Document:

exv10w2

    Exhibit 10.2

 

    AMENDMENT
    NUMBER ONE TO THE

    COMMERCIAL METALS COMPANY

    2006 LONG-TERM EQUITY INCENTIVE PLAN

 

    This AMENDMENT NUMBER ONE TO THE COMMERCIAL METALS COMPANY 2006
    LONG-TERM EQUITY INCENTIVE PLAN (this
    “Amendment”), effective as of
    January 28, 2010, is made and entered into by Commercial
    Metals Company, a Delaware corporation (the
    “Company”). Terms used in this Amendment
    with initial capital letters that are not otherwise defined
    herein shall have the meanings ascribed to such terms in the
    Commercial Metals Company 2006 Long-Term Equity Incentive Plan
    (the “Plan”).

 

    RECITALS

 

    WHEREAS, Article 9 of the Plan provides that the
    Board of Directors of the Company (the
    “Board”) may amend the Plan at any time;

 

    WHEREAS, subject to stockholder approval, the Board
    desires to amend the Plan to (i) increase the aggregate
    number of shares of Common Stock that may be issued or delivered
    under the Plan set forth in Article 5 of the Plan,
    (ii) add certain restrictions to the share reuse provisions
    of the Plan, (iii) place limitations on the number of
    “Full Value Awards” that may be granted pursuant to
    the Plan, (iv) remove a restriction requiring the Committee
    to reduce the Award Period for Participants who have incurred a
    Termination of Service; and (v) reduce the Award Period for
    Incentives granted under the Plan from ten years to seven
    years; and

 

    WHEREAS, the Board plans to submit the proposal to amend
    the Plan to the Company’s stockholders at the 2010 Annual
    Meeting of Stockholders.

 

    NOW, THEREFORE, in accordance with Article 9 of the
    Plan, subject to stockholder approval, the Company hereby amends
    the Plan as follows:

 

    1. Section 5.1 of the Plan is hereby amended by
    deleting said section in its entirety and substituting in lieu
    thereof the following new Section 5.1:

 

    5.1  Number of Shares Available for
    Awards.  Subject to adjustment as provided in
    Articles 11 and 12 and the limitations on Full Value
    Awards as provided in Section 5.3, the maximum number of
    shares of Common Stock that may be delivered pursuant to Awards
    granted under the Plan is 10,000,000 shares, of which
    2,000,000 shares may be delivered pursuant to Incentive
    Stock Options. Subject to adjustment pursuant to
    Articles 11 and 12, no Participant may receive in
    any fiscal year of the Company, Awards that exceed an aggregate
    of more than 200,000 shares of Common Stock. Shares to be
    issued may be made available from authorized but unissued Common
    Stock, Common Stock held by the Company in its treasury, or
    Common Stock purchased by the Company on the open market or
    otherwise. During the term of this Plan, the Company will at all
    times reserve and keep available the number of shares of Common
    Stock that shall be sufficient to satisfy the requirements of
    this Plan.

 

    2. Section 5.2 of the Plan is hereby amended by
    deleting said section in its entirety and substituting in lieu
    thereof the following new Section 5.2:

 

    5.2  Reuse of Shares.  To the extent
    that any Award under this Plan shall be forfeited, shall expire
    or be canceled, in whole or in part on or after the Effective
    Date, then the number of shares of Common Stock covered by the
    Award so forfeited, expired or canceled may again be awarded
    pursuant to the provisions of this Plan. Shares of Common Stock
    subject to an Award under the Plan may not again be made
    available for issuance under the Plan and shall reduce the
    number of shares available for future issuances under the Plan
    if such shares of Common Stock are (i) shares of Common
    Stock that were subject to a Stock Option or a stock-settled SAR
    and were not issued upon the net settlement or net exercise of
    such Stock Option or SAR; (ii) shares of Common Stock
    delivered or withheld by the Company to pay the exercise price
    or the withholding tax obligations associated with Awards; or
    (iii) shares of Common Stock repurchased by the

    

    1

 

    Company on the open market or otherwise using the proceeds of
    the exercise of a Stock Option or stock-settled SAR by a
    Participant. Awards that may be satisfied either by the issuance
    of shares of Common Stock or by cash or other consideration
    shall be counted against the maximum number of shares of Common
    Stock that may be issued under this Plan only during the period
    that the Award is outstanding or to the extent the Award is
    ultimately satisfied by the issuance of shares of Common Stock.
    Awards will not reduce the number of shares of Common Stock that
    may be issued pursuant to this Plan if the settlement of the
    Award will not require the issuance of shares of Common Stock,
    as, for example, a SAR that can be settled only by the payment
    of cash. Notwithstanding any provisions of the Plan to the
    contrary, only shares forfeited back to the Company and shares
    canceled on account of termination, expiration or lapse of an
    Award, shall again be available for grant of Incentive Stock
    Options under the Plan, but shall not increase the maximum
    number of shares described in Section 5.1 above as
    the maximum number of shares of Common Stock that may be
    delivered pursuant to Incentive Stock Options.

 

    3. Article 5 of the Plan is hereby amended by adding
    the following new Section 5.3:

 

    5.3  Limitation on Full Value
    Awards.  Subject to adjustment as provided in
    Articles 11 and 12, no more than 7,000,000 of the
    shares of Common Stock that may be delivered pursuant to Awards
    under Section 5.1(a) may be delivered pursuant to
    Full Value Awards. For purposes hereof, the term
    “Full Value Award” shall mean any Award
    with a net benefit to the Participant, without regard to any
    restrictions such as those described in Section 6.4(b),
    equal to the aggregate Fair Market Value of the total shares of
    Common Stock subject to the Award. Full Value Awards include
    Restricted Stock and Restricted Stock Units, but do not include
    Stock Options and SARs.

 

    4. Section 7.1 of the Plan is hereby amended by
    deleting said section in its entirety and substituting in lieu
    thereof the following new Section 7.1:

 

    7.1  Award Period.  Subject to the
    other provisions of this Plan, the Committee may, in its
    discretion, provide that an Incentive may not be exercised in
    whole or in part for any period or periods of time or beyond any
    date specified in the Award Agreement. Except as provided in the
    Award Agreement, an Incentive may be exercised in whole or in
    part at any time during its term. No Incentive granted under the
    Plan may be exercised at any time after the end of its Award
    Period. No portion of any Incentive may be exercised after the
    expiration of seven (7) years from its Date of Grant.
    However, if an Employee owns or is deemed to own (by reason of
    the attribution rules of Section 424(d) of the Code) more
    than 10% of the combined voting power of all classes of stock of
    the Company (or any parent or Subsidiary) and an Incentive Stock
    Option is granted to such Employee, the term of such Incentive
    Stock Option (to the extent required by the Code at the time of
    grant) shall be no more than five (5) years from the Date
    of Grant.

 

    5. Except as expressly amended by this Amendment, the Plan
    shall continue in full force and effect in accordance with the
    provisions thereof.

 

    [Signature
    page to
    follow]
    

    

    2

 

    IN WITNESS WHEREOF, the Company has caused this Amendment
    to be duly executed as of the date first written above.

 

    COMMERCIAL METALS COMPANY

 

			
	 	    By: 
	/s/ Murray R. McClean

    Name: Murray R. McClean

			
	 	Title: President, Chief Executive Officer,

          and Chairman of the Board of Directors

    

    3exv10w3

    Exhibit 10.3

 

    AMENDMENT
    NUMBER ONE TO THE

    COMMERCIAL METALS COMPANY

    1999 NON-EMPLOYEE DIRECTOR STOCK PLAN

    (Second Amendment and Restatement by Board of Directors
    Effective as of January 1, 2007)

 

    This AMENDMENT NUMBER ONE TO THE COMMERCIAL METALS COMPANY 1999
    NON-EMPLOYEE DIRECTOR STOCK PLAN (this
    “Amendment”), effective as of
    January 28, 2010, is made and entered into by Commercial
    Metals Company, a Delaware corporation (the
    “Company”). Terms used in this Amendment
    with initial capital letters that are not otherwise defined
    herein shall have the meanings ascribed to such terms in the
    Commercial Metals Company 1999 Non-Employee Director Stock Plan,
    Second Amendment and Restatement, effective as of
    January 1, 2007 (the “Plan”).

 

    RECITALS

 

    WHEREAS, Article 9 of the Plan provides that the
    Board of Directors of the Company (the
    “Board”) may amend the Plan at any
    time; and

 

    WHEREAS, subject to stockholder approval, the Board
    desires to amend the Plan to (i) remove limitations placed
    on the Option Period following a Termination of Service as a
    Director due to death, Total and Permanent Disability, or
    Retirement, and (ii) extend the term of the Plan from
    January 31, 2010 to January 31, 2015; and

 

    WHEREAS, the Board plans to submit the proposal to amend
    the Plan to the Company’s stockholders at the 2010 Annual
    Meeting of Stockholders.

 

    NOW, THEREFORE, in accordance with Article 9 of the
    Plan, subject to stockholder approval, the Company hereby amends
    the Plan as follows:

 

    1. Article 7 of the Plan is hereby amended by deleting
    said article in its entirety and substituting in lieu thereof
    the following new Article 7:

 

    ARTICLE 7

    

 

    OPTION
    PERIOD; FORFEITURE
    

 

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

 

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

 

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

 

    (b) 5 p.m. on the date that is thirty (30) days
    after any Termination of Service as a Director, other than for a
    Termination of Service due to death, Total and Permanent
    Disability, or Retirement; provided that any installment not
    vested and exercisable on the date of such Termination of
    Service as a Director shall terminate and be forfeited on such
    date.

 

    2. Article 10 of the Plan is hereby amended by
    deleting said article in its entirety and substituting in lieu
    thereof the following new Article 10:

    

    1

 

    ARTICLE 10

    

 

    STOCKHOLDER
    APPROVAL; TERM
    

 

    Anything in the Plan to the contrary notwithstanding, the
    effectiveness of the Plan and of the grant of all Awards
    hereunder is in all respects subject to the approval of the Plan
    by the affirmative vote of the holders of a majority of the
    shares of the Common Stock present in person or by proxy and
    entitled to vote at a meeting of stockholders at which the Plan
    is presented for approval. Awards may be granted under the Plan
    prior to the time of stockholder approval. Any such Awards
    granted prior to such stockholder approval shall be subject to
    such stockholder approval. Unless sooner terminated by action of
    the Board, the Plan will terminate on January 31, 2015, but
    Awards granted before such date will continue to be effective in
    accordance with their terms and conditions.

 

    3. Except as expressly amended by this Amendment, the Plan
    shall continue in full force and effect in accordance with the
    provisions thereof.

 

    [Signature
    page to
    follow]
    

    

    2

 

    IN WITNESS WHEREOF, the Company has caused this Amendment
    to be duly executed as of the date first written above.

 

    COMMERCIAL METALS COMPANY

 

			
	 	    By: 
	
     /s/ Murray R. McClean 

    Name: Murray R. McClean

			
	 	Title: President, Chief Executive Officer, 

          and Chairman of the Board of Directors

3

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