Document:

EXHIBIT 10 (xiv)

                                 TEKTRONIX, INC.
                             2001 STOCK OPTION PLAN

      1. Purpose. The purpose of this Stock Option Plan (the "Plan") is to
enable Tektronix, Inc. (the "Company"), in connection with one or more
acquisitions, to attract and retain as employees, people of initiative and
ability and to provide additional incentives to those employees. For purposes of
this Plan, a person is considered to be employed by the Company if the person is
employed by any entity that is either the Company or a subsidiary of the
Company.

      2. Shares Subject to the Plan. Subject to adjustment as provided below and
in paragraph 8, the shares to be offered under the Plan shall consist of Common
Shares of the Company, and the total number of Common Shares that may be issued
under the Plan shall not exceed 120,000 Common Shares. The shares issued under
the Plan may be authorized and unissued shares or reacquired shares. If an
option granted under the Plan expires, terminates or is cancelled, the unissued
shares subject to such option shall again be available under the Plan.

      3. Effective Date and Duration of Plan.

            (a) Effective Date. The Plan was adopted by the Board of Directors
      on March 14, 2001 and became effective on that date.

            (b) Duration. The Plan shall continue in effect until all shares
      available for issuance under the Plan have been issued. The Board of
      Directors may suspend or terminate the Plan at any time except with
      respect to options then outstanding under the Plan. Termination shall not
      affect any outstanding options issued under the Plan.

      4. Administration.

            (a) Board of Directors. The Plan shall be administered by the Board
      of Directors of the Company, which shall grant options under the Plan and,
      in connection with option grants, shall determine and designate from time
      to time the employees (including officers) to whom options shall be
      granted, the amount of the options and the other terms and conditions of
      the grants. Subject to the provisions of the Plan, the Board of Directors
      may from time to time adopt and amend rules and regulations relating to
      administration of the Plan, accelerate any exercise date, extend any
      exercise period, amend any provision applicable to options and make all
      other determinations in the judgment of the Board of Directors as
      necessary or desirable for the administration of the Plan. The
      interpretation and construction of the provisions of the Plan and related
      agreements by the Board of Directors shall be final and conclusive. The
      Board of Directors may correct any defect or supply any omission or
      reconcile any inconsistency in the Plan or in any related agreement in the
      manner and to the extent it shall deem expedient to carry the Plan into
      effect, and it shall be the sole and final judge of such expediency.

            (b) Committee. The Board of Directors may delegate to a committee of
      the Board of Directors (the "Committee") any or all authority for
      administration of the Plan.

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                                                                EXHIBIT 10 (xiv)

      If authority is delegated to a Committee, all references to the Board of
      Directors in the Plan shall mean and relate to the Committee except that
      only the Board of Directors may amend or terminate the Plan as provided in
      paragraphs 3 and 11. The Board of Directors may designate a committee of
      officers of the Company that shall have all authority of the Committee to
      grant options under the Plan to employees in connection with one or more
      acquisitions and to amend such options.

      5. Non-Statutory Options. All options granted under the Plan shall be
non-statutory stock options and shall not qualify as incentive stock options as
defined in Section 422 of the Internal Revenue Code of 1986, as amended.

      6. Option Grants.

            (a) Grant. With respect to each option grant, the Board of Directors
      shall determine the number of shares subject to the option, the option
      price, the period of the option (which shall not exceed ten years from the
      date of grant), and the time or times at which the option may be
      exercised.

            (b) Option Price. The option price shall be determined by, or in the
      manner specified by, the Board of Directors at the time of grant. The
      option price may not be less than 100 percent of the fair market value of
      the shares on the valuation date selected by the Board of Directors. The
      Board of Directors may select the valuation date from among the following
      dates: (i) the date of commitment by the Company to grant the option; (ii)
      the date of approval of the option grant by the Board of Directors or
      (iii) the effective date of the option. The fair market value of shares
      covered by an option shall be deemed to be the closing price of the Common
      Shares as reported in the NYSE Composite Transactions in The Wall Street
      Journal on the date preceding the valuation date, or if there has been no
      sale on that date, on the last preceding date on which a sale occurred, or
      such other reported value of the Common Shares, or average closing prices
      for a period of not more than 10 trading days preceding the valuation
      date, as shall be specified by the Board of Directors.

            (c) Limitations on Grants to Non-Exempt Employees. Unless otherwise
      determined by the Board of Directors, if an employee of the Company or any
      parent or subsidiary of the Company is a non-exempt employee subject to
      the overtime compensation provisions of Section 7 of the Fair Labor
      Standards Act (the "FLSA"), any option granted to that employee shall be
      subject to the following restrictions: (i) the option price shall be at
      least 85 percent of the fair market value, as described in Section 6(b),
      of the shares subject to the option on the date it is granted; and (ii)
      the option shall not be exercisable until at least six months after the
      date it is granted; provided, however, that this six-month restriction on
      exercisability will cease to apply if the employee dies, becomes disabled
      or retires, there is a change in ownership of the Company, or in other
      circumstances permitted by regulation, all as prescribed in Section
      7(e)(8)(B) of the FLSA.

            (d) Exercise of Options. Except as provided in paragraph 6(f) or
      otherwise determined by the Board of Directors, no option granted under
      the Plan may be exercised unless at the time of such exercise the optionee
      is employed by the Company or any subsidiary of the Company and shall have
      been so employed

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                                                                EXHIBIT 10 (xiv)

      continuously since the date such option was granted. Absence on leave or
      on account of illness or disability under rules established by the Board
      of Directors shall not, however, be deemed an interruption of employment
      for this purpose. Except as provided in paragraphs 6(f), 8 and 9, options
      granted under the Plan may be exercised from time to time over the period
      stated in each option in such amounts and at such times as shall be
      prescribed by the Board of Directors, provided that options shall not be
      exercised for fractional shares. Unless otherwise determined by the Board
      of Directors, if the optionee does not exercise an option in any one year
      with respect to the full number of shares to which the optionee is
      entitled in that year, the optionee's rights shall be cumulative and the
      optionee may purchase those shares in any subsequent year during the term
      of the option.

            (e) Nontransferability. Unless otherwise determined by the Board of
      Directors, each other option granted under the Plan by its terms shall be
      nonassignable and nontransferable by the optionee, either voluntarily or
      by operation of law, except by will or by the laws of descent and
      distribution of the state or country of the optionee's domicile at the
      time of death, and each option by its terms shall be exercisable during
      the optionee's lifetime only by the optionee.

            (f) Termination of Employment, Disability or Death.

                  (i) Unless otherwise determined by the Board of Directors, in
            the event the employment of the optionee by the Company or a
            subsidiary terminates for any reason other than because of death or
            disability or when eligible for retirement as provided in paragraphs
            6(f)(ii), (iii) and (iv), the option may be exercised at any time
            prior to the expiration date of the option or the expiration of
            three months after the date of such termination of employment,
            whichever is the shorter period, but only if and to the extent the
            optionee was entitled to exercise the option at the date of such
            termination.

                  (ii) Unless otherwise determined by the Board of Directors, in
            the event of the termination of an optionee's employment when
            eligible for retirement (the optionee is age 55 or older with five
            years of service with Tektronix or its subsidiaries), other than
            because of death as provided in paragraph 6(f)(iv) or because of
            disability as provided in paragraph 6(f)(iii), the option may be
            exercised at any time prior to the expiration date of the option,
            the expiration of one year after the date of such termination, or
            the expiration of three months after the optionee's death following
            termination, whichever is the shortest period, but only if and to
            the extent the optionee was entitled to exercise the option on the
            date of termination. The Board of Directors may, in its sole
            discretion, cancel any such options at any time prior to the
            exercise thereof unless the following conditions are met:

                        (A) The optionee shall not render services for any
                  organization or engage directly or indirectly in any business
                  which, in the judgment of the Chief Executive Officer of the
                  Company, is or becomes competitive with the Company, or which
                  is or becomes otherwise prejudicial to or in conflict with the
                  interests of the Company. The judgment of the Chief Executive
                  Officer shall be based on the optionee's

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                                                                EXHIBIT 10 (xiv)

                  positions and responsibilities while employed by the Company,
                  the optionee's post-employment responsibilities and position
                  with the other organization or business, the extent of past,
                  current and potential competition or conflict between the
                  Company and the other organization or business, the effect on
                  the Company's customers, suppliers and competitors of the
                  optionee's assuming the post-employment position, and such
                  other considerations as are deemed relevant given the
                  applicable facts and circumstances. The optionee shall be
                  free, however, to purchase as an investment or otherwise,
                  stock or other securities of such organization or business so
                  long as they are listed upon a recognized securities exchange
                  or traded over-the-counter, and such investment does not
                  represent a substantial investment to the optionee or a
                  greater than 10 percent equity interest in the organization or
                  business.

                        (B) The optionee shall not, without prior written
                  authorization from the Company, disclose to anyone outside the
                  Company, or use in other than the Company's business, any
                  confidential information or material, as defined in the
                  Company's employee confidentiality agreement, relating to the
                  business of the Company, acquired by the optionee either
                  during or after employment with the Company.

                        (C) The optionee, pursuant to the Company's employee
                  confidentiality agreement, shall disclose promptly and assign
                  to the Company all right, title, and interest in any invention
                  or idea, patentable or not, made or conceived by the optionee
                  during employment by the Company, relating in any manner to
                  the actual or anticipated business, research or development
                  work of the Company and shall do anything reasonably necessary
                  as requested by the Company to enable the Company to secure a
                  patent where appropriate in the United States and in foreign
                  countries.

                  (iii) Unless otherwise determined by the Board of Directors,
            in the event of the termination of employment because of disability
            as defined in the applicable option agreement, the option shall
            become exercisable in full and may be exercised by the optionee at
            any time prior to the expiration date of the option or the
            expiration of one year after the date of such termination, whichever
            is the shorter period.

                  (iv) Unless otherwise determined by the Board of Directors, in
            the event of the death of an optionee while in the employ of the
            Company or a subsidiary, the option shall become exercisable in full
            and may be exercised at any time prior to the expiration date of the
            option or the expiration of one year after the date of such death,
            whichever is the shorter period, but only by the person or persons
            to whom such optionee's rights under the option shall pass by the
            optionee's will or by the laws of descent and distribution of the
            state or country of domicile at the time of death.

                  (v) The Board of Directors, at the time of grant or at any
            time thereafter, may extend the three-month and one-year expiration
            periods any

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                                                                EXHIBIT 10 (xiv)

            length of time not later than the original expiration date of the
            option, and may increase the portion of an option that is
            exercisable, subject to such terms and conditions as the Board of
            Directors may determine.

                  (vi) To the extent that the option of any deceased optionee or
            of any optionee whose employment terminates is not exercised within
            the applicable period, all further rights to purchase shares
            pursuant to such option shall cease and terminate.

            (g) Purchase of Shares. Unless the Board of Directors determines
      otherwise, shares may be acquired pursuant to an option granted under the
      Plan only upon receipt by the Company of notice in writing from the
      optionee of the optionee's intention to exercise, specifying the number of
      shares as to which the optionee desires to exercise the option and the
      date on which the optionee desires to complete the transaction, and if
      required in order to comply with the Securities Act of 1933, as amended,
      containing a representation that it is the optionee's present intention to
      acquire the shares for investment and not with a view to distribution.
      Unless the Board of Directors determines otherwise, on or before the date
      specified for completion of the purchase of shares pursuant to an option,
      the optionee must have paid the Company the full purchase price of such
      shares in cash (including, with the consent of the Board of Directors,
      cash that may be the proceeds of a loan from the Company) or, with the
      consent of the Board of Directors, in whole or in part, in Common Shares
      of the Company valued at fair market value. Unless otherwise determined by
      the Board of Directors, any Common Shares provided in payment of the
      purchase price must have been previously acquired and held by the optionee
      for at least six months. The fair market value of Common Shares provided
      in payment of the purchase price shall be the closing price of the Common
      Shares as reported in the NYSE Composite Transactions in The Wall Street
      Journal, or such other reported value of the Common Shares as shall be
      specified by the Board of Directors, on the trading day preceding the date
      the option is exercised. No shares shall be issued until full payment
      therefor has been made. Each optionee who has exercised an option shall
      immediately upon notification of the amount due, if any, pay to the
      Company in cash amounts necessary to satisfy any applicable federal, state
      and local tax withholding requirements. If additional withholding is or
      becomes required beyond any amount deposited before delivery of the
      certificates, the optionee shall pay such amount to the Company on demand.
      If the optionee fails to pay the amount demanded, the Company may withhold
      that amount from other amounts payable by the Company to the optionee,
      including salary, subject to applicable law. With the consent of the Board
      of Directors an optionee may satisfy this obligation, in whole or in part,
      by having the Company withhold from the shares to be issued upon the
      exercise that number of shares that would satisfy the withholding amount
      due or by delivering to the Company Common Shares to satisfy the
      withholding amount. Upon the exercise of an option, the number of shares
      reserved for issuance under the Plan shall be reduced by the number of
      shares issued upon exercise of the option, less the number of shares
      surrendered in payment of the option exercise or surrendered or withheld
      to satisfy withholding obligations.

      7. Foreign Qualified Grants. Options may be granted under the Plan to such
employees of the Company and its subsidiaries who are residing in foreign
jurisdictions as the

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                                                                EXHIBIT 10 (xiv)

Board of Directors may determine from time to time. The Board of Directors may
adopt such supplements to the Plan as may be necessary to comply with the
applicable laws of such foreign jurisdictions and to afford participants
favorable treatment under such laws; provided, however, that no option be
granted under any such supplement with terms which are significantly more
beneficial to the participants than the terms permitted by the Plan.

      8. Changes in Capital Structure. If the outstanding Common Shares of the
Company are hereafter increased or decreased or changed into or exchanged for a
different number or kind of shares or other securities of the Company or of
another corporation by reason of any reorganization, merger, consolidation, plan
of exchange, recapitalization, reclassification, stock split-up, combination of
shares or dividend payable in shares, appropriate adjustment shall be made by
the Board of Directors in the number and kind of shares available for awards
under the Plan. In addition, the Board of Directors shall make appropriate
adjustment in the number and kind of shares as to which outstanding options, or
portions thereof then unexercised, shall be exercisable, to the end that the
optionee's proportionate interest is maintained as before the occurrence of such
event. Notwithstanding the foregoing, the Board of Directors shall have no
obligation to effect any adjustment that would or might result in the issuance
of fractional shares, and any fractional shares resulting from any adjustment
may be disregarded or provided for in any manner determined by the Board of
Directors. Any such adjustments made by the Board of Directors shall be
conclusive. In the event of dissolution of the Company or a merger,
consolidation or plan of exchange affecting the Company in lieu of providing for
options as provided above in this paragraph 8, the Board of Directors may, in
its sole discretion, provide a 30-day period prior to such event during which
optionees shall have the right to exercise options in whole or in part without
any limitation on exercisability and upon the expiration of such 30-day period
all unexercised options shall immediately terminate.

      9. Special Acceleration in Certain Events.

            (a) Special Acceleration. Notwithstanding any other provisions of
      the Plan, a special acceleration ("Special Acceleration") of options
      outstanding under the Plan shall occur with the effect set forth in
      paragraph 9(b) at any time when any one of the following events has taken
      place:

                  (i) The shareholders of the Company approve one of the
            following ("Approved Transactions") and either (x) such Approved
            Transaction is consummated or (y) the Board of Directors determines
            that consummation of such Approved Transaction is likely and
            establishes an option exercise period in connection with the
            consummation of the Approved Transaction:

                        (1) Any consolidation, merger or plan of exchange
                  involving the Company ("Merger") in which the Company is not
                  the continuing or surviving corporation or pursuant to which
                  Common Shares would be converted into cash, securities or
                  other property, other than a Merger involving the Company in
                  which the holders of Common Shares immediately prior to the
                  Merger have the same proportionate ownership of Common Shares
                  of the surviving corporation after the Merger; or

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                                                                EXHIBIT 10 (xiv)

                        (2) Any sale, lease, exchange, or other transfer (in one
                  transaction or a series of related transactions) of all or
                  substantially all of the assets of the Company or the adoption
                  of any plan or proposal for the liquidation or dissolution of
                  the Company; or

                  (ii) A tender or exchange offer, other than one made by the
            Company, is made for Common Shares (or securities convertible into
            Common Shares) and such offer results in a portion of those
            securities being purchased and the offeror after the consummation of
            the offer is the beneficial owner (as determined pursuant to Section
            13(d) of the Securities Exchange Act of 1934, as amended (the
            "Exchange Act")), directly or indirectly, of at least 20 percent of
            the outstanding Common Shares (an "Offer"); or

                  (iii) During any period of 12 months or less, individuals who
            at the beginning of such period constituted a majority of the Board
            of Directors cease for any reason to constitute a majority thereof
            unless the nomination or election of such new directors was approved
            by a vote of at least two-thirds of the directors then still in
            office who were directors at the beginning of such period.

                  The terms used in this paragraph 9 and not defined elsewhere
         in the Plan shall have the same meanings as such terms have in the
         Exchange Act and the rules and regulations adopted thereunder.

                  (b) Effect on Outstanding Options. Upon a Special Acceleration
         pursuant to paragraph 9(a), all options then outstanding under the Plan
         shall immediately become exercisable in full for the remainder of their
         terms or until earlier terminated pursuant to paragraph 8, except that
         a Special Acceleration shall have no effect on outstanding options if
         the Board of Directors determines, after consulting with its
         independent public accountants, that such acceleration could adversely
         affect the Company's eligibility to be a party to a transaction
         accounted for as a pooling-of-interests.

      10. Corporate Mergers, Acquisitions, etc. The Board of Directors may also
grant options under the Plan having terms, conditions and provisions that vary
from those specified in the Plan provided that any such options are granted in
substitution for, or in connection with the assumption of, existing options
granted by another corporation and assumed or otherwise agreed to be provided
for by the Company pursuant to or by reason of a transaction involving a
corporate merger, consolidation, acquisition of property or stock, separation,
reorganization or liquidation to which the Company or a subsidiary is a party.

      11. Amendment of Plan. The Board of Directors may at any time, and from
time to time, modify or amend the Plan in such respects as it shall deem
advisable because of changes in the law while the Plan is in effect or for any
other reason. Except as provided in paragraphs 6(f), 8, and 9, however, no
change in an option already granted shall be made without the written consent of
the holder of such option.

      12. Approvals. The obligations of the Company under the Plan are subject
to the approval of state and federal authorities or agencies with jurisdiction
in the matter. The Company will use its best efforts to take steps required by
state or federal law or applicable

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                                                                EXHIBIT 10 (xiv)

regulations, including rules and regulations of the Securities and Exchange
Commission and any stock exchange on which the Company's shares may then be
listed, in connection with the grants under the Plan. The foregoing
notwithstanding, the Company shall not be obligated to issue or deliver Common
Shares under the Plan if such issuance or delivery would violate applicable
state or federal securities laws.

      13. Employment Rights. Nothing in the Plan or any award pursuant to the
Plan shall confer upon (i) any employee any right to be continued in the
employment of the Company or any subsidiary or shall interfere in any way with
the right of the Company or any subsidiary by whom such employee is employed to
terminate such employee's employment at any time, for any reason, with or
without cause, or to increase or decrease such employee's compensation or
benefits, or (ii) any person engaged by the Company any right to be retained or
employed by the Company or to the continuation, extension, renewal, or
modification of any compensation, contract, or arrangement with or by the
Company.

      14. Rights as a Shareholder. The recipient of any grant under the Plan
shall have no rights as a shareholder with respect to any Common Shares until
the date of issue to the recipient of a stock certificate upon the exercise of
an option. Except as otherwise expressly provided in the Plan, no adjustment
shall be made for dividends or other rights for which the record date is prior
to the date such stock certificate is issued.

Adopted by the Board of Directors on [March 14, 2001].

      I, H. Paul Montgomery, Assistant Secretary of Tektronix, Inc., an Oregon
corporation, hereby certify that the attached 2001 Stock Option Plan was duly
adopted by the Board of Directors on March 14, 2001.

                                        /s/   H. PAUL MONTGOMERY
                                        ----------------------------------------
                                              H. Paul Montgomery
                                              Assistant Secretary

         (SEAL)
                                        March 14, 2001
                                        ----------------------------------------
                                        Date

                                                                               8New Page 1

  
  THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
  AMENDED (THE "SECURITIES ACT"), OR UNDER ANY APPLICABLE STATE SECURITIES LAWS
  AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
  EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE
  SECURITIES ACT OR THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL
  SATISFACTORY TO IT THAT SUCH REGISTRATION IS NOT REQUIRED, AND (2) THERE SHALL
  HAVE BEEN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES OR "BLUE SKY" LAWS. 
  THE OBLIGATIONS EVIDENCED BY THIS INSTRUMENT ARE SUBORDINATED TO THE PRIOR
  PAYMENT IN FULL OF ALL SENIOR INDEBTEDNESS (AS HEREINAFTER DEFINED), INCLUDING
  BUT NOT LIMITED TO THE JPMORGAN INDEBTEDNESS AND THE PRUDENTIAL INDEBTEDNESS
  (AS HEREINAFTER DEFINED).

  GIBRALTAR STEEL CORPORATION OF NEW YORK

  GIBRALTAR STEEL CORPORATION

  
  SUBORDINATED PROMISSORY NOTE

  
  $40,000,000.00                                                                                                    
  DATE: May 1, 2003

  FOR VALUE
  RECEIVED, Gibraltar Steel Corporation of New York, a New York corporation and
  Gibraltar Steel Corporation, a Delaware corporation (collectively, the
  "Company"), jointly and severally promise to pay to CertainTeed Corporation, a
  corporation organized under the laws of the State of Delaware (together with
  any registered successor or assign, "Holder"), the principal sum of Forty
  Million and 00/100 Dollars ($40,000,000), or such lesser amount as shall equal
  the outstanding principal amount hereof, together with interest from the date
  of this Note on the unpaid principal balance at the interest rates provided in
  Section 12 below, computed on the basis of a 360 day year.  All unpaid
  principal, together with any then unpaid and accrued interest and other
  amounts payable hereunder, shall be due and payable on the earlier of: (i) on
  the dates and in the amounts set forth in Sections 2 and 3; or (ii) when, upon
  or after the occurrence of an Event of Default (as defined below), such
  amounts are declared due and payable by Holder or made automatically due and
  payable in accordance with the terms hereof.  This Note is issued pursuant to
  the Stock Purchase Agreement of even date herewith (as amended, modified or
  supplemented, the "Stock Purchase Agreement") between the Gibraltar Steel
  Corporation of New York, the Holder, Air Vent Inc. and Gibraltar Steel
  Corporation dated May 1, 2003.

  The following is a statement
  of the obligations of the Company and rights of Holder and the conditions to
  which this Note is subject, and to which Company, by its execution of this
  Note, and Holder, by the acceptance of this Note, agree:

  1.          Certain Definitions. As used in
  this Note, the following capitalized terms have the following meanings:

              (a)        Affiliate(s) means, with respect
  to any person or entity, any other entity or person controlling, controlled by
  or under common control with such entity or person, where "control" means the
  possession, directly or indirectly, of the power to direct the management and
  policies of a Person, whether through the ownership of voting securities,
  contract or otherwise.

              (b)        "Company" includes the corporations initially
  executing this Note and any Person which shall succeed to or assume the
  obligations of the Company under this Note.

              (c)        "Debt to Equity Ratio" shall mean on any
  calculation date the ratio calculated by dividing (i) the Senior Indebtedness
  outstanding on such calculation date by (ii) the stockholders' equity of
  Gibraltar Steel Corporation as of such calculation date determined in
  accordance with GAAP, as reported in the most recent quarterly financial
  statements of Gibraltar Steel Corporation filed with the Securities and
  Exchange Commission on Form 10-Q or its most recent annual financial
  statements filed with the Securities and Exchange Commission on Form 10-K; 
  provided, however, if Gibraltar Steel Corporation ceases to file reports
  with the Securities and Exchange Commission, then as reported in Gibraltar
  Steel Corporation's quarterly or annual financial statements, regardless of
  whether prepared internally or externally, and regardless of whether audited.

              (d)        "Event of Default" has the meaning given in
  Section 5 hereof.

              (e)        "GAAP" shall mean generally accepted
  accounting principles as in effect in the United States of America from time
  to time, consistently applied.

              (f)         "Holder" shall mean the Person specified in
  the introductory paragraph of this Note or any Person who shall at the time be
  the registered holder of this Note. 

              (g)        "Indebtedness" shall mean and include with
  respect to any Person the aggregate amount of, without duplication (i) all
  obligations of such Person for borrowed money; (ii) all obligations of such
  Person evidenced by bonds, debentures, notes or other similar instruments;
  (iii) all obligations of such Person to pay the deferred purchase price of
  property or services (other than accounts payable incurred in the ordinary
  course of business determined in accordance with GAAP); (iv) all obligations
  of such Person with respect to capital leases; (v) all obligations of such
  Person created or arising under any conditional sale or other title retention
  agreement with respect to property acquired by such Person; (vi) all
  reimbursement and other payment obligations, contingent or otherwise of such
  Person, in respect of letters of credit and similar surety instruments; and
  (vii) all guaranty obligations of such Person with respect to the types of
  Indebtedness listed in clauses (i) through (vi) above.

              (h)        "Obligations" shall mean and include all
  loans, advances, debts, liabilities and obligations, howsoever arising, owed
  by the Company to Holder of every kind and description (whether or not
  evidenced by any note or instrument and whether or not for the payment of
  money), now existing or hereafter arising under or pursuant to the terms of
  this Note, including, all interest, fees, charges, reasonable expenses,
  reasonable attorneys' fees and costs and accountants' fees and costs
  chargeable to and payable by the Company hereunder and thereunder, in each
  case, whether direct or indirect, absolute or contingent, due or to become
  due, and whether or not arising after the commencement of a proceeding under
  Title 11 of the United States Code (11 U. S. C. Section 101 et seq.),
  as amended from time to time (including post-petition interest) and whether or
  not allowed or allowable as a claim in any such proceeding.

              (i)         "Person" shall mean and include an
  individual, a partnership, a corporation (including a business trust), a joint
  stock company, a limited liability company, an unincorporated association, a
  joint venture or other entity or a governmental authority.

              (j)         "Stock Purchase Agreement" has the meaning
  given in the introductory paragraph hereof.

  2.         Payments of
  Principal and Interest. Subject to Section 7 hereof, this Note is
  due and payable in five (5) annual installments, each in the principal amount
  of $8,000,000.00, plus accrued and unpaid interest, except for the final
  installment which will be in an amount equal to the balance of principal and
  accrued and unpaid interest then owing on this Note.  The first installment is
  due on the first business day in May, 2004, and subsequent installments are
  due on the first (1st) business day of May of each year thereafter until all
  amounts payable under this Note have been paid in full, with the final
  installment being due on May 1, 2008.  All payments received by Holder shall
  be applied first against the accrued and unpaid interest, and then against the
  unpaid principal balance of this Note.

  3.         Prepayment.
  Subject to Section 7 hereof, upon five (5) days prior written notice to
  Holder, the Company may prepay this Note in whole or in part; provided that
  any such prepayment will be applied first to the payment of expenses due under
  this Note, second to interest accrued on this Note and third, if the amount of
  prepayment exceeds the amount of all such expenses and accrued interest, to
  the payment of principal of this Note in the inverse order of the maturities
  of such principal installments.

  4.         Information
  Rights.  While any amount is outstanding under the Note, without the
  prior written demand of Holder, the Company shall furnish to Holder
  promptly upon the occurrence thereof, written notice of the occurrence of any
  Event of Default hereunder or any event of default with respect to any Senior
  Indebtedness, regardless of whether waived, consented to or excused by the
  creditor to or holder of that Senior Indebtedness.

  5.         Events of Default.
  The occurrence of any of the following shall constitute an "Event of Default"
  under this Note:

              (a) Failure to Pay.  The Company shall fail to (i)
  pay when due any principal payment on the due date hereunder, or (ii) pay any
  interest or other payment required under the terms of this Note or any other
  amounts due Holder under this Note on the date due or perform any of its
  obligations under this Note, and such interest or other payment shall not have
  been paid or such performance shall not have been made within five (5) days of
  the Company's receipt of Holder's written notice to the Company of such
  failure to pay; or

              (b)        Voluntary Bankruptcy
  or Insolvency Proceedings. The Company shall (i) apply for or consent to
  the appointment of a receiver, trustee, liquidator or custodian of itself or
  of all or a substantial part of its property, (ii) be unable, or admit in
  writing its inability, to pay its debts generally as they mature, (iii) make a
  general assignment for the benefit of its or any of its creditors, (iv) be
  dissolved or liquidated, (v) become insolvent (as such term may be defined or
  interpreted under any applicable statute), (vi) commence a voluntary case or
  other proceeding seeking liquidation, reorganization or other relief with
  respect to itself or its debts under any bankruptcy, insolvency or other
  similar law now or hereafter in effect or consent to any such relief or to the
  appointment of or taking possession of its property by any official in an
  involuntary case or other proceeding commenced against it, or (vii) take any
  action for the purpose of effecting any of the foregoing; or

              (c)        Involuntary
  Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a
  receiver, trustee, liquidator or custodian of the Company or of all or a
  substantial part of the property thereof, or an involuntary case or other
  proceedings seeking liquidation, reorganization or other relief with respect
  to the Company or the debts thereof, under any bankruptcy, insolvency or other
  similar law now or hereafter in effect shall be commenced and an order for
  relief entered or such proceeding shall not be dismissed or discharged within
  sixty (60) days of commencement.

   Any event of default with
  respect to Senior Indebtedness shall not constitute or be deemed in and of
  itself to be a default under this Note.

  6.         Rights of Holder upon Default.
  Subject to Section 7 hereof, upon the occurrence or existence of any Event of
  Default (other than an Event of Default, referred to in Sections 5(b) or 5(c))
  and at any time thereafter during the continuance of such Event of Default,
  Holder may, by written notice to the Company, declare all outstanding
  Obligations payable by the Company hereunder to be immediately due and payable
  without presentment, demand, protest or any other notice of any kind, all of
  which are hereby expressly waived, anything contained herein or in the Stock
  Purchase Agreement to the contrary notwithstanding.  Upon the occurrence or
  existence of any Event of Default described in Sections 5(b) or 5(c),
  immediately and without notice, all outstanding Obligations payable by the
  Company hereunder shall automatically become immediately due and payable,
  without presentment, demand, protest or any other notice of any kind, all of
  which are hereby expressly waived, anything contained herein or in the Stock
  Purchase Agreement to the contrary notwithstanding.  In addition to the
  foregoing remedies, upon the occurrence or existence of any Event of Default,
  Holder may exercise any other right, power or remedy granted to it by law,
  either by suit in equity or by action at law, or both.

  7          Subordination.

              (a)        Senior Indebtedness. The Holder, by its
  acceptance hereof, covenants and agrees that the indebtedness evidenced by
  this Note shall be subordinate and junior in right of payment as set forth
  herein to all principal and interest and all other amounts owing (including
  without limitation, any interest accruing subsequent to the filing of a
  petition or other action concerning bankruptcy or other similar proceeding) on
  the following, whether presently outstanding or hereafter incurred:

                          (i)         any obligation including without
  limitation principal, interest, make whole amount, fees and expenses arising
  under or in connection with  that certain Fourth Amended and Restated Senior
  Secured Credit Agreement dated as of June 28, 2002 (the "JPMorgan Credit
  Agreement") between the Company and JPMorgan Chase Bank, as Administrative
  Agent for itself and as agent for Fleet Boston, KeyBank National Association,
  HSBC Bank USA, Manufacturers and Traders Trust Company, U.S. Bank, N.A.,
  National City Bank of Pennsylvania, Citizens Bank of Pennsylvania, Fifth Third
  Bank and Comerica Bank (and any other Lenders who become a party to the
  JPMorgan Credit Agreement) and all notes and other documents executed in
  connection therewith, as all may be amended, replaced, extended, transferred
  or assigned or refinanced from time to time, (the "JPMorgan Indebtedness");
  

                          (ii)        any obligation including without
  limitation, principal, interest, make whole amount, fees and expenses arising
  under or in connection with that certain Note Purchase Agreement dated as of
  July 3, 2002 between the Company and the Prudential Insurance Company of
  America and all notes and other documents executed in connection therewith, as
  all may be amended, replaced, extended, transferred or assigned or refinanced
  from time to time; 

                          (iii)       any obligation including without
  limitation, principal, interest, make whole amount, fees and expenses arising
  under or in connection with that certain Note Purchase Agreement between the
  Company and the Prudential Insurance Company of America dated as of July 3,
  2002 and all notes and other documents executed in connection therewith, as
  all may be amended, replaced, extended, transferred or assigned or refinanced
  from time to time (together with the obligations described in (ii), the
  "Prudential Indebtedness"); 

                          (iv)       all indebtedness of the Company
  for money borrowed which is evidenced by a note, debenture, letter or similar
  instrument (other than (1) the Obligations evidenced by this Note or any
  amendment, extension or replacement hereof or (2) except as otherwise provided
  in this Section 7);
  

                          (v)        any liabilities of others
  described in the preceding clause (iv) which the Company has guaranteed or
  which is otherwise a legal liability; 

                          (vi)       with respect to any of the
  foregoing, all interest, fees, charges, expenses, attorneys' fees and costs
  and accountants' fees and costs chargeable to and payable by the Company
  hereunder and thereunder, in each case, whether direct or indirect, absolute
  or contingent, due or to become due, and whether or not arising after the
  commencement of a proceeding under Title 11 of the United States Code (11 USC
  Section 101, et seq.), as amended from time to time (including post-petition
  interest) and whether or not allowed or allowable as a claim in any such
  proceeding; and 

                          (vii)      renewals, extensions, refundings,
  restructurings, amendments and modifications of any such indebtedness or
  guarantee, and all such renewals, extensions, refundings, restructurings,
  amendments and modifications of any such indebtedness or guarantee may be made
  without notice to or the consent of the Holder (collectively with subclauses i-vi
  of this Section, the "Senior Indebtedness").

  Notwithstanding the foregoing, Senior
  Indebtedness shall not include the indebtedness evidenced by this Note, and
  the indebtedness evidenced by this Note shall be pari passu with and
  not subordinate to , (a) (i) any indebtedness of the Company to any of
  its Affiliates or (ii) indebtedness or guaranty of the Company which by its
  express terms or the express terms of the instrument creating or evidencing it
  is subordinate to, or pari passu with, the right of payment to this
  Note, or (b) purchase money obligations entered into by the Company, whether
  prior or subsequent to the date of this Note, in connection with the
  acquisition of substantially all of the assets or capital stock of any entity
  which are subordinated to the Senior Indebtedness.  Notwithstanding the
  foregoing, the Holder shall be entitled to receive regular payments under this
  Note unless and until the occurrence of an event of default under the terms of
  any Senior Indebtedness or any event which with the lapse of time or the
  giving of notice or both would constitute an event of default under the terms
  of any Senior Indebtedness (a "Senior Default").  Upon the occurrence and
  during the continuation of any Senior Default, (1) the Company shall not make
  and the Holder will not accept any payments on this Note, including payments
  of principal and interest and (2) the Holder shall not (x) ask, demand, sue
  for, take or receive from the Company, directly or indirectly, in cash or
  other property or by set-off or in any other manner (including, without
  limitation, from or by way of collateral, sinking fund or in respect of any
  redemption, retirement, purchase or other acquisition of a note), payment of
  all or any of the Obligations, request or accept any collateral or other
  security for all or any portion of the Obligations, (y) take any action to
  declare this Note due and payable, or to enforce obligations in respect
  thereof, or (z) without the consent of all holders of Senior Indebtedness
  commence, or join with any creditor at such time in commencing, directly or
  indirectly causing the Company or any of its subsidiaries to commence, or
  assist the Company or any of its subsidiaries in commencing, any bankruptcy or
  insolvency proceeding, receivership, custodianship, liquidation,
  reorganization, readjustment of debt, arrangement, composition or similar
  proceeding, unless and until all of the Senior Indebtedness shall have been
  paid in full, such Senior Default shall otherwise have been remedied in a
  manner satisfactory to the holders of the Senior Indebtedness in their sole
  discretion or effectively waived in writing, or, if applicable, such judicial
  proceeding shall have been dismissed, vacated or settled, after which the
  Company may resume making any and all required payments in respect of the
  Obligations (including any missed payments). Any holder of Senior Indebtedness
  may extend, renew, modify or amend the terms of Senior Indebtedness or any
  security therefor and release, sell or exchange such security and otherwise
  deal freely with the Company or any of its Affiliates to the same extent as
  could any person, all without notice to or consent of the Holder and without
  affecting the liabilities and obligations of the Holder pursuant to the
  provisions hereof;

              (b)        In the event of (i) any insolvency,
  bankruptcy, receivership, custodianship, liquidation, reorganization,
  readjustment of debt, arrangement, composition, assignment for the benefit of
  creditors, or other similar proceeding relative to the Company or its
  creditors, as such, or their property, or (ii) any proceeding for voluntary
  liquidation, dissolution or other winding down or bankruptcy proceedings, then
  and in any such event all of the Senior Indebtedness shall first be paid in
  full before any payment or distribution of any character, whether in cash,
  securities, obligations or other property, shall be made in respect of the
  Obligations.  Notwithstanding any statute, including, without limitation, the
  United States Bankruptcy Code, any rule of law or bankruptcy procedures to the
  contrary, the right of holders of Senior Indebtedness to have all of the
  Senior Indebtedness paid and satisfied in full prior to the payment of any of
  the Obligations shall include, without limitation, the right of holders of
  Senior Indebtedness to be paid in full all interest accruing on the Senior
  Indebtedness due to them after the filing of any petition by or against the
  Company or any of its subsidiaries in connection with any bankruptcy or
  similar proceeding or any other similar proceeding, prior to the payment of
  any amounts in respect to the Obligations, including, without limitation, any
  interest due to the Holder accruing after such date.  The Holder hereby (y)
  undertakes and agrees to execute, verify and deliver and file proofs of claim,
  consents, assignments or other instruments which any holder of Senior
  Indebtedness may at any time reasonably require in order to provide and
  realize upon any rights or claims pertaining to this Note held by the Holder
  and to effectuate the full benefit of the subordination contained herein, and
  (z) authorizes each holder of Senior Indebtedness to take any action as may be
  necessary or appropriate to effect the subordination provided for herein and
  appoints each holder of Senior Indebtedness its attorney-in-fact solely for
  such purposes.

              (c)        Payments Held in Trust.  If,
  notwithstanding the provisions of this Section 7, any direct or indirect
  payment or distribution on account of the Obligations or acquisition,
  repurchase, redemption, retirement or defeasance thereof shall be made by or
  on behalf of the Company (including any payments or distribution of any kind
  or character whether in cash, property, stock or obligations in an insolvency
  event) and received by the Holder at any time when such payment or
  distribution was prohibited by the provisions of this Section 7 or such
  payment or distribution was required to be made to any of the holders of
  Senior Indebtedness, then,  such payment or distribution shall be segregated
  from other property and funds of or held by the Holder and shall be held in
  trust by the Holder, for the benefit of the holders of the Senior
  Indebtedness, and shall be paid or delivered forthwith to the holders of the
  Senior Indebtedness at the time outstanding, pari passu, in the same form as
  so received (with any necessary endorsement) to be applied, (in the case of
  cash) to, or held as collateral (in the case of noncash property or
  securities) for, the payment, prepayment and/or cash collateralization of the
  Senior Indebtedness, whether matured or unmatured, in accordance with the
  terms of such Senior Indebtedness.  In the event of the failure of the Holder
  to endorse or assign any such payment, distribution or security, each holder
  of Senior Indebtedness is hereby irrevocably authorized to endorse or assign
  same.

              (d)        No Impairment.  No present or future
  holder of any Senior Indebtedness shall be prejudiced in the right to enforce
  the subordination provisions hereof by any act or failure to act on the part
  of the Company or the Holder.  Subject to the rights, if any, of the holders
  of Senior Indebtedness under this Section 7 to receive cash, securities or
  other properties otherwise payable or deliverable to Holder, nothing contained
  in this Section 7 shall impair, as between the Company and Holder, the
  obligation of the Company, subject to the terms and conditions hereof, to pay
  to Holder the Obligations as and when the same become due and payable, or
  shall prevent Holder, upon default hereunder, from exercising all rights,
  powers and remedies otherwise provided herein or by applicable law.

              (e)        Third Party Beneficiaries.  The
  provisions of this Section 7 shall inure to the benefit of any holders of
  Senior Indebtedness and such holders are expressly made third party
  beneficiaries hereof.

              (f)         Restatement.  The provisions of this
  Section 7 shall continue to be effective, or be reinstated as of the date
  immediately prior to payment in full of the Senior Indebtedness, as the case
  may be, if any payment, or any part thereof, of any of the Senior Indebtedness
  is rescinded or must otherwise be restored or returned by the holders of the
  Senior Indebtedness, all as though such payments had not been made.

  8.         Successors and Assigns.  Subject
  to the restrictions on transfer described in Section 10 below, the rights and
  obligations of the Company and Holder of this Note shall be binding upon and
  benefit the successors, assigns, administrators and transferees of the
  parties.

  9.         Amendment.  Any provision of
  this Note may be amended, waived or modified upon the prior written consent of
  the Company and Holder and, the holder of the JPMorgan Indebtedness, so long
  as the JPMorgan Indebtedness is outstanding, and the holder of the Prudential
  Indebtedness so long as the Prudential Indebtedness is outstanding.

  10.       Assignment by the
  Company.  Neither this Note nor any of the rights, interests or
  obligations hereunder may be assigned, by operation of law or otherwise, in
  whole or in part, by the Company without the prior written consent of Holder.

  11.       Transfer by Holder.  Holder may
  sell, assign, transfer and convey this Note upon prior written notice to the
  Company and only (i) pursuant to an effective registration statement filed
  under the Securities Act or if the Company shall have received an opinion of
  counsel satisfactory to it that such registration is not required, and (ii)
  there shall have been compliance with all applicable state securities or "Blue
  Sky" laws.  Any transferees or assigns of this Note shall be bound by the
  provisions of Section 7 hereof.

  12        Interest Rate.  The unpaid
  principal balance of this Note will accrue interest prior to maturity or
  default at an interest rate equal to the lesser of (a) the Maximum Rate
  (defined below) or (b) five percent (5%) per annum until April 1, 2004, and on
  and thereafter at an interest rate based upon the Debt to Equity Ratio as
  follows:

  	
      Debt to Equity Ratio
	
      Interest Rate

	
      
       
	
       

	
      
      Less than 1.15
	
      5.00%

	
      
      Equal to or greater than 1.15 but less than 1.20
	
      5.75%

	
      
      Equal to or greater than 1.20 but less than 1.25
	
      6.50%

	
      
      Equal to or greater than 1.25 but less than 1.30
	
      7.25%

	
      
      Equal to or greater than 1.30 but less than 1.35
	
      8.00%

	
      
      Equal to or greater than 1.35 but less than 1.40
	
      8.75%

	
      
      Equal to or greater than 1.40 but less than 1.45
	
      9.50%

	
      
      Equal to or greater than 1.45 but less than 1.50 
	
      10.25%

	
      
      Equal to or greater than 1.50 
	
      11.00%

  Commencing
  on April 1, 2004, and on the first day of each July, October, January and
  April until this Note is paid in full, the interest rate will be changed based
  upon the foregoing chart, and such  Debt to Equity Ratio shall be calculated
  as of the last day of the  quarter covered by the quarterly financial
  statements of Gibraltar Steel Corporation included in its most recently filed
  Form 10-Q or the last day of the fiscal year covered by the annual financial
  statements of Gibraltar Steel Corporation included in its most recently filed
  Form 10-K.  During any period in which an Event of Default has occurred and is
  continuing, the Company shall pay interest on the unpaid principal balance
  hereof at a rate per annum equal to the Maximum Rate.  "Maximum Rate" means a
  rate of interest equal to the lesser of (y) the maximum lawful rate permitted
  by applicable usury laws now or subsequently enacted, which rate will change
  when and as said laws change, to the extent permitted by law, effective on the
  day such change in said laws becomes effective, or (z) the rate otherwise
  applicable hereunder plus 2%.

  13        Notices.  Any notice, request or
  other communication required or permitted hereunder shall be in writing and
  shall be deemed to have been duly given if personally delivered or mailed by
  registered or certified mail, postage prepaid, or by recognized overnight
  courier or personal delivery at the respective addresses of the parties as set
  forth in the Stock Purchase Agreement.  Any party hereto may by notice so
  given change its address for future notice hereunder.  Notice shall
  conclusively be deemed to have been given when received.

  14        Payment.  Payment shall be made
  by wire transfer in lawful tender of the United States to the account(s)
  designated in advance, in writing, by Holder to the Company.

  15.       Usury. 
  In the event any interest is paid on this Note which is deemed to be in excess
  of the then legal maximum rate, then that portion of the interest payment
  representing an amount in excess of the then legal maximum rate shall be
  deemed a payment of principal and applied against the principal of this Note
  in the inverse order of the maturities of such principal installments.

  
  16.       Time. 
  Time is of the essence with respect to all of the
  Company's obligations under this Note.

  17.       Setoff By The Company.  The
  Company shall have no right to set off against the Obligations due hereunder
  any amounts for which the Holder may become indebted to the Company, whether
  under the Stock Purchase Agreement or otherwise.

  18.       Expenses.  If action is
  instituted to collect this Note, the Company promises to pay all costs and
  expenses, including, without limitation, reasonable attorneys' fees and costs,
  incurred in connection with such action.  

  19.       Waivers.  The Company: (a) waives
  notice of default, presentment or demand for payment, protest or notice of
  nonpayment or dishonor and all other notices or demands relative to this Note,
  and (b) without notice to the Company, consents to any extension or
  postponement of time for payment of this Note or to any other indulgence with
  respect to this Note, either before or after maturity, without in any way
  affecting the liability of the Company and without prejudice to Holder.  

  20.       Governing Law; Venue.  This Note
  shall be governed by and construed in accordance with the laws of the State of
  New York, without regard to the conflicts of law provisions of the State of
  New York, or of any other state. Any claim or controversy under this Note
  shall be adjudicated in the State and Federal courts located in Erie County,
  New York.

  21.       ENTIRE AGREEMENT.  THIS NOTE
  REPRESENTS THE ENTIRE AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
  CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
  AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
  PARTIES.

  
  (Signature page follows.)

IN WITNESS WHEREOF, the
Company has caused this Note to be issued as of the date first set forth above.

Gibraltar Steel Corporation of New York,

a
New York corporation

By: 
/s/ Walter T. Erazmus

            Walter T. Erazmus

            Title:  President

Gibraltar Steel Corporation,

a
Delaware corporation

By: 
/s/ Walter T. Erazmus

            Walter T. Erazmus

            Title:  President

 

Agreed and Accepted:

                        s/ Samuel A.
Ansley

                        Holder:

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