Document:

exv10w7

Exhibit 10.7

WORTHINGTON INDUSTRIES, INC.

DEFERRED PROFIT SHARING PLAN

AMENDMENT FOR

FINAL REGULATIONS UNDER SECTIONS 401(k) AND 401(m)

OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

ARTICLE I

PREAMBLE

The amendments to the Plan set forth in Article II below are adopted in order to conform the Plan
to the provisions of final regulations issued under Section 401(k) and, where necessary, Section
401(m) of the Internal Revenue Code of 1986, as amended that were published in the Federal Register
on December 29, 2004. This amendment is intended to constitute good faith compliance with the
requirements of the regulations. Unless separately stated, this amendment shall be effective with
respect to Plan Years beginning after December 31, 2005.

ARTICLE II

The Plan shall be amended as follows:

1. The following shall be added to the end of Section 9.3(a):

Notwithstanding the foregoing, commencing on and after January 1, 2006, gain or
loss shall include the allocable gain or loss for the period between the end of
the taxable year and the date of distribution to the Participant to the extent
that the Participant would have otherwise received the gain or loss for such
period if the Participant’s entire Account were distributed.

2. Subsections 9.3(b) — (g) shall be deleted in their entirety.

3. The following shall be added to Section 15.2:

All IRS approved hardship events shall be available to Participants, including:

	 	(a)	 	effective for Plan Years commencing on and after January 1,
2006, payment of burial or funeral expenses for the Participant’s
deceased parents, spouse, children or dependents [as defined in Code
Section 152 and without regard to Code Section 152 (d)(1)(B)]; or
	 
	 	(b)	 	effective for Plan Years commencing on and after January 1,
2006, expenses for the repair of damage to the Participant’s principal
residence that would qualify for the casualty

 

 

	 	 	 	deduction under Section 165 of the Code (determined without regard to
whether the loss exceeds the 10% of adjusted gross income
requirement).

4. In the first paragraph of Section 19, the phrase “‘successor plan’ within the meaning of
Treasury Regulation 1.401(k)-(d)(3)” shall be replaced with “‘alternative defined contribution
plan’ [as defined in Treasury Regulation 1.401(k)-1(d)(4)].”

5. The following shall be added to the definition of 401(k) Contribution in Section 25:

Except for occasional, bona fide administrative considerations, the deferral of
401(k) Contributions cannot precede the performance of services with respect to
which the contributions are made, or when the compensation subject to the deferral
is paid, if earlier (such as in the case of a signing bonus). In addition, a
401(k) Contribution can only be made with respect to amounts that are not
currently available to the Participant on the date of the election.

     IN WITNESS WHEREOF, this amendment shall be effective as of the dates set forth above.

	 	 	 	 	 
	 	WORTHINGTON INDUSTRIES, INC.

 	 
	 	By:  	/s/ Dale T. Brinkman
 	 
	 	 	Name (Print): Dale T. Brinkman 	 
	 	 	Title:  	             Vice President & Secretary 	 
	 

Date: 12/28/06

2exv10w8

Exhibit 10.8

FOURTH AMENDMENT TO THE

WORTHINGTON INDUSTRIES, INC. DEFERRED PROFIT SHARING PLAN

     WHEREAS, Worthington Industries, Inc. (the “Company”) has adopted the Worthington Industries,
Inc. Deferred Profit Sharing Plan (the “Plan”); and

     WHEREAS, the Plan provides that it may be amended from time to time; and

     WHEREAS, the Plan has been amended and restated to comply with the Economic Growth & Tax
Relief Reconciliation Act of 2001 (“EGTRRA”); to comply with the final Treasury regulations under
Section 401(a)(9) of the Code; to comply with final regulations under Sections 401(k) and 401(m) of
the Code; and by the First, Second and Third Amendments; and

     WHEREAS, the Company desires to amend the Plan in order to add an automatic enrollment
provision and for certain other reasons;

     NOW, THEREFORE, the Plan is amended as follows:

     1. The last paragraph of Section 1.1 as set forth in the Second Amendment shall be deleted in
its entirety and shall be restated as follows, effective for Matching Contributions and Employer
contributions made on and after the 2008 Plan Year:

     Each Eligible Employee of a Participating Employer who is classified as a part-time or
seasonal employee shall be treated as an Active Participant for the purpose of receiving
Employer contributions pursuant to the second paragraph of Section 8.1 and for the purpose
of receiving Matching Contributions as of the Entry Date coinciding with or next following
the date he (a) attains age 18, (b) has completed one Year of Eligibility Service and (c)
becomes an Eligible Employee.

     Each Eligible Employee of a Participating Employer who is classified as a full-time
employee shall be treated as an Active Participant for the purpose of receiving Employer
contributions pursuant to the second paragraph of Section 8.1 and for the purpose of
receiving Matching Contributions as of the Entry Date coinciding with or next following the
date (a) he attains age 18, (b) which is the first day of the month coinciding with or first
following the six-month anniversary of his date of hire and (c) he becomes an Eligible
Employee.

     2. The following paragraph shall be added to Section 3.1, at the end thereof:

     In lieu of requiring an Eligible Employee to complete an Enrollment Designation, the
Committee will elect on behalf of each Eligible Employee who becomes a Participant on or
after January 1, 2008 or for any Active Participant who has never made a 401(k) Contribution
to the Plan as of January 1, 2008, to have 2% of his Compensation contributed to the Plan, and will treat such amounts as 401(k) Contributions made by the

 

 

Employer on behalf of such Eligible Employee. Under this automatic enrollment arrangement,
the Plan will provide the Eligible Employee with a notice written in a manner calculated to
be understood by an average Eligible Employee for whom the automatic election applies which
contains:

	 	(i)	 	an explanation of the automatic enrollment
election and amount, the Eligible Employee’s right to change or revoke
the election and the procedures and timing requirements for changing or
revoking the election; and
	 
	 	(ii)	 	an explanation of how contributions made on the
Eligible Employee’s behalf will be invested if the Eligible Employee
does not direct his Account.

The notice described above shall be provided to the Eligible Employee prior to the date on
which the Eligible Employee’s deferrals will commence under this paragraph, and again to the
Eligible Employee prior to the beginning of each Plan Year.

     3. Section 3.2 shall be deleted in its entirety and the following shall be substituted:

     The Employer shall make 401(k) Contributions for each Participant who, in accordance
with procedures established by the Committee, completes an Enrollment Designation or,
effective on and after January 1, 2008, is subject to an automatic enrollment election,
providing such contribution is made in accordance with Section 3.1.

     4. The first sentence of Section 3.6 as set forth in the amendment to the Plan to comply with
the Economic Growth and Tax Relief Reconciliation Act of 2001 shall be deleted in its entirety and
shall be restated as follows, effective for Matching Contributions made for the 2008 and later Plan
Years:

     A Participating Employer may make matching contributions (“Matching Contributions”) for
the benefit of an Active Participant who makes 401(k) Contributions.

2

 

     IN WITNESS WHEREOF, this amendment shall be effective as of the dates set forth above.

	 	 	 	 	 
	 	WORTHINGTON INDUSTRIES, INC.

 	 
	 	By:  	/s/ Dale T. Brinkman
 	 
	 	 	Name (Print): Dale T. Brinkman 	 
	 	 	Title:  	             VP — Secretary 	 
	 

Date: 12/17/07

3exv10w9

 

Exhibit 10.9

Amendment to the Worthington Industries, Inc.

Deferred Profit Sharing Plan

          WHEREAS, Worthington Industries, Inc. (the “Company”) has established the Worthington
Industries, Inc. Deferred Profit Sharing Plan (the “Plan”) for the benefit of its eligible
employees; and

          WHEREAS, the Plan provides that the Company may amend the Plan; and

          WHEREAS, the Company desires to amend the Plan in order to add an Employee Stock Ownership
Plan (“ESOP”) feature to the Plan effective on and after January 1, 2009 (“Effective Date”);

          NOW, THEREFORE, the Plan is hereby amended by adding a new Appendix A to the Plan at the end
thereof:

APPENDIX A — ESOP Feature

Preamble

          This Appendix A shall constitute a part of the Plan and shall override any conflicting
provisions of the Plan previously adopted by the Company.

Section 1.1 of Appendix A — Definitions

	(a)	 	“Total Account” shall mean the total of the accounts held for the benefit of a Participant
under the Plan, which shall include the ESOP Account and all non-ESOP Accounts.
	 
	(b)	 	“ESOP Account” shall mean an account established pursuant to Section 1.3 of this Appendix A.
	 
	(c)	 	“ESOP Feature” shall mean the portion of the Plan that constitutes an employee stock
ownership plan within the meaning of the Internal Revenue Code of 1986, as amended (“Code”)
Section 4975(e)(7), as provided in this Appendix A. The ESOP Feature consists of the portion
of the assets of the Plan that are invested in the Worthington Industries, Inc. Common Stock
Fund.
	 
	(d)	 	“Non-ESOP Feature” shall mean the portion of the Plan: (i) which is not included within the
ESOP Feature; (ii) which is intended to qualify as a profit sharing plan under Code Section
401(a); and (iii) which includes a qualified cash or deferred arrangement within the meaning
of Code Section 401(k). The Non-ESOP Feature consists of the portion of the assets of the
Plan that are not invested in the Worthington Industries, Inc. Common Stock Fund.

 

 

	(e)	 	“Worthington Industries, Inc. Common Stock” shall mean common shares of Worthington
Industries, Inc., which is intended to be “employer securities” [within the meaning of Code
Section 409(1)] and “qualifying employer securities” [within the meaning of Code Section
4975(e)(8) and ERISA Section 407(d)(5)].
	 
	(f)	 	“Committee” shall mean the Worthington Industries, Inc. Retirement Plan Committee.

Section 1.2 of Appendix A — Establishment of ESOP 

On and after the Effective Date, the Plan shall consist of two components, the ESOP Feature and the
Non-ESOP Feature. The ESOP Feature is designed to invest primarily in Worthington Industries, Inc.
Common Stock and is hereby formally designated as an employee stock ownership plan within the
meaning of Code Section 4975(e)(7). The ESOP Feature consists of the portion of the assets of the
Plan that on and after the Effective Date are invested in the Worthington Industries, Inc. Common
Stock Fund. The ESOP Feature is intended to qualify as a stock bonus plan under Code Section
401(a) and as an employee stock ownership plan under Code Section 4975(e)(7).

The Company intends that the Non-ESOP Feature and the ESOP Feature together constitute a single
plan under Treasury Regulation Section 1.414(1)-1(b)(1). Accordingly, the provisions set forth in
the other sections of the Plan apply to the ESOP Feature in the same manner as those provisions
apply to the Non-ESOP Feature, except to the extent that those provisions by their terms are
inapplicable to the ESOP Feature, or to the extent that they are inconsistent with the specific
provisions of this Appendix A.

Section 1.3 of Appendix A — Contributions, Transfers and Diversification

	(a)	 	An ESOP Account shall be established for each current and terminated vested Participant
holding Worthington Industries, Inc. Common Stock representing his or her share of the ESOP
Feature.
	 
	(b)	 	All Plan contributions that are initially invested in the Worthington Industries, Inc. Common
Stock Fund pursuant to a Participant’s investment election shall be considered contributions
to the ESOP Feature.
	 
	(c)	 	Amounts credited to a Participant’s ESOP Account may be transferred from the Worthington
Industries, Inc. Common Stock Fund at any time into funds other than the Worthington
Industries, Inc. Common Stock Fund offered by the Plan pursuant to an investment election.
Such transfers shall be deemed a transfer from the ESOP Feature to the Non-ESOP Feature. The
Plan intends that this subsection (c) complies with the diversification requirements of Code
Sections 401(a)(28)(B) and 401(a)(35).
	 
	(d)	 	Any amounts under the Plan that are re-directed from a fund other than the Worthington
Industries, Inc. Common Stock Fund to the Worthington Industries, Inc. Common Stock Fund
pursuant to a Participant’s investment election shall be deemed to be a transfer from the
Non-ESOP Feature to the ESOP Feature.

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Section 1.4 of Appendix A — Voting of Worthington Industries, Inc. Common Stock

Each active or terminated vested Participant or Beneficiary shall have the right to direct the
Trustee as to the manner in which voting rights with respect to whole and fractional shares of
Worthington Industries, Inc. held in the Participant’s Total Account shall be exercised in
accordance with procedures established by the Committee.

Section 1.5 of Appendix A — Put Option

	(a)	 	If shares of Worthington Industries, Inc. Common Stock distributable to a Participant or his
Beneficiary are at the time of the distribution not readily tradable on an established
market, the Participant or Beneficiary will have an option (the “Put Option”) to require the
Company to purchase all of the shares actually distributed to him. The Put Option may be
exercised at any time during the Option Period (as defined below) by giving the Company
written notice of the election to exercise the Put Option. The Put Option may be exercised by
a former Participant or the Beneficiary only during the Option Period in which the former
Participant or Beneficiary receives a distribution of shares of Worthington Industries, Inc.
Common Stock.
	 
	(b)	 	The “Option Period” is the 60-day period following the day on which a Participant or his
Beneficiary receives a distribution. If the former Participant or Beneficiary does not
exercise the Put Option during that 60-day period, the Option Period will also be the 60-day
period beginning after the new determination of the fair market value of Worthington
Industries, Inc. Common Stock by the Committee (and notice to the Participant) in the
following Plan Year. The Option Period will be extended by the amount of time during which
the Company is unable to honor the Put Option by reason of applicable federal or state law.
	 
	(c)	 	The “Option Price” will be the fair market value of each share of Worthington Industries,
Inc. Common Stock as of the valuation date immediately preceding the date the Put Option is
exercised, multiplied by the number of shares to be sold under the Put Option, with
appropriate adjustments to reflect intervening stock dividends, stock splits, stock
redemptions or similar changes to the number of outstanding shares.
	 
	(d)	 	The terms of payment for the sale of Worthington Industries, Inc. Common Stock pursuant to
the Put Option shall be as provided in the Put Option and may be either paid in a lump sum or
in installments as provided by the Committee. An agreement to pay through installments shall
be permissible only if the Worthington Industries, Inc. Common Stock subject to the Put Option
is part of a “total distribution,” as defined in Code Section 409(h)(5); and

	 	(i)	 	the agreement is adequately secured, as determined by the Committee;
	 
	 	(ii)	 	a reasonable rate of interest is charged, as determined by the Committee with
equal annual payments;

Page 3

 

	 	(iii)	 	installment payments must begin not later than 30 days after the date the Put Option is exercised; and
	 
	 	(iv)	 	the term of the payment does not extend beyond five years from the date the Put Option is exercised.

	(e)	 	The Put Option will not be assignable, except that the former Participant’s donees or, in the
event of a Participant’s death, his personal representative, will be entitled to exercise the
Put Option during the Option Period for which it is applicable.
	 
	(f)	 	The Trustee in its discretion may, with the Company’s consent, assume the Company’s
obligation under this section at the time a former Participant or Beneficiary exercises the
Put Option. If the Trustee does assume the Company’s obligations, the provision of this
section that applies to the Company will also apply to the Trustee.
	 
	(g)	 	The Put Option will also apply to shares of Worthington Industries, Inc. Common Stock that
are publicly traded without restriction when distributed but which cease to be publicly traded
or which become subject to a trading limitation during the Option Period. In that event, the
Committee will notify in writing each former Participant or Beneficiary to whom the Put Option
becomes applicable that the shares of Worthington Industries, Inc. Common Stock held by the
former Participant or Beneficiary are subject to the Put Option for the remainder of the
applicable Option Period and will inform the Participant or Beneficiary of the terms of the
Put Option. If the written notice is given later than ten days after the shares of
Worthington Industries, Inc. Common Stock cease to be publicly traded or become subject to a
trading limitation, the period during which the Put Option may be exercised will be extended
by the number of days between the tenth day and the date the notice is actually given.
	 
	(h)	 	The Committee will notify each former Participant or Beneficiary who is eligible to exercise
the Put Option of the fair market value of each share of Worthington Industries, Inc. Common
Stock as soon as practicable following its determination. The Committee and the Company will
send all notices required under this subsection to the last known address of a former
Participant or Beneficiary, and it will be the duty of those persons to inform the Committee
of any changes in address.

Section 1.6 of Appendix A — Right to Receive a Distribution of Stock

Distribution of a Participant’s vested Total Account invested in Worthington Industries, Inc.
Common Stock will be made, at the Participant’s or Beneficiary’s election (unless required
to be cashed out in accordance with the terms of the Plan), in whole shares of Worthington
Industries, Inc. Common Stock, cash or a combination of both (with the value of any fractional
share of Worthington Industries, Inc. Common Stock paid in cash). If the charter or by-laws of the
Company restrict ownership of substantially all of the outstanding Worthington Industries, Inc.
Common Stock to Employees and the Trust, or if the sponsoring Company is an S Corporation as
defined in Code Section 1361(a), the Participant is not entitled to a

Page 4

 

distribution in the form of Worthington Industries, Inc. Common Stock and the distribution shall be
made entirely in the form of cash.

Notwithstanding the foregoing, all hardship distributions and all loans payable to a Participant
shall be in the form of cash.

Section 1.7 of Appendix A — Commencement of Distributions

	(a)	 	On and after the Effective Date, unless required to be cashed out in accordance with the
terms of the Plan, distributions to a Participant or Beneficiary shall occur in one of the
forms of benefit offered by the Plan as soon as is reasonably practicable after the later of
the date:

	 	(i)	 	the Participant or Beneficiary becomes eligible to receive a distribution
from the Plan in accordance with the provisions of the Plan (other than this
amendment); and
	 
	 	(ii)	 	the Participant makes an application for benefits in accordance with
procedures approved by the Committee.

	(b)	 	In no event shall a distribution from a Participant’s ESOP Account described in subsection
(a) above commence later than one year after the close of the Plan Year:

	 	(i)	 	in which the Participant separates from service by reason of the attainment of
normal retirement age under the Plan, disability or death; or
	 
	 	(ii)	 	which is the fifth Plan Year following the Plan Year in which the Participant
otherwise separates from service, unless the Participant is reemployed by the Company
before distribution is required to begin under this clause.

	(c)	 	Unless the Participant elects otherwise in accordance with the provisions of the Plan other
than this Appendix A, in no event may a distribution from the Plan be distributed in
substantially equal periodic payments (not less frequently than annually) over a period not
longer than the greater of:

	 	(i)	 	five years; or
	 
	 	(ii)	 	in the case of a Participant with a Total Account attributable to the ESOP
Feature in excess of $935,000 (as adjusted for future Plan Years as permitted by the
IRS), five years plus one additional year (but not more than five additional years) for
each $185,000 (as adjusted for future Plan Years as permitted by the IRS) or fraction
thereof by which such balance exceeds $935,000 (as adjusted for future Plan Years as
permitted by the IRS).

Section 1.8 of Appendix A — Valuation of Worthington Industries, Inc. Common Stock

All valuations of Worthington Industries, Inc. Common Stock subject to the ESOP Feature that are
not readily tradable on an established securities market with respect to activities

Page 5

 

carried on by the Plan shall be completed by an independent appraiser as required by Code Section
401(a)(28)(C).

Section 1.9 of Appendix A — Distribution of Dividends

Cash dividends paid on shares of Worthington Industries, Inc. Common Stock attributable to the ESOP
Feature may be: (a) paid in cash directly to Participants; (b) paid to the Plan and subsequently
distributed to Participants in cash no later than 90 days after the close of the Plan Year in which
the dividends are paid to the Plan; or (c) paid to the Plan and reinvested in Worthington
Industries, Inc. Company Stock. Such dividends shall be paid, and held pending distribution or
reinvestment, in accordance with nondiscriminatory rules and procedures established by the
Committee.

A Participant shall have the election to have such dividends either: (i) paid to the Participant as
provided in clause (a) or (b) above (as determined by the Committee); or (ii) paid to the Plan and
reinvested in Worthington Industries, Inc. Common Stock. Any such election shall be made in
accordance with nondiscriminatory rules and procedures prescribed by the Committee and shall be
irrevocable as of any deadline prescribed by the Committee. If a Participant fails to make a
timely, affirmative election to receive a distribution of cash dividends on shares of Worthington
Industries, Inc. Company Stock allocated to his ESOP Account, such dividends shall be reinvested in
Worthington Industries, Inc. Common Stock. A Participant shall be given a reasonable opportunity
before a dividend is paid or distributed to him in which to make the election and shall have the
right to change his election at least annually in accordance with nondiscriminatory rules and
procedures prescribed by the Committee.

A Participant shall be fully vested in any dividend with respect to which the Participant is
offered an election under this Section 1.9.

A former Participant and the Beneficiary of a deceased Participant or former Participant shall have
the same rights as a Participant has under this Section 1.9.

The Committee reserves the right to override a Participant’s election to the contrary and require
that dividends be distributed to such Participant to the extent necessary to comply with Treasury
Regulation Section 1.401(k)-1(d)(3)(iv)(E)(1) related to the distribution of currently available
ESOP dividends in connection with a hardship withdrawal from the Plan.

The provisions of this Section 1.9 are intended to comply with Section 404(k) of the Code, and
shall be interpreted and construed accordingly.

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          IN WITNESS WHEREOF, the undersigned has executed this amendment as Plan sponsor for the
benefit of its eligible employees and the eligible employees of all participating companies,
effective as set forth above.

	 	 	 	 	 
	 	WORTHINGTON INDUSTRIES, INC.

 	 
	 	By:  	/s/ Dale T. Brinkman
 	 
	 	 	Print Name:  	 Dale T. Brinkman 	 
	 	 	Title:  	Vice President 	 
	 

Date: 9/25/08

Page 7

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