Document:

EXHIBIT 10.3
                                                                    ------------

                                                                   FORM OF STOCK
                                                                OPTION AGREEMENT

                   NORTH AMERICAN GALVANIZING & COATINGS, INC.

                            2004 INCENTIVE STOCK PLAN

         THIS STOCK OPTION AGREEMENT (this "Agreement") is entered into as of
the __________day of___________,20__, by and between North American Galvanizing
& Coatings, Inc., a Delaware corporation (the "Company"), and ________________,
(the "Optionee"):

                                   WITNESSETH:

         WHEREAS, on February 27, 2004, the Board of Directors of the Company
adopted a stock option plan known as the "North American Galvanizing & Coating,
Inc. 2004 Stock Option Plan" (the "Plan"), and recommended that the Plan be
approved by the Company's shareholders; and

         WHEREAS, on July 21, 2004, the shareholders of the Company approved the
Plan; and

         WHEREAS, the Committee has granted the Optionee a stock option to
purchase the number of shares of the Company's common stock as set forth below,
and in consideration of the granting of that stock option the Optionee intends
to remain in the employ of the Company; and

         WHEREAS, the Company and the Optionee desire to enter into this Stock
Option Agreement in accordance with the Plan; and

         NOW, THEREFORE, as an employment incentive to encourage stock
ownership, and also in consideration of the mutual covenants contained herein,
the parties agree hereto as follows:

         l.   Incorporation of Plan. This option is granted pursuant to the
         provisions of the Plan and the terms and definitions of the Plan are
         incorporated herein by reference and made a part hereof. Capitalized
         terms not defined herein shall have the meaning ascribed to them in the
         Plan. A copy of the Plan has been delivered to, and receipt is hereby
         acknowledged by, the Optionee. Notwithstanding anything in this
         agreement to the contrary, to the extent the terms of this Agreement
         conflict with otherwise attempt to exceed the authority set forth under
         the terms of the Plan, the Plan shall govern and control all aspects.
<PAGE>
         2.   Grant of Option. Subject to the terms, restrictions, limitations
         and conditions stated herein and under the Plan, the Company hereby
         evidences its grant to the Optionee, not in lieu of salary of other
         compensation, of the right and option (the "Option") to purchase all or
         any part of the number of shares of the Company's Common Stock, par
         value $.10 per share (the "Stock"), set forth on Schedule A attached
         hereto and incorporated herein by reference. The Option shall be
         exercisable in the amounts and at the times specified on Schedule A.
         The Option shall expire and shall not be excisable on the date
         specified on Schedule A or on such earlier date as determined pursuant
         to Section 8 hereof. Schedule A states whether the Option is intended
         to be an Incentive Stock Option. Neither the Company nor any Subsidiary
         or any Director or Officer of the Company or any subsidiary warrants or
         otherwise represents that (i) any Option granted under this Plan shall
         be considered an Incentive Stock Option for applicable tax purposes, or
         (ii) favorable or desirable tax treatment or characterization will be
         applicable in respect of any Option.

         3.   Purchase Price. The price per share to be paid by the Optionee for
         the shares subject to this Option (the "Exercise Price") shall be
         specified on Schedule A, which price shall be an amount not less than
         the Fair Market Value of a share of Stock as of the Date of Grant (as
         defined in Section 9 below) if the Option is an Incentive Stock Option.

         4.   Exercise Terms. The Optionee must exercise the Option for at least
         the lesser of 100 shares or the number of shares of vested Stock as to
         which the Option remains unexercised. In the event this Option is not
         exercised with respect to all or any part of the shares subject to this
         Option prior to its expiration, the shares with respect to which this
         Option was not exercised shall no longer be subject to this Option.

         5.  Restrictions on Transferability. No option shall be transferable by
         an Optionee other than by will or the laws of descent and distribution;
         provided, however non-Incentive Stock Options may also be transferred,
         pursuant to a Qualified Domestic Relations Order. During the lifetime
         of an Optionee, Options shall be exercisable only by such Optionee (or
         by such Optionee's guardian or legal representative, should one be
         appointed).

         6.   Notice of Exercise of Option. This option may be exercised by the
         Optionee, or by the Optionee's administrators, executors or personal
         representatives, by a written notice (in substantially the form of the
         Notice of Exercise attached hereto as Schedule B) signed by the
         Optionee, or by such administrators, executors or personal
         representatives, and delivered or mailed to the Company as specified in
         Section 12(C) hereof to the attention of the President or such other
         officer as the Company may designate. Any such notice shall (a) specify
         the number of shares of Stock which the Optionee or the Optionee's
         administrators, executors or personal representatives, as the
<PAGE>
         case may be, then elects to purchase hereunder, (b) contain such
         information as may be reasonable required pursuant to Section 10
         hereof, and (c) maybe accompanied by (i) a certified or cashier's check
         payable to the Company in payment of the total Exercise Price
         applicable to such shares as provided herein, (ii) shares of Stock
         owned by the Optionee and duly endorsed or accompanied by stock
         transfer pwers having a Fair Market Value equal to the total Exercise
         Price applicable to such shares purchased hereunder, or (iii) a
         certified or cashier's check accompanied by the number of shares of
         Stock whose Fair Market Value when added to the amount of the check
         equals the total Exercise Price applicable to such shares of Stock
         purchased hereunder. Upon receipt of any such notice and accompanying
         payment, and subject to the terms hereof, the Company agrees to issue
         the Optionee or the Optionee's administrators, executors or personal
         representatives, as the case may be, stock certificates for the number
         of shares specified in such notice registered in the name of the person
         exercising this Option.

         7.   Adjustment in Option. The number of shares of Stock subject to
         this Option, the Exercise Price and other matters are subject to
         adjustment during the term of this Option in accordance with the Plan.

         8.   Termination.

              (a) Except as otherwise specified in Schedule A, in the event of
              the termination of the Optionee's employment with the Company or
              any of its Subsidiaries, other than a termination that is either
              (i) For Cause, (ii) voluntary on the part of the Optionee and
              without written consent of the Company, or (iii) for reasons of
              death or Disability or retirement, the Optionee (or his or her
              personal representative) may exercise this Option at any time
              within thirty (30) days after such termination to the extent of
              the number of shares which were Purchasable hereunder at the date
              of such termination.

              (b) Except as otherwise specified in Schedule A, in the event of a
              termination of the Optionee's employment that is either (i) For
              Cause or (ii) voluntary on the part of the Optionee and without
              the written consent of the Company, this Option, to the extent not
              previously exercised, shall terminate immediately and shall not
              thereafter be or become exercisable.

              (c) Except as otherwise specified in Schedule A, in the event of
              the retirement of the Optionee at the normal retirement date as
              prescribed from time to time by the Company or any Subsidiary, the
              Optionee shall continue to have the right to exercise any Options
              for shares which were Vested at the date of the Optionee's
              retirement. This Option does not confer upon the Optionee any
              right with respect to continued employment by the Company or by
<PAGE>
              any of its subsidiaries. This Option shall not be affected by any
              change of employment so long as the Optionee continues to be an
              employee of the Company or one of its Subsidiaries.

              (d) Except as otherwise specified in Schedule A, in the event of
              termination of employment because the Optionee's becoming a
              Disabled Optionee, the Optionee (or his or her personal
              representative) may exercise this Option, within a period ending
              on the earlier of (a) the last day of the one (1) year period
              following the beginning of Optionee's Disability or (b) the
              expiration date of this Option, to the extent of the number of
              shares which were Purchasable hereunder at the date of such
              termination.

              (e) Except as otherwise set forth in Schedule A with respect to
              the rights of the Optionee upon termination of employment under
              Section 8(a) above, in the event of the Optionee's death while
              employed by the Company or any of its Subsidiaries or within three
              (3) months after a termination of such employment (if such
              termination was neither (i) For Cause nor (ii) voluntary on the
              part of the Optionee and without the written consent of the
              Company), the appropriate persons described in Section 6 hereof or
              persons to whom all or a portion of this Option is transferred in
              accordance with Section 5 hereof may exercise this Option at any
              time within a period ending on the earlier of (a) the last day of
              the one (1) year period following the Optionee's death or (b) the
              expiration date of this Option. If the Optionee was an employee of
              the Company at the time of death, this Option may be so exercised
              to the extent of the number of shares that were Vested hereunder
              at the date of death. If the Optionee's employment terminated
              prior to his or her death, this Option may be exercised only to
              the extent of the number of shares covered by this Option which
              were Vested hereunder at the date of such termination.

         9.   Date of Grant. This Option was granted by the Board of Directors
         of the Company on the date set forth in Schedule A (the "Date of
         Grant").

         10.  Compliance with Regulatory Matters. The Optionee acknowledges that
         the issuance of capital stock of the Company is subject to limitations
         imposed by federal and state law and the Optionee hereby agrees that
         the Company shall not be obligated to issue any shares of Stock upon
         exercise of the Option that would cause the Company to violate any laws
         or any rule, regulation, order or consent decree of any regulatory
         authority (including without limitation the Securities and Exchange
         Commission) having jurisdiction over the affairs of the Company. The
         Optionee agrees that he or she will provide the Company with such
         information as is reasonable requested by the Company or its counsel to
         determine whether the issuance of Stock complies with the provisions
         described by this Section 10.
<PAGE>
         11.  Restriction on Disposition of Shares. The shares purchased
         pursuant to the exercise of an Incentive Stock Option shall not be
         transferred by the Optionee except pursuant to the Optionee's will, or
         the laws of descent and distribution, until such date which is the
         later of two (2) years after the grant of such Incentive Stock Option
         or one (1) year after the transfer of the shares to the Optionee
         pursuant to the exercise of such Incentive Stock Option.

         12.  Miscellaneous.

              (a) This agreement shall be binding upon the parties hereto and
         their representatives, successors and assigns.

              (b) This agreement is executed and delivered in, and shall be
         governed by the laws of, the State of Delaware, without regard to
         conflicts of laws principles.

              (c) Any notice, request, document or other communication required
         or permitted to be given hereunder shall be deemed given, and any
         elections or exercises to be made or accomplished shall be deemed made
         or accomplished, upon actual delivery thereof to the designated
         recipient, or three (3) days after deposit thereof in the United States
         mail, registered, return receipt requested and postage prepaid,
         addressed, if to the Optionee, at the address set forth below his or
         her signature and, if to the Company, to its executive offices at 2250
         E. 73rd Street, Suite 300, Tulsa, Ok. 74136.

              (d) This agreement may not be modified except in writing executed
         by each of the parties hereto.

              (e) This agreement, together with the Plan, contains the entire
         understanding with the parties hereto and supersedes any prior
         understanding and/or written or oral agreement between them respecting
         the subject matter hereof.

              (f) The parties hereto agree that the provisions of this Agreement
         are severable and the invalidity or unenforceability of any provision
         in whole or in part shall not effect the validity or enforceability of
         any enforceable part of such provision or any other provision hereof.

              (g) The section headings herein are included solely for
         convenience of reference and shall not control the meaning or
         interpretation of any of the provisions of this Agreement.

              (h) No waiver of any breach or default hereunder shall be
         considered valid unless in writing, and no such waiver shall be deemed
         a waiver of any subsequent breach or default of the same or similar
         nature.
<PAGE>

              (j) This Agreement may be executed in one or more counterparts,
         each of which shall be deemed an original but all of which together
         shall constitute one and the same instrument.

              IN WITNESS WHEREOF, the Company has caused this Agreement to be
         executed on its behalf and the Optionee has executed this Agreement,
         all as of the day and year first above written.

                                            NORTH AMERICAN
                                            GALVANIZING & COATINGS, INC.

                                            By:
                                                --------------------------------
Attest:
___________________                         Title: Chief Executive Officer
Secretary                                          -----------------------------

                                            OPTIONEE

                                            Name:
                                                  ------------------------------
                                                  Individual's Name Typed

                                            Address:
                                                    ----------------------------EXHIBIT 10.4
                                                                    ------------

                   NORTH AMERICAN GALVANIZING & COATINGS, INC.

                           DIRECTOR STOCK UNIT PROGRAM

                                      ss. 1

                           PURPOSE AND EFFECTIVE DATE
                           --------------------------

                  The purpose of this Program is to tie a percentage of each
Director's compensation to the long-term value of Stock. This Program has been
adopted in connection with the adoption of the 2004 Incentive Stock Plan and has
been adopted subject to the approval of this Program and the 2004 Incentive
Stock Plan. This Program shall be effective on the date NAGALV's shareholders
approve the adoption of this Program.

                                      ss. 2

                                   DEFINITIONS
                                   -----------

                  2.1. Account for purposes of this Program shall mean the
bookkeeping account maintained by the Committee to show for each Director as of
any date all Stock Unit Grant credits made for such Director under this Program,
the adjustments to such credits and any distributions to such Director.

                  2.2. Automatic Deferral Period for purposes of this Program
shall mean the period described in ss. 3.5(b).

                  2.3. Beneficiary for purposes of this Program shall mean for
each Director the person designated as such by the Director on the form provided
for this purpose or, if no such person is so designated or if no such person
survives the Director, the Director's estate.

                  2.4. Board for purposes of this Program shall mean the Board
of Directors of NAGALV.

                  2.5. Committee for purposes of this Program shall mean the
Committee under the 2004 Incentive Stock Plan.

                  2.6. Deferral Period for purposes of this Program shall mean
the period described in ss. 3.5(b) and the period described in ss. 3.5(c) .

                  2.7. Director for purposes of this Program shall mean a member
of the Board.
<PAGE>
                  2.8. Elective Deferral Period for purposes of this Program
shall mean the period described in ss. 3.5(c).

                  2.9. Inside Director for purposes of this Program shall mean a
member of the Board who is an employee of NAGALV.

                  2.10. NAGALV for purposes of this Program shall mean North
American Galvanizing & Coatings, Inc. and any successor to such corporation.

                  2.11. Outside Director for purposes of this Program shall mean
a member of NAGALV's Board of Directors who is not an employee of NAGALV.

                  2.12. Program for purposes of this Program shall mean this
North American Galvanizing & Coatings, Inc. Director Stock Unit Program, as
amended from time to time.

                  2.13. Stock for purposes of this Program shall mean Stock
under the 2004 Incentive Stock Plan.

                  2.14. Stock Unit Grant for purposes of this Program shall
mean a Stock Unit Grant under the 2004 Incentive Stock Plan.

                  2.15. 2004 Stock Incentive Plan for purposes of this Program
shall mean the North American Galvanizing & Coatings, Inc. 2004 Stock Incentive
Plan, as amended from time to time.

                                      ss. 3

                                STOCK UNIT GRANT
                                ----------------

                  3.1.  Outside Directors. Each Outside Director shall be
required to defer at least 50% of his or her director fees each calendar year
and shall have the right under ss. 3.3 to elect to defer 75% or 100% of such
fees each calendar year. The deferrals for each Outside Director will be
deducted (if he or she elects less than a 100% deferral) on a pro-rata basis
from his or her director fees when such fees are otherwise payable in cash, and
the deferrals shall be converted into a Stock Unit Grant at the average of the
closing prices for a share of Stock for the 10 trading days before the date the
director fees for Outside Directors otherwise would have been payable in cash.

                  3.2.  Inside Directors. NAGALV automatically shall defer for
each Inside Director a dollar amount equal to 50% of the director fees for
Outside Directors. Inside Directors shall have the right to elect additional
deferrals which will correspond to an Outside Director's right to elect to defer
75% or 100% of such fees each calendar year. Any such additional deferrals by
Inside Directors shall be matched by the Committee at the same rate at which
additional deferrals by Outside Directors are matched under

                                       -2-
<PAGE>
ss. 3.3, and Inside Directors wishing to elect any additional deferral shall do
so in accordance with the deferral election procedures described in ss. 3.3(d).
The deferrals for each Inside Director shall be effected to coincide with the
deferrals for Outside Directors, and the deferrals for Inside Directors shall be
converted into a Stock Unit Grant at the same time and in accordance with the
same procedure followed for Outside Directors.

                  3.3.  Matching Units and Deferral Elections.

                  (a)   Fifty Percent. If an Outside Director does not elect to
                        defer more than the required deferral under ss. 3.1, the
                        Committee shall match 25% of his or her deferral in an
                        additional Stock Unit Grant

                  (b)   Seventy Five Percent. If an Outside Director elects in
                        accordance with ss. 3.3(d) to defer 75% of his or her
                        director fees, the Committee shall match 50% of his or
                        her deferral in an additional Stock Unit Grant.

                  (c)   One Hundred Percent. If an Outside Director elects in
                        accordance with ss. 3.3(d) to defer 100% of his or her
                        director fees, the Committee shall match 75% of his or
                        her deferral in an additional Stock Unit Grant. The
                        Committee shall match 75% of each Inside Director's
                        automatic deferrals under ss. 3.2 in an additional Stock
                        Unit Grant.

                  (d)   Deferral Election Rules for Outside Directors.

                        (1)   General Rule. A deferral election under ss. 3.3(b)
                              or ss. 3.3(c) shall be effective for fees paid in
                              any calendar year only if delivered to NAGALV
                              before the beginning of such calendar year, and an
                              election shall be effective only if made on the
                              form provided for this purpose.

                        (2)   Special Rules.

                              (A)   Each Outside Director may make an election
                                    under ss. 3.3(b) or ss. 3.3(c) after
                                    NAGALV's annual shareholder meeting in 2004
                                    if such shareholders approve this Program at
                                    such meeting and such election is delivered
                                    to NAGALV before the end of the 30 day
                                    period which starts on the date of such
                                    meeting. An election under this ss.
                                    3.3(d)(2)(A) shall be effective for director
                                    fees otherwise payable in 2004 after such
                                    election is delivered to NAGALV.

                                       -3-
<PAGE>
                              (B)   Each Outside Director may make an election
                                    under ss. 3.3(b) or ss. 3.3(c) with respect
                                    to director fees payable in the calendar
                                    year in which he or she is first elected an
                                    Outside Director if such election is
                                    delivered to NAGALV before the end of the 30
                                    day period which starts on the date he or
                                    she is first elected an Outside Director. An
                                    election under this ss. 3.3(d)(2)(B) shall
                                    be effective for directors' fees otherwise
                                    payable in such calendar year after such
                                    election is delivered to NAGALV.

                        (3)   Irrevocable. An election under this ss. 3.3(d)
                              shall be irrevocable for the calendar year for
                              which the election is made when the election is
                              delivered to NAGALV.

                  (e)   Conversion to a Stock Unit Grant. A Director's match
                        under this ss. 3.3 will be converted into a Stock Unit
                        Grant at the same time and under the same procedure as
                        his or her deferrals are converted into a Stock Unit
                        Grant.

                  3.5.  Deferral Periods.

                  (a)   General. All deferrals under this Program shall be paid
                        in the calendar year immediately following the end of an
                        Automatic Deferral Period or, if a Director so elects in
                        accordance with this ss. 3.5, the end of an additional
                        Elective Deferral Period.

                  (b)   Automatic Deferral Period. The Automatic Deferral Period
                        for a Director for deferrals effected in any calendar
                        year shall be the five calendar year period starting on
                        the immediately following January 1. There will be
                        separate Automatic Deferral Period for deferrals
                        effected in each calendar year.

                  (c)   Elective Deferral Period. If a Director delivers an
                        election on the form provided for this purpose to NAGALV
                        at least one full year before the end of any Automatic
                        Deferral Period, the payment of the deferrals subject to
                        such Automatic Deferral Period shall be deferred for an
                        additional five calendar years. Any such election shall
                        be irrevocable when delivered to NAGALV.

                  (d)   Special Rules.

                        (1)   Termination. All deferrals (whether subject to an
                              Automatic Deferral Period or an Elective Deferral
                              Period) shall be payable as of the date a
                              Director's service as such ends or the date his or
                              her employment with NAGALV ends, whichever comes
                              last.

                                       -4-
<PAGE>
                        (2)   Hardship. If a Director can demonstrate to a
                              majority of the other members of the Board that he
                              or she has an extreme financial hardship as a
                              result of a reasonably unforeseeable event and
                              that access to his or her deferrals under this
                              Program is more appropriate under the
                              circumstances than using any of his or her other
                              assets to cure such hardship, the Board (acting by
                              a majority vote with the affected Director not
                              voting) may authorize the payment of all or a
                              portion of his or her deferrals to cure such
                              hardship.

                  3.6.  Payment. When any deferrals become payable at the end of
a Deferral Period or become payable under ss. 3.5(d), payment shall be made
(subject to applicable withholdings) in a lump sum in cash or, at the
Committee's discretion, in whole shares of Stock (and cash in lieu of a
fractional share) based on the average of the closing prices for a share of
Stock for the 10 trading days before the date as of which payment is made.
NAGALV shall make a payment as soon as practicable after a deferral becomes
payable; provided, however, NAGALV may defer any payment to a future date if
making a payment before such future date could result in the violation of any
securities or other laws.

                  3.7.  Non-Forfeitable Account and Account Adjustments. A
Director's interest in his or her Account shall be non-forfeitable. The number
of shares described in a Stock Unit Grant credited to a Director's Account shall
be adjusted at the same time and in the same manner as other Stock Unit Grant
made under the 2004 Incentive Stock Plan and such number shall be reduced to
reflect any cash payments made or shares of Stock issued to a Director.

                                      ss. 4

                                 ADMINISTRATION
                                 --------------

                  4.1.  Powers. This Program shall be administered by the
Committee, and the Committee shall have the absolute and complete authority,
duty and power to interpret and construe the provisions of this Program as the
Committee deems appropriate, including the final authority to determine a
Director's benefits under this Program, and to take any other action in
connection with the operation or administration of this Program which the
Committee deems fair and appropriate under the circumstances. All
interpretations, determinations, regulations and calculations shall be final and
binding on all affected persons.

                  4.2.  Statements. NAGALV shall furnish individual statements
of Account balances to each Director in such form and as of such dates as
determined by the Committee.

                                       -5-
<PAGE>
                                      ss. 5

                            AMENDMENT AND TERMINATION
                            -------------------------

                  NAGALV reserves the right to amend or terminate this Program
at any time by action of the Board. NAGALV upon the termination of this Program
shall have the right in its sole discretion to accelerate the timing of
distributions of Accounts. No amendment or termination shall directly or
indirectly reduce the balance of any Account as of the effective date of such
amendment or termination.

                                      ss. 6

                                  MISCELLANEOUS
                                  -------------

                  6.1.  General Assets. All cash distributions to, or on behalf
of, a Director under this Program shall be made from NAGALV's general assets and
all shares of Common Stock issued shall be issued under the 2004 Stock Incentive
Plan, and any claim by a Director or by his or her Beneficiary against NAGALV
for any cash distribution or stock issuance under this Program shall be treated
the same as a claim of any general and unsecured creditor of NAGALV.

                  6.2.  No Liability. No Director and no Beneficiary shall have
the right to look to, or have any claim whatsoever against, any officer,
director, employee or agent of NAGALV in his or her individual capacity for the
distribution of any Account.

                  6.3. No Assignment; Binding Effect. No Director or Beneficiary
shall have the right to alienate, assign, commute or otherwise encumber an
Account for any purpose whatsoever, whether through a domestic relations order
or otherwise, and any attempt to do so shall be disregarded as completely null
and void. The provisions of this Program shall be binding on each Director and
Beneficiary and on NAGALV.

                  6.4.  Construction. This Program shall be construed in
accordance with the laws of the State of Delaware except to the extent such laws
are preempted by federal law. Headings and subheadings have been added only for
convenience of reference and shall have no substantive effect whatsoever. All
references to sections (ss.) shall be to sections (ss.) to this Program. All
references to the singular shall include the plural and all references to the
plural shall include the singular. All definitions in this Program shall apply
exclusively to this Program.

                  6.5. No Contract of Employment. A Director's participation in
this Program shall not constitute a contract of employment by NAGALV or a right
to be nominated to serve on, or serve on, the Board.

                  6.6. 2004 Incentive Stock Plan. The terms of the 2004
Incentive Stock Plan are incorporated by this ss. 6.6 in the Program, and the
Program is subject to the

                                       -6-
<PAGE>
terms of such plan. This Program shall not confer on any Director any rights
with respect to a Stock Unit Grant which are superior to his or her rights under
the 2004 Incentive Stock Plan with respect to such Stock Unit Grant.

                  IN WITNESS WHEREOF, the Company has caused its duly authorized
officer to execute this Program to evidence its adoption of this Program.

                                                 NORTH AMERICAN GALVANIZING &
                                                 COATINGS, INC.

                                                 By:________________________

                                                 Date:______________________

                                       -7-

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