Document:

Amended and Restated 1997 Long-Term Incentive Plan

 Exhibit 10.8 
 WORTHINGTON INDUSTRIES, INC. 
 AMENDED AND RESTATED 
 1997 LONG-TERM INCENTIVE PLAN 
 SECTION 1. PURPOSE. The purposes of the Worthington Industries, Inc. Amended and Restated 1997 Long-Term Incentive Plan (the “Plan”) are to encourage selected key employees of the Company to
acquire a proprietary and vested interest in the growth and performance of the Company, to generate an increased incentive to contribute to the Company’s future success and prosperity, thus enhancing the value of the Company for the benefit of
shareholders, and to enhance the ability of the Company to attract and retain individuals of exceptional talent upon whom, in large measure, the sustained progress, growth and profitability of the Company depends. This Plan became effective on the
Effective Date and is being amended and restated effective as of November 1, 2008 for purposes of Section 409A of the Code.  
 SECTION 2. ADMINISTRATION. The Plan shall be administered by the Committee. The Committee shall have full power and authority, subject to such orders or resolutions not inconsistent
with the provisions of the Plan as may from time to time be adopted by the Board, to: (i) select the Employees of the Company to whom Awards may from time to time be granted hereunder; (ii) determine the type or types of Award to be
granted to each Participant hereunder; (iii) determine the number of Shares to be covered by each Award granted hereunder; (iv) determine the terms and conditions, not inconsistent with the provisions of the Plan, of any Award granted
hereunder; (v) determine whether, to what extent and under what circumstances Awards may be settled in cash, Shares or other property or canceled or suspended; (vi) interpret and administer the Plan and any instrument or agreement entered
into under the Plan; (vii) establish such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (viii) make any other determination and take any other action that the
Committee deems necessary or desirable for administration of the Plan. Decisions of the Committee shall be final, conclusive and binding upon all Persons, including the Company, any Participant, any shareholder, and any Employee of the Company. A
majority of the members of the Committee may determine its actions and fix the time and place of its meetings.  
 SECTION 3. DURATION OF, AND SHARES SUBJECT TO PLAN. 
 (a)
Term. The Plan shall remain in effect until terminated by the Board, provided, however, that no Incentive Stock Option may be granted after more than 10 years after the Effective Date. 
 (b) Shares Subject to the Plan. The maximum number of Shares in respect of which Awards may be granted under the Plan, subject to
adjustment as provided in Section 3(c) of the Plan, is 4,500,000 Shares. Notwithstanding the foregoing, in no event shall more than 1,000,000 Shares be cumulatively available for Awards of Incentive Stock Options under the Plan and provided
further that no Participant may be granted Awards in any one calendar year with respect to more than 200,000 Shares. 
 For
the purpose of computing the total number of Shares available for Awards under the Plan, there shall be counted against the foregoing limitations the number of Shares subject to issuance upon exercise or settlement of Awards as of the dates on which
such Awards are granted. Shares which were previously subject to Awards shall again be available for Awards under the Plan if any such Awards are forfeited, terminated, expire unexercised, settled in cash or property other than Shares or exchanged
for other Awards (to the extent of such forfeiture, termination or expiration of such Awards), or if the Shares subject thereto can otherwise no longer be issued. Further, any Shares which are used as full or partial payment to Worthington by a
Participant of the option price of Shares upon exercise of an Option shall again be available for Awards under the Plan. 
 Shares which may be issued under the Plan may be either authorized and unissued Shares or issued Shares which have been reacquired by Worthington. No fractional Shares shall be issued under the Plan. 
 (c) Changes in Shares. In the event of any merger, reorganization, consolidation, recapitalization, stock dividend, stock split,
reverse stock split, spin off, exchange of shares or similar transaction or other change in corporate structure or capitalization affecting the Shares or the price thereof, such adjustments and other 

  

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substitutions shall be made to the Plan and to Awards as the Committee in its sole discretion deems equitable or appropriate, including without limitation
such adjustments in the aggregate number, class and kind of Shares which may be delivered under the Plan, in the aggregate or to any one Participant, in the number, class, kind and option or exercise price of Shares subject to outstanding Options,
Stock Appreciation Rights or other Awards granted under the Plan, and in the number, class and kind of Shares subject to Awards granted under the Plan (including, if the Committee deems appropriate, the substitution of similar options to purchase
the shares of, or other awards denominated in the shares of, another company) as the Committee may determine to be appropriate in its sole discretion, provided that the number of Shares or other securities subject to any Award shall always be a
whole number. Any adjustment made pursuant to this Section 3(c) shall be made consistent with the requirements of Section 409A of the Code, to the extent applicable. 
 SECTION 4. ELIGIBILITY. Any Employee (excluding any member of the Committee) shall be eligible to be selected as a Participant. 
 SECTION 5. OPTIONS. Options may be granted hereunder to Participants, either alone or in addition to other Awards granted under
the Plan. Any Option granted under the Plan shall be evidenced by an Award Agreement in such form as the Committee may from time to time approve. Any such Option shall be subject to the following terms and conditions and to such additional terms and
conditions, not inconsistent with the provisions of the Plan, as the Committee shall deem desirable. The provisions of Options need not be the same with respect to each Participant. 
 (a) Option Price. The option price per Share purchasable upon exercise of an Option shall be determined by the Committee in its
sole discretion; provided that such option price shall not be less than the Fair Market Value of the Share on the date of the grant of the Option. 
 (b) Option Period. The term of each Option shall be fixed by the Committee in its sole discretion; provided that no Incentive Stock Option shall be exercisable after the expiration of ten years from the date
the Incentive Stock Option is granted. 
 (c) Exercisability. Options shall be exercisable at such time or times as
determined by the Committee at or subsequent to grant. Unless otherwise determined by the Committee at or subsequent to grant, no Incentive Stock Option shall be exercisable during the year ending on the day before the first anniversary date of the
granting of the Incentive Stock Option. 
 (d) Method of Exercise. Subject to the other provisions of the Plan and any
applicable Award Agreement, any Option may be exercised by the Participant in whole or in part at such time or times, and the Participant may make payment of the option price in such form or forms, including, without limitation, payment by delivery
of cash, Shares already owned by the Participant or other consideration (including, where permitted by law, by delivery or surrender of outstanding vested and exercisable Awards, including through the withholding of Shares which would otherwise be
issued in connection with the exercise of a vested and exercisable Option, having a Fair Market Value on the exercise date equal to the total option price, or by any combination of cash, Shares and other consideration unless the Committee may
otherwise specify in the applicable Award Agreement. 
 (e) Incentive Stock Options. In accordance with rules and
procedures established by the Committee, the aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to which Incentive Stock Options held by any Participant which are exercisable for the first time by such
Participant during any calendar year under the Plan (and under any other benefit plans of the Company or of any parent or subsidiary corporation of the Company) shall not exceed $100,000 or, if different, the maximum limitation in effect at the time
of grant under Section 422 of the Code, or any successor provision, and any Treasury Regulations promulgated thereunder. The terms of any Incentive Stock Option granted hereunder shall comply in all respects with the provisions of
Section 422 of the Code, or any successor provision, and any Treasury Regulations promulgated thereunder. 
 SECTION
6. STOCK APPRECIATION RIGHTS. Stock Appreciation Rights may be granted hereunder to Participants, either alone or in addition to other Awards granted under the Plan, and may, but need not, relate to a specific Option granted under
Section 5. The provisions of Stock Appreciation Rights need not be the 

  

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same with respect to each Participant. Any Stock Appreciation Right related to a Nonstatutory Stock Option may be granted at any time thereafter before
exercise, termination or expiration of such Nonstatutory Stock Option. Any Stock Appreciation Right related to an Incentive Stock Option must be granted at the same time such Incentive Stock Option is granted. In the case of any Stock Appreciation
Right related to any Option, the Stock Appreciation Right or applicable portion thereof shall terminate and no longer be exercisable upon the termination or exercise of the related Option, except that a Stock Appreciation Right granted with respect
to less than the full number of Shares covered by a related Option shall not be reduced until the number of Shares subject to the exercise or termination of the related Option exceeds the number of Shares not covered by the Stock Appreciation Right.
Any Option related to any Stock Appreciation Right shall no longer be exercisable to the extent the related Stock Appreciation Right has been exercised. The Committee may impose such conditions or restrictions on the exercise of any Stock
Appreciation Right as it shall deem appropriate. 
 SECTION 7. RESTRICTED STOCK. 
 (a) Issuance. Restricted Stock Awards may be issued hereunder to Participants, either alone or in addition to other Awards granted
under the Plan, for such consideration as determined by the Committee in its sole discretion and the Committee may issue such Awards for no consideration or for such minimum consideration as may be required by applicable law. Restricted Stock Awards
shall contain such limitations, terms and conditions and other provisions as determined by the Committee in its sole discretion. The provisions of Restricted Stock Awards need not be the same with respect to each Participant. 
 (b) Registration. Any Restricted Stock issued hereunder may be evidenced in such manner as the Committee in its sole discretion
shall deem appropriate, including, without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of shares of Restricted Stock awarded under the Plan, such
certificate shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award. 
 (c) Forfeiture. Except as otherwise determined by the Committee at the time of grant, upon termination of employment for any
reason during the restriction period, all shares of Restricted Stock still subject to restriction shall be forfeited by the Participant and reacquired by Worthington, for the purchase price paid by the Participant or such other consideration (or no
consideration) as set by the Committee as part of the terms and conditions of the Award, provided that except as provided in Section 11, in the event of a Participant’s retirement, permanent disability, other termination of employment or
death, or in cases of special circumstances, the Committee may, in its sole discretion, waive in whole or in part any or all remaining restrictions with respect to such Participant’s shares of Restricted Stock. Unrestricted Shares, evidenced in
such manner as the Committee shall deem appropriate, shall be issued to the Participant after the period of forfeiture, as determined or modified by the Committee, shall expire. 
 SECTION 8. PERFORMANCE AWARDS. Performance Awards may be issued hereunder to Participants, either alone or in addition to other
Awards granted under the Plan, for such consideration as determined by the Committee, in its sole discretion, and the Committee may issue such Performance Awards for no consideration or for such minimum consideration as may be required by applicable
law. The performance criteria to be achieved during any Performance Period, the length of the Performance Period and the other terms and conditions and provisions with respect to the Performance Award shall be determined by the Committee upon the
grant of each Performance Award. Except as provided in Section 10, Performance Awards will be distributed only after the end of the relevant Performance Period. Performance Awards may be paid in cash, Shares or any combination thereof, in the
sole discretion of the Committee at the time of payment. The performance levels to be achieved for each Performance Period and the amount of the Award to be distributed shall be conclusively determined by the Committee. Performance Awards may be
paid in a lump sum or in installments following the close of the Performance Period. The maximum value of the property, including cash, that may be paid or distributed to any Participant pursuant to a grant of Performance Units made in any one
calendar year shall be $2,500,000. The provisions of Performance Awards need not be the same with respect to each Participant. 
 SECTION 9. OTHER STOCK UNIT AWARDS. 
  

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 (a) Other Stock Unit Awards Administration. Other Awards of Shares and other
Awards that are valued in whole or in part by reference to, or are otherwise based on, Shares or other property (“Other Stock Unit Awards”) may be granted hereunder to Participants, either alone or in addition to other Awards granted under
the Plan. Other Stock Unit Awards may be paid in Shares, cash or any other form of property as the Committee shall determine. 
 (b) Terms and Conditions. Other Stock Unit Awards granted under this Section 9 may be issued for such consideration as determined by the Committee in its sole discretion, and the Committee may issue such Awards for no
consideration or for such minimum consideration as may be required by applicable law. Shares (including securities convertible into Shares) purchased pursuant to a purchase right awarded under this Section 9 shall be purchased for such
consideration as the Committee shall in its sole discretion determine, which shall not be less than the Fair Market Value of such Shares or other securities as of the date such purchase right is awarded. The terms and conditions and other provisions
with respect to Other Stock Unit Awards shall be determined by the Committee. The provisions of Other Stock Unit Awards need not be the same with respect to each Participant. 
 SECTION 10. CHANGE IN CONTROL PROVISIONS. 
 (a) Impact of
Event. Notwithstanding any other provision of the Plan to the contrary, but subject to the provisions of Section 10(d), in the event of a Change in Control: 
 (i) Any Options and Stock Appreciation Rights outstanding as of the date such Change in Control is determined to have
occurred, and which are not then exercisable and vested, shall become fully exercisable and vested to the full extent of the original grant; provided, that in the case of a Participant holding a Stock Appreciation Right who is actually subject to
Section 16(b) of the Exchange Act, such Stock Appreciation Right shall not become fully vested and exercisable unless it shall have been outstanding for at least six months at the date such Change in Control is determined to have occurred.

 (ii) The restrictions applicable to any Restricted Stock shall lapse, and such Restricted Stock shall
become free of all restrictions and become fully vested and transferable to the full extent of the original grant. 
 (iii) All Performance Awards shall be considered to be earned and payable in full, and any other restriction shall lapse and such Performance Awards shall be immediately settled or distributed. 
 (iv) The restrictions and other conditions applicable to any Other Stock Unit Awards or any other Awards shall lapse, and
such Other Stock Unit Awards or such other Awards shall become free of all restrictions or conditions and become fully vested and transferable to the full extent of the original grant. 
 (b) Change in Control Cash-Out. Notwithstanding any other provision of the Plan, during
the 60-day period from and after a Change in Control (the “Exercise Period”), if the Committee shall determine at, or at any time after the time of grant, a Participant holding an Option shall have the right, whether or not the Option is
fully exercisable and in lieu of the payment of the option price for the Shares being purchased under the Option and by giving notice to Worthington, to elect (within the Exercise Period) to, surrender all or part of the Option to Worthington and to
receive cash, within 30 days of such notice, in an amount equal to the amount by which the Change in Control Price per Share on the date of such election shall exceed the purchase price per Share under the Option (the “Spread”) multiplied
by the number of Shares granted under the Option as to which the right granted under this Section 10(b) shall have been exercised.  
 (c) Provisions not Applicable. The provisions of this Section 10 shall not apply (i) if the Committee determines at the time of grant that such Section shall not apply or (ii) to any Change in
Control when expressly provided otherwise by a three-fourths vote of the Whole Board, but only if a majority of the members of the Board then in office and acting upon such matters shall be Continuing Directors. 
 SECTION 11. CODE SECTION 162(m) PROVISIONS. 
  

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 (a) Applicability. Notwithstanding any other provisions of the Plan, if the
Committee determines at the time Restricted Stock, a Performance Award or an Other Stock Unit Award is granted to a Participant that such Participant is, or is likely to be at the time such Participant recognizes income for federal income tax
purposes in connection with such Award a Covered Employee then the Committee may provide that this Section 11 is applicable to such Award. 
 (b) Performance Goals. If an Award is subject to this Section 11, then the lapsing of restrictions thereon and the distribution of cash or Shares pursuant thereto, as applicable, shall be subject to the
achievement of one or more objective performance goals established by the Committee, which shall be based on the attainment of one or any combination of the following: specified levels of earnings per share from continuing operations, operating
income; revenues; gross margin; return on operating assets; return on equity; economic value added; stock price appreciation; total stockholder return (measured in terms of stock price appreciation and dividend growth); or cost control, of the
Company or an affiliate, business unit or division of the Company for or within which the Participant is primarily employed. Such performance goals also may be based upon attaining specified levels of performance under one or more of the measures
described above relative to the performance of other corporations. Such performance goals shall be set by the Committee within the time period prescribed by, and shall otherwise comply with the requirements of, Section 162(m) of the Code and
the Treasury Regulations promulgated thereunder. 
 (c) Limitations on Adjustments. Notwithstanding any provision of
this Plan other than Section 10, with respect to any Award that is subject to this Section 11, the Committee may not adjust upwards the amount payable pursuant to such Award, nor may it waive the achievement of the applicable performance
goals except in the case of the death or disability of the Participant. 
 (d) Other Restrictions. The Committee shall
have the power to impose such other restrictions on Awards subject to this Section 11 as it may deem necessary or appropriate to ensure that such Awards satisfy all requirements for “performance-based compensation” within the meaning
of Section 162(m)(4)(B) of the Code or any successor provision. 
 SECTION 12. AMENDMENTS AND TERMINATION. The
Board may amend, alter or discontinue the Plan, but no amendment, alteration, or discontinuation shall be made that would impair the rights of a Participant under an Award theretofore granted, without the Participant’s consent, or that without
the approval of the shareholders of Worthington would: 
 (a) except as is provided in Section 3(c) of the Plan,
increase the total number of Shares reserved for the purpose of the Plan; or 
 (b) change the employees or class of
employees eligible to participate in the Plan. 
 The Committee may amend the terms of any Award theretofore granted,
prospectively or retroactively, but no such amendment shall impair the rights of any Participant without the Participant’s consent. 
 SECTION 13. GENERAL PROVISIONS. 
 (a) No Assignment. Unless the Committee
determines otherwise at the time the Award is granted, no Award, and no Shares subject to Awards described in Section 9 which have not been issued or as to which any applicable restriction, performance period has not lapsed, may be sold,
assigned, transferred, pledged or otherwise encumbered, except by will or by the laws of descent and distribution; provided that, if so determined by the Committee, a Participant may, in the manner established by the Committee, designate a
beneficiary to exercise the rights of the Participant with respect to any Award upon the death of the Participant. Each Award shall be exercisable, during the Participant’s lifetime, only by the Participant or, if permissible under applicable
law, by the Participant’s guardian or legal representative. 
 (b) Term of Awards. The term of each Award shall
be for such period of months or years from the date of its grant as may be determined by the Committee; provided that in no event shall the term of any Incentive 

  

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Stock Option or any Stock Appreciation Right related to any Incentive Stock Option exceed a period of 10 years from the date of its grant. 
 (c) No Right to Award. No Employee or Participant shall have any claim to be granted any Award under the Plan and there is no
obligation for uniformity of treatment of Employees or Participants under the Plan. 
 (d) Written Agreement Required.
The prospective recipient of any Award under the Plan shall not, with respect to such Award, be deemed to have become a Participant, or to have any rights with respect to such Award, until and unless such recipient shall have executed an
agreement or other instrument evidencing the Award and delivered a fully executed copy thereof to Worthington, and otherwise complied with the then applicable terms and conditions. 
 (e) Adjustments. Except as provided in Section 11, the Committee shall be authorized to make adjustments in Performance Award
criteria or in the terms and conditions of other Awards in recognition of unusual or nonrecurring events affecting the Company or its financial statements or changes in applicable laws, regulations or accounting principles. The Committee may correct
any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry it into effect. In the event Worthington shall assume outstanding employee benefit awards or the
right or obligation to make future awards in connection with the acquisition of another corporation or business entity, the Committee may, in its discretion, make such adjustments in the terms of Awards under the Plan as it shall deem appropriate.

 (f) Cancellations and Forfeitures. The Committee shall have full power and authority to determine whether, to what
extent, and under what circumstances, any Award shall be canceled or suspended. In particular, but without limitation, all outstanding Awards to any Participant shall be canceled if the Participant, without the consent of the Committee, while
employed by the Company or after termination of such employment, becomes associated with, employed by, renders services to, or owns any interest in (other than any nonsubstantial interest, as determined by the Committee), any business that is in
competition with the Company or with any business in which the Company has a substantial interest as determined by the Committee. 
 In the event a Participant terminates his or her employment with the Company for any reason whatsoever, and within 18 months after the date thereof becomes associated with, employed by, renders services to, or owns any interest in (other
than any nonsubstantial interest, as determined by the Committee), any business that is in competition with the Company or with any business in which the Company has a substantial interest as determined by the Committee, the Committee, in its sole
discretion, may require such Participant to return to the Company the economic value of any Award which is realized or obtained (measured at the date of exercise) by such Participant at any time during the period beginning on that date which is six
months prior to the date of such Participant’s termination of employment with the Company. 
 (g) Securities Laws
Restrictions. No Shares shall be issued under the Plan unless counsel for Worthington shall be satisfied that such issuance will be in compliance with applicable Federal and state securities laws. All certificates for Shares delivered under the
Plan pursuant to any Award shall be subject to such stock-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange
upon which the Shares are then listed, and any applicable Federal or state securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
 (h) Payment Requirements. Except as otherwise required in any applicable Award Agreement or by the terms of the Plan, recipients
of Awards under the Plan shall not be required to make any payment or provide consideration other than the rendering of services. 
 (i) Withholding. Worthington shall be authorized to withhold from any Award granted or payment due under the Plan the amount of withholding taxes due in respect of an Award or payment hereunder and to take such other action as may be
necessary in the opinion of Worthington to satisfy all obligations for the payment of such taxes. The Committee shall be authorized to establish procedures for election by Participants to satisfy such withholding taxes by delivery of, or directing
Worthington to retain, Shares, unless otherwise specified by the Committee in the Award Agreement. 
  

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 (j) Other Arrangements. Nothing contained in this Plan shall prevent the Board
from adopting other or additional compensation arrangements, subject to shareholder approval if such approval is otherwise required, and such arrangements may be either generally applicable or applicable only in specific cases. 
 (k) Applicable Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be
determined in accordance with the laws of the State of Ohio and applicable Federal law. 
 (l) Invalid Provisions. If
any provision of this Plan is or becomes or is deemed invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed
amended to conform to applicable laws or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan, it shall be stricken and the remainder of the Plan shall remain in full
force and effect. 
 (m) Foreign Nationals. Awards may be granted to Employees who are foreign nationals or employed
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 in order to recognize differences in local law or tax policy. The
Committee also may impose conditions on the exercise or vesting of Awards in order to minimize the Company’s obligation with respect to tax equalization for Employees on assignments outside their home country. 
 (n) No Right to Employment. Neither the adoption of the Plan nor the granting of any Award shall confer upon any employee of the
Company any right to continued employment with the Company, nor shall it interfere in any way with the right of the Company to terminate the employment of any of its employees at any time, with or without cause. 
 (o) Treatment as Compensation for Other Purposes. Payments and other benefits received by a Participant under an Award made
pursuant to the Plan shall not be deemed a part of a Participant’s regular, recurring compensation for purposes of the termination indemnity or severance pay law of any country and shall not be included in, nor have any effect on, the
determination of benefits under any other employee benefit plan or similar arrangement provided by the Company unless expressly so provided by such other plan or arrangements, or except where the Committee expressly determines that an Award or
portion of an Award should be included to accurately reflect competitive compensation practices or to recognize that an Award has been made in lieu of a portion of competitive annual cash compensation. Awards under the Plan may be made in
combination with or in tandem with, or as alternatives to, grants, awards or payments under any other Company plans. The Plan notwithstanding, the Company may adopt such other compensation programs and additional compensation arrangements as it
deems necessary to attract, retain and reward employees for their service with the Company. 
 SECTION 14. EFFECTIVE DATE
OF THE PLAN. The Plan became effective on the Effective Date. The performance goals described in Section 11 of the Plan were reapproved by Worthington’s shareholders at the annual meeting of Worthington’s shareholders held on
September 25, 2003 and again at the annual meeting of Worthington’s shareholders held on September 24, 2008. 
 SECTION 15. DEFINITIONS. As used in the Plan, the following terms shall have the meanings set forth below: 
 (a) “Acquiring Person” means any Person (any individual, firm, corporation or other entity) who or which, together with all Affiliates and Associates, has acquired or obtained the right to acquire the
beneficial ownership of 25% or more of the Shares then outstanding. 
 (b) “Affiliate” and
“Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the Exchange Act 
 (c) “Award” shall mean any Option, Stock Appreciation Right, Restricted Stock Award, Performance Share, Performance Unit, Other Stock Unit Award, or any other right, interest, or
option relating to Shares granted pursuant to the provisions of the Plan. 
  

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 (d) “Award Agreement” shall mean any written agreement,
contract, or other instrument or document evidencing any Award granted by the Committee hereunder. 
 (e)
“Board” shall mean the Board of Directors of Worthington 
 (f) A “Change in
Control” shall have occurred when any Person (other than (i) the Company, (ii) any employee benefit plan of the Company or any trustee of or fiduciary with respect to any such plan when acting in such capacity, or (iii) any
Person who, on the Effective Date of the Plan, was an Affiliate of the Company owning in excess of 10% of the outstanding shares of Worthington and the respective successors, executors, legal representatives, heirs and legal assigns of such Person),
alone or together with its Affiliates and Associates, has acquired or obtained the right to acquire the beneficial ownership of 25% or more of the Shares then outstanding; provided, however, that with respect to any Award subject to
Section 409A of the Code that is settled or distributed upon the occurrence of a Change in Control, no settlement or distribution of such Award shall be made unless the Change in Control also constitutes a “change in control event”
within the meaning of Section 409A of the Code. 
 (g) “Change in Control Price Per
Share” shall mean the price per Share (i) paid by the Acquiring Person in connection with the transaction(s) that results in the Change in Control; or (ii) at any time after the Change in Control and before the Participant
exercises his election under Section 10(b), the Fair Market Value of the Shares. 
 (h)
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. 
 (i) “Committee” shall mean the Compensation and Stock Option Committee of the Board, composed of no fewer than three directors, each of whom is a Non-Employee Director and an “outside
director” within the meaning of Section 162(m) of the Code. 
 (j) “Company” shall
mean Worthington Industries, Inc. a Delaware corporation, its subsidiaries, direct or indirect. Subsidiaries of the Company shall include any entity of which the Company owns 50% or more; provided, however, that with respect to any Award subject to
Section 409A, “Company” shall mean Worthington and its subsidiaries with whom Worthington would be considered a single employer under Sections 414(b) and (c) of the Code[, but modified as permitted by Treasury Regulation
§1.409A-1(b)(5)(iii)(E)(1)]. 
 (k) “Continuing Director” means any person who was a
member of the Board on the Effective Date of the Plan or thereafter elected by the shareholders of Worthington or appointed by the Board prior to the date as of which the Acquiring Person became a Substantial Shareholder (as such term is defined in
Article Seventh of Worthington’s Amended Articles of Incorporation) or, a Person designated (before his initial election or employment as a director) as a Continuing Director by three-fourths of the Whole Board, but only if a majority of the
Whole Board shall then consist of Continuing Directors 
 (l) “Covered Employee” shall mean
a “covered employee” within the meaning of Section 162(m)(3) of the Code. 
 (m)
“Effective Date” shall mean September 18, 1997. 
 (n) “Employee”
shall mean any salaried employee of the Company. Unless otherwise determined by the Committee in its sole discretion, for purposes of the Plan, an Employee shall be considered to have terminated employment and to have ceased to be an Employee if his
or her employer ceases to be a subsidiary of Worthington, even if he or she continues to be employed by such employer. 
 (o) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto. 
  

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 (p) “Fair Market Value” The value of one Share on any
relevant date, determined under the following rules: 
 [1] If the Shares are traded on an exchange or recognized
market or quotation system on which “closing prices” are reported, the reported “closing price” on the relevant date, if it is a trading day, otherwise on the next trading day; 
 [2] If the Shares are traded over-the-counter with no reported closing price, the mean between the highest bid and the lowest
asked prices on the relevant date, if it is a trading day, otherwise on the next trading day; or 
 [3] If neither
subsections [1] or [2] of this definition apply, the fair market value as determined by the Board in good faith and consistent with any applicable provisions under the Code, except with respect to Options and SARs, in which event the fair market
value as determined by the reasonable application of a reasonable valuation method taking into account all information material to the value of the Company satisfying the requirements of Code §409A. 
 (q) “Incentive Stock Option” shall mean an Option granted under Section 5 hereof that is intended
to meet the requirements of Section 422 of the Code or any successor provision thereto. 
 (r)
“Non-Employee Director” shall have the meaning set forth in Rule 16b-3(b)(3) promulgated by the Securities and Exchange Commission under the Exchange Act or any successor definition adopted by the Securities and Exchange Commission.

 (s) “Nonstatutory Stock Option” shall mean an Option granted under Section 5 hereof
that is not intended to be an Incentive Stock Option. 
 (t) “Option” shall mean any right
granted to a Participant under the Plan allowing such Participant to purchase Shares at such price or prices and during such period or periods as the Committee shall determine. 
 (u) “Other Stock Unit Award” shall mean any right granted to a Participant by the Committee pursuant to
Section 9 hereof. 
 (v) “Participant” shall mean an Employee who is selected by the
Committee to receive an Award under the Plan. 
 (w) “Performance Award” shall mean any
Award of Performance Shares or Performance Units pursuant to Section 8 hereof. 
 (x)
“Performance Period” shall mean that period established by the Committee at the time any Performance Award is granted or at any time thereafter during which any performance goal(s) specified by the Committee with respect to such
Performance Award are to be measured. 
 (y) “Performance Share” shall mean any grant
pursuant to Section 8 hereof of a unit valued by reference to a designated number of Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including, without limitation, cash, Shares,
or any combination thereof, upon achievement of such performance goals during the Performance Period as the Committee shall establish at the time of such grant or thereafter. 
 (z) “Performance Unit” shall mean any grant pursuant to Section 8 hereof of a unit valued by
reference to a designated amount of property other than Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including, without limitation, cash, Shares, or any combination thereof, upon
achievement of such performance goals during the Performance Period as the Committee shall establish at the time of such grant or thereafter. 
  

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 (aa) “Person” shall mean any individual, corporation,
partnership, association, joint-stock company, trust, unincorporated organization, limited liability company, other entity or government or political subdivision thereof. 
 (bb) “Restricted Stock” shall mean any Share issued with the restriction that the holder may not sell,
transfer, pledge, or assign such Share and with such other restrictions as the Committee, in its sole discretion, may impose (including, without limitation, any restriction on the right to vote such Share, and the right to receive any cash
dividends), which restrictions may lapse separately or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate. 
 (cc) “Restricted Stock Award” shall mean an award of Restricted Stock under Section 7 hereof.

 (dd) “Shares” shall mean the common shares, without par value, of Worthington and such
other securities of Worthington as the Committee may from time to time determine. 
 (ee) “Stock
Appreciation Right” shall mean any right granted to a Participant pursuant to Section 6 hereof to receive, upon exercise by the Participant, the excess of (i) the Fair Market Value of one Share on the date of exercise over
(ii) the grant price of the right on the date of grant, or if granted in connection with an outstanding Option on the date of grant of the related Option, as specified by the Committee in its sole discretion, which, other than in the case of
substitute Awards, shall not be less than the Fair Market Value of one Share on such date of grant of the right or the related Option, as the case may be. Any payment by Worthington in respect of such right may be made in cash, Shares, other
property, or any combination thereof, as the Committee, in its sole discretion, shall determine. 
 (ff)
“Treasury Regulations” means any regulations promulgated by the Department of Treasury and/or Internal Revenue Service under the Code. 
 (gg) “Whole Board” means the total number of directors which Worthington would have if there were no vacancies 
 (hh) “Worthington” shall mean Worthington Industries, Inc., an Ohio corporation. 
 SECTION 16. SECTION 409A. This Plan is intended to comply with or be exempt from the requirements of Section 409A of the Code
and the Treasury Regulations promulgated thereunder, as applicable, and shall be interpreted, administered and operated accordingly. Nothing in this Plan should be construed as a guarantee or entitlement of any particular tax treatment to a
Participant. None of the Company, the Board, the Committee or any other Person shall any liability with respect to any Participant in the event this Plan fails to comply with the requirements of Section 409A of the Code. 
  

 71Amended and Restated 2006 Equity Incentive Plan for Non-Employee Directors

 Exhibit 10.9 
 WORTHINGTON INDUSTRIES, INC. 
 AMENDED AND RESTATED 
 2006 EQUITY INCENTIVE PLAN FOR NON-EMPLOYEE DIRECTORS 
 1.00 PURPOSE 
 The Plan is intended to foster and promote the long-term financial
success of the Company and Related Entities and to increase shareholder value by [1] providing Participants an opportunity to acquire and maintain an ownership interest in the Company and [2] encouraging Participants to remain as
directors of the Company and put forth the maximum efforts for the success of the Company and Related Entities. This Plan is amended and restated effective as of November 1, 2008. 
 2.00 DEFINITIONS 
 When used in the Plan, the following words,
terms and phrases have the meanings given to them in this section unless another meaning is expressly provided elsewhere in the Plan or clearly required by the context. When applying these definitions and any other word, term or phrase used in the
Plan, the form of any definition or of any word, term or phrase will include any and all of its other forms. 
 Act. The Securities
Exchange Act of 1934, as amended, or any successor statute of similar effect, even if the Company is not subject to the Act. 
 Annual
Meeting. The annual meeting of the Company’s shareholders. 
 Award. Any Option, Restricted Stock, Restricted Stock Unit,
Stock Appreciation Right or Whole Share granted under the Plan. 
 Award Agreement. The written or electronic agreement between the
Company and each Participant that describes the terms and conditions of each Award. If there is a conflict between the terms of the Plan and the terms of any Award Agreement, the terms of the Plan will govern. 
 Board. The Company’s board of directors. 
 Business Combination. A “Business Combination” means the following: [1] the date that any Person, or more than one Person acting as a group, acquires ownership of stock of the Company that,
together with the stock of the Company held by such Person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Company; [2] the date that any Person, or more than one Person
acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or group), ownership of stock of the Company possessing 30 percent or more of the total voting power of the
stock of the Company; [3] the date that a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the
appointment or election; or [4] the date that any Person or more than one Person acting as a group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or group) assets from the
Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisition. The definition of Business Combination
shall be interpreted in a manner consistent with the definition of “change in control event” under Code §409A and Treasury Regulation §1.409A-3(i)(5). 
 Cause. Unless otherwise specified in the associated Award Agreement, removal from office for cause in accordance with Article SIXTH of the Company’s Amended Articles of Incorporation and the Ohio
General Corporation Law. 
 Change in Control. Unless otherwise specified in the associated Award Agreement, a “Change in
Control” will occur when any Person (other than [1] the Company or any Related Entity, [2] any employee benefit plan of the Company or any Related Entity or any trustee of or fiduciary with respect to any such plan when acting in
such capacity, or [3] any Person who, on the Effective Date, was an Affiliate of the Company and owning in excess of ten 

  

 72 

 
percent of the outstanding Shares and the respective successors, executors, legal representatives, heirs and legal assigns of such Person), alone or together
with its Affiliates and Associates, has acquired or obtained the right to acquire the beneficial ownership of 25 percent or more of Shares then outstanding. For purposes of this definition, “Affiliate” and “Associate” will
have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the Act. 
 Code.
The Internal Revenue Code of 1986, as amended or superseded after the Effective Date, and any applicable rulings or regulations issued under the Code. 
 Company. Worthington Industries, Inc., an Ohio corporation, and any and all successors to it. 
 Director. A Person who, on an applicable Grant Date, [1] is an elected member of the Board (or has been appointed to the Board to fill an unexpired term and will continue to serve at the expiration of that term only if elected
by shareholders) and [2] is not a Person who performs services for the Company or any Related Entity as a common-law employee. A Person’s status as a Director will be determined as of the Grant Date of each Award made to that Person.

 Disability. Unless otherwise specified in the associated Award Agreement: 
 [1] With respect to the payment, exercise or settlement of any Award that is (or becomes) subject to Code §409A,
[a] the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period
of not less than 12 months or [b] the Participant is determined to be totally disabled by the Social Security Administration or the Railroad Retirement Board; and 
 [2] With respect to a Participant’s right to exercise or receive settlement of any Award or with respect to the payment, exercise or settlement of any Award not described in
subsection [1] of this definition, the inability, by reason of a medically determinable physical or mental impairment, to engage in substantial gainful activity, for a period of 180 days after its commencement and such condition, in the opinion
of a physician selected by the Company and reasonably acceptable to the Participant or the Participant’s legal representative, is total and permanent. 
 Effective Date. September 27, 2006. 
 Exercise Price. The amount, if any, a Participant
must pay to exercise an Option or the amount upon which the value of a Stock Appreciation Right is based. 
 Expiration Date. The last
date that an Option or Stock Appreciation Right may be exercised. 
 Fair Market Value. The value of one Share on any relevant date,
determined under the following rules: 
 [1] If the Shares are traded on an exchange or recognized market or quotation
system on which “closing prices” are reported, the reported “closing price” on the relevant date, if it is a trading day, otherwise on the next trading day; 
 [2] If the Shares are traded over-the-counter with no reported closing price, the mean between the highest bid and the lowest asked prices on the relevant date, if it is a trading day,
otherwise on the next trading day; or 
 [3] If neither subsections [1] or [2] of this definition apply, the fair
market value as determined by the Board in good faith and consistent with any applicable provisions under the Code, except with respect to Options and SARs, in which event the fair market value as determined by the reasonable application of a
reasonable valuation method taking into account all information material to the value of the Company satisfying the requirements of Code §409A. 
 Grant Date. The date an Award is granted. 
 Option. An Award granted under Section 6.00. 
 Participant. Any Director to whom an Award has been granted and which is still outstanding. 
 Person. Any individual, corporation, partnership, limited liability company, association, joint-stock company, trust, unincorporated organization, government or political subdivision
thereof or other entity. 
  

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 Plan. The Worthington Industries, Inc. Amended and Restated 2006 Equity Incentive Plan for
Non-Employee Directors. 
 Prior Plan. The Worthington Industries, Inc. Amended and Restated 2000 Stock Option Plan for Non-Employee
Directors, as amended from time to time. On or after September 27, 2006 no further awards will be issued under the Prior Plan, although awards may be granted under the Prior Plan before September 27, 2006 and the Prior Plan will remain in
effect after September 27, 2006 for purposes of determining any grantee’s right to awards issued under the Prior Plan before that date. 
 Related Entity. Any entity that is or becomes related to the Company through common ownership as determined under Code §414(b) or (c), but modified as permitted under Treasury Regulations issued under any Code section
relevant to the purpose for which the definition is applied. 
 Restricted Stock. An Award granted under Section 8.00.

 Restricted Stock Unit. An Award granted under Section 9.00. 
 Restriction Period. The period over which the Board will determine if a Participant has met conditions placed on Restricted Stock or Restricted Stock Units. 
 Retirement. Unless otherwise specified in the associated Award Agreement, the retirement of a Director from service on the Board after having
[1] attained the age of 65 or [2] served at least nine years as a member of the Board, unless the Board specifies a shorter period of required service which will in no event be fewer than six years. 
 Separation from Service. A “separation from service” as defined under Code §409A. 
 Shares. Common shares, without par value, of the Company or any security of the Company issued in substitution, exchange or in place of these
common shares. 
 Stock Appreciation Right (“SAR”). An Award granted under Section 10.00. 
 Termination. A termination of the Director’s service on the Board for any reason. 
 Treasury Regulations. Any regulations promulgated by the Department of Treasury and/or Internal Revenue Service under the Code. 
 Whole Share. An Award granted under Section 7.00. 
 3.00 PARTICIPATION

 3.01 Awards. 
 [1] Consistent with the terms of the Plan and subject to Section 3.01[2], the Board will [a] decide which Directors will be granted Awards and [b] establish the types of Awards to be granted and the terms and
conditions relating to those Awards. 
 [2] The Board may establish different terms and conditions [a] for each
type of Award, [b] for each Participant receiving the same type of Award and [c] for the same Participant for each Award received, whether or not those Awards are granted at different times. 
 [3] Subject to the limitations set forth in Section 4.04, in the sole discretion of the Board, and consistent with the terms
and conditions of the Plan and applicable law, Awards also may be made in assumption of, or in substitution for, outstanding awards previously granted by the Company or any Related Entity or a company acquired by the Company or with which the
Company combines. 
 3.02 Conditions of Participation. By accepting an Award, each Participant agrees: 
 [1] To be bound by the terms of the Award Agreement and the Plan and to comply with other terms and conditions imposed on the
Award; and 
 [2] That the Board may amend the Plan and any Award Agreement without any additional consideration to
the extent necessary to avoid penalties arising under Code §409A, even if those amendments reduce, restrict or eliminate rights granted under the Plan or an outstanding Award Agreement. 
  

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 4.00 ADMINISTRATION 
 4.01 Duties. The Board is responsible for administering the Plan and has all powers appropriate and necessary to that purpose. Consistent with the Plan’s objectives, the Board may adopt, amend and rescind
rules and regulations relating to the Plan and has complete discretion to make all other decisions necessary or advisable for the administration and interpretation of the Plan. Any action by the Board will be final, binding and conclusive for all
purposes and upon all Persons. 
 4.02 Delegation of Duties. In its sole discretion, the Board may delegate any ministerial duties
associated with the Plan to any Person that it deems appropriate. However, the Board may not delegate any discretionary duties assigned to it or those duties that the Board is required to discharge to comply with applicable laws and regulations.

 4.03 Award Agreement. As soon as administratively feasible after the Grant Date, the Board will prepare and deliver an Award
Agreement to each affected Participant. The Award Agreement will describe: 
 [1] The terms of the Award, including,
to the extent applicable, [a] the type of Award, [b] when and how the Award may be exercised, [c] any Exercise Price associated with the Award and [d] how the Award will or may be settled; and 
 [2] To the extent different from the terms of the Plan, any other terms and conditions affecting the Award. 
 4.04 Restriction on Repricing. No Award (including Options and SARs) may be “repriced.” For purposes of this restriction,
“repricing” means any of the following or any other action that has the same effect: [1] lowering the Exercise Price of an Option or SAR after it is granted; [2] any other action that is treated as a repricing under generally
accepted accounting principles; [3] canceling an Option or SAR at a time when its Exercise Price exceeds the Fair Market Value of the underlying Shares, in exchange for another Option, SAR, Restricted Stock or other Award, unless the
cancellation and exchange occurs in connection with a merger, acquisition, spin-off or other similar corporate transaction; or [4] any other action that has the effect of “repricing” an Award, as defined under the rules of the
securities exchange or other recognized market or quotation system on which the Shares are then listed or traded. 
 5.00 LIMITS ON SHARES
SUBJECT TO AWARDS 
 5.01 Number of Authorized Shares. Subject to Section 5.03, the aggregate number of Shares reserved and
available for Awards or which may be used to provide a basis of measurement for or to determine the value of an Award shall be: 
 [1] 200,000 Shares, which Shares shall be available for any Award; and 
 [2] The sum of the
following, which shall be available only for Options: 
 [a] 200,000 Shares; plus 
 [b] The number of Shares that, on the Effective Date, are authorized and available to be granted under the Prior Plan, but which
are not then subject to outstanding awards under the Prior Plan; plus 
 [c] The number of Shares that, on the
Effective Date, are subject to awards issued under the Prior Plan, but which are subsequently forfeited under the terms of the Prior Plan without receipt of any consideration. 
 Shares described in Section 5.01[1] may be subject to any Awards issued under the terms and conditions described in the Plan and Award Agreements issued under the Plan. Shares described in
Section 5.01[2] may only be subject to Options issued under the terms and conditions described in the Plan and Award Agreements issued under the Plan. Shares subject to Options shall be allocated to the Shares reserved and available for Options
under Section 5.01[2] to the extent they are still available prior to being allocated to Shares available under Section 5.01[1]. 
 The Shares to be delivered under the Plan may consist, in whole or in part, of treasury Shares or authorized but unissued Shares not reserved for any other purpose. 
 5.02 Adjustment in Number of Authorized Shares. As appropriate, the limits imposed under Sections 5.01 will be: 
  

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 [1] Conditionally reduced by the number of Shares underlying each Award; and

 [2] Absolutely reduced by [a] the number of Shares issued upon the exercise or settlement of an Award other
than a SAR, [b] the number of Shares subject to each SAR however settled and [c] a number of Shares equal to [i] the cash amount paid by the Company upon the exercise or settlement of an Award (other than an Option or SAR) that,
under the applicable Award Agreement, was originally to be settled in Shares, divided by [ii] the Fair Market Value of a Share on the date of that exercise or settlement transaction; and 
 [3] Increased by the number of Shares subject to (or associated with) any Award (or part of an Award) that, for any reason, is
forfeited, cancelled, terminated, relinquished, exchanged or otherwise settled without issuing Shares or without the payment of cash or any other consideration. 
 The number of Shares (if any) withheld to pay any Exercise Price or to satisfy any tax withholding obligation associated with the exercise or settlement of an Award (or part of an Award) will not be recredited to the
number of authorized Shares. 
 5.03 Adjustment in Capitalization. If, after the Effective Date, there is
a Share dividend or Share split, recapitalization (including payment of an extraordinary dividend), merger, consolidation, combination, spin-off, distribution of assets to shareholders, exchange of Shares or other similar corporate change affecting
Shares, the Board will appropriately adjust [1] the number of Shares that may be issued subject to Awards that may or will be granted to Participants during any period, [2] the
aggregate number of Shares available for Awards or subject to outstanding Awards (as well as any Share-based limits imposed under the Plan), [3] the respective Exercise Price, number of Shares and other limitations
applicable to outstanding or subsequently granted Awards and [4] any other factors, limits or terms affecting any outstanding or subsequently granted Awards; provided, however, that any adjustment pursuant to this
Section 5.03 shall be made in accordance with the rules of Code §409A, to the extent applicable.  
 6.00 OPTIONS

 6.01 Nature of Award. An Option gives a Participant the right to purchase a specified number of Shares if the terms and
conditions described in the Plan and the associated Award Agreement (including paying the Exercise Price) are met before the Expiration Date. However, an Option will be forfeited to the extent that the applicable terms and conditions have not been
met before the Expiration Date or to the extent that the Option is not exercised before the Expiration Date. All Options granted under this Section 6.00 will be nonqualified stock options and are not intended to meet the requirements of Code
§422. 
 6.02 Granting Options. At any time during the term of the Plan, the Board may grant Options to Directors. The Award
Agreement associated with each Option grant will describe the Exercise Price, the Expiration Date (which may never be later than the tenth anniversary of the Grant Date), the first date that the Option may be exercised, procedures for exercising the
Option and any other terms and conditions affecting the Option. 
 6.03 Exercise Price. Except to the extent necessary to implement
Section 3.01[3], each Option will bear an Exercise Price at least equal to the Fair Market Value of a Share on the Grant Date. 
 6.04 Exercising Options. An Option may be exercised only if all applicable terms and conditions have been met before the Expiration Date and only by sending to the Board (or its designee) a completed exercise notice (in the form
prescribed by the Board) along with payment of the Exercise Price in accordance with the method or methods described in the associated Award Agreement. In addition to any other method or methods which may be described in the associated Award
Agreement, payment of the Exercise Price may be made in cash, or its equivalent, or, unless otherwise specified by the Board and reflected in the associated Award Agreement(s), by tendering, either actual delivery of Shares or by attestation, Shares
acceptable to the Board, by the withholding of Shares which would otherwise be issued in connection with the exercise of the Option, or by a combination of the foregoing; provided that the combined value of all cash and cash equivalents and
the Fair Market Value of any Shares so tendered to the Company as of the date of such tender or so withheld by the Company as of the date of such withholding is at least equal to the Exercise Price borne by the Option being exercised. 
 6.05 Rights Associated With Options. Unless otherwise specified in the associated Award Agreement, a Participant will have no voting or dividend
rights with respect to the Shares underlying an unexercised Option. 
  

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 7.00 WHOLE SHARES 
 At any time during the term of the Plan, the Board may grant Whole Shares to Directors. Whole Shares may be granted on any basis and subject to any terms and conditions that the Board believes to
be appropriate. 
 8.00 RESTRICTED STOCK 
 8.01 Nature of Award. Restricted Stock are Shares issued on the Award’s Grant Date which are subject to specified restrictions on transferability and forfeitability. Any restrictions on transferability and
forfeitability will lapse at the end of the associated Restriction Period only if the terms and conditions specified in the Plan and the associated Award Agreement are met during the Restriction Period. However, Restricted Stock will be forfeited to
the extent that applicable terms and conditions have not been met before the end of the Restriction Period. 
 8.02 Granting Restricted
Stock. At any time during the term of the Plan, the Board may grant Restricted Stock to Directors. The Award Agreement associated with each Restricted Stock grant will describe the terms and conditions that must be met during the Restriction
Period if the Award is to be earned and settled and any other terms and conditions affecting the Restricted Stock. 
 8.03 Earning
Restricted Stock. Restricted Stock will be held by the Company as escrow agent and will be: 
 [1] Forfeited, if
the applicable terms and conditions have not been met; or 
 [2] Released from escrow and distributed to the
Participant as soon as administratively feasible after the last day of the Restriction Period, but in no event later than the 15th day of the third month following the later of the end of the calendar year or the Company’s taxable year in which
the Restricted Stock is no longer subject to a substantial risk of forfeiture, if the applicable terms and conditions have been met. 
 Any
fractional Share of Restricted Stock will be settled in cash. 
 8.04 Rights Associated With Restricted Stock. During the Restriction
Period and unless otherwise specified in the associated Award Agreement: 
 [1] Each Participant to whom Restricted
Stock has been issued may exercise full voting rights associated with that Restricted Stock; and 
 [2]
Any dividends and other distributions paid with respect to such Restricted Stock will be held by the Company as escrow agent during the Restriction Period. At the end of the Restriction Period, such dividends or other distributions
will be distributed to the affected Participant or forfeited as provided in Section 8.03 with respect to the Restricted Stock as to which they were paid. No interest or other accretion will be credited with respect to any dividends or other
distributions held in this escrow account. If any dividends or other distributions are paid in Shares, those Shares will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted Stock with respect to
which such dividends or other distributions were paid. 
 9.00 RESTRICTED STOCK UNITS 
 9.01 Nature of Award. Restricted Stock Units give a Participant the unfunded, unsecured right to receive a specified number of Shares (or cash
equal to the Fair Market Value of those Shares) in the future if the terms and conditions described in the Plan and the associated Award Agreement are met during the Restriction Period. However, Restricted Stock Units will be forfeited to the extent
that applicable terms and conditions have not been met before the end of the Restriction Period. 
 9.02 Granting Restricted Stock Units.
At any time during the term of the Plan, the Board may grant Restricted Stock Units to Directors. The Award Agreement associated with each Restricted Stock Unit grant will describe the terms and conditions that must be met during the Restriction
Period if the Award is to be earned and settled, the form in which the Award will be settled if it is earned and any other terms and conditions affecting the Restricted Stock Units. 
 9.03 Earning Restricted Stock Units. Restricted Stock Units will be: 
 [1] Forfeited, if the applicable terms and conditions have not been met; or 
 [2] Settled in the
manner described in Section 9.04, if the applicable terms and conditions have been met. 
  

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 9.04 Settling Restricted Stock Units. As soon as administratively feasible after the applicable
terms and conditions have been met, but in no event later than the 15th day of the third month following the later of the end of the calendar year or the Company’s taxable year in which the Restricted Stock Units are no longer subject to a
substantial risk of forfeiture, Restricted Stock Units will be settled [1] in full Shares equal to the number of Restricted Stock Units to be settled plus cash equal to the Fair Market Value of any fractional Share subject to a Restricted
Stock Unit being settled, [2] for cash equal to the number of Restricted Stock Units to be settled, multiplied by the Fair Market Value of a Share on the settlement date, or [3] in a combination of Shares and cash computed under
subsections 9.04[1] and [2]. The method of settling Restricted Stock Units will be described in the associated Award Agreement. 
 9.05
Rights Associated With Restricted Stock Units. Unless specified otherwise in the associated Award Agreement, a Participant will have no voting or dividend rights with respect to the Shares underlying Restricted Stock Units that have not been
settled. 
 10.00 STOCK APPRECIATION RIGHTS 
 10.01 Nature of Award. A SAR gives a Participant the right to receive the difference between the Exercise Price of the SAR and the Fair Market Value of a Share on the date the SAR is exercised, but only if the
terms and conditions described in the Plan and the associated Award Agreement are met before the Expiration Date. However, a SAR will be forfeited to the extent that applicable terms and conditions have not been met before the Expiration Date or to
the extent that the SAR is not exercised before the Expiration Date. 
 10.02 Granting SARs. At any time during the term of the Plan,
the Board may grant SARs to Directors. The Award Agreement associated with each SAR grant will describe the Exercise Price, the Expiration Date (which may never be later than the tenth anniversary of the Grant Date), the first date that the SAR may
be exercised, procedures for exercising the SAR, the form in which the SAR will be settled if the SAR is earned and any other terms and conditions affecting the SAR. 
 10.03 Exercise Price. Except to the extent necessary to implement Section 3.01[3], each SAR will bear an Exercise Price at least equal to the Fair Market Value of a Share on the Grant Date. 
 10.04 Exercising and Settling SARs. SARs may be exercised only if all applicable terms and conditions have been met before the Expiration Date and
only by sending to the Board (or its designee) a completed exercise notice (in the form prescribed by the Board). As soon as administratively feasible after the SARs are exercised, SARs will be settled in [1] full Shares equal to [a][i]
the difference between the Fair Market Value of a Share on the date the SARs are exercised and the Exercise Price, multiplied by [ii] the number of SARs being exercised, and divided by [iii] the Fair Market Value of a Share on the
date the SARs are exercised, plus [b] cash equal to the Fair Market Value of any fractional Share subject to the SARs being exercised, [2] cash equal to [a] the difference between the Fair Market Value of a Share on the date the
SARs are exercised and the Exercise Price, multiplied by [b] the number of SARs being exercised or [3] a combination of full Shares and cash computed under subsections 10.04[1] and [2]. The method of settling SARs will be specified in
the associated Award Agreement. 
 10.05 Rights Associated With SARs. Unless specified otherwise in the associated Award Agreement, a
Participant will have no voting or dividend rights with respect to the Shares underlying an unexercised SAR. 
 11.00 TERMINATION/BUY OUT

 11.01 Effect of Termination on Awards. Unless specified otherwise in the associated Award Agreement or the Plan, the following
treatment will apply to Awards upon a Termination: 
 [1] Death, Disability or Retirement. If a Participant Terminates
due to death, Disability or Retirement: 
 [a] All Options and SARs then held by the Participant (whether or not then
exercisable) will become fully vested and exercisable on the Termination date and may be exercised at any time before the earlier of [i] the Expiration Date specified in the Award Agreement or [ii] the third anniversary of the
Termination date. 
 [b] All Restricted Stock and Restricted Stock Units granted to the Participant will become fully
vested on the Termination date. 
 [c] All Whole Shares granted to the Participant will be subject to the terms and
conditions, if any, described in the associated Award Agreement. 
  

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 [2] Termination for Cause. If a Participant Terminates for Cause, all Awards that
are outstanding (whether or not then exercisable) will be forfeited on the Termination date. 
 [3] Termination for any
Other Reason. If a Participant Terminates for any reason not described in Section 11.01[1] or [2], [a] all Options and SARs that are outstanding on the Termination date and which are then vested and exercisable may be exercised at
any time before the earlier of [i] the Expiration Date specified in the Award Agreement or [ii] the first anniversary of the Termination date and [b] all Options and SARs that are not then vested and exercisable and all other
Awards that are outstanding will be forfeited on the Termination date. Notwithstanding the foregoing, the Board will have the right, in its sole discretion, to accelerate the vesting or exercisability of any Award upon a Participant’s
Termination. 
 11.02 Code §409A. Regardless of any other provision in the Plan or the associated Award Agreement, if a
Participant becomes entitled to the payment, exercise or settlement of any Award that is subject to Code §409A upon the Participant’s Termination, the payment, exercise or settlement of such Award will not be made or permitted before
the Participant Separates from Service. 
 11.03 Other Limits on Exercisability or Settlement. Unless otherwise specified in the
associated Award Agreement or other written agreement between the Participant and the Company or any Related Entity and regardless of any other Plan provision, all Awards granted to a Participant that have not been exercised or settled will be
forfeited if the Participant: 
 [1] Without the Board’s written consent, which may be withheld for any reason or
for no reason, serves (or agrees to serve) as an officer, director, consultant or employee of any proprietorship, partnership, corporation, limited liability company or other entity or becomes the owner of a business or a member of a partnership
that competes with the Company or a Related Entity or renders any service to entities that compete with the Company or a Related Entity; or 
 [2] Deliberately engages in any action that the Board concludes could harm the Company or any Related Entity. 
 11.04 Buy Out of Awards. The Board, in its sole discretion, may offer to buy for cash or by substitution of another Award (but only to the extent that the offer and the terms of the offer do not, and on their
face are not likely to, generate penalties under Code §409A, violate any other applicable law or violate the provisions of Section 4.04) any or all outstanding Awards held by any Participant, other than an Award subject to Code §409A,
whether or not exercisable, by providing to that Participant written notice (“Buy Out Offer”) of its intention to exercise the rights reserved in this section and other information, if any, required to be included under applicable
securities laws. If a Buy Out Offer is made, the Company will transfer to each Participant accepting the offer the value of the Award to be purchased or exchanged. The Company will complete any buy out made under this section as soon as
administratively feasible, but no later than 60 days, after the date of the Participant’s acceptance of the Buy Out Offer. For purposes of this Section 11.04, the value of the Award subject to a Buy Out Offer shall be: (1) in the case
of an Option or SAR, the difference between (a) the aggregate Fair Market Value, as of the date of the Buy Out Notice, of the Shares underlying each exercisable Option or SAR (or portion of each Option or SAR) to be cancelled and (b) the
aggregate Exercise Price associated with each such exercisable Option or SAR (or portion thereof) to be cancelled, and (2) in the case of any other Award, the aggregate Fair Market Value, as of the date of the Buy Out Notice, of the Shares
subject to the Award. 
 12.00 EFFECT OF BUSINESS COMBINATION OR CHANGE IN CONTROL 
 Upon a Business Combination or a Change in Control, and unless otherwise specified in the associated Award Agreement, all of a
Participant’s Awards will become fully vested and exercisable. 
 13.00 AMENDMENT AND TERMINATION OF PLAN AND AWARD AGREEMENTS 

 13.01 Termination, Suspension or Amendment of the Plan. The Board may terminate, suspend or amend the Plan at any time without
shareholder approval except to the extent that shareholder approval is required to satisfy requirements imposed by [1] applicable law or [2] any securities exchange, market or other quotation system on or through which the
Company’s securities are listed or traded. Also, no termination, suspension or amendment may, without the consent of the affected Participant (and except as specifically provided in the Plan or the Award Agreement), adversely affect any Award
granted before the termination, suspension or amendment. However, 

  

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nothing in this section will restrict the Board’s right to amend the Plan without any additional consideration to affected Participants to the extent
necessary to avoid penalties to the Participants arising under Code §409A, even if those amendments reduce, restrict or eliminate rights granted under the Plan or any Award Agreement before those amendments are adopted. 
 13.02 Amendment and Termination of Award Agreements. Without the mutual, written consent of both the Company and the affected Participant, once
issued, an Award Agreement may not be amended except as specifically provided in the Plan or the Award Agreement. However, nothing in this section will restrict the Board’s right to amend an Award Agreement without additional consideration to
the affected Participant to the extent necessary to avoid penalties to the Participant arising under Code §409A, even if those amendments reduce, restrict or eliminate rights granted under the Award Agreement before those amendments are
adopted. 
 14.00 MISCELLANEOUS 
 14.01 Assignability. Except as described in this section or as provided in Section 14.02, an Award may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, except by will or the laws of descent and
distribution and, during a Participant’s lifetime, may be exercised only by the Participant or the Participant’s guardian or legal representative. However, with the permission of the Board, a Participant or a specified group of
Participants may transfer Awards to a revocable inter vivos trust of which the Participant is the settlor, or may transfer Awards to any member of the Participant’s immediate family, any trust, whether revocable or irrevocable, established
solely for the benefit of the Participant’s immediate family, any partnership or limited liability company whose only partners or members are members of the Participant’s immediate family or an organization described in Code
§501(c)(3) (“Permissible Transferees”). Any Award transferred to a Permissible Transferee will continue to be subject to all of the terms and conditions that applied to the Award before the transfer and to any other rules prescribed
by the Board. A Permissible Transferee may not retransfer an Award except by will or the laws of descent and distribution and then only to another Permissible Transferee. 
 14.02 Beneficiary Designation. Each Participant may name a beneficiary or beneficiaries (who may be named contingently or successively) to receive or to exercise any vested Award that is unpaid or unexercised
at the Participant’s death. Unless otherwise provided in the beneficiary designation, each designation made will revoke all prior designations made by the same Participant, must be made on a form prescribed by the Board and will be effective
only when filed in writing with the Board. If a Participant has not made an effective beneficiary designation, the deceased Participant’s beneficiary will be his or her surviving spouse or, if none, the deceased Participant’s estate. The
identity of a Participant’s designated beneficiary will be based only on the information included in the latest beneficiary designation form completed by the Participant and will not be inferred from any other evidence. 
 14.03 No Guarantee of Continuing Services. Except as otherwise specified in the Plan, nothing in the Plan may be construed as: 
 [1] Conferring on any Participant any right to continue as a Director; 
 [2] Guaranteeing that any Director will be selected to be a Participant; or 
 [3] Guaranteeing that any Participant will receive any future Awards. 
 14.04 Tax Withholding. The Company will withhold or collect any amount required to be remitted by the Company in advance payment of any taxes associated with the vesting, exercise or
settlement of any Award. This amount may be [1] withheld from other amounts due to the Participant, [2] withheld from the value of any Award being settled or any Shares being transferred in connection with the exercise or settlement of
an Award or from any compensation or other amount owing to the Participant or [3] collected directly from the Participant. 
 14.05
Indemnification. Each individual who is or was a member of the Board (or to whom any duties have been delegated under Section 4.02) is entitled, in good faith, to rely on or to act upon any report or other information furnished by any
executive officer, other officer or other employee of the Company or any Related Entity, the Company’s independent auditors, consultants or any other agents assisting in the administration of the Plan. Board members (and any Person to whom any
duties have been delegated under Section 4.02) and any officer of the Company or any Related Entity acting at the direction or in behalf of the Board or a delegee will not be personally liable for any action or determination taken or made in
good faith with respect to the Plan and will, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any act or determination just described. 
  

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 14.06 No Limitation on Compensation. Nothing in the Plan is to be construed to limit the right of
the Company or any Related Entity to establish other plans or to pay compensation to its directors, in cash or property, in a manner not expressly authorized under the Plan. 
 14.07 Requirements of Law. The grant of Awards and the issuance of Shares will be subject to all applicable laws, rules and regulations (including applicable federal and state securities
laws) and to all required approvals of any governmental agencies or national securities exchange, market or other quotation system. Certificates for Shares delivered under the Plan may be subject to any stock transfer orders and other restrictions
that the Board believes to be advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or other recognized market or quotation system upon which the Shares are then listed or
traded, or any other applicable federal or state securities law. The Board may cause a legend or legends to be placed on any certificates issued under the Plan to make appropriate reference to restrictions within the scope of this section.

 14.08 Governing Law. The Plan, and all agreements and notices hereunder, will be construed in accordance with and governed by the
laws (other than laws governing conflicts of laws) of the State of Ohio. 
 14.09 No Impact on Benefits. Awards are not compensation
for purposes of calculating a Participant’s rights under any employee benefit plan that does not specifically require the inclusion of Awards in calculating benefits. 
 14.10 Term of the Plan. The Plan will be effective on the Effective Date. Subject to Section 13.00, the Plan will terminate on the date following the tenth Annual Meeting at which
Directors are elected succeeding the Effective Date; provided, however, that any Award outstanding on the day the Plan is terminated will continue to have force and effect in accordance with the provisions of the Plan and the Award Agreement.

 14.11 Rights as Shareholders. Unless otherwise specified in the associated Award Agreement or as otherwise specifically provided in
the Plan, Shares acquired through an Award [1] will bear all dividend and voting rights associated with all Shares and [2] will be transferable, subject to applicable federal securities laws, the requirements of any national securities
exchange or other recognized market or quotation system on which Shares are then listed or traded or any blue sky or state securities laws. 
 14.12 Successors. The Plan will be binding on all successors and assigns of the Company and a Participant, including without limitation, the estate of the Participant and the executor, administrator or trustee of the estate, or any
receiver or trustee in bankruptcy or representative of the Participant’s creditors. 
 14.13 Code §409A. It is intended the
Plan be exempt from Code §409A and the Treasury Regulations promulgated thereunder, and the Plan shall be interpreted, administered and operated accordingly. Nothing herein shall be construed as an entitlement to or guarantee of any particular
tax treatment to a Participant. None of the Company, the Board, or any other Person shall have any liability with respect to a Participant in the event the Plan fails to comply with the requirements of Code §409A. 
  

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