Document:

<PAGE>

                                                                    EXHIBIT 10.2

                          REGISTRATION RIGHTS AGREEMENT

                                       FOR

                                  COMMON STOCK

                              Dated March 17, 2000

                                  by and among

                            FABRISTEEL HOLDINGS, INC.

                         CITICORP VENTURE CAPITAL, LTD.,

                                       and

                       THE INVESTORS LISTED ON SCHEDULE A

<PAGE>

                 REGISTRATION RIGHTS AGREEMENT FOR COMMON STOCK

          This Registration Rights Agreement for Common Stock (the "Agreement")
is made and entered into March 17, 2000, by and among FabriSteel Holdings, Inc,
a Delaware corporation (the "Company"), Citicorp Venture Capital, Ltd., a New
York corporation ("CVC"), the individuals listed as "Continuing Investors" on
Schedule A hereto (collectively, the "Continuing Investors"), the individuals
listed as "Management Investors" on Schedule A hereto and the individuals who
join in the Securities Purchase and Holders Agreement (as hereinafter defined)
and this Agreement as Management Investors (collectively, the "Management
Investors") and the individuals and other entities listed as "Other Investors"
on Schedule A hereto (the "Other Investors"). As used herein, CVC, the
Continuing Investors, the Management Investors and the Other Investors are
sometimes referred to herein collectively as the "Investors" and each
individually as the "Investor"; and term "Company" shall mean the Company and
any of its successors.

          This Agreement is made pursuant to the Securities Purchase and Holders
Agreement. In order to induce the Investors to enter into the Securities
Purchase and Holders Agreement, the Company has agreed to provide the
registration rights set forth in this Agreement.

          The parties hereby agree as follows:

          1. Definitions

          As used in this Agreement, the following capitalized terms shall have
the following meanings:

          "Affiliate" has the meaning set forth in Rule 12b-2 of the Rules
promulgated under the Exchange Act.

          "Commission" means the Securities and Exchange Commission.

          "Common Stock" means the Class A Common Stock, par value $.01 per
share, of the Company, including shares of Class A Common Stock issuable upon
the conversion of shares of Class B Common Stock, par value $.01 per share, and
as adjusted for any stock dividend or distribution payable thereon or stock
split, reverse stock split, recapitalization, reclassification, reorganization,
exchange, subdivision or combination thereof.

          "Demand Registration" has the meaning set forth is Section 4(a) of
this Agreement.

          "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time.

          "Person" means an individual, partnership, corporation, trust or
unincorporated organization, or a government or agency or political subdivision
thereof.

                                     - 2 -

<PAGE>

          "Prospectus" means the prospectus included in any Registration
Statement, as amended or supplemented by any prospectus supplement with respect
to the terms of the offering of any portion of the Registrable Securities
covered by such Registration Statement and all other amendments and supplements
to the Prospectus, including post-effective amendments, and all material
incorporated by reference in such Prospectus.

          "Registration Expenses" means the costs and expenses of all
registrations and qualifications under the Securities Act, and of all other
actions the Company is required to take in order to effect the registration of
Registrable Securities under the Securities Act pursuant to this Agreement
(including all federal and state registration and filing fees, printing
expenses, fees and disbursements of counsel for the Company and the fees and
expenses of the Company's independent public accountants (including the expenses
of any special audit and "cold comfort" letters required by or incident to such
registration)) other than the costs and expenses of any Investors whose
Registrable Securities are to be registered pursuant to this Agreement
comprising underwriters' commissions, brokerage fees, transfer taxes or the fees
and expenses of any accountants or other representatives retained by any
Investor.

          "Registration Statement" means any registration statement of the
Company which covers any of the Registrable Securities pursuant to the
provisions of this Agreement, including the Prospectus, amendments and
supplements to such Registration Statement, including post-effective amendments,
all exhibits and all material incorporated by reference in such Registration
Statement.

          "Registrable Securities" has the meaning set forth in Section 2 of
this Agreement.

          "Securities Act" means the Securities Act of 1933, as amended from
time to time.

          "Securities Purchase and Holders Agreement" means the Securities
Purchase and Holders Agreement dated as of the date hereof among the Company,
CVC, the Continuing Investors and the other signatories thereto.

          "Special Registration Statement" means (i) a registration statement on
Forms S-8 or S-4 or any similar or successor form or any other registration
statement relating to an exchange offer or an offering of securities solely to
the Company's employees or security holders or (ii) a registration statement
registering a Unit Offering.

          "Unit Offering" means a public offering of a combination of debt and
equity securities of the Company in which (i) not more than 20% of the gross
proceeds received for the sale of such securities is attributed to such equity
securities, and (ii) after giving effect to such offering, the Company does not
have a class of equity securities required to be registered under the Exchange
Act.

          "underwritten registration" or "underwritten offering" means a
registration in which securities of the Company are sold to an underwriter for
reoffering to the public.

                                     - 3 -

<PAGE>

          2. Registrable Securities. The securities entitled to the benefits of
this Agreement are the Registrable Securities. As used herein, "Registrable
Securities" means the shares of Common Stock that are issued (or issuable) and
outstanding on the date hereof and the shares of Common Stock that become issued
(or issuable) and outstanding after the date hereof; provided, however, that
shares of Common Stock issued to Management Investors which shares are subject
to the restrictions contained in Article VI of the Securities Purchase and
Holders Agreement shall be deemed to be Registrable Securities only to the
extent such shares are eligible for repurchase by the Company at the Repurchase
Price (as defined in the Securities Purchase and Holders Agreement) pursuant to
Section 6.3 of the Securities Purchase and Holders Agreement; and provided,
further, that each share of Common Stock shall cease to be a Registrable
Security when (i) it has been effectively registered under the Securities Act
and disposed of in accordance with the registration statement covering it; (ii)
it is distributed to the public pursuant to Rule 144 (or any similar provisions
then in force) under the Securities Act; or (iii) it has otherwise been
transferred and a new certificate or other evidence of ownership for it not
bearing or requiring a legend as set forth in Section 3.2 of the Securities
Purchase and Holders Agreement (or other legend of similar import) and not
subject to any stop transfer order has been delivered by or on behalf of the
Company and no other restriction on transfer exists under the Securities Act.

          3. Incidental Registration.

               (a) Right to Include Common Stock. If the Company at any time
proposes to register any of its Common Stock under the Securities Act (other
than on a Special Registration Statement), whether or not for sale for its own
account, it will each such time give at least 30 days prior written notice (the
"Notice") to all holders of Registrable Securities of its intention to issue its
Common Stock under the Securities Act and of such holders' rights under this
Section 3. Upon the written request of any such holders of Registrable
Securities made within 15 days of the date of the Notice (which request shall
specify the aggregate number of the Registrable Securities to be registered and
will also specify the intended method of disposition thereof), the Company will
effect the registration under the Securities Act of all Registrable Securities
which the Company has been so requested to register by the holders thereof (an
"Incidental Registration"), to the extent required to permit the public
disposition (in accordance with such intended methods thereof) of the
Registrable Securities to be so registered; provided, that (i) if, at any time
after giving written notice of its intention to register shares of Common Stock
and prior to the effective date of the registration statement filed in
connection with such registration, the Company shall determine for any reason
not to register the Company's Common Stock, the Company shall give written
notice of such determination to each holder of Registrable Securities and,
thereupon, shall be relieved of its obligation to register any Registrable
Securities in connection with such registration (but not from its obligation to
pay the Registration Expenses in connection therewith); (ii) if a registration
requested pursuant to this Section 3 shall involve an underwritten public
offering, any holder of Registrable Securities requesting to be included in such
registration may elect, in writing at least 30 days prior to the effective date
of the registration statement filed in connection with such registration, not to
register such securities in connection with such registration; and (iii) if, at
any time after the 180-day or shorter period specified in Section 3(b), the sale
of the securities has not been completed, the Company may

                                     - 4 -

<PAGE>

withdraw from the registration on a pro rata basis (based on the number of
Registrable Securities requested by each holder of Registrable Securities to be
so registered) the Registrable Securities which the Company has been requested
to register and which have not been sold.

               (b) Priority in Incidental Registrations. If a registration
pursuant to Section 3(a) involves an underwritten offering and the managing
underwriter advises the Company in writing that, in its opinion, the total
number of shares of Common Stock to be included in such registration, including
the Registrable Securities requested to be included pursuant to this Section 3,
exceeds the maximum number of shares of Common Stock specified by the managing
underwriter that may be distributed without adversely affecting the price,
timing or distribution of such shares of Common Stock, then the Company shall
include in such registration only such maximum number of Registrable Securities
which, in the reasonable opinion of such underwriter or underwriters, can be
sold in the following order of priority: (i) first, all of the shares of Common
Stock that the Company proposes to sell for its own account, if any, (ii)
second, all of the shares of Common Stock being registered by holder(s) of
Registrable Securities pursuant to a Demand Registration (as hereinafter
defined), and (iii) third, the Registrable Securities of the holder(s) of
Registrable Securities requested to be included in such Incidental Registration.
To the extent that shares of Common Stock to be included in the Incidental
Registration must be allocated among the holders(s) of Registrable Securities
pursuant to clause (iii) above, such shares shall be allocated pro rata among
the holders(s) of Registrable Securities based on the number of shares of Common
Stock that such holders(s) of Registrable Securities shall have requested to be
included therein. Notwithstanding the foregoing, if an Incidental Registration
is an underwritten offering, the managing underwriter or underwriters may select
shares for inclusion, or exclude shares completely, in such Incidental
Registration on a basis other than a pro rata basis if, in the reasonable
opinion of such underwriter or underwriters, selection on such other basis, or
inclusion of such shares, would be material to the success of the offering.

               (c) Expenses. The Company will pay all Registration Expenses in
connection with any registration of Registrable Securities requested pursuant to
this Section 3.

               (d) Liability for Delay. The Company shall not be held
responsible for any delay in the filing or processing of a registration
statement which includes any Registrable Securities due to requests by holders
of Registrable Securities pursuant to this Section 3 nor for any delay in
requesting the effectiveness of such registration statement.

          4. Demand Registration

               (a) Right to Demand Registration. Subject to Section 4(b) below,
CVC shall be entitled to make a written request ("Demand Registration Request")
to the Company for registration with the Commission under and in accordance with
the provisions of the Securities Act of all or part of the Registrable
Securities owned by it (a "Demand Registration") (which Demand Registration
Request shall specify the intended number of Registrable Securities to be
disposed of by such holder and the intended method of disposition thereof);
provided, that the Company may, if the Board of Directors so determines in the
exercise

                                     - 5 -

<PAGE>

of its reasonable judgment that due to a pending or contemplated acquisition or
disposition or public offering it would be inadvisable to effect such Demand
Registration at such time, defer such Demand Registration for a single period
not to exceed 180 days. Within 10 days after receipt of the Demand Registration
Request, the Company will serve written notice (the "Notice") of such Demand
Registration Request to all holders of Registrable Securities and, subject to
paragraph (c) below, the Company will include in such registration all
Registrable Securities of such holders with respect to which the Company has
received written requests for inclusion therein from such holders within fifteen
(15) business days after the receipt by the applicable holder of the Notice. All
requests made pursuant to this paragraph 4(a) will specify the aggregate number
of the Registrable Securities to be registered and will also specify the
intended methods of disposition thereof.

               (b) Number of Demand Registrations. CVC shall be entitled to make
one or more Demand Registration Requests at any time and from time to time. The
Registration Expenses shall be borne by the Company.

               (c) Priority on Demand Registration. If any of the Registrable
Securities proposed to be registered pursuant to a Demand Registration are to be
sold in a firm commitment underwritten offering and the managing underwriter or
underwriters of a Demand Registration advise the Company and the holders of such
Registrable Securities in writing that in its or their reasonable opinion the
number of shares of Common Stock proposed to be sold in such Demand Registration
exceeds the maximum number of shares specified by the managing underwriter that
may be distributed without adversely affecting the price, timing or distribution
of the Common Stock, the Company shall include in such registration only such
maximum number of Registrable Securities which, in the reasonable opinion of
such underwriter or underwriters can be sold in the following order of priority:
(i) first, the Registrable Securities requested to be included in such Demand
Registration held by the party requesting such Demand Registration; (ii) second,
shares of Common Stock to be offered by the Company in such Demand Registration;
and (iii) third, shares of Common Stock held by other holders requested to be
included in such Demand Registration, provided that such amount shall be
allocated among such other holders on a pro rata basis based upon their
respective percentage of ownership of the total number of shares of Common Stock
then outstanding.

          5. Registration Procedures. If and whenever the Company is required to
effect or cause the registration of any Registrable Securities under the
Securities Act as provided in this Agreement, the Company will, as expeditiously
as possible:

               (a) prepare and file with the Commission a registration statement
with respect to such Registrable Securities, and use its best efforts to cause
such registration statement to become effective; provided, however, that the
Company may discontinue any registration of its securities which is being
effected pursuant to Sections 3 or 4 herein at any time prior to the effective
date of the registration statement relating thereto;

               (b) prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in connection
therewith as

                                     - 6 -

<PAGE>

may be necessary to keep such registration statement effective for a period of
not less than 180 days or such shorter period which will terminate when all
Registrable Securities covered by such registration statement have been sold
(but not before the expiration of the applicable period referred to in Section
4(3) of the Securities Act and Rule 174 thereunder, if applicable) and comply
with the provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement during such period in
accordance with the intended methods of disposition by the seller or sellers
thereof set forth in such registration statement;

               (c) furnish to each seller of such Registrable Securities such
number of copies of such registration statement and of each such amendment and
supplement thereof (in each case including all exhibits), such number of copies
of the prospectus included in such registration statement (including each
preliminary prospectus and summary prospectus), in conformity with the
requirements of the Securities Act, and such other documents as such seller may
reasonably request in order to facilitate the disposition of the Registrable
Securities by such seller;

               (d) use its best efforts to register or qualify such Registrable
Securities covered by such registration statement under such other securities or
blue sky laws of such jurisdictions as each seller shall request, and do any and
all other acts and things which may be necessary or advisable to enable such
seller to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such seller; provided, however, that the Company shall not
be required to qualify generally to do business in any jurisdiction where it is
not then so qualified or to take any action which would subject it to general
service of process in any such jurisdiction where it is not then so subject or
subject itself to general taxation in any jurisdiction where it is not then so
subject;

               (e) immediately notify each seller of any Registrable Securities
covered by such registration statement, at any time when a prospectus relating
thereto is required to be delivered under the Act within the appropriate period
mentioned in clause (b) of this Section 5, of the Company becoming aware that
the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading in the light of the circumstances then existing, and within ten
days prepare and furnish to all sellers a reasonable number of copies of an
amended or supplemental prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus
shall not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing;

               (f) use its best efforts to list such Registrable Securities on
any securities exchange on which the Common Stock is then listed or Nasdaq if
the Common Stock is then quoted on Nasdaq, if such Registrable Securities are
not already so listed or quoted and if such listing is then permitted under the
rules of such exchange or Nasdaq, and provide an independent transfer agent and
registrar for such Registrable Securities covered by such registration statement
not later than the effective date of such registration statement;

                                     - 7 -

<PAGE>

               (g) furnish to each seller of Registrable Securities covered by
such registration statement a signed counterpart, addressed to such seller (and
the underwriters, if any) of:

                    (i) an opinion of counsel for the Company, dated the
effective date of such registration statement (or, if such registration involves
an underwritten public offering, dated the date of the closing under the
underwriting agreement), reasonably satisfactory in form and substance to the
sellers of not less than 50% of such Registrable Securities (and the managing
underwriter, if any); and

                    (ii) a "comfort" letter, dated the effective date of such
registration statement (or, if such registration involves an underwritten public
offering, dated the date of the closing under the underwriting agreement),
signed by the independent public accountants who have certified the Company's
financial statements included in such registration statement, covering such
matters with respect to such registration statement as are customarily covered
in accountants' letters delivered to the underwriters in underwritten offerings
of securities as may reasonably be requested by the sellers of not less than 50%
of such Registrable Securities (and the managing underwriter, if any); and

               (h) make available for inspection by any seller of such
Registrable Securities covered by such registration statement, by any
underwriter participating in any disposition to be effected pursuant to such
registration statement and by any attorney, accountant or other agent retained
by any such seller or any such underwriter (individually, an "Inspector" and
collectively, the "Inspectors"), all pertinent financial and other records,
pertinent corporate documents and properties of the Company as shall be
reasonably necessary to enable them to exercise their due diligence
responsibility (collectively, the "Records"), and cause all of the Company's
officers, directors and employees to supply all information reasonably requested
by any such seller, underwriter, attorney, accountant or agent in connection
with such registration statement; provided that any Records that are designated
by the Company in writing as confidential shall be kept confidential by the
Inspectors unless (A) the disclosure of such Records is necessary to avoid or
correct a misstatement or omission in such registration statement or (B) the
release of such Records is ordered pursuant to a subpoena or other order from a
court of competent jurisdiction or by any regulatory authority having
jurisdiction. Each Investor agrees that non-public information obtained by it as
a result of such Inspections shall be deemed confidential and acknowledges its
obligations under the Federal securities laws not to trade any securities of the
Company on the basis of material non-public information.

          The Company may require each seller of Registrable Securities as to
which any registration is being effected promptly to furnish to the Company such
information regarding the distribution of such Registrable Securities as may be
legally required. Such information shall be furnished in writing and shall state
that it is being furnished for use in the registration statement.

          Each holder of Registrable Securities agrees by acquisition of such
Registrable Securities that, upon receipt of any notice from the Company of the
happening of any event of the kind described in clause (e) of this Section 5,
such holder will forthwith discontinue

                                     - 8 -

<PAGE>

disposition of Registrable Securities pursuant to the registration statement
covering such Registrable Securities until such holder's receipt of the copies
of the supplemented or amended prospectus contemplated by clause (e) of this
Section 5, and, if so directed by the Company, such holder will deliver to the
Company (at the Company's expense) all copies, other than permanent file copies
then in such holder's possession, of the prospectus covering such Registrable
Securities current at the time of receipt of the Company's notice. In the event
the Company shall give any such notice, the period mentioned in clause (b) of
this Section 5 shall be extended by the number of days during the period from
and including the date of the giving of such notice pursuant to clause (e) of
this Section 5 and including the date when each seller of Registrable Securities
covered by such registration statement shall have received the copies of the
supplemented or amended prospectus contemplated by clause (e) of this Section 5.

          6. Indemnification.

               (a) Indemnification by the Company. The Company hereby agrees to
indemnify and hold harmless each holder of Registrable Securities which shall
have been registered under the Securities Act, and such holder's officers,
directors and agents and each other Person, if any, who controls such holder
within the meaning of the Securities Act and each other Person (including
underwriters) who participates in the offering of such Registrable Securities
against any losses, claims, damages, liabilities, reasonable attorneys' fees,
costs or expenses (collectively, the "Damages"), joint or several, to which such
holder or controlling Person or participating Person may become subject under
the Securities Act or otherwise, insofar as such Damages (or proceedings in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact made by the Company or its agents
contained in any registration statement under which such Registrable Securities
are registered under the Securities Act, in any preliminary prospectus or final
prospectus contained therein, or in any amendment or supplement thereof, or
arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the
statements therein not misleading, and will reimburse such holder of Registrable
Securities or such controlling Person or participating Person in connection with
investigating or defending any such Damages or proceeding; provided, however,
that the Company will not be liable in any such case to the extent that any such
Damages arise out of or are based upon (i) an untrue statement or alleged untrue
statement or omission or alleged omission made in such registration statement,
said preliminary or final prospectus or said amendment or supplement in reliance
upon and in conformity with written information furnished to the Company by such
holder or such controlling or participating Person, as the case may be,
specifically for use in the preparation thereof; or (ii) an untrue statement or
alleged untrue statement, omission or alleged omission in a prospectus if such
untrue statement or alleged untrue statement, omission or alleged omission is
corrected in an amendment or supplement to the prospectus which amendment or
supplement is delivered to such holder in a timely manner and such holder
thereafter fails to deliver such prospectus as so amended or supplemented prior
to or concurrently with the sale of such Registrable Securities to the Person
asserting such Damages.

               (b) Indemnification by the Holders of Registrable Securities
Which Are Registered. It shall be a condition of the Company's obligations under
this Agreement to

                                     - 9 -

<PAGE>

effect any registration under the Securities Act that there shall have been
delivered to the Company an agreement or agreements duly executed by each holder
of Registrable Securities to be so registered, whereby such holder agrees to
indemnify and hold harmless the Company, its directors, officers and agents and
each other Person, if any, which controls the Company within the meaning of the
Securities Act against any Damages, joint or several, to which the Company, or
such other Person or such Person controlling the Company may become subject
under the Securities Act or otherwise, but only to the extent that such Damages
(or proceedings in respect thereof) arise out of or are based upon any untrue
statements or alleged untrue statement of any material fact contained, on the
effective date thereof, in any registration statement under which such
Registrable Securities are registered under the Securities Act, in any
preliminary prospectus or final prospectus contained therein or in any amendment
or supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, which, in each such
case, has been made in or omitted from such registration statement, said
preliminary or final prospectus or said amendment or supplement in reliance
upon, and in conformity with, written information furnished to the Company by
such holder of Registrable Securities specifically for use in the preparation
thereof. The Company shall be entitled to receive indemnities from underwriters,
selling brokers, dealer managers and similar securities industry professionals
participating in the distribution, to the same extent as provided above, with
respect to information furnished in writing by such Persons specifically for
inclusion in any prospectus or registration statement.

               (c) Conduct of Indemnification Proceedings. Any Person entitled
to indemnification hereunder shall (i) give prompt written notice to the
indemnifying party of the commencement of any action or proceeding involving a
claim referred to in the preceding Sections 6(a) and 6(b); and (ii) unless the
indemnified party has been advised by its counsel that a conflict of interest
exists between such indemnified and indemnifying parties under applicable
standards of professional responsibility, with respect to such claim, permit
such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. Whether or not such defense is
assumed by the indemnifying party, the indemnifying party will not be subject to
any liability for any settlement made without its consent (but such consent will
not be unreasonably withheld). No indemnifying party will consent to the entry
of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect of such claim or
litigation; provided, however, that no indemnifying party will consent to the
entry of any judgment or enter into any settlement (other than for the payment
of money only) without the consent of the indemnified party (which consent will
not be unreasonably withheld). An indemnifying party who is not entitled to, or
elects not to, assume the defense of the claim, will not be obligated to pay the
fees and expenses of more than one counsel for all parties indemnified by such
indemnifying party with respect to such claim, unless in the reasonable judgment
of any indemnified party a conflict of interest may exist between such
indemnified party and any other such indemnified parties with respect to such
claim, in which event the indemnifying party shall be obligated to pay the fees
and expenses of such additional counsel or counsels.

                                     - 10 -

<PAGE>

               (d) Contribution. If for any reason the indemnification provided
for in the preceding Sections 6(a) or 6(b) is unavailable to an indemnified
party in respect of any Damages referred to therein, the indemnifying party
shall contribute to the amount paid or payable by the indemnified party as a
result of such Damages in such proportion as is appropriate to reflect not only
the relative benefits received by the indemnified party and the indemnifying
party, but also the relative fault of the indemnified party and the indemnifying
party, as well as any other relevant equitable considerations. The relative
fault of such indemnifying party and indemnified parties shall be determined by
reference to, among other things, whether any action in question, including any
untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact, has been made by, or relates to information
supplied by, such indemnifying party or indemnified parties, and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such action; provided, however, that in no event shall the liability of
any selling holder of Registrable Securities hereunder be greater in amount than
the difference between the dollar amount of the proceeds received by such holder
upon the sale of the Registrable Securities giving rise to such contribution
obligation and all amounts previously contributed by such holder with respect to
such Damages. No Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of fraudulent misrepresentation.

          7. Hold-Back Agreements

               (a) Restrictions on Public Sale by Holder of Registrable
Securities. Each holder of Registrable Securities whose Registrable Securities
are eligible for inclusion in a Registration Statement filed pursuant to
Sections 3 or 4 agrees, if requested by the managing underwriter or underwriters
in an underwritten offering of any Registrable Securities, not to effect any
public sale or distribution of Registrable Securities, including a sale pursuant
to Rule 144 (or any similar provision then in force) under the Securities Act
(except as part of such underwritten registration), during the 10-day period
prior to, and during the 180-day period (or such shorter period as may be agreed
to by the parties hereto) beginning on the effective date of such Registration
Statement, to the extent timely notified in writing by the Company or the
managing underwriter or underwriters.

          The foregoing provisions shall not apply to any holder of Registrable
Securities if such holder is prevented by applicable statute or regulation from
entering into any such agreement; provided, however, that any such holder shall
undertake, in its request to participate in any such underwritten offering, not
to effect any public sale or distribution of Registrable Securities (except as
part of such underwritten registration) during such period unless it has
provided 45 days prior written notice of such sale or distribution to the
managing underwriter or underwriter.

               (b) Restrictions on Public Sale by the Company and Others. The
Company shall (i) not effect any public sale or distribution of any of its
Common Stock for its own account during the 10-day period prior to, and during
the 180-day period beginning on, the effective date of a Registration Statement
filed pursuant to Sections 3 or 4 (except as part of a Special Registration
Statement), and (ii) use reasonable efforts to cause each holder of Common

                                     - 11 -

<PAGE>

Stock purchased from the Company at any time after the date of this Agreement
(other than in a registered public offering) to agree not to effect any public
sale or distribution of any such securities during such period, including a sale
pursuant to Rule 144 under the Securities Act (except as part of such
underwritten registration, if permitted).

          8. Underwritten Registration

          If any of the Registrable Securities covered by any Incidental
Registration are to be sold in an underwritten offering, the investment banker
or investment bankers and manager or managers that will administer the offering
will be selected by the Company and, in the case of a Demand Registration
approved by CVC.

          Notwithstanding anything herein to the contrary, no Person may
participate in any underwritten registration hereunder unless such Person (a)
agrees to sell such Person's securities on the basis provided in any
underwritten arrangements approved by the Persons entitled hereunder to approve
such arrangement and (b) accurately completes and executes all questionnaires,
powers of attorney, indemnities, custody agreements, underwriting agreements and
other documents required under the terms of such underwriting arrangements.

          9. Miscellaneous

               (a) Amendment and Modification. This Agreement may be amended or
modified, or any provision hereof may be waived, provided that such amendment or
waiver is set forth in a writing executed by (i) the Company, (ii) CVC (so long
as CVC and its Affiliates own in the aggregate at least 25% of the outstanding
Common Stock on a fully diluted basis), (iii) the holders of a majority of the
shares of the Registrable Securities held by Investors other than CVC and (iv)
in the case of any amendment which materially and adversely affects any
Investor, such Investor. No course of dealing between or among any persons
having any interest in this Agreement will be deemed effective to modify, amend
or discharge any part of this Agreement or any rights or obligations of any
person under or by reason of this Agreement.

               (b) Survival of Representations and Warranties. All
representations, warranties, covenants and agreements set forth in this
Agreement will survive the execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby, regardless of any
investigation made by an Investor or on its behalf.

               (c) Successors and Assigns; Entire Agreement. This Agreement and
all of the provisions hereof shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns and
executors, administrators and heirs. This Agreement set forth the entire
agreement and understandings among the parties as to the subject matter hereof
and merges and supersedes all prior discussions and understandings of any and
every nature among them.

               (d) Separability. In the event that any provision of this
Agreement or the application of any provision hereof is declared to be illegal,
invalid or otherwise unenforceable by a court of competent jurisdiction, the
remainder of this Agreement shall not be

                                     - 12 -

<PAGE>

affected except to the extent necessary to delete such illegal, invalid or
unenforceable provision unless that provision held invalid shall substantially
impair the benefits of the remaining portions of this Agreement.

               (e) Notices. All notices provided for or permitted hereunder
shall be made in writing by hand-delivery, registered or certified first-class
mail, telex, telecopier or air courier guaranteeing overnight delivery to the
other party at the following addresses (or at such other address as shall be
given in writing by any party to the others):

          If to the Company to:

          FabriSteel Holdings, Inc.
          22100 Trolley Industrial Drive
          Taylor, Michigan 48180-1872
          Attention:  President

          with required copies to:

          Dechert Price & Rhoads
          4000 Bell Atlantic Tower
          1717 Arch Street
          Philadelphia, PA  19103
          Attention: Craig L. Godshall, Esq.

          If to CVC, to:

          Citicorp Venture Capital, Ltd.
          399 Park Avenue, 14th Floor
          New York, New York  10043
          Attention: Charles Corpening

          with a required copy to:

          Dechert Price & Rhoads
          4000 Bell Atlantic Tower
          1717 Arch Street
          Philadelphia, PA  19103
          Attention: Craig L. Godshall, Esq.

          If to an Investor, at the most current address given by such Investor
          to the Company in accordance with this Section 10(e), which address
          initially is, with respect to each Investor, the address set forth on
          Schedule A hereto.

          All such notices shall be deemed to have been duly given: when
delivered by hand, if personally delivered; five business days after being
deposited in the mail, postage

                                     - 13 -

<PAGE>

prepaid, if mailed; when answered back, if telexed; when receipt acknowledged,
if telecopied; and on the next business day, if timely delivered to an air
courier guaranteeing overnight delivery.

               (f) Governing Law. The validity, performance, construction and
effect of this Agreement shall be governed by and construed in accordance with
the internal law of Delaware, without giving effect to principles of conflicts
of law.

               (g) Headings. The headings in this Agreement are for convenience
of reference only and shall not constitute a part of this Agreement, nor shall
they affect their meaning, construction or effect.

               (h) Counterparts. This Agreement may be executed in two or more
counterparts and by the 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 one and the same instrument.

               (i) Further Assurances. Each party shall cooperate and take such
action as may be reasonably requested by another party in order to carry out the
provisions and purposes of this Agreement and the transactions contemplated
hereby.

               (j) Termination. Unless sooner terminated in accordance with its
terms, this Agreement shall terminate on the fifteenth anniversary of the date
of this Agreement; provided that the indemnification rights and obligations set
forth in Section 6 hereof shall survive the termination of this Agreement.

               (k) Remedies. In the event of a breach or a threatened breach by
any party to this Agreement of its obligations under this Agreement, any party
injured or to be injured by such breach, in addition to being entitled to
exercise all rights granted by law, including recovery of damages, will be
entitled to specific performance of its rights under this Agreement, it being
agreed by the parties that the remedy at law, including monetary damages, for
breach of such provision will be inadequate compensation for any loss and that
any defense in any action for specific performance that a remedy at law would be
adequate is waived.

               (l) Party No Longer Owning Securities. If a party hereto ceases
to own any Registrable Securities, such party will no longer be deemed to be an
Investor for purposes of this Agreement; provided that the indemnification
rights and obligations set forth in Section 6 hereof shall survive any such
cessation of ownership.

               (m) Pronouns. Whenever the context may require, any pronouns used
herein shall be deemed also to include the corresponding neuter, masculine or
feminine forms.

               (n) No Effect on Employment. Nothing herein contained shall
confer on any Investor the right to remain in the employ of the Company or any
of its subsidiaries or Affiliates.

                                     - 14 -

<PAGE>

               (o) Signatures. While there are signature pages attached to this
Agreement, this Agreement shall be binding upon each Investor whether or not any
such Investor has executed this Agreement.

                  [Remainder of Page Intentionally Left Blank]

                                     - 15 -

<PAGE>

          IN WITNESS WHEREOF, the parties have executed this Registration Rights
Agreement as of the date first written above.

                       FABRISTEEL HOLDINGS, INC.

                       By: /s/ Rex A. Ogg
                           -------------------------------------
                           Rex A. Ogg

                       Its: President

                       CITICORP VENTURE CAPITAL LTD.

                       By: /s/ Charles E. Corpening
                           -------------------------------------
                       Its: Vice President

                       MANAGEMENT INVESTORS:

                       /s/ Rex A. Ogg
                       -----------------------------------------
                       Rex A. Ogg
                       9255 Fellows Creek Drive
                       Plymouth, MI  48170
                       Social Security Number: ###-##-####

                       /s/ Mark J. MacGuidwin
                       -----------------------------------------
                       Mark J. MacGuidwin
                       385 Yarmouth Road
                       Bloomfield Hills, MI 48301
                       Social Security Number:  ###-##-####

                       /s/ James B. Ross
                       -----------------------------------------
                       James B. Ross
                       3316 Summit Ridge Drive
                       Rochester Hills, MI 48306
                       Social Security Number:  ###-##-####

                       /s/ David W. Sickels
                       -----------------------------------------
                       David W. Sickels
                       46069 Green Valley

                                     - 16 -

<PAGE>

                       Plymouth, MI 48170
                       Social Security Number:  ###-##-####

                       /s/ John J. Vrana
                       -----------------------------------------
                       John J. Vrana
                       540 Essex Drive
                       Rochester Hills, MI 48307
                       Social Security Number:  ###-##-####

                       /s/ Richard Puricelli
                       -----------------------------------------
                       Richard Puricelli
                       2750 Indian Mound Road South
                       Bloomfield Hills, MI 48301
                       Social Security Number:  ###-##-####

                       CONTINUING INVESTORS:

                       Jerry H. Steward  Children's  Trust #1 UTA DTD  12-16-76
                       FBO  Elizabeth H. Steward (EIN #38-636-4786)

                       -----------------------------------------
                       Key Trust Company, Co-Trustee

                       -----------------------------------------
                       Frank J. Dale, Co-Trustee

                       Jerry H. Steward  Children's  Trust #5 UTA DTD  12-16-76
                       FBO Eileen H. Steward (EIN #38-636-4774)

                       -----------------------------------------
                       Key Trust Company, Co-Trustee

                       -----------------------------------------
                       Frank J. Dale, Co-Trustee

                                     - 17 -

<PAGE>

                       Jerry H. Steward Children's Trust UTA #4 DTD 12-16-76
                       FBO Ellen H. Steward (EIN #38-636-4789)

                       -----------------------------------------
                       Key Trust Company, Co-Trustee

                       -----------------------------------------
                       Frank J. Dale, Co-Trustee

                       Jerry H. Steward  Children's  Trust #3 UTA DTD  12-16-76
                       FBO Jason H. Steward (EIN # 38-636-4791)

                       -----------------------------------------
                       Key Trust Company, Co-Trustee

                       -----------------------------------------
                       Frank J. Dale, Co-Trustee

                       Jerry H. Steward  Children's Trust #2 UTA DTD 12-16-76
                       FBO Jeffery H. Steward (EIN #38-636-4788)

                       -----------------------------------------
                       Key Trust Company, Co-Trustee

                       -----------------------------------------
                       Frank J. Dale, Co-Trustee

                       Douglas A. Steward Revocable Living Trust Dated May
                       21, 1990, as Amended

                       /s/ Douglas A. Steward
                       -----------------------------------------
                       Douglas A. Steward, Co-Trustee
                       SS# ###-##-####

                       -----------------------------------------
                       Roxanne Steward, Co-Trustee

                                     - 18 -

<PAGE>

                       John H. Steward, II Revocable Living Trust, dated June 5,
                       1990

                       /s/ John H. Steward
                       -----------------------------------------
                       John H. Steward, II, Trustee
                       SS# ###-##-####

                       Jeffery H. Steward Revocable Living Trust dated May 16,
                       1991, as Amended

                       /s/ Jeffery H. Steward
                       -----------------------------------------
                       Jeffery H. Steward, Co-Trustee
                       SS# ###-##-####

                       /s/ Lisa G. Steward
                       -----------------------------------------
                       Lisa G. Steward, Co-Trustee

                       Jerry H. Steward Irrevocable Stock Trust #5 FBO
                       Eileen H. Steward-Llewellyn, dated May 15, 1990
                       (EIN #38-657-5883)

                       -----------------------------------------
                       Key Trust Company, Co-Trustee

                       -----------------------------------------
                       Frank J. Dale, Co-Trustee

                       Jerry H. Steward Irrevocable Stock Trust #4 FBO
                       Ellen H. Steward, dated May 15, 1990 (EIN #38-657-5881)

                       -----------------------------------------
                       Key Trust Company, Co-Trustee

                       -----------------------------------------
                       Frank J. Dale, Co-Trustee

                                     - 19 -

<PAGE>

                       Jerry H. Steward Irrevocable Stock Trust #3 FBO
                       Jason H. Steward, dated May 15, 1990 (EIN #38-657-5880)

                       -----------------------------------------
                       Key Trust Company, Co-Trustee

                       -----------------------------------------
                       Frank J. Dale, Co-Trustee

                       Jerry H. Steward Irrevocable Stock Trust #2 FBO
                       Elizabeth H. Garner, dated May 15, 1990
                       (EIN #38-657-5879)

                       -----------------------------------------
                       Key Trust Company, Co-Trustee

                       -----------------------------------------
                       Frank J. Dale, Co-Trustee

                       /s/ Margaret Ann Campbell
                       -----------------------------------------
                       Margaret Ann Campbell
                       SS# ###-##-####

                       Sallie E. Snyder Living Trust Agreement, dated October
                       4, 1989

                       /s/ Sallie E. Snyder
                       -----------------------------------------
                       Sallie E. Snyder, Trustee
                       SS# ###-##-####

                                     - 20 -

<PAGE>

                       /s/ Frances A. I. Knoop
                       -----------------------------------------
                       Frances A. I. Knoop
                       SS# ###-##-####

                       Mary E. Biddinger Living Trust Agreement dated
                       February 23, 1991

                       /s/ Mary E. Biddinger
                       -----------------------------------------
                       Mary E. Biddinger, Trustee
                       SS# ###-##-####

                       Katharine I. Campbell Living Trust
                       dated June 29, 1993 (EIN# 38-6708973)

                       /s/ Robert M. Campbell
                       -----------------------------------------
                       Robert M. Campbell, Co-Trustee

                       /s/ William Bradley
                       -----------------------------------------
                       Comerica Bank, Co-Trustee

                       Margaret H. Steward Living Trust, dated
                       December 14, 1966, and any amendments thereto

                       /s/ Margaret H. Steward
                       -----------------------------------------
                       Margaret H. Steward, sole Trustee
                       SS# ###-##-####

                       Jerry H. Steward Living Trust, dated December 14, 1966,
                       and any amendments thereto

                       /s/ Jerry H. Steward
                       -----------------------------------------
                       Jerry H. Steward, sole Trustee
                       SS# ###-##-####

                                     - 21 -

<PAGE>

                       OTHER INVESTORS

                       CCT PARTNERS, V, LP

                       By: /s/ Thomas H. Sanders
                           -------------------------------------
                           Name:  Thomas H. Sanders
                           Title: Secretary of CCT 1998 Corporation, GP of
                           CCT Partner V,L.P.

                        63 BR PARTNERSHIP

                       By: /s/ James A. Urry
                           -------------------------------------
                           Name: James A. Urry
                           Title: Attorney-In-Fact

                       /s/ Michael A. Delaney
                       -----------------------------------------
                       Michael A. Delaney

                       /s/ Charles E. Corpening
                       -----------------------------------------
                       Charles E. Corpening

                       /s/ David F. Thomas
                       -----------------------------------------
                       David F. Thomas

                       /s/ Richard M. Cashin
                       -----------------------------------------
                       Richard M. Cashin

                                     - 22 -

<PAGE>

                        ALCHEMY L.P.

                       By:/s/ [illegible]
                          --------------------------------------
                          Name: [illegible]
                          Title: General Partner

                       Thomas F. McWilliams Flint Trust dated October 27, 1998

                       /s/ Jeanne Blastberg
                       -----------------------------------------
                       Jeanne Blastberg, Trustee

                       /s/ James Urry
                       -----------------------------------------
                       James Urry

                       /s/ Byron Knief
                       -----------------------------------------
                       Byron Knief

                       /s/ Joseph M. Silvestri
                       -----------------------------------------
                       Joseph M. Silvestri

                       /s/ John Weber
                       -----------------------------------------
                       John Weber

                       /s/ M. Saleem Muqaddam
                       -----------------------------------------
                       M. Saleem Muqaddam

                                     - 23 -

<PAGE>

                       /s/ Richard E. Mayberry
                       -----------------------------------------
                       Richard E. Mayberry

                       BG PARTNER LLP

                       By: /s/ Paul C. Schorr IV
                           -------------------------------------
                           Name: Paul C. Schorr IV
                           Title: General Partner and Authorized Signatory

                       /s/ Ian D. Highet
                       -----------------------------------------
                       Ian D. Highet

                                     - 24 -

<PAGE>

                                   SCHEDULE A
                                   ----------

Name of Continuing Investor                       Address
---------------------------                       -------
Key Trust Company and Frank J. Dale,              Key Trust Company
Co-Trustees of the Jerry H. Steward Children's
Trust UTA DTD 12-16-76 FBO Elizabeth H. Steward   Cleveland, Ohio 14114

Key Trust Company and Frank J. Dale,              Key Trust Company
Co-Trustees of the Jerry H. Steward Children's
Trust UTA DTD 12-16-76 FBO Eileen H. Steward      Cleveland, Ohio 14114

Key Trust Company and Frank J. Dale,              Key Trust Company
Co-Trustees of the Jerry H. Steward Children's
Trust UTA DTD 12-16-76 FBO Ellen H. Steward       Cleveland, Ohio 14114

Key Trust Company and Frank J. Dale,              Key Trust Company
Co-Trustees of the Jerry H. Steward Children's
Trust UTA DTD 12-16-76 FBO Jason H. Steward       Cleveland, Ohio 14114

Key Trust Company and Frank J. Dale,              Key Trust Company
Co-Trustees of the Jerry H. Steward Children's
Trust UTA DTD 12-16-76 FBO Jeffery H. Steward     Cleveland, Ohio 14114

Douglas A. Steward, Co-Trustee of the             30400 Bristol Lane
Douglas A. Steward Revocable Living Trust
Dated May 21, 1990, as Amended                    Bingham Farms, MI 48025

John H. Steward, II, Trustee of the               1030 Martin Place
John H. Steward, II Revocable Living Trust
Dated June 5, 1990                                Ann Arbor, MI 48104

Jeffery H. Steward, Co-Trustee of the             274 Scarlot Drive
Jeffery H. Steward Revocable Living Trust
dated May 16, 1991, as Amended                    Canton, MI 48187

Key Trust Company and Frank J. Dale,              Key Trust Company
Co-Trustees of the Jerry H. Steward Irrevocable
Stock Trust FBO Eileen H. Steward-Llewellyn,      Cleveland, Ohio 14114
dated May 15, 1990

                                     - 25 -

<PAGE>

Key Trust Company and Frank J. Dale,              Key Trust Company
Co-Trustees of the Jerry H. Steward Irrevocable
Stock Trust FBO Ellen H. Steward, dated May       Cleveland, Ohio 14114
15, 1990

Key Trust Company and Frank J. Dale,              Key Trust Company
Co-Trustees of the Jerry H. Steward Irrevocable
Stock Trust FBO Jason H. Steward, dated May       Cleveland, Ohio 14114
15, 1990

Key Trust Company and Frank J. Dale,              Key Trust Company
Co-Trustees of the Jerry H. Steward Irrevocable
Stock Trust FBO Elizabeth H. Garner dated May     Cleveland, Ohio 14114
15, 1990

Margaret Ann Campbell                             961 South Highland
                                                  Dearborn, MI 48124

Sallie F. Snyder, Trustee of the                  5137 Wood View Court
Sallie F. Snyder Living Trust Agreement,          Dearborn, MI 48126
dated October 4, 1989

Frances A.I. Knoop                                811 Mohaw
                                                  Dearborn, MI 48124

Mary E. Biddinger, Trustee of the                 8134 Crossgate Court North
Mary E. Biddinger Living Trust Agreement          Dublin, Ohio 43017
dated February 23, 1991

Robert M. Campbell and Comerica Bank,
Co-Trustees of the Katharine I. Campbell
Living Trust dated June 29, 1993

Margaret H. Steward, Sole Trustee of the          961 South Highland
Margaret H. Steward Living Trust, dated           Dearborn, MI 48124
December 14, 1966, and any amendments thereto

Jerry H. Steward, Sole Trustee of the             5104 Woodlands Lane
Jerry H. Steward Living Trust, dated              Bloomfield Hills, MI 48302
December 14, 1966, and any amendments thereto

                                     - 26 -

<PAGE>

Name of Management Investor                       Address
-----------------------------------------------   ---------------------------
Rex A. Ogg                                        9255 Fellows Creek Drive
                                                  Plymouth, MI 48170

Mark J. MacGuidwin                                385 Yarmouth Road
                                                  Bloomfield Hills, MI 48301

James B. Ross                                     3316 Summit Ridge Drive
                                                  Rochestor Hills, MI 48306

David W. Sickels                                  46069 Green Valley
                                                  Plymouth, MI 48170

John J. Vrana                                     540 Essex Drive
                                                  Rochester Hills, MI 48307

Richard Puricelli

Name of Other Investor                            Address
-----------------------------------------------   ---------------------------
CCT Partners V, LP

Michael A. Delaney

Charles E. Corpening

63 BR Partnership

David F. Thomas

Richard M. Cashin

Alchemy L.P.

Jeanne  Blastberg, Trustee  of the  Thomas  F.
   McWilliams Flint Trust dated 10/27/98

James Urry

Byron Knief

Joseph M. Silvestri

                                     - 27 -

<PAGE>

John Weber

M. Saleem Muqaddam

Richard E. Mayberry

BG Partner LLP

Ian D. Highet

                                     - 28 -<PAGE>

                                                                    EXHIBIT 10.3

                                FASTENTECH, INC.

                            2001 STOCK INCENTIVE PLAN

<PAGE>

                                FASTENTECH, INC.

                            2001 STOCK INCENTIVE PLAN

1.   Purpose of the Plan

     The purpose of the Plan is to promote the long term financial success of
FastenTech, Inc., its Subsidiaries and Affiliates, and to materially increase
shareholder value by: (i) providing performance related incentives that motivate
superior performance on the part of the Company's Employees, Directors and
Consultants; (ii) providing the Company's Employees, Directors and Consultants
with the opportunity to acquire an ownership interest in the Company, and to
thereby acquire a greater stake in the Company and a closer identity with it;
and (iii) enabling the Company to attract and retain the services of Employees,
Directors and Consultants of outstanding ability and upon whose judgment,
interest and special effort the successful conduct of the Company's operations
is largely dependent.

2.   Definitions

     2.1. "Act" means the Securities Exchange Act of 1934, as amended.

     2.2. "Affiliate" means any entity other than the Subsidiaries in which the
Company has a substantial direct or indirect equity interest, as determined by
the Board.

     2.3. "Award" means an award of Options, SARs, Restricted Stock, Dividend
Equivalents or any combination thereof.

     2.4. "Award Share" means any share of Common Stock purchased upon the
exercise of an Option or SAR, or issued pursuant to an Award of Restricted
Stock.

     2.5. "Board" means the Board of Directors of the Company.

     2.6. "Cause" means any of the following actions taken by a Participant:

          2.6.1. a felony or any act of moral turpitude;

          2.6.2. malfeasance, embezzlement, fraud or theft committed against, or
adversely affecting the Company, its Subsidiaries, or Affiliates;

          2.6.3. dishonesty in any material respect in the course of fulfilling
his or her employment duties;

          2.6.4. willful or deliberate failure to perform his or her employment
duties in any material respect; or

<PAGE>

          2.6.5. disclosure of trade secrets, customer lists or confidential
information of the Company, its Subsidiaries or Affiliates to a competitor or
unauthorized person.

     2.7. "Change of Control" shall mean, following the effective date of this
Plan, the occurrence of any of the following events:

          2.7.1. the acquisition in one or more transactions by any "Person" (as
such term is used for purposes of Section 13(d) or Section 14(d) of the Act) but
excluding, for this purpose, the Company or its Subsidiaries, any employee
benefit plan of the Company or its Subsidiaries, or a CVC Group of "Beneficial
Ownership" (within the meaning of Rule 13d-3 under the Act) of fifty percent
(50%) or more of the combined voting power of the Company's then outstanding
voting securities (the "Voting Securities");

          2.7.2. the individuals who, as of the effective date of the Plan,
constitute the Board (the "Incumbent Board") cease for any reason to constitute
at least a majority of the Board; provided, however, that if the election, or
nomination for election by the Company's shareholders, of any new director was
approved by a vote of at least a majority of the Incumbent Board, such new
director shall be considered as a member of the Incumbent Board, and provided
further that any reductions in the size of the Board that are instituted
voluntarily by the Incumbent Board shall not constitute a Change of Control, and
after any such reduction the "Incumbent Board" shall mean the Board as so
reduced;

          2.7.3. a merger or consolidation involving the Company if the
shareholders of the Company, immediately before such merger or consolidation, do
not own, directly or indirectly, immediately following such merger or
consolidation, more than [fifty percent (50%)] of the combined voting power of
the outstanding Voting Securities of the corporation resulting from such merger
or consolidation or a complete liquidation or dissolution of the Company or a
sale or other disposition of all or substantially all of the assets of the
Company; or

          2.7.4. acceptance by shareholders of the Company of shares in a share
exchange if the shareholders of the Company, immediately before such share
exchange, do not own, directly or indirectly, immediately following such share
exchange, more than [fifty percent (50%)] of the combined voting power of the
outstanding Voting Securities of the corporation resulting from such share
exchange.

     2.8. "Code" means the Internal Revenue Code of 1986, as amended.

     2.9. "Committee" means the committee designated by the Board to administer
the Plan under Section 4. After the Company becomes Publicly Traded, the
Committee shall have at least two members, each of whom shall be a "non-employee
director" as defined in Rule 16b-3 under the Act and an "outside director" as
defined in Section 162(m) of the Code and the regulations thereunder.
Notwithstanding the foregoing, after the Company becomes Publicly Traded, the
Board may designate one or more of its members to serve as a Secondary Committee
and delegate to the Secondary Committee authority to grant Awards to eligible
individuals who are not subject to the requirements of Rule 16b-3 under the Act
or Section 162(m) of the Code.

                                      -2-

<PAGE>

The Secondary Committee shall have the same authority with respect to selecting
the individuals to whom such Awards are granted and establishing the terms and
conditions of such Awards as the Committee has under the terms of the Plan.

     2.10. "Common Stock" means the Class A common stock of the Company, par
value $.01 per share, or such other class or kind of shares or other securities
resulting from the application of Section 10.

     2.11. "Company" means FastenTech, Inc., a Delaware corporation, or any
successor corporation.

     2.12. "Consultant" means a key consultant or advisor to the Company, its
Subsidiaries or Affiliates who is not an Employee.

     2.13. "CVC Group" means a group consisting of each of the following: (1)
Citigroup, or any successor thereto by merger or consolidation; (2) Citicorp
Venture Capital Limited, or any successor thereto by merger or consolidation;
(3) any direct or indirect subsidiary of any person specified in clause (1) or
(2) above; (4) any partnership, limited liability company or similar entity
created by or on behalf of or sponsored by any person specified in clause (1),
(2) or (3) above; (5) any officer, director or employee of any person specified
in clause (1), (2), (3) or (4) above; (6) any spouse, parent or lineal
descendent of a parent (including by adoption and stepchildren) of any person
specified in clause (5) above; (7) any trust, limited liability company,
corporation, partnership or similar entity 51% of the beneficiaries, members,
stockholders, partners or interest holders of which consists of one or more to
the persons described in clauses (5) or (6) above, and (8) any charitable trust
the grantor of which consists of one or more of the persons described in clause
(5) or (6) above.

     2.14. "Director" means a member of the Board who is not an Employee.

     2.15. "Disability" means disabled within the meaning of Section 22(e)(3) of
the Code.

     2.16. "Dividend Equivalent" means the right, awarded under Section 6, to
receive the equivalent value (in cash or in Common Stock) of dividends paid on
Common Stock.

     2.17. "Employee" means an officer or other key employee of the Company, its
Subsidiary or an Affiliate, including any member of the Board who is such an
employee.

     2.18. "Fair Market Value" means, on any given date:

          2.18.1. if the Common Stock is listed on an established stock exchange
or exchanges, the closing price of Common Stock on the principal exchange on
which it is traded on such date, or if no sale was made on such date on such
principal exchange, on the last preceding day on which the Common Stock was
traded;

          2.18.2. if the Common Stock is not then listed on an exchange, but is
quoted on

                                      -3-

<PAGE>

NASDAQ or a similar quotation system, the closing price per share for
the Common Stock as quoted on NASDAQ or similar quotation system on such date,
or if such common Stock is not quoted on such date, on the last preceding date
on which the Common stock was quoted;

          2.18.3. if the Common Stock is not then listed on an exchange or
quoted on NASDAQ or a similar quotation system, the value, as determined in good
faith by the Committee.

     2.19. "Incentive Stock Option" means an Option which meets the requirements
of Section 422 of the Code and which is designated as an Incentive Stock Option
by the Committee.

     2.20. "Non-Qualified Stock Option" means an Option not intended to be an
Incentive Stock Option, and designated as a Non-Qualified Stock Option by the
Committee.

     2.21. "Option" means the right, granted from time to time under the Plan,
to purchase Common Stock for a specified period of time at a stated price. An
Option may be an Incentive Stock Option or a Non-Qualified Stock Option.

     2.22. "Participant" means an Employee, Director or Consultant who is
designated by the Committee as eligible to participate in the Plan and who
receives an Award under this Plan.

     2.23. "Performance Goal" means a goal that has been established by the
Committee and that must be met by the end of a Performance Period (but that is
substantially uncertain to be met before the grant). The Committee shall have
sole discretion to determine the specific targets within each category of
Performance Goals, and whether such Performance Goals have been achieved. With
respect to any Section 162(m) Participant, such Performance Goals shall include,
among other things: (i) the price of Common Stock, (ii) the market share of the
Company, its Subsidiaries or Affiliates (or any business unit thereof), (iii)
sales by the Company, its Subsidiaries or Affiliates (or any business unit
thereof), (iv) earnings per share of Common Stock, (v) return on equity of the
Company, or (vi) costs of the Company, its Subsidiaries or Affiliates (or any
business unit thereof).

     2.24. "Performance Period" means the time period during which Performance
Goals must be met.

     2.25. "Plan" means the FastenTech, Inc. 2001 Stock Incentive Plan herein
set forth, as amended from time to time.

     2.26. "Publicly Traded" means the Company is required to register shares of
any class of common equity under Section 12 of the Act.

     2.27. "Restricted Stock" means Common Stock awarded by the Committee under
Section 8 of the Plan.

     2.28. "Restriction Period" means the period during which Restricted Stock
awarded

                                      -4-

<PAGE>

under the Plan is subject to forfeiture.

     2.29. "SAR" means the right to receive, in cash or in Common Stock, as
determined by the Committee, the increase in the Fair Market Value of the Common
Stock underlying the SAR from the date of grant to the date of exercise.

     2.30. "Section 162(m) Participant" means, after the Company becomes
Publicly Traded, any key employee designated by the Committee as a key employee
whose compensation for the fiscal year in which the key employee is so
designated or a future fiscal year may be subject to the limit on deductible
compensation imposed by Section 162(m) of the Code.

     2.31. "Securities Purchase and Holders Agreement" means that certain
Securities Purchase and Holders Agreement dated as of March      , 2000 by and
                                                            -----
among the Company, Citicorp Venture Capital, Ltd., a New York corporation, the
Continuing Investors (as defined therein) and the other signatures thereto.

     2.32. "Subsidiary" means any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company (or any subsequent
parent of the Company) if each of the corporations other than the last
corporation in the unbroken chain owns stock possessing 50 percent or more of
the total combined voting power of all classes of stock in one of the other
corporations in such chain.

     2.33. "Ten Percent Shareholder" means a person who on any given date owns,
either directly or indirectly (taking into account the attribution rules
contained in section 424(d) of the Code), stock possessing more than 10 percent
of the total combined voting power of all classes of stock of the Company or any
Subsidiary.

3.   Eligibility

     Any Employee, Director or Consultant who is designated by the Committee as
eligible to participate in the Plan shall be eligible to receive an Award under
the Plan, provided that an Incentive Stock Option may only be granted to an
Employee of the Company or a Subsidiary.

4.   Administration

     4.1. Members of the Committee shall be appointed by and hold office at the
pleasure of the Board. Committee members may resign at any time by delivering
written notice to the Board. Vacancies in the Committee may be filled by the
Board.

     4.2. The Plan shall be administered by the Committee, which shall have full
power to interpret and administer the Plan, and full authority to act in
selecting the eligible Employees, Directors and Consultants to whom Awards may
be granted, in determining the times at which such Awards may be granted, in
determining the time and the manner in which Options may be

                                      -5-

<PAGE>

exercised, in determining the type and amount of Awards that may be granted, in
determining the terms and conditions of Awards that may be granted under the
Plan and the terms of agreements which will be entered into with Participants,
including Performance Goals, if any (which terms shall not be inconsistent with
the terms of the Plan). Such agreements may include provisions on the Company's
right to purchase any Common Stock issued to the Participant under the Plan upon
the termination of the Participant's service. The Committee also shall have the
power to establish different terms and conditions with respect to (i) the
various types of Awards granted under the Plan, (ii) the granting of the same
type of Award to different Participants (regardless of whether the Awards are
granted at the same time or at different times), and (iii) the establishment of
different Performance Goals for different Participants.

     4.3. The Committee shall have the power to accelerate the exercisability or
vesting of any Award. Notwithstanding the foregoing or any other provision of
the Plan, the Committee shall not alter the exercisability or vesting of an
Award granted to a Section 162(m) Participant when such exercisability or
vesting depends on the attainment of one or more Performance Goals, except in
the event of a Change of Control, or the death or Disability of the Participant.

     4.4. The Committee's powers shall include, but not be limited to, the power
to determine whether, to what extent and under what circumstances an Award is
made and operates on a tandem basis with other Awards made hereunder and to
grant Awards (other than Incentive Stock Options) that are transferable by a
Participant.

     4.5. The Committee shall have the power to adopt regulations for carrying
out the Plan and to make changes in such regulations as it shall, from time to
time, deem advisable. The Committee shall have the full and final authority in
its sole discretion to interpret the provisions of the Plan and to decide all
questions of fact arising in the application of the Plan's provisions, and to
make all determinations necessary or advisable for the administration of the
Plan. Any interpretation by the Committee of the terms and provisions of the
Plan and the administration thereof, and all action taken by the Committee,
shall be final, binding, and conclusive for all purposes and upon all
Participants.

     4.6. The Committee may condition the grant of any Award or the lapse of any
Restriction Period or Performance Period, or any combination thereof, upon the
Participant's or Company's achievement of a Performance Goal that is established
by the Committee before the grant of the Award. Before granting an Award or
permitting the lapse of any Restriction Period or Performance Period subject to
this Section, the Committee shall certify that an individual has satisfied the
applicable Performance Goal.

     4.7. Members of the Committee shall receive such compensation for their
services as may be determined by the Board. All expenses and liabilities which
members of the Committee incur in connection with the administration of the Plan
shall be paid by the Company. The Committee may, with the approval of the Board,
employ attorneys, consultants, accountants and other service providers. The
Committee, the Board, the Company and the Company's officers shall be entitled
to rely upon the advice and opinions of any such person. No member of the
Committee or the Board shall be personally liable for any action, determination
or interpretation

                                      -6-

<PAGE>

made with respect to the Plan and all members of the Committee and the Board
shall be fully protected by the Company in respect of any such action,
determination or interpretation in the manner provided in the Company's bylaws.

5.   Shares of Stock Subject to the Plan

     5.1. Subject to adjustment as provided in Section 10, the total number of
shares of Common Stock available for Awards under the Plan shall be One Hundred
Fifteen Thousand One Hundred Twenty-One and four-tenths (115,121.4) shares.

     5.2. The Committee may also grant Awards payable in cash. The payment of
Awards in cash shall not reduce the total number of shares of Common Stock
available for Awards under the Plan.

     5.3. After the Company becomes Publicly Traded, the maximum number of
shares of Common Stock covered by Awards granted to any Employee under the Plan
during any calendar year shall not exceed 100,000 (the "Individual Limit").

     5.4. Any shares issued hereunder may consist, in whole or in part, of
authorized and unissued shares or treasury shares. Any shares issued by the
Company through the assumption or substitution of outstanding grants from an
acquired company shall not (i) reduce the number of shares of Common Stock
available for Awards under the Plan, or (ii) be counted against the Individual
Limit. If any shares subject to any Award granted hereunder are forfeited or
such Award otherwise terminates without the issuance of such shares or the
payment of other consideration in lieu of such shares, the shares subject to
such Award, to the extent of any such forfeiture or termination, shall again be
available for Awards under the Plan; however, such shares shall be counted
against the Individual Limit.

6.   Options

     The grant of Options shall be subject to the following terms and
conditions:

     6.1. Option Grants: Any Option granted under the Plan shall be evidenced by
a written agreement executed by the Company and the Participant, which agreement
shall conform to the requirements of the Plan and may contain such other
provisions not inconsistent with the terms of the Plan as the Committee shall
deem advisable. Such agreements shall state whether the Option is an Incentive
Stock Option or Non-Qualified Stock Option.

     6.2. Number of Shares: Subject to the Individual Limit, the Committee shall
specify the number of shares of Common Stock subject to each Option.

     6.3. Option Price: The price per share at which Common Stock may be
purchased upon exercise of an Option shall be as determined by the Committee,
but in the case of an

                                      -7-

<PAGE>

Incentive Stock Option shall not be less than the Fair Market Value of a share
of Common Stock on the date of grant. In the case of any Incentive Stock Option
granted to a Ten Percent Shareholder, the option price per share shall not be
less than 110% of the Fair Market Value of a share of Common Stock on the date
of grant.

     6.4. Dividend Equivalents. Notwithstanding any provision of the Plan to the
contrary, a Participant who has been granted an Option pursuant to this Section
6 may, at the discretion of the Committee, be credited as of dividend payment
dates, during the period beginning with the date of grant of the Option and
ending with the date such Option is exercised or expires, with Dividend
Equivalents with respect to the Common Stock underlying the Option. Such
Dividend Equivalents shall be credited to an account established on behalf of
the Participant by the Company. The Dividend Equivalents credited under this
Section 6.4 shall be converted to cash or additional shares of Common Stock
under such formula, at such time, and subject to such limitations as may be
determined by the Committee.

     6.5. Term of Option and Vesting: The Committee shall specify when an Option
may be exercisable and the terms and conditions applicable thereto. The term of
an Option shall in no event be greater than 10 years (five years in the case of
an Incentive Stock Option granted to a Ten Percent Shareholder). The right to
exercise an option or the underlying shares of Common Stock obtained upon the
exercise of an Option may be subject to a vesting schedule or the attainment of
Performance Goals as determined by the Committee and set forth in the applicable
stock option agreement.

     6.6. Incentive Stock Options: Each provision of the Plan and each agreement
relating to an Incentive Stock Option shall be construed and interpreted in a
manner consistent with the requirements of Section 422 of the Code. In no event
may a Participant be granted an Incentive Stock Option which does not comply
with the limitations prescribed by Section 422 of the Code. Without limiting the
foregoing, the aggregate Fair Market Value (determined as of the time the Option
is granted) of the Common Stock with respect to which an Incentive Stock Option
may first become exerciseable by a Participant in any one calendar year under
the Plan shall not exceed $100,000.

     6.7. Restrictions on Transferability: No Incentive Stock Option shall be
transferable other than by will or the laws of descent and distribution and,
during the lifetime of the Participant, shall be exercisable only by the
Participant. Upon the death of a Participant, the person to whom the rights have
passed by will or by the laws of descent and distribution may exercise an
Incentive Stock Option only in accordance with this Section 6.

     6.8. Exercise of Option and Payment of Option Price: An Option may be
exercised only for a whole number of shares of Common Stock. The Committee shall
establish the time and the manner in which an Option may be exercised. The
option price of the shares of Common Stock received upon the exercise of an
Option shall be paid in full in cash at the time of the exercise or, with the
consent of the Committee, in whole or in part in Common Stock held by the
Participant for at least 6 months and valued at their Fair Market Value on the
date of exercise. With the consent of the Committee, the option price may also
be paid in full by the

                                      -8-

<PAGE>

delivery of a properly executed exercise notice, together with irrevocable
instructions to a Company-designated broker to promptly deliver to the Company
the amount of sale or loan proceeds required to pay the exercise price, or in
such other manner deemed appropriate by the Committee.

     6.9. Termination by Death or Disability: If a Participant's employment or
service with the Company, a Subsidiary or Affiliate terminates by reason of
death or as a result of the Participant's Disability, any unexercised Option
granted to the Participant may thereafter be exercised (to the extent such
Option was exercisable at the time of the Participant's death or Disability or
to a greater extent permitted by the Committee) by the Participant (or where
appropriate, the Participant's transferee, personal representative, heir or
legatee), for a period of up to one year, as specified by the Committee (but
only three months in the case of an Incentive Stock Option which shall be
extended to 12 months in cases involving the Participant's Disability), from the
date of death or termination due to Disability, or until the expiration of the
stated term of the Option, whichever period is shorter.

     6.10. Termination for Cause: If a Participant's employment or service with
the Company, a Subsidiary or Affiliate terminates for Cause, unless otherwise
determined by the Committee, any Options granted to the Participant and which
are unexercised shall terminate on the date of such termination, or notice of
such termination, if earlier.

     6.11. Other Termination: If a Participant's employment or service with the
Company, a Subsidiary or Affiliate terminates for any reason other than Death,
Disability, or Cause, any unexercised Option granted to the Participant may
thereafter be exercised (to the extent such Option was exercisable at the time
of the Participant's termination or to a greater extent permitted by the
Committee) by the Participant (or, where appropriate, the Participant's
transferee, personal representative, heir or legatee) for a period of up to
three months, as specified by the Committee, from the date of termination, or
until the expiration of the stated term of the Option, whichever period is
shorter.

7.   Stock Appreciation Rights

     The grant of SARs shall be subject to the following terms and conditions:

     7.1. Grant of SARs: Any SAR granted under the Plan shall be evidenced by a
written agreement executed by the Company and the Participant, which agreement
shall conform to the requirements of the Plan and shall specify the number of
shares of Common Stock subject to the Award and the base price for the Award.
The Agreement may contain such other provisions not inconsistent with the terms
of the Plan as the Committee shall deem advisable. The base price of an SAR
shall be the Fair Market Value of the Common Stock on the date of grant.

     7.2. Tandem SARs. An SAR granted under the Plan may be granted in tandem
with all or a portion of a related Option. An SAR granted in tandem with an
Option may be granted either at the time of the grant of the Option or at a time
thereafter during the term of the Option

                                      -9-

<PAGE>

and shall be exercisable only to the extent that the related Option is
exercisable. The base price of an SAR granted in tandem with an Option shall be
the option price under the related Option.

     7.3. Exercise of an SAR: An SAR shall entitle the Participant to surrender
unexercised the SAR (or any portion of such SAR) and to receive a payment equal
to the excess of the Fair Market Value of the shares of Common Stock covered by
the SAR on the date of exercise over the base price of the SAR. Such payment may
be in cash, in shares of Common Stock, in shares of Restricted Stock, or any
combination thereof, as the Committee shall determine. Upon exercise of an SAR
issued in tandem with an Option or lapse thereof, the related Option shall be
canceled automatically to the extent of the number of shares of Common Stock
covered by such exercise, and such shares shall no longer be available for
purchase under the Option. Conversely, if the related Option is exercised, or
lapses, as to some or all of the shares of Common Stock covered by the grant,
the related SAR, if any, shall be canceled automatically to the extent of the
number of shares of Common Stock covered by the Option exercise.

     7.4. Other Applicable Provisions: SARs shall be subject to the same terms
and conditions applicable to Options as stated in sections 6.5, 6.9, 6.10, and
6.11.

8.   Restricted Stock

     An Award of Restricted Stock is a grant by the Company of a specified
number of shares of Common Stock to the Participant, which shares are subject to
forfeiture upon the happening of specified events or upon the Participant's
and/or Company's failure to achieve Performance Goals established by the
Committee. A grant of Restricted Stock shall be subject to the following terms
and conditions:

     8.1. Grant of Restricted Stock Award. Any Restricted Stock granted under
the Plan shall be evidenced by a written agreement executed by the Company and
the Participant, which agreement shall conform to the requirements of the Plan,
and shall specify (i) the number of shares of Common Stock subject to the Award,
(ii) the Restriction Period applicable to each Award, (iii) the events that will
give rise to a forfeiture of the Award, and (iv) the Performance Goals, if any,
that must be achieved in order for the restriction to be removed from the Award.
The agreement may contain such other provisions not inconsistent with the terms
of the Plan as the Committee shall deem advisable.

     8.2. Delivery of Restricted Stock. Upon determination of the number of
shares of Restricted Stock to be granted to the Participant, the Committee shall
direct that a certificate or certificates representing the number of shares of
Common Stock be issued to the Participant with the Participant designated as the
registered owner. The certificate(s) representing such shares shall be legended
as to restrictions on the sale, transfer, assignment, or pledge of the
Restricted Stock during the Restriction Period and deposited by the Participant,
together with a stock power endorsed in blank, with the Company.

                                      -10-

<PAGE>

     8.3. Dividend and Voting Rights. Unless otherwise determined by the
Committee, during the Restriction Period, the Participant shall have all of the
rights of a shareholder, including the right to vote the shares of Restricted
Stock and receive dividends and other distributions, provided that distributions
in the form of Common Stock shall be subject to the same restrictions as the
underlying Restricted Stock.

     8.4. Receipt of Common Stock. At the end of the Restriction Period, the
Committee shall determine, in light of the terms and conditions set forth in the
Restricted Stock agreement, the number of shares of Restricted Stock with
respect to which the restrictions imposed hereunder shall lapse. The Restricted
Stock with respect to which the restrictions shall lapse shall be converted to
unrestricted Common Stock by the removal of the restrictive legends from the
Restricted Stock. Thereafter, Common Stock equal to the number of shares of the
Restricted Stock with respect to which the restrictions hereunder shall lapse
shall be delivered to the Participant (or, where appropriate, the Participant's
legal representative). The Committee may, in its sole discretion, modify or
accelerate the vesting and delivery of shares of Restricted Stock.

     8.5. Termination of Service. Unless otherwise determined by the Committee,
if a Participant's employment or service with the Company, a Subsidiary or an
Affiliate terminates for any reason, any unvested Restricted Stock shall be
forfeited.

9.   Deferral Election

     Notwithstanding any provision of the Plan to the contrary, any Participant
may elect, with the concurrence of the Committee and consistent with any rules
and regulations established by the Committee, to defer to a specified date the
receipt of unrestricted Common Stock that the Participant would otherwise be
entitled to receive pursuant to an Award. Notwithstanding such an election, the
Committee may distribute the unrestricted Common Stock deferred by all
Participants pursuant to this Section 9 if the Committee determines, in its
discretion, that the continued deferral of Common Stock hereunder is no longer
in the best interest of the Company.

10.  Adjustments upon Changes in Capitalization

     In the event of a reorganization, recapitalization, stock split, spin-off,
split-off, split-up, stock dividend, issuance of stock rights, combination of
shares, merger, consolidation or any other change in the corporate structure of
the Company affecting Common Stock, or any distribution to shareholders other
than a cash dividend, the Committee shall make appropriate adjustment in the
number and kind of shares authorized for use under the Plan, the Individual
Limit and any adjustments to outstanding Awards as it determines appropriate.
The adjustments to outstanding Awards shall include, without limitation, the
number of shares covered, the respective prices, limitations, and/or Performance
Goals applicable to the outstanding Awards. No fractional shares of Common Stock
shall be issued pursuant to such an adjustment. The Fair Market Value of any
fractional shares resulting from adjustments pursuant to this Section shall,

                                      -11-

<PAGE>

where appropriate, be paid in cash to the Participant. The determinations and
adjustments made by the Committee pursuant to this Section 10 shall be
conclusive.

11.  Change Of Control of the Company

     11.1. Options and SARs. Upon a Change of Control, all Options and SARs that
are unexercised and outstanding may, at the discretion of the Committee:

          11.1.1. become immediately and fully vested and exercisable;

          11.1.2. be canceled in exchange for a cash payment in an amount equal
to the excess, if any, of the Fair Market Value of the Common Stock underlying
an Option or SAR (to the extent such Option or SAR is exercisable at such time)
as of the date of the Change of Control over the option price of the Option or
the base price of the SAR;

          11.1.3. be terminated immediately prior to the Change of Control,
provided that the Participant fails to exercise the Option or SAR (to the extent
such Option or SAR is exercisable at such time) within a specified period (of at
least seven days) following the Participant's receipt of a written notice of
such Change in Control and of the Company's intention to terminate the Option or
SAR prior to such Change of Control; and/or

          11.1.4. be assumed by the successor corporation, and shall be
substituted with options or SARs involving the common stock of the successor
corporation, with the terms and conditions of the substituted options or SARs
being no less favorable than the Options or SARs granted by the Company.

     11.2. Restricted Stock Awards. Upon a Change of Control, all Restricted
Stock Awards that are outstanding may, at the discretion of the Committee,
become immediately and fully vested.

12.  Effective Date, Termination and Amendment

     The Plan shall become effective on the date it is approved by the Board,
subject to shareholder approval. The Plan shall remain in full force and effect
until the earlier of 10 years from the date of its adoption by the Board, or the
date it is terminated by the Board. The Board shall have the power to amend,
suspend or terminate the Plan at any time, provided that no such amendment shall
be made without shareholder approval to the extent such approval is required
under Code (S) 422 or any other applicable law, or after the Company becomes
Publicly Traded, Code (S) 162(m) or the rules of a stock exchange or NASDAQ.
Termination of the Plan pursuant to this Section 12 shall not affect Awards
outstanding under the Plan at the time of termination.

                                      -12-

<PAGE>

13.  Transferability

     Except as provided below, Awards may not be pledged, assigned or
transferred for any reason during the Participant's lifetime, and any attempt to
do so shall be void and the relevant Award shall be forfeited. The Committee may
grant Awards (except Incentive Stock Options) that are transferable by the
Participant during his lifetime, but such Awards shall be transferable only to
the extent specifically provided in the agreement entered into with the
Participant. The transferee of the Participant shall, in all cases, be subject
to the provisions of the agreement between the Company and the Participant. The
rights of the transferee shall be no greater than the rights that would be
acquired by the Participant's estate if the Participant were to die prior to the
transfer of the Award.

14.  General Provisions

     14.1. No Employment Rights. Nothing contained in the Plan, or any Award
granted pursuant to the Plan, shall confer upon any Employee any right with
respect to continuance of employment by the Company, a Subsidiary or Affiliate,
or upon any Director or Consultant any right with respect to continued service
for the Company, a Subsidiary or Affiliate nor interfere in any way with the
right of the Company, a Subsidiary or Affiliate to terminate the employment or
service of any Employee, Director or Consultant at any time.

     14.2. Transfer of Employment. For purposes of this Plan, a transfer of
employment between the Company and its Subsidiaries and Affiliates shall not be
deemed a termination of employment.

     14.3. Payment of Taxes. The Company shall have the power to withhold, or
require a Participant to remit to the Company, all taxes required to be paid in
connection with any Award, the exercise thereof and the transfer of shares of
Common Stock pursuant to this Plan. The Company's power to withhold a portion of
the cash or Common Stock received pursuant to an Award, or require that the
Participant remit the applicable taxes shall extend to all applicable Federal,
state, local or foreign withholding taxes. In the case of the payment of Awards
in the form of Common Stock or cash, or the exercise of Options or SARs, the
Company shall have the right to retain the shares of Common Stock or cash to be
paid pursuant to the Award, or the exercise of the Option or the SAR, until the
Company determines that the applicable withholding taxes have been satisfied.

     14.4. Restrictions on Shares. The Award Shares shall be subject to
restrictions on transfer pursuant to applicable securities laws and such other
agreements as the Committee shall deem appropriate and shall bear a legend
subjecting the Award Shares to those restrictions on transfer in accordance with
the applicable Award. The certificates shall also bear a legend referring to any
restrictions on transfer arising hereunder or under any other applicable law,
regulation, rule or agreement.

                                      -13-

<PAGE>

     14.5. Requirements of Law. The Plan and each Award under the Plan shall be
subject to the requirement that if at any time the Committee shall determine
that (a) the listing, registration or qualification of the Award Shares upon any
securities exchange or under any state or federal law, (b) the consent or
approval of any government regulatory body or (c) an agreement by the recipient
of an Award with respect to the disposition of the Award Shares is necessary or
desirable as a condition of, or in connection with, the Plan or the granting of
such Award or the issue or purchase of the Award Shares thereunder, the Award
may not be consummated in whole or in part until such listing, registration,
qualification, consent, approval or agreement shall have been effected or
obtained free of any conditions not acceptable to the Committee.

     14.6. Amending of Awards. The Committee may amend any outstanding Awards to
the extent it deems appropriate. Such amendment may be made by the Committee
without the consent of the Participant, except in the case of amendments adverse
to the Participant, in which case the Participant's consent is required to any
such amendment.

     14.7. No Shareholder Rights. A Participant shall have no rights as a
shareholder with respect to shares of Common Stock subject to an Award unless
and until certificates for the Award Shares are issued to the Participant.

     14.8. Participation of Foreign Nationals. Without amending the Plan, Awards
may be granted to Participants who are foreign nationals or employed or
providing services outside the United States or both, on such terms and
conditions different from those specified in the Plan as may, in the judgment of
the Committee, be necessary or desirable to further the purpose of the Plan.

     14.9. Changes in Current Law. A citation to any law, regulation or rule
herein shall be construed to be a citation to the most recent version of, or
successor to, any such law, regulation or rule.

     14.10. Headings. Section headings are included only for ease of reference.
Headings are not intended to constitute substantive provisions of the Plan and
shall not be used to interpret the scope of this Plan or the rights or
obligations of the Company in any way.

     14.11. Governing Law. To the extent that Federal laws do not otherwise
control, the Plan and all determinations made and actions taken pursuant hereto
shall be governed by the law of the State of Delaware and construed accordingly.

     14.12. Securities Purchase and Holdings Agreement. Unless the Committee
shall otherwise provide in the applicable Award, each Participant shall be
required to execute either, in the sole discretion of the Committee, (i) an
agreement whereby the Participant agrees to be bound by the terms and conditions
of the Securities Purchase and Holders Agreement or (ii) a joinder to the
Securities Purchase and Holders Agreement with respect to any and all Award
Shares issued hereunder, and such Award Shares shall be deemed "Securities"
under the Securities Purchase and Holders Agreement. The Committee, in its sole
discretion, shall set

                                      -14-

<PAGE>

forth the terms and conditions of any agreement or joinder that is to be
executed pursuant to this Section 14.12.

     To record the adoption of the Plan, FastenTech, Inc. has caused its
authorized officers to affix its corporate name and seal this 26th day of
April, 2001.

                                               FASTENTECH, INC.

Attest:

/s/ David Harbert                              By: /s/ Ronald B. Kalich
---------------------                              -----------------------------
David Harbert                                      Ronald B. Kalich
Chief Financial Officer                            President

                                      -15-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]