail.
12.No Employment Rights.  Neither the Plan nor this Agreement confers upon the Grantee any right to continue in the employ of the Employer or limits in any way the right of the Employer to terminate the Grantee's employment at any time.  The Grantee shall have no rights as a shareholder of the Company with respect to any Shares issuable upon the earning of the Performance Shares until the date of issuance of such Shares in settlement of the award.  
13.Plan Controlling.  The terms and conditions set forth in this Agreement are subject in all respects to the terms and conditions of the Plan, which are controlling. All capitalized terms not herein defined shall have the meaning set forth in the Plan.  All determinations and interpretations of the Company or the Committee are binding and conclusive upon the Grantee and his or her legal representatives.  The Grantee agrees to be bound by the terms and provisions of the Plan.
14.Discretionary Nature of Grant; No Vested Rights.  The Grantee acknowledges and agrees that the Plan is discretionary in nature and may be amended, cancelled or terminated by the Company, in its sole discretion, at any time.  The grant of the Performance Shares under the Plan is a one-time benefit and does not create any contractual or other right to receive a grant of Performance Shares or benefits in lieu of Performance Shares in the future.  Future grants, if any, will be at the sole discretion of the Company, including, but not limited to, the form and timing of any grant, the number of Shares subject to the grant, and the vesting provisions.  Any amendment, modification or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Grantee's employment with the Employer.
15.Electronic Delivery.  The Company may, in its sole discretion, decide to deliver any documents related to the Performance Shares or other awards granted to the Grantee under the Plan by electronic means.  The Grantee hereby consents to receive such documents by electronic 

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Exhibit 10.23

delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
16.Additional Requirements.  The Company reserves the right to impose other requirements on the Performance Shares, any Shares acquired pursuant to the Performance Shares, and the Grantee's participation in the Plan, to the extent the Company determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with local law or to facilitate the administration of the Plan.  Such requirements may include (but are not limited to) requiring the Grantee to sign any agreements or undertakings that may be necessary to accomplish the foregoing.
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IN WITNESS WHEREOF the Company and the Grantee have executed this Agreement as of the date first above written.
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	By:
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	Print  Name:
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	HAYNES INTERNATIONAL, INC.
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	By:
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	Print Name:
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	Title:
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Exhibit 10.23

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EXHIBIT A
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PERFORMANCE SHARES EARNED

​Exhibit 10.24

HAYNES INTERNATIONAL, INC.
NONQUALIFIED STOCK OPTION AGREEMENT
Dear PARTICIPANT,
The Compensation Committee of the Board of Directors of Haynes International, Inc. (the “Company”) on DATE OF GRANT (“Date of Grant”) has granted you an option (the “Option”) to purchase NUMBER OF SHARES Shares of the Company’s Common Stock, $0.001 par value (the “Shares”), pursuant to the Haynes International, Inc. 2020 Incentive Compensation Plan (the “Plan”), upon the following terms and conditions of this Nonqualified Stock Option Agreement (“Agreement”):
1. PURCHASE PRICE OF THE OPTION.  The purchase price of the Shares subject to the Option is $FMV per Share which is equal to the Fair Market Value per Share as of the close of trading on the business day immediately preceding the Date of Grant.  You must pay this purchase price by personal or bank cashier’s check at the time the Option is exercised; provided, however, that, with the approval of the Committee, you may exercise the Option by (i) tendering to the Company certificates representing whole Shares owned by you duly endorsed for transfer, or (ii) surrendering a sufficient portion of the vested Option based on the difference between the exercise price of the Option and the Fair Market Value at the time of exercise of the Shares subject to the Option, or (iii) any combination of (i) and/or (ii) and cash, together having a Fair Market Value equal to the exercise price of the Shares with respect to which the Option is exercised.  For this purpose, any Shares so tendered or withheld shall be deemed to have a Fair Market Value as determined under the Plan. 
To exercise the Option, you must send written notice to the Committee at the address provided in SECTION 11 of this Agreement.  Such notice shall (1) state the number of Shares being purchased pursuant to the Option (2) be signed by the person or persons exercising the Option and (3) be accompanied by payment of the full purchase price of such Shares (as provided above).  Certificates evidencing Shares of the Company shall not be delivered to you until an appropriate notice has been delivered and payment has been made.
2. OPTION TERM AND VESTING.  The term of the Option (the “Option Term”) shall be a period of ten (10) years from the Date of Grant, subject to earlier termination as provided in SECTIONS 3 and 4 or as may be provided in the Plan.  Except as otherwise provided below in SECTIONS 3 or 4 which provide for accelerated vesting under certain circumstances, the Option shall become exercisable with respect to 33-1/3 percent of the total number of Shares covered by the Option on the first anniversary of the Date of Grant and with respect to an additional 33-1/3 percent on each of the second anniversary and the third anniversary of the Date of Grant, respectively.  When the Option becomes exercisable with respect to any Shares, those Shares may be purchased at any time, or from time to time, in whole or in part, until the Option Term expires, subject to the terms of this Agreement and the Plan.
3.TERMINATION OF EMPLOYMENT OR SERVICE.
(a) Notwithstanding the vesting schedule set forth in SECTION 2, if you cease to be an Employee or a Non-Employee Director (as applicable) of the Company or a Subsidiary (as applicable) due to a Termination for Cause, all outstanding Options whether vested or unvested shall be void and deemed to be forfeited upon the date your employment or service ceases and shall not be exercisable to any extent whatsoever.
(b)If you cease to be an Employee or a Non-Employee Director (as applicable) of the Company or a subsidiary (as applicable) for any reason other than Cause, Death, Disability or Retirement, the unvested portion of the Option shall terminate immediately and the vested portion of the Option that is exercisable as of the date employment ceases shall remain exercisable for ninety (90) days following such termination, but not later than the expiration of the Option Term.  If you do not exercise the Option during such period, the Option shall be void and deemed to have been forfeited upon the expiration of such period and shall be of no further force or effect.

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Exhibit 10.24

(c)If you cease to be an Employee or a Non-Employee Director (as applicable) of the Company or a Subsidiary (as applicable) by reason of your Death or Disability, the unvested portion of the Option shall immediately vest and become exercisable and the Option shall remain exercisable for five (5) years following the date of Death or Disability, but not later than the expiration of the Option Term.  If you, or your authorized representative in the case of death, do(es) not exercise the Option during such period, the Option shall be void and deemed to have been forfeited upon the expiration of such period and shall be of no further force or effect.
(d)If you cease to be an Employee or a Non-Employee Director (as applicable) of the Company or a Subsidiary (as applicable) by reason of your Retirement, the unvested portion of the Option shall immediately vest and become exercisable and the Option shall remain exercisable for five (5) years following the date of such Retirement, but not later than the expiration of the Option Term.  If you do not exercise the Option during such period, the Option shall be void and deemed to have been forfeited upon the expiration of such period and shall be of no further force or effect. 
4.             ADJUSTMENT; CHANGE IN CONTROL.
(a)    The Option may be adjusted or terminated in any manner as contemplated in the Plan.
(b)     Unless the Committee determines otherwise in accordance with the terms of the Plan, upon the occurrence of a Change in Control, all Options shall become exercisable as and to the extent set forth in Article XII of the Plan.
(c)     Except as provided herein, the Option may be exercised in whole at any time or in part at any time to the extent that the Shares under the Option are then exercisable.  In no event, however, may the Option be exercised after the expiration of the Option Term, as described in SECTION 6 below.
5.       TRANSFER RESTRICTIONS.  The Option is non-transferable otherwise than by will or the laws of descent and distribution.  It may be exercised only by you, or if you die, by your executor, administrator, or person(s) to whom the Option is transferred by will or the laws of descent and distribution in accordance with SECTION 3.
6.      EXPIRATION OF AGREEMENT.  All rights to exercise the Option shall expire, in any event, upon the expiration of the Option Term.
7.       SHARE CERTIFICATES.  Certificates evidencing Shares issued upon any exercise of the Option may bear a legend setting forth, among other things, such restrictions on the disposition or transfer of the Shares as the Company may deem appropriate to comply with federal and state securities laws.
8.      IMPACT OF AGREEMENT ON YOUR EMPLOYMENT OR SERVICE.  Nothing contained in this Agreement or the Plan shall restrict the right of the Company or any of its Subsidiaries to terminate your employment or service at any time with or without Cause subject to any written employment agreement.
9.    AGREEMENT IS SUBJECT TO PLAN.  This Agreement is subject to all terms, provisions, and conditions of the Plan, which is incorporated herein by reference and to such regulation as may from time to time be adopted by the Committee.  In the event of any conflict between the provisions of the Plan and the provisions of this Agreement, the terms, conditions, and provisions of the Plan shall control, and this Agreement shall be deemed to be modified accordingly.
10.    NATURE OF OPTION.  This Agreement is intended to grant a Nonqualified Option.
11.    NOTICE.  All notices by you to the Company and your exercise of the Option shall be addressed to Haynes International, Inc., 1020 West Park Avenue, P.O. Box 9013, Kokomo, IN 46904, ATTENTION: Compensation Committee, or such other address as the Company may, from time to time, specify.
12.    SECURITIES LAWS.  Notwithstanding anything contained in this Agreement or in the Plan to the contrary, the Option may not be exercised until all applicable federal and state securities requirements pertaining to the offer and sale of the securities issued pursuant to the Plan have been met and the Company has been advised by 

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Exhibit 10.24

counsel satisfactory to the Company that all applicable requirements have been met.  If requested by the Committee, you agree to deliver to the Company such signed representations and covenants as may be necessary, satisfactory to the Company in the opinion of counsel, for compliance with applicable federal and state securities laws and such other instruments and agreements as the Committee may reasonably request.
13.     WITHHOLDING.  The Company shall have the right to withhold from your regular cash compensation, if any, or from any payments under this Agreement, or require you to submit, amounts sufficient to satisfy any federal, state, or local income or employment tax withholding requirements arising from your exercise of any rights under this Agreement or make such other arrangements satisfactory to the Company with regard to such taxes, including the withholding of Shares of common stock that are subject to the Option, at such time as the Company deems necessary or appropriate for compliance with such laws.
14.   DEFINITIONS.  All capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Plan.
	

	

	 
	Very truly yours,

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	HAYNES INTERNATIONAL, INC.

	 
	 

	 
	 

	 
	 

	 
	«Company Officer»​

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Exhibit 10.24

ACCEPTANCE OF NONQUALIFIED STOCK OPTION AGREEMENT
I hereby accept the terms and provisions of this Nonqualified Stock Option Agreement, dated DATE OF GRANT (“Agreement”), and the Haynes International, Inc. (“Company”) 2020Incentive Compensation Plan, as amended through the date hereof (“Plan”).  I acknowledge that I have received a copy of the Plan, and I am familiar with the terms and provisions of the Plan and the Agreement.  I agree to accept as binding, conclusive, and final all decisions and interpretations of the Company’s Board of Directors and Committee upon any questions arising under the Plan or this Agreement.
Dated this             day of                               ,                 .
	

	

	 
	 

	 
	 

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	PARTICIPANT

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