Document:

SYNALLOY CORPORATION

SYNALLOY CORPORATION

1988 Long Term Incentive Stock Plan

 

	Purpose.  This 1988 Long Term Incentive Stock Plan (the "Plan") is intended to provide key executive employees of Synalloy Corporation (the "Company", which term shall include Synalloy Corporation and any of its affiliates or
subsidiaries) with the opportunity to participate in the Company's future prosperity and growth by purchasing stock of the Company.  The purpose of the Plan is to provide long-term incentive for gain through outstanding service to the Company and its
shareholders and to assist in attracting and retaining executives of ability and initiative.

 

	Administration.  The Plan shall be administered by the Compensation and Long Term Incentive Committee (the "Committee") which shall consist of three members of the Company's Board of Directors who are not employees of the
Company.  Members of the Committee are not eligible to participate in the Plan (or any other option or incentive plan of the Company) while serving on the Committee, nor shall they have been so eligible for the 12 months immediately preceding such
appointment.

 

The Committee shall have complete authority and discretion to interpret all provisions of this Plan consistent with law, to prescribe the form of instruments evidencing the stock options granted under the Plan, to adopt, amend, and
rescind general and special rules and regulations for its administration, and to make all other determinations necessary or advisable for the administration of the Plan. Action duly taken by not less than two members of the Committee, in accordance with
the By-laws of the Company applicable to committees of the Board, shall constitute action of the Committee for purposes of the Plan. No member of the Committee shall be liable for any action or determination in respect thereto, if made in good faith, and
shall be entitled to indemnification by the Company with respect to all matters arising from his service on the Committee to the fullest extent allowable under applicable law.

 

	Eligibility.  Any salaried employee of the Company who in the judgment of the Committee occupies a management position in which his efforts contribute to the profit and growth of the Company may be granted one or more
options under the Plan.  The Committee will designate employees to whom options are to be granted and will specify the number of shares subject to each option.  The Committee shall have the discretion to determine to what extent, if any, persons employed
on a part-time or consulting basis will be eligible to participate in the Plan; provided however, that an employee who, immediately before an option is granted, owns more than 10% of the combined voting power of the Company, shall not be eligible for an
option grant.

 
4.Stock.  The stock to be subject to options under the Plan shall be shares of the Company's common stock of the par value of $1.00 per share (the "common stock"), and may be either authorized and unissued or held in the
treasury of the Company.  The total amount of stock on which options may be granted under the Plan shall not exceed 300,000 shares, subject to adjustment to reflect any change in the capitalization of the Company, as more fully provided in Section 11
hereof.  The Committee will maintain records showing the cumulative total of all shares subject to options outstanding under this Plan.

 

If any option is terminated, in whole or in part, for any reason other than the exercise thereof, the shares allocated to the option or portion thereof so terminated may be reallocated to another option or options to be granted under
this Plan.

 

5.Option Price.  The price per share for shares purchased upon the exercise of any option granted under the Plan will be 100% of the fair market value per share of such shares on the date of grant of the option.  Payment
shall be made to the Company either (i) in cash or, at the discretion of the Committee; (ii) by delivery to the Company of shares of common stock owned by the option holder and having a fair market value on the date of exercise equal to the fair market
value of the shares covered by the option on the date of the grant of the option, or (iii) a combination of cash and the value of such shares mentioned in (ii) above.  As used in this Plan "fair market value" per share of the common stock shall mean the
average of the high and low sale prices of the common stock on the American Stock Exchange (or such other exchange or market on which such value is being determined) or, if there shall be no sale on that date, then on the last previous day on which a sale
was reported. In determining fair market value, the Committee may rely upon sales information reported on the consolidated tape or other consolidated reporting system and, in the absence of any sale or sales on the dates referred to in the preceding
sentence, or a recognized market for the Company's common stock, the Committee may determine fair market value by whatever recognized method it deems appropriate.

 

6.Grant of Options.  The Committee, at any time, during the duration of the Plan, may authorize the granting of options to employees of the Company eligible under Section 3 hereof, subject to the limitations provided herein.
 The date on which an option shall be granted shall be the date the Committee authorizes such grant or such later date as may be determined by the Committee at the time such grant is authorized.  Any employee may hold more than one option.

 

7.Exercise of Options.  Options granted under the Plan shall be exercisable only in the following manner; provided, however, that in no event shall an option be exercisable more than ten years of the date of grant as set
forth in paragraph 6 above.

 

	By an Employee During Continuous Employment.  The aggregate fair market value of the shares of the Company's common stock, as determined at the time of grant, as to which options are exercisable for the first time by an
employee during any calendar year shall not exceed $100,000.00.  Subject to this limitation, an employee may exercise any option during the applicable Exercise Periods in accordance with the following schedule:

	

Time from Grant Date

(Exercise Period)
	
Percentages of Options

Granted Which may be 

Exercisable in that Exercise

Period (including those

previously exercised)

	
Up to One Year
	
0%

	
One to Two Years
	
20%

	
Two to Three Years
	
40%

	
Three to Four Years
	
60%

	
Four to Five Years
	
80%

	
Five to Ten Years
	
100%

 
An employee may not exercise any part of an option granted under this Plan unless, at the time of such exercise, he has been in the continuous employment of the Company since the date the option was granted.  The Committee may decide
in each case to what extent leaves of absence for government or military service, illness, temporary disability, or other reasons shall not for this purpose be deemed interruptions of continuous employment.

 

B.By a Former Employee.  No person may exercise an option after he ceases to be an employee of the Company unless he ceases to be an employee of the Company as a result of normal retirement, early retirement, or disability retirement,
either physical or mental, or on account of physical or mental disability.  In these instances, the option may be exercised by him, his attorney-in-fact, or his guardian, as appropriate, at any time after the date on which he ceased to be an employee, but
not later than the end of the fixed term of the option and no earlier (except in the event of a cessation of employment by reason of disability) than one year from the date the option was granted.

C. In Case of Death.  If any employee or former employee who was granted an option dies, and at the time of death was entitled to exercise any option granted under this Plan, pursuant to Sub-Sections A and B above, the option may be
exercised within six months after the death of the employee or former employee (but no later than the end of the fixed term of the option) by his estate, or by a person who acquired the right to exercise the option by bequest or inheritance.

D.Sale or Merger.  Notwithstanding the limitation on the Exercise Period set forth in section 7A above, (except as pertains to the $100,000 per year limitation), an employee may exercise all options then exercisable by
him as provided for in section 7A above plus 50% of the options granted to him but which are not then exercisable because the requisite time from the date of grant has not lapsed in the event that either (i) all or substantially all of the assets or
common stock of the Company (or a subsidiary or division of the Company in which he is employed) is sold to an entity not affiliated with the Company, (ii) a merger or share exchange with an unaffiliated party occurs in which the Company is not the
surviving entity or (iii) a similar sale or exchange transaction occurs which in the Committee's sole discretion justifies such exercise right.

 

8.Method of Exercise.  Each option granted under the Plan shall be deemed exercised when the holder shall so notify the Company in writing, addressed to the Company's secretary, together with payment in full for the shares
for which the option is exercised, and tender of any related agreements or instruments, as required by the Committee, and shall comply with such other reasonable requirements as the Committee may establish pursuant to Section 12 of the Plan.  However,
this provision shall not preclude exercise of, or payment for, an option by any other proper method specifically approved by the Committee.  No person, estate, or other entity shall have or exercise any of the rights of a shareholder with reference to
shares subject to an option until a certificate or certificates for the shares has been duly issued and delivered.

 

An option granted under this Plan may be exercised for any lesser number of shares than the full amount for which it could be exercised.  Such a partial exercise of an option shall not affect the right to exercise the option from time
to time in accordance with the Plan for the remaining shares subject to the option.

 

9.Assignability.  Options granted under the Plan to an employee shall not be transferable by him except by will or the laws of descent and distribution.

 

10.Adjustment upon Change of Shares.  In the event of a reorganization, merger, consolidation, reclassification, recapitalization, combination or exchange of shares, stock split, stock dividend, rights offering or other
event affecting shares of the Company, the number and class of shares for which options may thereafter be granted, the number and class of shares then subject to options previously granted, and the price per share payable upon exercise of such options
shall be equitably adjusted by the Committee to reflect the change.

 

11.Compliance with Law and Approval of Regulatory Bodies.  No option shall be exercisable and no shares shall be delivered under the Plan except in compliance with all applicable Federal and state laws and regulations
including, without limitation, compliance with applicable withholding tax requirements and with the rules of all domestic stock exchanges on which the Company's shares may be listed.  Any share certificate issued to evidence shares may be listed on any
domestic stock exchange authorized by the Company.  Any share certificate issued to evidence shares for which an option is exercised may bear legends and statements, and be subject to such restrictions, as the Company shall deem advisable to assure
compliance with Federal and state laws and regulations.  No options shall be exercisable, and no shares will be delivered under the Plan, until the Company has obtained such consents or approvals from regulatory bodies, Federal or state, having
jurisdiction over such matters as the Company may deem advisable.

 

In the case of the exercise of an option by a person or estate acquiring the right to exercise the option by bequest or inheritance, the Committee may require reasonable evidence as to the ownership of the option and may require
consents and releases of taxing authorities that it may deem advisable.

 

12.General Provisions.  Neither the adoption of the Plan nor its operation, nor any document describing or referring to the Plan, or any part thereof, shall confer upon any employee any right to continue in the employ of the
Company or any subsidiary, or shall in any way affect the right and power of the Company to terminate the employment of any employee at any time with or without assigning a reason therefor to the same extent as the Company might have done if the Plan had
not been adopted.

 

13.Effective Date of the 1988 Plan.  This Plan was adopted by the Board of Directors of the Company effective January 28, 1988, which will be the effective date of the Plan if and when approved by shareholders holding a
majority of the Company's outstanding shares of common stock entitled to vote on the Plan at the Annual Meeting of Shareholders in 1988.

 

14.Amendment to the Plan.  The Board of Directors of the Company may alter, amend, or terminate the Plan from time to time.  Such action by the Board of Directors, however, will not be effective to change or modify the Plan,
unless approved by shareholders holding a majority of the Company's outstanding shares of common stock, if such changes or modifications in the Plan would:

 

	Increase the total number of shares of stock on which options may be granted under the Plan, except as contemplated in Section 11;

 

	Change the manner of determining the option price;

 

	Assign the administration of the Plan otherwise than to a committee of the Board of Directors;

 

	Permit any person while a member of the Committee or any other committee of the Board of Directors administering the Plan to be eligible to receive or hold an option under the Plan or permit a person who is not a key employee of
the Company at the time of grant to be granted an option; or

 

	Extend the term of this Plan.

 
15.Duration of the Plan.  Unless previously terminated by the Board of Directors, the Plan shall be effective for a period of ten years from the effective date of the Plan, and no option shall be granted after January 28,
1998.  Options granted before that date shall remain valid thereafter in accordance with their terms.SYNALLOY CORPORATION

SYNALLOY CORPORATION

RESTATED

1994 NON-EMPLOYEE DIRECTORS'

STOCK OPTION PLAN

 

The following restates in its entirety the Plan, originally adopted in 1994 and as amended in 1995 and 1998.

	Purpose.  The purpose of the Synalloy Corporation 1994 Non-Employee Directors' Stock Option Plan (the "Plan") is to advance the interests of Synalloy Corporation (the "Company") and its shareholders by encouraging increased
share ownership by members of the Board of Directors of the Company (the "Board") who are Non-Employee Directors of the Company or any of its subsidiaries, in order to promote long-term shareholder value through continuing ownership of the Company's
common shares.  Non-Employee Director shall mean a director who (1) is not currently an officer of the Company (as defined in 17 CFR 240.16a-1(f)) or a parent or subsidiary of the Company or otherwise currently employed by the Company or a
parent or subsidiary of the Company; (2) does not receive compensation, either directly or indirectly, from the Company or a parent or subsidiary of the Company, for services rendered as a consultant or in any capacity other than as a director, except for
an amount that does not exceed the dollar amount for which disclosure would be required pursuant to 17 CFR 229.404(a); (3) does not possess an interest in any other transaction for which disclosure would be required pursuant to 17 CFR 229.404(a); and (4)
is not engaged in a business relationship for which disclosure would be required pursuant to 17 CFR 229.404(b).

	Administration.  The Plan shall be administered by the Board.  The Board shall have all the powers vested in it by the terms of the Plan, such powers to include authority (within the limitations described herein)
to prescribe the form of the agreement embodying awards of non-qualified stock options made under the Plan ("Options").  The Board shall, subject to the provisions of the Plan, grant Options under the Plan and shall have the power to construe the Plan, to
determine all questions arising thereunder and to adopt and amend such rules and regulations for the administration of the Plan as it may deem desirable.  Any decisions of the Board in the administration of the Plan, as described herein, shall be final
and conclusive.  The Board may act only by a majority of its members in office, except that the members thereof may authorize any one or more of their number or the Secretary or any other officer of the Company to execute and deliver documents on behalf
of the Board.  No member of the Board shall be liable for anything done or omitted to be done by him or by any other member of the Board in connection with the Plan, except for his own willful misconduct or as expressly provided by statute.

	Participation.  Each member of the Board who is a Non-Employee Director shall be eligible to receive an Option in accordance with Paragraph 5 below.  As used herein, the term "Subsidiary" means any corporation at
least forty percent (40%) of whose outstanding voting stock is owned, directly or indirectly, by the Company.

	Awards Under the Plan.  

	Type of Awards.  Awards under the Plan shall include only Options, which are rights to purchase common shares of the Company having a par value of $1.00 per share (the "common shares").  Such Options are subject to
the terms, conditions and restrictions specified in paragraph 5 below.

	Maximum Number of Shares That May be Issued.   There may be issued under the Plan pursuant to the exercise of Options an aggregate of not more than 67,500 common shares, subject to adjustment as provided in
Paragraph 6 below.  If any Option is cancelled, terminates or expires unexercised, in whole or in part, any common shares that would otherwise have been issuable pursuant thereto will be available for issuance under new Options.

	Rights with Respect to Shares.  A Non-Employee Director to whom an Option is granted (and any person succeeding to such a Non-Employee Director's rights pursuant to the Plan) shall have no rights as a shareholder
with respect to any common shares issuable pursuant to any such Option until the date of the issuance of a stock certificate to him for such shares.  Except as provided in Paragraph 6 below, no adjustment shall be made for dividends, distributions or
other rights (whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such stock certificate is issued.

	Non-Qualified Stock Options.  Each Option granted under the Plan shall comply with the following terms and conditions:

	The Option exercise price shall be the fair market value of the common shares subject to such Option on the date the option is granted, which shall be the average of the bid and ask prices at closing of a common share on the day
before the date of grant as reported on the NASDAQ National Market System or, if the Exchange is closed on that date, on the last preceding date on which the Exchange was open for trading; but in no event will such Option exercise price be less than the
par value of such a common share.

	Each year beginning in 1994, as of the date of his election or reelection as a member of the Board at the annual meeting of shareholders of the Company, each Non-Employee Director shall automatically receive an Option for 1,500
common shares.

	The Option shall not be transferable by the optionee otherwise than by will or the laws of descent and distribution, and shall be exercisable during his lifetime only by him.

	The Option shall not be exercisable:

	more than ten (10) years following the date of grant (the "Exercise Period");

	unless payment in full is made for the common shares being acquired thereunder at the time of exercise; such payment shall be made

	in United States dollars by cash or check, or

	in lieu thereof, by tendering to the Company common shares owned by the person exercising the Option and having a fair market value equal to the cash exercise price applicable to such Option, such fair market value to be determined
as provided in Section 5(a) hereof, or

	by a combination of United States dollars and common shares as aforesaid; and

	unless the person exercising the option has been at all times during the period beginning with the date of grant of the Option and ending on the date of such exercise, a Non-Employee Director of the Company, except that

	if such person shall cease to be such a Non-Employee Director for reasons other than death, while holding an Option that has not expired and has not been fully exercised, such person, at any time within three (3) years of the date
he ceased to be such a Non-Employee Director (but in no event after the Option has expired under the provisions of subparagraph 5(d)(i) above, may exercise the Option with respect to any commons hares as to which he has not exercised the Option which was
then currently exercisable on the date he ceased to be such a Non-Employee Director; or

	if any person to whom an Option has been granted shall die holding an Option that has not expired and has not been fully exercised, his executors, administrators, heirs or distributes, as the case may be, may, at any time within
one (1) year after the date of such death (but in no event after the Option has expired under the provisions of subparagraph 5(d)(i) above), exercise the Option with respect to any shares as to which the decedent could have exercised the Option at the
time of his death.

	Dilution and Other Adjustments.  In the event of any change in the outstanding common shares of the Company by reason of any stock split, stock dividend, split-up, split-off, spin-off, recapitalization, merger,
consolidation, rights offering, reorganization, combination or exchange of shares, a sale by the Company of all or part of its assets, any distribution to shareholders other than a normal cash dividend, or other extraordinary or unusual event, the number
or kind of shares that may be issued under the Plan pursuant to subparagraph 4(b) above, and the number or kind of shares subject to, and the Option price per share under, all outstanding Options shall be automatically adjusted so that the proportionate
interest of the participant shall be maintained as before the occurrence of such event; such adjustment in outstanding Options shall be made without change in the total Option exercise price applicable to the unexercised portion of such Options and with a
corresponding adjustment in the Option exercise price per share, and such adjustment shall be conclusive and binding for all purposes of the Plan.

	Miscellaneous Provisions.  

	Except as expressly provided for in the Plan, no Non-Employee Director or other person shall have any claim or right to be granted an Option under the Plan.  Neither the Plan nor any action taken hereunder shall be construed as
giving any Non-Employee Director any right to be retained in the service of the Company.

	A participant's right and interest under the Plan may not be assigned or transferred, hypothecated or encumbered in whole or in part either directly or by operation of law or otherwise (except in the event of a participant's death,
by will or the laws of descent and distribution), including, but not by way of limitation, execution, levy, garnishment, attachment, pledge, bankruptcy or in other manner, and no such right or interest of any participant in the Plan shall be subject to
any obligation or liability of such participant.

	No common shares shall be issued hereunder unless counsel for the Company shall be satisfied that such issuance will be in compliance with applicable federal, state, local and foreign securities, securities exchange and other
applicable laws and requirements.

	It shall be a condition to the obligation of the Company to issue common shares upon exercise of an Option, that the participant (or any beneficiary or person entitled to act under subparagraph 5(d)(iii) above) pay to the Company,
upon its demand, such amount as may be requested by the Company for the purpose of satisfying any liability to withhold federal, state, local or foreign income or other taxes.  If the amount requested is not paid, the Company may refuse to issue common
shares.

	The expenses of the Plan shall be borne by the Company.

	The Plan shall be unfounded.  The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the issuance of shares upon exercise of any Option under the Plan, and
rights to the issuance of shares upon exercise of Options shall be subordinate to the claims of the Company's general creditors.

	By accepting any Option or other benefit under the Plan, each participant and each person claiming under or through him shall be conclusively deemed to have indicated his acceptance and ratification of, and consent to, any action
taken under the Plan by the Company or the Board.

	The masculine pronoun means the feminine and the singular means the plural in the Plan, whenever appropriate.

	The appropriate officers of the Company shall cause to be filed any reports, returns or other information regarding Options hereunder or any common shares issued pursuant hereto as may be required by Section 13, 15(d) or 16 of the
Securities Exchange Act of 1934, as amended, or any other applicable statute, rule or regulation.

	Amendment or Discontinuance.  The Plan may be amended at any time and from time to time by the Board as the Board shall deem advisable; provided, however, that no amendment shall become effective without shareholder approval
if such shareholder approval is required by law, rule or regulation, and provided further, to the extent required by Rule 16b-3 under Section 16 of the Securities Exchange Act of 1934, in effect from time to time, Plan provisions relating to the amount,
price and timing of Options shall not be amended more than once every six (6) months, except that the foregoing shall not preclude any amendment to comport with changes in the Internal Revenue Code of 1986, as amended, or the rules thereunder in effect
from time to time.  No amendment of the plan shall materially and adversely affect any right of any participant with respect to any Option theretofore granted without such participant's written consent.

	Termination.  This Plan shall terminate upon the earlier of the following dates or events to occur:

	upon the adoption of a resolution of the Board terminating the Plan; or

	ten (10) years from the date the Plan is initially approved and adopted by the shareholders of the Company in accordance with Paragraph 10 below.

	Shareholder Approval and Adoption.  Except as set forth below, the Plan shall be submitted to the shareholders of the Company for their approval and adoption at the next annual meeting of shareholders of the Company.  The
Plan shall not be effective and no Option shall be granted hereunder unless and until the Plan has been so approved and adopted.  The shareholders shall be deemed to have approved and adopted the Plan only if it is approved and adopted at a meeting of the
shareholders duly held on or before the date (or any adjournment of said meeting occurring subsequent to such date) by vote taken in the manner required by the laws of the State of Delaware.

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