Document:

Description of the Annual Management Incentive Plan

 Exhibit 10.8 
 2008 Esmark Management Incentive Plan 
 At a Glance 
 What is the Management Incentive Plan? 
 The Management Incentive Plan
(the “MIP” or the “Plan”) provides Officers of Esmark, Incorporated (“Esmark” or the “Company”) and its operating companies with the opportunity to earn an incentive award when certain pre-established goals
are met at the corporate and operating company levels. 
 Who is Eligible for This Plan? 
 Generally, Officers who have a significant impact on the company’s operations will be eligible to participate in the Plan. Individuals eligible for participation are determined annually, based on recommendations
of the Company’s Senior Management and the operating company presidents, if applicable, and the Company’s Chief Executive Officer, with the approval of the Senior Vice President of Human Resources and Compensation Committee of the
Company’s Board of Directors (the “Committee”). 
 How Does the Management Incentive Plan Work? 
 Under the Plan, the Officers may earn an incentive award based on a percentage of their base salary, depending on the extent to which pre-established operating company
and/or corporate performance goals have been achieved. 
  

	 	•	 	 For purposes of the Plan, base salary is generally the Officer’s annual base salary rate as of the end of the year, excluding any commission or other incentive
pay. For some special circumstances affecting the amount of base salary used in the Plan, see page 6. 

  

	 	•	 	 A target bonus percentage is used in calculating the incentive award. It is explained on the next page. Each participating Officer will have a target bonus
percentage. 

  

	 	•	 	 The target bonus percentage will be adjusted (upward or downward) based on the extent to which various performance goals are achieved. Under the plan for 2008, the
adjustments will be based on company performance, the company’s stock performance and individual goals as outlined by the Chief Executive Officer and the Senior Vice President of Human Resources. 

 Incentive award payments will generally be distributed in cash after the year-end audit is complete. 
  

 1 

 Calculation of the Management Incentive Plan Award 
 Target Bonus Percentage 
 The Plan establishes an incentive opportunity for each Plan participant, calculated as a
percentage of the individual’s base salary. Each participant will be provided with an initial percentage, referred to as a “target bonus percentage.” 
 Generally, the target bonus percentage is the percentage of base salary that can be earned as an award under the Plan if 100% of the various performance goals are achieved. For 2008, if 100% of the performance goals
are achieved, 100% of the target bonus percentage can be earned. 
 If there is a change in the Officer’s job position during the year that changes the
manager’s target bonus percentage, the target bonus percentage used in the award calculation will be determined as follows: 
  

	 	•	 	 If the individual has at least six months of service in the new position, the newly adjusted target bonus percentage will be used in calculating the
individual’s award for the full year. 

  

	 	•	 	 If the individual has less than six months of service in the new position, the individual’s award for the year will be calculated on a pro-rate basis using the
two different target bonus percentages weighed by length of service in each position during the year. 

 The Compensation Committee may
change the goals and objectives for the Plan at any time. 
 Performance Goals and the Target Bonus Percentage 
 A MIP award is based on the extent to which specified, pre-established performance objectives are achieved. For 2008, MIP awards will be based on the extent to which the
participant’s company achieves specified levels of achievement as to: 
  

	 	•	 	 Company Performance 

  

	 	•	 	 Stock Performance 

  

	 	•	 	 Individual Performance Goals 

 For Subsidiary
Officers, 75% of the goals’ overall weight will be based on the performance of the Officer’s Operating Company, and 25% of the goals’ overall weight will be based on Individual Performance Goals. 
  

 2 

 At the end of the year, the Company will measure actual performance against each of the pre-established objectives.

 The achievements attributable to each performance objective as noted above, then will be added together, and that sum will be multiplied by: (1) the
individual’s target bonus percentage, times (2) the individual’s annual base salary, to produce the amount, if any, of the incentive award for 2008. 
 Note that potential adjustments are described on page 6. 
 2008 Performance Goals 
 The performance goals for 2008 generally consist of: 
  

			
	 •     Company Performance
	  	34%
		
	 •     Stock Performance
	  	33%
		
	 •     Individual Performance Goals
	  	33%

 Targeted achievements as to each performance goal above have been set for each Operating Company and for the
Officers. Together the above goals comprise 100% of the target bonus percentage. 
 No annual incentive will be paid if the achievement of the MIP Trigger
which is included within the Company Performance Objective has not been met. The MIP Trigger states that the Company must have a Positive Net Income. 
 A prerequisite to any MIP is compliance with Esmark’s corporate guidelines for business conduct. 
  

 3 

 How the MIP Award is Calculated When All Goals are 100% Achieved. 
 For the year 2008, if 100% of the performance goals are achieved, then 100% of the target bonus percentage will be credited to the participant: 
  

										
	 Goals
	  	Goal %
of Target	 	 	Goal
Achieved %	 	 	Earned % of
Target*	 
	 Company Performance
	  	34	%	 	100	%	 	34	%
	 Operating Cash Flow
	  	33	%	 	100	%	 	33	%
	 Mfg. Improvements
	  	33	%	 	100	%	 	33	%
		  	 	 	 	 	 	 	 	 
	 Total
	  	100	%	 			 	100	%

  

	*	Earned % of Target = Goal % of Target X Goal Achieved % 

 In this example,
assume that the operating company manager’s target bonus percentage is 25% 
 The target bonus percentage of 25% is then multiplied by 100% to produce a
bonus award equal to 25% of base salary: 
  

				
	 Earned percentage of Target
	  	100	%
	 X Target Bonus Percent
	  	25	%
		  	 	 
	 Equals Percentage of Salary for Incentive Award
	  	25	%

 The sections below discuss the impact of achieving more or less than 100% of various goals, and they also discuss
the impact of other potential adjustments. 
  

 4 

 How the MIP Incentive Award is Calculated for Other Achievement Levels 
 The percentage of a goal achieved will determine the earned percentage of target for that particular goal. The earned percentage of target will be interpolated for
achievement between the established minimum level and the established target level for a particular goal. Similarly, the earned percentage of target will be interpolated for achievement between the established target level and the established
maximum level for a particular goal. 
 Maximums and Minimums 
  

	 	•	 	 Generally, the maximum percentage calculated as an earned percentage of target for any goal is 200%, and the overall maximum incentive award that an individual can
earn under the weighting formula is 200% of his or her target bonus percentage. 

  

	 	•	 	 Where the established minimum of a performance goal is achieved, only 50% of that goal’s share will be allocated to his or her target bonus percentage.

  

	 	•	 	 Where less than the established minimum of a performance goal is achieved, no amount of that goal will be allocated to his or her target bonus percentage.

 No annual incentive will be paid if the achievement of Company Performance Goal is less than the established applicable minimum EBITDA,
notwithstanding the achievements as to the other applicable performance goals for 2008. 
  

 5 

 Additional Guidelines for the Management Incentive Plan 
 Discretionary Adjustments 
 In some cases, the Plan allows for
discretionary adjustments of up to +20% or -20% of an individual’s calculated award. However, the sum of discretionary adjustments for all Officers of the affected company cannot exceed +5% of the aggregate calculated awards for that company.

 Some Special Circumstances 
 The above formulas
generally determine the amount of the incentive award for the year. Other factors that may affect the actual award follow: 
  

	 	•	 	 If an Officer leaves the company due to retirement, death, or disability, an award will be calculated based on the actual base salary earned during the year in
which the individual left – so long as the manager worked at least six months of that year. 

  

	 	•	 	 If an Officer leaves the company before the end of the plan year for any other reason, the individual will not receive a bonus award for that year.

  

	 	•	 	 If an Officer voluntarily leaves the company after the end of the year but before the award is paid, the individual would receive any bonus due unless the
employment is terminated for cause. If employment is terminated for cause, the individual would not be entitled to receive an award under the Plan. 

  

	 	•	 	 Officers who are hired mid-year may earn a pro-rated award for that year, based on the salary earned during that year. However, Officers with less than two months
service in a plan year (i.e. hired after October 31) would not be eligible for an award for that year. 

  

	 	•	 	 If the Officer received an adjustment in base salary due to a change in job position (i.e. other than a merit increase), the Officer’s base salary for plan
purposes will be the sum of (1) the product of the number of months prior to the adjustment times the rate of monthly base salary immediately prior to the adjustment, and (2) the product of the number of months after the adjustment times
the rate of monthly base salary as of the end of the Plan Year. 

  

	 	•	 	 A prerequisite to any MIP award is compliance with Esmark’s Corporate Guidelines for Business Conduct. 

 Making Payments 
 All incentive award payments will generally be paid
in cash, less applicable withholding taxes, after the year-end audit is complete. This is expected to occur by no later than March 15. 
  

 6 

 Administration Details 
 This summary relates to the Management Incentive Plan of Esmark, Incorporated and its subsidiaries. The Plan is administered by the Committee, which has full authority to: 
  

	 	•	 	 Interpret the Plan; 

  

	 	•	 	 Designate eligible participants and categories of eligible participants; 

  

	 	•	 	 Set the terms and conditions of incentive awards; and 

  

	 	•	 	 Establish and modify administrative rules for the Plan. 

 Plan participants may obtain additional information about the Plan and the Committee from: 
 Senior Vice President, Human Resources and Corporate
Secretary 
 General Counsel 
 Esmark, Incorporated 
 1134 Market Street 
 Wheeling, WV 26003 
 The Plan will remain in effect until terminated by the Committee. The Committee may also amend the Plan at its discretion. 
 The Plan is not subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and is not “qualified” under Section 401(a) of
the Internal Revenue Code. 
  

 7Non-Employee Directors Deferred Compensation Plan

 Exhibit 10.9 
 ESMARK INCORPORATED 
 NON-EMPLOYEE DIRECTORS DEFERRED COMPENSATION PLAN 
 Effective as of February 13, 2008 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	1.	  	PURPOSE	  	1
			
	2.	  	DEFINITIONS	  	1
			
	3.	  	PARTICIPATION IN THE PLAN	  	2
			
	4.	  	STOCK RESERVED FOR THE PLAN 	  	3
			
	5.	  	DEFERRAL OF ANNUAL RETAINER AND MEETING FEES	  	3
			
	6.	  	STOCK UNIT ACCOUNT	  	4
			
	7.	  	DISTRIBUTIONS	  	5
			
	8.	  	TRUST	  	5
			
	9.	  	NO ACCELERATION OF BENEFITS	  	6
			
	10.	  	EFFECT OF STOCK DIVIDENDS AND OTHER CHANGES TO COMPANY STOCK	  	6
			
	11.	  	INTERPRETATION AND ADMINISTRATION OF THE PLAN	  	6
			
	12.	  	TERM OF THE PLAN	  	6
			
	13.	  	AMENDMENT OF THE PLAN	  	6
			
	14.	  	RIGHTS UNDER THE PLAN	  	7
			
	15.	  	BENEFICIARY	  	7
			
	16.	  	NOTICE	  	7
			
	17.	  	CONSTRUCTION	  	7

  

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 ESMARK INCORPORATED 
 NON-EMPLOYEE DIRECTORS DEFERRED COMPENSATION PLAN 
  

	 	1.	Purpose  

 The Esmark Incorporated Non-Employee
Directors Deferred Compensation Plan (the “Plan”) provides a mechanism for the Board of Directors of Esmark Incorporated to pay compensation to its non-employee directors in cash or Esmark common stock. The Plan also allows such directors
to defer receipt of such compensation until a future date, if desired. The Plan is intended to constitute a deferred compensation plan for non-employee Directors that meets the requirements of Section 409A of the Internal Revenue Code (the
“Code”). 
  

	 	2.	Definitions  

 As used in the Plan, the following
terms have the meanings indicated: 
 (a) “Annual Cash Retainer” means that portion of a Director’s Annual Retainer
payable in cash (any portions of which may be elected to be paid in Company Stock if so determined by the Board). 
 (b) “Annual
Retainer” means the annual base retainer paid to a Director for service on the Board and/or a Board committee, consisting of the Annual Cash Retainer and the Annual Stock Retainer. 
 (c) “Annual Stock Retainer” means that portion of a Director’s Annual Retainer payable in Company Stock. 
 (d) “Board” means the Board of Directors of the Company. 
 (e) “Code” means the Internal Revenue Code of 1986, as amended. 
 (f)
“Company” means Esmark Incorporated, or any successor business by merger, purchase or otherwise that maintains the Plan. 
 (g) “Committee” means a committee of the Board. 
 (h) “Company Stock” means the common stock of
Esmark Incorporated. In the event of a change in the capital structure of the Company, the shares resulting from such a change shall be deemed to be the Company Stock (as provided in Section 10) within the meaning of the Plan. 
 (i) “Deferral Election” has the meaning provided in Section 5(a). 
 (j) “Deferred Cash” means the amount credited to a Director’s Deferred Cash Account pursuant to an election to defer an Annual Cash
Retainer or cash Meeting Fees. 
  

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 (k) “Deferred Cash Account” means the bookkeeping account for Deferred Cash established
for a Director pursuant to Section 5. 
 (l) “Director” means a member of the Company’s Board who is not
(i) a current employee of the Company, or (ii) a former employee of the Company entitled to compensation for current or prior services. For purposes of this Section 2(m), the term “compensation” shall exclude payments to
which the Director is entitled pursuant to the terms of any tax-qualified or non-qualified retirement plan or program sponsored by the Company. 
 (m) “Effective Date” means February 13, 2008. 
 (n) “Fair Market Value” means the closing
price of a share of Company Stock, as reported in the Wall Street Journal, on a specified date. 
 (o) “Meeting Fees”
means the fees paid to a Director for attending Board and Committee meetings, as determined by the Board according to the Company’s established rules for compensating Directors, excluding any expense reimbursements or similar items. 

(p) “Plan Year” means a calendar year. 
 (q) “Separation from Service” is intended to have the same meaning as this term is defined under Treasury Regulation section 1.409A-1(h). 
 (r) “Stock Unit” means a hypothetical share of Company Stock. Each Stock Unit held in a Stock Unit Account shall be deemed to have the
same value, from time to time, as a share of Company Stock, provided that Stock Units shall not confer upon any Director any of the rights associated with Company Stock, including, without limitation, the right to vote or to receive distributions.

 (s) “Stock Unit Account” means the bookkeeping account for all of a Director’s Stock Units. 
 (t) “Trust” has the meaning provided in Section 8. 
  

	 	3.	Participation in the Plan 

 (a) Annual
Retainer. For service during a Plan Year to the extent provided by the Board, a Director may receive an Annual Retainer, consisting of the Annual Cash Retainer and the Annual Stock Retainer. The Board shall determine the amount and the frequency
of payment of each portion of the Annual Retainer, if any. Unless otherwise determined by the Board, a Director may elect whether to receive all or a portion of the Annual Cash Retainer in the form of Company Stock in increments of 20%. To the
extent permitted by the Board, a Director also may elect to defer receipt of all or a portion of the Annual Cash Retainer paid in Company Stock pursuant to Section 5. Additionally, to the extent permitted by the Board, a Director also may elect
to defer receipt of all or a portion of the Annual Cash Retainer paid in cash pursuant to Section 5. 
  

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 (b) Meeting Fees. In addition to any Annual Retainer, a Director may also receive Meeting Fees in
cash based on his or her attendance at Company Board and Committee meetings during a Plan Year. The Board shall determine the amount of Meeting Fees, if any, for each meeting. To the extent allowed by the Board, a Director also may elect to defer
receipt of all or a portion of his or her Meeting Fees as provided in Section 5. 
  

	 	4.	Stock for the Plan 

 The shares of Company Stock
available for distribution to Directors are shares authorized under the Esmark Incorporated Incentive Compensation Plan for distribution to Directors. 
  

	 	5.	Deferral of Annual Retainer and Meeting Fees 

 (a)
Automatic Deferral of Annual Stock Retainer. Unless otherwise provided by the Board, all of a Director’s Annual Stock Retainer shall be deferred. A deferred Annual Stock Retainer shall be credited in the form of Stock Units to the
Director’s Stock Unit Account. The number of Stock Units credited to the Stock Unit Account shall be equal to the number of shares of Company Stock in the Annual Stock Retainer. 
 (b) Deferral Election Procedure. To the extent permitted by the Board, a Director may elect to defer the receipt of all or a portion of his or her
Annual Cash Retainer and/or Meeting Fees by completing a deferral election form provided by the Company for this purpose (“Deferral Election”). A Deferral Election must be in writing and delivered to the Corporate Secretary of the Company
by December 31 of the year prior to the start of the Plan Year to which the Deferral Election pertains. In addition, a Director may make an election within 30 days of the Effective Date with respect to amounts payable after the date of the
Deferral Election. Also, a Director who first becomes eligible to participate in the Plan during a Plan Year may submit a Deferral Election within 30 days of the date on which he or she becomes eligible to participate. A Deferral Election once made
for a Plan Year shall be irrevocable. A Deferral Election may be made for a single Plan Year or may be made applicable to all future Plan Years until revoked. Any revocation shall be effective as of the first day of the next Plan Year after the
revocation is made. 
 (c) Deferral of Annual Cash Retainer. To the extent permitted by the Board, a Director may elect to defer all
or a portion of his or her Annual Cash Retainer that is payable in Company Stock. The amount deferred shall be credited to his or her Stock Unit Account. In addition, to the extent permitted by the Board, a Director may elect to defer all or a
portion of his or her Annual Cash Retainer paid in cash. The amount deferred shall be credited to his or her Deferred Cash Account. The Director’s Deferral Election shall be irrevocable; a Director may not elect to convert Stock Units to
Deferred Cash or vice versa. 
 (i) The number of Stock Units credited to the Director’s Stock Unit Account attributable to the Company
Stock portion of the deferred Annual Cash Retainer shall be equal to the number of shares of Company Stock that otherwise would have been payable to the Director. 
  

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 (ii) Deferrals of the Annual Cash Retainer in the form of Deferred Cash shall be credited to the
Director’s Deferred Cash Account as of the day the Annual Cash Retainer would have been paid to the Director but for the deferral. 
 (d) Deferral of Meeting Fees. 
 (i) To the extent permitted by the Board, a Director may elect to defer all or a portion of
his or her Meeting Fees. 
 (ii) To the extent permitted by the Board, the Director may elect to have deferred cash Meeting Fees credited to
his or her Deferred Cash Account or Stock Unit Account, or a combination of the two accounts. The Director’s Deferral Election shall specify the portion to be deferred to each account and the election shall be irrevocable; a Director may not
elect to convert Stock Units to Deferred Cash or vice versa. 
 (iv) The number of Stock Units attributable to cash Meeting Fees shall be
determined by dividing the amount of the deferred Meeting Fee by the Fair Market Value of a share of Company Stock on the last day of the month in which the meeting occurs and the Stock Units shall be credited to the Director’s Stock Unit
Account as of that date and the amount of deferred cash Meeting Fees shall be rounded to the nearest whole share. 
 (v) Deferrals of cash
Meeting Fees in the form of Deferred Cash shall be credited to the Director’s Deferred Cash Account as of the day the Meeting Fees would have been paid to the Director but for the deferral. 
 (e) Interest Credits to Deferred Cash Accounts. Interest is credited to a Deferred Cash Account on the last day of each calendar quarter of the
Plan Year based on the balance in the Deferred Cash Account at the end of the preceding day. Interest will be credited at the annual rate determined by the Board. Interest credits are accrued on a monthly basis through the end of the month preceding
the month of distribution of a Deferred Cash Account. 
  

	 	6.	Stock Unit Account 

 (a) All Stock Units credited to
a Director’s Stock Unit Account shall be credited with hypothetical cash dividends equal to the cash dividends that are declared and paid on Company Stock. On each record date, the Company shall determine the amount of cash dividends to be paid
per share of Company Stock. On the payment date of such dividend, the Company shall credit an equal amount of hypothetical cash dividends to each Stock Unit. The hypothetical cash dividends shall be converted into Stock Units by dividing the
hypothetical cash dividends by the Fair Market Value of Company Stock for the last trading day preceding the day on which the Company pays dividends on its Common Stock. Hypothetical cash dividends shall continue to be credited to Stock Units and
shall be converted into additional Stock Units as described in this subsection until all of the Stock Units in a Director’s Stock Unit Account have 

  

 -4- 

 
been distributed. The provisions of this subsection shall also apply to any distribution of Company Stock other than cash dividends or stock dividends, the
market value of any such distributions to be determined by the Board. 
 (b) Stock Units and the Stock Unit Account may not be sold,
assigned, transferred, disposed of, pledged, hypothecated or otherwise encumbered. 
  

	 	7.	Distributions 

 (a) Distribution Election. A
Director may elect to receive his or her Deferred Cash Account and Stock Unit Account in a single lump sum payment or in ten (10) substantially equal annual installments. A distribution election shall be made at the time the Director becomes a
Participant in the Plan and shall be irrevocable. 
 (b) Time of Distribution. Distribution of the Deferred Cash Account and Stock
Unit Account shall be made (or in the case of installment payments, shall begin) as soon as administratively practicable after, but no later than 90 days after, the Director’s Separation from Service. 
 (c) Distribution upon Death of Director. In the event of a Director’s Separation from Service on account of death, payment shall be made to
the Director’s Beneficiary in a single lump sum payment as soon as administratively practicable after, but no later than 90 days after, the death. If a Director dies after installment payments have commenced, the balance of the unpaid
installment payments shall be paid in a single lump sum payment as soon as administratively practicable after, but no later than 90 days after, the Director’s death. 
 (d) Form of Payment. Payment of the Deferred Cash Account shall be made in cash. Payment of the Stock Unit Account shall be made in whole shares of Company Stock equal to the number of whole Stock Units in the
Stock Unit Account. Payment for fractional shares shall be made in cash. 
  

	 	8.	Trust 

 (a) With respect to the (i) the Annual
Stock Retainer and (ii) the Annual Cash Retainer and Meeting Fees deferred into Stock Units, the Company may but is not required to, issue shares of Company Stock to a Trust equal to the number of Stock Units. 
 (b) The Corporate Secretary of the Company shall be the trustee of the Trust unless the Board designates another person or entity as trustee. The Trust
shall secure the Company’s obligation to pay shares of Company Stock to the Director. The Trust and its assets shall remain subject to the claims of the Company’s creditors. Any interest that the Director may be deemed to have in the Trust
may not be sold, hypothecated or transferred (including, without limitation, transfer by gift), except by will or the laws of descent and distribution. Shares issued to the Trust shall be issued in the name of the trustee and the trustee shall
maintain a separate account for each Director. The trustee shall invest all cash dividends on Company Stock in 

  

 -5- 

 
additional shares of Company Stock to be held in the separate account of the Director. The Director shall have the right to direct the trustee as to the
voting of the number of shares of Company Stock equal to the number of Stock Units in the Director’s Stock Unit Account. 
  

	 	9.	No Acceleration of Benefits 

 Notwithstanding any
other provision in this Plan to the contrary, the time or schedule for any payment of the Deferred Cash Account or the Stock Unit Account under this Plan shall not be accelerated under any circumstances 
  

	 	10.	Effect of Stock Dividends and Other Changes to Company Stock  

 In the event of a stock dividend, stock split or combination of shares, recapitalization or merger in which the Company is the surviving corporation or other change in the Company’s capital stock, the number and
kind of shares of Company Stock to be subject to the Plan and the maximum number of shares which are authorized for distribution under the Plan shall be appropriately adjusted by the Board or a Committee of the Board, whose determination shall be
binding on all persons. 
  

	 	11.	Interpretation and Administration of the Plan 

 The
Board shall administer, construe and interpret the Plan. Any decision of the Board with respect to the Plan shall be final, conclusive and binding upon all Directors. The Board may act by a majority of its members. The Board may authorize any member
of the Board or any officer of the Company to execute and deliver documents on behalf of the Board. The Board may consult with counsel, who may be counsel to the Company, and shall not incur any liability for action taken in good faith in reliance
upon the advice of counsel. The Corporate Secretary of the Company shall be authorized to take or cause to be taken such actions of a ministerial nature as necessary to effectuate the intent and purposes of the Plan, including issuing Company Stock
for the Plan, maintaining records of the Directors accounts, and arranging for distributions of such accounts in accordance with this Plan document. The Board shall interpret this Plan for all purposes in accordance with Code section 409A and the
regulations thereunder. 
  

	 	12.	Term of the Plan 

 The Plan shall continue until
terminated at any time by action of the Board or until there are no remaining shares available for the Plan under Section 4. Any termination of the Plan by the Board shall not alter or impair any of the rights or obligations for any benefit
previously deferred under the Plan. 
  

	 	13.	Amendment of the Plan 

 The Board may suspend or
terminate the Plan or revise or amend the Plan in any respect; provided, any amendment or termination of the Plan shall not adversely affect a Director with respect to any benefit previously deferred under the Plan. 
  

 -6- 

	 	14.	Rights Under the Plan 

 The Plan shall not
constitute or be evidence of any agreement or understanding, express or implied, that the Company will retain any person as a director for any period of time. 
  

	 	15.	Beneficiary 

 A Director may designate in writing
delivered to the Company’s Corporate Secretary, one or more beneficiaries (which may include a trust) to receive any distributions under the Plan after the death of the Director. If a Director fails to designate a beneficiary, or no designated
beneficiary survives the Director, any payments to be made with respect to the Director after death shall be made to the personal representative of the Director’s estate. 
  

	 	16.	Notice 

 All notices and other communications
required or permitted to be given under this Plan shall be in writing and shall be deemed to have been duly given if delivered personally or mailed first class, postage prepaid, as follows: (a) if to the Company—at its principal business
address to the attention of the Corporate Secretary; (b) if to any Director—at the last address of the Director known to the sender at the time the notice or other communication is sent. 
  

	 	17.	Construction 

 The Plan shall be construed and
enforced according to the laws of the State of Delaware. Headings and captions are for convenience only and have no substantive meaning. Reference to one gender includes the other, and references to the singular and plural include each other.

  

 -7-

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